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Luckbox, an esports betting platform has raised over $3.8 million CAD (£2.23 million) in its first set of funding
The esports betting platform has gained this investment as it prepares to list on the TSX Venture Exchange. The TSX Venture Exchange is a stock exchange based in Toronto, Canada. While its counterpart the Toronto Stock Exchange is your normal trading market. The TSX Venture Exchange is specifically for emerging companies seeking venture capital.
Recently, Luckbox also received investment from Inter Miami footballer Luis Robles. The offering was first announced at $2 million CAD (£1.17 million). Before it was increased to $3 million CAD (£1.76 million) after ‘strong interest’ from investors. A second set of funding has been announced and will end on June 15th, being led by Gravitas and Beacon Securities.
Luckbox’s CEO, Quentin Martin had this to say on their exceptional start to 2020:
“It’s been a phenomenal first half of the year for us and that’s been reflected in the interest from investors. We’ve seen a 500% increase in betting volume since March. Turnover has risen to almost 13 times that seen in November 2019, while deposits are up 10-fold since then. Esports is one of the hottest sectors anywhere right now and investors are clearly seeing the opportunity, especially with many alternative forms of entertainment badly affected by the Coronavirus outbreak. We’ve been thrilled with the response so far and I’d like to take this opportunity to thank everyone who’s supported us so far – these are extremely exciting times.”
Elephant Hill, Luckbox’s TSX fund and capital pool advisor published a prospectus on the company. This detailed that the esportsbook recording a “500% uplift in wager during lockdown”. This is something many esports companies and the sector itself has seen.
A team of PokerStars executives formed Luckbox in 2017. Before the Isle of Man fully licenced the site in summer of 2019. Luckbox offer many esports including CS:GO, DOTA 2, LOL, Overwatch, Call of Duty and many more. While they are always promoting offers too, such as “double your first deposit” and “combo bet cash back.”