Playgon Games has issued its financial highlights for the three- and six-month periods ending on June 30, 2023. In the said periods the propriety SaaS technology firm focused on providing mobile-first live dealer tech to iGaming operators, reported some impressive results. In Q2 2023, it saw increased growth in player activity due to new onboards and organic growth.
As a SaaS technology company concentrated on creating digital content for the growing online gambling market, it offers a multi-tenant gateway. This allows its operator partners to deliver cutting-edge iGaming software solutions. Some of its products are Live Dealer Casino, E-Table games and Daily Fantasy Sports, which are a perfect fit for online and land-based casinos and sportsbooks.
Highlights from the Report
In the three and six months concluding on June 30, 2023, the British Columbia firm clocked revenue of CA$413,388 and CA$701,394, respectively, from its Live Dealer platform. This was an impressive 90% increase year over year for Q2 and a 96% rise year over year for the first half of 2023. Last year, those numbers were CA$216,881 and CA$357,758.
Additionally, the provider saw a bump in revenue of CA$125,379 from the three-month period ending on March 31, 2023, or 44% more than the previous quarter of 2023. Net loss for Q2 and first half of the year were CA$4,366,396 and CA$8,334,942. Meanwhile, the firm continues its investment in its Live Dealer tech and a majority of costs related to its developer team and Las Vegas studio staff.
For the said periods, the company also reported that its revenue surged with robust performance in key indicators for Q2 2023. Wagering turnover hit CA$396 million, up 18% from the previous quarter with CA$336 million, while net income grew 19% to CA$3.71 million compared to the preceding quarter of 2023.
In addition to that, the number of wagers placed in the quarter was 10,2 million wagers in comparison to the previous quarter when the volume hit 8 million wagers. Reflecting higher wager per bet in the platform. The average daily wagering handle for the three months ending on June 30 was CA$4.4 million compared to the previous quarter’s CA$3.71 million or 19% increase.
Commenting on the company’s fiscal results and highlights from Q2, CEO Dary Krogh, said that in the quarter the firm saw a positive revenue bump supported by the momentum in a number of KPIs. He added that the numbers will further improve in Q3, as the provider launches in Ontario’s iGaming sector via its recent gaming-related supplier license in the province.
Integration Complete
In August 2023, the B.C. company also announced that it had completed systems integration with Pariplay. The latter is a subsidiary of NeoGames and is a popular aggregator and content provider that collaborates with over 150 operators. Pariplay will implement the provider’s proprietary mobile-first live dealer and E-table products under the VegasLounge™ brand to its collection of iGaming content.
Source: “Playgon ReportsQ2 2023 Financial Highlights” Playgon, August 28, 2023
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