Following a failed attempt at a private placement, Real Luck Group, an online betting company, is exploring alternative financing options to bolster its balance sheet. Real Luck Group CEO, Thomas Rosander, expressed the company’s commitment to seeking other sources of funding to ensure the delivery of their targets in the current fiscal year.
Strong Business Performance Amid Funding Challenge
Despite the unsuccessful capital raise, the company has continued to operationalize improvements, optimize expenses, and record stronger than initially projected growth. The company’s business model, which comprises a B2C platform and a wholly-owned B2B micro-betting product, has piqued the interest of investors within the industry. This interest, however, does not guarantee any specific strategic plan or financial transaction.
Rosander stated, “While we are pleased with our business results, which have grown at a faster pace than we initially expected, our recently announced capital raise was unsuccessful in raising a satisfactory amount of capital in a timely manner.” He further added that the company had no specific timeline for the completion of the process.
Momentum in Player Engagement and New Product Development
In more encouraging news, the company confirmed that it had witnessed an influx of over $23.9m in wagers from a steadily increasing registered player base of more than 450,000 since its last operating update in May. Despite facing significant platform challenges in the previous year, the Luckbox brand has witnessed extensive growth, as evidenced by the notable rise in the Average Revenue Per User (ARPU) this July.
The company is also working on the development of a proprietary, live micro-betting product. This innovative product is anticipated to launch later this year, further enhancing its offering. Real Luck Group continues to enhance its user experience, integrating payment methods like MuchBetter payments and bank wire transfer, expanding options for users.
As they venture into the second half of the year, Real Luck Group remains focused on its strategic objectives of expanding its customer base, launching the new product, and securing alternative funding sources for continued growth. Luckbox’s future looks promising, especially given the enthusiasm of its customer base. The company is confident that it will soon be able to create and deliver a best-in-class gambling experience for its customers.