Internet betting software developer Yggdrasil Gaming has released their first quarter 2016 financial results, noting a huge 519% surge in revenues when compared to the same period last year.
Key corporate highlights for the period ending March 31st, 2016 were:
- Q1 revenues up 519% y-o-y to SEK 14.2 million;
- EBITDA at SEK 7.9 million (Q1 2015: SEK -0.4 million);
- EBIT at SEK 5.5 million (Q1 2015: SEK -1.9 million);
- Bet turnover up 1,085% year-on-year to SEK 3,560.2 million;
- Number of player transactions up 922% to 317.1 million;
- Mobile gaming accounted for 45% of the total gross game win (Q1 2015: 17 percent);
- The company has achieved licensing and gone live in the UK with six operators;
- Content supply deal signed with bet365, one of the world's largest operators;
- Released three new games: Incinerator, Golden Fish Tank and Seasons;
Commenting on his company's performance Yggdrasil CEO Fredrik Elmqvist said, "Yggdrasil has kicked off 2016 with strong, mainly organic growth from existing customers and a number of exciting deals, launches and awards. We are already live with six operators in the UK and there will be more to follow in the coming months. It is certainly a very competitive market, and it is still early days, but early indications are encouraging."