Get The Latest Live Casino Promotions
Discover Casinos
Discover Tables
Discover Providers
Discover Games
Discover Deposit Methods
Best Live Casinos
Popular In UK
Top Live Dealer Tables
Native Tables
Game Guides
Other Pages
Best Software Providers
Popular List
Best Payment Methods
Most Popular
Best Bonuses
Our Favourite Offers
Country Specific Pages
Popular List

Playgon’s Q1 Revenue Dips, But Growth Signs Emerge in Existing Customers

Posted on June 5, 2024 | 6:11 am

Playgon Games, the Canadian company which has made a name for itself in the live casino industry, reported a mixed bag for the first quarter of 2024. The mobile live dealer technology provider saw its overall revenue decline due to the closure of a major operator account. However, there were positive signs when looking beyond that specific operator.

Playgon’s revenue for Q1 2024 landed at $230,289, a 20% decrease compared to the same period last year. The company also reported a 12% increase in its net loss, reaching $4,489,773. While the headline numbers paint a picture of decline, a closer look reveals a different story.

Playgon attributed the drop in revenue and some key performance indicators (KPIs) to the loss of a single operator. When excluding this operator’s results, Playgon saw a much brighter picture. Existing customers, outside of the one that closed, actually showed a 65% increase in wagering turnover. This suggests that Playgon’s core business remains healthy, and the loss of one operator was a temporary setback.

Playgonseems unfazed by the short-term dip and is focusing on future growth. The company boasts a robust integration pipeline with a significant number of new customers on board. Eight integrations are already completed, with these new clients expected to launch their Playgon offerings this quarter.

Ten more integrations are underway, with launches anticipated in Q3. Playgon has an additional 15 integrations waiting in the wings for resources to become available. This strong pipeline suggests Playgon is well-positioned to expand its market presence and drive significant future growth. The company’s ability to successfully integrate these new clients will be a key factor in achieving its growth objectives.

Top Roulette casinos

Overall Rating
Overall Rating
Overall Rating
Read More

Ontario and Italy: New Markets on the Horizon

Playgon is also making headway in new markets. The company anticipates multiple customer launches for its VegasLounge product in Ontario this quarter, following some delays due to regulatory hurdles. Ontario has quickly become a top regulated market in North America, and Playgon is poised to capitalize on this growing opportunity.

Additionally, Playgon finalized terms with a major Italian content aggregator, paving the way for the first customer launches of its live dealer games in Italy by Q3. Italy is the second-biggest regulated online gaming market in Europe, and securing a foothold there could be a significant boost for Playgon’s business.

Playgon CEO Darcy Krogh acknowledged the impact of losing a major operator but expressed confidence in the company’s future. “Our business is still young and when one of our top licensees ceases their operations, it can have an adverse affect on our revenue and KPIs,” Krogh stated. However, he went on to highlight the healthy pipeline of new customers and Playgon’s strong position in existing markets.

The strong integration pipeline and expansion into new territories like Ontario and Italy highlight Playgon’s potential for significant growth. Playgon’s ability to maintain momentum in established markets like Ontario and successfully navigate new markets like Italy will be key factors to watch in the coming quarters.



Read More

To make this site work properly, we sometimes place small data files called cookies on your device. T&C