FansUnite full year revenue tops $20m

Finance News

FansUnite has generated significant revenue growth, as highlighted by its total revenue of $20.08 million for the nine months ended September 30, 2022, an all-time high for any nine-month period in the company’s history.

The increase in revenue was primarily driven by the operations of its wholly-owned subsidiary, American Affiliate Co., LLC through its live activation brand, Betting Hero, which offers affiliate marketing services for betting operators. The Company saw an increase in revenues from its B2C operations through its Scottish-focused UK sportsbook McBookie, as well as new revenues from its B2B segment, namely Wales-based UK sportsbook DragonBet.

For the nine months ended September 30, 2022, the Company produced a gross margin of roughly 48%. Furthermore, the Company generated positive cash flow from its operations for the first time since the Company’s inception, which amounted to approximately $0.5 million, in the first quarter of Fiscal 2022.

The company will focus on growing higher revenue and cash-flowing business segments. As sports betting and iGaming become legalized in more North American states, the Company intends to expand its B2B and affiliate operations by securing additional clients within the U.S. and Canadian gaming industry. Additionally, FansUnite intends to allocate more resources to McBookie to drive user activity and traffic, which has a proven track record of generating strong turnover and gross gaming revenue.

Mr. Burton added, “As we enter 2023, our goal is to generate positive cash flow by expanding our B2B and affiliate operations, while unlocking synergies to maximize cost efficiencies and ensure the continued growth of our revenue and gross margins. Betting Hero will go live in two new U.S. states in early 2023 and we intend to continue entering new marketplaces to launch our Chameleon iGaming Platform and Betting Hero’s services. Overall, we are well-positioned to achieve our strategic goals in 2023.”