Esports Entertainment anticipates generating $13 million in income for the year 2021. This marks the first time the firm has been able to reveal its financial earnings.
The organization has been in a period of growth and has not yet achieved profitability. They have not been able to produce income due to ongoing financial losses.
However, following a series of significant achievements in recent months, they have released revenue projections for the first time. These projections encompass both 2021 and 2022.
Some of the key advancements include the company’s listing on the Nasdaq in April, the acquisition of assets from Argyll Entertainment and Flip Sports, and strategic partnerships with Allied Esports, Dignitas, and a New Jersey market access agreement.
The company anticipates that revenue will nearly double in 2021 to approximately $25 million due to the expansion of their operations.
This endeavor will be propelled by the VIE.gg esports wagering platform, which operators assert possesses an $180 million revenue potential. This estimation rests on the assumption that the enterprise will secure a 5% stake in the esports betting market, which the company assesses to be valued at $3.6 billion.
Grant Johnson, the head of Esports Entertainment, emphasized the significance of the operator’s “three-pronged strategy,” which centers on expansion opportunities in specific domains.
This encompasses focused endeavors in the esports entertainment realm through competitions and leagues, alongside esports wagering in pivotal markets through its VIE.gg platform. The company also intends to generate income from online gaming and conventional sports betting.
“Having achieved several strategic milestones outlined in our presentation, we are positioned for robust organic revenue expansion,” Johnson remarked. “We also aim to actively pursue advantageous acquisitions within the structure of each facet of our three-pronged strategy.”
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