Acquisitions drive revenue growth at Ebet in Q1

Ebet, the esports betting technology provider that rebranded from Esports Technologies, has reported a 166% quarter-on-quarter increase in revenue for the second quarter of its 2022 financial year.

Revenue for the three months to 31 March 2022 was $19m (£15m/€18m), helped by the acquisitions of the Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and Generation VIP brands in November last year.

Ebet noted that the series of acquisitions included 1.25 million depositing customers, which also helped contribute to the revenue increase.

The provider did not publish full financial results for the quarter, but it did state that gross revenue amounted to approximately $7m, while earnings before interest and tax was $7.1m.

Ebet added that it will target further revenue growth in the third quarter and beyond with a continued focus on the generation Z and millennial markets, which will include the rollout of its esports odds modelling and wagering product across European markets.

“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,” Ebet chief executive Aaron Speech said.

“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.”

The announcement comes after the business last week rebranded as Ebet to better reflect its business and focus on providing technology and wagering services.

The provider said its new Ebet brand would emphasise its focus on delivering services to the millennial and generation Z wagering market, as well as its commitment to esports enthusiasts and sports and casino games fans.

Author: Raymond Fleming