Esports Technologies Turns In Dynamic and Profitable Q1 Results
Published February 15, 2022 by Lee R
Esports Technologies had a proactive, impressive, and profitable Q1.
Esports wagering organisation Esports Technologies has published strong quarterly results, as esports continues to grow in stature and iGaming viability.
The Figures
Q1 2022 financial results top out at $7.1m in revenue, with a gross profit of $2.5m. Cash position increased to $11.8m, a jump from $2.8m from the previous fiscal end for 2021.
Major Acquisition
The Las Vegas-based business listed on Nasdaq was extremely busy this quarter, winning a full 1.25 million deposited customers after acquiring online sportsbook and casino brands Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, and GenerationVIP.
Deal Unlocks Markets
Esports Technologies' umbrella purchased the brands as part of the acquisition of Aspire's B2C business and gave Esports Technologies access to major regulated markets including the UK, Germany, Denmark, and Ireland.
Esports Technology CEO Speaks
Esports Technologies CEO Adam Speach lauded the step this quarter as key to the organisational “vision to be the leader in esports wagering.”
Indication of Growth
Speach further called the “boost in revenue from our newly acquired brands...a great indication of future growth.”
Maintaining Momentum in Esports
Speach cited Esports Technologies and other avenues of growth as major keys to strong positioning for further capitalising on “the heightened popularity and interest in esports.”
More Esports Tech Q1 Activity
More activity which Esports was heavily immersed in during the quarter includes through Esports' casino, sportsbook, and esports offerings into an array of major international markets across Asia, Latin America, and Europe.
Major Consolidation
Esports Technologies also succeeded in Q1 to consolidate all brands on a single platform which Esports believes will “enhance efficiency.” The move was also a major affirmation of the credibility of guidance of the $70m over the remainder of Fiscal Year 2022.
Esports Technologies Plans
Moving forward, Esports Technologies indicated plans to “continue to invest in new esports products and intellectual property.” Investments include the continued development of in-house odds-modeling technology designed to “provide improved odds and more betting options to players.” Esports Technologies also continues to develop a patent-pending browser extension “that will allow live wagering within any streaming environment.”
Outlook
The integration of esports into iGaming platforms has been on the rise, with the growing popularity of esports rendering the trend inevitable. Esports Technologies has clearly established a leadership role in the process with the reported booming and fruitful Q1 results.
