Canadian provider of solutions for the online gambling industry Contagious Gaming Inc. reported its financial results for the fist half of the company’s 2017 fiscal year. The supplier posted a 420% increase in revenue for the three months ended June 30, 2016 to C$1.1 million. In comparison, the amount of C$209,938 was generated during the same period of the previous year.
Contagious Gaming generated positive adjusted EBITDA for the very first time during the first quarter of the new financial year. Adjusted EBITDA for the period totaled C$190,528, compared to adjusted EBITDA loss of $546,722 reported for the same quarter of the previous year.
Loss before income taxes decreased from a total of C$1.2 million during last year’s first quarter to C$463,183 for the three months ended June 30, 2016. Net loss for the period in review amounted to C$504,943, compared to net loss of C$1.2 million reported for the same quarter of the 2016 fiscal year.
Contagious Gaming posted cash balance for the reviewed period of C$1.7 million, down from cash balance of C$1.8 million reported for the quarter ended March 31, 2016.
Based in Charlottetown, the capital city of Canada’s Prince Edward Island province, Contagious Gaming has been specializing in the development and provision of sports betting, casino gaming, and lottery solutions for the international iGaming industry. At present, the Canadian company offers a sportsbook, pool betting, and casino games, with all these targeting operators providing desktop and mobile gaming options to players from regulated markets.
It is also important to note that its content and technology solutions can be delivered to clients as a full integrated service across a single platform or can be offered separately.
Commenting on the latest results posted, Contagious Gaming CEO and Director Peter Glancy noted the positive EBITDA and adjusted EBITDA as one of his company’s most important achievements in financial terms. The official further pointed out that the upcoming addition of fixed-odds betting, virtual sports, and online casino titles to their Goal Time offering will further boost both revenue and EBITDA.
Mr. Glancy also revealed that the company is currently preparing the infrastructure needed for the successful launch of its B2C and white label operations, which are to be supported by the expanded online gambling catalog. The business will be initially rolled out in the UK.
