Bullishness on esports betting isn’t new, as last week DraftKings CEO Jason Robins said it’s when, not if, esports betting will be a “huge category.”
The news of the partnership came a day after Allied announced it had 1.6 million live views on Twitch for the six-day Allied Esports Odyssey, a Riot Games’ Valorant competition. Allied shares are up 38% this week.
Last week, Allied released its earnings report for the quarter ending in June, which included a 37.6% year-over-year decline in revenue to $4.6 million. The drop resulted in a $10.9 million net loss during the quarter, compared to a $2.8 million loss in the same period last year. Allied did pivot to hosting online events during the pandemic, something the company expects to continue.