Esports Entertainment enjoys “strong momentum” in first weeks of 2022 – Esports

The iGaming division of Esports Entertainment Group has made a remarkable recovery from a challenging close to 2021, showcasing a robust start to 2022 with an impressive seven consecutive weeks of revenue surpassing the $1 million mark.

This turnaround in financial performance comes on the heels of the company reporting a net loss of $35 million for the first half of its financial year, which concluded on December 31, 2021. During this period, Esports Entertainment Group also disclosed that it was left with just $1 million in liquid assets and had breached covenants with select noteholders. To address these financial hurdles, necessary modifications were implemented to ensure continued operational stability.

Notably, the company has experienced an even more inspiring trajectory, recording 10 consecutive weeks with revenues exceeding $1 million since December 2021. January marked a significant milestone for the organization, as it achieved record revenue figures exceeding $6 million, illustrating a strong upward trend.

Esports Entertainment Group’s CEO, Grant Johnson, stated, “Despite the challenges reflected in our second-quarter fiscal 2022 results announced earlier this week, our iGaming business continues to see strong momentum as we enter the calendar year.”

Johnson further emphasized the importance of operational improvements: “Consistently eclipsing net gaming revenue of $1 million per week is a testament to the success of our migration from BetConstruct to our proprietary Idefix platform.” This strategic move not only enhances operational efficiency but also positions the company as a leader in innovation within the rapidly evolving iGaming landscape.

In 2022, Esports Entertainment Group has also secured the necessary approval to operate in New Jersey, becoming the first esports operator to acquire a transactional waiver in this competitive market. Additionally, the appointment of Stuart Tilly as the new Chief Operating Officer at the end of January marks a strategic addition to the leadership team, expected to further drive the company’s growth and operational excellence.

As part of its ongoing financial strategy, the operator announced the initiation of an underwritten public offering of common stock, dependent on market conditions. All securities in this offering will be sold by the company, highlighting its commitment to fostering investor confidence and financial stability.