Press Releases

AGS Announces Second Quarter 2018 Results

Published

6 years ago

August 3, 2018

George Miller

Reading Time: 12 minutes

— Record Quarterly Revenue of $72.8 Million Grew 45% Year-Over-Year

— Net Loss of $5.3 Million Improved 74% Year-Over-Year

— Record Total Adjusted EBITDA (non-GAAP) of $36.6 Million Grew 40% Year-Over-Year

— Record Recurring Revenue of $52.6 Million Grew 26% Year-Over-Year

— EGM Units Sold of 1,058 grew 84% Year-Over-Year

LAS VEGAS, Aug. 2, 2018 – PlayAGS, Inc. (NYSE: AGS) (“AGS”, “us”, “we” or the “Company”) today reported operating results for its second quarter 2018.

“AGS grew both the top and bottom line by more than 40% in the second quarter, marking the most successful quarter in our company’s history. Our strong results reflect record highs in our EGM and Tables Products revenue, average selling prices, revenue per day, and recurring revenue. We continue to reap the benefits of our Orion and Bonus Spin product launches, our steady ramp into key markets like Nevada, California and New Jersey, and strong performance from both our optimized and new product footprint.

In addition to a strong pipeline of new product launches and our initial entry into markets such as Canada to accelerate our growth, our recent acquisition of content-aggregator Gameiom creates a new channel to exploit our industry-leading game content in online real-money gaming markets. Because of the potential upside from these exciting opportunities in our EGM business and our strong first half of the year, we are raising our Adjusted EBITDA guidance to reflect a new range of $132 million to $136 million.”


Summary of the quarter ended June 30, 2018 and 2017
(In thousands, except per-share and unit data)

	Three Months Ended June 30,
	2018		2017		% Change
Revenues
EGM	$	69,319	$	47,404	46.2	%
Table Products	1,792		711		152.0	%
Interactive	1,711		1,965		(12.9)	%
Total revenue	$	72,822	$	50,080	45.4	%
Operating income	$	11,024	$	2,322	374.8	%
Net loss	$	(5,310)	$	(20,110)	73.6	%
Loss per share	$	(0.15)	$	(0.87)	82.8	%

Adjusted EBITDA
EGM	$	36,867	$	26,495	39.1	%
Table Products	70		(312)		122.4	%
Interactive	(355)		(97)		(266.0)	%
Total Adjusted EBITDA⁽¹⁾	$	36,582	$	26,086	40.2	%

EGM units sold	1,058		574		84.3	%
EGM total installed base, end of period	24,523		21,479		14.2	%


⁽¹⁾	Total Adjusted EBITDA is a non-GAAP measure, see non-GAAP reconciliation below.

Second Quarter Financial Highlights

Total revenue increased 45% to $72.8 million, a company record, driven by continued growth of our EGMs in the Class III marketplace, led by demand for our premium Orion Portrait cabinet.
Recurring revenue grew to $52.6 million or 26% year-over-year. In addition to the contribution from the EGMs purchased from Rocket Gaming and Table Products purchased from In Bet in the Fall of 2017, the increase was driven by our strong Domestic revenue per day (“RPD”) of $27.79, up $1.90 year-over-year.
EGM equipment sales increased 144% to $20.2 million, another Company record, due to the sale of 1,058 units, of which approximately 60% and 12% were Orion Portrait and Orion Slant cabinets, respectively.
Net loss improved to $5.3 million from $20.1 million in the prior year, primarily due to increased revenue described above.
Total Adjusted EBITDA (non-GAAP) increased to $36.6 million, or 40%, driven by the significant increase in revenue, partially offset by increased adjusted operating expenses of $3.9 million primarily due to increased headcount in SG&A and R&D.⁽¹⁾
Total Adjusted EBITDA margin decreased to 50% in the second quarter 2018 compared to 52% in the prior year driven by several different factors, most notably due to the increased proportion of equipment sales to total revenues.
SG&A expenses increased $5.0 million in the second quarter of 2018 primarily due to $2.3 million in increased professional fees driven by costs associated with the acquisition of online content-aggregator Gameiom as well as costs associated with our previous offerings. Salary and benefit costs increased $1.8 million due to higher headcount and non-cash stock based compensation expense increased $0.3 million.
R&D expenses increased $0.7 million in the second quarter of 2018 driven by higher salary and benefit costs related to additional headcount.

