The online betting group SeanieMac International announced that it has entered into talks with potential investors due to the massive revenue slump it had experienced recently.
Company representatives revealed that if SeanieMac is unable to raise additional funds and make up for the $10 million losses, it might cease its operations.
Seaniemac was founded by Sean McEniff, the son of the former GGA player Brian McEniff. However, Mr. McEniff is no longer in charge of the company. He used to be SeanieMac’s CEO and Chairman until 2014 when he decided to step down from his position and focus on developing his hotel business.
According to the latest quarterly report of the company, SeanieMac has generated a gross gaming revenue of $218,456 during April, May and June. As compared to the numbers, posted last year, company’s quarterly financial performance is impressive. During Q2 of 2015, the gross gaming revenue was $45,910.
However, the reason for the worsened financial condition of the company was the fact that expenses reached $517,000, which is $410,000 more than Q2 last year. EBITDA also increased to $586,000, a considerable jump YOY.
To sum up, the company was $911,000 short for the quarter. The significant loss was added to the losses generated since the company launch in 2013. Currently, they go over $9.4 million.
SeanieMac is predominantly focused on attracting UK and Ireland-based players. It used a BoyleSports white-label betting system, but the contract expired last year and no announcement for its renewal was released afterwards.
The company revealed that it was to launch its new betting platform in September. Currently, anyone who loads SeanieMac.com is redirected to Apollobet.com, which also uses BoyleSports platform. This year, SeanieMac and Apollo owner Paul Antrobus inked a deal according to which SeanieMac acquired Apollo Betting and Gaming in the UK for the amount of $2 million.
SeanieMac officials announced that they are negotiating the most beneficial terms that would help them stabilise company’s financial condition. Along with the latest financial report, the company notified all affected parties that it is likely to encounter further financial troubles in future, but the operating costs for the next year will be covered by loans from directors and stockholders.
However, SeanieMac representatives could not answer as to whether negotiations with potential investors would lead to the desired outcome. They also added that the company continues to explore various approaches towards remedying the complicated financial situation and generating additional revenue, but if no strategic partnerships are inked, it might declare bankruptcy.
- Author
Olivia Cole
