Maltese online game studio Yggdrasil Gaming has just released a Q1 statement that shows the company has gained a 134% increase in revenue, year on year. Per the report, apart from the overall increase in profits and revenue, Yggdrasil Gaming has also seen a spike in player transactions when compared to the same period last year.
During the first quarter of 2017, Yggdrasil Gaming’s revenue reached SEK 33.3 million ($3.7 million), or 134% more than Q1 of 2016, when the revenue was SEK 14.2 million ($1.6 million). The EBITDA (Earnings before Interest, Tax, Depreciation and Amortization) is also up to SEK 13.3 million ($1.5 million), where last year it reached SEK 7.9 million (app. $896K). Other highlights include their player transaction (rounds) numbers, which rose by 121% to 701 million, year on year, and their mobile gaming share, which accounted for 52.3% of the entire gross game win during the said period.
Yggdrasil Gaming CEO, Fredrik Elmqvist, said that the company has kicked off the year with an “incredibly busy and productive” quarter. Since the beginning of the year, the company has had several organizational changes, starting with a new CPO, Krzysztof Opałka, and a newly appointed CCO for their Gibraltar operations – Andrew Pegler. Elmqvist shares his enthusiasm about hiring Pegler which he says was a particular success, giving Yggdrasil the opportunity to expand to four Gibraltar operators and to attract even more interest in the jurisdiction. He also adds that the UK is another market in which they believe proposed promotional regulations will work towards the company’s favor.
Currently, Yggdrasil Gaming is licensed in several jurisdictions, including Malta, Romania, the UK and Gibraltar. Their licensee list includes major online operators like the Betsson Group, Leo Vegas, and Bet365, among others. Recently, the company also entered the Italian market thanks to a partnership with the bwin.party group.