Esports Technologies earns $7m in revenue for first quarter FY 2022
The brand predicts that it will bring in $70m in revenue for the reminder of the fiscal year.
Esports Technologies has announced its financial findings for the first quarter of the 2022 fiscal year. The provider of esports wagering products earned $7.1m in revenue for the period ending December 31, 2021.
This revenue resulted in a gross profit of approximately $2.5m, almost all of this coming during the month of December. Meanwhile, the esports provider saw its cash position grow by $2.8m year-on-year, coming in at $11.8m.
The mood is positive at Esports Technologies following these results, with Aaron Speach, CEO, stating: “This quarter, we have made a big step towards our vision to be the leader in esports wagering. The boost in revenue from our newly acquired brands is a great indication of future growth.
“With this business, and our other avenues for growth, we are strongly positioned to capitalize on the heightened popularity and interest in esports.”
These results follow a decision by the provider to acquire a number of sports betting and online casino brands. Indeed, the company has recently purchased Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and GenerationVIP.
These acquisitions, which were completed throughout Q1, have seen the brand gain 1.25 million deposited customers in Tier 1 regulated markets including Ireland, Germany, Denmark and the United Kingdom.
This period has also seen the provider expand its market access across the US and LatAm regions, as the company looks to reach its goal of $70m in gross revenue for the 2022 fiscal year.
Esports Technologies is part of a growing medium in gaming. Esports betting has been gaining traction across the US market for some time, with New Jersey recently granting regulatory approval for Esports Entertainment to operate the first video game wagering platform in the state.
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