EBET attributes 166% quarterly revenue rise to European expansion

Esports betting operator EBET has reported a quarter-on-quarter revenue increase of 166%, shortly after rebranding from its former identity as Esports Technologies. 

As of 31 March 2022, EBET’s Q1 revenue stood at $19 million, with a gross profit of around $7 million and a cash position of $7.1 million – figures the firm attributed to acquisitions in the European sports betting and gaming space. 

Additionally, the company has also pointed to its targeting of Gen Z and Millennial customers, which includes the provision of an esports odds modelling and wagering product across ‘high-value European markets’ and investment in intellectual property. 

CEO Aaron Speach said: “We are very pleased with our business results for the second quarter, and it is a testament to our focus on creating the best experience for the Gen Z and Millennial wagering market.

“We are delighted to see the strong customer response to our brands and the progress we are making in launching products and investing in proprietary technology.”

EBET’s appeal to the Gen Z and Millennial demographic was a key reason behind its decision to rebrand from the Esports Technologies identity, with Speach arguing that targeting this age group was a ‘key ambition’ of the firm.

A Las Vegas-based enterprise, EBET has become increasingly active in Europe, having pursued an aggressive M&A strategy in the region, purchasing Aspire Global’s B2C division for $75.9 million.

This saw the company incorporate several European brands into its operations, including Karamba, Hope, Griffon Casino, BetTarget, Dansk777 and Generation VIP, securing 1.25 million deposited customers in the process. 

EBET would later gain a foothold in the UK, where it expects strong returns in one of Europe’s largest gambling markets, under the terms of a UK Gambling Commission (UKGC) operator services agreement.

Lastly, with regards to intellectual poetry EBET filed a patent for a financial instrument performance-based pari-mutuel betting system to develop a pool betting operation.