Real Luck Group reports $14m cash balance quarterly result in 2021
The CEO said the company finished strong for the year due to several key acquisitions and diligent team efforts.
Real Luck Group and its Luckbox subsidiary have filed financial results the fiscal year 2021. The company reported a $14m quarterly cash balance as of December 31, 2021.
Real Luck Group is the parent company of Luckbox, which supplies licensed esports betting, sports betting and casino games for desktop and mobile devices. Luckbox is listed on the Toronto Venture Exchange. It launched its online casino in December of last year.
Real Luck Group CEO Thomas Rosander said: “The completion of Private Placement of Special Warrants, with gross proceeds of $17.8m, in March 2021 gave us a strong balance sheet, which we prudently manage. As of December 31, 2021, our cash balance was $14.4m, we have no debt, leaving us in a strong position to deliver on our growth goals in 2022 and beyond.
“During fiscal 2021, our team worked to enhance and extend both our proprietary platform and infrastructure, positioning us to launch our player acquisition efforts in 2022. Our work has enabled us to develop and launch a next generation wagering platform, powered by superior business intelligence infrastructure to support our player acquisition efforts, with the aim of optimizing marketing spend and player value.”
Rosander also commented about the company’s expansion into the newly opened Ontario commercial market. He said: “We are looking forward to launching our offerings in Ontario and expect to enter additional regulated markets during 2022.”
Online gaming in Ontario has been live since April 4. Local lotteries have traditionally dominated Canada’s gambling sector in the past. According to H2 Gambling Capital, Canada’s combined online sports betting and iCasino markets in 2022 are estimated at more than $2bn.
Ontario is projected to become one of North America’s largest iGaming markets once open.
Real Luck and Luckbox have recently partnered with online casino software supplier Microgaming.
The collaboration added close to 100 new titles to Luckbox’s portfolio, including 9 Masks of Fire, Book of Oz, Immortal Romance, as well as other well-known titles such as Jurassic World, Game of Thrones and Lara Croft. Players can access to 450 game titles through the Luckbox online casino.
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