React Gaming (Montreal) has published its results for the second quarter of 2022, revealing positive growth across the firm. It has been a remarkable year for the organisation, which rebranded from Intema Solutions earlier this year. As the organisation moves from strength to strength, it’s making waves in the betting industry, and in the last few months, the company has worked hard to establish a prime position in the space.
As per the financial report, the second quarter of 2022 represents the first fully-integrated quarter of operations since the acquisition of LOOT.BET. It was in February that React Gaming acquired LOOT.BET, a high-performing betting platform, and since then, the product has expanded in terms of offerings, footfall, and capabilities. At the core of the financial update was a note that overall revenue had increased to $854,543 from just $39,902 year-over-year.
Reacting To The Report
In the midst of a global economic downturn, it’s positively heartwarming to see organisations publishing positive results. In the last year, React Gaming has been making waves, forming partnerships, and expanding its reach across the betting industry. Recently, the firm acquired an Isle of Man betting license for LOOT.BET, which is one of the most sought-after licenses in the business. That achievement came at the same time as LOOT.BET received a GLI-19 certification.
According to the financial breakdown, React Gaming’s EBITDA saw considerable growth year-over-year. In Q2 of 2021, the firms’ EBITDA sat at $699,393, but as of June 30th, 2022, the EBITDA has rocketed up to $2,535,197. In a statement, the CEO of React Gaming, Leigh Hughes, spoke highly of the firm’s progress:
‘This has been a quarter of great achievements for React Gaming, as we increased LOOT.BET’s revenue in absolute value by 25% over Q1 even before launching our IOM site and obtaining GLI-19 certification, while making steady gains with Compete.gg and Parabellum. The initiatives we set in motion in Q2 will enable LOOT.BET to gain market share in the B2C and B2B space with its IOM site launch and GLI-19 certification. In addition, the partnership with Oddin.gg will enhance our online betting platform capabilities and help LOOT.BET to scale its operations worldwide.’
As the report unravelled, it was revealed that React Gaming’s short-term goal is to grow the business and become profitable. There are grand visions to monetise assets, effectively bringing LOOT.BET ‘to the next level’. As a hybridised platform, LOOT.BET offers esports betting markets, sports betting, and various games. For months, the LOOT.BET esports offering has been growing, and in certain regions, the platform has already become known as an industry leader.