Las Vegas-based Esports Technologies is looking for a successful 2022. The company, which provides esports betting options for operators, is confident that a number of recent strategic moves will continue to propel it upward. By the end of the current fiscal year in September, its revenue will have reached $70 million, according to a company statement.
Esports Technologies Ready for Growth
Esports Technologies’ online casino and sportsbook brands, including Karamba, Hopa, Griffon Casino, BetTarget, and Dansk777, will generate significant revenue and growth. These brands have more than 1.25 million customers across 15 countries.
The company acquired the brands in November of last year. This was two months its current fiscal year. The 10-month period covering the latest revenue projections runs from the date of the brand acquisition to the close of the fiscal year on September 30.
After acquiring several B2C brands from Aspire, the esports betting business was granted access to Aspire’s UK player base and rights. Both parties reached a deal of $75.9 million in October. $58.3 million was to be paid in cash and $11.7 million via promissory notes. The remaining $5.9 million was to be delivered in common stock. Aaron Speach, CEO of Esports Technologies, said:
“As we begin a successful 2022, we remain committed to increasing our operational and financial performance. We expect to deliver consistent cash flow for the remainder of 2022 by growing esports revenue in regulated markets, as well as continued growth from our portfolio of online sportsbook and casino brands.”Esports Technologies CEO Aaron Speach
Esports Betting Gaining Ground
Esports is growing in popularity and people are taking it more seriously. These tournaments offer prize pools worth millions of dollars and are a testament to how lucrative and competitive the esports market is.
There are constantly more people participating in esports betting. MarketInsight Reports states that the global esports gambling market will grow at a rate of 13.1% between 2021 and 2025. The esports betting market is expected to reach $13.05 billion within three years.
The rapid growth of esports betting and the esports sector has been possible thanks to the use of advanced streaming technologies. Virtually all licensed, regulated sportsbooks permit their users to place real-money wagers on events such as the DreamHack Masters competition and League of Legends European Championship.
With the increased attention being given to esports betting, the ecosystem is going to evolve and start to offer more options to gamblers. Things like betting on pooled events, which Esports Technologies is already working on, will become more mainstream.