FansUnite offloads Scottish-focused McBookie
The identity of the buyer was not disclosed, but it was confirmed that the deal was worth over CA$5.0m (£2.9m/€3.3m/US$3.7m), more than double the $2.2m that FansUnite paid to acquire McBookie in March 2020.
Under the ownership of FansUnite, McBookie delivered three consecutive years of revenue growth, while gross win increased 451% and turnover jumped 305%.
Through McBookie, FansUnite held a remote gambling software licence and remote betting licence from the British Gambling Commission, enabling it to serve as a B2C operator and B2B technology provider in the British online gambling market.
Paul Petrie and Damian Walker led McBookie as directors while the business was owned by FansUnite and they will continue to serve in these roles following the acquisition.
“This is a great deal and outcome for McBookie and for FansUnite,” FansUnite chief executive Scott Burton said “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 US 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.”
FansUnite raises funding from Tekkorp Capital
The sale comes after FansUnite in March raised an additional CA$2.0m in funding from a non-brokered private placement featuring Tekkorp Capital.
Tekkorp, an investment business focused on the global digital gaming industry, agreed to acquire 13,750,000 units of the financing, securing more than half of the units available in the offering.