Digital turnover drop leads to Newgioco revenue decline
Significant declines in web-based turnover led to revenue of $6.7m for Newgioco in the third quarter of 2019, a 14.7% decline, though the company narrowed its net loss for the period.
The business’s revenue came on a turnover of $115.9m, up 31.9% year-on-year, of which $46.5m was web-based (down 10.8%) and $69.5m land-based (up 94.0%).
Newgioco said the significant decline of web-based turnover was due to the fact that the third quarter of 2018 included the FIFA World Cup. Its increase in land-based turnover came due to efforts to grow that sector “aggressively”, it added.
After paying out $46.1m in land-based winnings and $62.1m in online winnings for a total of $108.2m, up 36.5%, Newgioco was left with gross gaming revenues of $7.7m, a 10.4% decline.