Real Luck Group Limited, and its subsidiary companies doing business as Luckbox, have announced the availability of casino games on the Luckbox wagering platform.
The legal real-money betting company said the Luckbox casino, which is live on the platform, “complements” the existing offering of e-sports and sports betting.
The global online casino market is estimated at $134.9 billion in 2021 and could reach $159.8 billion by 2026, growing at a compound annual growth rate (CAGR) of 3.45%, according to Research and Markets. “Through today's online casino launch, Luckbox is now positioned to benefit from this growth market,” noted the company.
READ: Real Luck Group ends 3Q with strong cash position and no debt
In a statement, Luckbox CEO Thomas Rosander said: "Most of our efforts this year have focused on recalibrating our next-generation wagering platform. The online casino deployment marks the most substantial and first visible milestone in that process, and we achieved this prior to year-end - something we've communicated repeatedly since I became CEO.”
"We will continue to iteratively enhance our proprietary products as we strive towards providing a superior betting experience for the next generation of players. The addition of casino brings Real Luck Group an expected near-term revenue stream in a vertical where I have had prior successes throughout my career, including my tenure as CEO of Dunder, which achieved annual revenues of €80 million in less than three years.”
Rosander pointed out that with “almost $16 million of cash and no debt,” as of September 30, 2021, Real Luck Group is “well-capitalized to continue evolving” its Luckbox platform and executing on the company’s organic player marketing program.
"I want to thank our team for achieving this major milestone, within the timeline we have committed to our stakeholders,” added Rosander. "With this major effort now complete, we are in a position to turn our focus to our growth strategy. We plan to scale our player acquisition efforts across all our verticals of esports betting, sports betting, and online casino early in the new year and we look forward to sharing key performance indicators (KPIs) relevant with investors soon."
Grant of stock options
Separately, the company also revealed that it has granted an aggregate of 4.65 million stock options under the its stock option plan to the directors, employees officers and consultants at a price of C$0.205 per stock option, representing the closing price of the company's shares on December 17, 2021. It is exercisable for a period of three years from the date of grant, vesting 10% immediately, 10% six months from the date of grant and 20% every six months after that.
In addition, Luckbox said it plans to continue with investor relations arrangements with Sophic Capital Inc.
Luckbox offers legal, real-money betting, live streams, and statistics on all major esports and sports on desktop and mobile devices. The company has a business-to-consumer (B2C) platform, and by leveraging shared technology, data, and resources, the company offers an extensive range of betting options for esports tournaments.
Contact the author Uttara Choudhury at uttara@proactiveinvestors.com
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