Other OTC:GLXZ
Galaxy Gaming Reports Q4 and Full Year 2022 Financial Results

LAS VEGAS, March 31, 2023 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTCQB: GLXZ), a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced today its financial results for the quarter and year ended December 31, 2022.
Financial Highlights
Q4 2022 vs. Q4 2021
- Revenue increased 5% to $5,940K
- +14% to $6,453K at constant currency
- Adjusted EBITDA increased 30% to $3,153K
- Q4 2022 benefited from one-time payroll tax benefit of $575k (net)
- Net income declined from $598K to $55K
Full Year 2022 vs. Full Year 2021
- Revenue increased 17% to $23,442K
- +23% to $24,632 at constant currency
- Adjusted EBITDA increased 21% to $10,534K
- Net loss of $(1,733)K vs. net income of $2,112K
Balance Sheet Changes (vs. December 31, 2021)
- Cash increased 14% to $18,238K
- Total long-term debt1 (gross) decreased to $59,741K from $60,500K
- Stockholders’ deficit increased to $(17,885)K from $(17,286)K
1 Includes current portion.
Executive Comments
“In spite of the headwinds from exchange rates, interest rates and inflation rates, we had a solid quarter and ended 2022 on a good trajectory,” said Todd Cravens, Galaxy’s President and CEO. “At constant currency, revenues for both the quarter and the year would have been new records for Galaxy. We enter the current year with several new games coming to market, and we will be installing the first of our Galaxy Operating System (“GoS”) progressives beginning in Q2. We expect double-digit revenue increases in our online business in 2023, and expect revenue growth in the GG Core business to accelerate over the course of the year as GoS systems get installed, along with new content. We are working on upgrades and enhancements to GoS and expect to present GoS 2.0 at G2E in October.”
“Some adjustments need to be made to our reported numbers to make them more comparable to the respective 2021 figures,” said Harry Hagerty, Galaxy’s CFO. “For the quarter, using last year’s exchange rates adds $512K to revenue. Our Adjusted EBITDA in the quarter benefitted from $575K in ERTC credits, which should be removed for comparability. Applying both adjustments results in pro forma revenue of $6,453K (+14%) and pro forma EBITDA of $3,090K (+43%). For the year, using last year’s exchange rates adds $1,189K to revenue, and Adjusted EBITDA benefitted from the same $575K ERTC credit. Applying both adjustments results in pro forma revenue of $24,632K and pro forma EBITDA of $11,149K.
“The currency comparisons impacted in the GG Digital operating segment more than the GG Core segment. For the quarter, revenue in GG Core was $3,944K ($4,036 in constant currency) vs. $3,951k in Q4 2021. In GG Digital, we had revenues of $1,996 in Q4 2022 ($2,416 in constant currency) vs. $1,719 in Q4 2021. For the year, revenue in GG Core was $15,399K ($15,685K in constant currency) vs. $13,556k in 2021. In GG Digital, we had revenues of $8,043 in 2022 ($8,946 in constant currency) vs. $6,428in 2021.
“We are very comfortably in compliance with the Net Leverage covenant in our credit agreement with Fortress. Our Net Leverage was 4.0x at year-end vs. a maximum allowable of 8.0x (stepping down to 6.0x in 2023). The interest we pay on the term loan has increased sharply as short-term benchmarks increased over the last three quarters of 2022. We expect interest expense to be close to $9.0 million in 2023 based on a benchmark rate of 5.0% for the remainder of the year. We expect to generate Adjusted EBITDA in excess of interest expense and amortization in 2023, and we will also maintain significant cash balances in order to allow us to pay the interest and amortization if business trends deteriorate. We hope to be able to refinance the Fortress debt in Q4 2022 when the prepayment penalty lapses.
“For 2023, we are forecasting revenue in a range of $26-$27 million and Adjusted EBITDA in a range of $12-13 million. This forecast assumes exchange rates that existed in Q4 2022 and is based on economic conditions as they existed at the beginning of 2023.
