Real Luck Group ends 1Q with C$19.2M in cash to help execute 2021 growth strategies

Real Luck Group Ltd (CVE:LUCK) (OTCQB:LUKEF) filed its first quarter financial results showing the company ended the period with C$19.2 million in cash.

In a statement, CEO Thomas Rosander told shareholders that the gaming company spent its first quarter of 2021 building a “solid foundation” to grow.

“We closed a private placement of special warrants for gross proceeds of $17.8 million, giving us the capital to execute on our growth goals through the rest of this year and beyond,” Rosander said.

READ: Real Luck Group welcomes the passing of Bill C-218, The Safe and Regulated Sports Betting Act, on second reading at the Canadian Senate

“We are focused on optimizing our product platform and customer acquisition funnel to increase ROI ahead of scaling up our marketing spend. In addition, we are strengthening our team and working with carefully selected partners as we continue to strive toward offering a world-leading esports betting product.”

Rosander joined the Calgary- and Isle of Man-based firm in May 2021 from Dunder Casino.

Subsequent to the quarter, Real Luck has added VALORANT betting; increased the number of esports available at Luckbox to 14; announced DTC Eligibility after uplisting to OTCQB Exchange, and received nominations in the Innovative Start-up and Innovation In Esports categories at the EGRM Marketing and innovation awards.

The company posted a net loss for the period of C$2.4 million.

Real Luck Group Ltd, which trades as Luckbox, offers legal, real-money betting, live streams and statistics on 13 esports on desktop and mobile and is one of the first movers in the esports betting market and one of the few pure-play names.

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Story by ProactiveInvestors