• Total revenue of $23.72 million for the full year of Fiscal 2023, an increase of 3% over Fiscal 2022
• Gross margin of $14.88 million (63%) for Fiscal 2023 as compared to $12.83 million (56%) for Fiscal 2022
• Company to host Year End earnings call on Tuesday, April 2, 2024 at 10:00 AM EST / 7:00 AM PST

Vancouver, British Columbia--(Newsfile Corp. - April 1, 2024) - FansUnite Entertainment Inc. (TSX: FANS) (OTCQB: FUNFF) ("FansUnite" or the "Company"), a global online gaming and affiliate business leader, is pleased to announce that it has filed its Consolidated Audited Financial Statements and associated Management's Discussion and Analysis ("MD&A") for the financial year ended December 31, 2023 ("Fiscal 2023"). All amounts are stated in Canadian dollars unless otherwise indicated.

Earnings Call Registration Details

Day: Tuesday, April 2, 2024 Time: 10:00 AM (EST) / 7:00 AM (PST)
Topic: FansUnite's Fiscal 2023 financial results and growth outlook for the remainder of 2024
Register:

Fourth Quarter Fiscal 2023 Financial Highlights

• Total revenue for the three months ended December 31, 2023 was $6.54 million, an increase of 18% when compared to the same period in the prior year (December 31, 2022: $5.55 million).
• Gross margin for the three months ended December 31, 2023 was 60%, compared to 62% over the same period in Fiscal 2022.

Fiscal 2023 Financial Highlights:

• Total revenue of $23.72 million, an increase of approximately 3% over 2022.
• Gross margin of $14.88 million (63%) as compared to $12.83 million (56%) for 2022.
• Repayment of $5.51 million of bank indebtedness.
• Direct digital activation brand, Props.com, contributed revenue of $237 thousand in fiscal 2023, a 402% increase when compared to $47 thousand in fiscal 2022.

2023 Operational Highlights:

• Throughout 2023 FansUnite initiated a number of strategic steps to become cash flow positive by the end of the year. These included the sale of BetPrep, McBookie and the Chameleon source code sale to Betr Holdings.
• With the asset sales the company anticipated annualized cost savings of approximately $7.8 million, including reductions in salary and selling, general, and administrative costs.
• On March 15, 2023, FansUnite closed a non-brokered private placement, issuing 37,976,242 units at $0.08 per unit, generating gross proceeds of $3.04 million. Each unit comprised one Common Share and one Common Share purchase warrant, allowing the holder to purchase one Common Share at $0.12 per warrant share for 36 months following the offering's closing date.
• FansUnite and its subsidiaries received nominations in six award categories at the 2023 EGR North America Awards. Betting Hero, the company's customer acquisition, retention, and development brand, earned recognition in three categories:
  • Employer of the Year
  • Acquisition and Retention Partner of the Year
  • Customer Onboarding Partner of the Year

"After obtaining additional capital from strategic resources, divesting of cash burning assets, repaying debt, and focusing on our affiliate business, we're positioned to generate strong, sustainable margins and cash flow," said Scott Burton, CEO of FansUnite. "As we close the chapter on this transformative year, where over $7.8 million in annualized cost savings are anticipated, we turn our attention to the rest of 2024 with a commitment to build off this momentum to deliver continued growth and positive results."

About FansUnite Entertainment Inc.

FansUnite is a global sports entertainment and gaming company. Our business is focused on the regulated and lawful sports betting affiliate market which includes customer acquisition, retention, support and reactivation. FansUnite has established itself as a leader in the North American affiliate market through its subsidiary American Affiliate Co LLC ("AmAff'' or "American Affiliate"). AmAff is a North American omni-channel customer acquisition company, covering both retail and digital customer activation for sportsbooks, casinos, poker and fantasy sports platforms.

For further information, please contact:

Prit Singh, Investor Relations at FansUnite
ir@fansunite.com
(905) 510-7636

DISCLAIMER REGARDING FINANCIAL INFORMATION:‎

This news release contains unaudited financial information for the 12 months ended December 31, 2023, which has been prepared by ‎management based on information currently available to the Company. ‎Accordingly, such financial information may be subject to change based on the results of the Company's year-end audit. The making of a modifying or superseding statement shall not be deemed an ‎admission for any purposes that the modified or superseded statement, when made, constituted ‎a misrepresentation for purposes of applicable securities laws.‎

