FansUnite Entertainment Inc has published its consolidated interim financial statements for Q3 and nine months of 2021, reporting significant revenue growth as well as improvements across all business units.
For the three months ending September 30, FansUnite declared cash and cash equivalents of CAD$35.2m, an increase of CAD$30.8m from the same period last year, and a growth rate of 22% in revenue year-over-year to CAD$580,024 (2020: CAD$473,562).
The firm’s total betting turnover for Q3 was CAD$10.6m (2020: CAD$8.9m), and it recorded a net comprehensive loss of CAD$2,643,981 or CAD$0.01 per common share (2020: CAD$2,448,501, or CAD$0.02 per common share).
For the nine months of 2021, FansUnite recorded an increase of 227% in revenue YoY of CAD$2.6m, surpassing last year’s yearly totals by over CAD$1.1m (2020: CAD$802,446).
Total betting turnover came in at CAD$51.8m for the nine months (2020: CAD$19.2m) while the firm posted a net comprehensive loss of CAD$8,007,597 or CAD$0.04 per common share (2020: CAD$11,193,335 or CAD$0.15 per common share).
CEO Scott Burton commented: “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 CAD$25m, and despite typical seasonality in the sporting world in the summer months, we saw strong year over year revenue growth.”
“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 US 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.”
During the quarter, FansUnite received both B2C and B2B licenses from the UK Gambling Commission, enabling the company to operate as a technology provider and an operator in the UK online gambling market.
The firm also completed an oversubscribed brokered financing of approximately CAD$25m to expand operations and pursue M&A opportunities; appointed Anna Smith as Head of Compliance and Michael Lee as VP of gaming; and signed multiple data provider partnerships for the Chameleon platform including Pariplay, SportsIQ, Pythia and Algosport.
