Luckbox has announced the immediate suspension of its esports betting platform as the company will “transition to a more capital effective B2B strategy”.
The decision was announced by Real Luck Group, the TSX-listed owner of Luckbox, who previously considered a merger-or-acquisition option for the business as reported on 7 September.
Real Luck Group, informed investors that it had been unable to secure the required capital injection due to ‘persistently challenging conditions’ in the capital markets. The initial LOI carried the potential to ensure the company’s immediate prospects and to fund its ongoing growth and operations.
Instead, the firm has underlined its intent to restructure its operations, meaning an immediate suspension of betting and player registrations on its B2C platform, Luckbox.com, and a shift towards more cost effective B2B activities.