Mr Green Q1 revenues up 38% on live casino demand
New Live Beyond Live product produced higher revenues in Q1 than NetEnt’s entire live casino product portfolio in 2017
Mr Green this morning posted Q1 revenue growth of 38% to SEK 381m (£31.8m), driven by organic growth of 25.2%.
EBITDA increased during the period by 34% to SEK 45.8m (£3.8m) with a margin of 12%.
Group CEP Per Norman attributed the largely flat margin to costs relating to the operator’s acquisition of Evoke Gaming, which was finalised in February.
Excluding acquisition costs Norman said the margin was 13.7%, up 1% on the previous year.
Revenues for the Nordics were up 30%, bucking the trend of slowed casino growth in the region seen in Betsson and Kindred’s Q1 results earlier this week.
Speaking to analysts, Norman said Denmark had performed particularly well since the operator launched in the market in December 2017.
On Denmark, Norman said: “The Danes have given us a warm welcome. The growth in deposits and new customers was in line with our plan.
“We also recently launched pay bingo for our Danish customers through BingoSjov and BingoSlottet.”
Revenues were also driven by the success of the Live Beyond Live live casino product developed in partnership with NetEnt and unveiled at ICE in February.
Norman said the product had produced higher revenues during the quarter than NetEnt’s entire portfolio of live games in FY 2017.
New depositing customers rose 76% during the quarter due to Mr. Green’s strong brand and a more efficient digital marketing strategy, Norman told EGR.
Regular Partners said the firm had demonstrated strong organic growth and the effective execution of a small bolt-on acquisition.
“Its broad (European) geographic reach, renewed operational focus and lack of dominant market share also allows the company to buck some of the macro trends capturing some peers,” the analyst note said.