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TICKERS: FANS; FUNFF

Online Gaming Firm's Sportsbook Operator Posts 59% Y-O-Y Casino Volume Growth in Q2
News Update

Source:

FansUnite Entertainment reported that its sportsbook operator McBookie Ltd. has experienced strong betting growth throughout the coronavirus pandemic.

In a news release, FansUnite Entertainment Inc. (FANS:CSE; FUNFF:OTC) announced that McBookie Ltd., which it acquired near the end of the first quarter of this year, has emerged from the SARS-CoV-2 pandemic with a strong set of financial results.

FansUnite advised that it purchased the Scotland-based sportsbook operator in March, 2020. The firm reported that in Q2/20, McBookie increased year-over-year gross gaming revenue by 131%, which resulted in a gross margin increase of 191%. The company stated that the increase was primarily attributed to a 59% growth in y-o-y casino turnover from CA$2.4 million to CA$3.9 million.

The company's Chairman and CEO Darius Eghdami commented, "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...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 CA$500,000 and together with the strong performance of the casino, has compensated for the lack of betting opportunities for customers in traditional sports."

The firm noted that McBookie was also successful in growing its sportsbook business turnover by 45% y-o-y after the return of some major sports including the English Premier League.

"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," CEO Eghdami added.

Paul Petrie, founder and director of McBookie remarked, "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."

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Disclosure:
1) Stephen Hytha compiled this article for Streetwise Reports LLC and provides services to Streetwise Reports as an independent contractor. He or members of his household own securities of the following companies mentioned in the article: None. He or members of his household are paid by the following companies mentioned in this article: None.
2) The following companies mentioned in this article are billboard sponsors of Streetwise Reports: None. As of the date of this article, an affiliate of Streetwise Reports has a consulting relationship with FansUnite. Please click here for more information. Click here for important disclosures about sponsor fees.
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5) From time to time, Streetwise Reports LLC and its directors, officers, employees or members of their families, as well as persons interviewed for articles and interviews on the site, may have a long or short position in securities mentioned. Directors, officers, employees or members of their immediate families are prohibited from making purchases and/or sales of those securities in the open market or otherwise from the time of the interview or the decision to write an article until three business days after the publication of the interview or article. The foregoing prohibition does not apply to articles that in substance only restate previously published company releases. As of the date of this article, officers and/or employees of Streetwise Reports LLC (including members of their household) own securities of FansUnite, a company mentioned in this article.




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