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Enthusiast Gaming Reports Year-End 2021 Results

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Enthusiast Gaming Reports Year-End 2021 Results

 

Enthusiast Gaming Holdings Inc., an integrated gaming entertainment company, announced financial results for the year ended December 31, 2021.

2021 Financial Highlights

  • Revenue for 2021 was $167.4 million, representing a 130% increase from revenue for 2020 of $72.8 million
  • Gross profit for 2021 was $37.8 million, representing a 102% increase from gross profit for 2020 of $18.7 million
  • Direct sales in 2021 of $22.2 million, representing a 344% increase from direct sales in 2020 of $5.0 million. Direct sales are included in revenue
  • Paid subscribers as at December 31, 2021, of 220,000, representing an 80% increase from paid subscribers as at December 31, 2020, of 122,000

Q4 2021 Financial Highlights

  • Revenue for the three months ended December 31, 2021 (“Q4 2021”), of $56.9 million, representing a 34% increase from revenue for the three months ended December 31, 2020 (“Q4 2020”), of $42.5 million
  • Gross profit in Q4 2021 of $13.7 million, representing a 69% increase from gross profit in Q4 2020 of $8.1 million
  • Gross margin in Q4 2021 of 24.1%, representing a 500 basis point increase from gross margin in Q4 2020 of 19.1%
  • Direct sales in Q4 2021 of $8.8 million, representing a 167% increase from direct sales in Q4 2020 of $3.3 million. Direct sales are included in revenue

“Our momentum continues and we are pleased to confirm our record breaking results from Q4 2021,” commented Adrian Montgomery, CEO of Enthusiast Gaming. “We are seeing strong repeat business in direct sales, continued conversions of viewers into paying subscribers, and strength in our product offerings, particularly in Addicting Games and U.GG. We expect this momentum to carry into 2022 and beyond.”

“Our higher yield and higher margin revenue streams are expanding, with noticeable impacts to the income statement,” commented Alex Macdonald, CFO of Enthusiast Gaming. “Direct sales and subscription combined accounted for over 20% of revenue in Q4, helping push quarterly revenue to an all time high and gross margin to over 24%. We maintain a growth oriented position and outlook.”

Q4 Operational Highlights

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  • Expansion of in-game purchasing opportunities and subscription offerings for multiple Addicting Games titles including Little Big Snake, TypeRacer, EV.IO, and mope.IO
  • Two new event series launched: Pocket Gamer Connects Digital NEXT, and Beyond Games
  • Record U.S. unique visitor traffic of 51.8 million recorded in December 2021 as measured by Comscore
  • Acquisition of League of Legends community U.GG, and expansion of the U.GG desktop app
  • Luminosity Gaming ranked number one esports team on Twitch according to a study conducted with Nielsen
  • Renewals or additional business with key partners including Proctor & Gamble, HBO Max, TikTok, Disney, ExitLag, G FUEL and Square Enix
  • New season of Rising Stars announced, co-created with e.l.f. Cosmetics (NYSE: ELF)

Organizational Updates

The Company also announced that due to her recent appointment as Chief Investment Officer of the California Public Employees’ Retirement System (CalPERS), Nicole Musicco was required to resign from the Board of Directors of the Company, effective March 25, 2022.

“I am thankful for my time on the Board of Enthusiast Gaming and am impressed with the trajectory of the Company,” said Nicole Musicco. “Adrian and the management team are highly capable and there is a strong vision in place. I look forward to watching the Company continue to grow.”

The Company wishes to thank Nicole for her service, and congratulates her on the appointment at CalPERS.

The Company also announced that Menashe Kestenbaum has transitioned out of the role of President to focus exclusively on strategy and governance as a member of the Board of Directors. As a continuing member of the Board, his experience will continue to help the Company towards achieving its growth objectives.

Other recent appointments at the Company include:

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  • Scotty Tidwell as Senior Vice President of Talent
  • Alex Gonzalez as Head of Luminosity Gaming

Certain information provided in this news release is extracted from financial statements and management’s discussion & analysis (“MD&A”) of the Company for the year ended December 31, 2021, and should be read in conjunction with them. It is only in the context of the fulsome information and disclosures contained in the financial statements and MD&A that an investor can properly analyze this information. The financial statements and MD&A have been published on the Company’s profile on SEDAR and EDGAR.

