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FansUnite sells wholly-owned subsidiary McBookie Ltd.

2 May 2023

(PRESS RELEASE) -- FansUnite Entertainment Inc. announced the signing of a definitive agreement dated 1 May 2023 pursuant to which the company has sold to an arm’s length third-party all of the shares in its wholly owned subsidiary, McBookie Ltd., a Scottish private limited company.

FansUnite acquired McBookie in March 2020 for $2.2 million CDN in total consideration, including $1 million CDN in cash. Three years later, FansUnite will recognize a significant profit, selling McBookie for more than $5 million CDN1 in cash, over 7x their record 2022 EBITDA2.

McBookie, the dominant Scottish-focused sportsbook and online casino in the U.K., has delivered three consecutive years of revenue growth. Under FansUnite’s ownership, McBookie achieved a gross win increase of 451% and a turnover increase of 305%. Led by the strategic guidance of directors Paul Petrie and Damian Walker, McBookie has seen increases in new player signups, retention, and brand recognition.

“This is a great deal and outcome for McBookie and for FansUnite,” said Scott Burton, CEO of FansUnite. “We began a path of streamlining and focusing our business in 2022. With the UK continuing to tighten regulations on gaming operations, we felt it was time for FansUnite to exit the B2C space. We will be able to focus more resources on the segments of our business that offer the highest growth potential with good margins, specifically the U.S. marketplace and affiliate opportunities. This sale will strengthen FansUnite’s balance sheet as the company moves towards being cash flow positive. I want to thank Paul and Damian for their efforts while they were part of FansUnite and wish them well as they continue to grow the McBookie brand.”

As per the terms of the deal, Petrie and Walker will continue to serve as Directors at McBookie.

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FansUnite sells wholly-owned subsidiary McBookie Ltd. is republished from Online.CasinoCity.com.