FansUnite Entertainment has received conditional approval to list its shares on the Toronto Stock Exchange (TSX).
The Vancouver-headquartered sports betting and igaming operator and supplier said the approval, which sees it switch from the Canadian Securities Exchange, will assist its growth plans and offer an opportunity for investors seeking to benefit from North American regulated gambling growth.
Final approval of the listing is subject to the company – which owns North American-focused American Affiliate – fulfilling certain customary conditions that are required by TSX.
“Uplisting to TSX from the Canadian Securities Exchange is an accomplishment for any public issuer, as evidenced by the number of companies that successfully make the transition,” said Scott Burton, chief executive of FansUnite.
“By trading on a larger exchange we are in a position to have greater reach to domestic and international institutional investors that are looking to add an established gaming operator to their portfolio. The listing serves as a significant milestone for FansUnite, and follows a number of important corporate milestones the company has achieved since merging with Askott Entertainment in 2020.”
Last month, the group revealed total revenue of $9.67m for Q1 2022, which was an increase of 804% the same period in 2021. Gross margin of $5.90m (61%) compared to $0.54m (51%) in Q1 2021. The growth was in part due to FansUnite’s acquisition of American Affiliate, which operates leading affiliate brands such as Betting Hero and Props.com, in a deal worth $58.2m.
Along with providing B2B technology solutions, FansUnite operates multiple B2C brands, such as Scottish sportsbook McBookie and Brazilian esportsbook VamosGG, and produces casino style slot games under its Askott Games subsidiary.
FansUnite last year completed an oversubscribed brokered financing of approximately $25.0m to help expand operations and pursue M&A opportunities.