Latest News
DoubleDown Interactive Reports Fourth Quarter and Full Year 2023 Financial Results
DoubleDown Interactive, a leading developer and publisher of digital games on mobile and web-based platforms, announced its unaudited financial results for the fourth quarter and year ended December 31, 2023. The Company’s consolidated financial results for the three- and twelve-month periods ended December 31, 2023 include 61 days of contributions from European iGaming operator, SuprNation, which was acquired by the Company on October 31, 2023.
Fourth Quarter 2023 vs. Fourth Quarter 2022 Summary:
- Revenue was $83.1 million in the fourth quarter of 2023 compared to $76.2 million in the fourth quarter of 2022. Revenue contributed by SuprNation totaled $4.3 million for the 61 days the Company owned and operated the business. Revenue exclusive of the contributions from SuprNation increased 3% year over year to $78.8 million.
- Operating expenses declined to $47.5 million in the fourth quarter of 2023 from $321.4 million in the fourth quarter of 2022, primarily reflecting the one-time, non-cash goodwill and intangibles impairment of $269.9 million incurred in the fourth quarter of 2022.
- Adjusted EBITDA was $36.2 million for the fourth quarter of 2023, an increase from $24.7 million for the fourth quarter of 2022, primarily due to higher revenue and lower cost of revenues and sales and marketing expenses, partially offset by higher general and administrative expenses. Adjusted EBITDA margin increased to 43.5% in the fourth quarter of 2023 from 32.4% in the fourth quarter of 2022.
- Net income was $25.5 million, or earnings per fully diluted common share of $10.27 ($0.51 per American Depositary Share (ADS)), in the fourth quarter of 2023, compared to a loss of $(194.4) million, or a loss of $(78.47) per fully diluted common share ($(3.92) per ADS), in the fourth quarter of 2022. Note each ADS represents 0.05 share of a common share.
- Average Revenue Per Daily Active User (ARPDAU) for the Company’s social casino/free-to-play games increased to $1.24 in the fourth quarter of 2023 from $0.98 in the fourth quarter of 2022 and $1.06 in the third quarter of 2023.
- Average monthly revenue per payer for the social casino/free-to-play games increased to $279 in the fourth quarter of 2023 from $227 in the fourth quarter of 2022 and $245 in the third quarter of 2023.
In Keuk Kim, Chief Executive Officer of DoubleDown, said: “Our fourth quarter results, which include a 3% year-over-year increase in core social casino revenue to $78.8 million and a 46% increase in Adjusted EBITDA to $36.2 million, highlight our best-in-class ability to monetize our loyal players combined with our disciplined approach to user acquisition and R&D spend which drives consistent profitability and strong free cash flow. We continue to deliver strong engagement metrics for our flagship social casino game DoubleDown Casino, as ARPDAU and average monthly revenue per payer rose 26% and 23%, respectively, compared to the 2022 fourth quarter. As a result, cash flows from operating activities were approximately $30 million in the fourth quarter.
“Our acquisition of SuprNation in the fourth quarter marked our entrance into the European iGaming market and we are moving quickly on a range of initiatives to scale the business which will be our initial focus before we turn to optimizing the cash flow generated by this business. These initiatives include increasing marketing investment and leveraging our legacy of marketing and product expertise to grow SuprNation’s market share in its core U.K. and Sweden markets.
“We place a primary focus on being capital efficient as reflected in our strong Adjusted EBITDA margins and free cash flow generation. At 2023 year-end, cash and cash equivalents and short-term investments net of current borrowing were approximately $235 million, which is equivalent to approximately $4.75 per ADS. Our strong net cash position and consistent ability to generate attractive free cash flow provides the Company with significant flexibility to evaluate further opportunities to deploy capital that would continue to expand our business in gaming categories with attractive addressable markets and where our operating discipline would ultimately deliver additional free cash flow and create new value for our shareholders.”
Latest News
ZITRO CELEBRATES THE LAUNCH OF ITS FIRST WAP IN ARGENTINA AT THE HIPÓDROMO DE PALERMO
Zitro, a leading global gaming company, has announced the successful launch of its first Wide Area Progressive (WAP) in Argentina, with over 45 slot cabinets initially installed in five gaming halls located at the Hipódromo de Palermo. The product selected for this project is the successful game “Mighty Hammer Ultimate” on Zitro’s premium cabinet, “Altius Glare.”
This system represents the first WAP in South America. A shared jackpot called “Mega Pozo Mighty Hammer” starts at 50 million Pesos and grows progressively, making it the largest accumulated prize in the region. The official inauguration was held on December 19th during the exclusive “Noche de Palermo” event, including a live performance by the renowned Argentinian band Los Totora.
Company Directors commented: “We are very pleased to introduce Argentina’s first WAP at the Hipódromo de Palermo. This project – for which we partnered with Zitro – reiterates Casino Club’s commitment to innovation, always under the premise of offering our customers an entertainment experience that exceeds all their expectations.”
For her part, Alejandra Burato, Regional Director of Zitro for LatAm, commented: “The launch of our first WAP in Argentina is a very important milestone for Zitro, as it confirms our company as a supplier of machines for WAPs. Attending the inauguration event and seeing firsthand how our products connect with players has been a pleasure, providing a unique and different entertainment experience in the region. Additionally, I want to highlight the excellent marketing surrounding the launch, contributing to its success. Finally, I would like to thank Casino Club for their trust and collaboration, which has allowed us to present this innovative proposal in such a renowned and emblematic place as the Hipódromo de Palermo.”
