Home NewsE-Sports Real Luck Group reduces losses in the first quarter of 2022

Real Luck Group reduces losses in the first quarter of 2022

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Real Luck Group has reported revenue of CAD$18,613 (PS11,689/EUR13,747/USD$14,690) in its results for the three months ended 31 March.

No comparable revenues were reported for the first quarter of 2021. The expansion of Luckbox’s online casino helped this year’s results. At the end of the first quarter, there were 421 live games.

To drive traffic towards its real-money sports betting, casino and esports products, the business has also formed partnerships with over 50 affiliate websites.

Real Luck, on the other hand, said that it would be focusing its efforts during this time period to develop its own proprietary platform. This meant it only expected minimal revenues for the period of three months. Real Luck is now looking at a major change, as it will be ramping up its player marketing in order to increase revenue.

The cost of sales for the third quarter was CAD$63832, down by 27.3% on an annual basis. The top line loss was CAD$45 219, which is almost half the amount in 2021.

CAD$2.0m in expenses was a 12% drop from the previous year. Salaries and director fees accounted for the largest expense at CAD$465,098, a small drop of 4.3%.

General and administrative costs jumped 138.1%, to CAD$322,962. Consulting fees grew 42.8%.

Other expenses such as legal and professional costs, depreciation, and insurance accounted for the remaining CAD$797.414 in total.

Real Luck Group reported a $2.0m operating loss in Q1 after CAD$10761 of additional costs, which is 13.7% lower than 2021.

A favourable exchange rate and a tax refund of CAD$1,453 reduced the net loss for the operator. The operator’s total loss for the quarter fell 16.1% to CAD$2.0m.

Thomas Rosander commented that the Real Luck Group continued to improve its platform in the first quarter of the year 2022, with the goal of becoming the number one destination for esports bets around the globe.

We have introduced over 400 products and games, including our newly-launched online Luckbox Casino, which is designed to provide engaging content for players, and to generate revenue in the near future.

During the same quarter, Real Luck Group also appointed Benn Timothy as its chief operating officer, and Bo Wanghammer, to its board, which Rosander stated “strengthened the leadership team” of the company.

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