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SeanieMac fears closure

| By iGB Editorial Team
ApolloBet owner SeanieMac could be forced to close unless it can access new funding.

ApolloBet owner SeanieMac could be forced to close unless it can access new funding.

In a trading update, the Ireland-based, US-listed company, which bought Apollo Betting earlier this year, said it needs $500,000 (€441,000) to pay for operational costs such as its website and marketing expenses.

While the company said gross gaming revenue for the first half of 2016 was up almost 400% to $218,456 – attributable to the purchase of ApolloBet – its accumulated losses are now at almost $10 million.

SeanieMac said that it was loaned $204,819 during the first six months of 2016 in order to fund temporary working capital requirements, but said it had “not entered into any agreements with anyone for any future loans”.

It said it is reliant upon shareholder, affiliate and third-party loans to fund operations and its current cash position is not sufficient to fund its anticipated cash requirements over the next 12 months.

The company said: “In the event we are unable to borrow funds needed for our business, or we are unable to repay our current obligations when due, we will have to seek additional financing, and no assurances can be given that such financing would be available on a timely basis, on terms that are acceptable or at all.

“Failure to obtain such additional financing could result in our inability to operate our website which represents our sole business and would materially adversely affect our business, results of operations and financial condition and threaten our financial viability.”

SeanieMac, which is an Authorised Betting Partner of the British Horseracing Authority, was founded in 2013 by Sean McEniff, the son of Irish hotelier Brian McEniff.

Related article: SeanieMac to launch new website after Boylesports exit

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