Yggdrasil ‘surges’ on new deals and business initiatives

Casino game supplier Yggdrasil Gaming announced “surging” third-quarter revenues helped by the signing of landmark deals this year with the likes of bet365, BwinParty and Casumo.

Fredrik Elmqvist, YggdrasilThe Malta-based company saw revenues almost quadruple to SEK21m compared with SEK5.3m in the same period last year. EBITDA similarly soared, up to SEK9.2m from SEK1.9m in 2015.

The number of player transactions on its platform rose over 400% to 438 million, and the company said that mobile transactions now accounted for 54 percent of all stakes.

Fredrik Elmqvist, Chief executive at Yggdrasil, hailed the results: “It has been yet another hugely successful and action-packed three months for Yggdrasil.”

He also said the company was in a phase of rapid expansion: “While the immediate results have been impressive, it is equally important that we lay the foundations for sustainable, long-term growth. We are expected to continue growing much faster than the market, and we will carry on investing in our business while also delivering results moving forward.”

Among the company’s initiatives during the period was the launch of an industry-first social sharing tool called ‘Brag’, which allows players to share replays of winning spins on social media.

It also launched Yggdrasil White Label Studios, a new project which the company hopes will revolutionise the way slots are developed by fostering closer relationships between operators and providers. The offering landed its first client during the period.

The company said it was also moving to address its relative slowness with regard to gaining licences in regulated markets. It acquired a licence in Romania over the period and said that although it was a ‘late-mover’ in the regulated market space, it was ‘catching up fast’.

Elmqvist said the company anticipated further progress in the fourth quarter: “We are still a relatively small company taking on supplier giants who are much bigger than us. We must now ensure that the rapid growth we are enjoying transforms us into the best supplier in this industry. With a host of innovative new games, features and products on the horizon, I am confident we will do exactly that.”

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