Contagious Gaming in an uncomfortable position

On the back of a bleak full year fiscal report for the 12 months ending March 3 2017, president and director of Contagious Gaming, Sean Yeomans, has resigned.

Yeomans will remain president of Contagious Gaming subsidiary Telos Entertainment but has opted to exit the other posts at Contagious for personal reasons, a company advisory reads.

Contagious Gaming reported a total loss of C$8.5 million for the year almost doubling the previous year’s loss of C$4.4 million despite having achieved an increase in revenues from continuing activities which amounted to C$1.33 million (2016: C$1.27 million).

The company finds itself in an uncomfortable position as it seeks to deploy its first-to-market lottery-style sports betting platform in the UK market but doesn’t have sufficient cash to meet both working capital and capital expenditure needs for the next twelve months.

Contagious intends embarking on a funding initiative before the end of 2017 but warns should it be unsuccessful in raising the necessary finances it may have to terminate some or all of its initiatives.

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