It seems like it is an amazing time to be involved in the online casino business. Almost every week we’re seeing new stories about a particular online casino or software developer posting new record earnings. This week it’s no different as NYX Gaming announced that its revenue for the first quarter of 2016 has increased by 88.7%.
NYX Gaming shows big growth in Q1
The first quarter of 2016 ended on the 31st of March and NYX Gaming recorded an increase in revenue of nearly 89%, compared to the same period last year. The total revenue recorded by the gaming software developer was an impressive £9.8 million.
If you exclude acquisitions, the company’s organic revenue is up 31.8% compared to Q1 2015, while royalty and licencing revenue totalled £8.6 million, which was the main contributor to the increase in NYX Gaming’s revenue.
The company’s gross profit climbed from £4.6 million all the way up to £8.5 million, attributed to the revenue growth of the company’s core business, as well as some positive side-effects of recent acquisitions.
The CEO of NYX Gaming, Matt Davey, has said he is extremely proud of what the company has achieved so far in 2016. He also believes the company will maintain this momentum and build upon it to ensure another strong showing in the second quarter of 2016.
NYX Gaming expands its offerings
NYX Gaming has been looking to expand its offering this year, they announced in April that they were planning on acquiring OpenBet.
OpenBet is another developer that offers products for casinos, as well as sports betting. NYX Gaming has never offered sports betting products to its B2B customers before, so it will no doubt look forward to being able to do so in the future. The deal between OpenBet and NYX Gaming was finalised on the 20th of May 2016, with the buyer paying a sum of £270 million.
