FansUnite Entertainment (CSE: FANS), recently acquired McBookie Ltd., a provider of regulated betting services in the United Kingdom.
Total consideration for the acquisition of McBookie was $2.2M CAD. This included approximately $500k in cash on the closing of the acquisition, a $500k (£300k) note payable, due within 12 months of the close and $1.2M in shares at $0.35 (3,497,143 common shares).
The acquisition will enable FansUnite to continue to consolidate assets in leading regulated gaming jurisdictions such as the U.K., a market whose net revenue for gambling increased from roughly 8.4 billion British pounds in 2011 to approximately 14.4 billion British pounds in 2018 (read the industry statistics here). The global online gambling market size was valued at USD 53.7 billion in 2019 and is expected to grow at a compound annual growth rate (CAGR) of 11.5% from 2020 to 2027. The growth rate of online casinos, like the one you can play at bestcasinositesonline online casino, has increased significantly.
Led by Paul Petrie, founder and Director, McBookie has been operating in the country since 2009 providing customers with sports betting, casino and virtual sports offerings. Currently, the company has approximately 10,000 active members and has handled a total of $340M CAD in betting since inception. In the last three years alone, McBookie has taken over $135M CAD in betting volume onto their platform.
Led by Darius Eghdami, Chairman and CEO, FansUnite Entertainment is a sports and entertainment company, focusing on technology related to regulated and lawful online sports betting and other related products. The principal business is operating the FansUnite Sportsbook and now the McBookie website, offering online sports betting to the UK market.
The company also provides technology solutions, products and services in the global gaming and entertainment industries and looks to acquire technology platforms and assets with high-growth potential in new or developing markets.