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Q3 earnings: Delta Corp’s online gaming business sees 90% YoY fall in profits

Playing Cards Gambling

Delta Corp's online skill gaming business roped in revenues of Rs 42.33 crore in the quarter ended December 31, 2020, which is an increase of 5% YoY, but a fall of 5% over the previous quarter. Delta Corp operates the Deltin casinos in Goa, Daman, and Sikkim (as well as in Kathmandu) alongside running a hospitality business. While casinos and hospitality are the company's core business, the company expanded into online gaming with the acquisition of Gaussian Networks, which runs online poker and rummy platforms Adda52 and Adda52Rummy, in 2017. In 2019, it also picked up a 19.5% stake in fantasy sports company HalaPlay, in which it co-invested along with gaming company Nazara Technologies. The company's operations in casinos and hospitality were suspended in wake of the COVID-19 pandemic and lockdowns in March 2020; only the online skill gaming division was operational. In Q3FY21, the online skill gaming pulled in profits of Rs 1.21 crore, which is down 90% YoY from profits of Rs 12.83 crore  and down 5% over the previous quarter from Rs 1.27 crore. In January, Gaussian Networks elevated Shivanandan Pare to CEO, he was earlier serving as CEO of Adda52Rummy since July 2020. Online skill gaming  Revenue  Quarter ended June 30, 2020: Rs 57.01 crore in revenue, up 60% YoY and up 26% QoQ Quarter ended September 30, 2020: Rs 44.59 crore, up 9% YoY and down 22% QoQ Profit/Loss  Quarter ended June 30, 2020: Rs 14.45 crore, an increase of 7x from the same quarter in FY20,…

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