Latest News

Sweden has failed to protect the vulnerable players

Published

4 years ago

November 13, 2020

Reading Time: 3 minutes

The Ministry of Finance has proposed that the temporary restrictions on the online gambling market, that were introduced on July 2 this year, should be extended to June 30, 2021. The proposed restrictions are a weekly deposit limit of a maximum of SEK 5,000 and that bonus offers are limited to a maximum of 100 SEK.

The Ministry of Finance claimed during the spring that the gaming on online casino was strongly increasing during the pandemic and that the government needed to protect the Swedish consumers.

The minister stated that there where an increase in problem gaming during the spring, but that statement was not based on facts. Neither The Swedish Gambling Authority nor other authorities did see that as a fact.

European Gaming Congress 2024 (Warsaw, Poland)

Scientific studies

This is also something that later on was proofed by scientific studies conducted. https://www.frontiersin.org/articles/10.3389/fpubh.2020.554542/full

“Results: Total gambling activity decreased by 13.29% during the first phase of the outbreak compared to forecast. Analyses of online gambling data revealed that although betting decreased substantially in synchrony with a slight increase in online casino gambling, there was no increase in likely problematic, high-intensity gambling and neither did total online gambling increase.

Conclusions: This first, preliminary study revealed no increase in Swedish gambling activity, total or specifically online, in the first phase of the covid-19 outbreak. Future research should examine whether pandemic-induced transitioning between gambling modalities and/or increased participation in gambling, leads to long-term effects on prevalence of problem gambling.”

Moving to the unlicensed market

Setting a deposit limit of 5,000 SEK per week does not solve the need to help people who have a gambling problem as it is always possible to gamble at different companies. Alternatively, you can play at the unlicensed companies. The effects will instead be that the individual gaming companies cannot follow the individual players’ behaviour and, if necessary, support it.

7 out of 10

It is an extremely worrying development in Sweden that 7 out of 10 of those who seek help for gambling problems have banned themselves from playing breaks and still continue to play. The idea of a game break is good, but there is a lack of power against the unlicensed gaming companies that target Swedish players and then the problems remain. A first step in resolving this is to prevent the possibility of paying with a number of well-known Swedish payment services at the unlicensed gaming companies. We have to close the holes! (https://www.spelfriheten.se/ Pelretin, organization for gambling addiction.)

This means that the blocking service Spelpaus (Spelpaus enables Swedish gamblers to paus them from all gambling on licensed operators https://www.spelpaus.se/ ) does not fulfil any major function as long as a number of different gaming companies without a Swedish gaming license are allowed to flourish freely. Several help seekers have also told us that these gaming companies provide the opportunity to pay with a number of well-known Swedish payment services

Lack of tax revenue

In 2019, the licensed companies in Sweden paid SEK 3.6 billion to the Treasury. An amount that is now steadily declining in step with the shift to the unlicensed companies.

Focusing on those who try to behave

No unlicensed company or person linked to unlicensed gaming activities has been fined or prosecuted since 1 January 2019, at the same time 26 fines have been issued for a total of 236.4 MSEK against the licensed gaming market.

The government’s mission should be to protect consumers and that should be their priority. On the contrary, the effects have been that they have shifted vulnerable players to the unlicensed companies. Sweden has failed to protect the vulnerable players and the extended regulations will not protect them.

Latest News

Stretch Network Crazy Promotion

Published

45 minutes ago

November 15, 2024

George Miller

Reading Time: < 1 minute

Stretch Network is thrilled to announce a crazy opportunity to engage and reactivate small- and medium-stakes poker players with the launch of our latest tournament.

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Buy-in: €1
Re-entry: €1
Start Time: 17:00 (UTC+0)
Date: November 24, 2024
Table Format: 8-max
Max Players: 2000
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Collaborate to make CRAZY?! [Overlay Edition] an unforgettable experience for your players.

The post Stretch Network Crazy Promotion appeared first on European Gaming Industry News.

Bragg

Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)

Published

45 minutes ago

November 15, 2024

GamingAmericas.com

bragg-gaming-group-announces-record-third-quarter-2024-revenue-of-eur-262-million-(usd-29.3-million)

Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.