“We have not repurchased any common stock under the authorization we received in November and will not be able to do any repurchases until after the current blackout period expires after the filing of our Q1 10-Q on May 15, 2023.”
The company is releasing an investor deck with its earnings this quarter. Investors are encouraged to send questions to management at [email protected] by Monday, April 3rd. Management will record their answers to investor questions and give more detail to the investor deck. The recording should be posted on or around April 7th.
Forward-Looking Statements
This press release contains, and oral statements made from time to time by our representatives may contain, forward-looking statements based on management’s current expectations and projections, which are intended to qualify for the safe harbor of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended. Forward-looking statements include statements identified by words such as “believe,” “will,” “may,” “might,” “likely,” “expect,” “anticipates,” “intends,” “plans,” “seeks,” “estimates,” “believes,” “continues,” “projects” and similar references to future periods, or by the inclusion of forecasts or projections. All forward-looking statements are based on current expectations and projections of future events.
These forward-looking statements reflect the current views, models, and assumptions of Galaxy Gaming, and are subject to various risks and uncertainties that cannot be predicted or qualified and could cause actual results in Galaxy Gaming’s performance to differ materially from those expressed or implied by such forward looking statements. These risks and uncertainties include, but are not limited to, the ability of Galaxy Gaming to enter and maintain strategic alliances, product placements or installations, in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, have its games approved by relevant jurisdictions, and other factors. All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements and there can be no assurance that the actual results, events, or developments referenced herein will occur or be realized. Readers are cautioned that all forward-looking statements speak only to the facts and circumstances present as of the date of this press release. Galaxy Gaming expressly disclaims any obligation to update or revise any forward-looking statements, whether because of new information, future events or otherwise.
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative proprietary table games, state-of-the-art electronic wagering platforms and enhanced bonusing systems to land-based, riverboat, and cruise ship and casinos worldwide. In addition, through its wholly owned subsidiary, Progressive Games Partners LLC, Galaxy licenses proprietary table games content to the online gaming industry. Connect with Galaxy on Facebook, YouTube and Twitter.
Non-GAAP Financial Information
Adjusted EBITDA includes adjustments to net loss/income to exclude interest, taxes, depreciation, amortization, share based compensation, gain/loss on extinguishment of debt, foreign currency exchange gains/losses, change in estimated fair value of interest rate swap liability and severance and other expenses related to litigation. Adjusted EBITDA is not a measure of performance defined in accordance with generally accepted accounting principles in the United States of America (“U.S. GAAP”). However, Adjusted EBITDA is used by management to evaluate our operating performance. Management believes that disclosure of Adjusted EBITDA allows investors, regulators, and other stakeholders to view of our operations in the way management does. Adjusted EBITDA should not be considered as an alternative to net income or to net cash provided by operating activities as a measure of operating results or of liquidity. Finally, Adjusted EBITDA may not be comparable to similarly titled measures used by other companies.
Revenue at constant currency is a non-GAAP measure. We calculate constant currency revenue by applying the exchange rates realized in the year-ago period to the revenue earned in the respective foreign currencies in the current period. We believe that providing constant currency revenue allows readers to better understand the underlying growth of our businesses by removing the effect of exchange rate changes. In calculating EBITDA pro forma for constant currency, we do not adjust the exchange rates for expenses in current periods as the majority of our expenses are denominated in US dollars.
