FansUnite Provides Preliminary Unaudited Fiscal 2022 Financial Results
- Total revenue in the range of $26.0 million to $27.3 million for the full year of Fiscal 2022, an increase of at least 364% year-over-year
- Gross margin in the range of 51% to 55% for the full year of Fiscal 2022 as compared to 51% in Fiscal 2021
- FansUnite continued its growth by obtaining a gaming supplier license for Ohio (U.S.).
Vancouver, British Columbia–(February 7, 2023) – FansUnite Entertainment Inc. (TSX: FANS) (OTCQX: FUNFF) (“FansUnite” or the “Company”), a global online gaming and affiliate business leader, is pleased to report preliminary unaudited revenue and gross margin results along with a business update for the fiscal year ended December 31, 2022 (“Fiscal 2022”). All amounts are stated in Canadian dollars unless otherwise indicated.
Preliminary Unaudited Fourth Quarter and Fiscal 2022 Financial Highlights:
- Total revenue for the twelve months ended December 31, 2022 was in the range of $26.0 million to $27.3 million, an increase of at least 364% as compared to $5.6 million over the twelve months ended December 31, 2021 (“Fiscal 2021”)
- Gross margin for the twelve months ended December 31, 2022 was in the range of 51% to 55% as compared to 51% over the same period in Fiscal 2021
- Total revenue for the three months ended December 31, 2022 was in the range of $5.9 million to $7.2 million, an increase of at least 99% as compared to $3.0 million over the same period in Fiscal 2021
- Gross margin for the three months ended December 31, 2022 was in the range of 51% to 60% as compared to 62% over the same period in Fiscal 2021
B2B and Affiliate Segment Growth
During the fourth quarter of Fiscal 2022, the Company’s B2B client DragonBet had its first full quarter of operations, powered by FansUnite’s white-label gaming solution, while betr, a sports microbetting brand that utilizes the Company’s Player Account Management software, launched its platform in Ohio in January 2023. Furthermore, FansUnite’s customer acquisition, retention, and development brand, Betting Hero, has expanded its U.S. footprint by obtaining a gaming supplier license for Ohio, United States. As part of the Company’s growth strategy, FansUnite aims to secure more B2B clients and grow its affiliate operations across North America to accelerate organic revenue growth.
“We are delighted with our overall performance and results in the fourth quarter and full year of Fiscal 2022, where we continue to reach new milestones,” said Scott Burton, CEO of FansUnite. “The Company reported strong year-over-year revenue growth and improved gross margins as compared to the previous fiscal year. In 2023, our focus is to expand our high revenue business segments, namely McBookie, and our B2B and affiliate operations.”
About FansUnite Entertainment Inc.
FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming. FansUnite’s one-of-a-kind iGaming platform Chameleon offers operators a full suite of gaming solutions with a sports and esports focus geared for the next generation of online bettors and casino players. Along with providing B2B technology solutions, FansUnite operates multiple B2C brands, such as Scottish sportsbook McBookie and Brazilian sportsbook VamosGG. FansUnite is the parent company of North American-focused AmAff, which operates leading affiliate brands such as Betting Hero, Props.com, and BetPrep.
DISCLAIMER REGARDING FINANCIAL INFORMATION:
The preliminary unaudited results set forth above for the fourth quarter of 2022 and Fiscal 2022 have been prepared by management based on information currently available to the Company. Accordingly, such financial information may be subject to change based on the results of the Company’s year-end audit (which the Company expects to release in March 2023) and that such change may be material. The making of a modifying or superseding statement shall not be deemed an admission for any purposes that the modified or superseded statement, when made, constituted a misrepresentation for purposes of applicable securities laws.
Certain information contained herein may constitute “forward-looking information” under Canadian securities legislation. Generally, forward-looking information can be identified by the use of forward-looking terminology such as “believes,” “belief,” “expects,” “intends,” ”anticipates,” “potential,” “should,” “may,” “will,” “plans,” “continue” or similar expressions to be uncertain and forward-looking. Forward-looking statements may include, without limitation, statements relating to: the Company’s expectations with respect to the financial results, positions and performance for the Fiscal 2022 and for the three months ended December 31, 2022, the Company’s future objectives and strategies regarding securing more B2B clients and growing its affiliate operations, the Company’s expansion and growth strategy. Forward-looking statements are based on the Company’s estimates and are subject to known and unknown risks, uncertainties and other factors that may cause the actual results, level of activity, performance or achievements of FansUnite to be materially different from those expressed or implied by such forward-looking statements or forward-looking information. Additional information regarding the risks and uncertainties relating to the Company’s business are contained under the heading “Risk Factors” in the Company’s Annual Information Form dated June 15, 2021 filed on its issuer profile on SEDAR at www.sedar.com and risks related to global pandemics, including the novel coronavirus (COVID-19) global health pandemic, and the spread of other viruses or pathogens and influence of macroeconomic developments. Accordingly, readers should not place undue reliance on forward-looking statements and forward-looking information. The forward-looking statements in this news release are made as of the date of this release. FansUnite disclaims and does not undertake to update or revise any forward-looking statements or forward-looking information, whether as a result of new information, future events or otherwise, except as required by applicable securities laws.