React Gaming has announced its Q2 results for this year, reporting an annual increase in revenue from $39,902 to $845,543. The increase was mainly driven by Livestream and its operating entity LOOT.BET.
Gross profit for the second quarter totaled $322,922, which amounted to 38% of overall revenue generated. Gross profit for H1 of 2022 increased to $614,187 (52.1% of total revenue) from $63,007 for the same period a year ago.
Despite these positive showings, React Gaming did report an operating loss for the second quarter which amounted to $2.7m compared to $695,668 in Q2 of 2021. The increase was primarily due to LOOT.BET’s operating costs and professional fees related to Livestream’s ongoing operations.
Another decline for the company was reflected in its EBITDA, where the company recorded a net loss of $2.5m compared to its Q1 2021 showing of $669,393. For H1, the net loss was up to $4.6m compared to $998,156 in the same period of the prior year.
LOOT.BET is an esports betting site that has seen a successful start in terms of revenue but still hindered React Gaming’s overall performance.
React Gaming CEO Leigh Hughes commented: “This has been a quarter of great achievements for React Gaming, as we increased LOOT.BET’s revenue in absolute value by 25% over Q1 even before launching our IOM site and obtaining GLI-19 certification.
“The initiatives we set in motion in Q2 will enable LOOT.BET to gain market share in the B2C and B2B space with its IOM site launch and GLI-19 certification. In addition, the partnership with Oddin.gg will enhance our online betting platform capabilities and help LOOT.BET to scale its operations worldwide. We believe that we have all the elements to bring LOOT.BET to the next level and monetize our other assets.”
