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Kambi Provides Q1 Updates and Measures to Strengthen its Financial Position in Light of COVID-19 Impact
Kambi Group has announced a series of cost saving measures to strengthen its financial platform and increase its ability to withstand the impacts of the COVID-19 outbreak.
Despite the impact of COVID-19 on the sporting calendar in the last two weeks of the first quarter, Q1 revenue was strong and is expected to be in the range of €27.5–28.0m. Opex is expected to be €21.0–21.5m, giving EBIT of €6.0–7.0m. The cash balance at the end of the quarter was in the range of €45–47m.
The sporting calendar has been severely impacted by COVID-19 since mid-March. In the last three weeks, revenue from sporting activities was in the range of 25–30% of those in Q4 2019.
The cost saving programme will result in savings across the whole business, including significantly reduced travel and marketing costs, a freeze on staff recruitment and a substantial reduction in data costs associated with fewer sporting events.
Kambi has also decided to apply for the financial support packages recently announced by the Swedish and UK governments, both of which are designed to protect jobs. Furthermore, with effect from 1 April 2020, Kambi Board members, the CEO and Executive Management have agreed to salary deferrals of 20%, 15% and 10% respectively.
Based on these savings and several smaller initiatives, operating expenditure in Q2 2020 is anticipated to be in the range of 10–20% lower than in Q4 2019. The cost saving package will also result in associated savings in capitalised development costs of 20–30% compared to Q4.
“Kambi is conscious of its duty to protect the company, its staff, partners and investors at all times, but particularly during a period of such uncertainty. The cost saving measures we are announcing today enable us to do just that for a significant period of time,” Kristian Nylén, CEO of Kambi, said.
“Kambi is a technology company powered by skilled and experienced people, all of whom have helped establish Kambi as the global market leader, and who will be pivotal to us pushing on further in the coming years. Therefore, it is in Kambi’s long-term interests to retain these staff while also reducing our costs, including payroll, and I firmly believe we have found the right balance in order to achieve this goal. When sports resume, we are ready to gear up to normal activity immediately, and in the meantime, we are being creative and agile in order to offer a high-quality and compliant service to our partners and their end users,” Kristian Nylén added.
Latest News
DreamPlay consolidates its status as a global player in the iGaming industry and opens an office and campus in Cyprus
DreamPlayâs ambitions go far beyond simple game development. With a new office in Limassol, the international iGaming solutions provider is expanding its presence in Europe and laying the foundations for a new philosophy of the iGaming business.
The location in Limassol was not chosen by chance â Cyprus has long become the European center of iGaming. It is here that key market players, large operators and financial structures supporting the industry are concentrated. And the high concentration of technology and talented developers allows DreamPlay to form its own ecosystem of talent.
If in the 2010s Cyprus became a hub for classic iGaming operators, today it is a point of attraction for technology companies that are betting on metaverses and the integration of games into a wider digital ecosystem. DreamPlay is one of those shaping this trend.
Google-style campus for game development talents
The DreamPlay office and campus in Limassol are part of the companyâs international network of corporate campuses. Similar hubs already operate in Thailand, Bali, Peru, the UAE and Poland. They offer employees comfortable working conditions and the ability to move between locations, accommodation, meals, legal support for stays in different countries. And all this is at the expense of the company. -And the flexible work format and 4-day work week in the company helps DreamPlay talents maintain a healthy work-life balance. Itâs all about well-established business processes and taking care of the team.
Itâs nice to know that you can come to the country, and there is a Dream Campus where friends, like-minded people and someone who can simply take care of you are waiting for you. They will meet you at the airport, give you a tour, accompany you on medical or legal issues. Itâs all part of the team.
âiGaming is an industry of emotions. Therefore, the people who create it should work where they feel best. Therefore, in our campuses we create an environment where the team can feel maximum freedom for creativity, focus on creating new breakthrough products. And not be distracted by everyday issues. And we are sure that this gives us a strategic advantage, because we are sure that our employees have received better conditions than their colleagues in other companies. Comfort, flexibility and freedom are part of our global philosophy of DreamPlay,â shares DreamPlay CEO Alex Tkach.
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What does this mean for the market?
Opening a DreamPlay office in Cyprus is a wise decision, as the company is preparing to enter new markets and partner with the largest iGaming players. It is also a signal to the entire market that the company is moving into the league of global players who dictate trends, rather than following them.