⁽¹⁾Total Adjusted EBITDA is a non-GAAP measure, see non-GAAP reconciliation below.

Second Quarter Business Highlights

Domestic EGM installed base increased by more than 2,400 units year-over-year driven by the purchase of approximately 1,500 EGMs from Rocket Gaming in December 2017 and the popularity of our Orion Portrait and ICON cabinets.
Domestic EGM RPD increased 7% to $27.79 driven by our new product offerings and the optimization of our installed base by installing our newer higher performing EGMs.
EGM units sold increased to 1,058 in the current quarter compared to 574 in the prior year led by sales of the Orion Portrait cabinet in early entry markets such as California, Nevada and New Jersey.
EGM average selling price (ASP) increased 18% to $18,728, a quarterly company record, driven by record sales of the premium-priced Orion Portrait cabinet and our newly introduced core-plus cabinet, Orion Slant.
On a trailing twelve months basis, approximately $8.3 million of our recurring revenue came from our yield optimization efforts.
Table Products increased 983 units, or 56%, to 2,737 units driven by both organic growth, most notably in Buster Blackjack and Bonus Spin progressive units, and the purchase of approximately 500 In Bet units in the third quarter of 2017.
Our ICON cabinet footprint grew 108% to over 6,417 total units in the field including our first placements of nearly 200 cabinets into Mexico.
Introduced to the market in Q1 of 2017, our Orion Portrait cabinet ended Q2 2018 with a footprint of over 3,600 total units as compared to 463 units in second quarter of 2017, up 90% from year-end and 680% year-over-year.

Balance Sheet Review

Capital expenditures decreased $4.8 million to $13.1 million in the second quarter, compared to $17.9 million in the prior year period. As of June 30, 2018, we had $28.2 million in cash and cash equivalents compared to $19.2 million at December 31, 2017. Total net debt, which is the principal amount of debt outstanding less cash and cash equivalents, as of June 30, 2018, was approximately $483.7 million compared to $648.7 million at December 31, 2017. This substantial reduction was driven by the IPO and related redemption of our HoldCo PIK notes during the first quarter. In the second quarter, net debt decreased by over $3.0 million due to mandatory principal payments on our term loans and a higher balance of cash and cash equivalents. As a result of the above transactions and our strong operational performance, our total net debt leverage ratio, which is total net debt divided by Adjusted EBITDA for the trailing twelve-month period, decreased from 6.1 times at December 31, 2017, to 4.2 times at March 31, 2018, and now 3.8 times at June 30, 2018.

2018 Outlook

Based on our year-to-date progress and due to our current momentum, we now expect our total Adjusted EBITDA in 2018 to be between $132.0 and $136.0 million. This is an upward revision to the guidance we previously released and is based on greater visibility that we now have for the installation and performance of Orion Portrait, Orion Slant, STAX, and other products for the remainder of the year, in addition to accelerated efforts to increase our footprint in sizable new markets, such as Canada. We maintain our capital expenditures range of $55.0 to $60.0 million.

We have not provided a reconciliation of forward looking total Adjusted EBITDA to the most directly comparable GAAP financial measure, Net income (loss), due primarily to the variability and difficulty in making accurate forecasts and projections of the variable and individual adjustments for a reconciliation to Net income (loss), as not all of the information necessary for a quantitative reconciliation is available to us without unreasonable effort. We expect that the main components of Net income (loss) for fiscal year 2018 shall consist of operating expenses, interest expenses as well as other expenses (income) and income tax expenses, which are inherently difficult to forecast and quantify with reasonable accuracy without unreasonable efforts. The amounts associated with these items have historically and may continue to vary significantly from quarter to quarter and material changes to these items could have a significant effect on our future GAAP results.

Conference Call and Webcast

Today, at 5:00 p.m. ET, management will host a conference call to present the second quarter 2018 results. Listeners may access a live webcast of the conference call along with accompanying slides at AGS’ Investor Relations website at http://investors.playags.com/. A replay of the webcast will be available on the website following the live event. To listen by telephone, the US/Canada toll-free dial-in number is +1 (866) 270-1533 and the dial-in number for participants outside the US/Canada is +1 (412) 317-0797. The conference ID/confirmation code is AGS Q2 2018 Earnings Call.

