Real Luck Group has released its financial results for the second quarter of 2022, reporting a “strong balance sheet” as the company looks to drive further profitability and player acquisition in the second half of 2023.
The company reported CAD$10.6 million (US$8.2 million) in cash and no debt, and its Luckbox online casino is expected to generate positive monthly EBITDA by H2 2023.
“During the second quarter of 2022, the company finalised its platform in anticipation of the next phase of the company’s growth – acquiring and monetising players,” said Real Luck CEO Thomas Rosander.
“Initial results during this next phase of growth are promising, with online casino expected to drive positive monthly EBITDA in the second half of 2023.”
“With this, as well as continued player onboarding and monetisation, new business initiatives, and a balance sheet with approximately $10.6 million in cash and no debt, we believe we have enough capital to execute on our growth strategy.”
On its Luckbox platform, Real Luck ended the quarter with over 700 games from six providers. When compared to the previous quarter, this total represents a 66% increase in content.
During the quarter, Luckbox established partnerships and agreements with more than 50 global player acquisition channels in an effort to increase traffic to its esports, sports, and casino real-money betting products.
The addition of Daniel Sanders as Director of Marketing to the leadership team, as well as the August transition from content development to player acquisition, were operational highlights.
In addition, the company confirmed that it had completed the issuance of 119,048 Class A common shares to former CEO Quentin Martin, following TSX Venture Exchange approval.