FansUnite’s (FANS.C) success is betting on right one

iGaming, esports and online sports betting has grown incredibly fast with 70% of all sports betting taking place online. The global online gambling market was estimated at $63.53 billion USD in 2022 and is expected to grow at a CAGR of 11.7% through to 2030. This is still a growth industry.

FansUnite (FANS.C), a Canadian-based company focused on providing B2B and B2C online esports and sports betting solutions, is positioning itself to take advantage of this steady growth trend.

The company’s multi-pronged approach includes the Chameleon Gaming Platform, a B2B sports and esports white label iGaming solution. The platform has two distinct offerings in a turnkey solution or API which makes it malleable and easily scalable for clients.

The platform also provides a simple to use dashboard for clients with tailored reporting and real-time analytics. Dragonbet.co.uk, an online bookmaker servicing Wales, England, and betr, the world’s first micro-betting app, are currently powered by Chameleon.

Chameleon has attracted the attention of the industry in general as it has been shortlisted for the 2020/2021 EGR B2B/North America Awards as well as the SBC Virtual Awards in 2021.

The company’s B2C product, McBookie.com, is a sports betting, casino and virtual sports offering. It has been the leading online sportsbook in Scotland for over a decade with 10,000 active members and $100 million CAD betting volume over the last two years.

FansUnite’s US-based brand, Betting Hero, has over 300,000 new depositing customers, live and licensed in 14 states and has seen over 10,000 activation events since June 2018. With over $10 million in first-time deposits, Betting Hero is touted as the number one live activation company in the American gaming market. The US-based brand also has a research arm that helps clients ensure their platforms are performing at optimum levels as well as providing them with unbiased competitive and consumer analysis and bespoke consulting services.

Betting Hero currently has live activation access agreements with such notable operators as MGM, WSOP Poker and FanDuel.

Another FansUnite affiliate is Props, a marquee brand that capitalizes on U.S. consumer interest in prop betting by bringing articles, podcasts and video direct from inside Las Vegas sportsbooks. Props is a one-stop media shop for both sports betting and fantasy sports consumers.

FansUnite is led by Scott Burton, a well-known pioneer of the esports betting industry. The 20-year-plus CPA and operational veteran co-founded Tedbets.com, an award-winning peer-to-peer wagering platform which received the 2014 “Game to Watch” award at the ICE Totally Gaming, a leading casino and sports betting industry exposition.

CTO Jeremy Hutchings, has over 25 years experience in leadership, systems architecture, software & product development and process improvement. He co-founded Ascot Entertainment and was its CTO, overseeing technology strategy, including product, security, architecture, software and systems development.

FansUnite holds B2B and B2C licensing in the UK since August 2021 and has affiliate licenses in 14 US states and has applied for a Virginia Supplier License. The company has also been granted a AGCO gaming supplier license in Ontario and is reviewing licensing in other provinces.

The company reported $4.58 million in cash and cash equivalents as of September 30, 2022 with $4.95 million in revenues for the quarter ending September 30, 2022 for a total comprehensive income of $32.15 million for the fiscal year ending September 30, 2022.

Cash in the till and positive revenue combined with serious growth potential makes FansUnite an interesting investment opportunity for anyone wishing to get in on the global online gaming market.

FansUnite currently trades for $0.07 per share for a market cap of $22.27 million.