Galaxy Gaming expects growth in iGaming sector
Galaxy Gaming is expecting major growth in iGaming as it plans on moving forward in the sector and claims that the firm is in a good position to make use of the new circulating trends.
Las Vegas-based Galaxy looked back on 2020 as being a year that brought on much difficulty and stress into the gaming industry, as the company says it is now looking forward to 2021 after its purchase of Progressive Games Partners back in August for $12.425 million.
Galaxy has stated that the acquisition of the firm is a step in the right direction for the company since it will improve its exposure and position in the iGaming industry and bring on massive growth for the firm, mainly in the United States.
Moreover, Galaxy Gaming has unveiled its most recent update regarding trading, and has reported a drop of 37% in revenue during the last quarter of 2020, down to $3.27 million, with an adjusted EBITDA down to $2.26 million, a 41% decrease.
CEO and president of Galaxy Gaming, Todd Cravens, said:
“2020 imposed great stresses on our industry, and Galaxy was not immune. However, I think we turned some of those stresses to our advantage. We were able to accommodate our clients during their closures and provide timely service to help them reopen, earning very high net promoter scores in an especially challenging time.
“From a product perspective, we used the downtime to develop new games and a new technology platform, and we will be launching these in 2021 as they are approved by our regulators. Finally, and most significantly, our acquisition of PGP in August made igaming a much more important part of our business. We expect igaming to be one of the major growth areas going forward, and we are well-positioned to benefit from those trends.”
The company witnessed a full-year drop in revenue of 52%, going from $21.3 million in 2019 to $10.2 million in 2020, with its adjusted EBITDA decreasing a massive 84% to $1.37 million, down from $8.79 million in 2019.
Harry Hagerty, CFO at Galaxy Gaming, also added:
“Our motto in the pandemic was ‘Survive then Thrive’. And thanks to the great cooperation and assistance from our friends at Nevada State Bank and the availability of certain government relief programs, we came through 2020 intact. We hope that the first half of 2021 will mark the end of the survive phase and that the great things that Todd mentioned in his comments will allow us to start thriving in the second half of 2021 and accelerating into 2022.”