• Total revenue for the period ended March 31, 2024 was $8.3 million, a 14% increase year over-year.
• Gross margin for the period ended March 31, 2024 was 63% as compared to 65% over the same period in 2023.
• Total adjusted EBITDA for the period ended March 31, 2024 was $1.7 million, a 58% increase year-over-year.
• Company to host Q1 Fiscal 2024 earnings call on Thursday, May 16, 2024 at 10:00 AM EST/7:00 AM PST.

Vancouver, British Columbia--(Newsfile Corp. - May 15, 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 condensed consolidated interim financial statements and associated management's discussion and analysis ("MD&A") for the three months ended March 31, 2024. All amounts are stated in Canadian dollars unless otherwise indicated.

Q1 Fiscal 2024 Earnings Call Details

Date: Thursday, May 16, 2024
Time: 10:00 AM EST / 7:00 AM PST
Topic: FansUnite's Q1 Fiscal 2024 financial results

Please click the link below to register.

First Quarter Fiscal 2024 Operational Highlights

FansUnite continued to expand its U.S. footprint by participating in the launch of regulated wagering in North Carolina, generating strong operational results and furthering brand recognition as the premier live activation company. As part of the Company's long-term strategy to continue diversifying revenue streams and mitigate the seasonality of North American sports, the Company increased revenue for the lines of the business outside of live activation. The Betting Hero research segment expanded after signing contracts with multiple US based sportsbooks during the past twelve months. Continued competition within the sports betting industry led to an increase in demand for one-time, bespoke engagements as operators seek to gain competitive and consumer-level insights that might influence strategy and help to overcome mission-critical challenges. This continued diversification will contribute to mitigating seasonal effects on American Affiliate's revenues.

"We are pleased to be able to show that our efforts to reach sustainable growth have been successful with our first quarter results," said Scott Burton, CEO of FansUnite. "We continue to see year-over-year revenue growth while achieving strong earnings results with a first quarter increase in adjusted EBITDA of 58%. Our team's diligent efforts have propelled us to profitability and eliminated the need for outside capital funding. With our focus now on maintaining a strong balance sheet, we will aim to reduce our liabilities while continuing to grow our top and bottom lines."

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 three months ended March 31, 2024, 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, continue diversification to contribute to mitigating the seasonal effects of North American sports, reduce liabilities and strengthen the Company's financial position.

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 novel coronavirus (COVID-19) global pandemic and any effects it 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.
Condensed Consolidated Interim Statement of Financial Position

FansUnite Entertainment Inc.
Condensed Consolidated Interim Statements of Loss and Comprehensive Loss

FansUnite Entertainment Inc.
Condensed Consolidated Interim Statements of Cash Flows