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Mackie starts coverage of FansUnite Entertainment with 'Speculative Buy' recommendation, target price of $0.55 per share

Mackie analysts noted that potential catalysts for the stock include an expansion of B2B contracts and B2C platforms, the award of new licenses, revenue growth and M&A activity

FansUnite Entertainment Inc -
The Mackie analysts concluded: "We believe FansUnite has the technology, team, and experience to become a global leader in the iGaming industry"

Mackie Research Capital has initiated coverage of FansUnite Entertainment Inc. (CSE:FANS) (OTCMKTS:FUNFF) with a 'Speculative Buy' recommendation and a target price of $0.55 per share.

In a note to clients, the Mackie analysts noted that potential catalysts for the stock include an expansion of B2B contracts and B2C platforms, the award of new licenses, revenue growth and M&A activity.

READ: FansUnite Entertainment bolsters balance sheet with debt sale to Victory Square Technologies

They pointed out that Fansunite, one of Canada’s largest iGaming companies, on August 11, 2020, completed the acquisition of Askott Entertainment Inc., creating one of Canada’s largest online gaming companies.

The analysts noted that FansUnite has two B2B brands - Chameleon, a complete B2B sports and esports white label “turnkey” iGaming solution offering innovative and scalable technology to launch new sportsbooks; and Askott Games, which combines the popularity of casino-style RNG games with esports and video game themes.

The company is in the late stages of acquiring B2C and B2B licenses from the Malta Gaming Authority, and through its McBookie subsidiary has also begun the process of acquiring a UK Gambling Commission license, they noted.

In addition, on September 2, 2020, FansUnite announced a partnership with GameCo LLC which holds gaming licences in nearly 30 jurisdictions, including New Jersey and Nevada in the United States.

The Mackie analysts concluded: "We believe FansUnite has the technology, team, and experience to become a global leader in the iGaming industry."

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Quick facts: FansUnite Entertainment Inc

Price: 0.67 CAD

CSE:FANS
Market: CSE
Market Cap: $46.7 m
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