William Hill recommits to doubling profits by 2023

first_img Regions: Europe US Tags: Card Rooms and Poker Online Gambling 1st March 2019 | By Joanne Christie Topics: Casino & games Finance Sports betting Poker William Hill reaffirmed its goal of doubling profits by 2023, despite reporting a £721m loss for 2018. Its strategy, first outlined at its capital markets day in November last year, is centred around three areas: driving digital growth in the UK and internationally; growing a business of scale in the US; and remodelling UK retail. William Hill reaffirmed its goal of doubling profits by 2023, despite reporting a £721m loss for 2018.Its strategy, first outlined at its capital markets day in November last year, is centred around three areas: driving digital growth in the UK and internationally; growing a business of scale in the US; and remodelling UK retail.“We have started delivering on our strategy with the expansion of our US business, being first out of the blocks in all states that have regulated sports betting, and with the acquisition of Mr Green, which will support the build-out of our international digital business,” said chief executive Philip Bowcock.At the capital markets day it said it was aiming to double online revenues, be the market leader across the US and maximise cash flows in retail while gaining two percentage points in market share.On the online front, its revenue grew 3% to £616.9m last year, although the company is optimistic about improving on this figure due to its acquisition of Mr Green and also a number of significant hires in the online division.It also outlined a strategy of moving towards lower-staking recreational players, which, while reducing the average revenue per user, was resulting in a higher number of active customers.In the US, it reported year-on-year revenue growth of 38%, with rapid expansion plans ahead and a target of gaining a 15% share in all sports betting markets. In its results statement, the operator said that market estimates suggested that the US could generate between $5bn and $19bn of sports betting revenues by 2023, depending on how quickly states regulate. It said it aims to grow its US EBITDA from $46.2m last year to c.$300m by 2023.“This is a major new market opportunity that William Hill is very well placed to pursue as we are the US’s leading sports betting company. We aim to maintain our market leadership and intend to enter every state that regulates sports betting.”In retail, however, revenues were down 2% and that’s before the £2 maximum FOBT stake has even come into effect. The company said it was not “possible to predict with certainty the full impact of this change as it is contingent on customer behaviour changes” and that up to 900 shops could be at risk of closure.In an analyst note published today (March 1), Regulus Partners said this was “very much the calm before the storm when it comes to retail”.“The key issue, in our view, is that FOBT revenue (105% of group business FCF contribution) was very easy to generate operationally (requiring next to no skill).“WH’s new revenue sources are much tougher to deliver operationally, while also having a far more complex and no less challenging regulatory-strategic dimensions (if at least not mono-product centred): William Hill has improved, but whether it has improved enough remains to be seen.” But Emma-Lou Montgomery, associate director from Fidelity Personal Investing’s share dealing service, was more optimistic about William Hill’s prospects: “The gambling group now knows what it’s up against and has clear plans to turn this into a winner and double operating profits by 2023.“The US looks to be key for the group, where it has a clear lead.” Subscribe to the iGaming newsletter Casino & games William Hill recommits to doubling profits by 2023 AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