If today Cyprus is another platform for international expansion, then tomorrow DreamPlay may turn into one of the first technology companies in iGaming, operating on the principle of large IT holdings.
And this is where the main intrigue lies: will DreamPlay become the one who fundamentally rethinks the very nature of the industry?
The post DreamPlay consolidates its status as a global player in the iGaming industry and opens an office and campus in Cyprus appeared first on European Gaming Industry News.
International Game Technology PLC
IGT Wheel of Fortune Video Poker Makes Global Debut at Downtown Grand Hotel & Casino in Las Vegas
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International Game Technology PLC announced that it recently introduced its much-anticipated Wheel of Fortune Video Poker game in the worldâs most prolific video poker market: Las Vegas, Nev. Guests of Downtown Grand Hotel & Casino (Downtown Grand) in Downtown Las Vegas became the first players in the world to enjoy legendary IGT multi-hand video poker paired with the puzzle-solving, wheel-spinning fun of Wheel of Fortune via IGTâs Wheel of Fortune Video Poker game.
âBecoming the first casino in the world to offer IGTâs Wheel of Fortune Video Poker was an exciting moment for Downtown Grand and one that generated palpable buzz and significant play on our gaming floor. For decades, our players have enjoyed IGT video poker and Wheel of Fortune slots, so combining the DNA of those two products to create something new is an exciting proposition for our players,â said Rick Coltor, Slots Manager at the Downtown Grand Las Vegas.
âLaunching IGT Wheel of Fortune Video Poker in Las Vegas, the worldâs largest video poker market, marked another important milestone in the rollout of our expanded Wheel of Fortune games portfolio. Our Wheel of Fortune Video Poker game delivers an ideal blend of proven multi-hand poker, jackpot excitement and the signature elements of Wheel of Fortune games that have propelled the themeâs success for more than 25 years,â said Nick Khin, IGT President, Global Gaming.
IGTâs Wheel of Fortune Video Poker is currently available on the CrystalCurve cabinet. Wheel of Fortune Video Poker incorporates the franchiseâs famous puzzle-solving features and the iconic âWheel Bonusâ that has had players chanting âWHEEL-OF-FORTUNE!â for decades. The multi-hand poker game is available in triple-play, five-play and ten-play configurations and can award players 30,000, 50,000 or 100,000 credits, respectively, for a dealt royal flush.
The post IGT Wheel of Fortune Video Poker Makes Global Debut at Downtown Grand Hotel & Casino in Las Vegas appeared first on Gaming and Gambling Industry in the Americas.
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MLB Players Inc., a commercial affiliate of the Major League Baseball Players Association, and OneTeam Partners announced theyâve reached a licensing agreement with PENN Entertainment.
The agreement designates PENNâs sports betting platforms â ESPN BET in the U.S. and theScore BET in Canada â as Officially Licensed Sportsbooks of MLBPI.
PENN now has the rights to use MLB player names, images and likenesses on its sports betting platforms, marketing assets and promotional campaigns.
The deal also includes PENNâs retail sportsbook operations (32 retail sportsbooks at its casino properties, including 19 under the ESPN BET brand).
Last fall, FanDuel and MLBPI reached a similar licensing agreement after the MLB playersâ union sued FanDuel and Underdog Fantasy in New York Supreme Court, accusing them of using the names and likeness of ballplayers on their players without permission.
âAs baseball season gets underway, weâre excited to offer fans an enhanced betting experience that includes player likenesses, expanded wagering options and a more dynamic product. Partnering with MLB Players Inc. strengthens our connection to the league and its star players and creates additional opportunities to engage fans throughout the season,â said Jason Birney, Vice President of Operations at PENN Interactive.
OneTeam Partners specializes in commercializing group licensing rights for professional athlates, and is a joint venture between the NFL Players Association, MLB Players Association, Womenâs National Basketball Players Association, MLS Players Association, and U.S. Womenâs National Team Players Association.
âBy integrating MLB player rights into PENN Entertainmentâs platforms, this partnership brings fans closer to the game while unlocking new business opportunities in sports betting. It highlights the growing influence of players in shaping premium, fan-focused betting experiences while enhancing player NIL rights and widening distribution,â said Frank Arthofer, President of OneTeam Partners.
The post MLB Players Sign Licensing Agreement with PENN Entertainment appeared first on Gaming and Gambling Industry in the Americas.
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