Business
Playgon Reports Q2 2023 Financial Highlights
Vancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Playgon Games Inc.  (T...
About this update from Playgon Games, Inc.
[{"type":"text","content":"Playgon Reports Q2 2023 Financial HighlightsVancouver, British Columbia--(Newsfile Corp. - August 28, 2023) - Playgon Games Inc. (TSXV: DEAL) (OTC Pink: 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 June 30, 2023. For complete details please refer to the Financial Statements and associated Management's Discussion and Analysis for the three months ended June 30, 2023, available on SEDAR+ (www.sedarplus.ca) or the Company's website (www.Playgon.com). All amounts are in Canadian Dollars unless otherwise indicated.Q2 2023 Financial Highlights:During the six months ended June 30, 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. For the three and six months ended June 30, 2023, the Company generated revenues of $413,388 (June 30, 2022 - $216,881) and $701,397 (June 30, 2022 - $357,758) respectively, from the Live Dealer platform, representing a 90% year over year increase for the three month period and a 96% year over year increase for the six month period.The Company's revenue increased $125,379 from the three month period ended March 31, 2023, representing a 44% increase.The net loss for the three months and six months ended June 30, 2023, was $4,366,396 (June 30, 2022 - $4,402,353) and $8,334,932 (June 30, 2022 - $8,301,908) which is consistent from previous reporting periods. The Company continues its investment in the Live Dealer platform and business with a majority of costs associated to it development team and Las Vegas studio casino staff.Q2 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 June 30, 2023 was $396 million compared to $336 million the previous quarter, representing an increase of 18% quarter over quarter.The number of wagers placed (betspots) in the quarter were 10.2 million wagers compared to the previous quarter of 8 million wagers, which reflects a higher wager per bet in the system.Average daily wagering turnover for the three mo...