• Full year 2021 revenue of C$5.60 million (2020: C$1.55 million), an increase of 260% over full year 2020
• Fourth quarter 2021 revenue of C$2.98 million (2020: C$0.76 million), an increase of 294% over fourth quarter 2020
• Full year 2021 unaudited consolidated revenue of C$22.3 million, inclusive of full year revenue generated from the recently acquired American Affiliate
• Continued growth into Q1 2022 with over $9.0 million of unaudited revenue

Vancouver, British Columbia--(Newsfile Corp. - May 2, 2022) - FansUnite Entertainment Inc. (CSE: FANS) (OTCQX: FUNFF) ("FansUnite" or the "Company") reported financial results for the fourth quarter and full year ended December 31, 2021.

Full Year and Fourth Quarter 2021 Financial Highlights:

• Total revenue of C$5.60 million in full year 2021, as compared to C$1.56 million in full year 2020, an increase of 260%;
• Total revenue of C$2.98 million in the fourth quarter of 2021, as compared to C$0.76 million in the fourth quarter of 2020, an increase of 294%;
• Net loss for the year of C$17.0 million which includes non-cash expenses of C$7.59 million, as compared to C$13.5 million in full year 2020, which included non-cash expenses of C$9.10 million;
• The Company ended the quarter with cash and cash equivalents of C$13.97 million, as compared to C$4.43 million in 2020, an increase of 215% from the same period last year.

Full Year 2021 Operational Highlights:

• Completed two oversubscribed brokered financings for approximately $38.0 million in order to expand operations and pursue M&A opportunities;
• Signed new white-label partner Money Line Sports Inc. for the Chameleon gaming platform;
• The Company listed on the OTCQX, the highest-tier of OTC markets;
• Received both B2C and B2B licenses from the UK Gambling Commission, enabling the Company to operate as a technology provider and an operator in the UK online gambling market;
• Continued to expand the leadership team with the appointment of industry veterans Anna Smith as Head of Compliance, Michael Lee as VP of Gaming, Chris Grove as CEO of American Affiliate, Sean Hurley as VP of Strategy of American Affiliate, Pearl Gallagher as CLO of American Affiliate, Denis Williams as Head of Payments, Jai Maw as President of Betting Hero, and Jeremy Jakary as SVP of Strategy of Betting Hero;
• Signed multiple data provider partnerships for the Chameleon iGaming Platform including Pariplay, SportsIQ, Pythia and Algosport to further enhance the platforms capabilities;
• Shortlisted for numerous awards throughout the year such as 'Full-Service Platform Provider', 'Sportsbook Platform Provider' and 'Rising-Star';
• Appointed KPMG LLP ("KPMG") as the Company's auditor;
• Completed the acquisition of American Affiliate, a leading omni-channel affiliate company focused on customer acquisition in the regulated US market.

"Our annual figures illustrate that FansUnite's global gaming strategy continues to be a success and represents a major step forward for the Company," said Scott Burton, CEO of FansUnite. "In 2021, our focus was on laying operational foundations and ensuring we secured the right amount of capital to not only grow our revenue and operations, but also to see us through any market downturns. The additional capital allowed us to complete our third and largest acquisition of American Affiliate, which has outperformed our expectations since finalizing the deal at the end of 2021. In 2022, FansUnite intends to secure more B2B deals, both for our Chameleon iGaming platform and our RNG casino games, while expanding our footprint in the US affiliate market. We are very excited to build on this success with a focus on continued revenue growth, international and domestic expansion, and execution."

First Quarter 2022 Unaudited Financial Highlights & Subsequent Events:

• The Company continued its momentum in the first quarter of 2022 with unaudited revenue figures of over $9.0 million;
• Granted license to become a fully registered gaming related supplier in Ontario;
• American Affiliate entered Louisiana's online sports betting market;
• American Affiliate was approved for customer acquisition services in Maryland's sports betting market;
• The Company was shortlisted for five 2022 EGR North America Awards;
• Signed a MOU with Welsh bookmaker Dragon Bet.

The Company's consolidated financial statements for the year ending December 31, 2021 along with its MD&A are available under the Company's profile on SEDAR at www.sedar.com.

Normal Course Issuer Bid

FansUnite intends to file with the Canadian Securities Exchange ("CSE") a notice of intention to commence a normal course issuer bid ("NCIB") for its common shares ("Shares"). If accepted by the CSE, the Company would be permitted under the NCIB to purchase for cancellation, through the facilities of the CSE and all available Canadian markets and alternative trading platforms, up to 5% of the issued and outstanding Shares for a period of 12 months after the NCIB commences. The exact amount of Shares subject to the NCIB will be determined on the date of acceptance of the notice of intention by the CSE.

All Shares purchased by the Company under the NCIB will be purchased at prevailing market prices in accordance with the rules and policies of the CSE and applicable securities laws. The actual number of Shares that may be purchased, and the timing of any such purchases, will be determined by the Company, subject to the applicable terms and limitations of the NCIB (including any automatic share purchase plan adopted in connection therewith). All Shares acquired by the Company under the NCIB will be canceled.

Although the Company has a present intention to acquire Shares pursuant to the NCIB, the Company will not be obligated to make any purchases and purchases may be suspended by the Company at any time. The Company reserves the right to terminate the NCIB earlier if it feels it is appropriate to do so.

