Supplier of content for the international online gambling industry Yggdrasil Gaming reported today financial results for the quarter ended March 31, 2016. Revenue increased 519% during the period in review to reach SEK14.2 million.
EBITDA was up from a negative of SEK0.4 million posted for the first quarter of 2015 to SEK7.9 million generated during the same three months of this year. EBIT totaled SEK5.5 million, up from a negative of SEK1.9 million.
During the first quarter of 2016, Yggdrasil Gaming saw bet turnover go up 1,085% to SEK3.6 billion. Player transactions increased to 317.1 million or by 922% year-on-year.
The gaming supplier revealed that mobile gaming accounted for 45% of the overall gross game win generated during the period in review. In comparison, it represented 17% of the total gross game win in the same three months of 2015.
After the gaming content supplier was granted a remote gambling software license by the UK gambling commission, the company’s products went live with six UK-facing gambling operators. Yggdrasil Gaming said that it is to partner with more gaming companies operating within the country’s borders in the months to come.
During the three months ended March 31, 2016, the gaming supplier signed another important agreement for the distribution of its product offering. It has partnered with major gambling operator bet365 and under the terms of their deal, Yggdrasil Gaming is to supply the gaming company with a selection of its most popular titles.
Commenting on the gaming distributor’s performance over the first quarter of the year, Yggdrasil Gaming CEO Fredrik Elmqvist said that the company has kicked off the year with a strong, organic growth, attributable mainly to existing customers as well as the agreements signed and games launched over the period.
Of Yggdrasil Gaming going live in the UK, Mr. Elmqvist said that the country’s online gambling market is extremely competitive but the early indications have been encouraging for his company.
The gaming supplier is currently awaiting a final approval for its Gibraltar license and is expected to go live in the second quarter of the year. Mr. Elmqvist said that they will keep on investigating the current regulatory environment and the opportunity to launch their products in other regulated markets.
