The Conversation (0)
The first quarter of 2021 saw a record $28.3M in betting volume and a 136% increase in revenue for McBookie compared to the same period in 2020 as well as other key developments
FansUnite Entertainment Inc. (CSE: FANS) (OTCQB: FUNFF) ("FansUnite" or the "Company") is pleased to provide the following corporate update for the first quarter of 2021.
McBookie's Exceptional Growth
Betting volume on the sportsbook and casino for McBookie Ltd. ("McBookie") increased significantly, setting new records.
- McBookie's gross gaming revenue was $982K CAD, a record for any quarter since inception and an increase of 136% as compared to the first quarter of 2020;
- Gross margins increased by approximately 138% as compared to the first quarter of 2020; and
- Total betting volume on the platform surpassed $28M CAD for the quarter
At its peak betting volume during the first quarter of 2021, McBookie had over 1,000 unique customers on the casino alone, as well as 23,000 bets placed in a single week on the sportsbook - the highest number of wagers in a week since its inception in 2009.
Other Key Developments
U.K. Gambling Licenses Application
FansUnite has applied for critical U.K. Gambling Licenses which are recognized as the gold standard for lawful sports betting and casino operations by gambling authorities worldwide. The U.K. Gambling Licenses would enable FansUnite to deploy its B2B Gaming solutions to betting operators and launch B2C wagering platforms in the leading U.K. online gambling market. The application is expected to be approved in the second quarter of 2021, subject to FansUnite meeting all applicable requirements.
Esports Sportsbook in the U.S.
The previously announced Esports sportsbook with Sky Ute Casino has undergone its private beta testing phase and is ready to be launched upon receiving final regulatory approval. The wagering system of the sportsbook has demonstrated the ability to meet all local requirements including remote server installation of FansUnite's betting engine and player database, geofencing, player KYC and the successful integration of Sightline payments.
Askott Games Integration with The Ear Platform
Askott Games, a wholly-owned subsidiary of FansUnite has completed testing on its first four RNG games and delivered them to The Ear for integration. The Company is in The Ear development queue and will announce when the integration is complete and the first games go live. Now that 4 games have been completed, FansUnite is actively working on additional aggregator partnerships and is in development of their 5th RNG game.
"The first quarter of 2021 represents a key inflection point for us as we continue to hit new milestones," said Scott Burton, CEO of FansUnite. "We are delighted to announce McBookie's strong performance as well as the rapid expansion of our B2B operations in the North American and European market. Obtaining the U.K. gambling licenses, coupled with the completion of our esports wagering platform in Colorado and the full integration of Askott Games' iGaming solutions will allow us to solidify our position as a leading global online betting company."
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:
Prit Singh, Investor Relations at FansUnite
ir@fansunite.com
(905) 510-7636
Scott Burton, Chief Executive Officer of FansUnite
scott@fansunite.com
Darius Eghdami, President of FansUnite
darius@fansunite.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE.
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 any expectation that exceptional growth at McBookie will continue quarter after quarter, whether FansUnite will successfully obtain U.K Gambling Licenses, the successful integration of the Company's B2B Gaming solutions with betting operators and launch B2C wagering platforms in the U.K.; FansUnite's ability to fulfill technology needs with its platform; business development plans of FansUnite; the Company's unique portfolio of assets; 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/80389
