Overall Growing Adoption of Gaming Technologies is a Big Win for eSports Industry

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May 25, 2021, 09:15 ET

PALM BEACH, Fla., May 25, 2021 /PRNewswire/ -- Over the past few years, eSports has gained a lot of ground on its competition… its events and viewers keeps increasing and is predicted to continue to grow for years to come. The emergence of esports is expected to transform the outlook of sports industry. Major revenue streams for esports include media rights; tickets and merchandise; sponsorships; direct advertisements; and publisher fees. In revenue-generating streams, sponsorships and advertisements are the major sources of revenue generation that have witnessed burgeoning demand during the last five years. The market for online games is growing at a healthy pace owing to factors such as growing adoption of advanced gaming technologies, changing entertainment preferences among consumers, rising income levels, and growing demand for mobile gaming. The increasing smartphone penetration and better internet connectivity have led to rise in the number of gamers at a rapid pace. A report from MarketsAndMarkets said that The overall eSports market is expected to grow from USD 694.2 million in 2017 and is expected to reach USD 2,174.8 million by 2023, at a CAGR of 18.61% between 2018 and 2023. Another report, this time from Newzoo, looked at the 2021 figures, saying that A leading global provider of games and esports analytics projects its industry will amass more than $1 billion in revenue for 2021 with additional growth in media rights and the livestreaming market. According to Newzoo's Global Esports and Live Streaming Market Report, the esports industry is expected to reach the $1.084 billion mark in 2021, which translates to a more than 14 percent growth for the esports industry, which generated $947.1 million in revenue last year. Active gaming companies in the markets today include: Esports Technologies (NASDAQ: EBET), DraftKings Inc. (NASDAQ: DKNG), Skillz (NYSE: SKLZ), Penn National Gaming, Inc. (NASDAQ: PENN), International Game Technology PLC (NYSE: IGT).

Newzoo anticipates that the esports industry will make $833.6 million -- more than 75 percent -- from their media rights and sponsorships due to an increase in the livestreaming audience for esports. Newzoo predicts the global live-streaming audience will hit 728.8 million by the end of 2021, marking a 10 percent increase over the 662.6 million who watched in 2020. The anticipated growth comes after the industry experienced an influx in viewership in streaming platforms during the COVID-19 pandemic. The pandemic has certainly accelerated the growth of the live-streaming audience, but we expect stabilization once the pandemic subsides," the report stated. Newzoo anticipates the live-streaming audience total will reach 920.3 million by 2024.

Esports Technologies (NASDAQ: EBET) BREAKING NEWS - Esports Technologies Launches On Google Play Store With Esports Games App - New Esports Games App, Launched in North America and Internationally, Enables Players to 'Win Like the Pros' by Predicting Tournament Results - Esports Technologies, a global provider of advanced electronic sports wagering products and technology, today announced the launch of its app, Esports Games, providing tournament prediction and trivia games for esports fans worldwide, on the Google Play store in the United States, United Kingdom, and Canada.

The new platform consists of two types of engagement games, focused on esports content: tournament predictions and trivia. Qualified players are expected to be able to enter and participate for free. For trivia contests players can answer questions to score points and achieve placement on a global leaderboard. Similarly, the prediction game allows players to predict the outcomes of live-esports match events. Examples of outcomes that can be predicted would be, 'Which team may get the first kill in the match" or "What could the final match score be." Players who correctly predict the outcome of the game are also eligible to win prizes totaling the equivalent value of the prize pool of the actual event or tournaments they are predicting.

Bart Barden, COO, Esports Technologies, said, "The esports market is a passionate, global community. Our goal with this app is to empower the community and provide an avenue for fans to immerse themselves and engage with major live events, like the International or MSI. Fans are now able to make real-time predictions as to what could happen next in the game, competing against fans across the globe. Simultaneously, fans may showcase their esports knowledge to rise to the top of a global leaderboard and earn great prizes while proving their knowledge and expertise."

Esports Technologies selected a leading free-to-play platform, Splash Tech, to help develop the Esports Games App. Adam Wilson, CEO, Splash Tech, said, "We couldn't be prouder to be powering Esports Games for Esports Technologies. We share their vision of powering the world's first dedicated free-to-play esports predictor app, bringing esports to the mass market."