Appetite for disruption: Part One

first_img Trustly’s Pay N Play has emerged as a solution capable of enhancing KYC processes and reducing abandonment when registering players. In part one of this feature, Trustly sets out the need for such a solution while some of its clients discuss its effectiveness, and we tackle the issues that have arisen in promoting such a product to the end user.While trends such as customer adoption of in-play wagering and gambling via mobile draws the industry’s attention, much less scrutiny has been paid to the industrywide trend of operators outsourcing core functions to third parties.This has seen trading, once crucial to any sportsbook operator, being handled by third-party service providers. Games development is already almost entirely handled by external studios, to the point that it’s more unusual for a B2C business to build games in-house than it is for them not to. It’s less a case of operators de-skilling, and more a case of bringing in efficient and effective ways of doing things, allowing businesses to focus on elements such as marketing and, increasingly, customer protection.Customer registration could soon become the latest operational element to be outsourced if a new product from Swedish financial technology solutions provider Trustly manages to secure a foothold in markets beyond the Nordics.Pay N Play, as with any industry innovation, is new way of carrying out an existing task, but while it does what any payment provider has done since the industry’s early days, it does it more efficiently and effectively than before.A new player goes to a site that’s integrated with the solution. Instead of filling out registration forms, he or she clicks ‘Play now’ and makes a deposit from their online bank account via Trustly. The “secret sauce”, as Trustly’s head of gaming accounts Vasilije Lekovic puts it, is the KYC solution.“One of the best parts of [the KYC solution] is it uses data that’s already been verified,” Morten Madsen, chief marketing officer of Global Gaming, an early adopter of Pay N Play, says.“It’s just so much more secure than the player entering it themselves in the traditional way.“With a traditional set-up, you register, link your credit card, and deposit – the KYC doesn’t happen until the customer withdraws money,” he says. “We do KYC straight away so we don’t have ineligible players, such as minors, gambling.”Gaming Innovation Group (GIG) chief marketing officer Tim Parker adds that with Trustly already a popular payment solution, Pay N Play has helped consolidate its position as the preferred method for players. It has grown so popular that GIG’s Thrills brand offers Pay N Play as the exclusive method for deposits and withdrawals.“The best proof of Pay N Play’s success is we now have over 60 operators live,” Lekovic says. “Some are even launching entirely new brands around this concept.”Shock of the new With 60 Pay N Play-powered sites launched since the solution went live, uptake has been relatively quick.Operators using the solution have secured licences from the Malta Gaming Authority, Sweden’s Spelinspektionen and the Estonian Tax and Customs Board, and is set to move into Denmark in the coming months.A number of operators, including GIG’s Thrills brand, have developed brands around the product. Raketech is working on the roll-out of Rapidi. Madsen, meanwhile, notes that Pay N Play is responsible for “a significant percentage” of Global Gaming revenue.However, Pay N Play’s spread has not been seamless and Lekovic admits that Trustly has faced challenges in educating regulators about the solution.“It hasn’t always been smooth sailing,” he says. “But before we launch in any market we first speak to the regulatory authorities. We’re a licensed financial institution so we go through all the correct channels.”He reveals that when Pay N Play was first presented to the Malta Gaming Authority, the regulator simply didn’t understand it. After all, a solution widely advertised by operators as a ‘no account’ solution – something Trustly is looking to discourage – is unlikely to receive a regulator’s blessing.It was a case of comparing how it allowed operators to onboard players to the same process set out in the island’s gaming regulations.“The existing [registration process in Malta] has a lot of elements that can be interfered with, but with Pay N Play you could deposit with two-factor identification and have the KYC data coming from the bank – and you cannot easily trick your bank,” Lekovic says.Marketing issues 
Even when the solution is licensed, Pay N Play clients still find themselves with a tricky issue of how to present the product to clients. After all, trumpeting an easy registration process will not necessarily draw in the punters as much as special offers or highlighting the games available.Equally, describing the solution as offering ‘no-account’ or ‘no-registration’ gaming is unlikely to be well received by anti-gambling activists and even a significant number of players.Spelinspektionen general director Camilla Rosenberg has even told iGaming Business that operators have been warned against giving the impression that they can play without registering, which is required under the Swedish Gambling Act.Global Gaming did initially present its Pay N Play-powered offering as a no-registration or no-account solution, Madsen admits, if only to hammer home the ease of use for customers.However, he says marketing is shifting focus away from the existing no-registration angle, over fears that it could anger regulators.It’s an issue that hasn’t quite been resolved. The general trend seems to be to develop new brands focusing on the speed of the solution, in Global Gaming’s case with Ninja Casino. It offers a stripped-back gaming experience, with a series of slots, table and live dealer games put front and centre, alongside a boast of being able to process withdrawals in under five minutes.This approach goes as deep as Global’s marketing strategy for the brand, with a focus on offering players an easy way to play rather than bombarding them with offers and promotions.Such an approach may be effective in newly regulated markets such as Sweden, where new customers will appreciate the simplicity of the sign-up process. However, analysts have noted that Pay N Play has resulted in a high deposit turnover, leading to some hitting their mandatory spending limits quickly.In established territories, ease of use may not be as attractive to players.“But you don’t need to target the entire market,” Madsen says, noting that this is something gaming companies tend to forget. “You can be successful and profitable when focusing on a part of the market, and serve that part really well.“[Pay N Play] is not something that works extremely well in the older demographics because it’s a high-tech product. It will have a higher penetration among ‘digital natives’ who are early adopters of new trends and technology.”Yet a report by identity verification specialist Jumio, in partnership with iGaming Business, suggests there is a niche for Pay N Play-powered offerings to tap into. Jumio ran a series of operator surveys looking at abandonment rates across a number of igaming brands. Operator feedback suggested that about 16% of customers abandoned the registration process before completing, with 19% of those that completed it failing to make a deposit.As Pay N Play effectively removes the registration abandonment issue from the equation by completing registration, depositing and customer verification in one step, it presents a solution to this.Read the second part of Appetite for Disruption here. Appetite for disruption: Part One AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Regions: Europe Baltics Nordics Southern Europe Estonia Denmark Sweden Malta Tags: Mobile Online Gambling Payments Topics: Tech & innovation Subscribe to the iGaming newsletter Trustly’s Pay N Play has emerged as a solution capable of enhancing KYC processes and reducing abandonment when registering players. In part one of this feature, Trustly sets out the need for such a solution while some of its clients discuss its effectiveness, and we tackle the issues that have arisen in promoting such a product to the end user. 2nd April 2019 | By contenteditor Tech & innovationlast_img read more

