Esports Entertainment Group (EEG) is confident of its cost reduction abilities despite a sharp fall in revenue in the 2023 fiscal year, as it continues to navigate an extensive corporate restructuring.
The company reported overall revenue of $23m between July 2022 and June 2023, a drop of 60% from $58.4m recorded the year prior. On the other hand, its net loss was cut down significantly by 68% from $102.2m to $32.3m.
Trading on the Nasdaq as a B2C igaming firm and a esports betting B2B provider, with a focus on the US in the case of the latter, EEG has reorganised its business over the past few months, notably cutting down on the B2C side of operations.
