Yggdrasil on a roll in Q1-2016

Swedish online gambling games provider and Cherry subsidiary Yggdrasil Gaming has released an impressive set of Q1 2016 results, highlighting:

* Q1 revenues up 519 percent y-o-y to SEK 14.2 million;

* EBITDA at SEK 7.9 million (Q1 2015: SEK -0.4 million);

* EBIT at SEK 5.5 million (Q1 2015: SEK -1.9 million);

* Bet turnover up 1,085 percent year-on-year to SEK 3,560.2 million;

* Number of player transactions up 922 percent to 317.1 million;

* Mobile gaming accounted for 45 percent of the total gross game win (Q1 2015: 17 percent);

* The company has achieved licensing and gone live in the UK with six operators;

* Content supply deal signed with bet365, one of the world’s largest operators;

* Released three new games: Incinerator, Golden Fish Tank and Seasons;

Chief executive Fredrik Elmqvist commented on the results:

“Yggdrasil has kicked off 2016 with strong, mainly organic growth from existing customers and a number of exciting deals, launches and awards.

“We are already live with six operators in the UK and there will be more to follow in the coming months. It is certainly a very competitive market, and it is still early days, but early indications are encouraging.

“Elsewhere on the regulatory front, our Gibraltar licence is waiting for final approval – the aim remains to go live in Q2. And we continue to investigate other regulated markets.

“From a games perspective, we launched three new and innovative slots during the quarter – Incinerator, Golden Fishtank and Seasons – and also received certification for six games in the UK and Gibraltar. Six more will be certified for both jurisdictions before the end of Q2.

“Our team had grown to 65 people by the end of Q1, up from 45 as recently as December. We’ve managed to fill a number of key positions in recent months, including our first CFO and General Managers for Poland and Chief Commercial Officers for the new business operation in Gibraltar.

“Looking forward, we plan to continue to develop BOOST, our collection of in-game promotional tools, which has become an integral part of many operators’ marketing strategies. On that note – watch out for the commercial launch within our network of customers of the new in-game promotional tool, ‘Casino Cash Race’, during the opening match of the European Championships in June.

“We see huge potential when it comes to innovation across the fields of retention and engagement, and will be adding to our gamification features later in the year,” Elmqvist concluded.

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