Isle of Man-based esports betting operator Luckbox has raised over CAD $3.8 million (approx. €2.47M) in the first tranche of its latest funding round.
As we reported in May, Luckbox is planning to list on the Canadian TSX Venture Exchange this summer, and has signed a letter of intent with capital pool company Elephant Hill. In the same week, the operator also announced a high-profile investment from Inter Miami goalkeeper Luis Robles.
The offering has been increased from the originally announced range of CAD $2M to $3M after attracting strong interest from investors. A second tranche has now been announced and will close on 15 June. Both offerings are being co-led by Gravitas Securities Inc and Beacon Securities Inc.
Discussing developments CEO of Luckbox, Quentin Martin, said:
“It’s been a phenomenal first half of the year for us and that’s been reflected in the interest from investors. We’ve seen a 500% increase in betting volume since March. Turnover has risen to almost 13 times that seen in November 2019, while deposits are up 10-fold since then.
“Esports is one of the hottest sectors anywhere right now and investors are clearly seeing the opportunity, especially with many alternative forms of entertainment badly affected by the Coronavirus outbreak. We’ve been thrilled with the response so far and I’d like to take this opportunity to thank everyone who’s supported us so far – these are extremely exciting times.”
AYO.NEWS says:
Despite significant disruption of live esports events during the COVID-19 crisis, the industry as a whole has boomed thanks to the lockdowns. Esports betting particularly has seen significant growth, thanks to traditional sports fans looking for alternatives, and to casual gamers who’ve found themselves with spare time to discover new things.
Find out more about how the COVID-19 crisis has affected esports betting by checking out the inside scoop from specialist esports betting operator LOOT.BET.
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