Business
FansUnite Announces Third Quarter 2021 Results and Provides Q3 Business Highlights
FansUnite Announces Third Quarter 2021 Results and Provides Q3 Business Highlights.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Vancouver, British Columbia--(Newsfile Corp. - November 29, 2021) - FansUnite Entertainment ‎Inc. (CSE: FANS) (OTCQX: FUNFF) (\"FansUnite\" or the \"Company\"), announces it has filed its consolidated interim financial statements and associated management's discussion and analysis (\"MD&A\") for the three and nine months ended September 30, 2021. All amounts are stated in Canadian dollars unless otherwise indicated.\"Q3 2021 was another strong quarter for FansUnite as we saw continued growth across all business units,\" said Scott Burton, CEO of FansUnite. \"During the quarter, we successfully closed an oversubscribed brokered financing of approximately $25 million, and despite typical seasonality in the sporting world in the summer months, we saw strong year over year revenue growth.\"\"After the quarter ended, we announced our largest milestone to date with the acquisition of American Affiliate. As part of our strategy to enter the U.S. betting market, we believe American Affiliate will serve as a pillar of growth for us as we look to tackle one of the largest gambling landscapes in the world.\"Financial highlights for the three-months ended September 30, 2021 include:The Company ended the quarter with a healthy balance sheet with cash and cash equivalents of $35.2 million, an increase of $30.8 million from the same period last year.An increase of 22% in revenue for the three months ended September 30, 2021 compared to September 30, 2020.Total betting turnover of $10.6 million for the three months ended September 30, 2021 compared to $8.9 million for the three months ended September 30, 2020.Net comprehensive loss of $2,643,981, or $0.01 per common share, vs. $2,448,501, or $0.02 per common share for the same period in 2020.Financial highlights for the nine-months ended September 30, 2021 include:An increase of 227% in revenue for the nine months ended September 30, 2021 compared to September 30, 2020.Total revenue of $2.6 million, which has already surpassed the 2020 yearly totals by over $1.1 million.Total betting turnover of $51.8 million for the nine months ended September 30, 2021 compared to $19.2 million for the nine months ended September 30, 2020.Net comprehensive loss of $8,007,597, or $0.04 per common share, vs. $11,193,335, or $0.15 per common share for the same period in 2020.Certain information provided...