Online gambling company Gamesys Group got off to a slow start this year, seeing its income slip in the first quarter against increased revenue. Since then, however, it has turned things around, despite having to deal with the COVID-19 pandemic like everyone else. Thanks to improved performances across all of its operating segments, the company saw an increase in revenue in the third quarter of 2020, and expects to finish the year on an even higher note.
According to a Gamesys trading update just released, the company saw its total group revenue increase by 31%, reaching $247.24 million. This was due primarily to organic growth in its operations, buoyed by stronger gains virtually everywhere it is active, including the US, the UK, Asia and Spain. While the company didn’t go into detail about each segment, the latter country provided a great deal of support, as the company introduced its Monopoly Casino brand to the Spanish market, allowing Gamesys to boast of it being “one of the most successful new brand initiatives in the history of the group.”
The company explains in its statement, “There have been notable operational highlights during Q3, including good momentum demonstrated by ‘Monopoly Casino’ in Spain, which has proved to be one of the most successful new brand initiatives in the history of the Group. In the UK, another new brand ‘Rainbow Riches Casino’ continues to deliver impressive growth since its launch at the end of 2019 and recently won ‘Best New Slots Site’ at the WhichBingo Awards 2020…The Group has made a good start to Q4 and, although it is still early in the period, trends are so far broadly in line with those experienced in the first nine months of FY 2020.”
The boost in Asian activity helped, as well, driven by the introduction of Intercasino JP to the Japanese market. It was the second brand the company rolled out in the country, and is billed as a “straight-shooting” solution with a “dedication to excellence.” Despite the country having a love/hate relationship with gambling, Gamesys has been able to attract a market that continues to show more support for iGaming options.
In the UK, which is proving to be even more problematic than other markets as the government continues to crack down on gambling, the company is running strong, introducing “proactive” solutions to problem gambling and providing an “increased awareness of player time and spend across all sites.” These will pay off in the long run, with the UK expected to remain relentless in how the gambling market is operated and controlled.
Gamesys CEO Lee Fenton adds, “We have performed extremely well during Q3, with strong organic revenue growth, an increasing active customer base, and solid progress made across both our core and growth markets globally. Looking ahead, our portfolio of established and trusted brands, complete ownership of our technology platforms and a strong balance sheet, underpin our ability to thrive in the long term.”