Galaxy Gaming suffer a net loss despite reporting an increased revenue from online and in-person sites during 2023.
Galaxy Gaming Suffer Net Loss
CEO and President of Galaxy Gaming, Matt Reback, who joined in 2017, was pleased with the financial reports despite the net loss.
The growth in revenue highlights a positive year for the company and Reback highlighted the future prospects in store for Galaxy Gaming.
Reback said: “We believe that the opportunistic sales of perpetual licences peaked in 2023. We will return to a sustainable growth model relying principally on recurring revenue generated from our robust library of core and premium felt products, our emerging line of GOS products and our igaming business in 2024,
“I am now four and a half months into my tenure at Galaxy and am very excited about the prospects for the company.
“Over the intermediate term, we will develop a strategic plan that will allow us to continue to deliver double-digit revenue growth rates through a combination of organic growth and potential tuck-in acquisitions.”
When analyzing the numbers for 2023, Galaxy Gaming made the majority of its revenue through its core land-based sites – increasing by 27% and finishing on $19.3 million.
Such an increase can be explained through several reasons, however, the main facet comes from the sale of perpetual licenses to customers at $3.7m – an increase of 1,226.5%.
Another key reason for the increased revenue came after a new distribution agreement at Galaxy Gaming.
Galaxy Gaming’s online ventures have also seen an increase in revenue year-on-year, rising by 4.8% and going from $8m in 2022 to $8.4m in 2023.
The reasoning for this has been revealed by Galaxy Gaming, with online customers grown in tradition markets but also delving into the fresh markets.
Across North/South America, $17m was made in revenue which is a rise of 34.9% when compared to 2022 and Europe, Middle East and Africa brought $10.8m – decreasing by 0.9% from last year.
Check out Instant Withdrawal Casinos for the fastest payouts in the industry.
