GameOn reports CA$1.85m in Q1 revenue
Profit also significantly improved compared to last year.
Fantasy sports company GameOn has released its financial figures for the first quarter of 2024, showing an overall positive set of results compared to this time last year.
Looking firstly at revenue, the company posted CA$1.85m (US$1.35m) during the opening quarter of the year, a sum it has called a record total for the business. This was also a figure that represented a 291.2% increase year-over-year.
The period also saw GameOn reach profitability, recording a net income of CA$679,577 compared with a net loss of CA$389,669 in the first quarter of 2023.
Some highlights for the company during Q1 included securing a partnership with Sportsology to receive 59 million $GAME tokens via a grant agreement, while also launching its beta mobile app on both the Apple App Store and Google Play.
GameOn CEO Matt Bailey said, “Q1 delivered a profitable quarter and watershed moment for the company.
“Despite the backdrop of a challenging economic and micro-cap landscape, we continue to drive fundamentals to new heights. Our growth is fueled by our cemented position as a leader in next-gen sports gaming, and our partnerships with the best leagues in the world.”
“Ongoing momentum will be catalyzed by new league partnerships, $GAME’s recent launch on major exchanges, and GameOn’s launch on the Apple App Store and Google Play.
“Management remains patient, diligent, and uncompromisingly focused on driving the bottom line and delivering value for shareholders.”
In other results-based news today, Deloitte has released its Economic Contributions of Ontario’s Regulated iGaming Market – Year 2 report, showing that the market contributed a combined total of $1.24bn to federal, provincial and municipal government revenues.
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