Esports Technologies has published its fiscal 2022 first quarter financial results, reporting $7.1 million in revenue.
For the first quarter, its gross profit was $2.5 million, while its cash increased by $11.8 million, up $2.8 million from the previous fiscal year end.
The Nasdaq-listed Las Vegas sports betting business gained 1.25 million customers after acquiring online sports betting and casino brands Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and GenerationVIP.
Formerly owned by Aspire Global, these brands were placed under the ‘umbrella’ of Esports Technologies when it acquired Aspire’s B2C business. As a result, the company gained access to a number of regulated markets, including the UK, Germany, Denmark and Ireland.
“This quarter, we took a big step towards our vision of being the leader in sports betting,” commented Aaron Speach, CEO of Esports Technologies.
“The increase in revenue from our newly acquired brands is a big indication of future growth. With this deal, and our other avenues of growth, we are strongly positioned to capitalize on the growing popularity and interest in sports,” added Speach.
During the quarter, Esports Technologies invested in initiatives to expand its casino, sports betting and eSports offerings in various international markets, including Asia, Latin America and Europe.
It also consolidated all of its brands onto a single platform, which Esports believes will “increase efficiency”. Consequently, the company reaffirmed its guidance of $70 million for the remainder of fiscal 2022.
In a statement, Esports Technologies says, “The company plans to continue to invest in new eSports products and intellectual property.”
“This includes continued development of its odds modeling technology to provide better odds and more betting options for players, as well as its patent-pending browser extension that will enable live betting within any streaming environment.”
