Real Luck Group Ltd, Luckbox’s parent company, has made its debut on Toronto’s TSX Venture Exchange (TSXV) trading under the ticker ‘LUCK’.
RELATED: Luckbox CEO: Going public is the hardest thing I’ve done
The esports betting company is loosely aiming for a closing market capitalisation of CAD $28.2m (~£16.2m), CEO Quentin Martin told Esports Insider earlier this month, adding that the company is “hopeful [that the number] can go up. We believe we’re well-priced compared to our competitors.”
Luckbox grew 500 percent through 2020, making the most of a purple patch for the esports betting industry. “Lockdown really accelerated esports betting years into the future,” Martin told Esports Insider. “It’s been a period of hyper-growth for sure.” Martin also claims that Luckbox retained 75 percent of its new customer gains during the COVID-induced global lockdowns.
“These are exciting times and 2021 will be a very busy year for us,” Martin said in a release. “So far, almost all of our growth has been organic and the potential for growth through marketing is huge.”
In June this year, Luckbox closed an investment round totalling CAD $3.8m (~£2.2m). One month later the company raised another CAD $5m (~£2.9m), including funding from Major League Soccer player Luis Robles.
RELATED: Oddspedia: Trends and threats in the esports betting industry
Although based in the Isle of Man, the company will list in Canada on the TSXV having developed a strong investor network in the country. According to a release from the company, the listing comes just 20 months after Luckbox accepted its first bet. The company was founded in 2016.
Esports Insider says: While many esports teams and tournament organisers struggle to make money, esports betting companies chug along unharmed by the global pandemic. Luckbox is one of the very few esports-specific betting companies that has gone public. Don’t be surprised to see more in the coming months and years.