DoubleU Games Q3 Revenue 160 Billion KRW... Up 6.1% YoY

[Asia Economy Reporter Seungjin Lee] W Games posted solid results in the third quarter of this year, driven by a rebound in social casino game performance.

W Games announced on the 9th that its consolidated sales for the third quarter reached 160 billion KRW, with an operating profit of 47.9 billion KRW. Sales increased by 6% compared to the same period last year, while operating profit decreased by 0.5% year-on-year.

W Games cited social casino games as the main factor behind the sales growth. The social casino games DoubleDown Casino and W Casino, operated by W Games, recorded total sales of 153.9 billion KRW in the third quarter. This represents a 7% increase from the previous quarter and a 6% increase from the same period last year.

W Games plans various content updates in preparation for the seasonal peak in the fourth quarter. Additionally, with 100% of its sales coming from overseas, W Games explained that the recent rise in the KRW against the USD has resulted in increased sales revenue and over 20 billion KRW in non-operating foreign exchange gains related to dollar assets.

Building on its strong performance, W Games is accelerating new business ventures and new game development. Recently, W Games completed the closed beta test (CBT) for its new title Spinning in Space and P2E (Play to Earn) skill games DoubleDown Cash Bingo and DoubleDown Cash Solitaire. P2E skill games, which are officially serviced in most Western countries, are a type of betting game where the winner takes the money wagered by the players.

Alongside P2E skill games, W Games is progressing in the iGaming sector as a new business, having completed certification procedures for 10 self-developed slot contents. Unlike traditional social casinos where cash withdrawals are not possible, iGaming refers to online casinos that allow cash betting and withdrawals. W Games plans to complete certification for around 20 slot contents by the end of this year.

Furthermore, W Games is developing W Casino 2.0, which combines casual game elements with the existing W Casino, targeting a release in the first half of next year.

A W Games representative stated, “We are currently planning efficient operations in the stable social casino business sector and are making every effort to achieve visible results in investments such as new games, new businesses, and mergers and acquisitions (M&A).”