Business
Fantasy Aces Reports Financial Results for Third Quarter 2016
Fantasy Aces Reports Financial Results for Third Quarter 2016.
About this update from Fantasy Aces Daily Fantasy Sports C
[{"type":"text","content":"\n \n \n Fantasy Aces Reports Financial Results for Third Quarter 2016\n \n \nFantasy Aces Reports Financial Results for Third Quarter 2016\n \n ALISO VIEJO, CALIFORNIA--(Marketwired - Dec 6, 2016) - Fantasy Aces Daily Fantasy Sports Corp. (the \"Corporation\" or \"Fantasy Aces\") (TSX VENTURE:FAS) (OTCQB:FASDF) is pleased to provide shareholders with a summary of their third quarter financials as well as an outlook for the future.\n Q3 Results: \n During the quarter ended September 30, 2016, Fantasy Aces continued to expand the depth of its user base and user retention into the ever-growing daily fantasy sports (\"DFS\") industry. During the period, the Corporation increased its net revenue as a percentage of gross profit, lowered its operating expenses, and ended the month of September with a modest operating profit. The Corporation has remained the number three site through the end of August for the MLB season, behind industry leaders DraftKings and FanDuel and in front of Yahoo amongst others. Also during this period the macro industry issues surrounding state-by-state regulation are rapidly being resolved, with New York as the most recent state to legalize DFS while stating it is in fact a game of skill, not chance. \n HIGHLIGHTS Q3\n \n \n Gross Revenue of $454,689, 170% increase over Q3 2015\n Prize Payouts of $5,315,133, 169% increase over Q3 2015\n Overlay remained consistent at 39% of gross revenue\n Game Entries: 494,254, 168% increase over Q3 2015\n Site Marketing Expense reduced 235% for the same period\n Operating Gross Margins continue to improve over past quarters \n \n \n HIGHLIGHTS Q2\n \n \n Gross Revenue of $514,984, 280% increase over Q2 2015\n Prize Payouts of $5,649,000, 240% increase over Q2 2015\n Reduced overlay to 34% of gross revenue\n Game Entries: 655,270, 230% increase over Q2 2015\n Operating Gross Margins continue to increase when compared to Q2 2015 \n \n \n HIGHLIGHTS 1ST HALF\n \n \n Gross Revenue of $877,796, 283% increase over 2015\n Game Entries of 1,043,731 101% increase over 2015\n Prize payouts of $9,000,000 243% increase over 2015 \n \n \n The Corporation generated $121,000 Q3 net revenue as compared to 2015 Q3 where the site marketing expense leading to positive net revenue was ($452,000). This statistic is a reflection of the Corporation continuing to carefully manage its gross and ne...