Esports Leading The Way In Online Gaming (NASDAQ:GMBL)

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Esports Entertainment (GMBL) Newly-public Esports Entertainment (GMBL) offers the most versatile and transparent wagering platform in the $3.6 billion online gaming market. We initiate coverage with a Buy long-term rating and a $7.00 price target. 52-Week Range $2.40 – 9.75 Total Debt (million) $0 Shares Outstanding 11.2 million Total Debt/Equity 0% Insider/Institutional 5.6% / 1.04% ROE (TTM) NM% Public Float 7.2 million Book Value/Share $1.01 Market Capitalization $54.6 million Daily Volume (90-day avg) 367.4k FYE June 2020A 2021E 2022E EPS($) ACTUAL CURRENT PREVIOUS CURRENT PREVIOUS Q1 Sept $(0.22) E $(0.09) E Q2 Dec (0.13) E (0.07) E Q3 March (0.08) E (0.06) E Q4 June (0.05) E (0.02) E Year* $(1.50) A $(0.48) E $(0.24) E FYE June 2020A 2021E 2022E Revenue ($ mil.) ACTUAL CURRENT PREVIOUS CURRENT PREVIOUS Q1 Sept $0.30 E $5.0E Q2 Dec 2.5 E 6.0E Q3 March 4.5 E 6.5E Q4 June 5.7 E 7.5E Year $0.0A $13.0E $25.0E Change 92% Numbers may not add up due to rounding. Investment Thesis The esports fan base is expanding rapidly and expected to reach 590 million by 2022; global gross revenues are estimated at $3.6 billion. The company added UK and Irish gambling licenses through a July acquisition and acquired its first US license in August through a partnership with a New Jersey casino operator. Esports Entertainment has nearly $12 million of cash to fund acquisitions, platform development and tournament …

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