It has an expanding portfolio of intellectual property with patents pending around odds modeling simulation, an electronic sports betting exchange system, live streaming odds integration and enhancing modeling probabilities in multi-player games. However, the company faced significant operational challenges; in fiscal year 2023, EBET, Inc.'s revenue was $39.18 million, a decrease of -33.14% compared to the previous year's $58.60 million, and losses were -$88.33 million, 91.3% more than in 2022.
Cyborg Score Rationale
EBET announced ceasing from trading on Nasdaq in October 2023. The company experienced significant revenue decline and mounting losses between 2022-2023, indicating severe operational and financial stress despite holding valuable esports and gaming assets.
Top Insights
Revenue declined 33% year-over-year to $39.18 million in FY2023 despite earlier acquisition-driven expansion
November 2021 acquisition of Karamba, Hopa, Griffon Casino, BetTarget, Dansk777 and Generation VIP included 1.25 million deposited customers but failed to sustain profitability
Company ceased trading on NASDAQ in October 2023, indicating delisting due to non-compliance or financial distress
Awarded Esport Product of the Year at 2021 SiGMA Europe and 2022 SiGMA Asia Awards, showing product recognition despite financial challenges
Named Competitors
DraftKings — Daily fantasy sports and sports betting platform
FanDuel — Sports betting and iGaming operator
BetMGM — Integrated casino resort operator with sportsbook