Jeremy Hutchings will leave his role as Chief Technology Officer (CTO) of FansUnite next month as the Vancouver-based betting and gaming firm switches focus to its ‘more profitable’ affiliate segment.
It’s been a busy first half of the year for FansUnite, which completed its multi-million non-brokered private placement in March before announcing two months later that it was focusing on ‘high growth opportunities’, following the $5m sale of sportsbook and online casino McBookie.
May also saw the sale of its Chameleon igaming platform, which was acquired by Betr for $7.45m, as CEO Scott Burton announced additional resources were being focused towards its highest revenue and margin business, such as Betting Hero and the affiliate business.
This week saw the completion of the company’s transition away from B2B platform licensing as it reached an agreement with DragonBet, a Welsh-based UK sportsbook, to migrate off the Chameleon gaming platform ‘on or about’ Sept. 3.
“We are pleased to have reached an agreement with DragonBet, which allows them to grow, and will enable us to achieve roughly $7.1m in cost-savings,” said Burton.
“These transactions advance our efforts of streamlining our business operations and put us in a position where we can expect to generate positive cash flow in Q4 2023.”
However, an increased focus on its affiliate segment, which contributed $23m of its $27.3m in revenue during FY2022, has led to the departure of CTO Hutchings.
Hutchings will step down from his role on Sept. 30 ‘to pursue other opportunities in response to the company’s new strategic focus on the more profitable affiliate segment’.
Burton added: “I would like to thank my co-founder Jeremy Hutchings for his contribution to FansUnite as he played an integral role during the early stages of the company and we look forward to watching his future success.”
FansUnite’s statement on Thursday added that Hutchings will be available to provide consulting on the company’s plans to monetize the source code of the Chameleon gaming platform through potential further sales of said code.