Mr Green eyes LatAm expansion as Q1 revenues rise 26%
Stockholm-listed operator also plans to launch new verticals and establish additional gaming brands
Mr Green says it will launch in Latin America and add new verticals as the operator looks to build on its 26% Q1 revenue rise reported today.
The Stockholm-listed firm recorded revenues of SEK276.1m (£24.2m) during the quarter, up from SEK218.5m (£19.2m) in Q1 2016, which was driven by the launch of its Kambi-powered sportsbook, a new live casino and strong growth in Western Europe.
Revenues from Western Europe, which is now the operator’s largest market, increased 69% year-on-year to SEK107m (£9.4m) and helped offset a slight 0.6% fall in the Nordics to SEK93.3m (£8.2m).
Meanwhile, revenues from Central, Eastern and Southern Europe increased 23% year-on-year to SEK69.9m (£6.1m) and 24% from the rest of the world.
Mr Green this morning revealed plans to launch in new international markets during 2017, including Latin America where it said it had “initiated the establishment of operations” in Q1.
Mr Green CEO, Per Norman
Earlier this week, Mr Green also cleared the final hurdle of its acquisition of Danish online casino business Dansk Underholdning, with plans to launch the Mr Green brand in Denmark this year.
“Our new product portfolio also means that we have a broad offering that will enable us to enter new markets both in and outside of Europe,” CEO Per Norman said.
“Our continued geographic expansion also means that we are analysing acquisition options as a complement to organic growth,” he added.
The operator also announced it would expand into new verticals, including bingo and lottery, throughout 2017, while it also plans to relaunch the Garbo brand on its proprietary technology platform in the near future.
Garbo will be part of a new Malta-based subsidiary called Wizard Hat Ltd, which will also oversee the debut of new brands and a new strategy for search engine optimisation and digital marketing.
According to the operator’s financial results, total marketing costs increased 30% year-on-year to SEK100m (£8.8m) in Q1 2017 and represented 36% of overall revenues.
EBITDA increased 13% to SEK34.2m (£3m) with a margin of 12%.
Mr Green’s share price was down 2.72% to SEK39.30 on the Nasdaq Stockholm at the time of writing.