FansUnite Reports Third Quarter Fiscal 2022 Financial Results

  • Total revenue of $4.95 million in Q3 Fiscal 2022, an increase of 753% over Q3 Fiscal 2021
  • Total revenue for the nine months ended September 30, 2022 was $20.08 million, which is an all-time high for any nine-month period in FansUnite’s history
  • Gross margin of $2.40 million (48%) in Q3 Fiscal 2022 as compared to $0.08 million (14%) in Q3 Fiscal 2021
  • Net income of $23.41 million, which includes a $51.76 million gain on revaluation of contingent consideration less non-cash expenses and impairment of $22.39 million, in Q3 Fiscal 2022
  • Company to host investor webinar on Wednesday, November 16, 2022 at 4:30 PM (EST)/1:30 PM (PST)

Vancouver, British Columbia–(November 15, 2022) – FansUnite Entertainment Inc. (TSX: FANS) (OTCQX: FUNFF) (“FansUnite” or the “Company”) announced that it has filed its consolidated interim financial statements and associated management’s discussion and analysis (“MD&A”) for the three and nine months ended September 30, 2022. All amounts are stated in Canadian dollars unless otherwise indicated.

Q3 F2022 Investor Webinar

Day:  Wednesday, November 16, 2022

Time: 4:30 PM (EST)/1:30 PM (PST)

Topic: Company’s Q3 Fiscal 2022 financial results and growth outlook for the remainder of 2022.


Third Quarter Fiscal 2022 Financial Highlights:

  • Total revenue for the three months ended September 30, 2022 was $4.95 million, an increase of approximately 753% as compared to $0.58 million over the same period in the last fiscal year.
  • Total revenue for the nine months ended September 30, 2022 was $20.08 million, an increase of approximately 665% as compared to $2.62 million over the same period in the last fiscal year.
  • Gross margin for the three months ended September 30, 2022 was $2.40 million (48%) as compared to $0.08 million (14%) over the same period in the last fiscal year.
  • Net income for the three months ended September 30, 2022 was $23.41 million, which includes a $51.76 million gain on revaluation of contingent consideration less non-cash expenses and impairment of $22.39 million, as compared to a net loss of $2.64 million over the same period in the last fiscal year, which includes non-cash expenses of $0.77 million.
  • As of September 30, 2022, the Company had a net working capital of $6.01 million compared to $14.92 million as of December 31, 2021.

Third Quarter Fiscal 2022 Operational Highlights:

  • On July 5, 2022, FansUnite commenced trading on the TSX under the symbol “FANS”.
  • On July 13, 2022, FansUnite announced that the Company signed a definitive licensing agreement with prominent Welsh bookmaking services provider Lovell Brothers Limited, owners of DragonBet, to launch a new online sports betting platform,, powered by FansUnite’s Chameleon iGaming solution. The term of the agreement is three years.
  • On August 3, 2022, FansUnite announced that the Company’s U.S.-based live activation and customer experience brand Betting Hero entered into an agreement with Bankroll, a new luxury sports bar to expand its operations in Pennsylvania.
  • On August 24, 2022, FansUnite entered into an agreement to license its proprietary Player Account Management software to Betr Holdings Inc. to support its new sports micro-betting brand, betr.
  • On September 19, 2022, FansUnite announced that the Company entered into a definitive agreement with Centurion Financial Trust, an investment trust formed by Centurion Asset Management Inc., one of Canada’s leading asset management companies specializing in real estate and other alternative asset classes, in respect of a senior term loan up to $12.35 million. The purposes of the loan are for restructuring of earn-out obligations owed to a number of individuals under the definitive agreement dated November 22, 2021, which eliminated $51.8 million in contingent liability.
  • On September 24, 2022, DragonBet went live on the Chameleon platform.

Subsequent Events to Third Quarter Fiscal 2022:

  • On October 5, 2022, FansUnite announced that the Company obtained the GLI-33 Event Wagering Systems certification from Gaming Laboratories International (GLI ®) for its Chameleon Platform as a Service sportsbook solution.
  • On October 6, 2022, FansUnite appointed gaming expert Quinton Singleton as a member of the Company’s Board of Directors to advance its North American expansion strategy.
  • On November 2, 2022, FansUnite entered into a partnership with Thimba Media Limited (“Thimba Media”), a leading acquisition marketing and business process services provider for iGaming. As part of FansUnite’s operational optimization strategy, Thimba Media will oversee FansUnite’s marketing and customer acquisition operations for the Company’s Latin American-focused B2C betting site,, starting in December 2022.

“The third quarter of Fiscal 2022 saw us reaching new milestones, namely increasing our revenues to an all-time high of roughly $20 million for any nine-month period in FansUnite’s history,” said Scott Burton, CEO of FansUnite. “During the quarter, we saw a 243% improvement to our gross margin year over year while realizing over $3 million in annualized cost savings in an effort to drive towards near-term profitability. Furthermore, we continued to scale up our global operations across different key verticals of the business. Our affiliate marketing division, Betting Hero, expanded its presence and is now operating in over 18 U.S. states. Both our B2C and B2B segments gained significant traction with McBookie growing its betting activity and our white-label solution Chameleon powering multiple sportsbooks such as VamosGG and DragonBet.”

Scott added, “With the elimination of $51.8 million in contingent liabilities, our focus has shifted towards advancing areas of the business where we see significant upside potential in order to drive cash flow and streamline costs. Our U.S. betting affiliate operations remain an integral component of our long-term growth and we intend to continue launching Betting Hero in new North American marketplaces and expanding their paid research initiatives as we enter Q4 and Q1, which are regarded as one of the busiest periods for North American sports. In addition, we also intend to scale up our B2B segment by securing new key partnerships with betting operators.”

Certain information provided in this news release is extracted from the unaudited condensed consolidated interim financial statements (the “Financial Statements”) and Management’s Discussion & Analysis (“MD&A”) of the Company for the three and nine months ended September 30, 2022 and should be read in conjunction with them. It is only in the context of the information and disclosures contained in the Financial Statements and MD&A that an investor can properly analyze this information. The Financial Statements and MD&A can be found under the Company’s profile on SEDAR.

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,, and BetPrep.

For further information, please contact:

Prit Singh, Investor Relations at FansUnite

[email protected]

(905) 510-7636

Scott Burton, Chief Executive Officer of FansUnite

[email protected]

Darius Eghdami, President of FansUnite

[email protected]


The Company has also provided unaudited financial information for the third quarter of 2022, 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 strategy and focus including growing revenue and free cash flow through improved operations, accretive acquisitions, internal expansion, integrating and innovating operations and revenue management; the Company continuing to target more B2B deals for its Chameleon iGaming platform; the Company expanding its footprint in the domestic, international and US affiliate market; and the completion of the long-term licensing agreement with Lovell Brothers Limited, owners of DragonBet, to launch a new online sports betting portal,, on the Chameleon iGaming platform.


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.‎