It may easily be said that Delta Corp’s consolidated profits before tax for their last reported quarter that ended in December 2022 stayed on the positive side of growth thanks to the 42.09% YoY (year-on-year) increase in the income coming from the gambling operator’s online division.
The net profit of India’s sole publicly listed gambling operator did register a 20.5% YoY rise in Q3 FY 2023, but so did the company’s expenses which hiked even higher by an ever higher rate of 21.45% and rose to ₹188.89 crore.
Thus, the yearly growth in profit reported by Delta stood at just 1.3% to ₹96.35 crores compared to ₹95.12 crores achieved in the quarter ending in December 2021.
Revenues from the casino gaming division grew by 8.88% YoY to ₹271.81 crore, while the income from Delta’s hospitality branch shrank by 10.89% to ₹14.64 crore. The online skill gaming division brought in ₹50.74 crores, registering massive growth despite the easing of the situation with the pandemic.
Delta ventured into the online gaming business back in 2016 when it acquired the leading Indian poker site Adda52 together with its owner company Gauss Network Pvt Ltd in a mixed cash-and-equity transaction.
Currently, Delta Corp and its subsidiaries own and operate half of the six floating casinos in Goa plus one land-based casino in Goa, one in Sikkim, and one international casino in Nepal. The online division, now called Deltatech Gaming Ltd, has expanded with the rummy site Adda52Rummy and skill gaming platform AddaGaming.
High Interest in Online Casino Games among Goans Reported
Despite the presence of modern gambling venues in their own state, Goa residents have been showing a high preference towards online variants of casino gaming. Experts report that the small coastal state generates more than two times higher traffic to online casino sites than it should be judged by the size of its population.
What’s more, according to the reports, Goa sends more active users to online gambling platforms than the North-Eastern states of Mizoram, Nagaland, Tripura, Meghalaya, and Arunachal Pradesh have taken together.
Goa lost its iron ore mining industry some years ago, but the state nevertheless boasts an exceptionally high GDP per Capita on the back of its tourism and licensed gambling sectors, the experts point out.
Many Indians found easily-accessible casino entertainment online during the months of stay-at-home restrictions induced by Covid-19, but the relatively high disposable incomes of Goa residents allow them to indulge in gaming more often than the average for India.
According to a psychological study, almost half of Goans (45.4%) admit to having engaged in gambling activities over the last 12 months, with males displaying a much higher inclination towards wagering games.