- FansUnite Entertainment’s (FANS) Scottish betting subsidiary, McBookie, has demonstrated strong growth, despite the COVID-19 pandemic
- Since its acquisition in March, McBookie saw a 131 per cent increase in gaming revenue for 2020’s second quarter, year-over-year
- The company also saw growth in its casino betting volumes, sportsbook turnover, and gross margin increases
- McBookie and FansUnite expect to continue delivering strong growth as UK sports seasons start to return
- FansUnite Entertainment (FANS) is up 7.53 per cent and is currently trading at C$0.50 per share
FansUnite Entertainment’s (FANS) Scottish betting subsidiary, McBookie, has demonstrated strong growth, despite the COVID-19 pandemic.
The company acquired the UK-based betting services provider and sportsbook operator in March of 2020. Since that time, McBookie’s gross gaming revenue for the second quarter has risen 131 per cent, year-over year.
Most of that increase was delivered by the casino, where the second quarter’s year-over-year turnover rose 59 per cent. This was an increase from C$2.4 million to $3.9 million, resulting in a 191 per cent increase in gross margins.
McBookie’s sportsbook turnover in June increased by 45 per cent, year-over-year. This was in response to the return of some UK sports, such as the English Premier League. McBookie’s founder, Paul Petrie, indicated that such growth will continue as the Scottish football season returns in August.
FansUnite’s CEO, Darius Eghdami, commented on the performance of the company’s recently acquired subsidiary.
“Since acquiring McBookie, we have been consistently impressed with their ability to navigate uncertain environments, and the global pandemic this past few months has been no exception. During the second quarter, the team showed an impressive 59 per cent increase in casino betting.
“Further, the launch of a virtual sports offering in March was timely, delivering turnover in excess of C$500,000, and together with the strong performance of the casino, has compensated for the lack of betting opportunities for customers in traditional sports.
“Perhaps the most pleasing aspect of the figures was the way the sportsbook bounced back in June. McBookie is now in a very good position to deliver strong growth once the full complement of sports return in the fall,” he said.
FansUnite Entertainment (FANS) is up 7.53 per cent and is trading at 50 cents per share at 10:06am EDT.