Norsk Tipping may be granted Norwegian racing monopoly

first_img Regions: Europe Nordics Norway Horse racing AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter The Norwegian government will consider transferring the country’s horse racing betting monopoly from national tote Norsk Rikstoto to national lottery Norsk Tipping when the former’s rights to organise wagering on racing expire at the end of 2021. Tags: Race Track and Racino 11th November 2019 | By Daniel O’Boyle The Norwegian government will consider transferring the country’s horse racing betting monopoly from national tote Norsk Rikstoto to national lottery Norsk Tipping when the former’s rights to organise wagering on racing expire at the end of 2021.The Ministry of Culture and the Ministry of Agriculture and Food will jointly carry out the assessment.Currently, Norsk Risktoto operates pari-mutuel horse racing betting in the country. However, the body’s concession to run wagering, which started in 2016, expires on 31 December, 2021. The government will consider handing control solely to Norsk Tipping, or having both bodies organise the sport jointly.Minister of Culture and Gender Equality Trine Skei Grande said that, as the country considers potential gambling reforms, it should examine which organisation would be better suited to organising racing in the country.“The government will pursue a responsible gambling policy for the future. In connection with the ongoing work on a new gambling law, it is natural to look at whether a transfer of the horse games to Norsk Tipping can strengthen the exclusive rights model, or whether we should continue today’s solution.”Minister of Agriculture and Food Olaug Bollestad added that the main consideration for the two departments would be how well each body could ensure high standards of responsible gambling.“The government’s gambling policy must first and foremost take into account the social responsibility and consideration of gambling addicts,” Bollestad explained. “At the same time, it is important for the government to ensure that the future solution is for the best for Norwegian equestrian sport.”Under the conditions for North Rikstoto’s organisaton of horse racing games, the body is expected to establish a maximum wagering or loss limit on horse racing. This limit has not yet been introduced and its introduction will be postponed until it is determined which body will run the games.In related news, Norsk Tipping has said that its decision to introduce activity overviews when players log in has been well-received by customers.In the overview, Norsk Tipping customers see how much money they have spent on games over the previous seven, 30 and 365 days. The overview is shown weekly, but customers may change this to daily or monthly.In a survey conducted on the measure, in September, feedback towards the measure was overwhelmingly positive. A total of 94% of respondents think the information is easy to understand and  80% said it was a positive that Norsk Tipping introduced the measure and 78% said they think it is important that the overview was introduced.When asked if the overview helps to keep track and control of gambling, 66% said they agreed, while only 15% of respondents said they believed the overview was disruptive.“[Players] feel that the game accounts are relevant and that the view contributes to a good overview of how much money they spend,” Norsk Tipping said in a press release. Norsk Tipping may be granted Norwegian racing monopoly Topics: Legal & compliance Sports betting Horse racing Email Addresslast_img read more

