Global Gaming has sidestepped “dramatically increased competition” to record strong growth for the eighth consecutive quarter.
Revenue was up 93% from the year previous to SEK 253.1 (131.4) million, operating profit increased to SEK 60.3 (42.1) million, while profit after tax increased to SEK 54.3 (37.0) million.
Other period highlights for the Nasdaq First North-listed igaming firm included the appointment of Joacim Möller as CEO, the signing of a sports betting agreement with Kambi and the application for a Swedish gaming licence.
Commenting on the results, Möller said: During the third quarter, our revenue increased by 93 percent compared to the corresponding quarter of last year, and growth was 11 percent from the previous quarter. Impressive growth considering the dramatically increased competition in the Swedish market and given that in the latter part of the quarter we somewhat reduced marketing for Ninja Casino.
“As further confirmation of our amazing growth, on November 14 we were named as Sweden’s fastest growing technology company by Deloitte (Deloitte Sweden Technology Fast 50 list). This is further proof that our PayNPlay concept, now firmly established both in the industry and with the legislator, has set a new standard.
“NGR for Ninja Casino increased by 11 percent (NGR) compared to the second quarter of the year and deposits increased by 9 percent over the same period. Ninja Casino contributed 91 percent of the Group’s revenue during the quarter. Mobile usage for Ninja Casino has always been, and continues to be, high. In the third quarter, it increased to 75 percent.
“During the third quarter, we saw the results of renegotiated supplier agreements, therefore we expect further improvements in terms of gross margin in the coming quarters. A new agreement is in place for the payment solution. As our business model is based on a very large number of transactions, we expect the new deal to have a greater impact than if we were a traditional online casino.
“We have also taken the strategic decision to focus our resources entirely on the more profitable B2C business. This means we will carry on with the reduction of Whitelabel operations we started during the year as planned, and that we will not launch a new offer that we had initially planned.”
The results coincided with Global Gaming announcing Niklas Jönsson as CFO to succeed Christoffer Tell, who is stepping down at his own request. Jönsson will take up his new role on 1 January and Tell will stay on in an advisory role to management until 28 February.
Jönsson has extensive experience working with growth companies in igaming, most recently from his position as CFO for Evolution Gaming Malta. He has a background as an Authorized Public Accountant with PWC.
“It’s incredibly inspiring to be part of Global Gaming’s continuing journey. Having come from the supplier side of the industry, I now want to continue my personal development on the operator side,” he enthused.
Tell added: “The past three years have been a fantastic experience both for the company and myself personally. The listing on Nasdaq First North was a big milestone but, above all, the growth that Global Gaming has achieved, and the fact that we now have an annualised revenue of SEK 1 billion has really been incredible. We have managed to build a fantastic company in such a short time.”