The company went public on April 15, pricing its 2.4 million share offering at $6, the upper end of the expected range.
Esports saw a 507% first-day gain and generated proceeds of $14.4 million. Its shares began trading on the Nasdaq exchange under the ticker symbol EBET.
“It’s absolutely incredible and testament to the hard work of the team,” said Aaron Speech, founder and CEO at Esports Technologies. “We started with an initial seed round for the first three years and we were able to build out the proof of concept and demonstrate that we could grow a significant player base.”
Founded in 2016, Esports Technologies develops and operates platforms focused on esports and competitive gaming. The company operates a licensed online gambling platform, gogawi.com, which is an esports site focused on bettors located in Asia and Latin America.
Esports and Gaming
It offers real money betting on esports events and accepts wagers on major esports titles such as Counter-Strike: GO, League of Legends, and Rocket League, as well as professional sports including the NFL and NBA.
It also offers iGaming, which is an online casino and table games, such as blackjack, virtual sport computer simulated games and slot machines, as well as traditional sports betting in jurisdictions in which it is licensed to do so.
Speech didn’t disclose annual revenue numbers, although the he noted the company generates all of its revenue internationally.
Revenue from regulated esports –specific betting is expected to reach $343 million, and by 2024, the market is projected to generate $862 million in revenue.
Esports Technologies is not the only player targeting the competitive-gaming market. Esports Entertainment Group is aiming at the same demographic, and Skillz is a game developer that lets players compete for prizes.
Expand Board and Team
Earlier this year, the company appointed Dennis Neilander, former chairman of the Nevada State Gaming Control Board, to its board of directors.
“The Esports Technologies team has impressed me with their vision and capabilities,” said Neilander. “I look forward to lending my insights and providing my guidance to this exciting esports betting platform, with the goal of contributing to accelerating the company’s growth.”
Neilander was chief of the GCB’s Corporate Securities Division, which regulates the publicly traded gaming companies that operate in Nevada. Neilander oversaw 500 employees, a $42 million budget and five offices across Nevada.
The company has a presence in San Diego, Seattle, and Canada, among other cities. It employees 22 staffers with plans to hire aggressively in the San Diego North County area.
“Looking ahead, we plan to target additional markets in which we are presently licensed to accept wagers, including Japan, Thailand, Mexico, and South America,” said Speech. “We’re excited to bring more products internationally and to the U.S., we also are looking to hire a significant amount of employees in the San Diego region.”