Real Luck Group extends losses during Q3
Company ends quarter with no debt, CA$15.8m in cash.
Real Luck Group Ltd. and its subsidiary companies doing business as Luckbox on Tuesday filed financial results for the third quarter of 2021, a three-month period ending September 30.
The Canada-based company offers legal, real-money betting, live streams, and statistics on all major esports and sports on desktop and mobile devices. The company has a business-to-consumer (B2C) platform, and by leveraging shared technology, data, and resources, it can offer a range of betting options for esports tournaments.
The Group said it had a net loss for the recently completed quarter of CA$1.9m (US$1.4m), which compared to a net loss of CA$772,023 in the same quarter one year earlier as expenses rose across several categories.
The company’s net loss for the first nine months of 2021 was CA$6.6m. In the first three quarters of 2020 its net loss was CA$3m.
On the positive side, Real Luck Group said it is in a “strong cash position” as it ended Q3 2021 with CA$15.8m in cash, and no debt.
According to CEO Thomas Rosander, during the third quarter the company completed several key platform integrations, as part of its previously communicated platform rebuild strategy. These integrations included: Solitics for customer engagement and business analytics; Aspire Global for casino games, sportsbook including esports; Funanga for secure cash deposits; Bambora for expanding payment option; and Checkin.com for customer onboarding.
The company said it is working with its new partners to prepare the Luckbox platform for the launch of a casino in Q4 2021 and subsequent player acquisition efforts.
“The team has been focused on enhancing our proprietary platform by building a superior business intelligence infrastructure, offering a unique and modern user experience tailored to the next generation of bettors, while ensuring maximum coverage of esports betting opportunities,” Rosander said in a statement. “I am delighted to say our efforts during Q3 have paved the way for the addition of casino, which is an important anticipated near-term revenue driver that we expect to be live in Q4. As a result, we will be in a position to launch our player acquisition efforts in Q1 2022, by starting meaningful marketing for the first time in the company’s history.”
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