Philippines POGO tax bill passed by House committee

first_img20th November 2019 | By contenteditor Finance A bill to impose a new 5% tax on the annual gross income of Philippines Offshore Gaming Operators (POGOs) has moved a step towards passing into law, after it was passed by the House Ways and Means Committee.Having been unanimously approved by the committee, the bill now progresses to a second reading in the House of Representatives.The bill, which was introduced by Representative Joey Salceda, who chairs the Ways and Means Committee, seeks to amend Sections 22, 25 and 119 of the 1997 National Internal Revenue Code of the Philippines. It would replace the current 2% gross revenue tax imposed on Philippine Amusement and Gaming Corporation (PAGCOR) licensees.The Section 22 amendment provides a definition of an offshore gaming licensee (OGL – or POGO). This states that an OGL may be a Philippines-based operator, or an offshore entity that engages the serves of any PAGCOR licensed service provider. In either case, such a company will be considered to be doing business in the Philippines, and therefore liable for the tax.The tweak to Section 119, meanwhile, states that the 5% gross revenue tax applies to all offshore gaming companies that operate as a franchise of another business in the country.Finally, the Section 25 amendment looks to ensure that foreign workers employed by POGOs pay tax in the country. These individuals would be liable for a 25% tax on salaries, wages, annuities, compensation, remuneration, honoraria and allowances received from a licensed operator, up from the originally proposed 15%. This would require staff to register with their local tax office upon taking a job with a POGO.The committee hearing saw the country’s key regulatory bodies, the Cagayan Economic Zone Authority (CEZA) and PAGCOR, speak out in favour of the bill.“We are fully supportive of the bill to tax the offshore gaming operators in the Philippines,” CEZA administrator and chief executive Raul Lambino said.CEZA is the administrator and gambling regulator of the Cagayan Special Economic Zone and Freeport on the island of Luzon.Lambino said the bill would provide much-needed legal certainty for POGOs, by confirming they do in fact operate in the Philippines, despite providing their services to other countries.“The notion is that since the betting and the payment are happening outside the Philippines, then they are beyond the taxing jurisdiction of the Philippines,” he explained. “But our position in CEZA is that they are actually doing business in the Philippines through their service providers so they have to be taxed of the income that they are getting,” he added.PAGCOR senior manager for policy development Jessa Mariz Fernandez also expressed support for the bill.During the hearing she had sought clarification sa to whether the 5% revenue tax set out in the bill would replace the current 2% tax for its licensees, or be imposed in addition to the current levy. Salceda confirmed that it would replace, rather than add to, the current tax.The bill’s introduction comes amid ongoing efforts by the Philippines authorities to ensure gambling licensees pay their fair share of tax in the country. Great Empire Gaming and Amusement Corporation (GEGAC) has already had operations temporarily halted by the Bureau of Internal Revenue (BIR), for failing to pay correct taxes.It had to make an initial payment of PHP250m (£3.8m/€4.4m/$4.9m) before it agreed to settle the PHP1.05bn outstanding in three instalments to resume operations.The BIR also padlocked the two offices owned by Altech Innovations Business Outsourcing in October, after the company failed to register as a value-added tax (VAT) payer, in violation of the country’s National Internal Revenue Code. Tags: Mobile Online Gambling Email Address Philippines POGO tax bill passed by House committee Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Asia Philippines A bill to impose a new 5% tax on the annual gross income of Philippines Offshore Gaming Operators (POGOs) has moved a step towards passing into law, after it was passed by the House Ways and Means Committee. Topics: Finance Legal & compliancelast_img read more