Company Overview

AGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Our roots are firmly planted in the Class II Native American gaming market, but our customer-centric culture and remarkable growth have helped us branch out to become one of the most all-inclusive commercial gaming suppliers in the world. Powered by high-performing Class II and Class III slot products, an expansive table products portfolio, highly-rated social casino solutions for players and operators, and best-in-class service, we offer an unmatched value proposition for our casino partners. Learn more about us at www.playags.com.

Forward-looking Statements

This release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management’s current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements regarding the proposed public offering and other statements identified by words such as “believe,” “will,” “may,” “might,” “likely,” “expect,” “anticipates,” “intends,” “plans,” “seeks,” “estimates,” “believes,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events.

These forward-looking statements reflect the current views, models, and assumptions of AGS, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in AGS’s performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of AGS to maintain strategic alliances, unit placements or installations, grow revenue, garner new market share, secure new licenses in new jurisdictions, successfully develop or place proprietary product, comply with regulations, have its games approved by relevant jurisdictions and other factors set forth under Item 1. “Business,” Item 1A. “Risk Factors” in AGS’s Annual Report on Form 10-K/A, filed with the Securities and Exchange Commission on March 30, 2018. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. AGS expressly disclaims any obligation to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.


PLAYAGS, INC.
CONDENSED CONSOLIDATED BALANCE SHEETS
(amounts in thousands, except share and per share data)
(unaudited)

	June 30,		December 31,
	2018		2017
Assets
Current assets
Cash and cash equivalents	$	28,151	$	19,242
Restricted cash	78		100
Accounts receivable, net of allowance of $1,247 and $1,462, respectively	44,518		32,776
Inventories	29,706		24,455
Prepaid expenses	4,368		2,675
Deposits and other	4,233		3,460
Total current assets	111,054		82,708
Property and equipment, net	81,202		77,982
Goodwill	281,553		278,337
Intangible assets	214,202		232,287
Deferred tax asset	919		1,115
Other assets	13,661		24,813
Total assets	$	702,591	$	697,242

Liabilities and Stockholders’ Equity
Current liabilities
Accounts payable	$	12,395	$	11,407
Accrued liabilities	21,441		24,954
Current maturities of long-term debt	6,649		7,359
Total current liabilities	40,485		43,720
Long-term debt	493,112		644,158
Deferred tax liability – noncurrent	3,892		1,016
Other long-term liabilities	26,074		36,283
Total liabilities	563,563		725,177
Commitments and contingencies
Stockholders’ equity
Preferred stock at $0.01 par value; 100,000 shares authorized, no shares issued and outstanding	—		—
Common stock at $0.01 par value; 450,000,000 shares authorized at June 30, 2018 and 46,629,155 at December 31, 2017; and 35,261,519 and 23,208,076 shares issued and outstanding at June 30, 2018 and December 31, 2017, respectively.	353		149
Additional paid-in capital	358,829		177,276
Accumulated deficit	(216,405)		(201,557)
Accumulated other comprehensive loss	(3,749)		(3,803)
Total stockholders’ equity	139,028		(27,935)
Total liabilities and stockholders’ equity	$	702,591	$	697,242




PLAYAGS, INC.
CONSOLIDATED STATEMENTS OF OPERATIONS AND COMPREHENSIVE LOSS
(amounts in thousands, except per share data)
(unaudited)

	Three months ended June 30,				Six months ended June 30,
	2018		2017		2018		2017
Revenues
Gaming operations	$	52,554	$	41,758	$	102,186	$	82,191
Equipment sales	20,268		8,322		35,492		15,663
Total revenues	72,822		50,080		137,678		97,854
Operating expenses
Cost of gaming operations⁽¹⁾	9,710		6,979		18,568		14,450
Cost of equipment sales⁽¹⁾	9,411		4,144		16,810		7,996
Selling, general and administrative	15,350		10,345		32,127		20,626
Research and development	6,855		6,141		15,480		11,445
Write downs and other charges	1,005		1,933		2,615		2,165
Depreciation and amortization	19,467		18,216		38,816		36,667
Total operating expenses	61,798		47,758		124,416		93,349
Income from operations	11,024		2,322		13,262		4,505
Other expense (income)
Interest expense	8,873		14,554		19,297		29,714
Interest income	(21)		(40)		(73)		(55)
Loss on extinguishment and modification of debt	—		8,129		4,608		8,129
Other (income) expense	455		(1,529)		9,687		(4,338)
Income (loss) before income taxes	1,717		(18,792)		(20,257)		(28,945)
Income tax benefit (expense)	(7,027)		(1,318)		5,409		(3,551)
Net income (loss)	(5,310)		(20,110)		(14,848)		(32,496)
Foreign currency translation adjustment	(2,883)		330		54		1,205
Total comprehensive loss	$	(8,193)	$	(19,780)	$	(14,794)	$	(31,291)

