High Roller Technologies, Inc. reported a net loss of $5.9 million for the fiscal year ending December 31, 2024, compared to a net loss of $2.8 million in the previous year. Revenue decreased by 6% to $27.9 million, down from $29.7 million in 2023. The decline in revenue was primarily attributed to the company's exit from the Hungarian market due to regulatory changes, which accounted for a loss of approximately $1.2 million, alongside decreases in New Zealand and Norway. However, revenue from Finland increased significantly, contributing positively to the overall figures.
The company has made strategic moves to enhance its market presence, including the launch of its premium brand, HighRoller.com, in January 2022, and the acquisition of HR Entertainment Ltd. to secure the domain name. In December 2023, High Roller soft-launched its second brand, Fruta.com, which is expected to further diversify its offerings and attract new users. The company also transitioned its legacy CasinoRoom.com into an affiliate marketing platform, which is anticipated to generate leads for HighRoller.com and other casinos.
Operationally, High Roller Technologies reported a significant increase in active users, with approximately 72,000 active users as of December 31, 2024, compared to about 51,400 in the previous year, marking a growth of approximately 40%. The number of unique depositing customers also rose by 41%, indicating a positive trend in user engagement. The company processed approximately $638.4 million in real money bets during 2024, although this represented a 9% decrease from the previous year.
The company has faced challenges, including rising operational costs and a material weakness in internal controls over financial reporting, which management is actively working to address. Despite these challenges, High Roller Technologies remains optimistic about its growth trajectory, particularly with plans to enter new regulated markets in North America and Europe. The company aims to leverage its existing resources and scalable platform to launch additional brands and enhance its market share in the online gaming industry.
Looking ahead, High Roller Technologies anticipates that its growth will be driven by expanding into new geographical markets and enhancing its product offerings. The company is focused on improving customer acquisition and retention strategies, supported by its partnership with Spike Up Media for lead generation. Management believes that the combination of these efforts will position the company for future profitability and success in the competitive online gaming landscape.
About High Roller Technologies, Inc.
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