{"id":266,"date":"2024-06-27T20:33:40","date_gmt":"2024-06-27T17:33:40","guid":{"rendered":"https:\/\/jumbabetnodepositbonus.icu\/2024\/06\/27\/luckbox-parent-company-reorganizes-after-merger-fails\/"},"modified":"2024-06-27T20:33:40","modified_gmt":"2024-06-27T17:33:40","slug":"luckbox-parent-company-reorganizes-after-merger-fails","status":"publish","type":"post","link":"https:\/\/jumbabetnodepositbonus.icu\/2024\/06\/27\/luckbox-parent-company-reorganizes-after-merger-fails\/","title":{"rendered":"Luckbox Parent Company Reorganizes After Merger Fails"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/9dFvhq2sKfM\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>The firm behind the Luckbox brand, Real Luck Group, is reorganizing its operations following the cancellation of a proposed merger agreement.<\/p>\n<p>Real Luck is aiming to restructure its operations after its planned merger with another company was abandoned. The operator signed a Letter of Intent (LOI) last month for a potential merger or acquisition. At the time, Real Luck stated that this had the potential to secure its immediate prospects and provide funding for ongoing growth and operations.<\/p>\n<p>However, after reviewing and assessing the proposal, Real Luck said the terms were no longer &#8220;practical.&#8221; It added that the potential deal was no longer in the best interests of the company and its investors.<\/p>\n<p>Real Luck also disclosed that it was unable to secure the necessary capital infusion due to challenging capital market conditions. This is despite the company reporting &#8220;substantial growth&#8221; since the beginning of 2023.<\/p>\n<p>Luckbox will cease accepting new players<br \/>\nAs a result, Real Luck is now seeking to reorganize its operations. It stated that this will involve immediately suspending betting and player registration on its Luckbox.com B2C platform.<\/p>\n<p>Real Luck will also concentrate on what it described as more &#8220;cost-effective&#8221; B2B activities. This is despite all revenue to date coming from B2C. <\/p>\n<p>Genuine Fortune disclosed that, although all of their present income has been from their consumer-to-consumer operations, they require to invest more capital to become profitable. This indicates they are going to commence concentrating on a business-to-business platform.<\/p>\n<p>This has significant implications for Genuine Fortune.  As for the players, Luckbox patrons will still be able to withdraw their funds. Genuine Fortune stated this money is kept apart from their operating funds and will be safeguarded.<\/p>\n<p>Genuine Fortune also announced they are closing their Real Time Game Services business. This subsidiary provided services to the company and had agreements with a large number of consumer-to-consumer service providers, contractors, and employees. They have appointed liquidators in the Isle of Man to terminate the business.<\/p>\n<p>Genuine Fortune stressed that only RTGS is going insolvent and that their other subsidiaries are in good standing. This includes their licensed company, Real Time Games Holding Ltd.<\/p>\n<p>They anticipate to complete restructuring by the end of the year. This will provide them with a new, simpler, and more concentrated company structure with no debt and very little money being spent.<\/p>\n<p>They are still open to mergers and acquisitions<br \/>\nLooking ahead, Genuine Fortune stated they are still open to other strategic and operational choices. This includes potential mergers, acquisitions, or fundraising to develop their business-to-business business or to restart their consumer-to-consumer operations. <\/p>\n<p>A potential agreement would require the green light from the TSX Venture Exchange and investors. Real Luck emphasized that there&#8217;s no assurance this process will lead to a final deal.<\/p>\n<p>Concerning the restructuring, Real Luck revealed the exits of two staff members. The Chief Operating Officer, Benn Timbury, and the Corporate Secretary, Jo-Anne Archibald, have both stepped down.<\/p>\n<p>Timbury will continue to provide guidance to the company, and its leadership team will remain the same.<\/p>\n<p>Sign up for the iGaming newsletter. <\/p>\n","protected":false},"excerpt":{"rendered":"<p>The firm behind the Luckbox brand, Real Luck Group, is reorganizing its operations following the cancellation of a proposed merger agreement. Real Luck is aiming to restructure its operations after its planned merger with another company was abandoned. The operator signed a Letter of Intent (LOI) last month for a potential merger or acquisition. At [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Real Luck Group Reorganizes After Merger Cancellation<\/title>\n<meta name=\"description\" content=\"Real Luck Group is restructuring its operations after a planned merger was abandoned. 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