BingoPlus and new products push DigiPlus net income up 51% vs Q123

DigiPlus’s most recent performance spurred by stronger traction of BingoPlus and new offerings, touting a user base of 20 million; group’s EBITDA also rose by 48% quarterly to USD 13.3M

Original story by Asia Gaming Brief

Philippine retail gaming provider DigiPlus Interactive Corp (DigiPlus), formerly known as Leisure and Resorts World Corp, continued the strong momentum seen in the first quarter, with 2Q23 net income up 51 percent quarter-on-quarter, to PHP659.6 million ($11.6 million).

The group notes that the result was ‘driven by the strong momentum in its digital retail gaming segment combined with cost efficiencies as the business continues to scale up.’

The results highlighted 15 percent quarterly growth in revenue, to PHP4.8 billion ($84.51 million) ‘as BingoPlus gained stronger traction, boosted by the introduction of new digital game products, including ArenaPlus,’ notes the company in a filing.

The group’s EBITDA also rose by 48 percent quarterly, to PHP755 million ($13.3 million).

The group notes that since last year it has ‘embarked on a strategic transformation’, including the launch of its digital platform BingoPlus (licensed under PAGCOR). In February of this year, it launched ArenaPlus – a digital sportsbook streaming local and international sports events (also licensed by PAGCOR).

The group notes that at the end of 2Q23 it had a registered user base of ‘over 20 million’, with plans to ‘launch new and innovative digital products’.

Speaking of the results, the company’s President, Andy Tsui, noted that “his solidifies the strategic transformation we embarked on a year ago. As we continue to scale up our brands and introduce new offerings, we are confident that we can sustain this upward trajectory for the rest of the year”.

Read the article as it originally appeared on the Asia Gaming Brief website at https://agbrief.com/news/16/08/2023/digiplus-sees-51-percent-q-o-q-profit-increase-in-2q23-at-11-6mln/