Bethard purchase helps EEG’s Q1 almost surpass the entirety of FY21

Codere Online has praised its H1 2022 performance as the firm has witnessed a sharp revenue growth when compared to the year prior.

Esports Entertainment Group asserts that it remains “ideally positioned in igaming and esports,” as the firm sees its first quarter revenue surge to “nearly match our performance for the entirety of FY21”.

During the firm’s 2022 fiscal year first quarter ending September 30, 2021, which saw EEG complete the acquisition of Bethard, the B2C business of Gameday Group; revenue came in at $16.4m, surging from $222,392 from Q121 and up 86 per cent from $5.2m quarter-on-quarter.

Gross profit during the time frame finished up at $10m, increasing from a loss of $200,000 during Q121 and surging 92 per cent from $5.2m from the prior quarter, with net loss closing to $552,381 from $1.8m one year earlier. 

The quarter, which brought the company gaming licences in Sweden and Spain via its aforementioned Bethard purchase, also submitted a transactional waiver to the New Jersey Division of Gaming enforcement to begin betting operations, and expanded its roster of sporting partnerships via new agreements with the Indianapolis Colts, Tampa Bay Buccaneers and Los Angeles Chargers.

“Our first quarter revenue nearly matched our performance for the entirety of FY21 and reflects our recent platform building transactions,” explained Grant Johnson, CEO of Esports Entertainment Group.

“With the strong start to FY22 and continued momentum in our business, we are reiterating our expectation that Esports Entertainment will eclipse more than $100m in revenue this fiscal year. 

“The powerful combination of marquee partnerships, expansive portfolio of products and services and strategic acquisitions is expected to drive double digit year-over-year and quarterly sequential financial growth throughout fiscal 2022. 

“We remain ideally positioned in igaming and esports, two of the fastest growing entertainment verticals, and our team is focused on executing our rapid expansion strategy, which we expect will further strengthen our market position and allow us to scale and achieve operating leverage from our portfolio of unique and powerful assets.”

Furthermore, the group has also stated that it expected to achieve net revenue growth of at least 490 per cent to $100m for the full year, driven primarily by the platform-building and strategic diversification acquisitions completed during the 2021 calendar year.