FansUnite Entertainment announced that its common shares have now been approved for listing on the Toronto Stock Exchange (TSX). The company has begun trading on TSX under its existing symbol ‘FANS,’ which is effective from the market’s opening on July 5.
This development means that the common shares of the company will cease to trade on the Canadian Securities Exchange. The Vancouver-based company started uplisting to the TSX following a successful first quarter in 2022, which found it breaking revenue records and posting its first cash flow positive quarter ever.
FansUnite is a sports and entertainment company that specializes in technology related to online sports betting and gaming products. The company views its transition from the Canadian Securities Exchange to the TSX as a great success.
FansUnite President Darius Eghdami commented: “Uplisting to the 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."
The TSX is a larger trading exchange and will enable the company to have greater reach both domestically and internationally. FansUnite believes that investors will now see them as a more established gaming operator that will be an attractive addition to their portfolio.
The company is currently focusing on technology related to its iGaming platform Chameleon, which offers operators an encompassing range of sports and esports gaming solutions. Aside from B2B solutions, FansUnite also runs numerous B2C brands such as Scottish sportsbook McBookie and Brazilian eSportsbook VamosGG.
It has also diversified into producing casino-style slot games, while also serving as the parent company of American Affiliate, a leading gambling media portfolio.
FansUnite has seen a successful 2022, obtaining a supplier-manufacturer license from the Alcohol and Gaming Commission of Ontario. This allowed them to become a fully registered supplier of sports betting and internet gaming in the Canadian province.
Its transition to the TSX is a significant one that resulted from a record quarterly revenue of $7.4m in the first three months of this year – a 804% increase from quarter one of 2021. CEO Scott Burton labeled this, "a significant milestone in the current market."