Revenue and profit up at Evolution Gaming in 2019

first_img Live dealer software provider Evolution Gaming has posted a year-on-year rise in revenue and profit for 2019, as it was boosted by increased commission income from both new and existing customers 12th February 2020 | By contenteditor Email Address Casino & games Live dealer software provider Evolution Gaming has posted a year-on-year rise in revenue and profit for 2019, as it was boosted by increase commission income from both new and existing customers.Total revenue for the 12 months to 31 December 2019 amounted to €365.8m (£307.9m/$399.4m), up 49% from €245.4m in the previous year.Aside from increased commission income, Evolution said additional customers launching or extending their customised live casino environments also had a positive impact on revenue for the year.Focusing on geographical performance, Europe was by some margin Evolution’s main area of income, with revenue in the region amounting to €184.3m for the year. The UK was a distant second with €49.9m, while Asia followed just behind on €49.6m.Evolution also noted growth within its North American business, with revenue coming in at €22m for the year. Nordics revenue stood at €24.3m, while there was also revenue from other regions amounting to €35.5m.In terms of spending for the year, total operating expenses came in at €208.3m, up 33.6% from €155.9m in the previous year, Evolution put this increase mainly down to higher spending on staff, with personnel costs rising from €97.7m to €126.4m.There was also an increase in depreciation, amortisation and impairments costs, with this rising 40.1% to €25.5m, while other operating expenses climbed 40.7% to €56.4m.However, such was the impact of revenue growth in 2019 that higher operating costs did not prevent Evolution from posting an increase in profit, with operating profit up 76% year-on-year to €157.5m.Profit before tax jumped 76.2% from €89.3m to €157.3m, and after paying tax of €7.5m, profit after tax hit €149.7m, which was 79.3% higher than last year. In addition, earnings before interest, tax, depreciation and amortisation (EBITDA) was up 70% to €182.9m for the year.“I am proud of what we have achieved in 2019, which has been an outstanding year from both a financial and operational perspective,” chief executive Martin Carlesund said.“I am very impressed with what our employees achieve every day – we are now approximately 8,000 employees working together with our eternal mission; to increase the gap to the competitors by offering the market’s best solutions. 2020 has started well and I look forward to another exciting year.”Carlesund also paid tribute to Evolution’s performance in the fourth quarter, during which revenue increased 51% year-on-year to €106.0m. Profit for the period was also up 83% to €46.8m, while EBITDA hiked 77% to €55.8m.“At the end of the fourth quarter, Evolution had more than 700 tables serving over 200 customers,” he said. “During the quarter, we further strengthened our customer portfolio, including an agreement with Flutter Entertainment and its brands Paddy Power and Betfair.“Our presence in the United States was also strengthened in the quarter through agreements with new operators in Pennsylvania and the process to build a studio in Pennsylvania is ongoing.“We see good opportunities for continued positive development in the US. In the quarter we have made additional investments in the studio in New Jersey to expand its capacity, our game portfolio and to meet the demand.” Topics: Casino & games Financecenter_img Revenue and profit up at Evolution Gaming in 2019 Tags: Online Gambling Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

PointsBet rolls out sportsbook offering in Illinois

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Online gambling operator PointsBet has launched its online, mobile and retail sportsbook offerings in the state of Illinois. Subscribe to the iGaming newsletter 14th September 2020 | By contenteditor Email Address Online gambling operator PointsBet has launched its online, mobile and retail sportsbook offerings in the state of Illinois.PointsBet’s sports betting website and mobile application will be available to players across the state, with players able to bet on a range of professional and collegiate sports.PointsBet will also roll out a series of retail sportsbooks across the Chicagoland area of the state, including at the Hawthorne Race Course, which in July secured approval to push ahead with a $400m redevelopment project.The racetrack, founded in 1891 and the longest-running legal gambling business in the state, will be transformed into a multi-dimensional gaming destination with slots, table games, pari-mutuel wagering and dining concepts.The redeveloped Hawthorne Casino & Race Course is expected to open in late 2021, pending final licensing approvals.Read the full story on iGB North America.center_img PointsBet rolls out sportsbook offering in Illinois Regions: US Illinois Sports betting Topics: Sports bettinglast_img read more

