FansUnite Entertainment completed the sale to a third party of its Scottish sportsbook and casino online McBookie.
The identity of the buyer was not disclosed, but it was confirmed that the deal was worth for over CA$5.0m (PS2.9m/EUR3.3m/US$3.7m), more than double the $2.2m that FansUnite paid to acquire McBookie in March 2020.
McBookie, under the ownership of FansUnite has delivered three years of consecutive revenue growth. Gross win increased 451%, and turnover jumped by 305%.
FansUnite, through McBookie, held remote gambling software and remote betting licenses from the British Gambling Commission. This allowed it to operate as a B2C provider and B2B technologist in the British online gaming market.
Paul Petrie, Damian Walker and the McBookie team were directors when the company was owned by FansUnite. They will continue in their roles after the acquisition.
FansUnite’s chief executive Scott Burton stated that “this is a fantastic deal and result for McBookie as well as for FansUnite.” “We started a path to streamline and focus our business in 2022.”
FansUnite decided to leave the B2C market because the UK continues to tighten its regulations for gaming operations. We will now be able focus our resources on those segments of the business with the best growth potential and margins. This includes the US market and affiliate opportunities.
This sale will help FansUnite to achieve cash flow positivity. “I want to thank Paul for his efforts as a part of FansUnite, and wish him well as he continues to grow the McBookie Brand.”
FansUnite receives funding from Tekkorp Capital
FansUnite raised CA$2.0m from a private placement in March, which was not arranged by Tekkorp.
Tekkorp is an investment company focused on digital gaming in global markets. It has agreed to purchase 13,750,000 of the available units, securing over half of them.
