At the end of last week, FansUnite Entertainment informed that it has submitted consolidated interim financial statements and associated management’s discussion and analysis for Q1 of 2022. For the first three months of 2022, the company reports CA$9.67 million in total revenue, which was an amazing 804% increase over the results from last year’s same quarter.
FansUnite is a Canadian global sports and entertainment corporation, that focuses on technology related to regulated online gaming. The company touts a first-rate iGaming platform named Chameleon, which comes with a full suite of gaming solutions on sports and eSports betting opportunities for the next generation of online gamblers and casino players.
Fiscal Numbers and Highlights
On Wednesday, June 1, 2022, the company will be hosting an investor webinar at 1 p.m. EST, where it will be discussing its Q1 fiscal 2022 stats as well as its growth outlook for the rest of the year. For the quarter that ended on March 31, 2022, the corporation reported total revenue of CA$9.67 million, which was a rise of 804% from last year’s Q1 of CA$1.07 million.
It also informed of a gross margin of CA$5.90 million which is 61% for Q1 of 2022, in comparison to the CA$0.54 million or 51% in the first quarter of 2021. Positive cash flow amounted to CA$0.5 million in Q1 of 2022, in comparison to the negative cash flow of CA$2.2 million in Q1 of 2021. As of March 31, 2022, the company had net working capital of $13.6 million.
Some of its Q1 highlights include the appointment of Dennis Williams who previously worked at the BCLC, as the company’s current Payments Director. In January, the company’s American Affiliate division gained entry to provide customer acquisition services in New York, which is one of the largest online sports wagering jurisdictions in the U.S. Then in February, AmAff also entered Louisiana’s online sports betting sector.
On February 7, 2022, the entertainment company has also informed that its subsidiary McBookie has also witnessed tremendous year-over-year growth in its gross win. In addition to that, the subsidiary also demonstrated outstanding results in January 2022, with a combined gross win of CA$465,000 across its sportsbook and casino operations.
On March 7, 2022, the corporation also announced that it has gained approval to join Ontario’s brand-new iGaming and online sports betting market. The B.C. firm has acquired a Gaming Related Supplier – Manufacturer license from the Alcohol and Gaming Commission of Ontario. Through the approval, the company was allowed to operate in the market which launched on April 4, 2022.
Shortly after that, FansUnite also started the VamosGG Cup, which is a CS: GO eSports tournament. Later in March 2022, the company’s AmAff division received approval to operate in Maryland’s sports betting market. It was also shortlisted as a finalist in five categories in this year’s edition of the EGR North America Awards. Some of the categories included Full-service platform provider and Affiliate of the year.
Source: “FansUnite Reports First Quarter Fiscal 2022 Financial Results”, StreetInsider, May 27, 2022