Stride Gaming acquisitions drive 18% revenue rise
UK-facing bingo and casino operator sees real-money gaming revenue increase 39% year-on-year
Stride Gaming has reported an 18% year-on-year rise in net gaming revenues in its FY17 results, up to £89.9m from £76.4m in the same period for 2016.
Adjusted EBITDA also rose 24% to £20.2m from the prior corresponding period, with results driven by strong organic growth in the firm’s real-money gaming business, and the acquisitions of 8Ball and Netboost Media, as well as Tarco Assets which is still ongoing.
Stride’s real-money gaming revenue went up by 39% to £48.6m, but the increase was somewhat offset by a 37% decline in social gaming, which the firm attributed to challenging market conditions as a result of the rise in costs per install (CPI).
During FY17, Stride Gaming launched 17 new games and 29 new casino and bingo sites, as well as the release of Stride Together, a joint B2B venture with Aspers Group.
With an eye on future growth, the firm has also invested $3.75m (£2.8m) in Passion Gaming, a Rummy-focused online gaming business focusing on the Indian market.
“Throughout the year we have continued to invest in our people, products and proprietary technology, which together underpin our vision of developing as a leading global online gaming operator,” said Stride Gaming CEO Eitan Boyd.