Real Luck Group Ltd (TSX-V:LUCK, OTCQB:LUKEF) has reported a strong rise in 2022 annual revenue amid increases in active players, new markets and player revenue.
For the year to December 31, 2022, the provider of licensed esports betting, sports betting and casino games delivered revenue of $159,992, up from $25,174 in 2021. It ended the year with player registrations of 137,000, from a negligible base at the end of 2021, with 85% of the player base built in 4Q.
The company had cash of $6.07 million as of December 31 versus $14.4 million at the end of 2021 after undergoing a complete rebuild that it said enabled the relaunch and rapid scaling of a business-to-consumer (B2C) platform, while preparing for the development of an innovative microbetting product set to launch in 2023.
"In 2022, we created the infrastructure and systems that enabled us to grow our player base and global gaming handle in 2023,” Real Luck Group CEO Thomas Rosander said in the company's earnings statement.
“Our March 2023, KPIs illustrate the speed at which Real Luck Group has grown since these foundations were laid. In March 2023, Real Luck Group generated approximately $5 million in global gaming handle, significantly exceeding the approximately $3 million of handle generated during all of 2022.”
The company said growth has been driven by its expanding player base, which at the end of March was up nearly 13-fold to approximately 387,000 versus the end of 2022, resulting in a new record in global betting handle of approximately $5 million, up from February's record $2.8 million.
"Looking ahead to 2023, we believe we are on track to continuing to scale our B2C business,” Rosander added. “At the same time, we are eager to highlight progress we make on our new B2B business later this year, as we advance this new and disruptive platform to commercial launch with globally renowned B2C operators."
Contact the author at stephen.gunnion@proactiveinvestors.com