BMM Testlabs exceeded expectations in its Q1 2023 BMM Testlabs financials thanks to increased demand from regulated gambling entertainment markets! (Photo by Jeswin Thomas on Unsplash)
BMM Testlabs, a leading global gaming product certification and test lab consultancy, recently announced that their 2022 financial results had exceeded expectations.
Moreover, the positive momentum has extended into the first quarter of 2023, further establishing BMM’s firm footing in the market.
As the testing certification company for random number generators (RNG) and online casino security for gambling entertainment platforms on many sports and casino reviews performed here on Casino Plus Bonus, BMM plays an integral part in the iGaming industry. The company also operates in sports betting, virtual sports, live casino, and other sectors outside of gambling.
In 2022, BMM’s TIC revenues grew by 18.6% year over year, and EBITDA increased by a staggering 37.7% year over year, both hitting record highs. These positive trends continued into Q1 2023, with TTM revenues growing by 19.8% year over year and EBITDA surging by a substantial 58.2% year over year.
The high than expected figures are likely due to the growing number of regulated markets with Ontario being the most recent to come online. On top of this, new US sports betting markets are consistently opening, and we are seeing an increasing number of new online slot studios coming online or existing ones gaining licensing in regulated iGaming spheres.
BMM Testlabs specialises in helping companies meet compliance regulations in order to avoid big fines from regulatory authorities such as the UK Gambling Commission. The company also ensures game results for online and other virtual games are 100% random and fair. You can find out more about the importance of compliance and how it improves our online gambling experience via a recent news report – The High Stakes of Non-Compliance!
The Future for BMM is Looking Great!
According to the report, BMM’s market share will continue to grow as more customers turn to high-quality testing and certification to reduce their real product costs. That also comes as no surprise since the UK gambling white paper has a fair few rules change which will require the services of BMM to help meet compliance rules according to the regulatory body’s newly adapted framework.
The CEO mentioned the company’s extensive global reach and 15 international locations, which allow BMM to compete for nearly every gaming certification deal. Storm revealed that the company also plans to invest heavily in the TIC segment over the next 18 months, indicating a promising future for BMM.
The successful financial performance of BMM in 2022 and the positive trends in Q1 2023 reiterate the company’s firm position in the gaming industry. Despite possible challenges, the global gaming test lab seems to be on the right path to achieving its ambitious goals.
| CY2022 | Q1 2023 |
|---|---|
| TIC Revenues: ~$1.18 Billion (18.6% Y/Y Growth) | TIC Revenues: ~$1.41 Billion (19.8% Y/Y Growth) |
| EBITDA: ~$376 Million (37.7% Y/Y Growth) | EBITDA: ~$596 Million (58.2% Y/Y Growth) |
Continued Rise as a Global Leader in RNG, Compliance & Security
BMM Testlabs is a globally recognised gaming testing, certification, and product compliance consultancy leader. They operate in key international markets and have a substantial presence in 15 global locations. With their cutting-edge labs and exceptional staff, they aim to transform the gaming lab landscape by offering high-quality services.
One of the new locations the testing company recently opened up for business was India, which we reported recently in our India Gambling news gossip here. Also, keep your eyes open on our news pages for more regulatory news, financial updates, and of course new casino game releases.
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