Thomas Rosander, the CEO of esports betting platform Luckbox, has claimed that the company is on track to be profitable in 2023 following its growth last year.
In an announcement to shareholders, Rosander stated that the company’s shift to its player acquisition phase in October helped Luckbox go from a virtual ‘standing start’ in Q3 2022 to recording CAD$3m (~£1.84m) in betting handle by the end of Q4.
With regards to the company’s 2022 KPIs (Key Performance Indicators), Luckbox has revealed that its monthly revenue has grown 120% and total player deposits grew by 420% since August. Given its Q4 growth, Rosander has predicted that the company is on the right trajectory to achieve profitability by the end of Q2 2023.
Luckbox will also look to create a new B2B vertical that embeds products into gaming and betting operators. This will be created using Luckbox’s proprietary betting technology.
The company’s positive end to 2022, which ended with the company purchasing a yet-to-be named iGaming platform, will be a welcome announcement to Luckbox’s shareholders. In Q3 2023, Luckbox recorded an unaudited net loss of CAD $1.96m (~£1.2m), however, the company’s Q4 financial report is yet to be revealed.
In a release, Roseander commented: “We believe 2023 will be the year that we will expand further and make an impact on our growing industry.
“From a financial perspective, we’re already generating around 25% of the Global Betting Handle that we need to in order to be breakeven; that, in relation to the fact that we have only activated 20% of our player acquisition channels, gives us a high degree of confidence that we are on the right trajectory to attain profitability by the end of Q2 2023.”
Coinciding with its growth plans, Luckbox looked to expand its presence in South America last year. Notably, this was spearheaded by a partnership with Peruvian esports organisation Thunder Awaken for The International 11.
