Kings Entertainment CEO Steve Budin praised the firm’s ‘continued growth’ during May despite low lottery jackpots creating poorer marker conditions.
Updating investors on its corporate operations, Kings recorded 13,000 new registrations to its flagship products LottoKings and WinTrillions in May, a 90% hike since April, denoting a greater presence across its legal jurisdictions due to those low jackpots.
The international online lottery and gambling firm also notified investors that it added 1466 new depositing customers during the measuring period, up 56% from the previous month.
Budin commented: “We’re very pleased with the consistent growth that we’ve been able to achieve.
“Despite a sustained period of low lottery jackpots, we’ve continued to successfully build our active customer numbers. We’re confident that over time, this strong foundation of active customers will lead to longer-term, sustained growth in the bottom line.”
Across its online casino output, active customers increased by 15% from April, with 939 active players in the live and virtual casinos. Despite this, revenue from online casino tanked by almost 60% due to unfavourable results leading to substantially higher payouts to players.
Strategically, Kings confirmed a merger with Sports Venture Holdings, the operator of the Canadian sports betting brand Bet99.
Budin noted that the firm is intent on capitalising on the momentum that the transaction will bring to Kings’ Canadian presence, just months after its listing on the Canadian Securities Exchange.
He concluded his update, adding: “We’re also very focused on our previously announced acquisition of Sports Venture Holdings, operators of leading Canadian sports betting brand Bet99.
“This acquisition brings together two strong brands in the international online gambling sector and also gives Kings a strong foothold in the emerging Canadian sports betting market.”