All amounts are in Canadian dollars.

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A Decade in iGaming: From Newcomer to a CMO

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Wow, time flies! Can’t believe it’s been ten years since stepping into the exhilarating world of online gambling – a field that initially seemed like a short-term stint quickly turned into a new-found passion.

Moving to Malta, and eventually finding a home in Tallinn, I’ve had the privilege to watch the highs and lows as well as the many progressions and transformations. Today, I am proud to form part of the Mr. Gamble team that is ambitiously expanding into new markets, and pushing the boundaries.

From Customer Support to CMO

My journey in iGaming kicked off in Customer Support at Betsson – a leap from my telecom sales management role back in Finland. While this move puzzled my family and friends alike, it was a necessary step. Over the months and years, I worked my way up through various roles including Affiliate Coordinator, Affiliate Manager and Head of Affiliates, learning the various intricate parts of the industry, while at the same time adapting to new technological changes.

One thing is for sure, the iGaming industry is a fast-paced one, and each role has helped me to thrive and adapt to the various changes. Flexibility is key when working in this industry.

Venturing into Entrepreneurship: My Own Affiliate Business

Following many years of corporate experience, I took the leap to start up my own affiliate business with the aim of creating my own business from scratch. Handling everything from SEO and content strategy to fostering brand partnerships and growth strategies gave me an overall view of the affiliate industry’s many complexities. This entrepreneurial journey instilled insight and resilience, especially in terms of the value of the diverse skill sets found within a team.

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By 2023, I joined Mr. Gamble as CMO, bringing my own entrepreneurial experience into this company’s growth strategy. Drawing on my background in SEO, content management and brand development and alongside a knowledgeable team, we have successfully strengthened Mr. Gamble’s presence in established markets, while also setting our sites on new markets.

New Markets and New Possibilities

Since the online gambling industry is continually evolving and expanding, it also brings with it a surge in growth when it comes to new and emerging markets. While we have made huge strides in launching Mr. Gambe USA, we are also eyeing promising regions in Asia, Latin America and Africa, where digital adoption and regulations are evolving creating new opportunities.

As we continue to solidify our presence in the US, these emerging markets represent the next frontier.

An Ever-Changing and Evolving Gambling Industry

Over the past decade, the online gambling industry has quickly evolved from a somewhat fragmented field to a high-powered professional space. Conferences and expos, once informal gatherings have become hubs for talent.

Events such as SiGMA, SBC, iGB, NEXT.io and Hiphter Events today celebrate the progression of iGaming, while highlighting the various advances in technology and market inclusivity.

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The shift toward hybrid work in recent years has also paved the way for industry shakeups. While digital operations are convenient, the importance of face-to-face meetings and connections remains. In an industry highly reliant and built on personal relationships, meeting in person strengthens partnerships and opens doors to new opportunities.

A Bright Future for Mr. Gamble

As CMO of Mr. Gamble, I along with the team are committed to expanding our brand’s influence, not only in traditional markets, but also in new and emerging ones. iGaming is constantly evolving and our strategies must evolve too, adapting and driving on the windy road to success. This entails adapting to changes in technology, user behaviour and experience, and most importantly navigating regulatory landscapes.

Of course, Google’s frequent algorithm updates keep us our our toes, pushing us to refine our approach to stay competitive and ever more relent.

Reflecting on the last 10 years, I am energised and optimistic for the future. With a talented team and untapped markets in tow, Mr. Gamble is well-prepared for substantial growth and impact. Here is to the journey ahead and to everyone – mentors, peers, and friends who have been part of this rewarding path. The next decade holds great potential, and I look more than forward to what is yet to come.

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MAJOR LEAGUE BASEBALL SELECTS SPORTRADAR TO TRANSFORM PLAYER TALENT SCOUTING FOR ALL 30 CLUBS

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MAJOR LEAGUE BASEBALL SELECTS SPORTRADAR TO TRANSFORM PLAYER TALENT SCOUTING FOR ALL 30 CLUBS

 

Sportradar today announced a multiyear agreement with Major League Baseball (MLB) to offer unparalleled sports performance analysis of amateur baseball prospects, through its Synergy Coaching and Scouting solution, to the league and its 30 Clubs.  This new partnership will revolutionize player talent scouting through Sportradar’s advanced, proprietary technology and highlights Sportradar’s commitment to delivering innovative and game-changing solutions to the league.

