Real Luck Group and its Luckbox subsidiary companies – a licensed, real money esports betting, sports betting, and casino games provider – has published its financial results for the second quarter of 2022, declaring year-over-year improvements in revenue and a reduction in net loss.
Commenting on the results, CEO Thomas Rosander showed optimism on the company’s ambitions to become a tier one operator, noting it has added over 300 games to its offering to “enhance” the player experience, with online casino expected to drive positive monthly EBITDA by H2 2023.
For Q2, Real Luck Group declared revenue of CAN$13,855, a 73.1% increase YoY from the $8,002 earned during the same period in the previous year.
Operating expenses came in at $1.9m, a 16% drop YoY compared to Q2 2021’s $2.2m following a decrease in share-based payments to $236,519 (2021: $542,584).
Following an income tax payment of $730, Real Luck’s total net loss for Q2 stood at $1.96m, a 16.2% decline YoY (2021: $2.28m).
“During the second quarter of 2022, the company finalized its platform in anticipation of the next phase of the company’s growth – acquiring and monetizing players,” commented Real Luck Group CEO Thomas Rosander.
“To support this transition, we continued to introduce more games and features to our online casino, a high-margin vertical designed to bring engaging content to our players and near-term revenue.
“Given our ambitious goals to become a tier one operator and to respond to player demand, we added over 300 games to our casino offering, proving that we can react and maneuver to the market to enhance our player experience.”
Rosander also added that Real Luck has completed the transformation and reinitiated the marketing of its esports betting offer.
The group backed this by appointing Daniel Sanders as its new Director of Marketing to lead Luckbox’s marketing strategy and help the subsidiary scale its player acquisition efforts through H2 2022 to achieve its organic revenue growth target for the year.
The CEO continued: “Initial results during this next growth phase are promising, and with online casino forecasted to drive positive monthly EBITDA in second half 2023.
“This together with continued onboarding and monetizing of players, new business initiatives, and a balance sheet that has about $10.6m of cash and no debt, we believe that we have enough capital to execute on our growth strategy.”
By Q2’s end, the newly launched Luckbox online casino featured over 700 games from six providers, a 66% increase in game content since the end of Q1.
The group also had sealed partnerships and agreements with over 50 global player acquisition channels, designed to increase Luckbox’s player traffic to its betting products.
One of those partners was with online casino software supplier Microgaming, which added over 100 games to Luckbox’s casino, including titles such as Jurassic World, Game of Thrones, and Lara Croft.