Luckbox esports platform to launch IPO
Isle of Man-based operator to go public on Toronto Venture Exchange as part of two-way tie-up
Isle of Man-based esports betting platform Luckbox plans to go public on the Toronto Venture Exchange in July as part of a tie-up with capital pool company Elephant Hill.
As part of the IPO, Elephant Hill will acquire the firm and present former Luckbox shareholders with 32.2 million shares worth $13.5m.
Elephant Hill plans to operate Luckbox exactly as it is now and is assisting in the firm’s latest capital raising efforts, including selling $2.2m in additional shares upon going public.
Luckbox CEO Quentin Martin said: “All of our key performance indicators have been through the roof in the past three months and we’ve seen a huge uptick in KPIs across the board.
“Clearly these are challenging times for many people across the world but for many, esports and gaming is a welcome distraction,” he added.
“As well as an increase in customers and betting activity, we’ve seen a huge level of interest from potential investors, who are realizing that esports is resilient to many of the forces that affect traditional sports, not least Covid-19 and a potential recession.”
Luckbox has experienced an increase of 500% on bets placed during the Covid-19 lockdown amid a lack of conventional sports to bet on.
The firm offers real-money betting on major esports titles like League of Legends, CS:GO, Dota 2 and FIFA. Its platform is live in more than 100 territories including Canada, where the firm will be listed.