Business
Playgon Reports Q1 2023 Financial Highlights
Vancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - Playgon Games Inc. (TSXV: DEAL...
About this update from Playgon Games, Inc.
[{"type":"text","content":"Playgon Reports Q1 2023 Financial HighlightsVancouver, British Columbia--(Newsfile Corp. - May 31, 2023) - 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 three months ended March 31, 2023. For complete details please refer to the Financial Statements and associated Management's Discussion and Analysis for the three months ended March 31, 2023, available on SEDAR (www.sedar.com) or the Company's website (www.Playgon.com). All amounts are in Canadian Dollars unless otherwise indicated.Q1 2023 Financial Highlights:During the three months ended March 31, 2023, the Company saw increased growth in player activity due to new onboards and organic growth within its existing core customer base which is viewed as a strong indicator for future revenue growth. The Company generated revenues of $288,009 for the three months ended March 31, 2023 (March 31, 2022 - $140,877) from it's Live Dealer platform, representing a 104% increase year over year.The net loss for the three months ended March 31, 2023, was $3,994,181 (March 31, 2022 - $3,899,555), which represented a 2% increase year over year. The Company continues its investment in the Live Dealer platform with increasing cost on its development team and Las Vegas studio casino staff costs to $2,035,380 (March 31, 2022 - $1,699,881). Q1 2023 Operational HighlightsThe revenue growth was supported by strong results among several key performance indicators (\"KPI\"). These KPI's include:Wagering turnover for the three months ended March 31, 2023 was $336 million compared to $275.6 million the previous quarter, representing an increase of 22% quarter over quarter.Average daily wagering turnover for the three months ended March 31, 2023, was $3.71 million compared to the previous quarter of $2.99 million representing an increase of 24% quarter over quarter.\"We kicked off our year with positive momentum in several KPI's we track, and this is continuing into our second quarter, commented Darcy Krogh CEO of Playgon Games Inc. \"The continued and accelerating growth in top line revenue adds to our confidence that our growth strategy is working and gaining meaningful traction in 2023.\"About Playgon...