Press Releases
ESE Entertainment Reports Second Quarter 2022 Results
ESE Entertainment Inc., a gaming and esports company that provides a range of services to leading video game developers and publishers, is pleased to announce that is has filed its unaudited condensed interim consolidated financial statements and related management’s discussion and analysis for the three months ended April 30, 2022 (“Q2 2022”) the highlights of which are presented in this news release. The Financial Statements and MD&A are available on www.sedar.com and on the Company’s website.
Second Quarter 2022 Financial and Operating Highlights:
- Revenue of $15.00 million for Q2 2022, representing a 1,994% increase from revenue for the three months ended April 30, 2021 of $0.72 million.
- Gross profit of $3.82 million for Q2 2022, representing a 2,748% increase from gross profit in Q2 2021 of $0.13 million.
- Adjusted EBITDA1 of $884,751 in Q2 2022, compared to adjusted EBITDA loss of ($832,195) in Q2 2021.
- Total assets as at April 30, 2022 of $38.06 million, compared to total assets as at April 30, 2021 of $15.94 million.
“We are excited to share our Q2 2022 financial performance with shareholders, which is our seventh straight quarter in a row of record growth. This was the first quarter that included the financial performance of our most recent acquisition, Gameaddik. The combined operations have proven to deliver record revenue growth, improve margins, and reach a critical milestone of achieving positive adjusted EBITDA for the first time in company history. This performance is a testament to our entire team, which continues to execute at the highest level and deliver on our business plan and growth strategy. As we start to unlock synergies of the combined operations, we are setting our sights on continued organic growth,” stated Konrad Wasiela, CEO of ESE.
Press Releases
YouGov unveils US bettor research report, which highlights that 43% of sports bettors use three or more sportsbook apps
YouGov has released its US bettor research report, which provides detailed insights into the preferences of US sports bettors.
Utilizing YouGov Custom Research, the report uncovers the impact that ESPN BET has had on the market, which in-app sportsbook features drive bettor engagement, and much more.
The report finds that:
- 71% of 25-44 year-old bettors find the ability to live stream sporting events that they bet on in their sportsbook app important (vs 65% all ages)
- bet365 is the most used sportsbook by 21-34 year-olds and DraftKings is used most by all other ages
- 67% of 21-24 year-old current and prospective bettors are likely to create a sportsbook account with a sportsbook that is associated with a streaming service (vs 57% of all ages)
- 51% of sports bettors are using ESPN BET more than they used to (vs 15% using it less)
“The US sports betting industry is a very competitive marketplace and maintaining loyalty from customers has proven to be difficult for sportsbooks, especially when new sportsbooks enter the market,” said Jeff Morris, VP at YouGov.
“Our research shows that the sportsbooks that incorporate key in-app features like live streaming sporting events can provide an advantage for driving interaction from current sports bettors and attracting prospective sports bettors.”
The report highlights key factors that would influence prospective sports bettors to create their first sportsbook account and provides an in-depth look at how sports bettor preferences vary across age groups.
Compliance Updates
Arkansas Casino Seeks iGaming Approval
An Arkansas casino is seeking approval to operate an iGaming app, allowing people within the state to go online to play casino games such as slots, blackjack, craps and more.
On March 13, Carlton Saffa, Chief Market Officer for the Saracen Casino Resort in Pine Bluff, wrote to Arkansas Racing Commission Chairman Alex Lieblong asking for a change in the rules to allow Internet casino gambling, which is often referred to as iGaming or iCasino platforms.
On Monday, Saffa told Gambling.com he hopes to appear before the Arkansas Racing Commission on May 6 seeking approval to offer iGaming. The Arkansas Racing Commission regulates all gambling matters in the state including horse racing and casino games.
iGaming Doesn’t Hurt Bricks-And-Mortar Casinos: Saffa
Nationwide, only a half dozen states from Michigan to Connecticut offer Internet casino gambling. Arkansas would be the first in its region with iGaming, permitting users who want to log onto a computer or download an app to play traditional casino games for money. Other states in the region already offer sports betting.
In his March 13 letter to state regulators, Saffa said estimates indicate Internet casino gambling from the Saracen Casino Resort alone would generate an additional $12 million in taxes annually for the state. Internet casino gambling, or iGaming, generally raises more tax revenue than sports betting in states that have both.
However, in some states without iGaming, casino operators have fought legalization, contending customers won’t visit a bricks-and-mortar casinos and spend money at restaurants and on other amenities including entertainment and lodging if they can log onto cellphones or computers and gamble from anywhere. In his letter to state regulators, Saffa pointed to research showing iGaming doesn’t cannibalize bricks-and-mortar casinos but instead gives them ‘a lift’.
State Rule Change Required
Arkansas already allows online poker, though that has not been made available to consumers, Saffa said. He said the ability to allow iGaming would require the Arkansas Racing Commission to amend a rule to include Internet casino games in addition to the currently legal online card games such as poker.
“A solution exists by amending ARC Rule 5, which already authorizes online poker, to include other types of table games and slots,” Saffa told Gambling.com on Monday. “Doing so would provide significant tax revenues to government and, just as important, ensure that operators be held accountable by the government. Given that we have seen online operators in the fantasy sports space ignore cease and desist demands from the state, merely attempting to police the matter is not a workable solution.”
Saffa recently made a similar argument on the topic of unregulated gambling, telling Gambling.com on The Edge he opposes a ban on college player props bets, saying, “Sunlight is the best disinfectant.”
“People in Arkansas are already gambling in online casinos and those companies are not regulated or taxed by the Arkansas Racing Commission,” Saffa said Monday. “Those companies are not held to the standards the people of Arkansas set forth for operators to include that a customer must be 21.”
Latest News
Internet Vikings and Casinogate Partner in Latin America
Innovative game studios aggregator Casinogate has chosen to partner with Internet Vikings, a leading supplier of cloud hosting solutions for sports betting and iGaming. Internet Vikings provides its private VMware cloud hosting services to Casinogate, supporting their move into the Latin American market.
At the core of its business model, Internet Vikings assist companies expanding into new territories to start small and scale their infrastructure as their business grows. This perfectly aligns with Casinogate’s vision for a measured and successful launch in Latin America.
“Our tailored approach enables clients to invest in what they need now while providing the assurance of scalability as their operations widen into Latin America or elsewhere. This partnership allows Casinogate to focus on what they do best – creating exceptional games – while we handle the critical infrastructure,” shares Rickard Vikström, CEO and Founder of Internet Vikings.
One of Internet Vikings’ most distinguishing features is its commitment to personalized service. André Castro, Co-Founder and CEO of Casinogate, adds: “Their key account manager worked closely with us to understand our specific needs for the Latin American market. They developed a solution that scales perfectly with our anticipated goals, ensuring a smooth transition.”
From a technical standpoint, Internet Vikings leverages VMware, renowned for its user-friendly interface and reliability. This has translated into enhanced performance for Casinogate, with minimal latency experienced on their platform.
“Internet Vikings’ expertise in hosting and focus on strong partnerships make them an essential asset. We’re assured in delivering premium gaming experiences to our Latin American audience. Their professionalism, particularly during the initial VMware setup, instilled great confidence in us,” André Castro concludes.
The partnership between Casinogate and Internet Vikings exemplifies how industry leaders can leverage innovation and collaboration to achieve mutual success. By combining Casinogate’s thrill-seeking games with Internet Vikings’ cloud solutions, both companies are laying the foundation for a promising future in Latin American online gaming.
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