Intertain looks to bingo boost as revenues jump 80% in Q2
Revenues up 80% sequentially to CA$5.2m as the Toronto-based company looks for substantial growth in its online bingo business through Mandalay acquisition
Intertain Group said sequential revenues jumped 80% for the three months ended 30 June 2014 following a full quarter of revenues from its recently acquired InterCasino brand, with further growth set for its online bingo business following the completion of its acquisition of the Mandalay Media Group in July.
Revenues from its Malta-licensed InterCasino and InterPoker brands, operated through subsidiary CryptoLogic which it acquired from Amaya Gaming last year, were CA$5.2m during Q2, leading to an adjusted EBITDA for the quarter of $1.5m, up from a loss of $936,298 in Q1.
Mandalay’s bingo business meanwhile generated £4.7m (US$7.9m) in revenue £2.1m (US$3.5m) in net income during the quarter, but were not included in Intertain’s Q2 results.
The Toronto-based company completed its takeover of Mandalay Media last month, with an initial cash payment of £45m (US$75m) and a further £15m (US$25m) to be paid dependent on performance.
Mandalay Media owns UK-facing bingo sites Costa Bingo, Sing Bingo, City Bingo, Fancy Bingo and Rio Bingo as well as leading affiliate sites Casino Choice and Ignite.
“Mandalay’s bingo product will augment Intertain’s existing business as it will help diversify our current casino offering and provide the company with immediate access to new markets and a robust player base,” John FitzGerald, CEO of Intertain, said.
“We were able to secure the business after a successful marketing campaign, paid for by Mandalay’s vendors, which gives us a significant and ongoing advantage in terms of player acquisition and retention,” he added.