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 Vie.bet and SportNation.com 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
Please Help Support BeforeitsNews by trying our Natural Health Products below!
Order by Phone at 888-809-8385 or online at https://mitocopper.com M - F 9am to 5pm EST
Order by Phone at 888-388-7003 or online at https://www.herbanomic.com M - F 9am to 5pm EST
Order by Phone at 888-388-7003 or online at https://www.herbanomics.com M - F 9am to 5pm EST
Humic & Fulvic Trace Minerals Complex - Nature's most important supplement! Vivid Dreams again!
HNEX HydroNano EXtracellular Water - Improve immune system health and reduce inflammation
Ultimate Clinical Potency Curcumin - Natural pain relief, reduce inflammation and so much more.
Oxy Powder - Natural Colon Cleanser! Cleans out toxic buildup with oxygen!
Nascent Iodine - Promotes detoxification, mental focus and thyroid health.
Smart Meter Cover - Reduces Smart Meter radiation by 96%! (See Video)