Contact: | ||
Media: | Phylicia Middleton (702) 936-5216 | |
Investors: | Harry Hagerty (702) 938-1740 |
Years ended December 31, | ||||||||||||||||
Adjusted EBITDA Reconciliation: | 2022 | 2021 | ||||||||||||||
Net (loss) income | $ | (1,773,189 | ) | $ | 2,111,812 | |||||||||||
Interest expense | 7,411,224 | 1,505,386 | ||||||||||||||
Share redemption consideration | — | 682,469 | ||||||||||||||
Interest income | (71,223 | ) | (2,048 | ) | ||||||||||||
Depreciation and amortization | 2,761,359 | 2,858,991 | ||||||||||||||
Share-based compensation | 1,278,068 | 1,532,455 | ||||||||||||||
Foreign currency exchange loss (gain) | 290,394 | 64,879 | ||||||||||||||
Change in fair value of interest rate swap liability |
— | (66,009 | ) | |||||||||||||
Provision (benefit) for income taxes | 208,887 | 48,637 | ||||||||||||||
Other non-recurring income | 5,709 | — | ||||||||||||||
Severance expense | 28,477 | 12,596 | ||||||||||||||
Special project expense (benefit) – Triangulum | (86,959 | ) | 487,712 | |||||||||||||
Special project expense – Other | 481,737 | (503,050 | ) | |||||||||||||
Adjusted EBITDA | $ | 10,534,484 | $ | 8,733,830 | ||||||||||||
Three Months Ended December 31, | ||||||||||||||||
Adjusted EBITDA Reconciliation: | 2022 | 2021 | ||||||||||||||
Net (loss) income | $ | 55,105 | $ | 623,384 | ||||||||||||
Interest expense | 2,129,902 | 1,054,912 | ||||||||||||||
Share redemption consideration | — | 96,023 | ||||||||||||||
Interest income | (48,057 | ) | (886 | ) | ||||||||||||
Depreciation and amortization | 571,570 | 698,774 | ||||||||||||||
Share-based compensation | 323,518 | 324,807 | ||||||||||||||
Foreign currency exchange loss (gain) | (199,647 | ) | 33,478 | |||||||||||||
Provision (benefit) for income taxes | 310,828 | 41,637 | ||||||||||||||
Other non-recurring income | (12,546 | ) | (25,000 | ) | ||||||||||||
Special project expense (benefit) – Triangulum | — | 74,688 | ||||||||||||||
Special project expense – Other | 21,833 | (490,676 | ) | |||||||||||||
Adjusted EBITDA | $ | 3,152,505 | $ | 2,431,141 |
Currency Reconciliation – Q4 2022 vs Q4 2021 | |||||||||||||||||||||
Consolidated | |||||||||||||||||||||
Q4 2022 | Q4 2022 Pro Forma | Q4 2021 | Change | ||||||||||||||||||
Realized | Actual | Realized | Pro Forma | Actual | Q4 2022 | Q4 2022 | |||||||||||||||
Revenue in | Exchange | Reporting | Revenue in | Exchange | Reporting | Reporting | Actual vs. | Pro Forma vs. | |||||||||||||
Local | Rate | Currency | Local | Rate | Currency | Currency | Q4 2021 | Q4 2021 | |||||||||||||
Currency | Q4 2022 | Revenue | Currency | Q4 2021 | Revenue | Revenue | Actual | Actual | |||||||||||||
EUR | € | 1,687,114 | $ | 0.94 | $ | 1,587,722 | € | 1,687,114 | $ | 1.17 | $ | 1,977,536 | $ | 1,337,799 | 19 | % | 48 | % | |||
GBP | £ | 628,843 | $ | 1.16 | $ | 729,663 | £ | 628,843 | $ | 1.35 | $ | 852,003 | $ | 1,072,517 | -32 | % | -21 | % | |||
USD | $ | 3,623,137 | $ | 1.00 | $ | 3,623,137 | $ | 3,623,137 | $ | 1.00 | $ | 3,623,137 | $ | 3,259,935 | 11 | % | 11 | % | |||
