Welcome to our dedicated page for EBET news (Ticker: EBET), a resource for investors and traders seeking the latest updates and insights on EBET stock.
EBET Inc. (NASDAQ:EBET) is a global leader in online casino and sportsbook operations, dedicated to providing top-notch i-gaming wagering products for bettors worldwide. The company focuses on delivering innovative gaming experiences that cater specifically to the Millennial and Gen-Z demographics.
EBET operates several renowned online brands including Karamba, Hopa, Griffon Casino, BetTarget, Dansk777, GenerationVIP, and Gogawi. These brands are active in over 15 countries and collectively boast over 1.4 million deposited customers. The company has received multiple prestigious awards, such as the Esport Product of the Year at the 2021 SiGMA Europe and the 2022 SiGMA Asia and SiGMA Americas Awards. Additionally, Karamba, one of EBET's brands, has been recognized for its innovation in Casino & Gaming Entertainment and named Online Casino of the Year at the 2022 SiGMA Americas Awards.
Recently, EBET has undertaken several strategic initiatives to maximize shareholder value. On July 26, 2023, the Board of Directors appointed a Strategic Alternatives Committee to explore various strategic options, including potential mergers, sales, or other transactions. Houlihan Lokey has been retained as the exclusive financial advisor for this process.
In a significant financial maneuver, EBET announced a 1-for-30 reverse stock split effective from October 2, 2023. This move reduced the number of outstanding shares from approximately 448.2 million to about 14.9 million, while maintaining the authorized shares at 500 million. This consolidation aims to enhance the per-share value and streamline the capital structure.
Furthermore, EBET has amended its $30,000,000 Term Loan and increased its Revolving Loan capacity from $2,000,000 to $4,000,000. The amendments also allow the company to defer over $339,000 of monthly cash interest payments through June 2025. However, despite these efforts, EBET's stock has been suspended from trading on the Nasdaq Capital Market as of October 13, 2023, and will now be quoted on the Pink Sheets platform.
For more details, visit EBET's official website.
EBET, Inc. (Nasdaq: EBET), announced the appointment of Jon Najarian as an Advisor. With 40 years of experience in the securities and futures markets, Najarian is the co-founder of MarketRebellion.com and previously co-founded TradeMonster, sold to E*TRADE for $750 million. His background includes developing the Heat Seeker algorithm for identifying unusual options trading. Najarian expressed confidence in EBET's strategy and growth potential, while CEO Aaron Speach noted the strategic insights Najarian will bring to the company.
EBET, Inc. (Nasdaq: EBET) announced its sports wagering brand, BetTarget, has secured a sponsorship for the Bare Knuckle Fighting Championship (BKFC) event in London on August 20. This event, touted as a major combat sporting event, will reach over 60 countries and an estimated 133 million homes, with expectations of 300,000 live PPV viewers and 25 million rebroadcast viewers. BetTarget provides extensive betting options, covering over 3,000 live events monthly, targeting a predominantly adult audience.
EBET, Inc. (Nasdaq: EBET) announced a comprehensive corporate restructuring aimed at achieving a positive EBITDA run rate starting this month, August 2022. The company's recent financial metrics show a revenue of $18.2 million and a gross profit of $7.2 million for Q3 2022. Key strategies include reallocating resources towards iGaming, cutting costs, and reducing non-revenue-generating operations. Additionally, EBET plans to expand into new markets, such as Brazil, and expects to receive gaming licenses in the Netherlands and Ontario in Q1 2023.
EBET, Inc. (NASDAQ: EBET) announced the closing of a private placement of 977,657 shares of common stock and warrants, raising approximately $3.5 million at $3.58 per share. The warrants have an exercise price of $5.00 and will be exercisable after six months for five years. The proceeds will be used for general corporate purposes. Notably, this offering is a private transaction and is not registered under the Securities Act, limiting its sale in the U.S. The company continues to focus on advanced wagering products and technology solutions for Millennial and Gen-Z audiences.
EBET, Inc. (NASDAQ: EBET) announced on June 7, 2022, a private placement agreement to issue 977,657 shares of common stock and warrants to investors, priced at $3.58 per share. This move is expected to generate gross proceeds of approximately $3.5 million before fees. The closing of the transaction is anticipated by June 15, 2022. The company will use the funds for general corporate purposes. The securities will not be registered under the Securities Act, limiting their sale in the U.S. without an effective registration statement.
EBET, Inc. (Nasdaq: EBET) announced that CEO Aaron Speach will deliver a keynote address at SiGMA Americas, taking place from June 6–9 at the Enercare Centre in Toronto. The event is set to highlight the latest trends and innovations in the iGaming industry, focusing on esports wagering. EBET aims to showcase its advanced wagering products and technologies while connecting with key industry players. The company, which recently rebranded from Esports Technologies, operates several online sportsbook and casino brands and has a significant customer base across multiple countries.
EBET, Inc. (Nasdaq: EBET) has entered into an agreement with Captain Up to enhance customer loyalty and engagement through gamification. This partnership will enable EBET to offer in-play challenges and rewards tailored to user behavior, increasing retention and revenue. The collaboration will incorporate free-to-play games and a rewards shop to boost the user experience across EBET brands. With over 1.25 million customers, EBET aims to leverage this partnership to solidify its position in the esports wagering market.
EBET, Inc. (Nasdaq: EBET) will participate in a virtual fireside chat at the 17th annual Needham Technology & Media Conference on May 18 from 8:00 am to 8:40 am EDT. CEO Aaron Speach aims to connect with investors and share insights on the company's growth and progress. The conference, taking place from May 16–19, features multiple presentations and discussions. EBET specializes in innovative wagering products, focusing on appealing to Millennial and Gen-Z demographics, and has received accolades such as Esport Product of the Year.
EBET, Inc. reported a revenue of $19 million for Q2 2022, marking a growth of over 166% from the previous quarter. The company achieved a gross profit of approximately $7 million and ended the quarter with a cash position of $7.1 million. This revenue surge is attributed to the acquisition of several brands, including Karamba and Hopa, which brought in 1.25 million deposited customers. EBET aims to expand its offerings in iGaming, sportsbook, and esports targeting Gen Z and Millennials.
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