Last week, British Columbia-based sports entertainment and gambling company, FansUnite, published its financial report for the three- and nine-month periods ending on September 30, 2023. In Q3, the firm reported some impressive improvement in comparison to the same quarter of last year, as total revenue, gross margin, and gross profit all rose in 2023.
As a global sports entertainment and gambling company, FansUnite is committed to a regulated lawful sports betting affiliate market. This includes customer acquisition, retention, support, and reactivation. Meanwhile, AmAff is a North American omni-channel customer acquisition firm for retail and online client activation for sportsbooks, casinos, poker, and fantasy sports.
Q3 Broken Down in Numbers
For Q3, the B.C. firm reported revenue of CA$4.8 million or a 12% increase from the CA$4.3 million compared to Q3 in 2022. Meanwhile, gross margin reached 59% or 9% better off than the 50% in the same period last year. Gross profit hit CA$2.8 million or a solid 27% improvement of CA$2.2 million over the same period but in the previous year.
Meanwhile, for the nine months ending on September 30, 2023, the firm reported a total revenue of CA$17.2 million. However, this was a slight decrease of around 2% from the CA$17.5 million last year. Additionally, the gross margin for the period saw a 10% increase to 64%, when compared to 54% over the same period disclosed last year.
Other highlights from the company in the nine-month period, the announcement from August 2023, that it had found an agreement with DragonBet to migrate off the Chameleon Gaming platform. The migration of DragonBet’s platform paired with the sale of the company’s Chameleon source code to Betr Holdings, finalized its transition away from B2B platform licensing.
Another important announcement from August was that its Chief Technology Officer, Jeremy Hutchings, will step down from the role on September 30, 2023. He will look for other opportunities in response to the firm’s new strategic focus on a more profitable affiliate vertical while remaining available to provide consulting on plans to monetize the source code of the Chameleon Gaming Platform.
In the company’s latest statement, CEO, Scott Burton shared the firm is pleased to achieve continued growth underlined by its fiscal performances in Q3 of 2023. In his words, with a focus on affiliate business expansion, the company disclosed a solid increase in revenue and gross margins and said the results reflect on the strategy to focus on profitability and maximizing cost efficiencies.
Available in Ontario
Another important highlight for FansUnite from last year was its official debut in Ontario’s regulated market for iGaming operators. Shortly before the launch of the sector, the company announced that it is a fully registered supplier of sports betting and internet gaming by the Alcohol and Gaming Commission of Ontario to operate in the province’s new framework.
Source: “FansUnite Reports Third Quarter 2023 Financial Results” Yahoo, November 15, 2023