Esports Entertainment Group (EEG) is confident of achieving its first-year trading objectives as a US Nasdaq enterprise.
Publishing its Q3 trading update (period ending 31 March), EEG recorded corporate net revenues of $5.4 million – up 129% ($3m) on its Q2 2021 results of $2.4 million.
Revenue growth was primarily attributed to EGG’s enlarged igaming portfolio, which saw the company complete its $30 million acquisition of online casino Lucky Dino during the Q3 period.
Lucky Dino joined the sportsbook assets of SportNation.com and Vie.bet, the EGG brands which both secured individual Malta MGA licences during the quarter.
The firm’s enlarged igaming portfolio registered gross profits of $3.1 million, up 199% on the $1 million recorded during Q2 trading.
Citing continued investment in the ‘building out’ of its technology team and platform resources, EEG would register Q3 operating expenses of $6.3 million.
As a result of expansion costs, EEG declared a Q3 operating loss of $5.6 million, following on from the $600,000 loss reported during the last quarter.
Updating investors, EEG stated that it had strengthened all core verticals of its business, having also completed its acquisition of esports B2B live tournament organiser Esports Gaming League (EGL).
In addition, EEG strengthened its North American prospects by securing exclusive esports partnerships with several pro-Sports teams, including the Baltimore Ravens, New England Patriots and Denver Broncos.
EEG management concluded its trading statement by expressing confidence in delivering on the projected fiscal 2021 revenue guidance of $18 million – followed by the revenue guidance of $70 million for full-year 2022.