Esports and iGaming offerings are being expanded with a focus on end-to-end betting solutions.
Emphasis on high standards and regulatory compliance, ensuring solutions that meet state-by-state standards to support rapid growth within the sizable U.S. Market.
Julians, Malta–(Newsfile Corp. – November 21, 2023) – Esports Entertainment Group, Inc. (NASDAQ: GMBL) (NASDAQ: GMBLP) (NASDAQ: GMBLW) (NASDAQ: GMBLZ) (“Esports Entertainment”, “EEG”, or the “Company”), an iGaming company that leads globally and provides B2B esports content and solutions, has provided strategic, financial and operational updates for the fiscal first quarter that ended on September 30, 2023.
Alex Igelman, CEO of Esports Entertainment, shared, “We have conducted an in-depth analysis of every aspect of our Company, focusing on prospective trends in esports and iGaming. This has resulted in identification of unprofitable operations and contracts, allowing us to take action that will set the stage for a promising future. We look forward to significant revenue growth and an increase in long-term shareholder value.”
During the quarter, Esports Entertainment announced a new strategic partnership with Delasport, further expanding their services. “We are looking forward to what this partnership will bring to our business,” said Igelman. “We also aim to venture into esports betting in the future.”
Additionally, a partnership was also made with Oddin.gg, a leader in esports betting solutions. Igelman further adds, “This partnership is a crucial step for EEG, that will allow us to offer various esports events.”
The company recently announced plans to acquire a minority stake in Drafted.gg, marking a wider strategic collaboration and revenue-sharing plan, signalling Esports Entertainment’s move to integrate wagerable content into its growing offerings.
Finally, the company’s focus has recently turned to the development of initiatives to further broaden their esports and iGaming solutions, striving to achieve stringent regulatory requirements for skill-based wagering.
Financial Results
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The company made a revenue of $2.7 million for the three months ended September 30, 2023, a decrease from $9.6 million for the same period the previous year.
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Cost of revenue decreased 84% to $0.6 million for the three months ended September 30, 2023, compared to $3.8 million for the three months ended September 30, 2022.
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Net loss for the three months ended September 30, 2023, was $4.8 million, compared to $4.2 million for the same period in 2022.
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The Company had available cash of approximately $0.3 million as of September 30, 2023.
The detailed financial results can be found on the Company’s Form 10-Q, filed with the SEC and available on the company’s website.
About Esports Entertainment Group
The Esports Entertainment Group is a global MGA-licensed, “esports-focused” iGaming B2C operator and a US-focused B2B provider of esports solutions. For more information about the Company, please visit www.esportsentertainmentgroup.com.
Forward-Looking Statements
Projections in this document are subject to a number of risks and uncertainties. You should not place undue reliance on forward-looking statements within this document. The actual results could significantly deviate from the projected outcomes. Any forward-looking statement made by us is based on the expectations of our management and is only applicable as of the current date.
Contact:
Crescendo Communications, LLC
Tel: (212) 671-1021
Email: GMBL@crescendo-ir.com
For the original version of this press release, please visit https://www.newsfilecorp.com/release/188194