Vancouver, British Columbia--(Newsfile Corp. - August 30, 2022) - Playgon Games Inc. (TSXV: DEAL) (OTCQB: 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 quarter ended June 30, 2022. For complete details please refer to the Financial Statements and associated Management's Discussion and Analysis for the three and six months ended June 30, 2022, available on SEDAR (www.sedar.com) or the Company's website (www.Playgon.com). All amounts are in Canadian Dollars unless otherwise indicated.
Q2 2022 Financial Highlights:
- The Company generated revenues of $216,881 (June 30, 2021 - $2,218) for the three months ended June 30, 2022, and total revenues of $357,758 (June 30 2021 - $2,218) for the six months ended June 30, 2022 from the Live Dealer platform.
- Revenues in Q2 2022 increased by $76,004 from Q1 2022, representing a 54% increase in revenues.
- Operator net win for the quarter was $3 million up 11% from the previous quarter at $2.7 million.
- The net loss for the quarter was $4,402,353 (June 30, 2021 - $3,590,061). The Company continues its investment in the Live Dealer platform by increasing its development team and Las Vegas studio casino staff costs to $2,128,644 (June 30, 2021 - $1,584,824).
- The Company had cash on hand of $539,485 on June 30, 2022.
Q2 2022 Operational Highlights
- The Company on-boarded an additional 14 operators in the quarter bringing the total client base to 49 on June 30, 2022, which is up from 35 from at March 31, 2022, representing a 40% increase in customers accessing the platform.
- Average monthly players for the three months ended June 30, 2022, were 20,100 compared to the previous quarter of 17,500 which represented a 15% increase in player numbers.
- On May 4, 2022, the Company announced that it has applied for a Gaming Related Supplier - Manufactures License with the Alcohol and Gaming Commission of Ontario (the "AGCO"). The License will enable the Company to supply AGCO approved operators with its Live Dealer Product in Ontario which is anticipated to be one of the biggest regulated markets in North America.
- On June 9, 2022, the Company signed a software licensing and distribution agreement with Markor Technology. Under the terms of the agreement, Markor will add and market Playgon's proprietary mobile first live dealer and E-table game offerings to its content library for availability and distribution to all Markor's global client base. The agreement is for three years with licence fees based on commercial revenue sharing rates.
"Playgon experienced a strong Q2 as the Company saw continued growth in revenue and player activity," said Harry Nijjar, CFO of Playgon Games, "Our existing customer base continue to show growth in these two key metrics and we expect the same from the new operators added during Q2. We strongly believe that with the new corporate milestones achieved already this third quarter, industry continues to validate Playgon's Live Dealer offering."
About Playgon Games Inc.
Playgon Games Inc. (TSXV: DEAL) (OTCQB: PLGNF) (FSE: 7CR) is a SaaS technology company focused on developing and licensing digital content for the growing iGaming market. The Company provides a multi-tenant gateway that allows online operators the ability 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 a seamless integration at the operator level, allows customer access without having to share or compromise any sensitive customer data. As a true business-to-business digital content provider, the Company's products are ideal turn-key solutions for online casinos, sportsbook operators, land-based operators, media groups, and big database companies.
For further information, please visit the Company's website at www.playgon.com.
For further information, contact:
Mike Marrandino, Director
Tel: (604) 722-5225
Email: mikem@playgon.com
Forward-Looking Statements
This release contains forward-looking statements, including statements relating to certain expectations, projections, growth plans and other information related to Company's business strategy and future plans. Forward-looking statements, without limitation, may contain the words believes, expects, anticipates, estimates, intends, plans, or similar expressions. Forward-looking statements are not guaranteeing 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 at 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 to differ materially from those projected in the forward-looking statements. Except for historical facts, the statements in this news 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 risk factors detailed in, as well as other information contained in the Company's audited financial statements for the year ended December 31, 2021 and Management Discussion and Analysis for the year ended December 31, 2021 and other filings with Canadian securities regulators (www.sedar.com).
Neither 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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