FORWARD-LOOKING INFORMATION: ‎

This news release contains certain statements that may constitute forward-looking information ‎under ‎applicable securities laws. All statements, other than those of historical fact, which address ‎activities, ‎events, outcomes, results, developments, performance or achievements that ‎FansUnite anticipates or ‎expects may or will occur in the future (in whole or in part) should be ‎considered forward-looking ‎information. Often, but not always, forward-looking information can ‎be identified by the use of words ‎such as "plans", "expects", "is expected", "budget", "scheduled", ‎‎"estimates", "forecasts", "intends", ‎‎"anticipates", or "believes" or variations (including negative ‎variations) of such words and phrases, or ‎statements formed in the future tense or indicating that ‎certain actions, events or results "may", "could", ‎‎"would", "might" or "will" (or other variations of ‎the forgoing) be taken, occur, be achieved, or come to ‎pass. Forward-looking statements in this ‎news release include, but are not limited to: the Company's ‎strategic objectives, goals, growth ‎outlook, strategy and focus and discussion thereof, including future ‎plans to position the affiliate ‎business for growth and to strengthen the Company's financial position; the ‎Company hosting its Year End earnings call;‎ and the anticipated cost savings associated with the asset ‎sales.‎

Forward-looking statements are based on assumptions and analyses made by the Company in ‎light of ‎its experience and its perception of historical trends, current conditions and expected ‎future ‎developments, including, but not limited to, expectations and assumptions concerning: ‎interest and ‎foreign exchange rates; capital efficiencies, cost saving and synergies; growth and ‎growth rates; the ‎success in the online gambling and sports betting industry; the regulatory ‎environment applicable to ‎online gambling and sports betting; the technological infrastructure and ‎support needed to host the ‎Company's online gambling and sports betting platforms and ‎applications; any cryptocurrency ‎applications to the Company's business; and the Company's ‎growth plan. While FansUnite considers ‎these assumptions to be reasonable, based on ‎information currently available, they may prove to be ‎incorrect. Readers are cautioned not to ‎place undue reliance on forward-looking statements. In addition, ‎forward-looking statements ‎necessarily involve known and unknown risks, including, without limitation, ‎risks associated with ‎general economic conditions; audit-risks; risks associated with the regulatory ‎environments in the ‎jurisdictions the Company operates in; technology-related risks that could adversely ‎affect the ‎Company's ability to operate its online gambling and sports betting platforms and ‎applications, ‎risks related to the outbreak of pandemics and any effects they might have ‎on the ‎Company's business thereto. Readers are cautioned that the foregoing list is not ‎exhaustive. For more ‎information on the risk, uncertainties and assumptions that could cause ‎anticipated opportunities and ‎actual results to differ materially, please refer to the public filings of ‎FansUnite which are available on ‎SEDAR+ at . Readers are further cautioned ‎not to place undue reliance on forward ‎looking statements as there can be no assurance that the ‎plans, intentions or expectations upon which ‎they are placed will occur. Such information, ‎although considered reasonable by management at the time ‎of preparation, may prove to be ‎incorrect and actual results may differ materially from those anticipated. ‎Forward-looking ‎statements contained in this news release are expressly qualified by this cautionary ‎statement ‎and reflect our expectations as of the date hereof, and thus are subject to change thereafter. ‎‎FansUnite disclaims any intention or obligation to update or revise any forward-looking ‎statements, ‎whether as a result of new information, future events or otherwise, except as ‎required by applicable law.‎

NON-IFRS FINANCIAL MEASURES:‎

This news release refers to certain non-International Financial Reporting Standards ("IFRS") ‎measures. ‎Adjusted EBITDA is not a recognized performance measure under IFRS. Adjusted ‎EBITDA does not ‎have a standardized meaning prescribed by IFRS and therefore may not be ‎comparable to similar ‎measures presented by other issuers. Adjusted EBITDA is calculated as ‎earnings before interest ‎expense, interest income, income taxes, depreciation and amortization, ‎share based payments expense ‎and nonrecurring impact transactions, if any. Adjusted EBITDA ‎is included as supplemental disclosure ‎because management believes that such measurement is ‎useful to useful to securities analysts, ‎investors and other interested parties in evaluating ‎operating performance by presenting the results of ‎the Company which excludes the impact of ‎certain non-operational items and certain non-cash and ‎nonrecurring items, such as share based ‎payment expense. The most directly comparable measure to ‎Adjusted EBITDA calculated in ‎accordance with IFRS is net income (loss). Readers are cautioned that ‎these measures should ‎not be construed as an alternative to measures determined in accordance with ‎IFRS as an ‎indication of the Company's performance.‎

FansUnite Entertainment Inc.
Consolidated Statements of Financial Position

FansUnite Entertainment Inc.
Consolidated Statements of Loss and Comprehensive Loss

FansUnite Entertainment Inc.
Consolidated Statements of Cash Flows