{"id":257,"date":"2024-06-27T02:46:57","date_gmt":"2024-06-26T23:46:57","guid":{"rendered":"https:\/\/slotscapitalcasino.icu\/2024\/06\/27\/colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter\/"},"modified":"2024-06-27T02:46:57","modified_gmt":"2024-06-26T23:46:57","slug":"colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter","status":"publish","type":"post","link":"https:\/\/slotscapitalcasino.icu\/2024\/06\/27\/colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter\/","title":{"rendered":"Colossal Ventures Reports Decline in Income and Earnings for Third Quarter"},"content":{"rendered":"<p><iframe loading=\"lazy\" width=\"800\" height=\"450\"\n    src=\"https:\/\/www.youtube.com\/embed\/F3JvfCC5xF0\"\n    frameborder=\"0\"\n    allow=\"accelerometer; encrypted-media; gyroscope; picture-in-picture\"\n    allowfullscreen><br \/>\n<\/iframe><\/p>\n<p>Colossal Ventures reported a reduction in income and earnings for the third quarter.<\/p>\n<p>Income for the third quarter was \u20ac307.8 million (\u00a3265.9 million\/$315.8 million), down 1.5% year-over-year, while earnings dropped significantly by 30.8%.<\/p>\n<p>Colossal Ventures stated the decrease in income was mainly due to a reduction in net income from online gambling establishments and brand licensing charges.<\/p>\n<p>Despite this, Alinda van Wyk, Chief Financial Officer of Colossal Ventures, stated the company is in &#8220;good financial condition&#8221; and is seeking investments.<\/p>\n<p>&#8220;Colossal Ventures remains financially robust, and we continue to optimize our global business presence and enhance operational efficiency to leverage our size,&#8221; van Wyk stated. &#8220;We remain focused on investing in technology and marketing, as well as other opportunities that can drive long-term growth and profitability.&#8221;<\/p>\n<p>Betway, one of Colossal Ventures&#8217; brands, generated \u20ac168.1 million in revenue. The company&#8217;s multi-brand casino product, Spin, generated the remaining \u20ac139 million.<\/p>\n<p>The majority of total revenue came from North America, which contributed \u20ac123 million. Africa and the Middle East contributed \u20ac70 million, followed by Asia Pacific, which contributed \u20ac68.4 million.<\/p>\n<p>Europe contributed \u20ac38.4 million to total revenue, while South America and Latin America contributed \u20ac7.7 million.<\/p>\n<p>Earnings before interest, taxes, depreciation, and amortization (EBITDA) for the quarter was \u20ac60.9 million, down 19.6%. <\/p>\n<p>Promotional and marketing expenditures rose consecutively from \u20ac204.7 million to \u20ac226.9 million. General and administrative costs also climbed by 11.7% to \u20ac36.9 million. Although this was partially balanced by \u20ac1.8 million in operating earnings, depreciation and amortization expenses of \u20ac15.7 million further influenced the overall result.<\/p>\n<p>This led to a total operating profit of \u20ac30 million, a substantial reduction of 65.8% year-over-year.<\/p>\n<p>Other expenses continued to affect the total. Financial charges reached \u20ac276,000, while foreign currency exchange revaluations totaled \u20ac5.7 million. Fair value changes on warrants and earn-out obligations amounted to \u20ac3.5 million.<\/p>\n<p>However, other forms of income surpassed these costs. Fair value recognition of options totaled \u20ac21.9 million, while derivative contract gains brought a \u20ac2.4 million increase. Financial income also rose by \u20ac587,000.<\/p>\n<p>Total profit before taxes reached \u20ac45.5 million, down 17% year-on-year. After considering \u20ac10.6 million in income tax expense, profit for the quarter was \u20ac34.8 million, a loss of 30.8%.<\/p>\n<p>Year-to-date, income is \u20ac963.1 million. This is down 1.6% from the first nine months of 2021. Operating profit for the period is \u20ac99 million, and profit before taxes currently stands at \u20ac195.4 million. Income tax currently stands at \u20ac25.2 million, with profit for the first three quarters at \u20ac170.2 million.