Real Luck Group ends "milestone" fiscal 2020 with cash balance of C$3.8M; positions itself for strong growth in 2021

Real Luck Group Ltd (CVE:LUCK) (OTCQB:LUKEF) ended its fiscal 2020 with over C$3.8 million in cash after an oversubscribed financing and public listing on the TSX Venture Exchange. 

In a statement accompanying the results, CEO Quentin Martin called fiscal 2020 an “important year” for the young company. 

“Our focus throughout fiscal 2020 was on developing our proprietary esports betting platform and, despite nominal marketing spend, we were able to organically and efficiently increase our audience as the global pandemic brought esports betting into focus during early 2020,” Martin told investors. 

READ: Real Luck Group cheers House of Commons passing of bill that would legalize sports betting in Canada

The CEO said that the 2020 esports calendar was “adversely impacted” by the postponement of the biggest esports event of the year – the Dota 2 International, but added that the coming year’s calendar “looks much better.”

Real Luck Group is positioned for “healthy growth” in 2021 and 2022, according to Martin.

“As we continue to grow our team, enhance our product and spread the word about Luckbox with a comprehensive marketing strategy in place, we look forward to offering our customers the opportunity to wager on several highly anticipated events.”

The Calgary- and Isle of Man-based company offers legal, real-money betting, live streams, and statistics on all major esports and sports on desktop and mobile devices.

So far in 2021, the company has completed a C$17.8 million financing and added sports betting, in addition to esports.

“We are well-capitalized owing to the successful private placement of special warrants in March 2021 to execute our mission of delivering ‘Esports Betting Done Right’,” said chief customer officer Thomas Rosander.

“As well as accelerating our customer acquisition efforts, this capital enables us to continue improving the Luckbox platform, strengthening our team, and engaging with relevant third parties to create the world’s leading esports betting platform, with fundamentals in place to ensure long-term growth.”

US shares update

Separately, the company also said it had received DTC Eligibility for its US shares.

“The ability to have Real Luck Group shares electronically cleared and settled in the U.S. is more convenient and reduces the costs incurred in trading shares,” said chief financial officer Ran Kaspi.

“With our shares traded electronically, existing investors benefit from greater liquidity over time and execution speeds, while new investors are far less restricted from investing in our stock.”

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Story by ProactiveInvestors