FansUnite Entertainment enjoyed a huge boom in revenue during the 2022 fiscal year, achieving C$26-27.3m in total revenue.
Providing its preliminary results and business update for the 12-month period ended Dec. 31, 2022, the Vancouver-based betting and gaming firm has reported a 364% year-on-year rise in revenue (FY2021: C$5.6m).
Notable achievements during the year included its entry into the Ontario sports betting and igaming market in April, following the approval of a licence by the Alcohol and Gaming Commission of Ontario (AGCO) a month prior.
FansUnite also launched the online betting platform of its white-label partner, Money Line Sports, on its Chameleon platform early last year.
“We are delighted with our overall performance and results in the fourth quarter and full year of Fiscal 2022, where we continue to reach new milestones,” said Scott Burton, CEO of FansUnite.
“The company reported strong year-over-year revenue growth and improved gross margins as compared to the previous fiscal year.”
The improved gross margins were nowhere near as exaggerated as the leap in revenue, but 51-55% still represents growth on the previous year’s margin of 51%.
However, FansUnite witnessed a lower gross margin of 51%-50% in Q4, down from 62% over the same period in FY2021.
That could, in part, be explained by the first full quarter of operations experienced by its B2B client DragonBet during the same period; FansUnite powers DragonBet via its white-label gaming solution.
Meanwhile, betr – a sports micro-betting brand that utilizes the company’s Player Account Management software, launched its platform in Ohio in January 2023.
Furthermore, FansUnite’s customer acquisition, retention, and development brand, Betting Hero, has recently expanded its US footprint by obtaining a gaming supplier license for Ohio.
Burton concluded: “In 2023, our focus is to expand our high revenue business segments, namely McBookie, and our B2B and affiliate operations.”