<\/p>\n<p>Earlier this month, Super Group reaffirmed its initial guidance for the full year 2022, anticipating revenue to be between \u20ac1.15 billion and \u20ac1.28 billion, and EBITDA to be between \u20ac200 million and \u20ac215 million. <\/p>\n<p>Sign up for our gaming industry news alerts! <\/p>\n","protected":false},"excerpt":{"rendered":"<p>Colossal Ventures reported a reduction in income and earnings for the third quarter. Income for the third quarter was \u20ac307.8 million (\u00a3265.9 million\/$315.8 million), down 1.5% year-over-year, while earnings dropped significantly by 30.8%. Colossal Ventures stated the decrease in income was mainly due to a reduction in net income from online gambling establishments and brand [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[1],"tags":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v22.8 (Yoast SEO v22.8) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Colossal Ventures Q3 Earnings Dip: Gambling &amp; Licensing Impact<\/title>\n<meta name=\"description\" content=\"Colossal Ventures reports a decline in Q3 income and earnings, attributed to reduced online gambling revenue and brand licensing fees.\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/slotscapitalcasino.icu\/2024\/06\/27\/colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:locale\" content=\"en_GB\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:type\" content=\"article\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:title\" content=\"Colossal Ventures Reports Decline in Income and Earnings for Third Quarter\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:description\" content=\"Colossal Ventures reports a decline in Q3 income and earnings, attributed to reduced online gambling revenue and brand licensing fees.\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:url\" content=\"https:\/\/slotscapitalcasino.icu\/2024\/06\/27\/colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter\/\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"og:site_name\" content=\"Elevate Your Casino Experience | Licensed, Secure &amp; Exciting\" class=\"yoast-seo-meta-tag\" \/>\n<meta property=\"article:published_time\" content=\"2024-06-26T23:46:57+00:00\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"author\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" class=\"yoast-seo-meta-tag\" \/>\n<meta name=\"twitter:label1\" content=\"Written by\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data1\" content=\"admin\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:label2\" content=\"Estimated reading time\" class=\"yoast-seo-meta-tag\" \/>\n\t<meta name=\"twitter:data2\" content=\"2 minutes\" class=\"yoast-seo-meta-tag\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/slotscapitalcasino.icu\/2024\/06\/27\/colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter\/\",\"url\":\"https:\/\/slotscapitalcasino.icu\/2024\/06\/27\/colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter\/\",\"name\":\"Colossal Ventures Q3 Earnings Dip: Gambling & Licensing Impact\",\"isPartOf\":{\"@id\":\"https:\/\/slotscapitalcasino.icu\/#website\"},\"datePublished\":\"2024-06-26T23:46:57+00:00\",\"dateModified\":\"2024-06-26T23:46:57+00:00\",\"author\":{\"@id\":\"https:\/\/slotscapitalcasino.icu\/#\/schema\/person\/7fe3f8540cfe191b1464d5c1c2f0a7f0\"},\"description\":\"Colossal Ventures reports a decline in Q3 income and earnings, attributed to reduced online gambling revenue and brand licensing fees.\",\"breadcrumb\":{\"@id\":\"https:\/\/slotscapitalcasino.icu\/2024\/06\/27\/colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter\/#breadcrumb\"},\"inLanguage\":\"en-GB\",\"potentialAction\":[{\"@type\":\"ReadAction\",\"target\":[\"https:\/\/slotscapitalcasino.icu\/2024\/06\/27\/colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter\/\"]}]},{\"@type\":\"BreadcrumbList\",\"@id\":\"https:\/\/slotscapitalcasino.icu\/2024\/06\/27\/colossal-ventures-reports-decline-in-income-and-earnings-for-third-quarter\/#breadcrumb\",\"itemListElement\":[{\"@type\":\"ListItem\",\"position\":1,\"name\":\"Homepage\",\"item\":\"https:\/\/slotscapitalcasino.icu\/\"},{\"@type\":\"ListItem\",\"position\":2,\"name\":\"Colossal Ventures Reports Decline in Income and Earnings for Third Quarter\"}]},{\"@type\":\"WebSite\",\"@id\":\"https:\/\/slotscapitalcasino.icu\/#website\",\"url\":\"https:\/\/slotscapitalcasino.icu\/\",\"name\":\"Elevate Your Casino Experience | Licensed, Secure &amp; Exciting\",\"description\":\"Discover a world of online casino excitement through our fresh industry news, honest game reviews, and expert articles. 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