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1xBet kick off ‘big plans for Africa’ with Nigerian licence acquisition

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For football-focused Nigeria, the confirmation that one of the leading sports betting brands 1xBet has been granted a full National Licence in the country until 2024 is a major coup for players, operators and Nigerian sports clubs alike.

1xBet’s expansion plans across Africa have reached a fever pitch as the company prepares to bolster its position in Nigeria with a new license, new partnerships and an aim to “set new standards of betting culture” on the continent, according to the 1xBet team.

“We are well aware of Nigeria’s position as a renowned football-focused market,” they said.   “In 2018 we signed a partnership agreement with the Nigeria Football Federation, the Nigeria national football team, as well as the Nigerian Premier League.   In addition, we are official partners of the African Confederation of Football and the largest club tournaments of the continent. We have accumulated considerable experience while working with top football clubs such as Barcelona. Therefore, we not only offer Nigerian fans a wide range of betting options, but also a sense of involvement in the victories of their favorite teams. Football fans can be sure of 1xBet, where they always have a winning chance alongside their favorite clubs.”

As one of the leading operators now licensed in the country, 1xBet is keen to showcase how it will offer the Nigerian sports fans one of the widest lines of sports betting as well as odds on the world of cinema, music, politics and other areas of life. Commenting on how this new license will allow the brand to work more with local partners, the 1xBet team explained: “1xBet has decided to establish ourselves in Africa as we feel we have something valuable to offer the African betting market including players and affiliates. With over 1000 events offered daily across more than 60 sports, the 1xBet experience is an exciting world of betting enjoyment. We also have a great selection of online games. All this means that everyone can find viable options to make money.   We want to give everyone who is legally able to place bets access to earning potential and look forward to finding interesting new partners in Nigeria with like-minded goals.”

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The newly acquired National Licence by 1xBet has positioned the brand to legitimately operate in any part of the country, including in all the states and local government areas, broadening the company’s footprint across Africa. “In addition to Nigeria, on the African continent, we work in Ghana, Senegal, Uganda, DR Congo, Cameroon, Zambia, and Burundi. We have big plans for the region and consider Africa a very promising continent, where the number of fans of betting in general, and our company in particular, is constantly growing.”

Following headlines about betting on the continent in 2019, there is a renewed focus on responsible gaming across Africa, something which 1xBet is keen to drive forward with its unique position as one of the only full National Licence holders in Nigeria. “1xBet is a supporter of responsible betting,” the 1xBet team continued.   “We comply with the laws of each country in which we operate. Given that our license to work in Nigeria is valid until 2024, in the next five years we want to set new standards of betting culture. We will teach fans that with 1xBet they play according to simple and understandable rules that must be observed.

“In addition to the financial regulatory body’s transaction limit in Nigeria, and our concerted efforts to drastically reduce gaming addiction, we have also implemented a spending limit on our platform to further promote responsible gaming. Also, we ensure regular 1xBet attendance at various seminars of the regulatory authorities on responsible gaming.”

1xBet will be commencing its meetings with regulators and operators from Nigeria and other African countries at ICE London 2020, where the 1xBet team will be attending a dedicated ICE Africa networking breakfast as well as exhibiting on the show floor and delivering its expansion strategy in full.   “We have a strong presence in many countries spread over continents around the world, so there will be a lot to showcase at ICE London,” they said. In regards to Nigeria, we will be using our position as a National Licence holder to highlight the fact that we are a fully compliant brand in the sports betting industry.”

The 1xBet team concluded:  “Our intention at ICE London 2020 is to promote 1xBet as an operator who brings their same level of established excellence to Nigeria as well as other African countries. We will also promote 1xBet’s wide range of betting options to the African market and beyond whilst sharing our vision for 2020 and what exciting upcoming events and industry related news we have to offer. The thrust of our message will be that by joining 1xBet you will always be riding the crest of a wave.”

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The full 1xBet team will showcase its high odds, video streaming, in-house affiliate platform and portfolio of bonuses, live casino, branded slot games and more from Stand S3-250 at ICE London, ExCeL London, UK in February.

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Stretch Network Partners with Vivaro.US to Enhance Poker Offerings

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Stretch Network has officially announced a new strategic partnership with Vivaro. US, a social casino platform. This collaboration is designed to bring ingenious poker operations to a wider audience in the USA, reinforcing Stretch Network’s commitment to expanding its reach in the growing digital market.

Ruslan Bangert, Head of Stretch Network, expressed his enthusiasm for the partnership, stating, “We’re thrilled to partner with Vivaro. US. This collaboration aligns with our goal to innovate and expand in the dynamic world of poker.

The partnership also marks an important milestone for Vivaro. US, allowing the platform to elevate its poker capabilities. Hovhannes Minasyan, COO of Vivaro. US, shared, “This collaboration with Stretch Network enables us to elevate our poker offerings and provide an even more immersive and secure environment for our players.”

“Our partnership with Stretch Network represents an important step in enhancing our poker capabilities and strengthening our platform’s offerings,” said Artak Basoyan, CEO at Vivaro. US.

