On September 9, 2020 FansUnite (FANS.C) announced that its Scottish-based McBookie subsidiary has increased year-over-year turnover for the months of July and August by 108% – from CAD $3 million to $6.3 million, with 78% of the turnover growth led by the return of live sports.
The increase resulted in a YOY increase in Gross Gaming Revenue of 412%, generating gross gaming revenue of $371,000 for July and August 2020 and a gross margin of $161,000.
During the same period last year, the platform generated $72,000 in gross gaming revenue resulting in a gross margin loss of $66K.
To review: July 13, 2020 FANS announced that McBookie has emerged from the global pandemic with “a strong set of results”.
The pandemic has been a blessing and a curse for companies operating in the on-line gambling space.
People have been stuck at home with more time to gamble – but with all major pro sports leagues shuttered – there have been fewer live events to bet on.
FansUnite isn’t complicated,” reported Equity Guru’s Chris Parry on May 8, 2020, “ It’s a sports book. With their platform you can bet on sporting events ranging from cricket to e-sports, gaelic football to darts, tennis to boxing and beyond”.
“McBookie is legit,” continued Parry, “It’s been around for a decade and has seen over $100 million gambled through its system in the last three years, which means it brings cash flow to FansUnite right out of the gate”.
“McBookie has a thriving ‘virtual sports’ space, where you can bet on sporting events happening in the cloud,” continued Parry, “It also offers standard online casino gaming; namely slots, poker, blackjack, roulette, and baccarat as well as gambling services as white label tools, which is where the real money is.”
On September 2, 2020 FANS announced that its 100% owned subsidiary, Askott Entertainment has signed a partnership agreement with Las Vegas-based GameCo LLC, a pioneer in skill-based i-gaming products.
The partnership will introduce Askott Entertainment’s e-sports i-gaming platform, Chameleon, to the U.S. regulated market.
Six weeks ago, Askott completed its second casino-themed video game, Crash Heist.
Askott’s iGaming platform, Chameleon Gaming Platform is engineered 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 Random Number Generator (RNG) to produce casino style chance games.
McBookie’s turnover and revenue will benefit from the return of the English Premier League and the other major European leagues in the coming weeks.
“We are very pleased that McBookie has been able to continue its strong 2020 performance despite the slowdown in sports betting from the global pandemic,” stated Scott Burton, CEO of FansUnite. “The figures for the past 60 days have been exceptional and continue to validate our belief in this leading B2C betting brand and the management team behind it.”
Burton confirms that the European leagues are starting back up, presenting “a great opportunity for McBookie to capture the attention of new and existing customers.”
“We will work directly with McBookie in ensuring their presence in the U.K. expands and they are in a position to service this growing user base of bettors,” added Burton.
“The team at FansUnite has worked very hard to improve all aspects of our business since joining FansUnite and it is great to see that replicated in the numbers,” stated Paul Petrie, founder and Director of McBookie. “With just one month to wait until the whole of Scottish football is back, having the resources and expertise of FansUnite helps puts us in an excellent position to continue building on our recent success.”
While the return of sport has provided an uptick in betting volume, casino turnover during the two-month period was strong as well with $3.1 million wagered.
“As 2020 rolls in, online gambling is set to be worth over 60 billion dollars and is expected to hit $94 billion in 2024,” stated Bit Rebels who cite various modernizations including Augmented & Virtual Reality making their way into the gambling world.
McBookie will be looking to build on the numbers released September 9, 2020, with the launch of a Live Casino product earlier this month.
“After launching a successful Virtual Sports betting offering in March, we decided to expand our platform with the addition of a Live Casino,” continued Petrie. “It represents another betting alternative for our loyal customers and helps us diversify our revenue stream.”
- Lukas Kane
Full Disclosure: Fans Unite is an Equity Guru marketing client