Esports Entertainment Group (EEG) is optimistic about meeting its first-year trading goals as a Nasdaq company.
EEG recorded corporate net sales of $5.4 million in its Q3 trading update (period ending 31 March), up 129 percent ($3 million) from its Q2 2021 results of $2.4 million.
EGG’s expanded igaming portfolio, which saw the company complete its $30 million acquisition of online casino Lucky Dino during the third quarter, was a major contributor to revenue growth.
Lucky Dino was added to the EGG brands SportNation.com and Vie.bet’s sportsbook properties, which both received individual Malta MGA licences during the quarter.
The firm’s expanded igaming portfolio produced $3.1 million in gross income, up 199 percent from $1 million in Q2 trading.
EEG will report $6.3 million in Q3 operating expenses, citing continued investment in the ‘building out’ of its technology team and platform capital.
EEG posted a $5.6 million net loss in the third quarter, up from $600,000 in the previous quarter due to expansion costs.
EEG informed investors that it had improved all core verticals of its company and had completed the acquisition of Esports Gaming League, an esports B2B live tournament organiser (EGL).
EEG also bolstered its North American prospects by securing exclusive esports deals with a number of professional sports teams, including the Baltimore Ravens, New England Patriots, and Denver Broncos.
EEG management concluded its trading statement by expressing optimism in meeting the estimated $18 million revenue guidance for fiscal 2021, followed by a revenue guidance of $70 million for full-year 2022.