Playgon Games (TSX-V:DEAL, OTCQB:PLGNF) Inc told investors that its betting turnover exceeded $1.4 million in August, more than double July's, and continues to grow as it on-boards additional operators and leverages its innovative VegasLounge live dealer product.
In an operational update, the software-as-a-service technology company focused on the iGaming market said average bet size per hand continues to increase significantly after it initially focused on smaller wagers to ensure that its platform scaled as designed and was optimised for success.
“We are now entering a new phase in our commercialization as we are introducing sizeable operators that should have a material impact on our top line,” CEO Darcy Krogh said in a statement.
“Metrics for September show momentum in growth as we are almost at August's total number as of today in betting turnover, despite only halfway through the month.
“As we move into 4Q, we expect to onboard more sizeable operators through our industry-leading partners and continue with our strong growth trajectory,” he added.
READ: Playgon Games says an additional seven operators are now live and offering it's proprietary Vegas Lounge live dealer platform
Playgon said several important initiatives are underway as it transitions formats initial launch phase into its growth phase.
These include:
- Increasing dealer staff and development staff;
- Building a remote development/engineering team to enable 24/7 development capability in different time zones;
- Ensuring redundancy and diversity across all critical performance elements including building a second studio;
- Increasing its table count from 15 to 25 live tables by year-end;
- Developing new game content for the live dealer studio.
The company said it currently has a total of 14 operators live with player activity generating revenue, with an additional 16 in the queue at various stages of integration and user acceptance testing. The remaining 16 are expected to be live by the end of 2021.
Playgon said it will hold its annual general and special meeting of shareholders on October 8, 2021, at 10:00 am Pacific Time at its corporate offices in Vancouver. Further information regarding the meeting and participation will be included in its management information circular, which has recently been mailed to shareholders.
Contact the author at stephen.gunnion@proactiveinvestors.com