Under the agreement, MLB and its 30 Clubs will gain access to an unprecedented depth of player analysis and insights with event coverage expanding significantly, from 3,300 to more than 20,000 games – an over 600% increase. This includes college, international, professional partner leagues and leading amateur leagues, such as the MLB Draft League, the Appalachian League and MLB Develops events, and, for the first time, top high school events.

The Synergy Coaching and Scouting solution is uniquely positioned to address the player evaluation needs of MLB as it leverages Sportradar’s expertise ingesting and transforming millions of data points from video into detailed metrics, actionable insights and dynamic visualizations. This, combined with Sportradar’s AI-powered sports performance technology, enables Synergy to provide unparalleled, in-depth analysis of every player, play and game situation, and equips MLB and Club scouts with the information and insights they need to streamline the evaluation process, guide draft decisions and support the development of future MLB players.

“Sportradar’s cutting-edge technology, alongside our reputation as a trusted partner to leading US sports leagues, is driving the transformation of sports performance analysis,” said Eduard Blonk, Chief Commercial Officer, Sportradar. “Through Synergy we are pleased that we are expanding our relationship with MLB, equipping them with the deep data and insights they need to identify the next generation of players. We are eager to continue bringing innovative solutions to MLB.”

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“We are excited to expand our relationship with Sportradar and ensure equal access to the Synergy video and data services for all 30 MLB Clubs. This platform has become a key resource for Clubs in the domestic and international scouting process and we look forward to continuing our work with Sportradar in the coming years,” said John D’Angelo, MLB’s Sr. Vice President of Amateur and Medical Operations.

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Financial reports

Commercial Gaming Revenue Growth Continues in Q3 2024, Driving Industry’s 15th Consecutive Quarter of Growth

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Commercial Gaming Revenue Growth Continues in Q3 2024, Driving Industry’s 15th Consecutive Quarter of Growth

 

U.S. commercial gaming revenue reached $17.71 billion in Q3 2024, the industry’s highest-grossing Q3 on record, according to the American Gaming Association’s (AGA) Commercial Gaming Revenue Tracker. This makes Q3 2024 the industry’s 15th consecutive quarter of annual revenue growth, with September marking the 43rd straight month of rising year-over-year commercial gaming revenue.

Through the first nine months of the year, nationwide commercial gaming revenue stands at $53.24 billion, pacing 8.0 percent ahead of 2023 and putting the industry on track for a fourth straight record revenue year.

In Q3 2024, 29 of the 35 commercial gaming jurisdictions operational last year saw increased year-over-year revenue. This growth resulted in an 8.9 percent year-over-year increase in state and local taxes tied directly to gaming revenue, with commercial gaming operators contributing $3.79 billion in taxes across the quarter.

Quarterly revenue from land-based gaming – encompassing casino slots, table games and retail sports betting – totaled $12.56 billion, 0.62 percent lower than Q3 2023. Meanwhile, combined revenue from online sports betting and iGaming totaled $5.14 billion in Q3 2024 as online gaming made up 29.0 percent of commercial gaming revenue, a significantly higher share than in Q3 2023.

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Looking at each sector in Q3 2024:

  • Traditional Gaming: Traditional brick-and-mortar casino gaming generated quarterly revenue of $12.38 billion, a contraction of 0.9 percent year-over-year.
  • Legal Sports Betting: Americans legally wagered $30.3 billion on sports, generating $3.24 billion in quarterly revenue (+42.4% YoY). Recent market launches in Kentucky, Maine, North Carolina and Vermont contributed to this growth.
  • iGaming: iGaming generated $2.08 billion in revenue, marking a 30.3 percent year-over-year increase.

“Q3 2024 continued gaming’s momentum from the first half of the year, with online casino and sports betting driving strong growth. At the same time, new brick-and-mortar casino openings bolstered traditional gaming, which still accounts for the bulk of industry revenue,” said AGA Vice President of Research David Forman. “More than a quarter of commercial revenue now regularly comes from online sources, raising the importance of continued sustainable growth with consumers in those states.”

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