FansUnite
FansUnite provides comprehensive gaming solutions for online bettors and casino players, operates multiple B2C brands, and focuses on technology for regulated online gaming.
Services
FansUnite provides a full suite of gaming solutions for online bettors and casino players. The company offers a unique iGaming platform called Chameleon. Additionally, FansUnite operates multiple B2C brands, including Scottish sportsbook McBookie and Brazilian esportsbook VamosGG. Their strategic focus is on the affiliate space for growth, supported by their technology related to regulated and lawful online gaming.
Subsidiaries and Affiliates
FansUnite is the parent company of American Affiliate, which operates brands like Betting Hero and Props.com. In February 2023, FansUnite sold BetPrep to Stram Entertainment Limited d.b.a. BestOdds. They also sold the Chameleon Gaming Platform to Betr Holdings Inc. for $10 million in May 2023 but retained the use of the platform and source code.
Financial Performance
FansUnite has demonstrated positive financial performance. For the nine-month period ended September 30, 2023, the company generated an adjusted EBITDA of $1.1 million and achieved a gross margin of 63%. During Q3 2023, FansUnite generated total revenue from continuing operations in the range of $4.5 million to $4.8 million, with a gross margin range of 56% to 59%. The total adjusted EBITDA for Q3 2023 was between $(0.1) million to $0.2 million. They have been generating positive operating cash flows since the start of Q4-2023.
Strategic Divestments
FansUnite has strategically divested several assets to optimize their operations and focus on core areas. In May 2023, the company sold McBookie Ltd. for over $5 million, resulting in a significant profit from its initial acquisition cost of $2.2 million in March 2020. Additionally, the strategic divestment of iGaming assets resulted in annualized cash savings of $7.8 million.
Stock Market Presence
FansUnite is listed on the Toronto Stock Exchange (TSX) under the ticker FANS and on OTCQB under the ticker FUNFF. In March 2023, the company successfully closed a $3.04 million private placement. This listing on multiple stock exchanges increases their visibility and accessibility to investors.