Esports Entertainment Group revenue rises as losses widen in 2021
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.
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.