A strong return to action for lottery jackpots drives surge in active customers and lottery revenues
VANCOUVER, BC, Aug. 15, 2022 /CNW/ - Kings Entertainment Group Inc. ("Kings Entertainment" or the "Company"), an international online service provider for lottery, casino, and sportsbook gambling and parent company of global online gaming innovators LottoKings and WinTrillions, shared its corporate results for July today.
With U.S. seeing its first spike in jackpots of the year in July, the month saw a significant uptick in active customers and lottery revenues. Lottery sales jumped 18% over the previous month, with WinTrillions and Lotto Kings pulling in a combined $446,126 in July versus $378,329 in June. Overall revenue rose 9% in July to $555,349 versus $510,440 in June. Total active customers also increased by 9%.
"We're very pleased that July brought such a strong return to action for lottery jackpots," said Steve Budin, CEO of Kings Entertainment. "It's been a challenging year, without a significant lottery jackpot to promote – but we focused on keeping players active through the drought and are now seeing this effort pay off."
In May 2022, Kings Entertainment announced a business combination with Sports Venture Holdings, the parent company of the Bet99 brand, one of Canada's largest online sport and casino betting websites. This combination furthers the vision of Kings to build leadership positions within each of the regulation jurisdictions the Company enters.
About Kings Entertainment
Established in 2005, Kings Entertainment (CSE:JKPT) is an international online service provider for lottery, casino, and sportsbook gambling and parent company of global online gaming innovators LottoKings and WinTrillions, These brands leverage their ability to acquire high-potential players through renowned lottery offerings, then engage players in a range of casino and sportsbook offerings. LottoKings and WinTrillions have attracted and retained millions of player sign-ups since their inceptions.
Cautionary Statement Regarding Forward-Looking Information
This news release contains certain statements that may constitute forward-looking information under applicable securities laws. All statements, other than those of historical fact, which address activities, events, outcomes, results, developments, performance or achievements that the Company anticipates or expects may or will occur in the future (in whole or in part) should be considered forward-looking information. Such information may involve, but is not limited to, statements with respect to: listing of the Company's shares on the CSE; the Company's business and business plans; the Company's strategy and current focus on developing brands in the global online gaming market; the anticipated effect of the Company's listing; global market opportunities in the online gaming space, including in respect of anticipated growth, progress of legalization in various jurisdictions and growth in Latin America; and the expected use of the Escrowed Proceeds. Often, but not always, forward-looking information can be identified by the use of words such as "plans", "expects", "is expected", "budget", "scheduled", "estimates", "forecasts", "intends", "anticipates", or "believes" or variations (including negative variations) of such words and phrases, or statements formed in the future tense or indicating that certain actions, events or results "may", "could", "would", "might" or "will" (or other variations of the forgoing) be taken, occur, be achieved, or come to pass. Forward-looking information is based on currently available competitive, financial and economic data and operating plans, strategies or beliefs as of the date of this news release, but involve known and unknown risks, uncertainties, assumptions and other factors that may cause the actual results, performance or achievements of the Company to be materially different from any future results, performance or achievements expressed or implied by the forward-looking information. Such factors may be based on information currently available to the Company, including information obtained from third-party industry analysts and other third-party sources, and are based on management's current expectations or beliefs regarding future growth, results of operations, future capital (including the amount, nature and sources of funding thereof) and expenditures. Any and all forward-looking information contained in this press release is expressly qualified by this cautionary statement. Trading in the securities of the Company should be considered highly speculative.
Neither the Canadian Securities Exchange nor its regulation services provider accepts responsibility for the adequacy or accuracy of this news release.
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SOURCE Kings Entertainment Group Inc.
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