Gamesys Group, an online gaming company listed in the UK, has praised the Vera&John expansion into the Grey Market in Japan and other markets. This has helped increased Gamesys overall strong Quarter 3. Indeed, the company, formerly JackpotJoy, has recently released its Q3 report up until September 30. And it makes for positive reading. In all, the revenue rose 23% up to £92.4 million.
However, there were other figures that needed to be taken into consideration. Firstly, the adjusted earnings fell 8% to £25.5 million. Also, the net revenue from operations nearly halved, dropping down to £3.4 million.
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To sum up, when looking at the figures, there are certain aspects that need to be considered. The Gamesys Group sold their Mandalay bingo brands to 888, which would have made an impact on the revenue. Plus, they added more original and own-brand products. Although the latest add-ons were only available to contribute to the last 4 days of the quarter, they did add £2.3 million in sales.
The main JackpotJoy division consists of JackpotJoy, UK; Botemania, Spain and also Gamesys brands. All and all, they contributed revenue of £52.2 million, which is up 5% on last year. However, the operating costs went up as well, so overall the earnings dropped by 16% down to £18.2 million.
In essence, Vera&John was one of the higher contributors to the strong quarter. They have now pulled out of the UK market and have started to focus elsewhere. They have grown revenue by 5.7% to £40.2 million. This was partly due to entering grey markets, including Japan, Germany and Brazil.
All and all, Japan had a big impact as it provided 20% of Gamesys overall revenue in the first three quarters, which is up from 12% of last year. Meanwhile, the UK dropped to47% and Sweden practically halved to 4%.