On Monday, August 15, 2022, British-Columbia-headquartered gaming and lottery provider, Kings Entertainment, issued its monthly recap report for July 2022. It has been a strong month for the company in terms of performance, as it reported a significant increase in active customers and lottery revenue. Thus, continuing its strong performance and recovery in 2022.
Kings Entertainment was founded back in 2005 and it is based in Vancouver, British Columbia. The company is a global digital service provider for lottery, casino, and sportsbook gambling. It is also a parent company of gaming leaders such as LottoKings and WinTrillions, which manage to acquire millions of customers through their first-class lottery, casino, and sports betting products.
Yet Another Successful Month
Despite the increase of won jackpots in July 2022, the gaming leader still reports a substantial bump in both revenue and lottery revenue in its latest monthly report. In the said month, lottery sales spiked by 18% in comparison to June, with WinTrillions and Lotto Kings both accumulating the hefty CA$446,126 last month, while total active customers spiked by 9%.
Steve Budin, CEO of Kings Entertainment commented that the company and its team of professionals are delighted with the performance in July, which has brought a strong return for lottery jackpots. He said that it has been a difficult year for the company, but its team remains focused on keeping players engaged and their efforts have paid off.
May Business Combination News
In May this year, Kings Entertainment announced and reached a business combination agreement with Sports Venture Holdings, which is the parent company of Bet99. The brand is one of the most prominent names in the Canadian internet sport and casino platforms. And the combination enables the B.C.-based company to build leadership positions within each jurisdiction its partner enters.
The merger is set to bring both companies a tremendous amount of benefit as Bet99’s sports wagering brand is about to be brought to public capital markets, as Kings Entertainment has both CSE and OTC listings. Thus, making both companies even more appealing for investment in the long-term future while also placing them in an exceptional market position.
The month of May 2022, has also been quite prolific for the Vancouver-based gaming provider, as it once again reported an increase in customer registrations and depositing customer numbers through its WinTrillions and LottoKings. For May, the corporation saw approximately 13,000 new sign-ups, which is a 90% increase over April 2022, while also registering 1466 new depositors on its channels.
However, that is not all, as active casino users increased by almost 15% with a total of 939 active players on the live and virtual casinos. Unfortunately for the company, casino revenue decreased in May by almost 60%. This can be explained via the customers’ wins on the vertical. With the increase of active casino users, the company’s overall active customer has also boosted by around 3%.
Source: “Kings Entertainment Shares July Corporate Highlights”, Yahoo, August 15, 2022