FansUnite has released a report on overall 2023 performance.

FansUnite led by CEO Scott Burton shared their 2023 highlights. They restructured selling BetPrep in February for a 30% revenue share.

In May McBookie and Chameleon Gaming Platform were sold for $5m and $10m, respectively. DragonBet migrated in September, marking their shift from B2B licensing.

A $3.04m private placement boosted March capital. Q3 saw an EBITDA increase to $1.1m, a $2.3m rise with a 63% gross margin.

 

[CR7]

Thank you for sharing the highlights of FansUnite's 2023 performance. It seems like they made several strategic moves throughout the year. Let's delve into the details.

The first notable event was the restructuring of BetPrep. In February, FansUnite sold BetPrep, a sports handicapping platform, in exchange for a 30% revenue share. This move could possibly provide a long-term revenue stream for the company.

In May, FansUnite made two significant sales. McBookie, a leading Scottish sportsbook, was sold for $5 million. Additionally, the Chameleon Gaming Platform, which offers white-label casino and sportsbook solutions, was sold for $10 million. These divestments may have been part of FansUnite's strategy to streamline their operations and focus on their core businesses.

September marked the migration of DragonBet, which signified FansUnite's transition from business-to-business (B2B) licensing to operating their own brands. This shift could potentially give them more control over their products and enhance their branding efforts.

To boost their capital in March, FansUnite conducted a private placement that raised $3.04 million. This infusion of funds likely provided them with additional financial flexibility and resources to pursue their growth initiatives.

The third quarter of 2023 showed promising numbers for FansUnite. Their earnings before interest, taxes, depreciation, and amortization (EBITDA) increased to $1.1 million, marking a $2.3 million rise from the previous quarter. This substantial improvement in profitability could be attributed to various factors, such as increased revenues, cost control measures, or operational efficiencies. Furthermore, the 63% gross margin indicates a healthy profit margin for the company.

Overall, it seems like FansUnite had a transformative year in 2023. By restructuring, selling non-core assets, migrating a key brand, raising capital, and achieving improved financial performance, they demonstrated a commitment to strategic growth and enhancing shareholder value.