FansUnite has written an end-of-year corporate update.
The post was authored by Scott Burton, FansUnite CEO, and discussed different business decisions and outcomes throughout the year of 2023.
The company underwent strategic restructuring at the start of the year, which included the sale of several different brands.
In February, FansUnite sold affiliate brand BetPrep for a 30% revenue share of the company.
In May, FansUnite sold the Scottish sportsbook and online casino McBookie for $5m and Chameleon Gaming Platform for $10m, the latter being sold to Betr.
In September, the company migrated Welsh sportsbook DragonBet from the Chameleon Gaming Platform, which completed FanUnite’s move away from B2B platform licensing.
Burton commented: “A special acknowledgement needs to be extended to our dedicated team.
“Their hard work, adaptability, and resilience have been instrumental in driving our successful restructuring and path to profitability.
“Each team member has played a pivotal role in navigating challenges and contributing to the positive outcomes we can celebrate.
As for the financials of the company, FansUnite received a $3.04m private placement as capital to support the business in March 2023.
By Q3, the company announced an adjusted EBITDA of $1.1m, an annual increase of $2.3m, and a gross margin of 63%.
From Q4, FansUnite has been generating a positive cash flow and according to Burton, is in a’ financially stable position’.
Burton continued: “Our Board of Directors has shown unwavering support and guidance throughout the year.
“Its strategic insights and dedication to our long-term vision have been indispensable, and we express our deep appreciation for its continued hard work.”
