FansUnite Reports Second Quarter 2023 Financial Results


    • Total revenue of $5.3 million in Q2 Fiscal 2023, an increase of 14% over Q2 Fiscal 2022
    • Gross margin of $3.3 million (62%) in Q2 Fiscal 2023, an increase of 70% as compared to $2.0 million (41%) in Q2 Fiscal 2022
    • EBITDA of $4.3 million in Q2 Fiscal 2023, an increase of $15.3 million as compared to ($11.1) million in Q2 Fiscal 2022
    • Unrestricted cash increased to $3.5 million as of June 30, 2023, as compared to $2.9 million as of December 31, 2022
    • Company to host Q2 Fiscal 2023 Earnings Call on Tuesday, August 15, 2023, at 10:00 AM EST / 7:00 AM PST

Vancouver, British Columbia–(August 14, 2023) – FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) (“FansUnite” or the “Company”) announced that it has filed its condensed consolidated interim financial statements and associated management’s discussion and analysis (“MD&A”) for the three and six month periods ended June 30, 2023. All amounts are stated in Canadian dollars unless otherwise indicated.


Q2 Fiscal 2023 Earnings Call Details


Day: Tuesday, August 15, 2023

Time: 10:00 AM (EST) / 7:00 AM (PST)

Topic: FansUnite’s Q2 Fiscal 2023 financial results and growth outlook for the remainder of 2023


Please click the link below to register for the earnings call.


“We are excited to announce a significant increase in revenue and gross margins during the second quarter of Fiscal 2023,” said Scott Burton, CEO of FansUnite. “During the quarter, we saw a 14% increase in revenues year-over-year while our overall gross margins exceeded 60% due to our focus on higher margin operations. This renewed focus allowed us to record an EBITDA of $4.3 million during the quarter which was up from a loss of $11.1 million during the same quarter last year.”


Mr. Burton added, “Following the sale of McBookie and the Chameleon iGaming Platform, we will focus more on growing business segments that produce significant cash flow. We intend to achieve this goal by scaling our affiliate business segment, led by Betting Hero, which has generated substantial revenue and high gross margins as well as identifying more opportunities to improve our operational and financial efficiency.”


Second Quarter Fiscal 2023 Financial Highlights:


  • Total revenue of $5.3 million in Q2 Fiscal 2023, an increase of approximately 14% over the same period in Fiscal 2022
  • Gross margin of $3.3 million (62%) in Q2 Fiscal 2023, an increase of 70% as compared to $2.0 million (41%) in Q2 Fiscal 2022
  • EBITDA of $4.3 million in Q2 Fiscal 2023, an increase of $15.3 million as compared to ($11.1) million in Q2 Fiscal 2022
  • Net loss of $0.5 million in Q2 Fiscal 2023, as compared to a net loss of $15.9 million in Q2 Fiscal 2022
  • Unrestricted cash increased to $3.5 million as of June 30, 2023, as compared to $2.9 million as of December 31, 2022
  • Net working capital of $6.1 million as of June 30, 2023, as compared to ($4.2) million as of December 31, 2022


Second Quarter Fiscal 2023 Operational Highlights:


  • On May 2, 2023, the Company announced the signing of a definitive agreement dated May 1, 2023 pursuant to which the Company has sold to an arm’s length third-party all of the shares in its wholly owned subsidiary, McBookie Ltd. (“McBookie”), a Scottish private limited company. FansUnite sold McBookie for $5.5 million in cash, a sale price which equates to 7x their 2022 EBITDA. The transaction resulted in a gain on sale of $4.4 million.
  • On May 9, 2023, the Company announced the signing of a ‎definitive asset purchase agreement dated May 8, 2023 pursuant to which ‎the Company has sold the source code related to the Company’s Chameleon Gaming Platform to Betr Holdings Inc. for total consideration of $10 million. The sale of the Chameleon iGaming Platform led to a gain on sale of $3.1 million being recognized.
  • On June 16, 2023, the Company announced it had received approval from the Toronto Stock Exchange to renew its normal course issuer bid for a 12-month period.


