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Raketech Announces Q1 2024 Results

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Raketech has announced its Q1 2024 financial results.

Q1 2024 Financial Highlights

  • Revenues in Q1 of 2024 totaled EUR 19.0 million (EUR 15.8 million), reflecting an organic growth increase of 20.1% (24.4%), driven by continued strong performance from sub-affiliation partially offset by weaker-than-expected results within affiliation marketing.
  • EBITDA, adjusted for restructuring costs, was EUR 5.1 million (EUR 6.1 million), impacted by a weaker performance in Sweden compared to the previous year and soft performance of the Casumba assets following the Google Core update during the quarter. Other regions and products performed well, with sub-affiliation delivering a strong quarter in terms of EBITDA contribution.
  • Operating profit, adjusted for costs related to re-structuring, amounted to EUR 2.0 million (EUR 3.8 million).
  • Free cash flow before earnouts increased to EUR 6.5 million (EUR 5.6 million) with a positive working capital development from trade receivables.
  • Earnouts settled during the quarter amounted to EUR 13.0 million.

Full-Year Outlook

Current trading, including April, implies an adjusted EBITDA of around EUR 20.0 million for the full year. Free cash flow before earnouts for the full year is estimated to come in just below adjusted EBITDA.

Subsequent Events After the End of the Period

On May 14, 2024, the board decided to withdraw its previously announced proposal to distribute dividends in 2024, in line with its commitment to maintaining financial flexibility and supporting the company’s long term growth ambitions. The primary focus is delivering value to shareholders and continuing to evaluate opportunities to enhance shareholder returns in a way that aligns with the Company’s long-term value-creation objectives.

Current Trading

Revenues in April 2024 amounted to EUR 5.9 million (EUR 5.9 million).

Raketech Acting CEO Johan Svensson said: “In the first quarter of 2024, we delivered EUR 19.0 million in revenues, representing an organic increase of 20.1%, primarily driven by Sub-affiliation. Adjusted EBITDA came in at EUR 5.1 million, while EBITDA was EUR 4.3 million, consistent with our trading update published on 1 May. We remain confident in our market-leading product offerings and see promising growth opportunities through our strategic initiatives in sports offerings, exclusive partnerships, and media deals. These efforts will position us well for continued growth in the coming years, and we remain committed to maximizing shareholder value.”

The post Raketech Announces Q1 2024 Results appeared first on European Gaming Industry News.

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Relax Gaming Releases its Latest Slot Game “Midnight Marauder – ClusterBreaker”

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Relax Gaming, the unique content provider and aggregator, has released its latest slot game Midnight Marauder – ClusterBreaker, the newest chapter in the popular Midnight Marauder series.

This latest release introduces fresh gameplay centred around a dynamic cluster-based mechanic, combined with high-impact bonus potential. Relax Gaming brings together familiar DNA with a distinctly new experience for both returning fans and new audiences alike.

Midnight Marauder – ClusterBreaker has been produced to engage high value and high volatility players with its “All or Nothing” Free Spins gamble feature, creating moments of heightened anticipation and excitement.

Tony O’Mahony, Chief Product Officer at Relax Gaming, said: “We’ve combined a recognisable brand with a powerful proven mechanic, designed not only to excite players, but to give operators a clear value proposition for their high value players.”

The post Relax Gaming Releases its Latest Slot Game “Midnight Marauder – ClusterBreaker” appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Wazdan schedules three-stage Network Promotion campaign for summer

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The operator-facing series runs 29 June to 13 September and uses Mystery Drop and Mystery Multiplier Drop mechanics.

Wazdan will launch a summer-long Network Promotion series for partner casinos, running from 29th June to 13th September. The campaign is structured in three stages with breaks between each phase.

The promotion will use Wazdan’s Mystery Drop™ and Mystery Multiplier™ Drop mechanics. The supplier said the programme is designed to be easy for operators to activate and will be supported with marketing materials, including promotional assets, brochures and newsletter content for partners to use across their own channels.

Alongside the promotion, Wazdan has a summer content roadmap with three slot releases scheduled: Mighty Hot™: Amazonia (30th June), Magic Fruit$: Cherries (30th July) and Mighty Crown™: Empire of Gold (6th August).

Radka Bacheva, Head of Sales and Business Development at Wazdan, said: “Summer presents a valuable opportunity for operators to keep engagement levels high, and this promotion has been designed to deliver exactly that through Wazdan’s proven promotional tools.

“Combined with our upcoming game releases, we are excited to offer partners a strong seasonal campaign with plenty of player appeal.”

The post Wazdan schedules three-stage Network Promotion campaign for summer appeared first on EE Gaming | Global iGaming & Tech Intelligence Hub.

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Financial Trader Health and Safety Initiative

NCPG Launches Financial Trader Health and Safety Initiative

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The National Council on Problem Gambling (NCPG) has launched the Financial Trader Health and Safety Initiative in order to address potential behavioral risks associated with emerging financial trading platforms and prediction markets.

A donation of $2 million from Kalshi allows NCPG to build national capacity for this initiative in three key areas: building national infrastructure; expanding public awareness and access to support; and advancing research, education and collaboration.

Building National Infrastructure

NCPG will invest in educational resources, industry engagement, dedicated staff, and best-practice development to help ensure that responsible participation and consumer protection efforts evolve in response to emerging financial trading platforms.

This work will also include evaluating NCPG’s existing Internet Compliance Assessment Program (iCAP) for adaptation across the financial services and trading sector. As the nation’s first independent responsible gambling accreditation program for online gambling operators and suppliers, iCAP offers valuable guidance that can inform future responsible participation and consumer protection standards.

Expanding Public Awareness and Access to Support

A significant portion of the initiative will support public education efforts focused on trading-related behavioral risks, screening tools, responsible participation, and increased awareness of available support services, including the National Problem Gambling Helpline.

Advancing Research, Education, and Collaboration

The initiative will support training programs, stakeholder convenings, industry partnerships, and a national summit focused on financial trader health, consumer protections, and emerging financial markets.

The post NCPG Launches Financial Trader Health and Safety Initiative appeared first on Americas iGaming & Sports Betting News.

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