BREAKING: Easygo Group, an Australian tech powerhouse, has announced a staggering net profit of AUD 257 million ($171 million) for the fiscal year ending June 30, solidifying its position among Australia’s most profitable unlisted companies. This explosive growth is driven by its successful ventures in the rapidly expanding crypto gambling and streaming sectors, specifically through Stake.com and Kick.
The company reported revenues of approximately AUD 970 million ($645 million) and paid around AUD 152 million ($101 million) in corporate taxes, as revealed by The Australian. The profit surge highlights the significant scale of Easygo’s operations, which are primarily managed by co-founders Ed Craven and Bijan Tehrani. These two entrepreneurs have built their wealth, estimated in the billions, on the back of innovative digital offerings.
According to financial records submitted to the Australian Securities & Investments Commission, Easygo’s net assets have skyrocketed to over AUD 5 billion ($3.3 billion). This robust financial position follows a strategic acquisition of substantial assets and debts, which streamlined the company’s global betting and media operations under one umbrella.
UPDATE: Easygo is not slowing down. The Melbourne-based company plans to relocate its main office from the city center to a new facility in Cremorne in 2026, a move that will allow for significant workforce expansion. Currently, the company employs 636 staff, with ongoing recruitment for tech roles.
Financial statements reveal that Easygo invested AUD 118 million ($78.5 million) in salaries and employee benefits, AUD 70 million ($46.6 million) in tech and infrastructure, and AUD 15 million ($10 million) in marketing efforts. At the reporting period’s conclusion, Easygo maintained a cash reserve of AUD 116 million ($77.2 million).
In addition to expanding its workforce, Easygo is actively pursuing growth through acquisitions. Recently, the company acquired Stake’s Danish operations and another undisclosed business, enhancing its portfolio of online gaming and streaming services. Easygo’s game studios are also developing unique online casino games for Stake and other platforms.
As Stake.com continues to expand its reach, boasting over 21 million user accounts globally, it remains under scrutiny from regulators in various jurisdictions. Meanwhile, Kick is making significant strides in attracting creators and viewers, positioning itself as a formidable competitor to Twitch, despite facing its own public and regulatory challenges.
With these ambitious plans and impressive financial results, Easygo Group is poised for continued growth in the competitive landscape of crypto gambling and streaming. The next steps will be closely monitored as the company prepares for its relocation and further expansions.
Stay tuned for updates on Easygo’s evolving journey!