Basic and diluted loss per common share:
Basic	$	(0.15)	$	(0.87)	$	(0.44)	$	(1.40)
Diluted	$	(0.15)	$	(0.87)	$	(0.44)	$	(1.40)
Weighted average common shares outstanding:
Basic	35,233		23,208		33,494		23,208
Diluted	35,233		23,208		33,494		23,208


(1)	exclusive of depreciation and amortization




PLAYAGS, INC.
CONSOLIDATED STATEMENTS OF CASH FLOWS (in thousands)
(unaudited)

	Six months ended June 30,
	2018		2017
Cash flows from operating activities
Net loss	$	(14,848)	$	(32,496)
Adjustments to reconcile net loss to net cash provided by operating activities:
Depreciation and amortization	38,816		36,667
Accretion of contract rights under development agreements and placement fees	2,206		2,365
Amortization of deferred loan costs and discount	914		1,709
Payment-in-kind interest capitalized	—		7,807
Payment-in-kind interest payments	(37,624)		(2,698)
Write off of deferred loan cost and discount	3,410		3,294
Stock based compensation expense	8,629		—
(Benefit) provision for bad debts	(148)		396
Loss on disposition of assets	1,020		2,510
Impairment of assets	995		285
Fair value adjustment of contingent consideration	600		—
Provision for deferred income tax	3,090		2,021
Changes in assets and liabilities that relate to operations:
Accounts receivable	(11,552)		192
Inventories	(2,440)		3,035
Prepaid expenses	(1,685)		(699)
Deposits and other	(758)		(466)
Other assets, non-current	11,138		(2,221)
Accounts payable and accrued liabilities	(12,082)		(3,803)
Net cash (used in) provided by operating activities	(10,319)		17,898
Cash flows from investing activities
Business acquisitions, net of cash acquired	(4,452)		—
Purchase of intangible assets	(594)		(420)
Software development	(5,168)		(4,208)
Proceeds from disposition of assets	21		93
Purchases of property and equipment	(22,314)		(27,729)
Net cash used in investing activities	(32,507)		(32,264)
Cash flows from financing activities
Proceeds from issuance of first lien credit facilities	—		448,725
Proceeds from stock option exercise	279		—
Repayment of senior secured credit facilities	(115,000)		(410,655)
Payments on first lien credit facilities	(2,576)		—
Payment of financed placement fee obligations	(1,772)		(2,135)
Payments on deferred loan costs	—		(3,127)
Repayment of seller notes	—		(12,401)
Payments on equipment long term note payable and capital leases	(1,405)		(1,295)
Initial public offering cost	(4,160)		—
Proceeds from issuance of common stock	176,341		—
Proceeds from employees in advance of common stock issuance	—		25
Net cash provided by financing activities	51,707		19,137
Effect of exchange rates on cash and cash equivalents and restricted cash	6		4
Increase in cash and cash equivalents and restricted cash	8,887		4,775
Cash, cash equivalents and restricted cash, beginning of period	19,342		18,077
Cash, cash equivalents and restricted cash, end of period	$	28,229	$	22,852

Supplemental cash flow information:
Cash paid during the period for interest	$	16,767	$	16,869
Cash paid during the period for taxes	$	494	$	574
Non-cash investing and financing activities:
Financed purchase of property and equipment	$	256	$	116

Non-GAAP Financial Measures

This press release and accompanying schedules provide certain information regarding total Adjusted EBITDA, which is considered a non-GAAP financial measures under the rules of the Securities and Exchange Commission.

