Vancouver-based games developer Playgon Games has highlighted the upward trajectory of its business after publishing its financial results for the first half of 2023, which reveal substantial revenue growth.
The firm generated revenues of $413,388 from VegasLounge – its live dealer platform – for the three months ended June 30, representing a 90% year over year increase in Q2. That figure rises to 96% for the first six months of the year as Playgon Games generated revenues of $701,397 compared to $357,758 in the first half of 2022.
Wagering turnover for Q2 was $396m compared to $336m during the previous quarter, representing an increase of 18% QoQ. 10.2 million wagers were placed in the quarter, up from eight million in the previous quarter, reflecting a higher wager per bet in the system.
Average daily wagering turnover for the latest quarter was $4.4m compared to $3.71m in Q1, up 19% QoQ.
“We continue to see positive revenue growth in our Q2 supported by momentum in several KPI’s we track,” commented Darcy Krogh, CEO of Playgon Games.
“We expect this to accelerate in the second half of 2023 as we launch new clients in Ontario under our recent licence approval and other new markets globally.”
Playgon Gomes further reported net loss of $4.4m and $8.3m for Q2 and H1 respectively, which the firm maintains is ‘consistent from previous reporting periods’.
The company added that its investment in the live dealer platform and business will continue with a majority of costs associated to its development team and Las Vegas studio casino staff.
Elsewhere this month, Playgon Games was granted a license by the Alcohol and Gaming Commission of Ontario (AGCO) to supply approved igaming and sports betting operators with VegasLounge.
Commenting on its approval from Ontario’s gaming regulator, which arrived on the heels of Pariplay’s Fusion aggregation program integrating its online gaming suite, Krogh hailed the province as a “very attractive market for us to pursue”.