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FansUnite Entertainment CEO pleased with Canada’s proposed single-event sports betting legislation

Published: 08:52 27 Nov 2020 EST

FansUnite Entertainment Inc -
FansUnite Entertainment could become a significant player in Canadian sports betting given its success in the UK

FansUnite Entertainment Inc (CSE:FANS) (OTCQB:FUNFF) (FRA:4UY) CEO Scott Burton weighed in following the Canadian government’s decision to introduce legislation that would legalize single-event sports betting in Canada. 

Burton said in a statement: "We are pleased that the federal government has decided to introduce legislation to legalize single-event sports wagering in Canada." 

He added: "This is the first important step to making sports betting competitive in this country, followed by the potential for outside operators to participate in the Canadian market. With our team and global experience in regulated jurisdictions, we are positioned to capitalize on this opportunity if and when it happens."

READ: FansUnite Entertainment is poised to become a global leader in the iGaming industry

The proposed legislation will give provinces and territories in Canada the discretion to offer single-event sports betting products and manage single-event sports betting either online or in a physical facility in their respective jurisdictions.

FansUnite recently become an official member of the Canadian Gaming Association (CGA), the national trade association of the gaming industry in Canada, which will allow the company to foster new relationships with the various entities involved in Canada’s gaming industry. It will also permit FansUnite to advocate on legislation impacting Canadian gaming companies.

FansUnite is a sports and entertainment company, focused on its technology related to online sports betting and related products. It also provides technological solutions and services in the global gaming and entertainment industries.

The company’s UK Sportsbook, McBookie, ended October 2020 with a 433% increase in revenue and 713% increase in gross margin compared to October 2019, the highest increase in monthly revenue and gross margin in the company's 10-year history. 

Mackie Research Capital analyst Bill Newman currently has a Speculative Buy rating on the stock with a $0.55 per share price target.  

Contact Sean at sean@proactiveinvestors.com

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