FansUnite Announces Preliminary Unaudited Fiscal 2023 Financial Results

March 14, 2024 8:00 AM EDT | Source: FansUnite Entertainment Inc.

Vancouver, British Columbia--(Newsfile Corp. - March 14, 2024) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) ("FansUnite" or the "Company"), a global online gaming and affiliate business leader, is pleased to report preliminary unaudited revenue and gross margin results for the fiscal year ended December 31, 2023 ("Fiscal 2023"). All amounts are stated in Canadian dollars unless otherwise indicated.

Preliminary Unaudited Fourth Quarter and Fiscal 2023 Financial Highlights:

  • Total revenue for the twelve months ended December 31, 2023 was in the range of $23.4 million to $23.9 million.
  • Gross margin for the twelve months ended December 31, 2023 ranged from 61% to 65%, compared to 56% over the same period in Fiscal 2022.
  • For Fiscal 2023, the strategic divestment of iGaming assets resulted in annualized cash savings of $7.8 million.
  • Total revenue for the three months ended December 31, 2023 was in the range of $6.2 million to $6.7 million, an increase of at least 12% as compared to continuing operations from the three months ended December 31, 2022.

"I'm pleased to announce our 2023 unaudited financial results, reflecting our commitment to restructuring the business for stability and growth," said Scott Burton, CEO of FansUnite. "Despite the broader economic challenges, we have focused our business on streamlining operational costs while continuing to focus on our top line. Through strategic measures, we have reduced our debt, saw growth in our new business units and maintained our leadership position in live activations, laying a strong foundation for the future. Looking ahead, our priority is to shore up our balance sheet while positioning our affiliate business for success."

About FansUnite Entertainment Inc.

FansUnite is a global sports entertainment and gaming company. Our business is focused on the regulated and lawful sports betting affiliate market which includes customer acquisition, retention, support and reactivation. FansUnite has established itself as a leader in the North American affiliate market through its subsidiary American Affiliate Co LLC ("AmAff'' or "American Affiliate"). AmAff is a North American omni-channel customer acquisition company, covering both retail and digital customer activation for sportsbooks, casinos, poker and fantasy sports platforms.

For further information, please contact:

Prit Singh, Investor Relations at FansUnite
(905) 510-7636


This news release contains unaudited financial information for the 12 months ended December 31, 2023, which has been prepared by ‎management based on information currently available to the Company. ‎Accordingly, such financial information may be subject to change based on the results of the Company's year-end audit. The making of a modifying or superseding statement shall not be deemed an ‎admission for any purposes that the modified or superseded statement, when made, constituted ‎a misrepresentation for purposes of applicable securities laws.‎


This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that FansUnite anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-Looking statements in this news release include, but are not limited to, the Company's strategic objectives, goals, growth outlook, strategy and focus and discussion thereof, including future plans to position the affiliate business for growth and to strengthen the Company's financial position.

Forward-Looking statements are based on assumptions and analyses made by the Company in light of its experience and its perception of historical trends, current conditions and expected future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and growth rates; the success in the online gambling and sports betting industry; the regulatory environment applicable to online gambling and sports betting; the technological infrastructure and support needed to host the Company's online gambling and sports betting platforms and applications; any cryptocurrency applications to the Company's business; and the Company's growth plan. While FansUnite considers these assumptions to be reasonable, based on information currently available, they may prove to be incorrect. Readers are cautioned not to place undue reliance on forward-looking statements. In addition, forward-looking statements necessarily involve known and unknown risks, including, without limitation, risks associated with general economic conditions; audit-risks; risks associated with the regulatory environments in the jurisdictions the Company operates in; technology-related risks that could adversely affect the Company's ability to operate its online gambling and sports betting platforms and applications, risks related to the novel coronavirus (COVID-19) global pandemic and any effects it might have on the Company's business thereto. Readers are cautioned that the foregoing list is not exhaustive. For more information on the risk, uncertainties and assumptions that could cause anticipated opportunities and actual results to differ materially, please refer to the public filings of FansUnite which are available on SEDAR+ at Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and actual results may differ materially from those anticipated. Forward-Looking statements contained in this news release are expressly qualified by this cautionary statement and reflect our expectations as of the date hereof, and thus are subject to change thereafter. FansUnite disclaims any intention or obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise, except as required by applicable law.

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