<div>
  <ul>
    <li>
      <p>
        Allied Esports reported a net loss per share of USD 0.1 in Q1 2022, compared with USD 0.13 in Q1 2021. Total revenue increased 381% YoY to USD 2.4 million in Q1 2022 from USD 0.5 million in Q1 2021.&nbsp;
      </p>
    </li>
  </ul>
  <ul>
    <li>
      <p>
        Revenue growth was primarily driven by the increase in foot traffic at its HyperX Arena in Las Vegas as a result of more events and sponsorship revenue. In-person revenue accounted for ~90% of revenue in Q1 2022 and grew 340% YoY to USD 2.2 million from USD 0.5 million in Q1 2021.&nbsp;
      </p>
    </li>
    <li>
      <p>
        Adjusted EBITDA losses improved ~20% YoY to USD 2.5 million in Q1 2022, compared with a loss of USD 3.3 million in Q1 2021.
      </p>
    </li>
  </ul>
  <p>
  </p>
</div>


<div>
  <p>
    <a href="https://ir.alliedesportsent.com/news-events/press-releases/detail/119/allied-esports-entertainment-announces-first-quarter-2022">
      Press release
    </a>
  </p>
</div>


Esports

Allied Esports' adjusted EBITDA losses improved to USD 2.5 million in Q1 2022

<div>
 
 <p>Elixir Games, a Web3 gaming distribution platform based in Spain, has raised USD 14 million in a seed funding round. Square Enix, Shima Capital, and the Solana Foundation participated in this round. </p>
 <p>The company will use these fresh funds to create and launch its gaming ecosystem, which is expected to become operational by the second quarter of 2024. Part of the funds will also be used to support the introduction of its "ELIX" token.</p>
 <p>Alongside providing a Web3 gaming distribution platform, Elixir Games is also planning to launch a Launchpad &amp; Incubation Program. This program will support Web3 developers and simplify game launches within their portfolio. The company also offers a white-label solution for enterprises.</p>
 
</div>

Elixir Games raises USD 14 million in seed funding for product development

PROMINENT_CATEGORY

<div>
 <p>Esports organization Ninjas in Pyjamas (NIP) has formed a partnership with Chinese automotive company BYD to increase both brands' global presence. After a prior exclusive deal in China, NIP will now globally promote BYD's products and technology. The partnership entails creating fan experiences and activations, with details to be released in the future.</p>
 
</div>

Ninjas in Pyjamas and BYD form global strategic partnership to promote electric cars

<div>
 <p>The National Development Fund (NDF) of Saudi Arabia and the Social Development Bank (SDB) have revealed the creation of two venture funds worth USD 120 million. The announcement was made at the LEAP 2024 technology conference in Riyadh. The funds form part of the Gaming and Esports Financing Programme, which aims to provide funding for gaming and esports companies through equity investments. They are intended to develop a gaming accelerator and draw private investment into local gaming and esports.</p>
 
</div>

Saudi Arabia's National Development Fund (NDF) establishes venture funds for gaming, esports

<div>
 <p>Hosting platform Skillz has initiated a legal action against Papaya Gaming, alleging that the latter uses bots in its skill-based games, which trick players and convert skill games into gambling. Skillz accuses that Papaya's games are manipulated with algorithms disguised as human competitors, impacting game results and benefiting Papaya financially. Papaya refutes these accusations, insisting that its games operate on skill and fairness.</p>
</div>

Skillz files lawsuit against Papaya Gaming over alleged use of bots in skill-based games

INCUMBENTS_PRESENT

<div>
 <p>NRG Esports and Full Squad Gaming have partnered with Samsung Galaxy in a global collaboration to promote mobile gaming and esports, and to highlight Samsung Galaxy phones, targeting mobile pro players, students, creators and game developers prominently. The alliance empowers NRG to venture into mobile esports and establishes Samsung as the prime sponsor of Full Squad Gaming's SquadCast episodes. Additionally, a content series for younger audiences will be produced by Full Squad Gaming as part of the partnership.</p>
</div>

NRG Esports and Samsung partner for mobile gaming and esports

<div>
 <p>OverActive Media expanded its international esports footprint via the purchase of two Spanish teams: KOI and Movistar Riders. This move is intended to enhance global esports engagement, potential sponsorships, and market growth through the leverage of these new acquisitions.</p>
</div>

OverActive Media completes acquisition of KOI and Movistar Riders to bolster esport team portfolio

<div>
  <p>Esports company GameSquare has sold Complexity Gaming to Global Esports Properties, an investment group headed by Complexity's Founder and CEO Jason Lake. This decision followed the merger approval between GameSquare and FaZe Clan by respective shareholders, thereby averting a potential conflict of interest as GameSquare would have owned two competing esports organizations, FaZe Clan and Complexity. The agreement price was USD 10.36 million, incorporating Complexity's assets and intellectual property, inclusive of its esports team.</p>
</div>

GameSquare Esports sells Complexity Gaming to Global Esports Properties

<div>
 <p>ESL Faceit Group (EFG), a subsidiary of Savvy Gaming Group and a significant figure in esports, is carrying out a 15% workforce reduction that will impact global positions. The initiative is designed to enhance operational efficiency and profit margins. The company, established in January 2022 following a merger, is encountering difficulties in integrating its teams.</p>
</div>

ESL Faceit Group (EFG) lays off 15% of staff to improve efficiency and profits

<div>
 <p>GameSquare Holdings is acquiring the esports team organization, FaZe Clan, for approximately USD 17 million. The company has gained the majority of shareholder approval for this merger, and it is expected to be finalized soon, a delay from its initial Q4 2023 timeline. However, this merger has sparked concerns in the esports sector due to potential conflicts of interest, especially in competitions where both teams compete.</p>
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GameSquare Holdings to acquire Faze Clan for ~USD 17 million, increasing sector consolidation

<div>
 <p>FaZe Clan and GHOST have introduced a new energy drink called "FAZE UP", following their prosperous collaboration on FAZE POP in 2023, which topped the sales at 7-Eleven that year. The nationwide launch of FAZE UP in North American 7-Eleven stores is planned for 2024. The collaboration of FaZe Clan and GHOST started in 2022.</p>
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All Updates