Esports Entertainment Projects $13 Million Revenue for 2021

Esports Entertainment Group has announced a revenue forecast of $13.0 million for its fiscal year 2021, marking its first year of potential revenue generation. The company previously operated in a development stage, which resulted in sustained losses and the inability to produce revenue. Recent strategic advancements have led to the release of its first organic revenue guidance covering the 2021 and 2022 fiscal years. Notable developments include the company’s listing on NASDAQ in April, acquisitions of Argyll Entertainment and Flip Sports, and new partnerships with Allied Esports, Dignitas, and a market access agreement with Twin River Worldwide in New Jersey. The operator anticipates significant growth, estimating revenue could nearly double in FY2021 to around $25.0 million. This growth is expected to be driven by its VIE.gg exchange betting platform, which the company estimates has a revenue opportunity of $180.0 million by capturing 5% of the esports wagering market valued at $3.6 billion. CEO Grant Johnson emphasized the significance of the company’s ‘three pillar strategy,’ which targets growth in esports entertainment through tournaments and leagues, esports wagering via the VIE.gg platform, and revenue generation through igaming and traditional sports betting. Johnson stated, “Now that we have completed several of the strategic milestones that we laid out in our roadshow, we are well positioned for strong organic revenue growth. We additionally intend to aggressively pursue accretive acquisitions within each of the frameworks of our three pillar strategy.”