Esports betting company Luckbox is awaiting approval for its listing on the Toronto, Canada Stock Exchange. The firm already started its procedures to be included in the TSX Venture Exchange (TSXV) in October. To do this, it has made expansion plans to grow its work team and launch a B2B division.
Luckbox closed its latest round of financing at CAD $ 5.0 million (£ 2.9m / € 3.2m / $ 3.7m), well above initially expected between CAD $ 2 million and $ 3 million. During the first tranche of financing, it obtained CAD $ 3.8 million, which it managed to increase to $ 4.5 million through the additional sale of subscription receipts.
Such sold subscription receipts will be automatically exchanged for securities in the capital company Elephant Hill with which Esports Limited, the parent company of Luckbox, will merge to guarantee their entry into TSXV.
Luckbox CEO Quentin Martin commented:
“The management team and the board of directors have been working hard to prepare for public inclusion.”
“We have enjoyed positive discussions with the TSXV, completed the business plan required for the presentation, financial drafts have been completed, and final audit approval is expected in late July,” he added.
He noted that the company expects to receive approval to enter TSXV in early October this year.
Betting volume increased 500%
One of the company’s future shareholders will be Luis Robles, the goalkeeper of Inter Miami (Major League Soccer), the team co-owned by former Manchester United star David Beckham.
After completing the fundraising process, Martin informed the company’s shareholders about the company’s achievements during the first half of 2020. Martin said that since November last year, the volume of bets has risen 500% to new titles such as Fifa and NBA2K are incorporated, which are now available on the operator’s platform.
To expand its appeal in other international markets, the operator has added chinese, spanish, russian, german and portuguese to its platform. In addition to payment in cryptocurrencies, including Bitcoin and Ethereum.
For the second semester, Luckbox hopes to add traditional sports betting and casino games to its platform. Additionally, it will improve customer acquisition features along with its customer relationship management (CRM) system and free betting promotions.
New license to expand to other markets
The company seeks to obtain an additional gaming license that will allow it to access new regulated markets in the next two years. The goal is to increase the operator’s customer base and launch new marketing campaigns to engage high-value players.
The Canadian operator also hopes to expand its management team. In this regard, it are recruiting for five key positions, this includes a head of growth who is responsible for overseeing customer acquisition and leading the growth of your B2C business quickly.
“This means that Luckbox will be able to offer an unsurpassed B2B sports betting solution, something we know the mainstream traditional sports operators are looking for right now and our intention is to sign our first B2B partnership within the next year,” said Martin.
And he added:
“Luckbox is pleased to have completed a CAD $ 5.0m financing related to its public transaction, through a business combination with Elephant Hill during a challenging period while successfully meeting its Q1 and Q2 roadmap goals that included adding languages. Additional, Procurement Partners and Additional E-Sports Titles.”
Lastly, he said that progress this year has been enormous. “And we hope to become the second company dedicated to eSports betting on a public exchange.”