Playgon Reports 2023 Financial and Operational Highlights and Provides Business Update
In This Article:
Vancouver, British Columbia--(Newsfile Corp. - May 3, 2024) - Playgon Games Inc. (TSXV: DEAL) (OTC Pink: PLGNF) (FSE: 7CR) ("Playgon" or the "Company"), a propriety SaaS technology company delivering mobile first live dealer technology to online gaming operators globally, announces its financial results for the year ended December 31, 2023. For complete details please refer to the Financial Statements and associated Management's Discussion and Analysis for the year ended December 31, 2023, available on SEDAR (www.sedarplus.ca) or the Company's website (www.Playgon.com). All amounts are in Canadian Dollars unless otherwise indicated.
2023 Financial Highlights:
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The Company generated revenues of $1,470,224 (Dec 31, 2022 - $957,745) for the year ended December 31, 2023, from its Live Dealer platform, which represented an increase of 54% over the previous year.
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The net loss for the year was $16,530,922 (December 31, 2022 - $16,822,149) for the year ending December 31,2023 which was a decrease of 2% from the previous year. The Company's loss is primarily related to its development team and Las Vegas studio casino staff costs associated with operating the Live Dealer Platform.
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The total wagering turnover for the year ended December 31, 2023, was $1.6 billion compared to $926.75 million during the year ended December 31, 2022, representing an increase of 73%.
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Total betspots (number of wagers) for the year ended December 31, 2023, were 37.1 million, compared to 27.1 million during the year ended December 31, 2022, representing an increase of 37%.
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The average daily turnover for the year ended December 31, 2023, was $4.46 million compared to $2.54 million during the year ended December 31, 2022, representing an increase of 75%%.
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Average bet size for the year ended December 31, 2023, was $68 compared to $54 during the year ended December 31, 2022, representing an increase of 26%.
2023 Operational Highlights:
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On Feb 16, 2023 the Company announced its attendance at ICE-London iGaming event, was an exceptional success and has led to subsequent new licensing opportunities and integrations. The result of these meetings and ongoing sales and marketing efforts has led to the increased positive KPI's for the year.
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In March 2023 the Company completed integration into EveryMatrix Software Ltd. (EveryMatrix).
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On August 8, 2023, the Company announced that it has completed systems integration with NeoGames S.A. (NASDAQ: NGMS) subsidiary, Pariplay®. Pariplay® is a tier-one aggregator and content provider that services over 150+ operators with innovative products. Under the terms of the two-year agreement, Pariplay® will add and market Playgon's proprietary mobile-first live dealer and E-table offerings under the VegasLounge™ brand, to its content library for availability and distribution to all of Pariplay®'s global client base in regulated markets.
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On August 21, 2023, the Company announced it had been granted a license by the Alcohol and Gaming Commission of Ontario (the "AGCO"), the regulatory agency responsible for oversight of the modern open and regulated iGaming and sports betting market in Ontario.
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On November 15, 2023, the Company announced the launch of its new proprietary game called Odds UP Roulette®. Designed around Single Zero Roulette rules, Odds UP Roulette features 2 to 5 randomly generated Lucky Numbers in each round that boost multipliers from 50:1 to an impressive 1000:1 payout for players who have placed straight-up bets on the corresponding winning numbers. Non-multiplied straight-up bets pay 30:1. All other bets such as splits, corners, red/black and dozens are settled according to Single Zero Roulette rules.
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On January 22, 2024, the Company announced it had successfully received GLI game certification for its live dealer games in accordance with the AGCO technical requirements. Completing this certification, along with the previous GLI certification for the Las Vegas studio, positions the Company for the commercial launch into the growing Ontario online gaming market.