Kings Entertainment has recorded significant increases across both its online casino and online lottery products during May.
The CSE-listed firm updated investors on its corporate operations during May, noting that across its online casino output, active customers increased by 15% from April, with 939 active players in the live and virtual casinos. Despite this, revenue from online casino tanked by almost 60% due to unfavorable results leading to substantially higher payouts to players.
Furthermore, on its flagship products LottoKings and WinTrillions, Kings recorded 13,000 new registrations, a 90% hike since April, hinting at a greater presence across its legal jurisdictions due to low jackpots creating poorer market conditions.
The international online lottery and gambling firm also notified investors that it added 1466 new depositing customers during May, up 56% since April.
Steve Budin, CEO of Kings Entertainment, assessed the firm’s operational performance: “We’re very pleased with the consistent growth that we’ve been able to achieve.
“Despite a sustained period of low lottery jackpots, we’ve continued to successfully build our active customer numbers. We’re confident that over time, this strong foundation of active customers will lead to longer-term, sustained growth in the bottom line.”
Kings also confirmed the merger transaction with Sports Venture Holdings, the operator of the Canadian sports betting brand Bet99.
Budin noted that the firm is intent on capitalizing on the momentum that the transaction will bring to Kings’ Canadian presence, just months after its listing on the CSE.
He concluded his update, adding: “We’re also very focused on our previously announced acquisition of Sports Venture Holdings, operators of leading Canadian sports betting brand Bet99.
“This acquisition brings together two strong brands in the international online gambling sector and also gives Kings a strong foothold in the emerging Canadian sports betting market.”
