Sports technology company FansUnite Entertainment released its third quarter and nine months business results revealing continued growth across all business units.
Financial Highlights
For the three months ended September 30, 2021, FansUnite Entertainment posted a total betting turnover of C$10.6 million ($8.28 million), an increase of 19% compared to C$8.9 million ($6.95 million) for the three months ending September 30, 2020.
Q3 2021 was another strong quarter for FansUnite as we saw continued growth across all business units. During the quarter, we successfully closed an oversubscribed brokered financing of approximately $25 million, and despite typical seasonality in the sporting world in the summer months, we saw strong year over year revenue growth.”
Scott Burton, CEO, FansUnite
For the first nine months of the year, FansUnite registered a total betting turnover of C$51.8 million ($40.47 million), up 169% compared to C$19.2 million ($15 million) for the first nine months of 2020.
Quarterly revenue jumped by 22% in Q3 2021 year-over-year, while on the cumulative side revenue in the first nine months of 2021 posted a 227% increase to C$2.6 million ($2.03 million) compared to C$1.1 million ($859,000) in the respective period in 2020.
FansUnite ended the quarter with cash and cash equivalents of C$35.2 million ($27.5 million), up 14% on C$30.8 million ($24.1 million) it ended with in Q3 of 2020.
Net comprehensive loss in the quarter amounted to C$2.64 million ($2.1 million) or C$0.01 per common share, vs. $2.45 million ($1.91 million) or C$0.02 per common share for the same period in 2020. For the nine months, net loss was C$8.0 million ($6.25 million) or C$0.04 per share, compared to C$11.2 million ($8.75 million) or C$0.15 per common share in 2020.
Significant Developments
Among the main operational highlights in the third quarter was the granting of B2B and B2C licenses in the UK that enabled FansUnite to provide technology for the online gambling market, as well as gambling products and services to end-users.
FansUnite also continued to expand its team of talent by the addition of gambling industry veterans Anna Smith as Head of Compliance and Michael Lee as Vice President of Gaming, key appointments with regards to the M&A ambitions backed by the oversubscribed brokered financing of C$25 million ($19.5 million).
On the partnership front, FansUnite added data providers like Pariplay, SportsIQ, Pythia and Algosport to the Chameleon platform to further expand its capabilities. But the most significant development, the acquisition of American Affiliate, happened after the quarter close.
After the quarter ended, we announced our largest milestone to date with the acquisition of American Affiliate. As part of our strategy to enter the U.S. betting market, we believe American Affiliate will serve as a pillar of growth for us as we look to tackle one of the largest gambling landscapes in the world.”
Scott Burton, CEO, FansUnite
Also after the quarter close, FansUnite CEO Burton was appointed to the Board of Directors of the Canadian Gaming Association (CGA) as industry recognition of the growing role of the Vancouver-based company.