Yggdrasil Gaming Posts Q3 Results, Reveals a Strong Growth
The leading developer of online gaming content Yggdrasil Gaming has posted its results for the third quarter of this year, revealing a rise in revenue.
According to available data, $7.8 million in revenue, recorded during this three-month period, represents an increase of 62% when compared to the corresponding period of 2017. In addition to this, the company recorded an increase in player rounds, which jumped by 51% to a total of 1,534 million.
Figures Going Up
Solid performance during the quarter, in turn, led to a 66% rise in operating revenues, but more importantly, was marked by 13 new license agreements.
Commenting on the Q3 results, Yggdrasil’s Chief Executive Officer Fredrik Elmqvist said he was pleased to announce yet another eventful period characterised by continued expansions and signing of several new partnerships.
Elmqvist pointed out that Yggdrasil would continue to fully emphasise its expansion focus by making investments for the future, both in the business and into new products.
The highlights of the latest quarter include several important moves, such as certification in Spain, debut in the Czech Republic, thanks to a new deal with Tipsport, entry into Italy, and a new agreement with the Taiwanese social gaming operator XSG. During this quarter, Yggdrasil negotiated deals with ATG, Svenska Spel and Veikkaus, although they were inked after the quarter ended.
According to Elmqvist, these new deals represent an important part of the company’s strategy and are a reflection of its commitment to further expand its presence in regulated markets around the world.
Positive Results Will Continue
The company also created a separate legal entity in the United Kingdom, whose task will be to ease growth in the markets of Northern Europe and to further boost Yggdrasil’s commercial reach to candidates for YGS Masters program.
A total of 29 new employees were welcomed to the company during Q3, while the total number of staff members reached 272, which is quite an increase from 102 employees at the end of the same period in 2017.
Elmqvist stated he was delighted to steer such a diverse team of world-class talent, and added people were encouraged to challenge both themselves and Yggdrasil in a truly open and multinational environment.
During the three-month period that ended on September 30, Yggdrasil released three new video slot games and launched a new casino-games fan site: Yggdrasil Casino. In addition to this, the Malta-based company introduced its first branded partnership with Nitro Circus.
Elmqvist said there were more games in the making than ever before, while the company would continue to stay true to its DNA by creating only the very best content and not losing focus on quality.
The coming period should also prove to be full of opportunities and challenges for Yggdrasil, with a special focus on growth and investments into the organisation to stay at the forefront as a true leader in the industry.
A considerable growth is expected when it comes to European markets, including Sweden, whose reregulation in 2018 could have a substantial potential. This is why it’s reasonable to expect positive results will continue.