Toronto-listed iGaming business FansUnite generated revenue of $5.5m in Q2 2022, representing a more than fivefold increase over the $970,000 generated in Q2 2021.
FansUnite offers a variety of B2B and B2C products to the market. Its B2B offerings include white-label solutions via its Chameleon gaming platform and RNG casinos games via its Askott Games subsidiary.Meanwhile, FansUnite’s B2C offerings see the business act as both an operator and affiliate, running brands such as the Scotland-focused McBookie Sportsbook and a variety of US-facing affiliate brands through its American Affiliate subsidiary.
While revenue increased sharply year-on-year during the second quarter, the results reflected a dip from the firm’s Q1 2022 results, which showed revenue of $9.7m, bringing FansUnite’s total revenue for the first six months of 2022 to $15.1m.
Still, that result for H1 2022 demonstrated an annual growth rate of some 640% when compared to H1 2021’s $2m in total revenue.
Growth in Q2 revenue was mirrored by a 5x increase in the company’s net loss, which skyrocketed from $2.9m in Q2 2021 to $15.9m in the latest quarter, including non-cash expenses of $9.5m.
The widening net loss was driven by an increase in selling, general and administrative expenses, from $3.3m in the prior-year period to $15.4m in Q2 2022.
Those figures brought the firm’s total net loss for the first half of 2022 to $25.1m.As of the end of the period, the business held $12.2m in total current assets including $4.8m in cash and cash equivalents.
Key achievements during the quarter included signing a long-term licensing agreement with Welsh bookmaking service provider Lovell Brothers Limited, operators of the DragonBet brand, to launch a new online sports betting portal on FansUnite’s Chameleon iGaming platform.
The business was also approved for listing on the Toronto Stock Exchange on 30 June, before it began trading on 5 July following the end of the reporting period.
After the end of the quarter, the company’s Betting Hero affiliate brand also signed an agreement with Bankroll, a luxury sports bar experience expected to come to Pennsylvania this autumn.
Finally, FansUnite revealed that last week on 24 August, it entered into an agreement to license its proprietary player account management (PAM) software to Jake-Paul backed micro-betting specialist Betr.
“During the second quarter, we captured significant growth with revenue of $5.46m, an increase of 461% compared to the same period last year,” said Scott Burton, FansUnite CEO.
“Our B2B and B2C segments continued to deliver strong operational results, which were primarily driven by American Affiliate and McBookie.
“Additionally, this quarter saw us strengthening our operations to lay the groundwork for continued growth as we have entered a licensing agreement with Welsh bookmaker DragonBet and expanded American Affiliate’s presence in the United States through its live activation arm Betting Hero.”