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By: Richard Dal Monte
By: Richard Dal Monte
There is no shortage of mobile gaming options. From League of Legends to Pokémon GO, and even relatively simple offerings like Scrabble and Uno, there are plenty of online personal entertainment opportunities for the world’s 6.6 billion smartphone users.
A growing segment of these, however, demands more than Words with Friends or Candy Crush: they want gambling and want it in their hands, not at a destination casino or on a desktop computer. .
According to a report, the global iGaming market will surpass the US $ 100 billion mark this year and will continue to grow at a CAGR of 11% over the next five years to reach more than $ 180 billion in 2027, the which means that the size is expected to almost double in the coming years.
As the market grows, so do the quantity and sophistication of iGaming mobile options. Some consumers are happy with digital casinos, where roulette and card dealers are lively, and in which computers generate numbers and hands randomly.
For those who want more, there are now live dealer games like the ones offered by Playgon Games Inc. (TSXV: DEAL | OTCQB: PLGNF | FSE: 7CR).
What makes this technology so appealing is the live experience. It’s streaming, they’re social media, and they’re games of chance, all wrapped up in a single technology.
Darcy Krogh, President and CEO of Playgon Games Inc.
A SaaS company, Playgon Games is a provider of live distributor solutions for iGaming for mobile, meaning Playgon does not create the games, but provides the digital infrastructure so that they can be streamed live to regulated iGaming markets. from all over the world. This infrastructure for online casinos, sports betting operators and even conventional casinos includes a studio in Las Vegas, Nevada, where real human croupiers deal cards or spin the roulette wheels on the camera, an action that the Online players can see on the screens of their smartphones.
Sweeten the pot with live streaming and human interactions
“What makes this technology so appealing is the live experience,” says Darcy Krogh, president and CEO of Playgon. “It’s streaming, it’s social media and it’s gambling, all wrapped up in technology.”
“Players on our site can send messages to our resellers in real time,” explains Steve Baker, COG of Playgon. “There is an immersive and interactive experience. It’s much more attractive when there’s a human being at the other end. “
Krogh says the technology, a combination of high-definition live streaming distributors and state-of-the-art augmented reality betting, is appealing to millennial demographics and Generation Z, as it is similar to convenience. of on-demand streaming services or even online shopping.
And it compares iGaming’s rapid growth to the expansion of online retail sales a decade ago.
The spread of COVID-19 and related social restrictions has helped accelerate the demand for iGaming: people have had more time at home and less ability or desire to go out, let alone travel to casino destinations like Las Vegas, as well as the proliferation of secure digital payment options and the ubiquity of mobile device use.
But Krogh says there’s another important factor for iGaming enthusiasts: trust.
“Trust that you’re getting a real letter from an actual eight-deck shoe and you’re watching the person give it to you,” he says.
Turnkey solutions ready for growth
All of these factors have contributed to Playgon’s success.
What started in 2016 as a daily fantasy sports platform shifted to live dealer technology in 2020, and Playgon has grown considerably since then.
As of May 2021, the company came into operation with a small number of operators and has grown steadily throughout the year. It closed 2021 with 30 operators using its technology and added five more in 1Q 2022 for a total of 35 operators. Sales and marketing efforts are always ongoing and Playgon continues to sign and incorporate customers as its business matures.
The company recently announced that it has applied for a gaming license from gaming-related suppliers with the Ontario Alcohol and Gaming Commission (AGCO). The license will allow Playgon to supply AGCO-approved operators with its live dealer tables from its state-of-the-art studio in Las Vegas, Nevada.
After the federal government passed Bill C-218 in August 2021, it paves the way for provinces to develop a framework for single-event legalized sports betting, Ontario, which accounts for 40 percent of the population of Canada, became the first province to accept applications from private iGaming operators. AGCO launched its new online gaming market on April 4, 2022. The implementation of Ontario’s new online regime will allow private operators to enter the market for the first time. This is monumental because Ontario is the first province in Canada to introduce this licensing system, where local lotteries have traditionally had a monopoly on the country’s gaming industry.
The Ontario iGaming market is likely to be financially significant, as it is expected to generate gross revenue of C $ 989 million by the end of this year and C $ 1.86 billion in 2026.
Playgon has more than 20,000 unique monthly users and processes more than two million bets each month, with the average bet between $ 85 and $ 160 per user.
“These numbers provide verification and validation that Playgon technology is the real business,” Baker says.
Wide scope in key lucrative markets
An additional validation comes from an agreement announced in January 2022 between Playgon and Relax Gaming, a leading global content and aggregation company iGaming. Under the terms of the agreement, Relax will add and market Playgon’s live electronic board and distributor game offerings under the VegasLounge brand in its content library for distribution to Relax’s global customer base.
Simon Hammon, Product Manager at Relax, says of Playgon: “They are an incredibly talented and advanced company, known for taking entertaining live distributor games to the next level.”
Most recently, a software licensing and distribution agreement announced in June 2022 between Playgon and Markor Technology provides additional market access through the Gibraltar-licensed platform and content aggregator specializing in offering products, platforms and services. innovative and unique touch games to online and terrestrial operators. and brand owners.
Melissa Summerfied, CEO of Markor Technology, said: “At Playgon we have found an innovative vendor that fits our own ambitions to offer players a game-changing, innovative and premium experience. Vegas Lounge, its awesome portfolio of games with live dealers played from Las Vegas, is unique in the market and its first-class mobile technology approach ensures a smooth and authentic experience from anywhere.We are delighted to partner with Playgon and are looking forward to achieving great milestones together “.
Krogh adds: “These partnerships will give our live reseller product a wide reach in key lucrative markets through their top-tier customer accounts.”
An additional recognition of Playgon’s potential came last year when the company was named to the TSX Venture 50 list, which recognizes the best-performing companies on the TSX Venture Exchange among early-stage growth companies in various sectors. , including technology.
While this recognition is satisfactory, says Krogh, who has worked in the iGaming industry for two decades, there are many promising developments pending. Playgon hopes to double its current 35-count count, move to U.S. and Latin American markets, obtain licensing approvals in Ontario, and even open a second studio outside of Las Vegas to mitigate the risk of inactivity of the study in 2022.
He points out that the general gaming industry is undergoing a transformative shift to digital, but it’s still early days and Playgon is on the ground floor of a wave of iGaming.
Asked what he would say to a potential investor, whether retail or institutional, Krogh says, “I can’t stress enough the boom in industry growth we’ll be going through in the next five years.”
“We are the only public company that is a public live distributor company,” he adds, saying that any other similar company has much higher market capitalizations and with equal stock prices, making Playgon a relative bargain for a inverter. .
Krogh also notes, “We are the only company in this field that has all the focus on mobility. We are the only company that meets that demand and builds that future.”
And that future is the palms of billions of hands.
For more information on Playgon Games Inc., visit their website here.
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