Real Luck Group Ltd. Reports Q2 2022 Financial Results
Strong Balance Sheet Supports Transition to Player Acquisition and Profitability In Second Half 2023
CALGARY, AB and Isle of Man, Aug. 24, 2022 /PRNewswire/ - Real Luck Group Ltd. (TSX.V: LUCK) (OTCQB: LUKEF) (the "Company") and its subsidiary companies doing business as "Luckbox" (the "Group"), an award-winning provider of licensed, real money esports betting, sports betting and casino games, has filed financial results for the six months ending June 30, 2022 ("Q2 2022") on SEDAR. Unless otherwise stated, all dollar amounts are expressed in Canadian dollars.
Real Luck Group CEO Thomas Rosander said: "During the second quarter of 2022, the Company finalized its platform in anticipation of the next phase of the Company's growth - acquiring and monetizing players. To support this transition, we continued to introduce more games and features to our online casino, a high-margin vertical designed to bring engaging content to our players and near-term revenue. Given our ambitious goals to become a tier one operator and to respond to player demand, we added over 300 games to our casino offering, proving that we can react and maneuver to the market to enhance our player experience."
"As highlighted at our August 11, 2022 Annual General Meeting we have completed our transformation and reinitiated the marketing of our esports betting offer. To support this we appointed Daniel Sanders as Director of Marketing on July 5, 2022. Dr. Sanders brings extensive marketing and player acquisition experience gained from similar roles at Tencent Games and Red Bull."
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"Initial results during this next growth phase are promising, and with online casino forecasted to drive positive monthly EBITDA in second half 2023. This together with continued onboarding and monetizing of players, new business initiatives, and a balance sheet that has about $10.6 million of cash and no debt, we believe that we have enough capital to execute on our growth strategy."
- Ended Q2 with over 700 games from six providers on the newly launched Luckbox online casino, an increase of over 66% in games content since the end of March 31, 2022 ("Q1 2022").
- Ended Q2 with partnerships and agreements with more than 50 global player acquisition channels. These partnerships and agreements are designed to increase player traffic to Luckbox's next-generation esports, sports and casino real-money betting products.
- April 13, 2022: Partnered with online casino software supplier Microgaming, adding over 100 games to Luckbox's casino, including branded titles such as Jurassic World™, Game of Thrones™ and Lara Croft®.
- May 6, 2022: Nominated in the Brand of the Year and Innovation in Esports categories at the EGR Marketing & Innovation Awards 2022.
- July 5, 2022: Appointment of Daniel Sanders Phd. as The Director of Marketing to complete the leadership team. Dr. Sanders' previous positions include Senior Global Marketing Lead at Tencent Games and Head of Esports and Gaming Marketing at Red Bull.
- Early August: Transitioned from platform, product and game content development to commencing player acquisition.
Further to the news release dated July 12, 2022, the Company has completed the issuance of 119,048 Class A Common Shares (the "Remaining Bonus Shares") to Quentin Martin, the former Chief Executive Officer of the Company. The Remaining Bonus Shares are subject to contractual resale restrictions whereby 25% of the Remaining Bonus Shares will be released on September 16, 2022 and another 25% will be released on December 16, 2022. 50% of the Remaining Bonus Shares do not have any contractual resale restrictions upon issuance, however, all the Remaining Bonus Shares are subject to a four-month statutory hold period expiring on December 19, 2022. The issuance of the Remaining Bonus Shares has been accepted by the TSX Venture Exchange.
The Company is an award-winning betting company that offers legal, real-money betting, live streams, and statistics on all major esports and sports on desktop and mobile devices. The Company has a Business-to-Consumer (B2C) platform, and by leveraging shared technology, data, and resources, the Company can offer an extensive range of betting options for esports tournaments. The Company's in-house customized user interface and user experience, built on a technology stack that supports multiple odds and streaming sources, allows the Company to deliver deep esports betting coverage. The Company has been built by a team combining experience in the igaming industry and a passion for esports to offer players a unique, broad, engaging, and legal CS:GO betting, Dota 2 and League of Legends betting experience. The Company serves esports fans in more than 80 territories across the globe. In November 2020, Luckbox was named Rising Star at the EGR Operator Awards. The Company (via the Group) holds a full licence under the Online Gambling Regulation Act (OGRA), issued by the Isle of Man Gaming Supervision Commission. As the Group is fully licensed in the Isle of Man for B2C and B2B esports & sports betting and casino, the Company has access to favourable payment processors. Luckbox is committed to supporting responsible gambling.
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The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affecting such statements and information other than as required by applicable laws, rules and regulations.
SOURCE Real Luck Group Ltd.
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