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Mr Green Q1 Revenue Up by 38%

By: Staff Writer, April 30, 2018

 

Mr Green Casino will feature their own croupiers in the new and personalized live dealer setting powered by Evolution.

Mr Green, Swedish online gambling operator, never seizes to amaze us.This time, the operator recorded its firstquarter revenue 38% up which is, at the same time, the sixth straight quarter of higher than expected growth.

On a Roll

Mr Green released its first quarter interim report a few days ago and total revenue reached $43.75 million for the first three months of the year.

In the first quarter of 2017 the total revenue was $31.71 million so the growth went up for full 38%, well above the 20% the company had targeted. The increase in revenue was backed by a 57.3% customer growth to 182,490 and 40.7% deposit increase during the first quarter, which only confirms the growing popularity of the brand among both old and new customers. Earnings grew by 34%, mobile share overall revenue increased to 56%, while net income was up 7%.

The EBIDTA increased 34% to $5.26 million thanks to these whopping figures.

EBIDTA margin would have risen 13.8% but it was to the consolidation of Evoke Gaming in February that EBIDTA margin actually fell 0.4% to 12%. Mr Green’s acquisition of Evoke Gaming increased Cost of Sales (CoS). The company expected CoS to come to 32% but the figure came in at 35%. What raised the costs are Evoke Gaming’s cost mix, growth in taxable markets and improved demand for live casino and sportsbook, where the company pays higher supplier rates.

Cost synergies from the Evoke acquisition of about $4.8 million is expected in the third quarter and 30-40% of the figure will probably be from the reduced CoS.

European Numbers Half the Total Revenue

Western Europe accounted for nearly half of the total Q1 revenue with a strong growth in all markets, up 58.7% year-on-year. The Central, Eastern and Southern Europe revenue improved 19.3% despite of the withdrawals from Poland and Check Republic. Nordic market revenue increased nearly 30% thanks to the Mr Green launch at the Danish market in December 2017. The operators hope to see Sweden liberalize online gaming market soon since they accounted for 16.5% of the company’s Q1 revenue.

Commenting on the report Mr Green’s CEO, Per Norman, said that they had a fantastic start of the year, great products launched including Live Beyond Live and they will continue to improve marketing efficiency from a new type of market investments.

” We have a unique, competitive customer offering and see a continued favourable outlook. The second quarter started strongly. We also have a robust financial position, with scope for additional acquisitions.”

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