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By Meg Flippin, Benzinga
Online gambling seems to be here to stay thanks to growing internet usage, legalization, cultural acceptance and celebrity endorsements. It’s a large market – in 2022 it was valued at $63.53 billion. By 2030 it is forecast to hit $153.57 billion.
That isn’t lost on High Roller Technologies Inc. (NYSE: ROLR), the online gaming company going after the premium end of the market. Late last month it went public on the New York Stock Exchange, selling 1.25 million shares and raising gross proceeds of $10 million. It could sell 187,500 more, and underwriters have a 45-day option to purchase additional shares. IPO proceeds could give High Roller enough runway to continue to attract high rollers to its gaming sites.
Going After The Premium Players
High Roller isn’t the only online gaming company capitalizing on the growth in the marketplace, but it is carving out a niche for itself by targeting “high rollers.” These are hardcore, serious players who strive to win big and tend to spend more time and money on these platforms than casual gamers. It's a coveted group, and High Roller is pulling out all the stops for it.
Take its offering for starters. Highroller.com provides access to hundreds of games, including classic casino games, fruit slots and high-stakes online slots from well-known online game providers. With the chance for 20% cashback on bets, generous bonuses, exclusive sweepstakes and a personal account manager, Highroller.com aims to offer customers seeking a premium experience everything they need to achieve that. In 2023, the company says it doubled its user base to over 50,000 players, and more growth is expected in 2024.
Meanwhile, Fruta.com, which soft-launched in December 2023 and debuted fully in June, is High Roller’s online gaming site for the Latin American market. Just like Highroller.com, Fruta offers users in Latin America access to a wide range of games with enticing jackpots. Players can engage in slots, roulette, blackjack and several other types of games, have the chance to receive up to 20% weekly cashback, engage in live tournaments and cash drops and participate in wager races and giveaways.
High Roller says the Latin American region provides a big opportunity for the company, given what it sees as an untapped total population of over 670 million, with widespread internet adoption and an appetite for online entertainment. A report released by Vixio Regulatory Intelligence projects Latin America’s regulated online gambling market to quadruple in size and reach $6.75 billion in annual revenue by 2027.
But it’s not just the number of users that are growing. For the third quarter, High Roller reported revenue of $7.52 million, a 30% quarter-over-quarter increase from $5.8 million.
“This significant quarter-over-quarter revenue growth reflects the success of our pre-IPO strategy, focused on cost optimization and efficient marketing channels with strong returns,” said Ben Clemes, CEO of High Roller Technologies. The company plans to file its third quarter form 10-Q on or before Dec. 5, which is within the 45-day requirement after filing for an IPO. That filing will have more details about revenue and expenses for the third quarter.
Premium Focus Paying Off
High Roller’s focus on premium customers is also paying off in terms of loyalty, with the company recently winning the Best Player Retention 2024 award at the SiGMA Europe B2C Awards, which recognizes companies in the igaming market. High Roller said the award, “a hallmark of excellence in the gaming industry,” underscores the company’s commitment to building a loyal, engaged player community. “We are thrilled to receive this recognition,” said Clemes. “The Best Player Retention award is a testament to High Roller's innovative approach to player satisfaction and retention strategies. By focusing on creating meaningful experiences and personalized engagement, we continue to set new standards in building long-term relationships with our players.”
High Roller’s debut as a public company comes at a time when the IPO market is heating up, lifted by improving inflation, interest rate cuts and an overall increase in enthusiasm on the part of investors. Smaller deals, like High Roller’s IPO, are helping fuel the growth. Net proceeds from High Roller’s IPO are going to acquire new users, expand in North America and other regulated markets, launch one or more new brands or verticals and for working capital. High Roller also plans to continue investing in technology, which it expects to drive higher margins and reduce time to market. By expanding into new markets, High Roller expects to substantially increase its addressable market and revenue potential.
High Roller isn’t your run-of-the-mill online gaming website operator, catering to the masses in a low-margin business. It is going after premium players, those high rollers who are willing to spend big to win big. With cash in the coffers since its IPO and with a growing reputation for meeting the demands of high rollers, the company is paving a path that may be worth keeping an eye on. To learn more about High Roller, click here.
Featured photo by Carl Raw on Unsplash.
Benzinga is a leading financial media and data provider, known for delivering accurate, timely, and actionable financial information to empower investors and traders.
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