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Casino games expected to add near-term revenue
CALGARY, AB and ISLE OF MAN, Dec. 20, 2021 /CNW/ - Real Luck Group Ltd. (TSXV: LUCK) (OTCQB: LUKEF) (the "Company") and its subsidiary companies doing business as "Luckbox" (the "Group"), an award-winning provider of licensed, real money esports and sports betting, announces the availability of casino games on the Luckbox wagering platform. The Luckbox casino, which is live on the platform today, complements the existing offering of esports and sports betting.
The Global Online Casino Market is estimated to be US$134.9 billion in 2021 and could reach US$159.8 billion by 2026, growing at a CAGR of 3.45%, according to ResearchandMarkets.com. Through today's online casino launch, Luckbox is now positioned to benefit from this growth market.
Luckbox CEO Thomas Rosander said: "Most of our efforts this year have focused on recalibrating our next-generation wagering platform. The online casino deployment marks the most substantial and first visible milestone in that process and we achieved this prior to year end - something we've communicated repeatedly since I became CEO.
"We will continue to iteratively enhance our proprietary products as we strive towards providing a superior betting experience for the next generation of players.
"The addition of casino brings Real Luck Group an expected near-term revenue stream in a vertical where I have had prior successes throughout my career, including my tenure as CEO of Dunder, which achieved annual revenues of €80 million in less than three years.
"With almost $16 million of cash and no debt, as of September 30th 2021, Real Luck Group is well-capitalized to continue evolving our Luckbox platform and execute on our organic player marketing program, as we embark on our revenue growth phase.
"I want to thank our team for achieving this major milestone, within the timeline we have committed to our stakeholders.
"With this major effort now complete, we are in a position to turn our focus to our growth strategy. We plan to scale our player acquisition efforts across all our verticals of esports betting, sports betting, and online casino early in the new year and we look forward to sharing KPIs relevant with investors soon."
Grant of stock options
The Company announces that it has granted an aggregate of 4,650,000 stock options under the Company's stock option plan to the directors, employees officers and consultants of the Company at a price of C$0.205 per stock option, representing the closing price of the Company's shares on Friday, December 17, 2021, exercisable for a period of 3 years from the date of grant; vesting 10% immediately, 10% six months from the date of grant and 20% every six months after that.
The Company also intends to continue with investor relations arrangements with Sophic Capital Inc. ("Sophic"). Sophic receives a fee of $8,000 per month for ongoing investor relations services. In addition, Sophic was granted 200,000 options to acquire Luckbox Shares at a price of C$0.205, which vest over 12 months, of which 50,000 options vest every 3 months.
The Company is an award-winning betting company that offers legal, real-money betting, live streams, and statistics on all major esports and sports as well as casino games on desktop and mobile devices. The Company has a Business-to-Consumer (B2C) platform, and by leveraging shared technology, data, and resources, the Company can offer an extensive range of betting options for esports tournaments. The Company's in-house customized user interface and user experience, built on a technology stack that supports multiple odds and streaming sources, allows the Company to deliver deep esports betting coverage. The Company has been built by a team combining experience in the igaming industry and a passion for esports to offer players a unique, broad, engaging, and legal CS:GO betting, Dota 2 and League of Legends betting experience. The Company serves esports fans in more than 80 territories across the globe. In November 2020, Luckbox was named Rising Star at the EGR Operator Awards. The Company (via the Group) holds a full licence under the Online Gambling Regulation Act (OGRA), issued by the Isle of Man Gaming Supervision Commission. As the Group is fully licensed in the Isle of Man for B2C and B2B esports & sports betting and casino, the Company has access to favourable payment processors. Luckbox is committed to supporting responsible gambling.
CAUTION WITH RESPECT TO FORWARD-LOOKING STATEMENTS
The TSX Venture Exchange has neither approved nor disapproved the contents of this press release. Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
This news release may contain certain "forward-looking statements" and "forward-looking information" within the meaning of applicable Canadian securities laws. When used in this news release, the words "anticipate", "believe", "estimate", "expect", "target, "plan", "forecast", "may", "schedule" and other similar words or expressions identify forward-looking statements or information. Such statements represent the Company's current views with respect to future events and are necessarily based upon a number of assumptions and estimates that, while considered reasonable by the Company, are inherently subject to significant business, economic, competitive, political and social risks, contingencies and uncertainties. Many factors, both known and unknown, could cause results, performance or achievements to be materially different from the results, performance or achievements that are or may be expressed or implied by such forward-looking statements. The Company does not intend, and does not assume any obligation, to update these forward-looking statements or information to reflect changes in assumptions or changes in circumstances or any other events affections such statements and information other than as required by applicable laws, rules and regulations.
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SOURCE Real Luck Group Ltd.
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