FansUnite has 580,024 reasons to celebrate 2021.
The sports technology company released its third-quarter and 9-month business results showing significant growth across all business units.
Improvements refer to a 22.5% year-on-year increase in revenue for Q3 2021, equaling $580,024 (in 2020 it was $473,562).
For July, August and September, FansUnite declared cash and cash equivalents of $35.2m. That’s an increase of $30.8m over last year.
“Q3 2021 was another strong quarter for FansUnite as we saw continued growth across all business units,” said FansUnite Entertainment’s CEO, Scott Burton.
“During the quarter, we successfully closed an oversubscribed brokered financing of approximately $25m, and despite typical seasonality in the sporting world in the summer months, we saw strong year over year revenue growth.”
A solid Q3 growth
FansUnite posted a total betting turnover for Q3 of $10.6m, increasing 19% compared to last year. Ending Sept 30, 2020, a total betting turnover for Q3 2020 was $8.9m.
For the nine months of 2021, total betting turnover came in at $51.8m, up 169% over last year. From Jan. 2020 to Sept. 2020, FansUnite registered a total betting turnover of $19.2m.
Moreover, Q3 revenue jumped by 22%, while on the cumulative side, income in the first nine months of 2021 posted a 227% increase.
“After the quarter ended, we announced our largest milestone to date with the acquisition of American Affiliate,” Burton added.
“As part of our strategy to enter the US betting market, we believe American Affiliate will serve as a pillar of growth for us as we look to tackle one of the largest gambling landscapes in the world.”
The company recorded a net comprehensive loss of $2,64m or $0.01 per common share. In 2020 it was $2,45m or $0.02 per common share.
For the first nine months of 2021, a net comprehensive loss amounted to $8m or $0.04 per common share. In contrast, 2020’s 9-month net loss was $11m or $0.15 per common share.
Other Q3 milestones
During Q3 2021, FansUnite received B2C and B2B licenses from the UK Gambling Commission. The permits allow the company to run as a provider and an operator in the UK.
FansUnite also completed an oversubscribed brokered financing of nearly $25m to expand operations and pursue M&A ambitions.
The company had a busy summer, adding industry veterans to its team. In July, FansUnite appointed Anna Smith as head of compliance. Michael Lee joined as VP of gaming in August.
As for collaborations, FansUnite signed multiple data provider partnerships. They added Pariplay, Pythia, SportsIQ and Algosport to their Chameleon platform to further expand its abilities.