We believe that the presentation of total Adjusted EBITDA is appropriate to provide additional information to investors about certain material non-cash items that we do not expect to continue at the same level in the future, as well as other items we do not consider indicative of our ongoing operating performance. Further, we believe total Adjusted EBITDA provides a meaningful measure of operating profitability because we use it for evaluating our business performance, making budgeting decisions, and comparing our performance against that of other peer companies using similar measures. It also provides management and investors with additional information to estimate our value.

Total Adjusted EBITDA is not a presentation made in accordance with GAAP. Our use of the term total Adjusted EBITDA may vary from others in our industry. Total Adjusted EBITDA should not be considered as an alternative to operating income or net income. Total Adjusted EBITDA has important limitations as an analytical tool, and you should not consider it in isolation or as a substitute for the analysis of our results as reported under GAAP.

Our definition of total Adjusted EBITDA allows us to add back certain non-cash charges or expenses that are deducted in calculating net income and to deduct certain gains that are included in calculating net income. However, these charges and expenses and gains vary greatly, and are difficult to predict. They can represent the effect of long-term strategies as opposed to short-term results. In addition, in the case of charges or expenses, these items can represent the reduction of cash that could be used for other corporate purposes. Due to these limitations, we rely primarily on our GAAP results, such as net loss, (loss) income from operations, EGM Adjusted EBITDA, Table Products Adjusted EBITDA or Interactive Adjusted EBITDA and use total Adjusted EBITDA only supplementally.

The following table presents a reconciliation of total Adjusted EBITDA to net loss, which is the most comparable GAAP measure:


Total Adjusted EBITDA Reconciliation

*Three Months Ended June 30, 2018 compared to the Three Months Ended June 30, 2017*

	Three months ended June 30,				$		%
	2018		2017		Change		Change
Net loss	$	(5,310)	$	(20,110)	$	14,800	73.6	%
Income tax expense	7,027		1,318		5,709		433.2	%
Depreciation and amortization	19,467		18,216		1,251		6.9	%
Other (income) expense	455		(1,529)		1,984		129.8	%
Interest income	(21)		(40)		19		47.5	%
Interest expense	8,873		14,554		(5,681)		(39.0)	%
Write downs and other⁽¹⁾	1,005		1,933		(928)		(48.0)	%
Loss on extinguishment and modification of debt⁽²⁾	—		8,129		(8,129)		(100.0)	%
Other adjustments⁽³⁾	929		946		(17)		(1.8)	%
Other non-cash charges⁽⁴⁾	1,616		1,800		(184)		(10.2)	%
New jurisdictions and regulatory licensing costs⁽⁵⁾	—		502		(502)		(100.0)	%
Legal & litigation expenses including settlement payments⁽⁶⁾	834		186		648		348.4	%
Acquisitions & integration related costs including restructuring & severance⁽⁷⁾	1,231		181		1,050		580.1	%
Non-cash stock based compensation⁽⁸⁾	476		—		476		100.0	%
Total Adjusted EBITDA	$	36,582	$	26,086	$	10,496	40.2	%

(1) Write downs and other include items related to loss on disposal or impairment of long lived assets, fair value adjustments to contingent consideration and acquisition costs

(2) Loss on extinguishment and modification of debt primarily relates to the refinancing of long-term debt, in which deferred loan costs and discounts related to old senior secured credit facilities were written off

(3) Other adjustments are primarily composed of professional fees incurred for projects, corporate and public filing compliance, contract cancellation fees and other transaction costs deemed to be non-operating in nature

(4) Other non-cash charges are costs related to non-cash charges and losses on the disposition of assets, non-cash charges on capitalized installation and delivery, which primarily includes the costs to acquire contracts that are expensed over the estimated life of each contract and non-cash charges related to accretion of contract rights under development agreements

(5) New jurisdiction and regulatory license costs relates primarily to one-time non-operating costs incurred to obtain new licenses and develop products for new jurisdictions

(6) Legal & litigation expenses include payments to law firms and settlements for matters that are outside the normal course of business

(7) Acquisition and integration costs include restructuring and severance and are related to costs incurred after the purchase of businesses, such as the acquisitions of Rocket and Gameiom, to integrate operations

(8) Non-cash stock based compensation includes non-cash compensation expense related to grants of options, restricted stock, and other equity awards




