On August 20, 2020 FansUnite (FANS.C) announced that Chris Grove is joining its Board of Directors.
FansUnite is a Sports and Entertainment company focusing on technology related to regulated and lawful online sports betting, casino and other related products.
Chris is a partner at Eilers & Krejcik Gaming (EKG) where he heads the firm’s Sports & Emerging Verticals division.
EKG is a boutique market research & consulting firm that services the gaming equipment, interactive gaming, and sports betting sectors.
“While most sell-side research in the gaming industry is focused on the casino operators, we are solely focused on covering the equipment, sports, and interactive gaming providers,” states EKG who provides “non-consensus idea generation.”
Earlier this week, EKG announced a strategic investment in software provider Gaming Analytics.
“Chris Grove is a nationally-recognized gambling industry expert focused on market and policy forecasting for the legal U.S. sports betting and online gambling sectors,” states FANS, “His insights are regularly cited by lawmakers, analysts, and mainstream media including ESPN, Bloomberg, the New York Times and the Wall Street Journal.”
Grove has testified before policymakers in multiple states on sports betting and related issues, including California, Illinois, New York, Nevada, and Washington State.
At the 50 second mark in the video below, Mr. Grove weighs in on the economic opportunity of on-line sports betting in the U.S., highlighting the trend towards mobile applications.
“As a leading expert in the U.S. market, Chris brings a wealth of experience to our company, as well as partnership, M&A, financing and regulatory opportunities for FansUnite,” states Scott Burton, CEO of FansUnite, “Chris has been a supporter of the company for many years now, and we’re fortunate to now solidify the relationship and have him join our board.”
On July 27, 2020 FansUnite acquisition target, Askott Entertainment announced that it has completed its second casino-themed video game, Crash Heist.
Askott – a Vancouver based company – has produced the iGaming platform, Chameleon Gaming Platform, with an esports-first focus geared for the next generation of online bettors and casino players.
The platform includes products for pre-match betting, in-play betting, daily fantasy, content and a certified Random Number Generator (RNG) to produce casino style chance games.
This announced acquisition deal “brings Askott what it doesn’t already have – which is a sportsbook license and casino gaming – and brings Fans unite what it didn’t have – a solid e-sports gambling front with white label clients and a large membership base,” wrote Equity Guru’s Chris Parry a month ago, “The total of the two entities brought together makes for something much larger than the sum of their individual parts, with years in business, revenue incoming, and a shared level of respect”.
Yesterday, the respected technology investment company Victory Square (VST.C) announced that FansUnite has completed its private placement announced on July 8th, 2020.
Victory Square acquires and invests in start-ups, then provides senior leadership and resources needed to fast-track growth. The objective: rapid scale-up and monetization. It has a portfolio consists of 20 global companies using AI, VR/AR and blockchain to disrupt fintech, insurance, health and gaming.
The offering was led by Canaccord, and included Haywood, Paradigm Capital, Mackie Research and Eight Capital, whereby Askott issued 12,524,615 Subscription Receipts at a price of $0.40 for aggregate gross proceeds of $5,009,846.
FansUnite is currently trading at .25.
“The successful private placement, and acquisition of Askott is great news for FansUnite, and Victory Square shareholders,” stated Shafin Diamond Tejani, CEO of Victory Square. “During the past 36 months, FansUnite has achieved significant milestones in terms of growth, product development and customer acquisition. And, our team will continue to work closely to help them successfully build, develop and grow with the objective of creating long-term value for Victory Square shareholders.”
“With the Askott acquisition now complete, FansUnite is well positioned to become a leader in the global I-gaming market,” stated Darius Eghdami, President of FansUnite, “The combined forces of both companies will bring together a portfolio of B2B and B2C assets that are unique, industry leading, and support our goal of growing our global footprint in the fast-growing gaming industry.”
“The explosion of legal online betting in the U.S. is opening an array of opportunities for suppliers like FansUnite that understand the importance of nimble technology, customer-driven brands, and deep integration of esports,” stated new board member Chris Grove.
Chris will advise FansUnite in US partnerships, regulatory requirements, M&A, financing, and corporate governance.
- Lukas Kane
Full Disclosure: FansUnite is an Equity Guru marketing client.
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