Luckbox closes $3.8m investment round

Esports betting platform Luckbox has raised $3.8 million from investors as it prepares to list on the TSX Venture Exchange this summer.

Following an oversubscription to the funding round, the firm announced it will open a second tranche for potential investors, led by Gravitas Securities and Beacon Securities.

Founded in 2016, Luckbox facilitates real-money betting on 13 PC and mobile esports; it is set to become the second publicly listed esports betting company in the world after Esports Entertainment Group.

Luckbox CEO Quentin Martin said it has been a "phenomenal" year for the platform, which has seen a 500% increase in betting volume since March.

"Turnover has risen to almost 13 times that seen in November 2019, while deposits are up ten-fold since then," he added.

"Esports is one of the hottest sectors anywhere right now and investors are clearly seeing the opportunity, especially with many alternative forms of entertainment badly affected by the coronavirus outbreak."