Esports Entertainment sets revenue guidance at $13M and $25M in fiscal 2021 and 2022 respectively

Esports Entertainment Group Inc (NASDAQ:GMBL) has set its fiscal 2021 revenue guidance at $13 million, thanks to a “strong foundation” for growth.

Since listing on the NASDAQ in April 2020, the online gambling company has completed two major acquisitions and formed partnerships with a number of leading esports companies.

Malta-based Esports also put its fiscal 2022 guidance for the period ended June 30 at $25 million. Longer-term, the firm believes its VIE.gg platform is capable of generating $180 million in revenue if it can secure 5% of the $3.6 billion esports wagering market.

READ: Esports Entertainment takes control of its tech stack with acquisition of FLIP Sports Assets

The licensed online gambling company focuses on esports wagering and 18+ gaming. The company offers fixed-odds wagering, fantasy and pools on various esports events.

“Now that we have completed several of the strategic milestones that we laid out in our roadshow, we are well-positioned for strong organic revenue growth,” CEO Grant Johnson said in a statement Thursday.

Johnson added that the firm plans to “aggressively pursue” acquisitions based on the framework of its strategy to target growth opportunities in tournaments and leagues, iGaming and traditional betting, and esports wagering in global markets with the firm’s VIE.gg platform, which provides customers the ability to match bets against one another, with Esports taking a small commission on the winnings.

Global esports revenues are expected to grow 15.7% year-on-year to $1.1 billion in 2020, according to Newzoo, while the global esports betting market is forecast to reach $17.2 billion by year-end, according to data from Esports Insider.

Contact Angela at [email protected]

Follow her on Twitter @AHarmantas

Story by ProactiveInvestors