Esports wagering service brand Esports Technologies, Inc. has been added to the broad-market Russell 3000 Index and the Russell Microcap Index, effective June 28th.
Russell Indexes are part of FTSE Russell. Investment managers and institutional investors widely use them as the basis for index funds and as benchmarks for active investment strategies.
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The 33rd Annual Russell Reconstitution captures the 4,000 largest U.S. stocks as of May 7, 2021, ranking them by total market capitalisation. According to a release, FTSE Russell determines membership for its Russell US Indexes primarily by objective, market-capitalisation rankings, and style attributes.
Aaron Speach, CEO of Esports Technologies, said: “We have been very pleased with the interest Esports Technologies has received from the investor community since our listing on the Nasdaq in April. Being included in the Russell U.S. indexes is yet another validation of our efforts to build shareholder value as we forge ahead changing the face of esports wagering through innovation and world-class analytics powered by our proprietary technology.”
Since its IPO, Esports Technologies has been focused on growth and user engagement, hiring Mark Thorne as its Chief Marketing Officer to lead global efforts.
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In addition, the company signed an exclusive patent licensing agreement with Colossus Bets in April to improve cash-out experiences. Esports Games, a free-to-play interactive tournament prediction and trivia game, launched in May on the Google Play store in the United States, United Kingdom, and Canada.
Esports Insider says: Inclusion in the Russell Indexes will help put Esports Technologies’s stock on the radar of potential investors, which is good for both the company and the industry at large to legitimise its revenue power.