FansUnite Entertainment Inc. has published its financial report for this year’s first quarter. The company reported significant progress throughout Q1 2022 and said it looks forward to continuing its expansion as the commercial market grows.
During the first quarter, FansUnite generated $7.7m in revenue, reflecting an 804% increase when compared to the previous year’s quarter. The latest numbers more than tripled those posted during 2021’s final quarter.
The company attributes the boost to ongoing momentum fueled by its acquisition of American Affiliate, several partnerships formed during the quarter and the expansion of both global and US commercial markets.
FanUnite’s Q1 revenue is the highest quarterly figure in its history. Revenue in Q1 2022 exceeded the company’s total earnings posted for all of 2021 by 72%.
Other highlights from the report include the launch of the company’s Money Line Sportsbook, which is fueled by FanUnite’s Chameleon platform. The company also became a fully registered gaming-related operator in Ontario, after gaining the required license approval.
Online gaming in Ontario has been live since April 4. Local lotteries have traditionally dominated Canada’s gambling sector. 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.
FansUnite CEO Scott Burton commented: “FansUnite’s strong financial results and continued expansion reflect our position as a power player in the global online gaming industry.
“We look forward to continuing our momentum through 2022 as we form new partnerships, launch new game titles, and expand into more emerging gaming markets.”