In connection with the NCIB, the Company intends to enter into an automatic share purchase plan with its designated broker to allow for purchases of its Shares during certain predetermined black-out periods, subject to parameters as to price and number of Shares. Outside of these predetermined black-out periods, Shares will be purchased in accordance with management's discretion, subject to applicable law.

The Company proposes to commence the NCIB because it believes that the market price of the Shares may not, from time to time, fully reflect their value and accordingly, the purchase of the Shares would be in the best interest of the Company and an attractive and appropriate use of available funds.

About FansUnite Entertainment Inc.

FansUnite is a global sports and entertainment company, focusing on technology related to regulated and lawful online gaming. FansUnite's one-of-a-kind iGaming platform Chameleon offers operators a full suite of gaming solutions with a sports and esports focus geared for the next generation of online bettors and casino players. Along with providing B2B technology solutions, FansUnite operates multiple B2C brands, such as Scottish sportsbook McBookie and Brazilian esportsbook VamosGG, and produces casino style slot games under its Askott Games subsidiary. FansUnite is the parent company of North American-focused American Affiliate, which operates leading affiliate brands such as Betting Hero, Props.com, Wagers.com and BetPrep.

For further information, please contact:

Prit Singh, Investor Relations at FansUnite
[email protected]
(905) 510-7636

Scott Burton, Chief Executive Officer of FansUnite
[email protected]

Darius Eghdami, President of FansUnite
[email protected]

NEITHER THE CANADIAN SECURITIES EXCHANGE NOR ITS REGULATIONS SERVICES PROVIDERS HAVE REVIEWED OR ACCEPT RESPONSIBILITY FOR THE ADEQUACY OR ACCURACY OF THIS RELEASE

DISCLAIMER REGARDING FINANCIAL INFORMATION:‎

The Company has also provided unaudited financial information for first quarter of 2022, which has been prepared by ‎management based on information currently available to the Company. ‎Accordingly, such financial information may be subject to change based on the results of the Company's year-end audit. The making of a modifying or superseding statement shall not be deemed an ‎admission for any purposes that the modified or superseded statement, when made, constituted ‎a misrepresentation for purposes of applicable securities laws.‎

FORWARD-LOOKING INFORMATION: ‎

This news release contains certain statements that may constitute forward-looking information ‎under applicable securities laws. All statements, other than those of historical fact, which address ‎activities, events, outcomes, results, developments, performance or achievements that FansUnite anticipates or expects may or will occur in the future (in whole or in part) should be ‎considered forward-looking information. Often, but not always, forward-looking information can ‎be identified by the use of words such as "plans", "expects", "is expected", "budget", ‎‎"scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations ‎‎(including negative variations) of such words and phrases, or statements formed in the future ‎tense or indicating that certain actions, events or results "may", "could", "would", "might" or ‎‎"will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. ‎Forward-looking statements in this news release include, but are not limited to, the Company's strategic objectives, goals, growth strategy and focus including growing revenue and free cash flow through improved operations, accretive acquisitions, internal expansion, integrating and innovating operations and revenue management; the Company continuing to target more B2B deals, both for its Chameleon iGaming platform and RNG casino games; the Company expanding its footprint in the domestic, international and US affiliate market.

Forward-looking statements are based on assumptions and analyses made by the Company in ‎light of its experience and its perception of historical trends, current conditions and expected ‎future developments, including, but not limited to, expectations and assumptions concerning: interest and foreign exchange rates; capital efficiencies, cost saving and synergies; growth and ‎growth rates; the success in the online gambling and sports betting industry; the regulatory environment applicable to online gambling and sports betting; the technological infrastructure and support needed to host the Company's online gambling and sports betting platforms and applications; any cryptocurrency applications to the Company's business; and the Company's growth plan. ‎While FansUnite considers these assumptions to be reasonable, based on information ‎currently available, they may prove to be incorrect. Readers are cautioned not to place undue ‎reliance on forward-looking statements. In addition, forward-looking statements necessarily ‎involve known and unknown risks, including, without limitation, risks associated with general ‎economic conditions; audit-risks; risks associated with the regulatory environments in the jurisdictions the Company operates in; technology-related risks that could adversely affect the Company's ability to operate its online gambling and sports betting platforms and applications, risks related to the novel coronavirus (COVID-19) global pandemic and any effects it might have on the Company's business thereto. Readers are cautioned that the foregoing list is not exhaustive. For more ‎information on the risk, uncertainties and assumptions that could cause anticipated opportunities ‎and actual results to differ materially, please refer to the public filings of FansUnite ‎which are available on SEDAR at www.sedar.com. Readers are further cautioned not to place undue reliance on forward-looking statements as there can be no assurance that the plans, intentions or expectations upon which they are placed will occur. Such information, although considered reasonable by management at the time of preparation, may prove to be incorrect and ‎actual results may differ materially from those anticipated. Forward-looking statements ‎contained in this news release are expressly qualified by this cautionary statement and reflect our ‎expectations as of the date hereof, and thus are subject to change thereafter. FansUnite ‎disclaims any intention or obligation to update or revise any forward-looking statements, whether ‎as a result of new information, future events or otherwise, except as required by applicable law.

‎FansUnite Entertainment Inc.
Consolidated Statements of Financial Position
(Expressed in Canadian dollars)

FansUnite Entertainment Inc.
Consolidated Statements of Loss and Comprehensive Loss
(Amounts Expressed in Canadian dollars)

FansUnite Entertainment Inc.
Consolidated Statements of Cash Flows
(Amounts Expressed in Canadian dollars)

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