Esports betting company Esports Entertainment had $ 222,392 in revenue in the first quarter of its acquisition of Argyll Entertainment earlier this year.
According to the company’s financial statements, operating expenses for the three months ended September 30 were $ 3.7 million, a significant increase from $ 700,000 in the first quarter of 2019. The company attributed this increase to “salaries, compensation from stock,” marketing, expenses for legal and professional services related to increased business activity. “
The net loss for the period was $ 1.8 million, while the company’s total assets at the end of September were $ 10.4 million.
The operator described an “increase” in business in October. Total growth was over $ 16 million a month and revenue for the first month after the first quarter was more than $ 600,000.
Esports Entertainment estimates total sales of $ 13 million for the financial year 2021. The company expects this to grow from its main platforms Argyll and VIE to $ 25 million in the next fiscal year.
Commenting on the results, Grant Johnson, CEO of Esports Entertainment: “We have achieved very important milestones since joining NASDAQ in April.
“The COVID-19 pandemic has really accelerated the rapid growth of esports and generated mass broadcasts for national television viewers on ESPN and Fox.
“This trend helped us set new records for the world-renowned Legend series with our partner Allied Esports. This is just one of many successes this quarter.
“We believe this year’s achievements provide a very solid foundation for long-term growth and offer investors a real chance to play clean in the fast-growing world of global exports.”
