Esports Entertainment Group, a global iGaming company and B2B esports solutions provider, published its financial results for the fiscal year ending on June 30, 2023.

Revenue: $23.0 million for the fiscal year ended June 30, 2023, down from $58.4 million in 2022 (comparable period).

Cost of revenue: $8.8 million for the fiscal year ended June 30, 2023, decreasing from $24.2 million in the 2022 fiscal year.

Sales and marketing expenses: $5.9 million for the fiscal year ended June 30, 2023, decreased from $25.7 million in the 2022 fiscal year.

General and administrative expenses: $28.9 million for the fiscal year ended June 30, 2023, decreasing from $51.3 million for the 2022 comparable period. Net loss (for fiscal year): $32.3 million, down from $102.2 million recorded in 2022.

“We conducted a deep dive into our business from top to bottom and pinpointed operations and contracts that weren’t profitable, leading to decisive actions that have set us up for a promising future,” commented Alex Igelman, CEO of Esports Entertainment. “Although the restructuring came with one-time expenses, we are confident that the long-term advantages will significantly outweigh these costs”.

This will allow EEG to reduce its annual operating expenses by more than $4 million. The company also reduced total liabilities by approximately $51.8 million since January 2023: ” This period of time in the Company’s evolution marks a pivotal shift and new beginning, allowing us to leave behind past barriers and shape a path that maximizes our potential for success, which we believe will drive significant revenue growth and value for our shareholders,” added Igelman.