Startup News

VGW revenue zooms up to $4.3B

Picture of Startup News
Startup News
VGW Philippines
// // Virtual Gaming Worlds continues its stellar growth, is now valued at $4B, handing out $300M+ in dividends...

WA-based online gaming juggernaut VGW (Virtual Gaming Worlds) has published incredible full year financial results with revenues growing to $4.3B over 2022/23, as predicted by their earlier six months to December 2022 income of $2.2 billion (which was up 43% year on year).

Profits were down 17% to $378M after a significant increase in marketing spend, which famously included a reported $107M sponsorship of Formula 1 racing team Ferrari.

Dividends handed out to shareholders were $319M, with a reported $215M going to the founder and CEO Laurence Escalante. His Instagram stories now seem to be full of super cars, expensive watches, private jet journeys and F1 races where he (understandably)gets pretty amazing access.

VGW revenue zooms up to $4.3B
Source: Instagram/kuyalee

VGW is a public unlisted company, meaning that while not listed on the ASX, it has to publish its accounts. The last time a share issue occurred, the company was valued around $4B, up from $3.4B in mid 2021, giving it ‘unicorn status’ (unlisted company valued at more than US$1 billion).

VGW continues to be Perth’s only home grown and Perth-located unicorn. Canva, another unicorn valued around $39B, left Perth pretty much as soon as it was founded in 2012/13 and has been based in Sydney ever since.

VGW is reported to have 200-300 staff in Perth and another 500 in the Philippines, as well as other places. The company has managed to manage the strict ban on online gambling sites in the US, by using a sweepstakes format. Its most popular game Chumba Casino reaped in $3.3B in revenues, followed by Luckyland Slots bringing in $1.2B.


Get more advice and actionable insights to help you grow your startup.

Share this post :

Picture of Startup News

Startup News

Startup News has been the home of West Australian startup news and events since 2013. We publish several news stories, interviews, tips and events relating to WA startups every week, with over 1,900 articles in our archives. We also produce the 'Startup West' podcast, and host the 'Hubs (Ecosystem)' database of WA startup programs, places and events.
Latest News

Become a Startup Insider

Get the latest startup news, tips, and inspiration in your inbox each week.