Kings Entertainment has provided a company update, outlining its plans to target the online casino vertical in 2022, as it launched on the Canadian Securities Exchange yesterday.
Embarking on a strategic diversification, the LottoKings firm has outlined its intention to ‘focus on revenue growth in the profitable online casino vertical, while continuing to grow its core online lottery operations.’
Through striking deals with Red Tiger and Oryx Gaming for its virtual games and Evolution Gaming for its live casino content, Kings states it now has access to ‘world-class’ online casino offerings.
Launched on the CSE under the ticker JKPT, the firm aims to ‘attract and engage an international player base and expand into the live dealer casino games and sportsbook sectors.’
Meanwhile, the firm updated its stakeholders on its progress in 2021, announcing it had surpassed several targets on different KPIs.
Total casino revenue in 2021 was $1.11m, a 43% increase from $773,578 in 2020, and the cost of casino revenue in 2021 was $158,000, as compared to $69,309 in 2020.
Furthermore, a strategy to increase lottery ticket prices allowed the company to increase its profitability across sales opportunities by increasing lottery ticket prices up to 20%.
Lastly, new unique depositing customers during 2021 increased by 9%, from 13,225 to 14,424, despite a hold on all marketing activities.
Kings remain optimistic of ‘significant growth’ in the coming 12 months, as it continues to execute on its core lottery strategy and accelerate the expansion of its global casino business.
“As we look back at 2021, we were successful in building a solid foundation that will support significant expansion and position the Company to realise robust future growth,” said Steve Budin, CEO of Kings Entertainment.
“We performed well on our KPIs, successfully diversified into casino and enhanced our operations and product offerings. We’ll leverage this success to accelerate our evolution through 2022.”