Esports betting platform ‘Luckbox’ raises $2.8m ahead of IPO

As it is imminently preparing for listing in a TSX Venture Exchange, Luckbox confirmed that a successful funding round generated CAD 3.8 million ($2.8 million USD). The esports betting bookmaker met its hopes by reporting that its initial funding round of CAD $2.3 million has been oversubscribed by investors.

Last month, Luckbox announced that it has Elephant Hill Capital’s TSX fund and “capital pool” advisor to plan its IPO in Summer 2020, which it will float on the TSX Venture Exchange – Toronto’s fast-growing, small-to-medium-sized business market.

Luckbox confirmed satisfying investor interest to host a further round of funding concluded by Gravitas Inc. and Beacon Securities closing today, Monday, 15 June.

The Isle of Man company described that after a 500 percent rise in the number of esports bets, the company had achieved the highest success during the lockdown era.

“We have had a great first half of the year and this was reflected in the interests of investors,” said CEO Quentin Martin of Luckbox.

“The betting volume since March has increased by 500%. The turnover in November 2019 increased to approximately 13 times, while the number of deposits has been decreased by 10.

“Esport is currently one of the hottest sectors and investors clearly have an opportunity, particularly when many alternative forms of entertainment have been severely affected by the outbreak of Coronavirus,” Martin added.

“We will only become the world’s secondlargest public sportive company, so our offerings are extremely rare-they are really exciting times.”