EBET INC has updated investors on its revenue position after the second quarter of FY2022, noting a 166% increase in corporate turnover.
The wagering products and tech provider, which last week announced a rebrand from Esports Technologies, declared corporate revenues of $19m for Q2, up 166% quarter-on-quarter.
This was attributed to the acquisition of Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and Generation VIP on November 30, 2021, which included 1.25 million deposited customers.
“We are very pleased with our business results for the second quarter, and it is a testament to our focus on creating the best experience for the Gen Z and Millennial wagering market,” commented Aaron Speach, Chief Executive Officer of EBET.
“We are delighted to see the strong customer response to our brands and our progress in launching products and investing in proprietary technology.”
As well as increasing revenues, EBET also recorded a $7m gross profit from trading in Q2 as a result of the acquisition.
Moving forward, the firm is intent on growing its revenues from igaming and esports wagering with a specific focus on targeting millennial and Gen Z consumers. This strategy includes the rollout of its esports odds modeling and wagering product in Europe alongside geographic expansion and growing its intellectual property.