Interactive
Sweden – Yggdrasil revenue up by 299 per cent in Q3
By Phil - 14 November 2016
Yggdrasil Gaming has reported that its third quarter revenues increased by 299 per cent year-on-year to SK21m (€2.1m) up from SK5.3m due to major deals with operators such as Casumo.
The EBITDA margin for the period amounted to 44 per cent
Number of player transaction (rounds) increased by 427 per cent year-on-year to 438m whilst mobile gaming has now grown to be 54 per cent of total gross game win.
Three new games were released in the quarter: Legend of the White Snake Lady, Big Blox, Double Dragons whilst the group was granted two licences by Romania’s National Gambling Office permitting the hosting of gaming platforms and the distribution of gaming software in recently regulated market.
Yggdrasil launched an industry-first with its social sharing tool BRAG and paid out its largest ever jackpot of €2.9m on Joker Millions progressive jackpot slot
Fredrik Elmqvist, CEO of Yggdrasil, said: “It has been yet another hugely successful and action-packed three months for Yggdrasil, and we now have a fantastic team in place that is fast establishing us as the industry’s number one online casino supplier. Yggdrasil remains in a phase of rapid expansion, as displayed by the quarter’s surging revenue growth. While the immediate results have been impressive, it is equally important that we lay the foundations for sustainable, long-term growth. We are expected to continue growing much faster than the market and we will carry on investing in our business while also delivering results moving forward.”
“The success of Yggdrasil has always been driven by the excellence of our team, and we continue to recruit the very best. During Q3, we added our first dedicated CFO, Frida Gustafsson, as part of a broader revamp of our finance department,” he explained. “After the quarter, we also announced plans to establish a new parent company that will help form a new Yggdrasil epicentre in Stockholm.”
In Malta, the company has finally moved into its new offices, while the Poland tech hub will move into new premises in Q2 2017.
Mr. Elmqvist added: “The start-up culture that Yggdrasil has fostered has helped us grow into the industry’s most innovative and agile supplier, and by ensuring the correct corporate structure is in place, the challenge we now face is continuing our growth without impairing what has made us successful so far. To remain ahead of the field in the competitive environment of online casino, creativity is essential. During the quarter, Yggdrasil unveiled two new concepts that displayed our approach to the challenges of our industry.”
“Firstly, we announced the launch of our industry-first social sharing tool BRAG, which helps improve operators’ organic social media volume by encouraging players to share replays of winning spins on Facebook and Twitter. We have also launched Yggdrasil White Label Studios, an ambitious new project that will ultimately revolutionise the way slots are developed by fostering closer relationships between operators and providers. White Label Studios is a strategic commitment from both us and the customer and we are very happy to have landed our first partner. There are several other negotiations ongoing, but given the strategic commitment, at this point we can only on-board one more partner, who we would begin collaborating with in the summer of 2017.
“These exciting developments have not distracted us from our core mission, and we continue to add fast-growing operators to our roster, including Casumo during this quarter. We still have a number of signed deals with operators who are yet to go live, as well as further deals in the pipeline.”
