/ News / Revenue up 37% at Group in Q3

Revenue up 37% at Group in Q3 Group has seen a surprising rise in revenue in the third quarter. The group has methodically taken steps to build its footprint in the US. This has all dovetailed perfectly with the release of Group sites in Arizona and the start of the NFL season in the US. All of these factors have contributed to what has been an exceedingly special third quarter for the group.

37% rise in Q3 earnings is an international company but their rise in the US markets has been significant. The success in Q3 may well only be the start of what is to come as the are expecting the fourth quarter to be their biggest of the year. With the quiet summer months behind them and the return of most of the major sports in the US, Q4 is shaping up to be a big one for this ever expanding gambling juggernaut. Group soars during Q3

The pieces of the puzzle all seemed to fall into place for as even the group themselves were surprised by just how well they had done during the third quarter. The group saw a 37% rise in revenue from Q3 in 2020. While this can certainly point to their release in Arizona and the start of the sporting season, the group also points to the increased monetization of new depositing customers.

The operating finances at the end of September 2021 revealed a net income of $4.3 million which has smashed the previous $2.3 million in the same period the year before. The growth of the group and their success in the US markets is undeniable as they have clearly gone about their expansion in the best way possible.

The CEO of Charles Gillespie stated that the “financial performance in Q3 remained strong in comparison to 2020, despite Q3 typically being the slowest quarter of the year. The most important point during Q3 after the quiet summer months was the launch of Arizona and the kick-off of the NFL season which exceeded our internal expectations for the quarter”.

Return of sports bolsters Q3 numbers

While the Q3 numbers can largely be attributed to the start of the NFL season, the Group are hopeful that Q4 will also smash the previous year’s revenue as well. With Q3 only really representing NFL betting, Q4 will be bolstered by NBA betting, the return of the MLS and other major soccer leagues and all other major sports in the US. While the summer months may have been quiet, the group is in for what appears to be a busy fourth quarter if the revenue numbers in Q3 are anything to go on.

Gillespie went on to say that the group were “focused on prudently growing the company through sustained and organic growth and future accretive acquisitions which we continue to actively pursue.”

With that being said, the sports betting revenue in Q4 will need to be higher than that of 2020 as not all the numbers at make for pretty reading. The operating expenses have actually taken a big hit as they have risen from an original $3.8 million to $7.7 million compared to $3.9 million the previous year. This was largely down to the company investing in its marketing and technology spheres which no doubt contributed to the significant growth in the third quarter. As such, the Group were not surprised by the costs. However, the focused investment in the company will bring about new challenges and more risk as they seek to balance the books going into 2022. By the looks of things though, the juice does in fact appear to be worth the squeeze.

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