Playgon Games (TSX-V:DEAL, OTCQB:PLGNF) Inc has announced its financial results for the quarter ended September 30, revealing a dramatic revenue increase from 2021.
The iGaming company generated revenues of $316,222, a $99,341 (45%) jump quarter-over-quarter. Year-to-date revenue was $673,980 as of September 30. The number of wagers placed increased to 7.69 million in the quarter from 5.5 million the quarter prior, a 39% increase.
"Building on a strong Q2, Playgon saw that momentum continue through Q3 with a 45% increase in revenues," said chief financial officer Harry Nijjar. "The increase in revenues during the quarter was supported by strong performance in certain key metrics, including monthly turnover which increased by 70% over Q2 and wagering which was up 39% from the previous quarter. In addition to the strong performance of existing operators, the new on-boards in the quarter clearly drove the growth in player activity for the quarter."
READ: Playgon Games hits key 3Q milestones, including 69% increase in monthly wagers
Net loss for the quarter was roughly $4.2 million, compared to $3.6 million a year earlier. This was due in part to the company’s continued investment in live dealer technology, including higher development team and Las Vegas studio staff costs.
Vancouver-based Playgon is a SaaS technology company focused on developing and licensing digital content for the growing iGaming market. Its current platform includes Live Dealer Casino, E-Table games and Daily Fantasy Sports, and it’s known as the maker of the VegasLounge game.
Contact Andrew Kessel at andrew.kessel@proactiveinvestors.com
Follow him on Twitter @andrew_kessel