Vancouver, British Columbia--(Newsfile Corp. - November 30, 2022) - Playgon Games Inc. (TSXV: DEAL) (OTCQB: PLGNF) (FSE: 7CR) ("Playgon" or the "Company"), a propriety SaaS technology company delivering mobile first live dealer technology to online gaming operators globally, announces its financial results for the quarter ended September 30, 2022. For complete details please refer to the Financial Statements and associated Management's Discussion and Analysis for the three and nine months ended September 30, 2022, available on SEDAR (www.sedar.com) or the Company's website (www.Playgon.com). All amounts are in Canadian Dollars unless otherwise indicated.
Q3 2022 Financial Highlights:
The Company generated revenues of $316,222 (September 30, 2021 - $5,624) for the three months ended September 30, 2022 and total revenues of $673,980 (September 30 2021 - $7,842) for the nine months ended September 30, 2022 from the Live Dealer platform.
Revenues in Q3 2022 increased by $99,341 from Q2 2022, representing a 45% increase in revenues.
The net loss for the quarter was $4,199,472 (September 30, 2021 - $3,569,871). The Company continues its investment in Live Dealer technology by increasing its development team and Las Vegas studio staff costs to $2,240,926 (September 30, 2021 - $1,483,336).
Q3 2022 Operational Highlights
Turnover averaged $96.9 million during the quarter ended September 30, 2022 compared to $57 million during Q2 2022 representing a 70% increase.
Number of wagers placed (betspots) increased from 5.5 million in Q2 to 7.69 million in Q3 representing a 39% increase.
On September 7, 2022, the Company signed a software license and distribution agreement with global iGaming aggregator Pariplay Limited. Pariplay will add and market Playgon's proprietary mobile-first live dealer and E-table offerings to its content library for availability and distribution to all of Pariplay's global client base.
On Sept 28, 2022 VegasLounge™ went live with aggregator Markor Technology. The initial launch includes numerous new operators including one of Europe's leading on-line gaming companies, which has an established player base in more than 150 countries. Additional new customers are expected as Markor Technology introduces Playgon Games' innovative mobile live dealer product to its customers.
"Building on a strong Q2, Playgon saw that momentum continue through Q3 with a 45% increase in revenues," said Harry Nijjar, CFO of Playgon Games, "The increase in revenues during the quarter was supported by strong performance in certain key metrics, including monthly turnover which increased by 70% over Q2 and wagering which was up 39% from the previous quarter. In addition to the strong performance of existing operators, the new on-boards in the quarter clearly drove the growth in player activity for the quarter."
About Playgon Games Inc.
Playgon Games Inc. (TSXV: DEAL) (OTCQB: PLGNF) (FSE: 7CR) is a SaaS technology company focused on developing and licensing digital content for the growing iGaming market. The Company provides a multi-tenant gateway that allows online operators the ability to offer their customers innovative iGaming software solutions. Its current software platform includes Live Dealer Casino, E-Table games and Daily Fantasy Sports, which, through a seamless integration at the operator level, allows customer access without having to share or compromise any sensitive customer data. As a true business-to-business digital content provider, the Company's products are ideal turn-key solutions for online casinos, sportsbook operators, land-based operators, media groups, and big database companies.
For further information, please visit the Company's website at www.playgon.com.
For further information, contact:
Mike Marrandino, Director
Tel: (604) 722-5225
This release contains forward-looking statements, including statements relating to certain expectations, projections, growth plans and other information related to Company's business strategy and future plans. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guaranteeing of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward looking statements are based on the opinions and estimates of management at the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results to differ materially from those projected in the forward-looking statements. Except for historical facts, the statements in this news release, as well as oral statements or other written statements made or to be made by Playgon, are forward-looking and involve risks and uncertainties. In the context of any forward-looking information please refer to risk factors detailed in, as well as other information contained in the Company's audited financial statements for the year ended December 31, 2021 and Management Discussion and Analysis for the year ended December 31, 2021 and other filings with Canadian securities regulators (www.sedar.com).
Neither TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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