FansUnite (FANS.CN) focuses on technology related to regulated and lawful online sports betting, esports betting, casino and fantasy. And they already have a portfolio churning in revenues.
Last I looked at FansUnite, it was back on September 9th 2021. In that post, I highlighted a major support zone. We are there now, but we will get into that in just a bit. First off, let’s look at some news released since September 9th.
Multiple data provider partnerships for the Chameleon B2B platform have been agreed upon. FansUnite has signed agreements with Pariplay, Sports IQ, Pythia Sports and Algosport. The full press release can be read here.
The company’s innovation and achievements has been noticed as FansUnite is shortlisted as a finalist for 2021’s SBC Rising Star Award. In the ‘Rising Star In Sports Betting’ category. FansUnite was selected for its cutting-edge B2B iGaming technology and white label offerings that include an esports betting platform. The winner will be announced on December 14th 2021.
The most recent news came out yesterday on October 27th, when FansUnite entered a strategic partnership with Sportradar for managed trading services. Under the agreement, Sportradar will provide its Managed Trading Service to FansUnite, which includes pre-match betting services, live odds, and betting stimulation services. Sportradar’s range of offerings will permit the Company to deliver an array of odds on some of the world’s premier sports and sporting events as well as register end-users and settle tickets. Additionally, the partnership will enable FansUnite’s sportsbook to feature online visualizations and obtain a full-administrative back-office to assist with betting operations.
“The partnership enables us to receive the best-in-class trading solutions from renowned sports
data provider Sportradar, which will elevate the quality of our betting offering,” said Scott Burton,
CEO of FansUnite. “We will be able to provide optimal real-time odds, adding more value to our
wagering platform. Overall, our proprietary technology equipped with Sportradar’s services will
create a competitive betting solution that appeals to B2B customers in the global sports betting
industry.”
A lot of major catalysts are ahead for FansUnite, and management is making moves adding B2B partners and strategic partnerships. However, the market did not react well to the news. 3.1 million shares traded, the most since October 5th 2021, and a down -9.85% red day.
This is where I sort of worry:
The close of $0.55 breaks a major support level. A support level held since November of 2020, and has seen bulls defend seven times in the past. We always bounced at the $0.625 zone, but not this time. Today’s price action will be important as the retest of $0.625 could lead to a fakeout if we close back above. It would be great for the bulls. But if we reject, a move lower is still in the cards.
Some good news is the tag of $0.50. If you look to the left of my chart, you can see a price peak in July of 2020. Those peaks at $0.50, and the lows from yesterday did bounce from $0.50. Psychologically a very important support zone. However, I don’t consider it as a flip zone. $0.42 lower is what I consider a proper flip zone because it has been both support and resistance multiple times (more than 3) in the past. That’s where I would look for some support to build, or alternatively, if we can climb back over $0.625 and then build a base from the fakeout.
This current support was big, so the break takes away some technical prowess for the stock. Although the fundamentals remain solid. Watch price action in the next few days to see if we can develop some sort of bottom or base.
