The JPJ Group, the company running the Vera&John and JackpotJoy brands, posted their results for the third quarter of the year. In essence, the Q3 revenues of the group increased 8% year on year to £78m.
The major driving force behind these numbers is the group’s European gambling brand, Vera&John. Indeed, it reported a massive 40% revenue growth, which accounts for the most part to JPJ’s current momentum.
In brief, Vera&John’s 40% revenue growth translates to £26m. As the numbers show, organic growth was the primary driver of these results. What’s more, the numbers are even more impressive from a regulatory perspective. At present, its flagship website Jackpotjoy goes through adjusting to the new responsible gambling measures in the UK.
As JPJ CEO Neil Goulden confirmed, the new rules had a strong impact on their UK operations. “Our commitment is to meet the highest industry standards on responsible gambling. The responsible gambling measures we have implemented impacted the revenues at Jackpotjoy UK. And also by the closure of a number of high-value accounts,” he said.
But they’re other reasons behind the group’s success. In fact, its proprietary technology platform sure brought in a lot of money in the last quarter. Besides, during Q3 the company sold its social gaming division to BagelCode. To sum up, the South Korean game developer paid £18m for it. And finally, the group plans to speed up its expansion even more. In this process, it counts with the help of its operations partner Gamesys.
Overall, the group remains confident in its outlook for the full year. “We continue to enjoy a strong association with Gamesys. This relationship provides mutual benefits. We’re also excited by the significant growth opportunities in both existing and new casino markets. We’re well placed to take advantage of this promising backdrop,” Goulden added.