EBET, Inc. Announces Quarter-over-Quarter Revenue Increase of 166%
EBET, Inc. , a global provider of advanced wagering products and technology, announced revenue for the quarter ended March 31, 2022 of approximately $19 million, up more than 166% quarter over quarter, and a gross profit of approximately $7 million. EBET ended the quarter with a cash position of $7.1 million. This revenue increase is due to the acquisition of the brands Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and Generation VIP on November 30, 2021. The acquisition included 1.25 million deposited customers.
EBET plans to continue to grow revenue through its iGaming, sportsbook and esports brands with a focus on the Gen Z and Millennial markets. This includes the rollout of its esports odds modelling and wagering product across high-value European markets, as well as expanding the geographical reach and investment in intellectual property.
“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 the progress we are making in launching products and investing in proprietary technology.”