Playgon Games Announces Q2 2024 Financial Results and Strategic Updates

Playgon Games Inc., a leader in SaaS technology for the mobile live dealer sector, has released its financial results for Q2 2024 and shared significant updates on its corporate strategy.

The second quarter of 2024 saw Playgon reporting revenues of 184,363 Canadian dollars, down from $413,388 in the corresponding period of 2023. This decline of 55% over the period highlights challenges in the market dynamics. Over the first six months of 2024, revenues totaled $414,652 compared to $701,397 in 2023, reflecting a 41% decrease. The company also reported a net loss of $5,125,037 for the quarter, a significant increase from $4,369,250 in the same period last year, mainly due to increased interest expenses on outstanding convertible debentures.

Despite the financial setbacks, Playgon Games saw a total wagering turnover of $219 million during the quarter, down 52% from $396 million in Q2 2023. The decrease primarily resulted from the cessation of operations by a key operator. However, excluding this factor, turnover from other operators actually saw a 24% increase, indicating robust organic growth and effective engagement strategies.

The average daily turnover stood at $2.4 million, compared to $4.3 million in the previous year, with total wagers placed in the quarter numbering 6.9 million, a 16% decline from 10.2 million in the prior year.

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In a significant corporate update, Playgon confirmed compliance with a recent directive from the Nevada Gaming Control Board (NGCB), focusing on swiftly resuming its live dealer services. The company is actively exploring various strategic options to minimize disruptions, including the expansion of studio operations in Canada and Europe. Decisions made in the coming months will shape the timeline for resuming premium live dealer services, with a detailed plan expected by the end of September.

The company’s RNG games remain available to all clients, ensuring continuity of service. Moreover, Playgon is utilizing this period to enhance its platform, with developments in new features and system improvements poised to enrich the user experience upon the resumption of live services.

Despite the operational challenges, including a reduction in staff at its Las Vegas studio, Playgon is committed to maintaining its innovation edge and service excellence. The company is also preparing for the relocation of its Las Vegas studio equipment to a new facility once plans are finalized.

The Vancouver-headquartered company has also announced that it successfully renewed its Ontario license, administered by the Alcohol and Gaming Commission of Ontario (AGCO), an essential step as it prepares to launch its live dealer services in the region. Ontario’s thriving online gaming and sports betting market presents a promising opportunity, with live dealer tables accounting for a significant portion of the online casino revenue.

Source:

“Playgon Reports Q2 2024 Financial and Operational Highlights“, playgon.com, August 30, 2024.