Esports Entertainment Group revenue rises as losses widen in 2021

| By Conor Mulheir
Esports Entertainment Group has published its financial results for the third quarter of its financial year – the three months ending 31 March, 2021 – showing total revenue of $5.4m (£3.8m/€4.4m) for the period.
Bally's post revenue increase for Q1 2021

No revenue was recorded for the three months to 31 March, 2020 to provide a year-on-year comparison, however Q3 2021 revenue was up 129% from $2.4m in the three months to December 31, 2020.

Esports Entertainment Group said the quarter-on-quarter increase was driven primarily by the completion of the Lucky Dino Gaming acquisition on 1 March, 2021, and was aided by the launch of its SportNation.com and Vie.bet brands into new jurisdictions under its Malta Gaming Authority licence.

Total operating expenses came to $11.0m for the period, made up of $6.3m in general and administrative costs, $2.4m in sales and marketing expenses, with a further cost of revenue of $2.3m.

The company was left with a net loss of $12.4m for the quarter, up from a $6.3m net loss for the same period in 2020. It showed a cumulative net loss of $21.5m over the nine-month period to 31 March, 2021.

Esports Entertainment Group said that it remains committed to its previously communicated full fiscal year 2021 revenue guidance of $18m, and its fiscal year 2022 revenue guidance of $70m.

Read the full story on iGB North America.

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