Playgon Reports First Quarter 2022 Financial Results
Vancouver, British Columbia–(Newsfile Corp. – May 30, 2022) – Playgon Games Inc. (TSXV: DEAL) (OTCQB: PLGNF) (FSE: 7CR) (“Playgon” or the “Company”), a proprietary SaaS technology company providing the leading mobile live dealer technology to online gaming operators worldwide, announces its financial results for the three months ended March 31, 2022. For more details, please see the financial statements. and the related MD&A for the quarter ended March 31, 2022, available on SEDAR (www.sedar.com) or on the Company’s website (www.Playgon.com). All amounts are in Canadian dollars, unless otherwise indicated.
First Quarter 2022 Financial Highlights:
The Company generated revenue of $140,877 (March 31, 2021 – Nil) generated through the Company’s Live Dealer platform. The company saw an increase in player betting throughout the quarter, which is seen as a strong indicator of future revenue growth. During the quarter, there was an increase in players’ winning percentage, which resulted in reduced house margins. Player win percentage is subject to a significant level of volatility from month to month, but should normalize over time.
The loss for the quarter was $3,899,555 (March 31, 2021 – $3,487,021). The company continued its investment in the Live Dealer platform by increasing the costs of its development team and Vegas casino studio staff to $1,699,881 (31 Mar 2021 – $1,234,416). Additions to the Vegas studio’s development team and staff allowed the company to onboard additional operators and manage expected growth.
The Company had cash of $2,486,326 as of March 31, 2022.
First Quarter 2022 Operational Highlights
On January 12, 2022, the Company signed a multi-jurisdictional software license and distribution agreement with its 4th European aggregator Relax Gaming. Under the terms of the agreement, Relax Gaming will add and market Playgon’s exclusive live mobile dealer and electronic tabletop gaming offerings.
On February 24, 2022, the company announced industry veteran Bobby Soper to the company’s board of directors. Mr. Soper brings two decades of experience overseeing the development of numerous projects from the ground up. He served as International President of Mohegan Gaming & Entertainment, as well as CEO of the Mohegan Company.
The company onboarded 9 additional operators during the quarter, bringing the total number of operators to 35.
“The first quarter was another strong quarter for Playgon,” said Darcy Krogh, CEO of Playgon Games, “We continued to see increased player activity throughout the quarter, and we emerged with a healthy pipeline of new opportunities that we plan to announce in due course. This will include entering new markets for the company’s innovative live mobile reseller product, which we are excited to enter.”
About Playgon Games Inc.
Playgon Games Inc. (TSXV: DEAL) (OTCQB: PLGNF) (FSE: 7CR) is a SaaS technology company focused on the development and licensing of digital content for the growing iGaming market. The Company provides a multi-tenant gateway that enables online operators to offer their customers innovative iGaming software solutions. Its current software platform includes Live Dealer Casino, E-Table games and Daily Fantasy Sports, which through seamless operator-level integration enable customer access without having to share or compromise sensitive customer data. . As a true business-to-business digital content provider, the Company’s products are ideal turnkey solutions for online casinos, sports betting operators, land-based operators, media groups and large database companies. .
For more information, please visit the Company’s website at www.playgon.com.
For more information, contact:
Mike Marrandino, director
Tel: (604) 722-5225
Email: [email protected]
This release contains forward-looking statements, including statements relating to certain expectations, projections, growth plans and other information relating to the Company’s business strategy and future plans. Forward-looking statements, without limitation, may contain the words believe, expect, anticipate, estimate, intend, plan or similar expressions. Forward-looking statements are not guarantees of future performance. They involve risks, uncertainties and assumptions and actual results could differ materially from those anticipated. Forward-looking statements are based on the opinions and estimates of management as of the date the statements are made and are subject to a variety of risks and uncertainties and other factors that could cause actual events or results actuals differ materially from those projected in the forward-looking statements. research statements. Except for historical facts, the statements contained in this press release, as well as oral statements or other written statements made or to be made by Playgon, are forward-looking and involve risks and uncertainties. In the context of any forward-looking information, please refer to the risk factors detailed in, as well as the other information contained in the audited financial statements of the Company for the year ended December 31, 2021 and the management report for the year ended December 31, 2021 and other filings with Canadian securities regulators (www.sedar.com).
Neither the TSX Venture Exchange nor its Regulation Services Provider (as that term is defined in the policies of the TSX Venture Exchange) accepts responsibility for the adequacy or accuracy of this release.
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