Real Luck Group Ltd (TSX-V:LUCK, OTCQB:LUKEF) and its subsidiary companies, doing business as Luckbox, said it had cash and cash equivalents of C$12.5 million in the first quarter ended March 31, 2022.
The award-winning provider of licensed esports betting, sports betting and casino games said the Luckbox casino now features more than 400 games and is expected to drive near-term revenue.
"The first quarter of 2022 saw the company continue to make vast improvements to our platform, as we strive to become the world's number one esports betting destination,” Real Luck Group CEO Thomas Rosander said in a statement. “We have now introduced more than 400 games and products, including the newly-launched online Luckbox casino, a vertical designed to bring engaging content to our players and near-term revenue to the business.”
READ: Real Luck Group announces partnership with leading performance marketing company Raketech Group
Rosander added that the company’s cash position gives it the necessary resources to execute its growth strategy. “We are continually reviewing our cost base to optimize efficiencies and have identified $0.5 million of annualized savings, which we will reinvest into the business, including our player acquisition budget this year.”
The company ended the first quarter with 421 games from six providers on the newly launched Luckbox online casino, an 815% increase in games offered since the final quarter of 2021. The company ended 1Q with partnerships and agreements with more than 50 global new player referral affiliate sites.
"Additionally, we embarked on the initial stages of our player acquisition campaigns, adding new partnerships with some of the biggest global player acquisition and referral networks. We continue to monitor and optimize our acquisition metrics, with the aim of maximizing ROI on marketing spend, despite player acquisition costs trending upward in recent months," said Rosander.
Early in 2Q, the company announced a new partnership with online casino supplier Microgaming to add more than 100 games to Luckbox's casino. In May, the company was nominated in the Brand of the Year and Innovation in Esports categories at the EGR Marketing & Innovation Awards 2022.
"We have been focused on new opportunities to grow our user base, in a pragmatic and cost-effective manner, while focusing on our core esports market,” Rosander said further, concluding that: "We plan to grow our user base by entering new markets with additional local gaming licenses, while also rolling out our proprietary B2B offering, and an accretive M&A strategy, which we look forward to sharing with investors soon."
Contact the author at jon.hopkins@proactiveinvestors.com