U.K. based operator sees Q2 Casino betting volume increase 59% Year over Year as well as strong sportsbook growth
Vancouver, British Columbia--(Newsfile Corp. - July 13, 2020) - FansUnite Entertainment Inc. (CSE: FANS) (OTC Pink: FUNFF) ("FansUnite" or the "Company"), a technology company providing leading online gaming solutions, is pleased to announce that their acquisition of McBookie Ltd ("McBookie") has emerged from the Coronavirus Pandemic with a strong set of results.
The Scottish-based sportsbook operator was purchased by FansUnite in March, 2020, and has delivered a Year over Year ("YOY") increase in Gross Gaming Revenue over the Q2 period of 131%. The majority of that has been delivered by the casino where YOY turnover in Q2 was up 59% from $2.4M CAD to $3.9M CAD, resulting in a gross margin increase of 191%.
"Since acquiring McBookie we have been consistently impressed with their ability to navigate uncertain environments and the global pandemic this past few months has been no exception," said Darius Eghdami, Chairman and CEO of FansUnite Entertainment. "During Q2, the team showed an impressive 59% increase in casino betting. Further, the launch of a virtual sports offering in March was timely, delivering turnover in excess of $500,000 CAD and, together with the strong performance of the casino, has compensated for the lack of betting opportunities for customers in traditional sports."
With the return of some sports such as the English Premier League, McBookie also grew sportsbook turnover in June by 45% YOY.
Eghdami added, "Perhaps the most pleasing aspect of the figures was the way the sportsbook bounced back in June. McBookie is now in a very good position to deliver strong growth once the full complement of sports return in the fall."
McBookie founder and Director Paul Petrie stated, "We have used the period of the pandemic to work closely with the FansUnite team to improve our operational and marketing techniques and are now in a really good place to drive the business forward when the Scottish football season is set to return on August 1st."
About FansUnite Entertainment Inc.
FansUnite is a sports and entertainment company, focusing on technology related to regulated and lawful online gaming and other related products. The principal business is operating the FansUnite Sportsbook and the website of its wholly-owned subsidiary, McBookie Limited, offering online gaming services to the UK market. FansUnite is also a provider of technology solutions, products and services in the gaming and entertainment industry and looks to acquire technology platforms and assets with high-growth potential in new or developing markets.
For further information, please contact:
Chief Executive Officer
FORWARD-LOOKING STATEMENTS: Certain information contained herein may constitute "forward-looking information" under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as "believes," "belief," "expects," "intends," "anticipates," "potential," "should," "may," "will," "plans," "continue" or similar expressions to be uncertain and forward-looking. Forward-looking statements may include, without limitation, statements relating to future outlook and anticipated events, such as the satisfaction of the conditions precedent and subsequent consummation of the Transaction; that the Company will be successful in completing the Private Placement and in the timeframe currently contemplated; that the Company will be able to use the proceeds of the Offering as anticipated; and discussion of future plans, projections, objectives, estimates and forecasts and the timing related thereto. Forward-looking statements are based on the Company's estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of FansUnite to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Additional information regarding the risks and uncertainties relating to the Company's business are contained under the heading "Risk Factors" in the Company's Non-Offering Prospectus dated March 27, 2020 filed on its issuer profile on SEDAR at www.sedar.com and risks related to global pandemics, including the novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens and influence of macroeconomic developments. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The forward-looking statements in this news release are made as of the date of this release. FansUnite disclaims and does not undertake to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.
To view the source version of this press release, please visit https://www.newsfilecorp.com/release/59591