Esports Entertainment Group Projects $13 Million in Earnings for 2021
Esports Entertainment is projected to hit $13 million in earnings for the year 2021, according to iGB.
Esports Entertainment Group anticipates reaching $13 million (US$10 million/€10.9 million) in income for its financial year 2021, the initial year the esports wagering company has been able to reveal its earnings.
The company has been in what it characterizes as a “growth stage” and thus has not yet achieved profitable operations, with ongoing losses signifying it has not been able to generate income.
However, following a series of notable strategic achievements in recent months, it has released its first natural revenue guidance covering financial years 2021 and 2022.
Key developments include the company’s listing on the Nasdaq in April of this year, the recent purchase of assets from betting and gaming operator Argyll Entertainment and Flip Sports, and partnerships with Allied Esports, Dignitas, and a New Jersey market access agreement.
The company stated it expects financial year 2021 income to nearly double to approximately $25 million due to anticipated growth in its business.
VIE.gg, the esports wagering platform driving this endeavor, is projected to generate $180 million in income, according to the organization. This forecast is based on the platform capturing a 5% share of the $3.6 billion esports wagering market.
Grant Johnson, the leader of Esports Entertainment, highlighted the significance of their “three-pillar strategy,” which concentrates on expansion in specific domains.
This strategy entails focused efforts in the esports entertainment arena through competitions and leagues, esports wagering in key markets through their VIE.gg platform, and generating income from online gaming and traditional sports wagering.
“Now that we’ve achieved several crucial objectives outlined in our presentation, we’re prepared for robust natural revenue growth,” Johnson stated. “We also intend to actively seek out lucrative acquisitions within the structure of our three-pillar strategy.”
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