At the start of this week, Kings Entertainment Group announced its highlights from its operations for the month of May 2022. The company is a global online service provider for lottery, casino, and sportsbook gaming, and it had a tremendous last month. It recorded an increase in customer registrations and new depositing customers across its brands.
Kings Entertainment is a Vancouver-based online service provider for lottery, casino, and sportsbook offerings, as well as the parent entity of global gaming brands LottoKings and WinTrillions. Through the brands, the company is able to engage high-potential players, as both have attracted and retained millions of user registrations since their inception.
For May 2022, the company reported a rise in customer registrations and depositing customer numbers through its flagship lottery brands – WinTrillions and LottoKings. During the month, the corporation saw approximately 13,000 new sign-ups, which is a 90% increase over April 2022. There were also 1466 new depositors, or a 56% increase over the month prior to that.
In addition to that, active casino users have risen by almost 15% with a total of 939 active players on the live and virtual casinos. However, casino revenue decreased in May by almost 60%. This can be explained via the customer win on the vertical. With the increase of active casino users, the company’s overall active customer has also boosted by around 3%.
Steve Budin, CEO of the company, shared that the management is quite happy with the firm’s consistent growth over the last few months. He also adds that despite a sustained period of low jackpots, the company still managed to build on its active customer number. Mr. Budin is also optimistic that in time, the strong base of active users will provide long-term sustained growth.
In his statement, Mr. Budin also shared that the company is also mainly focused on its previously announced acquisition of Sports Venture Holdings, which is the owner of the leading sports betting brand Bet99. According to him, the acquisition unites two strong gaming brands in the international sector, while also giving Kings Entertainment a strong start in the rapidly expanding Canadian sports betting market.
Close to Joining Ontario
Last week, the CEO of Sports Venture Holdings, Jared Beber informed that Bet99 is nearing its debut in Ontario’s brand-new and regulated iGaming market. He said that the brand is close to getting all required regulatory approvals from the province’s Alcohol and Gaming Commission of Ontario, and thus being licensed to operate legally in the new market.
Canada’s most populous province opened up its regime for online sports betting and iGaming on April 4, 2022. And so far more than 20 operators have gone live and are now offering their products online in the province. Bet99 is already quite popular in the country, as it previously operated in the grey market, and soon it will be ready to transition to the regulated one.
Source: “Kings Entertainment Shares May Corporate Highlights”, Yahoo, June 6, 2022