PLAYGON RECORDS IMPROVING GROWTH IN Q2 2023
Playgon Games announced financial highlights for the three-and-a-half months ending June 30, 2023. During that time, proprietary SaaS technology companies reported some impressive results, focusing on delivering mobile first live dealer technology to iGaming operators. In Q2 2023, player activity increased due to new on-board and organic growth.
SaaS technology companies offer multi-tenant gateways because they are focused on creating digital content for the growing online gambling market. This enables operational partners to deliver state-of-the-art iGaming software solutions. Some of the products are live dealer casinos, E-Table games and Daily Fantasy Sports, perfect for online and land-based casinos and sportsbooks.
The British Columbia company reported revenue of CA$413,388 and CA$701,394, respectively, on its live dealer platform for the three and six months ended June 30, 2023. This is an increase of 90% year-on-year and 96% year-on-year in the first half of 2023. Last year, it was CA$216,881 and CA$357,758.
The supplier also reported revenue of CA$125,379 for the three months ended March 31, 2023, up 44% from the previous quarter. Net losses for Q2 and H1 were CA$4,366,396 and CA$8,334,942. Meanwhile, the company continues to invest in Live Dealer Tech and spends most of its money on developers and Las Vegas Studio employees.
During the period, the company also reported a surge in sales due to strong indicators in the second quarter of 2023. Revenue was CA$396 million, up 18% from the previous quarter to CA$396 million, and net income was CA$3.71 million, up 19% from the previous quarter of 2023.
In addition, quarterly bets amounted to 10.2 million compared to the previous quarter, with an average daily bet of 4.4 million in the three months to June 30, up from CA$3.71 million (19% increase) in the previous quarter, as bets on the platform reached 8 million.
Commenting on the company's fiscal results and highlights for the second quarter, CEO Dary Krogh said he saw a positive revenue boost in the quarter on the back of many KPIs' momentum. He added that the number will improve further in the third quarter as the provider was recently launched in Ontario's iGaming segment through a gaming-related vendor license in the province.
In August 2023, the B.C. company also announced that it had completed system integration with Pariplay. The latter is a subsidiary of NeoGames and is a popular aggregator and content provider working with more than 150 operators. Pariplay will implement the supplier's proprietary Mobile First Live Dealer and E-table products in its Igaming content collection.
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