Real Luck Group ended Q3 2021 with CA$15.8m (US$12.4m) in cash and no debt, but its losses continued to mount.

For the third quarter, the Canadian company, and its subsidiaries that do business under the Luckbox brand, reported a net loss of CA$1.9m, a 146% rise from the CA$772,023 for the same period last year.

This brings its net loss for the first nine months of 2021 to CA$6.6m, more than double the CA$3m loss for the first three quarters of 2020. The company’s revenue is also down, reporting CA$7.2m for Q3 2021 when compared to CA$34m for the equivalent, prior-year period.

However, these losses can be partially attributed to Real Luck Group’s preparations for its casino launch, which is expected to go live in Q4 of this year.

During the quarter, Real Luck also completed several key platform integrations. These included Solitics for customer engagement and business analytics, Aspire Global for casino games and sportsbook — including esports — and Funanga for secure cash deposits.

“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,” remarked Real Luck’s CEO Thomas Rosander.

“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.”

Real Luck Group is headquartered in Calgary and provides legal, real-money esports and sports betting.