Real Luck Group Ltd (TSX-V:LUCK, OTCQB:LUKEF) and its subsidiary companies doing business as Luckbox reported third-quarter financial results and announced the signing of a letter of intent (LOI) to acquire a major Asia-Pacific (APAC) focused iGaming platform.
The transaction will see Luckbox purchase the vendors' proprietary platform and technology, with access to over 6,000 games from 50 providers and 100 localized payment methods. The platform will become an integral part of the growing Luckbox group and enhances the core Luckbox product offering, the company said.
"Adding B2B to our proprietary platform has always been a significant part of the Luckbox strategy, and this important acquisition means we will complete this objective almost a year in advance of our projections,” CEO Thomas Rosander said in a statement.
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“It also extends our opportunities into APAC, a significant region that we currently do not have a presence in and perhaps the largest esports market globally. This transaction ultimately builds our business' upside by providing immediate access to a large player base.
The all-stock acquisition is expected to close by the end of 2022 and is subject to TSX Venture Exchange approval, the company said.
Real Luck Group ended the third quarter with roughly 19,000 player registrations and agreements/partnerships with more than 300 international player acquisition channels. That’s up from 50 at the end of the second quarter.
These partnerships and agreements will deliver an increase in player traffic to Luckbox's next-generation iGaming platform, according to Rosander.
"Q3 was about ramping up our player acquisition initiatives,” Rosander said. “As reported, our record Q4 key performance indicators are a testament that our scalable plan is delivering above our expectations. We are already seeing significant improvements for growth in Q4 2022, as we now focus on driving additional player value, deposits and wagers on our platform."
Real Luck Group is an award-winning betting company that offers legal, real-money betting, live streams and statistics on all major e-sports 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 can offer an extensive range of betting options for e-sports tournaments.
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