Sweden’s BOS blasts extension of online casino controls

first_img“This was known to all players in the gaming market, such as (Swedish regulator) Spelinspektionen, us and the government, but unfortunately the government persisted in the erroneous claim that online casinos would have increased and special restrictions were therefore called for that form of gaming.” Regions: Europe Nordics Sweden Sweden’s BOS blasts extension of online casino controls Despite the government saying this would further reduce the risks for vulnerable consumers, the BOS has criticised the proposals, noting how the measures were originally introduced of an expected spike in online casino gambling during the Covid-19 pandemic, something it said did not occur. Swedish operator association Branscheforenigen för Onlinespel (BOS) has hit out at the government’s proposals to extend temporary controls for online casino until June 2021, and called for the measures to be withdrawn. The government’s memorandum sets out plans to extend the controls in order to help protect players during the novel coronavirus (Covid-19) crisis, with positive cases continuing to rise in the country. “The government throws Swedish gaming consumers out of the licensing system and into a market where consumer protection is zero.” Secondly, BOS said the restrictions could force players to offshore operators that do not hold a licence in Sweden and would therefore not be required to follow the Covid-19 measures. 10th November 2020 | By Robert Fletcher Topics: Legal & compliance Regulation Tags: BOS Covid-19 Other measures include users having to set limits on playing time when playing online casino games or slot machines, while all igaming bonuses are currently limited to SEK100.center_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter First, high-volume players would move between different operators to avoid the deposit limit measure, which would make it difficult for operators to monitor the player’s behaviour. BOS, which has been opposed to the measures since they were first proposed in April, said the consequences of extending such restrictions would have two major, negative impacts. What the leak is today and what will happen to the extended restriction is a scary thought. Regulation Temporary controls were imposed from 2 July and were due to run until the end of the year, with Swedish players facing a range restrictions such as a SEK5,000 (£439.20/€490.00/$580.30) weekly deposit limit. “Online casinos stood still, and sports betting decreased dramatically due to cancelled matches; instead, it was games on horses that increased dramatically,” BOS secretary general Gustaf Hoffstedt said. Email Address “Even before the first restrictions were introduced this summer, the leakage from the Swedish licensing system was 25% for online casinos,” Hoffstedt  said. Subscribe to the iGaming newsletterlast_img read more

Evolution wins 90% NetEnt shareholder approval for acquisition

first_imgThe Malta Competition and Consumer Affairs Authority in September also gave the deal the green light, meaning Evolution now has all necessary competition approvals for the deal to proceed. Evolution in June tabled a bid of SEK79.93 per share, valuing NetEnt at SEK19.6bn (£1.70bn/€1.92bn/$2.28bn), in a deal it said would supports its expansion efforts in the UK. The acquisition offer had also been subject to a review by and approval from the UK Competition and Markets Authority (CMA), which was secured last week, though the CMA is yet to publish its full reasoning for this decision. The offer was conditional on Evolution securing the approval of more than 90% of NetEnt’s shareholders. The acceptance period for shareholders had been due to expire on 31 October, but this was extended to 20 November, with Evolution having hoped to declare the offer as unconditional by today (23 November). Evolution noted that the final count is ongoing and the outcome of this could be published later today. Tags: NetEnt Evolution AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Live dealer specialist Evolution has revealed more than 90% of all shareholders in NetEnt have accepted its proposed bid for the slots giant. Subscribe to the iGaming newslettercenter_img 23rd November 2020 | By Robert Fletcher M&A Email Address Topics: Casino & games Strategy Live dealer Online casino Slots M&A Though Evolution is yet to confirm the unconditional offer, it has said that based on its preliminary estimates, approximately 94% of NetEnt shareholders have accepted the acquisition offer. Evolution wins 90% NetEnt shareholder approval for acquisition Subject to final approval from NetEnt’s shareholders, Evolution expects to begin settlement of the acquisition deal from 1 December.last_img read more

