Following a successful rebrand from Esports Technologies, EBET, Inc. has published an extremely positive financial update. It was revealed in a transparent press release that EBET, Inc. had experienced a revenue growth quarter-on-quarter of approximately 166%. At the close of Q1 2022 (period ended 31 March 2022), EBET. reported a revenue tally of around $19 million and a gross profit of almost $7 million.
In the press release, it was revealed that this massive growth is owed in part to the recent acquisitions made by the firm. In the last year, EBET. has acquired the likes of Karamba, BetTarget, Dansk777, Hopa, Generation VIP, and Griffon Casino. Reportedly, EBET’s userbase was strengthened by more than 1.25 million deposited customers.
This rapid growth pattern sets EBET on a remarkably positive path for the year ahead.
Recently, EBET Inc. rebranded from Esports Technologies in what the organisation deemed a move to align more closely with its demographic of 18 to 40 year olds. In April of 2022, EBET secured a partnership with Incentive Games, a deal that would bolster its online casino offerings. Also in 2022, EBET, Inc. revealed all-new, next-generation technology, at the core of which was a proprietary odds and modelling feed system.
Now that EBET has secured a customer base in fifteen key territories around the world, it seeks to expand further. Following the acquisition of Aspire Global’s B2C portfolio, EBET gained a foothold in European betting markets. As a further boost to operations, EBET Inc. also secured a UK gambling license, one of the most sought after licenses in the industry.
Speaking on the revenue growth announcement, Aaron Speach, CEO of EBET, said:
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. 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.
As the year unfolds, EBET. is expected to expand further in terms of geographical reach and overall investments in intellectual properties.