With a growing presence in the USA through Vivaro. US, Stretch Network is well-positioned to deliver poker experiences to an even broader audience.

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The collaboration is expected to drive player engagement and increase opportunities for both companies, highlighting Stretch Network’s ability to adapt and grow in a competitive digital entertainment market.

 

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SunBet Extends Online Betting Platform Contract with Bede Gaming Amid Record-Breaking Performance

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SunBet Extends Online Betting Platform Contract with Bede Gaming Amid Record-Breaking Performance

Bede Gaming has secured a further contract extension with South African online sports betting brand SunBet, the digital arm of Sun International and one of the fastest growing operators in the SA online market.

The new contract renewal comes as SunBet reports record-breaking digital growth in its H1-24 performance report, including a 72% year-over-year (YoY) growth in revenue and 72% increase in active players, driving an 89% improvement in EBITDA.

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As a leading supplier of software to the igaming industry, Bede has supported the ambitions of this customer with tailored features and services to achieve SunBet’s business objectives while delivering the highest cost efficiencies.

Since the launch of the SunBet Slots offering in 2022, Bede has provided various additional optimisations, including integrating 7 new game providers to SunBet.co.za, releasing enhancements to the existing Kambi Sportsbook integration functionality, and delivering bespoke training on product features such as Bede’s powerful rules engine and bonusing suite.

This year alone, Bede has partnered with SunBet’s operations to –

  • Optimise environmental infrastructure, aiming to deliver run cost efficiencies that will reduce the total cost of ownership by 30% by the end of the year.
  • Develop a bespoke aggregator tool to achieve cost-effective game content customisation via a streamlined South Africa-specific solution.
  • Enter into the new regulated markets of Namibia and Botswana (due to launch in 2024).

Colin Cole-Johnson, Bede Chief Executive Officer.“It’s been fantastic to see SunBet grow throughout the course of our partnership, and I’m delighted by their commitment to Bede at this crucial point in their journey. Securing another extension on this contract is testament to our dedication to our customers.”

SunBet’s partnership with Bede dates back to 2017, when digital offerings to this market were restricted to sports betting and live casino. With the change to slot content regulation in the South African market in August 2022, SunBet has expanded its online offering through Bede’s platform environment and has seen substantial growth in revenue and performance as a result.

Simon Gregory, SunBet Chief Executive Officer Bede has been a strong long-term partner for us, supporting and delivering on SunBet’s growth ambitions with quality and expertise. I’m very much looking forward to these next steps, especially now as we approach new African expansions.”

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The post SunBet Extends Online Betting Platform Contract with Bede Gaming Amid Record-Breaking Performance appeared first on European Gaming Industry News.

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GAN Reports Third Quarter 2024 Financial Results

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GAN Limited reported its unaudited financial results for the third quarter ended September 30, 2024.

Seamus McGill, GAN’s Chief Executive Officer, said: “I couldn’t be more pleased with the progress our team members have made to deliver revenue growth while concurrently lowering our cost structure. Our top-line growth of 24% compared to the prior year was driven by B2B revenue growth of more than 60% while operating costs fell by nearly 10%. We remain focused on delivering a leading product offering for our US B2B clients and our international B2C business.”

Mr. McGill added: “In September, we recently received approval from the Nevada Gaming Commission for our planned merger with SEGASAMMY. We continue to work through the remaining regulatory requirements and anticipate a successful closing in early 2025.”

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Third Quarter 2024 Compared to Third Quarter 2023

• Total revenue of $37.1 million increased 24% driven by an increase in the B2B segment.

• B2B segment revenue was $16.4 million versus $10.2 million. The increase was primarily due to an expansion of our B2B offerings in the state of Nevada and the recognition of revenue related to a partner exit in Michigan.

• B2C segment revenue was $20.7 million versus $19.6 million. Growth in Europe was driven by increased player activity, which was offset by reduced player activity and unfavorable exchange rates in Latin America.

• Operating expenses were $25.1 million versus $27.8 million. The decrease was primarily attributable to the Company’s overall reduction of compensation costs and reduced headcount realized as part of ongoing cost saving initiatives, as well as lower depreciation and amortization expenses as a result of intangible assets fully amortizing in the prior year.

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• Net income of $2.1 million versus a net loss of $8.2 million improved primarily due to increased revenues and decreased operating expenses.

• Total segment contribution was $27.2 million versus $20.6 million, which was driven primarily by increased revenue in the B2B segment.

• Adjusted EBITDA was $5.4 million versus a loss of $2.5 million. The increase was driven by increased revenues and lower operating expenses resulting from the aforementioned factors.

• Cash was $36.5 million as of September 30, 2024, versus $36.9 million as of June 30, 2024.

• B2C Active Customers declined primarily driven by limited customer acquisition in Latin America.

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• B2B Gross Operator Revenue totaled $610.4 million versus $424.1 million in the prior year quarter, a 44% increase. The increase was driven primarily by organic growth in Pennsylvania, New Jersey, Ontario, and Connecticut.

The post GAN Reports Third Quarter 2024 Financial Results appeared first on European Gaming Industry News.

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