Turning Lemons into Lemonade, Gamesys Posts Record Q3 Revenue

Online gaming developer and operator Gamesys has posted impressive Q3 revenue of £190m (US$246m/€208m), a year-on-year increase of 31 per cent, continuing a growth metric established in H1 2020.

Across its core markets, the FTSE250 quoted company showed solid double-digit growth: in Japan, aided by the launch of its Intercasino game; in the UK, thanks in part to the success of Rainbow Riches Casino; and in Spain, where Monopoly Casino is proving to be “one of the most successful new brand initiatives in the history of the group”.

Without providing exact figures, the iGaming leader also reported double-digit growth in the US.

“We have performed extremely well during Q3,” said Gamesys Chief Executive Lee Fenton. “[We’ve had] strong organic revenue growth, an increasing active customer base and solid progress made across both our core and growth markets globally.”

Gamesys’ sterling Q3 results came despite the business being largely restricted to remote working and the all-too-familiar drags of the coronavirus Covid-19 pandemic.

In fact, the firm has even seen productivity gains from remote working in some sectors, notably coding.

The company has also turned “lemons into lemonade” by further embedding progressive policies and gambling safeguards for its customers by increasing awareness of playing time, and spend, across all its sites.

“In addition to our intensified scrutiny of player activity, we continue to remind players [particularly new punters] of the responsible gaming controls and self-help tools they can utilise,” Gamesys said in a statement accompanying its Q3 financial report.

The company, furthermore, is keen to “emphasise the recreational and fun environment we have created for our community of players to enjoy,” said Gamesys.

Concurrently, the group reported that it has also reduced its net debt-to-earnings ratio, before EBITDA, from x2.27 in H1 to below x2.1 in Q3.

The firm’s cost of borrowing, subsequently, has fallen; while Gamesys has also been able to pay an inaugural dividend to shareholders this month, October.

An ebullient Fenton, added:  “Looking ahead, our portfolio of established and trusted brands, complete ownership of our technology platforms and a strong balance sheet, underpin our ability to thrive in the long term.”