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Real Luck Group in “strong position” despite net loss increasing in 2021

Real Luck Group has released its full-year financial results for 2021, which show the company’s losses have accelerated over the past 12 months, although cash reserves have increased. 

Real luck group fy 2021 gi web image

Accompanying the financial report, CEO Thomas Rosander expressed the positive impact his company had experienced, with a number of technological advances and product launches undertaken.  

Rosander commented: “During fiscal 2021, our team worked to enhance and extend both our proprietary platform and infrastructure, positioning us to launch our player acquisition efforts in 2022. Our work has enabled us to develop and launch a next-generation wagering platform, powered by superior business intelligence infrastructure to support our player acquisition efforts, with the aim of optimising marketing spend and player value. 

“As part of our plan to build a betting platform for a new generation of players during 2021, we made hundreds of improvements to the platform, announced eight new partnerships and further strengthened our team.” 

Real Luck Group, which trades as Luckbox, ended the year with net losses of CA$8.6m (US$6.7m), which represents a CA$3.1m, or 56%, increase year-on-year. The increase in net loss is largely attributable to increased advertising, which more than doubled to CA$0.9m, consulting fees, which increased 111% to CA$1.4m and compensation for shareholders, which also doubled to CA$1.9m. 

However, the company ended 2021 debt-free, with cash reserves of CA$14.4m. This was largely due to the financing of Special Warrants, a term for shareholder funding, which brought in CA$17.8m. 

Over the past year, Real Luck Group has made a number of executive appointments to strengthen its leadership team. Benn Timbury was appointed COO in March 2021, while Bo Wänghammar joined the company as a Director of the Board. 

The company also added a sports wagering product, to complement its core esports vertical, and launched an online casino at the end of the year.

 

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