Players can answer trivia and make predictions on the following games: League of Legends, Dota 2, Counterstrike: GO, Overwatch, World of Warcraft, Rocket League, Call of Duty, Valorant, and Overwatch. CONTINUED… READ THIS AND MORE NEWS FOR EBET BY VISITING: https://esportstechnologies.com/news/

In other gaming recent news of interest:

DraftKings Inc. (NASDAQ: DKNG) recently announced it will become the first Official Daily Fantasy Sports, iGaming and Sports Betting Partner of 23XI Racing and its esteemed driver, Bubba Wallace, pending regulatory approval in applicable jurisdictions. The official sponsorship will debut at the EchoPark Automotive Texas Grand Prix at Circuit of the Americas on Sunday May 23, 2021, with the team continuing to sport the DraftKings logo for each race of the 2021 season. While DraftKings is already the Official Daily Fantasy Partner of NASCAR, the agreement with 23XI Racing positions DraftKings to hit a new gear in its motorsports offerings, integrations and entertainment.

"Joining forces with the 23XI Racing organization near the beginning of its growth makes this collaboration all the more impactful for DraftKings," said Ezra Kucharz, Chief Business Officer at DraftKings. "Beyond the brand and product integrations of this deal, we also greatly admire Bubba Wallace's ongoing advocacy for social justice and Inclusion, Equity and Belonging efforts because they align perfectly with our company values."

Skillz (NYSE: SKLZ), the leading mobile games platform bringing fair competition to players worldwide, recently announced financial results for the first quarter ended March 31, 2021. "We are proud to report record-breaking first quarter results, giving us 21 consecutive quarters of revenue growth," said Andrew Paradise, CEO and founder of Skillz. "Our performance and strong growth trajectory gave us the confidence to increase investment in Q1 and raise full year revenue guidance to $375 million."

First Quarter Financial Highlights Were: Revenue grew to $83.7 million during the first quarter of 2021, up 92% over the prior year; Gross profit grew to $79.4 million during the first quarter of 2021, up 95% over the prior year; Gross margin was 95% during the first quarter of 2021, 100 basis points higher than the prior year; Net loss was $53.6 million during the first quarter of 2021, compared with $15.5 million in the prior year; Adjusted EBITDA was $(31.1) million during the first quarter of 2021, compared with $(14.6) million in the prior year; Gross Marketplace Volume (GMV) grew to $566.6 million during the first quarter of 2020, up 85% over the prior year; and Cash on balance sheet of $613 million and no debt at the end of first quarter 2021.

Penn National Gaming, Inc. (NASDAQ: PENN) recently announced today that the Indiana Gaming Commission ("IGC") has approved the Company's application to offer online sports wagering in Indiana. Penn National plans to launch its Barstool Sportsbook mobile app on iOS and android, as well as for desktop users, at 10:00 a.m. CST on May 18, 2021, pending any final regulatory approvals. Once live, Indiana will become the Company's fourth online sports betting market, following previously successful launches in Pennsylvania, Michigan, and Illinois.

"We are thrilled to be launching our online Barstool Sportsbook in Indiana at the start of the NBA's new playoff format," said Jay Snowden, President and CEO of Penn National. "Our retail Barstool Sportsbooks at Ameristar Casino East Chicago and Hollywood Casino Lawrenceburg have been very well received by our customers since opening this past December, and now Hoosiers from across the state will be able to engage with Dave Portnoy, Dan 'Big Cat' Katz, and all of the Barstool personalities through the Barstool Sportsbook app."

International Game Technology PLC (NYSE: IGT) recently reported financial results for the first quarter ended March 31, 2021. Today, at 8:00 a.m. EDT, management will host a conference call and webcast to present the results; access details are provided below.

"We delivered some of our strongest profit results ever during the first quarter, fueled by robust player demand and significant, structural cost savings," said Marco Sala, CEO of IGT. "Our Global Lottery segment achieved record same-store sales levels on impressive increases around the world. The Global Gaming segment is demonstrating swift, progressive recovery, including accelerated momentum for Digital & Betting activities. We expect to return to 2019 levels for key financial metrics this year." "With the recovery in our business in full swing, we are delivering strong operating leverage which, when coupled with invested capital discipline, drove strong cash flows in the quarter," said Max Chiara, CFO of IGT. "This enabled us to accelerate our debt retirement strategy and gives us confidence in a return to pre-pandemic leverage levels by the end of the current year."

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