FansUnite Entertainment Inc. (FANS:CSE) announced in a news release it acquired McBookie Ltd., which offers sports, virtual sports and casino betting in the United Kingdom (U.K.), for a total consideration of CA$2.2 million.
That figure is comprised of CA$1.2 million worth of common shares along with CA$500,000 in cash due on closing and a CA$500,000 note due on the anniversary of the closing date.
The acquisition "provides a strong foundation for the future of FansUnite as the company continues to look to consolidate assets in leading regulated gaming jurisdictions such as the U.K.," the release noted.
McBookie, since its founding, organically garnered 10,000 active members and handled CA$340 million in betting, CA$340 million of it in the past three years alone, the company noted.
Vancouver, British Columbia-based FansUnite intends to grow the McBookie platform by growing its membership base and increasing its betting volumes, throughout Great Britain, where net gambling revenue has been on the rise. Between 2011 and 2018, the number grew to €14.4 billion from €8.4 billion.
"We have always believed in the huge potential of the McBookie brand and our most recent investment will allow us to provide this asset with the necessary resources to become a leader in the UK market," said Darius Eghdami, chairman and CEO of FansUnite Entertainment. "Remarkably, McBookie has been able to build their brand and customer base through mostly organic channels. Paul Petrie and Damian Walker are excellent operators and with our team, we will now be able to assist them in continuing to grow their membership base and increasing their betting volume."
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