Canadian based sports betting and DFS operator Gaming Nation has announced a 74% increase in its year-on-year revenue for the second quarter of 2017.
In its second financial filing of the year, the company reported consolidated revenues of $3.85m, beating the $2.2m figure reported in the same quarter of 2016. Adjusted earnings before interest, tax depreciation and amortisation amounted to $0.6m, with company net losses from continuing and discontinued operations amounting to $3.39 Million for the second quarter.
During the second quarter of 2017, its 5050 Central brand secured multi-year agreements with 27 new customers and also renewing deals with 14 existing customers, which represented more than $500,000 in annual recurring revenue.
5050 Central’s total Q2 raffle proceeds increased by 20% to $22.6 Million compared to the $18.8 Million in Q2 2016. The business line’s primary area for growth during the quarter was the newly regulated Ontario market with more than 20 customers signing long-term agreements.
However the biggest increase across the Gaming Nation group was in its DFS offering Fantasy Guru which generated a total of $1.1 Million in revenue, representing a 966% increase in revenues in Q2 of 2017 compared to Q2 of 2016.
Its UK facing brand, BD Sport Group has had a busy start to the year concluding sponsorship deals with Coral and football partnership deals with Newcastle United, Norwich City, Fulham and Leeds United.
The positive news comes after private equity firm Orange Capital Ventures GP LLC entered into a plan of arrangement in which its OC Special Opportunities Fund will acquire 100% of shares in Gaming Nation, in a deal to be finalised later this year.
Gaming Nation’s President and CEO Scott Secord recently commented: “We believe the transaction with Orange Capital is both a positive for our shareholders and for the future of Gaming Nation and its core business lines.”