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EBET’s quarterly revenue up 166%

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Company posts gross profit of $7m.

EBET, a global provider of wagering products and technology, on Tuesday announced its financial results for the three-month period ending March 31.

EBET previously was known as Esports Technologies. The name changed on May 5 to better reflect the company’s business and mission. 

The company said it had revenue during the second quarter of its 2022 fiscal year of approximately $19m, up more than 166% quarter over quarter.

EBET attributed the revenue increase to the acquisition of the brands Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and Generation VIP on November 30, 2021. The acquisition included 1.25 million deposited customers.

Officials said the company turned a gross profit during Q2 2022 of approximately $7m.

EBET ended the quarter with a cash position of $7.1m.

In a statement, EBET said it plans to continue to grow revenue through its iGaming, sportsbook and esports brands with a focus on the Gen Z and Millennial markets. This includes the rollout of its esports odds modeling and wagering product across high-value European markets, as well as expanding geographical reach and investment in intellectual property.

“We are very pleased with our business results for the second quarter, and it is a testament to our focus on creating the best experience for the Gen Z and Millennial wagering market,” Aaron Speach, Chief Executive Officer of EBET, said in a statement. “We are delighted to see the strong customer response to our brands and the progress we are making in launching products and investing in proprietary technology.”

A webcast is set for today, May 10, at 5 pm EDT, to review details of second-quarter 2022 results as well as to offer forward-looking guidance. A replay of the call will be available on EBET’s Investor Relations page.

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