Growth Outlook


The Company has shifted its strategic focus to growing the more profitable affiliate segment by scaling its Betting Hero and operations and entering new North American markets once legislation is in place to regulate sports betting and iGaming in those markets. In addition, the Company plans to grow Betting Hero’s additional revenue streams, namely Betting Hero Hotline and Betting Hero Research.


FansUnite also intends to allocate more resources on its high margin business segments and achieve additional cost savings by realizing operational and financial efficiencies without disrupting its growth.


About FansUnite Entertainment Inc.


FansUnite is a global sports entertainment and gaming company, focused on the regulated and lawful sports betting affiliate market which includes customer acquisition, retention, support and reactivation. FansUnite has established itself as a leader in the North American affiliate market through its subsidiary American Affiliate Co LLC (“AmAff” or “American Affiliate”). AmAff is a North American omni-channel customer acquisition company, covering both retail and digital customer activation for sportsbooks, casinos, poker and fantasy sports platforms.


For further information, please contact:


Prit Singh, Investor Relations at FansUnite

[email protected]

(905) 510-7636




This news release contains unaudited financial information for the six months ended June 30, 2023, which has 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. 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.‎




This news release contains certain statements that may constitute forward-looking information ‎under applicable securities laws. All statements, other than those of historical fact, which address ‎activities, events, outcomes, results, developments, performance or achievements that FansUnite anticipates or expects may or will occur in the future (in whole or in part) should be ‎considered forward-looking information. Often, but not always, forward-looking information can ‎be identified by the use of words such as “plans”, “expects”, “is expected”, “budget”, ‎‎“scheduled”, “estimates”, “forecasts”, “intends”, “anticipates”, or “believes” or variations ‎‎(including negative variations) of such words and phrases, or statements formed in the future ‎tense or indicating that certain actions, events or results “may”, “could”, “would”, “might” or ‎‎“will” (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. ‎Forward-looking statements in this news release include, but are not limited to, the Company’s strategic objectives, goals, growth outlook,  strategy and focus including scaling Betting Hero’s operations across new markets and identifying opportunities for operational and financial efficiencies.


Forward-looking statements are based on assumptions and analyses made by the Company in ‎light of its experience and its perception of historical trends, current conditions and expected ‎future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and ‎growth rates; the success in the online gambling and sports betting industry; the regulatory environment applicable to online gambling and sports betting; the technological infrastructure and support needed to host the Company’s online gambling and sports betting platforms and applications; any cryptocurrency applications to the Company’s business; and the Company’s growth plan. ‎While FansUnite considers these assumptions to be reasonable, based on information ‎currently available, they may prove to be incorrect. Readers are cautioned not to place undue ‎reliance on forward-looking statements. In addition, forward-looking statements necessarily ‎involve known and unknown risks, including, without limitation, risks associated with general ‎economic conditions; audit-risks; risks associated with the regulatory environments in the jurisdictions the Company operates in; technology-related risks that could adversely affect the Company’s ability to operate its online gambling and sports betting platforms and applications, risks related to the novel coronavirus (COVID-19) global pandemic and any effects it might have on the Company’s business thereto. Readers are cautioned that the foregoing list is not exhaustive. For more ‎information on the risk, uncertainties and assumptions that could cause anticipated opportunities ‎and actual results to differ materially, please refer to the public filings of FansUnite ‎which are available on SEDAR+ at Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and ‎actual results may differ materially from those anticipated. Forward-looking statements ‎contained in this news release are expressly qualified by this cautionary statement and reflect our ‎expectations as of the date hereof, and thus are subject to change thereafter. FansUnite ‎disclaims any intention or obligation to update or revise any forward-looking statements, whether ‎as a result of new information, future events or otherwise, except as required by applicable law.