Esports Entertainment Group has reported net revenue of $16.8m (£12.2m/€14.4m) for its 2020-2021 full year results ended June 30.
No comparable figures were available from its 2019-20 full-year revenue as the business was not generating revenue at this point.
Esports Entertainment did not break down the revenue by categories or reveal how much of its revenue came from its betting operations.
However, the business also had significant costs. Revenue-related expenses alone amounted to $7.8m. Sales and marketing costs hit $10.0, up $9.7m compared to its full year 2019-2020 results. General and administrative costs, at $24.6m, rose by a considerable $20.8m year-on-year.
In total, operating expenses amounted to $42.5m. This was a yearly rise of $38.4m.
This led to a total operating loss of $25.7m, an increase of $21.6m year-on-year from 2019-20’s $4.1m loss.
The business then paid further non-operating expenses. Interest expenses came to $698,973 while other expenses amounting to $3.2m, though this was somewhat offset by other non-operating income at $460,328.
In total, the loss before income tax totaled at $30.1m, an increase of just under $20m year-on-year.
However, income tax benefits made an addition of $3.8m, taking the total net loss for the year to $26.3m. This was a year-on-year growth of $16.0m from $10.3m in the 2019-2020 results.
For its fourth quarter, Esports Entertainment recorded net revenue of $8.8m, with no comparable figures available for the previous year. With total operating expenses of $19.2m, the total operating loss was $10.4m. This was an increase of $8.3m year-on-year.
“The formidable foundation we built since our 2020 IPO drove strong performance in the fourth quarter and sets the stage for achieving significant growth in FY22,” said Grant Johnson, CEO of Esports Entertainment.
“The partnerships we have formed, from top professional sports teams to industry-leading esports and gaming companies, clearly demonstrate the strength of our expansive product and service portfolio, and I believe our future is very bright as we continue to execute on our rapid expansion strategy driven by the solidification of our market position and the ongoing growth of our unique assets.”
Esports Entertainment has recently completed several partnerships, striking deals with the Tampa Bay Buccaneers, the National Football League’s franchise the Indianapolis Colts and the Indian Gaming Esports Association in the last few months.
