#EsportsEntertainmentGroup – or #EEG for short – increased its revenue by 7000% in the first quarter of fiscal 2022.
While #Esports Entertainment reported revenues of $222k in the first quarter of the last fiscal year, this increased to $16.4m in Q1 of this fiscal year, which is almost equal to the entire company's 2021 profits of $16.8m.
In addition, EEG nearly doubled both revenue and profits in the last quarter alone. Revenues are up 86% to $8.8 million, while profits rose as much as 92% to about $10 million.
Partly responsible for this development was the acquisition of sports betting provider Bethard, which brought with it both a Swedish and Spanish license. Against this backdrop, EEG is developing ambitious plans for the future.
“After this outstanding start to fiscal 2022, and with the momentum in our company, we expect to exceed $100 million in revenue for the current fiscal year,” EEG CEO Grant Johnson said in releasing the company's latest financial results.
That equates to another 490% increase in revenue in fiscal year 2021/22, with a significant portion of the revenue increase coming from Esports, or betting on Esports. Esports are currently experiencing an unprecedented boom, and not just because of the global pandemic.
