Yggdrasil expands operations to generate 73 percent revenue rise

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Following an expansive first quarter, Yggdrasil reported its European agreements and increased operations have generated a 73 percent revenue increase from 2017, before announcing a company first expected later this year.

Yggdrasil Gaming has reported a 73 percent year-on-year rise in first quarter revenue.

The Swedish game developer recorded earnings of $6.54m for the first period of 2018, building on last year’s figure of $3.78m, which the company stated it will seek to develop.

“I believe the conditions are right for continued strong growth ahead,” said CEO Fredrik Elmqvist. “We see strong interest in our games and in-game promotional tools among both operators and end players.”

The revenue rise is a result of a growth in Yggdrasil’s scale of operations during the latter part of 2017, which generated an increase in Q1 mobile gross game winnings of 61 percent, and pushed player transactions up 90.2 percent.

Operating profits also grew 29 percent to reach $1.57m, during a quarter which saw the company sign nine additional license agreements.

Yggdrasil will now partner with bet25.dk, as well as Italian operators Lottomatica and Stanleybet, before expanding its European operations into Spain with GVC.

“I am very excited regarding the opportunities lying ahead,” said Elmqvist. “We will continue to prioritise growth and build upon our world-class offering.”

Furthering European growth, the company also announced it has signed an agreement with action sport collective Nitro Circus.

The international sports entertainment brand, founded by motorsports athlete Travis Pastrana, will partner with Yggdrasil to create an original action sports-themed online slot.

“Yggdrasil would not take the leap into the branded games space without the perfect partner, and we’ve found just that with Nitro Circus,” said Elmqvist.

“Travis and Nitro Circus have a reputation for revolutionising their field. You only need to attend a show or watch their original content to see they are unparalleled in their excellence.”

The alliance will allow Yggdrasil to create its first ever branded slot, which the company believes will also create a new generation of online players.

“This slot will introduce Nitro Circus fans to the thrills of online casino, and similarly bring the high-octane action of the arena to casino players,” said Elmqvist. “It will be a fantastic way for operators to acquire new customers.”

The launch of the new title is expected to coincide with Nitro Circus’ You Got This live action tour, which will visit six different European countries from late November to early December.

“We are excited to team up with them and take the world by storm with this ground-breaking new release coming later this year,” added Elmqvist.


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