Yggdrasil Gaming Records Strong Q1 Results
The Malta-based provider of superior online and mobile casino games Yggdrasil Gaming has announced the results for the first quarter of 2018, which reveal an increase in revenue and profit.
During the three-month period ending on Marc 31, 2018 Yggdrasil recorded $6.5 million in revenues, which is a staggering 73% increase over the corresponding period of last year. At the same time, EBITDA went up by 26.5% to $2.1 million.
Numbers Going up
EBITDA margin recorded a fall from 40% to 31%, though, although the company’s governance is not worried by this. Commenting on the decline in margin, Fredrik Elmqvist, Chief Executive Officer and founder of Yggdrasil Gaming said the drop was accounted for by the additional investment at London’s ICE trade show, as well as costs taken in conjunction with the ongoing expansion of the business.
The report also revealed that mobile gaming accounted for nearly two-thirds of the company’s gross gaming revenue, with total player rounds going up by staggering 90.2% to $147.2 million.
The first quarter of the year has seen a number of milestone moves. Yggdrasil Gaming entered the table games segment, launched its new YGS Masters studio partnership program, and made plans to make its debut in the Spanish market, thanks to a new deal with GVC.
Regarding his company’s quarterly performance, Elmqvist stated he was proud to be in a position to present another action-packed quarter for Yggdrasil Gaming. He added innovation remained at the very core of Yggdrasil’s DNA, particularly in the strategic initiatives launched during this period.
New Products and Agreements
Elmqvist pointed out that Yggdrasil’s upcoming table games product would revolutionize the vertical.
Scheduled to hit the market later this year, this new product, based on Redux, the company’s new in-house developed technological framework, will bring together elements of live and RNG casino. Yggdrasil promises a unique and immersive experience, available in a fully 3D environment.
In addition to this, Yggdrasil to expand its market presence and make the most out of growth opportunities with its bingo product whose launch was announced at the end of 2017. However, the company is primarily focused on developing new casino slots content and expand its commercial operations. During the first quarter, the company signed a number of important new partnership deals, adding some high profile operators to its list of customers.
Commenting on the opportunities lying ahead, Elmqvist said the believed the conditions were right for continued strong growth in the coming period. He pointed out the company saw strong interest in its portfolio of games and in-game promotional tools among both operators and end players.
Elmqvist stated he would continue to prioritize growth and build upon the company’s world-class offering.
With its first license received back in 2013, Yggdrasil Gaming has quickly emerged as one of the most respected and acclaimed names in the online gaming industry, providing games for some of the world’s biggest operators.
The company is based in Malta and has offices Poland, Gibraltar and Sweden.