High Roller Technologies eyes Ontario as Q4 revenue jumps 12 percent
Based in Las Vegas, High Roller Technologies wrapped up 2024 with more players, more money in the bank, and signs of momentum — even if total revenue slid slightly over the year.
In Q4 2024, the company generated $8.1 million (£6.4 million / €7.45 million) in revenue, up 12 percent year-over-year from $7.2 million (£5.7 million / €6.6 million) in the same period in 2023. High Roller also posted a net loss per share of $0.30 in the fourth quarter, compared to a heavier quarterly loss the year before. Full-year revenue reached $27.9 million (£22.0 million / €25.7 million), down from $29.7 million (£23.5 million / €27.3 million) in 2023.
While annual revenue dipped, the company pointed to several key milestones over the past year. These included the successful launch of Fruta.com, a strategic realignment following its $10 million IPO in October, and preparation for its next major move — entry into Canada’s Ontario market.
“We closed the year with a 12 percent year-over-year increase in Q4 revenue, and we are taking steps to implement a strategic realignment plan following the successful IPO in October that strengthened our balance sheet,” said Ben Clemes, CEO of High Roller Technologies.
“I am confident that we are building a solid foundation to underpin our vision for sustainable, long-term growth as we invest in and execute upon new market expansion, anchored by our High Roller brand and our proven track record of operational excellence.”
Cash and assets surge
Despite reporting an annual net loss per share of $0.82, up from $0.42 in 2023, High Roller’s financial position showed clear improvement in several areas.
The company ended the year with cash and cash equivalents of $6.9 million (£5.45 million / €6.35 million), up from $2.1 million (£1.66 million / €1.93 million) in 2023, more than tripling its reserves. Total assets also rose by nearly $5 million year-over-year, reaching $16.6 million (£13.1 million / €15.3 million).
Operational adjustments contributed to the reshaped balance sheet. The company exited non-growth markets, reallocated capital to higher-growth opportunities, and sharpened its cost structure. These efforts, Clemes said, were aimed at streamlining the business in preparation for broader expansion. High Roller recently teamed up with iConvert to reshape player acquisition and retention in the competitive iGaming market.
Ontario market next
High Roller confirmed it has applied for a gaming licence in Ontario, Canada’s most mature regulated iGaming market. The company aims to roll out its flagship High Roller brand in Ontario by the second half of 2025, pending the green light from regulators.
Should approval come through, the expansion could add an estimated $2 billion to High Roller’s total addressable market. Ontario’s iGaming sector is considered one of the most competitive and lucrative in North America, with strong consumer demand and a well-established regulatory framework under iGaming Ontario and the Alcohol and Gaming Commission of Ontario (AGCO).
“As we continue to evolve as an online iCasino operator, I am confident that our premium brand and deep industry expertise are strong tailwinds for us in this dynamic, growing market,” said Clemes.
High Roller attracts more players
More players joined the action at High Roller, with user numbers heading in the right direction. The company reported a 40 percent increase in active users, rising to 72,000 by the end of 2024. Growth in first-time depositors also helped boost Q4 performance, with the Fruta.com launch contributing to expanded user acquisition channels across multiple markets.
The operator’s multi-brand strategy hinges on user engagement and retention — areas where it appears to be gaining traction. High Roller received the Casino Operator of the Year award at the 2024 WN iGaming Summit and the Best Player Retention Award at the SiGMA Europe B2C Awards.
Game portfolio and platform scale
High Roller currently offers over 4,400 games from over 80 providers, including major verticals such as video slots, blackjack, roulette, baccarat, craps, and video poker. High Roller built its tech for growth. It uses machine learning to tailor the experience, smart SEO to reach users, and direct API links to keep things running smoothly.
The company has positioned itself as a premium operator in the real-money iCasino space, focusing on technology and experience-led gaming. Ontario might be next on the list, but High Roller is eyeing other regulated markets, too — and there’s talk of fresh product lines now that the IPOs are in the bag.
Investor sentiment and insider trading
Investor sentiment appears optimistic, with no insider sales reported in the past six months. Instead, nine insider purchases have been made on the open market during this period, including:
- INVEST AB OEH, who bought 50,000 shares valued at approximately $400,000 (£316,000 / €368,000.
- Brandon Christopher Eachus and Michael Cribari, each acquiring 31,250 shares for around $250,000 (£197,500 / €230,000).
- CEO Benjamin Michael Clemes, who made three purchases totalling 10,250 shares.
- CFO Matthew Evan Teinert, who purchased 2,000 shares worth an estimated $12,670 (£10,000 / €11,660).Cor
While the numbers weren’t all pretty, insider buying points to quiet confidence from those closest to the business.
Strategic outlook
What happens next in Ontario could make or break High Roller’s big plans for 2025, so investors will be watching closely. Active user growth and smart brand diversification point to High Roller getting a stronger grip in an increasingly competitive industry.
With its cash position strengthened, operational costs trimmed, and market expansion underway, the real gamble may now lie in how effectively High Roller executes its Canadian entry — and whether it can translate award-winning retention into sustainable profitability.
