Interactive
Sweden – Yggdrasil announces record revenue up 62 per cent in 2018
By Phil - 17 February 2019
Swedish online gaming specialist Yggdrasil increased its operating revenues by 53 per cent to MSEK 78.5m in the fourth quarter when it signed 11 new license agreements signed, including ones with Svenska Spel, ATG and Veikkaus.
For the year as a whole, Yggdrasil reported solid growth and revenues reached an all-time high of MSEK274, up 62 per cent from the prior year. The company has made several important investments for the future and has more development projects in the pipeline than ever before. Its number of employees increased to 285, up by almost 100 from the prior year.
Fredrik Elmqvist, CEO and founder, said: “2018 also marks as a commercially active year with entry into new markets and the signing of 48 new customers – more than any year before! We continue to focus on locally regulated market environments and push for global expansion. We have signed several notable customers during the year including Paf, Veikkaus, 888 in addition to Svenska Spel and ATG as part of the Swedish re-regulation. Despite a more competitive and complex market environment with a regulatory landscape changing at a faster phase than ever before, we have been successful in capturing further market share.
“We believe this is the ultimate proof of our concept and clearly demonstrates that our business is in the game for the long run. I also believe the on-going regulation trend is positive on the back of increased barriers to entry and an overall improved market quality, with a more responsible approach among industry stakeholders yielding a safer player environment and a larger addressable market.”
In addition to the new vertical announcements, Yggdrasil has launched 18 new games, including the third game in the immensely successful Vikings series, Vikings Go To Hell, as well as its first branded game in collaboration with Nitro Circus.
