FansUnite Entertainment (TSX: FANS) announced revenue of $20.08 million for the nine-month period ending September 30, 2022, marking its first quarter of positive cash flow from operations.
The company achieved this milestone in the first quarter of fiscal year 2022, with approximately $0.5 million in positive cash flow. FansUnite also reported a gross margin of around 48% for the nine-month period.
The company attributed this significant revenue growth to the performance of its wholly-owned subsidiary, American Affiliate (AmAff), particularly through its affiliate marketing services brand, Betting Hero. Additionally, FansUnite saw revenue growth in its B2C operations, including its Scottish-focused UK sportsbook McBookie, and from its B2B segment, notably Wales-based UK sportsbook DragonBet.
In 2022, FansUnite continued to expand its client base for its white-label gaming solutions. The company also achieved several milestones, including entering into a licensing agreement with Betr Holdings for its Player Account Management software to support Betr’s new sports micro-betting brand. FansUnite also partnered with Thimba Media to optimize operations and oversee marketing and customer acquisition for its Latin American betting site, Vamosgg.com.
Furthermore, FansUnite obtained gaming supplier licenses for Ontario, Canada, and Ohio, US, with plans to secure additional licenses in more jurisdictions to support its clients’ operations.
CEO Scott Burton described 2022 as a “transformational year” for FansUnite, highlighting record revenue generation and positive cash flow. He emphasized the company’s focus on expanding its presence in North America in 2023.