Revenue rises and net loss falls in Q1 for Bragg ahead of US entry

first_imgGross profit also rose 68% to €6.6m, an increase Bragg contributed to a move from games to igaming and platform solutions. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter “We continue to invest in our employees, our technology and our product offering, and this has allowed us to commercialize our in-house casino content studio, with our first game recently launched across our network.” said Richard Carter, newly appointed chief executive of Bragg. In November 2020, Bragg announced the details of its final earn-out payment, which amounted to €22m. Bragg Gaming Group’s revenue rose 61.6% in Q1, while net loss decreased in a positive first quarter for the company, 13th May 2021 | By Marese O’Hagan Subscribe to the iGaming newsletter In terms of operations, customer wagering revenue generated by Bragg’s operator customers came to €3.5bn this quarter, up 52.1% year on year. The number of unique players also rose from 1.6 million in Q1 2020 to 2.4 million this quarter. “With further in-house casino games and player engagement tools scheduled for upcoming release, and our acquisition of Spin Games LLC laying the foundation for our strategy of building a tier one vertically integrated iGaming business in the U.S., Bragg Gaming has never been better positioned for long-term success,” Carter said. Topics: Casino & games Finance Q1 results 2021center_img Revenue rises and net loss falls in Q1 for Bragg ahead of US entry Regions: Canada Casino & games Tags: Bragg Gaming Group Bragg Bragg’s revenue shot up to €14.1m (£12.1m/USD$17.0m/CAD$20.6m), a rise from €8.7m in revenue in the first quarter of 2020. Adjusted earnings before interest, tax, depreciation and amortisation EBITDA for the quarter came to €2.3m, a 233.6% increase year on year. Net loss for the period totaled at €1.1m, a €4.6m decrease from Q1 2020. Bragg contributed this decline in losses to its Oryx acquisition earn-out payments in January 2020, as it no longer had to make these payments in Q1 2021. Yesterday Bragg announced its entry into the US market with its acquisition of Spin Games for CAD$30m. Email Addresslast_img read more

XLMedia forecasts FY revenue growth despite further casino “weakness”

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter The lower end of this estimation would represent an 18.2% year-on-year increase on the $55m posted in 2020, while the upper end of the forecast would mean a 27.3% rise. “This investment, and the additional operating costs associated with the recent acquisitions, will hold back profit progression in the current year,” Simms said. Topics: Finance Marketing & affiliates Affiliates Affiliate giant XLMedia has forecast a year-on-year revenue growth in its 2021 financial year, despite expecting “ongoing weakness” in its European casino business. Subscribe to the iGaming newsletter Regions: Europe US In a statement released ahead of the business’s annual general meeting today (27 May), chief executive Stuart Simms said revenue is likely to reach between $65m (£46m/€53m) and $70m. Tags: Revenue XLMedia Simms said this forecast was based on what he described as a “solid start” to 2021 by the business, supported by a good performance in the personal finance and European sport verticals “The integration of our US sports assets is progressing well and is expected to add materially to the group revenue for the current financial year and beyond,” Simms said.  27th May 2021 | By Robert Fletcher “We expect this decline to be partially offset by the improving performance of both European sport and North American personal finance.” He also noted XLMedia’s recent acquisitions in US sports vertical will continue to partially offset ongoing declines across its European casino assets. XLMedia forecasts FY revenue growth despite further casino “weakness” “However, and as previously disclosed, we expect revenues in the casino vertical to decline further in 2021 and will continue to adjust our cost base accordingly as we further stabilise this vertical in the medium term.   “In the medium term, the company expects to deliver year-on-year profitable revenue growth and to leverage the infrastructure investment to reduce ongoing operating costs, leading to a gradual return to the operating margin levels last experienced in 2019.” In March, XLMedia acquired sportsbook review website Sports Betting Dime for $35.6m, while the affiliate in December also purchased US-focused sports gaming and sports betting business CBWG Sports. Affiliates Email Address Simms added that XLMedia plans to we continue to invest in the ongoing transformation of the business, including the systems and technology to support its growth plans. last_img read more