Latest News
SOFTSWISS Game Aggregator: Largest Content Hub Certified in Brazil
The SOFTSWISS Game Aggregator, the largest content hub in the iGaming industry, has secured Brazilian certification, becoming one of the first in the market to achieve this milestone.
Regulatory rules for iGaming come into effect in Brazil on 1 January 2025. According to them, platforms, aggregators, sportsbooks, and providers must undergo certification. Companies aiming to provide their services in Brazil in 2025 and beyond have been preparing for this transition throughout the year.
The SOFTSWISS team announces that its Game Aggregator is the first to fully comply with regulations, completing all necessary preparations and receiving the certificate to ensure smooth and efficient operations for its clients.
SOFTSWISS has also obtained certification for integration with the world’s largest game providers – Pragmatic Play, Evolution, and Playtech. These providers offer a diverse range of games tailored to suit the preferences of Brazilian players, from immersive live dealer experiences to engaging slots and table games, ensuring entertainment for every type of player.
According to recent Kantar research conducted in November 2024, the overall satisfaction index for the SOFTSWISS Game Aggregator is 8.1 out of 10. Remarkably, half of the respondents rated the product a 10 or 9. Customer support service satisfaction scored even higher, at 8.4 out of 10.
The Game Aggregator also boasts a key advantage: consistent 99.999% uptime, which is crucial for the iGaming business.
Ivan Montik, Founder of SOFTSWISS, notes: “According to our information, the SOFTSWISS Game Aggregator is the first aggregator fully prepared, both technically and legally, to work in Brazil when the new regulations take effect. This is a significant achievement that the team has worked on diligently and systematically. Our work doesn’t stop here – we are actively adding new providers to help our clients expand their presence in this promising Brazilian market, which is no longer ‘the sleeping giant’. It has awakened, and SOFTSWISS is at the forefront of this exciting transformation.”
To support this high level of performance, earlier this year SOFTSWISS appointed Rubens Barrichello, the Brazilian Formula 1 legend, as a Non-Executive Director, demonstrating its strong commitment to the local market. To ensure efficient operations and promptly address ongoing matters, SOFTSWISS also has a dedicated team of local business development managers in Brazil.
SOFTSWISS team will be available to discuss partnership in Brazil and other markets at the first major iGaming event of 2025 – ICE Barcelona, taking place on 20–22 January, at stand 2G42.
About SOFTSWISS
SOFTSWISS is an international technology company with over 15 years of experience 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.
Gambling in the USA
Arizona’s Tribal Gaming Contributions Reach $42.5 Million in Q2 FY2025
The Arizona Department of Gaming (ADG) has announced an impressive $42,508,200 in tribal gaming contributions to the Arizona Benefits Fund for the second quarter of Fiscal Year 2025. This milestone reflects the continued growth and success of the state’s tribal gaming industry, achieved through strong collaboration between the state government and tribal communities.
A Record-Breaking Year for Tribal Gaming
“This achievement is a testament to the strength of the partnership between Arizona and its tribal communities,” said Jackie Johnson, Director of ADG. “Consecutive record quarters in FY2025 highlight our shared commitment to fostering a thriving gaming industry. Since FY2004, total tribal contributions have exceeded $2.3 billion, significantly benefiting the state and its residents.”
Supporting Arizona’s Communities
The Arizona Benefits Fund receives 88% of tribal gaming contributions, channeling these funds into key areas that directly impact the state’s residents and natural resources. The Q2 FY2025 contributions will be allocated as follows:
- Instructional Improvement in Schools: $21,186,087
- Trauma and Emergency Services: $10,593,043
- Wildlife Conservation: $3,026,584
- Tourism Promotion: $3,026,584
- Problem Gambling Education, Treatment, and Prevention: $850,164
- ADG Operating Costs: $3,825,738
These contributions reflect the state’s commitment to using tribal gaming revenue for meaningful community support, from enhancing education and emergency services to preserving wildlife and promoting tourism.
A Growing Gaming Landscape
Arizona currently hosts 26 Class III casinos, regulated under the Arizona Tribal-State Gaming Compact. These casinos contribute a percentage of their gross gaming revenue to the Arizona Benefits Fund as well as to cities, towns, and counties. This model of tribal-state collaboration has proven instrumental in bolstering local economies and funding critical programs.
About the Arizona Department of Gaming
Founded in 1995, ADG is Arizona’s regulatory authority overseeing tribal gaming, racing, event wagering, and more. Beyond regulation, ADG is deeply committed to problem gambling education, offering support and resources to affected individuals and families through its Division of Problem Gambling and 24-hour helpline, 1-800-NEXT-STEP.
Looking Ahead
As tribal gaming contributions continue to break records, the partnership between Arizona’s government and tribal communities stands as a model for sustainable growth and mutual benefit. These contributions not only fuel essential state programs but also underscore the lasting value of collaboration in driving economic and social progress.
For a detailed breakdown of contributions by year and further information, visit the Arizona Department of Gaming’s official website.
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