EBET has announced its restructuring and profitability plan, with a goal to post positive EBITDA from this month going forward.
To achieve this goal, the company stated it has “taken significant measures to become EBITDA positive in August 2022,” including optimizing marketing efficiency, repurposing resources to focus on iGaming, reducing operating costs and non-revenue-generating esports products, as well as lowering the number of contractors and employees by 54%.
EBET said in its report that it plans to expand to new markets, including Brazil, as well as gaining licensing approval in both the Netherlands and in Canada. The company anticipates receiving approval during 2023’s first quarter.
EBET CEO Aaron Speech said: "We are on a current run rate to achieve positive EBITDA this month and feel that we have reached a major inflection point for EBET's business.
"I have never been this excited about EBET's future for our executive team and our shareholders. We are seeing significant scalable gains and look to continue the path to increase profitability and shareholder value. We encourage everyone to join us on our conference call today to discuss all of our exciting developments."
EBET is a provider of advanced sports wagering products and technology around the world. During the end of 2021, the company successfully closed its deal to acquire Aspire Global’s B2C business for $75.9m.
The acquisition brought with it an assortment of B2C’s online casino and sportsbook brands, including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP, as well as access to 1.25 million customers in more than 15 countries.
