Following its takeover of Argyll Entertainment back in July, the Esports Entertainment Group (EEG) has reported revenue for the first time. The company has made a total of $222,392 for the first quarter of the 2001 financial year, which concluded on the 30th September 2020.
That revenue came from a number of different white-label sources that included Rush Gaming (which provided $139,619 in revenue), SportNation.bet (which contributed $67,400) plus a further $38,982 from other sundry services. However, the RedZone Sports site made a small loss of $23,609 over the first quarter.
This is the first time the company has reported revenue since it was uplisted to the NASDAQ in April of this year.
In what has been a busy year for the EEG, the company has not only acquired Argyll Entertainment as detailed above, but also signed a deal to acquire Helix eSports and ggCircuit for $43 million. They have also acquired the assets of FLIP Sports, the Esports Gaming League (which includes partnerships with the likes of Arsenal FC, Red Bull, and Microsoft) while the company has also announced deals with LA Kings, LA Galaxy, and Philadelphia Union sports teams to become their official esports tournament provider and organizer.
EEG has also partnered with Allied Esports to sponsor the VIE.gg CS:GO Legend Series tournament, which drew 1.7 million viewers and which became the most watched Legend Series event in the tournament’s history.
The company has also opened a new corporate office in Newark New Jersey, has launched a new player-to-plater wagering game on LANduel in conjunction with the New Jersey Gaming Commission. They have also expanded their partnership with Dignitas and partnered with Twin Rivers to launch the VIE.gg wagering platform in New Jersey starting the first quarter of 2021.
“Strong foundation for long-term growth”
Speaking about the achievements and results of the EEG, the CEO Grant Johnson commented in a press release.
“We have achieved many significant milestones since uplisting to the NASDAQ in April.”
“The Covid-19 pandemic has absolutely accelerated the rapid growth of esports leading to mainstream broadcasts to national TV audiences on ESPN and Fox. These trends helped us set new record audience viewing stats with our partner Allied Esports for the globally recognised Legend Series, just one of many accomplishments during the quarter.”
“We believe the successes achieved this year provide an extremely strong foundation for long-term growth while offering investors a true pure play opportunity in the burgeoning world of global esports.”
“As we look ahead, we believe the acquisitions we have made as well as those we plan to make, combined with the growing list of world-class partnerships, Esports Entertainment is in a great position to accelerate the monetization of our robust three pillar strategy.”
Given the boost to the industry caused by the Covid-19 pandemic, EEG is in a strong position, with current assets of $10.4 million, liabilities of $8.2 million, and working capital of $2.3 million.