UK-based operator sees 69% turnover rise year-on-year
Vancouver, British Columbia--(Newsfile Corp. - February 7, 2022) - FansUnite Entertainment Inc. (CSE: FANS) (OTCQX: FUNFF) ("FansUnite" or the "Company") is pleased to report that McBookie Ltd ("McBookie"), a subsidiary of FansUnite has shown significant year-on-year growth, in terms of turnover and gross win on both their sportsbook and casino.
Annual turnover in 2021 across both channels increased to $63.2 million CAD - up from $37.5 million CAD in 2020 - an increase of 69%.
Sportsbook turnover increased 53%, from $14.7 million CAD to $22.5 million CAD, whilst casino turnover was up from $22.7 million CAD to $40.6 million CAD - a 79% increase.
As a result, the gross win across both channels increased by 49%, to $2.8 million CAD from $1.9 million CAD, with the Gross Margin up from $0.71 million CAD in 2020 to $1.03 million in 2021, or 38% and 37%, respectively, expressed as a percentage of revenues.
"McBookie continues to produce significant growth year after year and has positioned themselves as the go-to sportsbook for the Scottish sports audience," said Scott Burton, CEO of FansUnite. "Kicking off 2022 with the second best month in the company's 10-plus-year history, while seeing increases on both their casino and sportsbook turnover, is a credit to their leadership and a testament to the brand's imprint on their region. We look forward to further growth in 2022."
McBookie has continued the strong 2021 performance with outstanding results in January, which produced a combined gross win across Sportsbook and Casino of $465,000 CAD.
"The last 12 months were extremely encouraging for McBookie and we expect to back that up in 2022 with even stronger results thanks to the significant backing of FansUnite and their team," said Damian Walker, Director of McBookie. "Moving forward, we are looking to take up some really exciting opportunities in the Scottish marketplace and take the business to the next level."
About FansUnite Entertainment Inc.
FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming and other related products. FansUnite has produced a one-of-a-kind complete iGaming platform, with a sports and esports focus geared for the next generation of online bettors and casino players. The platform includes products for pre-match betting, in-play betting, daily fantasy, content and a certified RNG to produce casino style chance games. The platform operates multiple B2C brands and B2B software for the online gambling industry. FansUnite also looks to acquire technology platforms and assets with high growth potential in new or developing markets. The Company also provides technological solutions and services in the global gaming and entertainment industries. Its technology includes fixed/parimutuel odds, in-stream betting, live betting, casino-style games, cryptocurrency wallet and news content.
About McBookie Ltd.
McBookie is a UK-based bookmaker that offers an online sportsbook, casino and virtual games largely to the Scottish marketplace. A division of Fans Unite, McBookie Ltd was the first acquisition of Fans Unite back in 2020.
For further information, please contact:
Prit Singh, Investor Relations at FansUnite
ir@fansunite.com
(905) 510-7636
Scott Burton, Chief Executive Officer of FansUnite
scott@fansunite.com
Darius Eghdami, President of FansUnite
darius@fansunite.com
NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE
DISCLAIMER REGARDING FINANCIAL INFORMATION:
The preliminary financial information set forth in this news release has been prepared by management based on information currently available to the Company and is unaudited. Accordingly, such financial information may be subject to change. All financial information contained in this news release is qualified in its entirety with reference to the Company's audited financial statements for the financial year ended December 31, 2021, which will be filed on SEDAR as required by applicable laws. While the Company does not expect there to be any material changes to the financial information presented in this news release, to the extent that it is inconsistent with the information contained in the Company's audited financial statements for the financial year ended December 31, 2021, the financial information contained in this news release shall be deemed to be modified or superseded by the Company's audited financial statements. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.
FORWARD-LOOKING INFORMATION:
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that FansUnite anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking statements in this news release include, but are not limited to, discussion of future performance and ability to take up opportunities in the Scottish marketplace.
Forward-looking information are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the online gambling and sports betting industry; the regulatory environment applicable to online gambling and sports betting; the technological infrastructure and support needed to host the Company's online gambling and sports betting platforms and applications; any cryptocurrency applications to the Company's business; and the Company's growth plan. While FansUnite considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking information. In addition, forward-looking information necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; risks associated with the regulatory environments in the jurisdictions the Company operates in; technology-related risks that could adversely effect the Company's ability to operate its online gambling and sports betting platforms and applications, risks related to the novel coronavirus (COVID-19) global pandemic and any effects it might have on the Company's business thereto. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of FansUnite which are available on SEDAR at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking information as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-looking information contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. FansUnite disclaims any intention or obligation to update or revise any forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable law.
NON-IFRS FINANCIAL MEASURES:
This news release refers to certain non-International Financial Reporting Standards ("IFRS") measures. Gross win is not a recognized performance measure under IFRS. Gross win does not have a standardized meaning prescribed by IFRS and therefore may not be comparable to similar measures presented by other issuers. Gross win is a non-IFRS measure which represents house wins, less house losses and bonuses given to customers. The most directly comparable measure to gross win calculated in accordance with IFRS is net revenue from gaming operations. Readers are cautioned that these measures should not be construed as an alternative to measures determined in accordance with IFRS as an indication of the Company's performance.
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