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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