Real Luck Group has pulled out of plans to acquire an Asia-Pacific (APAC) focused igaming platform after ‘conducting the appropriate due diligence’.
The Calgary-based company, owner of the esports betting and sports betting platform Luckbox, announced last November that it had entered into an LOI (Letter of Intent) to ‘acquire a leading APAC-focused igaming platform, with a wholly owned proprietary tech stack’, subject to TSX Venture Exchange (TSXV) approval.
Completion of the transaction would have seen Luckbox purchase the vendors’ proprietary platform and technology and gain access to over 6,000 games from 50 game providers and 100 localized payment methods.
However, four months after expected closure of the transaction, Real Luck Group and Luckbox have now announced that the proposed acquisition will no longer be pursued.
The update arrived last Thursday, when Real Luck Group also confirmed another record-breaking month for the company.
Following the $2.8m global betting handle recorded in February – itself a record-breaking month – Real Luck Group has now reported month-on-month growth of 78.57% (March: $5m), mainly driven by the increase in active players, new markets and player revenue.
After six months the group’s registered player base stood at 350,000, but has now risen again to 387,000.
“2023’s first quarter has ended on a very strong trajectory for us,” said Thomas Rosander, Real Luck Group CEO. “Our B2C commitment, and our progress on our new B2B product, are both achieving the strategic milestones that we expected at this time of year.
“We look forward to sharing further progress as both verticals of the business grow and as the company evolves in Q2.”
Real Luck Group’s ‘transformational’ new B2B product, announced in January, has been described as ‘an ultrafast, live micro-betting platform’.