GameAccount Network revenues double as US drive pays off
GameAccount Network’s foothold in the US egaming market and distribution deals in Italy appear to being paying off after its revenues more than doubled during 2013.
The platform and content supplier, which raised £22.2m ahead of listing on London’s AIM in November last year, reported full-year net revenues grew 123% in 2013 to £12.3m.
Profit before tax for the period ended 31 December 2013 came in at £1.6m, a significant improvement on the £1m loss the company posted in 2012, while gross revenue was up 67% to £29.6m
CEO Dermot Smurfit called 2013 a “transformational year” for GameAccount Network. “We have made real progress in delivering on our strategic initiative to develop sustainable higher margin revenue streams while positioning the group for growth in regulating markets,” he added.
Overall B2B revenues increased from £3.9m to £11.3m, offsetting a decline in the B2C business where revenues fell from £1.6m to £1m in the same period.
Revenues from its game and platform development, most notably in the Italian market, increased from £1.3m to £8.7m, while revenues from its European distribution network were consistent with 2012 at £2.6m.
The firm entered the newly-regulated New Jersey market through its partnership with Betfair and land-based partner Trump Plaza in November last year, and more recently launched a freeplay platform in partnership with Foxwoods Interactive and the Foxwoods Casino in Connecticut.
It now plans to whitelabel its freeplay product to other land-based operators markets and already has deals in place with Osage Casinos in Oklahoma and New York’s Empire City Casino. It has also established a US headquarters in Las Vegas, Nevada.
“We completed our unique Simulated Gaming product offering designed to enable land-based casino operators in the United States to move online in advance of regulation of real money Internet gaming,” Smurfit said.
“Expansion in the United States remains a strategic priority for the group following the establishment of a dedicated sales and infrastructure support office in Las Vegas. Regulated real money internet gaming and Simulated Gaming remain the primary growth opportunities in the United States,” said Smurfit.
“Mobile casino gaming in particular represents a continued strong growth opportunity with gross income derived from mobile casino gaming growing substantially in 2013.”