Malta-based iGaming software supplier Yggdrasil Gaming has recently released its financial report for the first quarter of 2023. The developer has revealed an impressive start to the year, boasting a whopping 134% increase in its year on year revenues.
According to the report, Yggdrasil has not only enjoyed an overall increase in revenue, but also a sharp growth in the number of player transactions made while playing its games in comparison to the company’s 2016 figures.
In the three months ended March 31, 2023, Yggdrasil brought in gaming revenue of NZ$5.3 million – as previously mentioned, a marked increase of 134% over its 2016 income of $2.3 million. The firm’s EBITDA (earnings before interest, tax, depreciation and amortization) also increased considerably, growing to $2.16 million as opposed to the $1.29 million posted last year.
The iGaming developer, which is known for its desktop and mobile gaming solutions, also noted several other highlights for the period in review. This included a 121% increase in player transactions year on year, which grew to SEK 115.5 million.
Additionally, the firm’s mobile gaming share – a rapidly growing share in the iGaming industry at present – accounted for an impressive 52.3% of the firm’s GGR during its first quarter of the year.
Fredrik Elmqvist, Yggdrasil Gaming’s CEO, noted in a statement that his company has started 2023 with what he described as a very busy and equally productive quarter. The executive said that his company saw several organisational changes in the new year, as well as a new CPO and Gibraltar-based CCO – Krzysztof Opalka and Andrew Pegler.
Elmqvist conveyed his excitement for the newly filled positions, and revealed that appointing Pegler as the head of Yggdrasil’s Gibraltar operations has allowed the company to expand to four new local operators and attract even more new players therein. The CEO also believes that the proposed promotional regulations in the UK may prove favourable for the firm in the near future.
At the present time, Yggdrasil Gaming offers its desktop and mobile gaming solutions in four main jurisdictions: the UK, Romania, Malta, and Gibraltar. The firm has signed numerous major licensees as well, including the likes of Leo Vegas, Bet365 and casino and betting giant Betsson.
Most recently, Yggdrasil has also expanded into the regulated Italian iGaming market through a fruitful partnership with bwin.party.
