Connect with us

eSports

Esports Entertainment Group Reports Fiscal First Quarter 2021 Financial Results

Published

on

Esports Entertainment Group Appoints Damian Mathews as Chief Financial Officer

 

Esports Entertainment Group, Inc., an esports and online gambling company, announced its financial results for the fiscal first quarter ended September 30, 2020, as well as an update on several key business initiatives.

Business Highlights

  • Signed agreement to acquire Helix eSports and ggCircuit in deal valued at $43 Million
  • Acquired Argyll Entertainment and its SportNation brand, adding Tier 1 gambling license covering UK and Ireland; Malta gaming license secured in May 2020
  • Acquired assets of FLIP Sports, providing ownership and control of tech stack
  • Acquired Esports Gaming League, with a history of partnerships that include Microsoft, Red Bull Arsenal FC, and Activision; subsequent to acquisition EGL announced first-of-their kind deals with LA Kings, LA Galaxy, and Philadelphia Union to be official esports tournament provider
  • Partnered with Allied Esports as title sponsor of the VIE.gg CS:GO Legend Series tournament; the two-week competition drew 1.7 million unique viewers and generated 1 million hours watched, making it the most-watched Legend Series event since tournament was created in 2017
  • Expanded partnership with Dignitas, an esports asset of Harris Blitzer Sports and Entertainment, securing naming rights to famed CS:GO team; partnership includes strategic digital and physical activations in New Jersey marketplace as core focus
  • Partnered with Twin Rivers Gaming to launch VIE.gg wagering platform in New Jersey in calendar Q1 2021
  • Working with the New Jersey Gaming Commission to launch pilot skill-based player-to-player wagering platform, LANduel
  • Opened corporate office at Prudential Center in Newark, NJ

“We have achieved many significant milestones since uplisting to the NASDAQ in April,” commented Grant Johnson, CEO of Esports Entertainment Group. “The COVID-19 pandemic has absolutely accelerated the rapid growth of esports leading to mainstream broadcasts to national TV audiences on ESPN and Fox. These trends helped us set new record audience viewing stats with our partner Allied Esports for the globally recognized Legend Series, just one of many accomplishments during the quarter. We believe the successes achieved this year provide an extremely strong foundation for long-term growth while offering investors a true pure play opportunity in the burgeoning world of global esports.”

Johnson continued, “We have structured our business to deliver a diversified esports and online gambling company via three key business pillars and believe this multi-tiered approach provides investors broad exposure to two major trends, the rise of competitive gaming and the legalization of online gambling in the US.”

“As we look ahead, we believe the acquisitions we have made as well as those we plan to make, combined with a growing list of world-class partnerships, Esports Entertainment is in a great position to accelerate the monetization of our robust three pillar strategy,” concluded Johnson.

F1Q21 Financial Results

Revenue for the three months ended September 30, 2020 totaled $222,392, an increase of $222,392 over the $0 recorded for the three months ended September 30, 2019 (this includes only 2 months of contribution from Argyll because the deal closed on August 4th). The increase was primarily attributable to the acquisition of Argyll Entertainment as we are now revenue a generating company.

Post F1Q21, October has seen a significant uptick, with levels of turnover, Gross Gaming Revenue and Net Revenue returning to pre-COVID levels. Total handle was above $16 mil for the month of October and revenues for the month were above $600K.

Total operating expenses for the three months ended September 30, 2020 totaled $3.7 million, an increase from the $0.7m recorded for the three months ended September 30, 2019. The increase was primarily attributable to the increased payroll, stock compensation, marketing, legal and professional services fees related to increased business activity.

Total net loss for the three months ended September 30, 2020 was $1.8 million, driven principally by reduced revenues related to the measures taken post the regular UK Gambling Commission audit of Argyll Entertainment, partially offset by a change in fair market value of warrant liability of $2.1m.

As of September 30, 2020, the Company had total current assets of $10.4 million and total current liabilities of $8.2 million, resulting in working capital of $2.3 million. Cash and cash equivalents totaled $8.9 million and shareholders’ equity was $16.8 million at September 30, 2020.

Guidance

The Company reaffirms its guidance of $13 million in revenue in fiscal 2021 and $25 million in revenue in fiscal 2022 from its core Argyll and VIE platforms. On a proforma basis, including the acquisitions of Helix Esports and ggCircuit, the Company expects to report $42 million in revenue in fiscal 2022 with positive EBITDA of $2 million.

Fiscal First Quarter 2021 Conference Call

The Company will host a conference call today at 4:30 p.m. Eastern Time to discuss its F1Q21 financial results. Participants may join the conference call by dialing 1-855-327-6837 (U.S. Toll-Free) or 1-631-891-4304 (International). A live webcast of the conference call will also be available at http://public.viavid.com/index.php?id=142485.

For those unable to participate in the conference call, a telephonic replay of the call will also be available shortly after the completion of the call, until 11:59 pm ET on Monday, November 30, 2020, by dialing 1-844-512-2921 (United States) or 1-412-317-6671 (International) and entering the replay pin number: 10011948.

eSports

North Star Network Acquires Um Dois Esportes

Published

on

 

North Star Network has acquired Um Dois Esportes, a sports coverage and analysis site created from the merger of Gazeta Do Povo and Tribuna do Paraná in 2020.

Julien Josset, co-founder of North Star Network, said: “Thank you to the team at GRPCOM for their faith in us to take the brand forward. Um Dois Esportes is an established and renowned site in Paraná State, and we’re excited about the challenge of developing this asset.

“We’re happy to maintain the collaboration with the existing editorial team, and look forward to working with them, bringing our unique NSN approach, to take UDE forward.”

