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Esports Entertainment rides on recent acquisitions and existing brand growth to $5.4M in fiscal 3Q revenue

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Esports Entertainment Group Inc (NASDAQ:GMBL) (FRA:40Y1) has announced the financial results for its fiscal 2021 third quarter ended March 31, which included revenue that improved sequentially and kept the company on pace to meet its full-year guidance.  

The company saw $5.4 million in revenue during the period more than double from its fiscal second-quarter revenue of $2.4 million. Gross profit was $3.1 million, triple its $1 million profit in the prior quarter. 

The company attributed its revenue bump in part to its recent acquisitions of online casino operator Lucky Dino and live event provider Esports Gaming League. With the acquisition of Lucky Dino, unique active players in the month of March across iGaming brands rose to above 40,000, with average revenue per player surpassing $80, the company said. 

READ: Esports Entertainment says subsidiaries link up with Riot Games to host LCS Proving Grounds League of Legends tournament

Additionally, Esports Entertainment’s and brands launched under a Malta Gaming Authority license, enabling operations in 150 jurisdictions globally.

“We continue to execute on our organic growth strategy as well as acquire additional strategic esports and igaming assets,” Esports Entertainment wrote in a statement. “Our recently announced partnerships with blue-chip professional sports organizations, are strong endorsements of this strategy. The imminent close of the previously announced GG circuit/Helix acquisition, combined with the recently announced intention to acquire Holodeck Media, will enable us to exponentially expand our technology-driven esports wagering, tournament play and igaming focused entertainment company.”

Looking ahead, the company said it maintains its full-year fiscal 2021 revenue guidance of $18 million and fiscal 2022 revenue guidance of $70 million.

Contact Andrew Kessel at [email protected]

Follow him on Twitter @andrew_kessel

Story by ProactiveInvestors


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