*Six Months Ended June 30, 2018 compared to the Six Months Ended June 30, 2017*

	Six months ended June 30,				$		%
	2018		2017		Change		Change
Net loss	$	(14,848)	$	(32,496)	$	17,648	54.3	%
Income tax expense (benefit)	(5,409)		(3,551)		(1,858)		(52.3)	%
Depreciation and amortization	38,816		36,667		2,149		5.9	%
Other (income) expense	9,687		(4,338)		14,025		323.3	%
Interest income	(73)		(55)		(18)		(32.7)	%
Interest expense	19,297		29,714		(10,417)		(35.1)	%
Write downs and other⁽¹⁾	2,615		2,165		450		20.8	%
Loss on extinguishment and modification of debt⁽²⁾	4,608		8,129		(3,521)		(43.3)	%
Other adjustments⁽³⁾	1,325		1,593		(268)		(16.8)	%
Other non-cash charges⁽⁴⁾	3,190		3,912		(722)		(18.5)	%
New jurisdictions and regulatory licensing costs⁽⁵⁾	—		737		(737)		(100.0)	%
Legal & litigation expenses including settlement payments⁽⁶⁾	834		585		249		42.6	%
Acquisitions & integration related costs including restructuring & severance⁽⁷⁾	2,410		828		1,582		191.1	%
Non-cash stock based compensation⁽⁸⁾	8,629		—		8,629		100.0	%
Total Adjusted EBITDA	$	71,081	$	50,992	$	20,089	39.4	%

(1) Write downs and other includes items related to loss on disposal or impairment of long lived assets, fair value adjustments to contingent consideration and acquisition costs

(5) New jurisdiction and regulatory license costs relates primarily to one-time non-operating costs incurred to obtain new licenses and develop products for new jurisdictions

(6) Legal & litigation expenses include payments to law firms and settlements for matters that are outside the normal course of business

(8) Non-cash stock based compensation includes non-cash compensation expense related to grants of options, restricted stock, and other equity awards

For information contact:

Julia Boguslawski, Chief Marketing Officer & EVP of Investor Relations

PlayAGS, Inc.

702-724-1125

[email protected]

Steven Kopjo, Director of SEC Reporting & Investor Relations

PlayAGS, Inc.

702-724-1155

[email protected]

SOURCE AGS

Source: Press Releases Published on European Gaming Media Network

Related Topics:gambling industry in Europe

George Miller

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Bulgaria

SOFTSWISS Gets Certification for Its Jackpot Aggregator in Bulgaria

Published

1 month ago

October 15, 2024

George Miller

SOFTSWISS, a leading technology provider for iGaming, has further solidified its presence in the European market by securing certification for its Jackpot Aggregator in Bulgaria.

The iGaming market in Bulgaria is experiencing significant growth, attracting new businesses despite stringent domestic regulations. The market is projected to generate 168.70 million euro in revenue by 2028, with an annual growth rate of 5.42%. The number of users is expected to reach 377.3 thousand by the same year, further highlighting the sector’s momentum.

In line with this growth, SOFTSWISS announces that its Jackpot Aggregator has received certification from Gaming Laboratories International (GLI), ensuring it meets all technical requirements for use in the Bulgarian market. With the new certification of the SOFTSWISS Jackpot Aggregator, Bulgarian-licensed operators can integrate this advanced engagement tool into their casino offerings.

In May, SOFTSWISS successfully entered the Bulgarian market through a partnership with Topwin.bg, which implemented the SOFTSWISS Casino Platform, the Game Aggregator, and the Sportsbook.

“We are seeing a strong surge in interest in our jackpot mechanic, fueled by the growing demand for engagement tools in the market. That’s why we are committed to further developing the Jackpot Aggregator, enhancing its features, and expanding into new markets. Certification for the Bulgarian market is a clear testament to our ambition and drive for expansion. We are actively working on obtaining certifications in other jurisdictions,” comments Angelina Stasiuk, Head of Business Line at SOFTSWISS Jackpot Aggregator.

SOFTSWISS has several international and national licences and certifications, including a South African licence acquired through the purchase of a majority stake in Turfsport. The company recently announced its plans to become the first certified software provider in Brazil.

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.

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Are slots losing popularity?

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October 3, 2023

George Miller

What are the most popular games? What iGaming providers have achieved the greatest success? SOFTSWISS, an innovative company providing a complete ecosystem of comprehensive software solutions, shares valuable insights across regional markets.

