Business
FansUnite Provides Preliminary Unaudited Fiscal 2022 Financial Results
FansUnite Provides Preliminary Unaudited Fiscal 2022 Financial Results.
About this update from Fansunite Entertainment Inc.
[{"type":"text","content":"Total revenue in the range of $26.0 million to $27.3 million for the full year of Fiscal 2022, an increase of at least 364% year-over-yearGross margin in the range of 51% to 55% for the full year of Fiscal 2022 as compared to 51% in Fiscal 2021FansUnite continued its growth by obtaining a gaming supplier license for Ohio (U.S.)Vancouver, British Columbia--(Newsfile Corp. - February 7, 2023) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQX: FUNFF) (\"FansUnite\" or the \"Company\"), a global online gaming and affiliate business leader, is pleased to report preliminary unaudited revenue and gross margin results along with a business update for the fiscal year ended December 31, 2022 (\"Fiscal 2022\"). All amounts are stated in Canadian dollars unless otherwise indicated.Preliminary Unaudited Fourth Quarter and Fiscal 2022 Financial Highlights:Total revenue for the twelve months ended December 31, 2022 was in the range of $26.0 million to $27.3 million, an increase of at least 364% as compared to $5.6 million over the twelve months ended December 31, 2021 (\"Fiscal 2021\")Gross margin for the twelve months ended December 31, 2022 was in the range of 51% to 55% as compared to 51% over the same period in Fiscal 2021Total revenue for the three months ended December 31, 2022 was in the range of $5.9 million to $7.2 million, an increase of at least 99% as compared to $3.0 million over the same period in Fiscal 2021Gross margin for the three months ended December 31, 2022 was in the range of 51% to 60% as compared to 62% over the same period in Fiscal 2021B2B and Affiliate Segment GrowthDuring the fourth quarter of Fiscal 2022, the Company's B2B client DragonBet had its first full quarter of operations, powered by FansUnite's white-label gaming solution, while betr, a sports microbetting 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 expanded its U.S. footprint by obtaining a gaming supplier license for Ohio, United States. As part of the Company's growth strategy, FansUnite aims to secure more B2B clients and grow its affiliate operations across North America to accelerate organic revenue growth.\"We are delighted with our overall performance and results in the fourth q...