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Gunsynd puts £0.2m into pool betting platform Low6
14th Dec 2020 11:32
(Sharecast News) - Gunsynd has invested £0.2m in Low6, it announced on Monday, which it described as a UK-based business-to-business (B2B) pool betting platform, offering a white-label pool betting platform for professional sports franchises.
The AIM-traded firm said the investment was made via a subscription for 6,667 shares at a price of £30 each, for total consideration of £200,010, with the investment forming a part of a £1.5m funding round.
It said it believed there was "significant demand" for a sports betting product which was built and designed to match the excitement of watching sports, and which was also "engaging and simple" to use.
Gunsynd said Low6 provided a white-labelled mobile platform to its partners, which enabled them to offer a pooled sports betting experience to their app users, and allow users to bet with each other.
Under its B2B model, Low6 partnered with sports teams and franchises - a model which it said reduced customer acquisition costs and strengthened brand and customer loyalty, in turn enhancing customer retention.
Low6 could either embed its platform within its partners' apps, or build the app for its partners.
The board of Gunsynd also said it believed the Low6 partnership model was "highly scalable".
It said Low6 had a number of "significant" partnerships including Yinzcam, which has more than 90 million installs of its mobile sports and events apps and currently served over 190 professional teams, leagues, events and venues in the US, Canada, Spain and Australia.
Low6 had raised more than £8m to date, and was expecting to raise additional funds through a pre-initial public offering (IPO) funding round, with a view to completing an IPO at some stage throughout 2021.
"Gunsynd is very pleased to participate in this capital raising into Low6," said director Hamish Harris.
"The investment offers exposure to what we believe to be an exciting sector of pooled sports betting where Low6 participants can wager against each other rather than a bookmaker.
"We believe Low6 is unique in that it partners with the sports team/franchises on a B2B model, reducing player/user acquisition costs, strengthening brand and customer loyalty, thereby reducing marketing costs and enhancing player retention."
At 1110 GMT, shares in Gunsynd were down 6.98% at 2p.
The AIM-traded firm said the investment was made via a subscription for 6,667 shares at a price of £30 each, for total consideration of £200,010, with the investment forming a part of a £1.5m funding round.
It said it believed there was "significant demand" for a sports betting product which was built and designed to match the excitement of watching sports, and which was also "engaging and simple" to use.
Gunsynd said Low6 provided a white-labelled mobile platform to its partners, which enabled them to offer a pooled sports betting experience to their app users, and allow users to bet with each other.
Under its B2B model, Low6 partnered with sports teams and franchises - a model which it said reduced customer acquisition costs and strengthened brand and customer loyalty, in turn enhancing customer retention.
Low6 could either embed its platform within its partners' apps, or build the app for its partners.
The board of Gunsynd also said it believed the Low6 partnership model was "highly scalable".
It said Low6 had a number of "significant" partnerships including Yinzcam, which has more than 90 million installs of its mobile sports and events apps and currently served over 190 professional teams, leagues, events and venues in the US, Canada, Spain and Australia.
Low6 had raised more than £8m to date, and was expecting to raise additional funds through a pre-initial public offering (IPO) funding round, with a view to completing an IPO at some stage throughout 2021.
"Gunsynd is very pleased to participate in this capital raising into Low6," said director Hamish Harris.
"The investment offers exposure to what we believe to be an exciting sector of pooled sports betting where Low6 participants can wager against each other rather than a bookmaker.
"We believe Low6 is unique in that it partners with the sports team/franchises on a B2B model, reducing player/user acquisition costs, strengthening brand and customer loyalty, thereby reducing marketing costs and enhancing player retention."
At 1110 GMT, shares in Gunsynd were down 6.98% at 2p.