Ebet, an esports-oriented betting tech provider formerly known as Esports Technologies, provided insights into its Q2 results of the current fiscal year. The company’s revenues went up drastically, driven by strategic acquisitions.
Ebet’s Q2 Results Are Promising
Ebet’s recent rebranding marked a new chapter for its business. The company kicked off 2022 with a 166% quarter-on-quarter revenue increase. Although Ebet refrained from publishing its full financial results, it did share that the first three months saw it earn $19 million.
The total Ebet gross revenues for the period sat at around $7 million. Additionally, the provider shared that its earnings before interest and tax were $7.1 million.
The favorable revenues were in huge part thanks to Ebet’s recent M&A activity. In 2021, the company successfully acquired a list of betting brands, such as BetTarget, Dansk777, Generation VIP, Griffon Casino, Hopa and Karamba. Thanks to the acquisitions, Ebet earned 1.25 million more customers, which helped it increase its revenues.
Ebet will continue working on its flagship esports offerings but it will branch out into other betting products as well. Despite the expanded focus, the company will remain committed to its core audience – young bettors. Ebet teased that fans can expect new esports solutions to be launched in Europe in the next few months.
Ebet Will Continue Catering to the Youth
Aaron Speech, the chief executive officer of Ebet, commented on the favorable results. He said that his team rejoices over the Ebet’s success. Furthermore, the revenue increase proves that the provider’s strategy to deliver premium betting experiences to Gen Z and Millenial customers is working.
He concluded that he is happy about the reception of Ebet’s products:
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.Aaron Speech, CEO of Ebet
Ebet’s recent rebranding reflects the company’s intention to grow its business beyond esports while continuing its youth-oriented focus. In January, the company released a forecast that predicted it would earn $70 million by the end of September. This demonstrated Ebet’s trust in its business and its forward-thinking approach.
Ebet recently teamed up with Incentive Games to work on free-to-play esports games. The two brands plan to boost interest in esports by engaging new offerings that improve customer retention for esports betting operators.