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2022-12-23 | TSX:FANS | Press Release

Vancouver, British Columbia–(Newsfile Corp. – December 23, 2022) – FansUnite Entertainment Inc. (TSX: FANS) (OTCQX: FUNFF) (“FansUnite” or the “Company”) is pleased to provide a corporate update.

“This was a transformative year as we reached significant milestones in advancing our overall business. Most notably, we set new Company records by generating a total revenue of $20.08 million for the nine months ended September 30, 2022, and producing a quarter of positive cash flow from operations, for the first time, in Q1 Fiscal 2022,” said Scott Burton, CEO of FansUnite. “This year, we also secured additional B2B partnerships, expanded Betting Hero’s affiliate presence, obtained new gaming licenses for two North American betting jurisdictions, and removed substantial contingent liabilities.”

Strong Revenue Growth

FansUnite has generated significant revenue growth, as highlighted by its total revenue of $20.08 million for the nine months ended September 30, 2022, an all-time high for any nine-month period in the Company’s history. The increase in revenue was primarily driven by the operations of its wholly-owned subsidiary, American Affiliate Co., LLC (“AmAff”) through its live activation brand, Betting Hero, which offers affiliate marketing services for betting operators. The Company saw an increase in revenues from its B2C operations through its Scottish-focused UK sportsbook McBookie, as well as new revenues from its B2B segment, namely Wales-based UK sportsbook DragonBet.

For the nine months ended September 30, 2022, the Company produced a gross margin of roughly 48%. Furthermore, the Company generated positive cash flow from its operations for the first time since the Company’s inception, which amounted to approximately $0.5 million, in the first quarter of Fiscal 2022.

B2B Partnerships and Affiliate…

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