NSN’s signing of Um Dois Esportes is the media house’s fourth acquisition of 2024, following the recent deals to purchase UK-based SportsMole and MrFixitsTips, as well as Chilean site AlAireLibre, which was announced in March.

The latest addition to the North Star media portfolio joins existing assets including Top Mercato, Afrik-Foot, and Vringe. The Paris-based company already oversees a significant Brazilian operation, delivering over 6 million sessions per month, from the likes of Trivela, Premier League Brasil and Lakers Brasil.

NSN will retain Curitiba-based journalists from the Um Dois Esportes legacy team to maintain the asset’s unique tone and popular coverage of the Paraná sports scene across site and social.

Rafael Mello, Director of GRPCOM, said: “We were surprised by the interest, and initially had no intention of selling Um Dois, but as the conversations evolved, we realised this was a serious group with good intentions. We were very happy to see our project being valued by a large international group and going global, demonstrating the quality of the content we produced.

“We’re also proud that North Star inherited our journalists, who are truly responsible for the success of the product we offer readers every day.”

Continue Reading

eSports

L&G esports team founded by Alona Shevtsova won the national Dragon EC Cup tournament

Published

on

The team began competing in top tournaments and almost immediately made it to the Advanced division of the ESEA League Europe competition. The team also participated in and took prizes in European tournaments such as the SCL League, WhiteBit Crypto Open, Phoenix League, and local competitions.

 

Ukrainian esports team L&G won the Dragon EC Cup tournament, held on the 20th of April by Dragon Esports Club. Four teams competed in the tournament’s final: Lazer Cats, L&G, which received a direct invitation to the final stage, EsportsBattle, and ThunderFlash, which had open qualifiers. During the Grand Final, the L&G team competed with Lazer Cats on Mirage, Anubis, and Vertigo maps.

“This victory is a testament to the exceptional talent and commitment of our players, as well as the collective effort of our coaching staff and support personnel,” said Alona Shevtsova, founder of L&G Esports. “We are immensely proud of their accomplishments and grateful for the unwavering support of our fans.”

L&G is among the top 5 Ukrainian teams in Counter-Strike: Global Offensive. It was founded in 2021. The previous name was Leogaming, and it was created on the initiative of the famous Alona Shevtsova from the fintech sector.

The team began competing in top tournaments and almost immediately made it to the Advanced division of the ESEA League Europe competition. The team also participated in and took prizes in European tournaments such as the SCL League, WhiteBit Crypto Open, Phoenix League, and local competitions. The team players are marat2k, r0ublE, kr1vda, kL1o, OneUn1que, rji (coach).

The winners received a 50,000 UAH prize. Dragon Esports Club also prepared a 15-skin giveaway for the broadcast’s viewers.

It is worth mentioning that the L&G team created its merch items, which are available for order worldwide. To get more information about the team, visit the L&G Instagram page, Twitch, or Telegram Channel.

Continue Reading

eSports

Introducing iSports at iCode: A Cutting-Edge Esports Program for Aspiring Gamers

Published

on

 

iCode, a premier coding and STEM learning program for kids, announced its latest addition to its program offerings: iSports, a one-of-a-kind esports program geared towards young gamers aged 8-13.

Starting the week of June 3, 2024, this innovative 12-week esports course will be offered across the entire iCode franchise and is dedicated to introducing students to the thrilling world of competitive gaming in a safe and secure environment. This season will revolve around the popular game Fortnite, which will feature a special iCode-only map within the platform.

“iSports will serve as a great summer activity for kids to get out of the house, but the overall goal is to foster personal development through the many dynamic skills competitive gaming requires. The iSports program places a strong emphasis on developing important life skills like sportsmanship, teamwork and strategic thinking. It will keep participants engaged and learning while school is out, and parents can rest assured knowing that their children are playing in a controlled environment,” Abid Abedi, founder and CEO of iCode, said.

Throughout the 12-week iSports season, participants will dedicate one hour per week to gameplay and skill development. All sessions are led and supervised by knowledgeable iCode coaches. Their administration along with the exclusive iCode-only map is specifically designed to provide a secure gaming experience with a safe, monitored environment. The program culminates in the opportunity to compete in a tournament-style championship to crown the best gamer across iCode national network.

iCode is partnering with MSI to supply an array of state-of-the-art gaming equipment including high-quality headsets and top-tier gaming computers equipped with speedy processors. Gamers will also have access to advanced gaming chairs for maximum efficiency and comfort. This setup will ensure that every participant enjoys a premium gaming experience, mirroring the standards of professional esports environments. In addition, MSI will provide prizes to the top iSports gamers, including one of their brand new Claw handheld gaming devices.

“MSI has been dedicated to cultivating gaming and esports for years with significant achievements. We’re thrilled and honored to partner with iCode to develop this community to another level,” David Chou, VP of Sales at MSI, said.

Continue Reading

Trending

GamingAmericas.com (part of HIPTHER) is your one-stop portal for the latest news, insights, and analyses in the gaming industry across the Americas. From legislative updates and market trends to interviews with industry leaders, we provide a comprehensive look at the dynamic landscape of both online and land-based gaming. Whether you're a stakeholder looking to stay ahead of the curve or a gaming enthusiast eager for reliable updates, GamingAmericas.com has got you covered. Follow us on social media and subscribe to our newsletter for real-time updates and exclusive content. Make informed decisions and stay ahead in the game with GamingAmericas.com.

Disclaimer: All the information provided is for educational and entertainment purposes only. Always check your local laws before participating in any gaming activities.

Copyright © 2018 – 2024, HIPTHER. All Rights Reserved.