NYX Profits Skyrocket
Popular Canadian gaming group NYX has released their first quarter financials for 2017, and they are looking good. NYX Gaming Group has said that their profits are up a massive 199.8% from the previous year, and that they are thrilled with this hefty increase.
While some online casino software and solutions providers have had less than stellar starts to the year, it’s clear that NYX is doing something right, and their massively increased profits are proof of this. The company has said that their massive increase in profits was due in part to their purchase of OpenBet and Betdigital in 2016, as well as existing players upping their spend, and the launch of new products.
A Big Jump in Revenue
The 199.8% increase in profits meant that revenue soared from CAD58.9 million, and EBITDA of CAD $16.8 million was up 250.1% from 2016. Doubling profits in Q1 is an incredible achievement, and it’s one that NYX will no doubt be proud of.
CEO Matt Davey has said that with the brand’s new operating model in place, NYX was pleased to report that they had experienced excellent growth and increased profits. He added that NYX’s customer pipeline remained strong and that the brand was focusing on the growth of profits by relying on a product led strategy that targeted investment in gaming, content technologies and sportsbook sectors.
Highlights of Q1
NYX has worked incredibly hard to grow their brand and during the first quarter of 2017 they signed a total of 11 new agreements for OPS and OGS, as well as launching OGS content on 6 brand new client sites. These sites including Rush Street Netherlands, PokerStars Denmark, GVC Holdings, and MarathonBet. The fact hat NYX managed to spread its reach so far geographically has also helped, and has contributed to filling their coffers.
An additional 28 customers have been signed on to NYX, but to date they have not yet launched. When they do, NYX’s profits should soar even higher. They have also grown their number of unique game installations across their distribution network to a total of 34,993, and this has attracted a greater number of players, and in turn, pushed up their profits.
An Award Winning Brand
It’s not just an increased profit share that’s garnering NYX attention, in April 2017 they were named and Best Platform Supplier at the iGaming North America Awards, and claimed the title of Casino Platform Supplier at the 2017 EGR North America Awards. These awards give them added prestige and acknowledgement their market-leading offering.
Right now, the future looks bright for NYX and Q2 of 2017 could also yield some great results.