Summary of 3Q24 Financial and Operational Highlights

Euros (millions)⁽¹⁾	3Q24	3Q23	Change
Revenue	€ 26.2	€ 22.6	15.9 %
Gross profit	€ 14.0	€ 11.9	18.1 %
Gross profit margin	53.5 %	52.5 %	99 bps
Adjusted EBITDA⁽²⁾	€ 4.1	€ 3.8	7.1 %
Adjusted EBITDA margin	15.6 %	16.9 %	(129) bps
Operating Income (Loss)	€ (0.4)	€ (2.1)	(81.0) %

(1) Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.

Chief Executive Officer Commentary
Matevž Mazij, Chief Executive Officer for Bragg, commented, “The third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.

“Additionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Company’s strategic plan is the best way to maximize value for shareholders at this time.

“Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.

“With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth, and profitable future.”

Third Quarter 2024 and Recent Business Highlights

Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Bragg’s existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Bragg’s 6th PAM customer in the Netherlands, reinforcing Bragg’s status as the leading technology and content supplier in the Dutch market
Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Bragg’s interim CFO since July 1, 2024.

Additional September 30, 2024 Key Financial Metrics

For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)

Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.

After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.

Don Robertson, independent Board member and Chair of the Special Committee, said, “After a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Bragg’s strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Bragg’s Board will continue to be open to and consider all opportunities for enhancing shareholder value.”

“Over the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospects” said Matevž Mazij, Chairman and CEO of Bragg.

Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.

Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg’s position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.

BetMGM

BetMGM and Vegas Golden Knights Announce Multi-Year Partnership Extension

Published

46 minutes ago

November 15, 2024

GamingAmericas.com

betmgm-and-vegas-golden-knights-announce-multi-year-partnership-extension

BetMGM, a leading sports betting and iGaming operator, announced an extension of its partnership with the Vegas Golden Knights through the 2026-27 season. As part of the agreement, BetMGM will continue as an Official Betting Partner of the Vegas Golden Knights with prominent signage on the Knight Tron and throughout T-Mobile Arena as well as co-branded content and exclusive promotions. The partnership also features multiple fan engagement opportunities including watch parties and Toshiba Plaza activations.

“BetMGM is proud to continue our partnership with the Vegas Golden Knights, giving us the opportunity to create memorable moments alongside one of the world’s most passionate hockey fan bases. Las Vegas is BetMGM’s hometown and an integral part of our DNA, so the Golden Knights are a natural fit for our brand.” – Matt Prevost – BetMGM, Chief Revenue Officer.

Throughout the season, BetMGM will host watch parties featuring team mascots at various MGM Resorts destinations. The operator also will plan activations in Toshiba Plaza during select Golden Knights home games where fans can begin the BetMGM mobile app registration process for the chance to win prizes.

“BetMGM is a long-standing partner with the Golden Knights and a brand synonymous with this great city,” said Vegas Golden Knights President and CEO Kerry Bubolz. “We look forward to continue working together on events and activations that we know entertain our fans.”

Lance Evans, SVP Sports and Sponsorships, MGM Resorts, said, “The Vegas Golden Knights play a core role in the Las Vegas sports and entertainment experience and it’s a privilege to welcome both local and visiting fans to our properties before, during and after games. Together with BetMGM, we look forward to co-hosting events that will allow guests to engage with their favorite teams in new and exciting ways.”

BetMGM users can take advantage of the robust offering of prop markets for Golden Knights games this season, frequent in-app odds boosts and the interactive same game parlay betting feature. New BetMGM customers who download the BetMGM app and verify at one of BetMGM’s nine retail sportsbooks within walking distance of T-Mobile Arena will receive a first bet offer of up to $250 paid back in bonus bets if their first bet loses (offer only available in Nevada; bonus bets are non-withdrawable and expire in seven days.) Through the recently launched single account and wallet app upgrade, BetMGM users who sign up in Nevada and reside in other BetMGM U.S. mobile markets can continue to wager upon returning home.