The analysis presented is based on the Game Aggregator data spanning the second half of 2022 and the first half of 2023.

Europe

Slot games remain popular in Europe, even though they lost around five p.p. during H2 2022 and H1 2023. Despite this decline, their market share still exceeds 80% among the other gaming categories. In contrast, card games improved their position by almost four p.p.

The top five most popular game categories underwent minor changes in Q2 2023. The Total Bets Sum in Craps games saw a substantial increase, growing 2.7 times in comparison to the previous quarter. This boost in performance secured the fifth position for this type of games in the top rankings, displacing casual games.

Gates of Olympys, Big Bamboo and Midas Golden Touch emerged as some of the most popular games during the past year. Notably, the landscape of top games exhibited significant variations from quarter to quarter.

In the European gaming sector of 2022-2023, top-performing game providers include Amatic, Amusnet (EGT), BGaming, Evolution, Pragmatic Play, Push Gaming, and Relax Gaming. Their positions in the rankings experienced subtle shifts from quarter to quarter.

Asia

The top five most popular game categories in Asia have exhibited a consistent trend since the final quarter of 2022. Slot games hold a prominent position in the asian gaming landscape, with their market share exceeding 80% compared to other categories.

Gates of Olympys claimed the title of the most popular game in Asia in Q4 2022, and has maintained its leading position since. Meanwhile, another popular game, Bonanza Billion, has experienced fluctuations in its rankings within the top five since the end of the previous year. The Total Bets Sums of Aviator increased twofold during the first half of this year, propelling the game into a leadership position. In contrast, the once-popular game, Hot Fruits, lost its foothold in the top rankings during the second quarter of 2023.

As for the most successful game providers in Asia, it should be noted that Evolution, Pragmatic Play and BGaming have continually jostled for positions within the top five over the past four quarters under review. Play’n Go and Amatic ceded their places in the rankings to 1spin4win and Amusnet (EGT), with the latter heading the list in Q2 2023.

Tatyana Kaminskaya, Head of SOFTSWISS Game Aggregator, comments: “The popularity of the Aviator game can be explained by simple interface and fast payouts. What sets it apart even further is its distinctive gameplay mechanics, which significantly differ from other crush games in the market. Notably, Aviator provides players with the illusion of “control” over the game, adding an extra level of excitement and intrigue.”

Latin America

The top five of the most popular game categories in LatAm have remained consistent over the last year, with almost 60% of these categories dominated by slots.

The current top five most popular games are as follows:

Roleta Brasileiri – 8.27%
Aviator – 5.97%
Gates of Olympus – 5.24%
Sweet Bonanza – 3.44%
Crazy Time – 3.14%

Notably, Aviator surged to the top in Q4 2022, experiencing a significant increase in the Total Bets Sum, nearly 170 mln euro more in comparison with the previous quarter. This success propelled its provider, Spribe, from the tenth place in Q3 2022 to the fourth in Q2 2023, displacing Play’n GO from the top five. Other providers, specifically Pragmatic Play, Evolution, Playtech, and BGaming, remained in the top with minor shifts in their rankings over the past year.

The top five most popular games account for approximately 25% of the Total Bets Sum across all games in Latin America, while in Europe and Asia the same covers around 10%. Another noteworthy market trend is the displacement of slots with roulette, and the growing preference for live games.

Carla Dualid, Regional Business Development Manager at SOFTSWISS in LatAm, comments: “Players in Latin America in the context of online gambling may differ from players in Europe in several ways. Most Latin American players bet through mobile devices and prefer online play. Local casino slot players tend to place small but regular bets, which distinguishes them from European online casino players, who, in turn, bet less frequently, but wager larger sums on slots. Speaking about the LatAm market, we should keep in mind that Brazil is the most active player in it. Such factors as economic potential, increasing Internet penetration, mobile accessibility, and regulatory changes are making the Brazilian market more attractive for operators.”

About SOFTSWISS

SOFTSWISS is an international iGaming company supplying certified software solutions for managing gambling operations. The expert team, which counts 1,400 employees, is based in Malta, Poland, Georgia, and Belarus. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.

iGaming

Hop into Fun and Prizes with Easter Plinko Slot: Unleash the Easter Magic!

Published

1 year ago

July 14, 2023

George Miller

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