Gana Media Group shares surged on Thursday after reporting rapid growth in its Mexican online betting business, with gaming revenue rising nearly fourteen-fold quarter-on-quarter.
The company, which owns Estadio Gana, a licensed online sportsbook and casino for the Mexican market, said gross gaming revenue reached about US$2m in the third quarter, up 1,284% on the previous quarter, albeit from a small base.
Betting turnover rose nearly five-fold to around US$9.9m, and registrations reached 87,523. These numbers remain relatively low, highlighting the potential for further growth.
And the business is still converting more of its players into paying customers, and the proportion of registrations that went on to deposit money rose from 4% in the second quarter to 16.5% in the third, and to 26.6% so far in October, which the company attributed to investment in payments and onboarding.
September was a record month, suggesting the momentum wasn’t just a World Cup tournament spike.
Gana Media said it entered the final quarter with a monthly revenue run-rate above US$1m, and pointed to a busy sporting calendar, including Mexican and European football and the NFL season, to sustain demand.
Gana Media Group shares were 18% higher at the time of writing on Thursday.