$ | 5,940,522 | $ | 6,452,676 | $ | 5,670,251 | 5 | % | 14 | % | ||||||||||||
GG Core | |||||||||||||||||||||
Q4 2022 | Q4 2022 Pro Forma | Q4 2021 | Change | ||||||||||||||||||
Realized | Actual | Realized | Pro Forma | Actual | Q4 2022 | Q4 2022 | |||||||||||||||
Revenue in | Exchange | Reporting | Revenue in | Exchange | Reporting | Reporting | Actual vs. | Pro Forma vs. | |||||||||||||
Local | Rate | Currency | Local | Rate | Currency | Currency | Q4 2021 | Q4 2021 | |||||||||||||
Currency | Q4 2022 | Revenue | Currency | Q4 2021 | Revenue | Revenue | Actual | Actual | |||||||||||||
EUR | € | 72,177 | $ | 1.01 | $ | 72,679 | € | 72,177 | $ | 1.16 | $ | 83,804 | $ | 38,942 | 87 | % | 115 | % | |||
GBP | £ | 444,102 | $ | 1.17 | $ | 519,775 | £ | 444,102 | $ | 1.35 | $ | 599,786 | $ | 863,242 | -40 | % | -31 | % | |||
USD | $ | 3,352,260 | $ | 1.00 | $ | 3,352,260 | $ | 3,352,260 | $ | 1.00 | $ | 3,352,260 | $ | 3,049,111 | 10 | % | 10 | % | |||
$ | 3,944,714 | $ | 4,035,850 | $ | 3,951,295 | -0 | % | 2 | % | ||||||||||||
GG Digital | |||||||||||||||||||||
Q4 2022 | Q4 2022 Pro Forma | Q4 2021 | Change | ||||||||||||||||||
Realized | Actual | Realized | Pro Forma | Actual | Q4 2022 | Q4 2022 | |||||||||||||||
Revenue in | Exchange | Reporting | Revenue in | Exchange | Reporting | Reporting | Actual vs. | Pro Forma vs. | |||||||||||||
Local | Rate | Currency | Local | Rate | Currency | Currency | Q4 2021 | Q4 2021 | |||||||||||||
Currency | Q4 2022 | Revenue | Currency | Q4 2021 | Revenue | Revenue | Actual | Actual | |||||||||||||
EUR | € | 1,614,937 | $ | 0.94 | $ | 1,515,042 | € | 1,614,937 | $ | 1.17 | $ | 1,893,731 | $ | 1,298,857 | 17 | % | 46 | % | |||
GBP | £ | 184,741 | $ | 1.14 | $ | 209,888 | £ | 184,741 | $ | 1.37 | $ | 252,217 | $ | 209,275 | 0 | % | 21 | % | |||
USD | $ | 270,877 | $ | 1.00 | $ | 270,877 | $ | 270,877 | $ | 1.00 | $ | 270,877 | $ | 210,824 | 28 | % | 28 | % | |||
$ | 1,995,809 | $ | 2,416,826 | $ | 1,718,956 | 16 | % | 41 | % | ||||||||||||
Note: Some numbers may not foot due to rounding. | |||||||||||||||||||||
Currency Reconciliation – Full Year 2022 vs Full Year 2021 | |||||||||||||||||||||
Consolidated | |||||||||||||||||||||
Full Year 2022 | Full Year 2022 Pro Forma | Full Year 2021 | Change | ||||||||||||||||||
Realized | Actual | Realized | Pro Forma | Actual | Full Year 2022 | Full Year 2022 | |||||||||||||||
Revenue in | Exchange | Reporting | Revenue in | Exchange | Reporting | Reporting | Actual vs. | Pro Forma vs. | |||||||||||||
Local | Rate | Currency | Local | Rate | Currency | Currency | Full Year 2021 | Full Year 2021 | |||||||||||||
Currency | Full Year 2022 | Revenue | Currency | Full Year 2021 | Revenue | Revenue | Actual | Actual | |||||||||||||
EUR | € | 6,206,166 | $ | 1.06 | $ | 6,591,971 | € | 6,206,166 | $ | 1.20 | $ | 7,447,074 | $ | 4,828,354 | 37 | % | 54 | % | |||
GBP | £ | 2,633,850 | $ | 1.24 | $ | 3,272,999 | £ | 2,633,850 | $ | 1.37 | $ | 3,607,206 | $ | 2,383,968 | 37 | % | 51 | % | |||
USD | $ | 13,577,335 | $ | 1.00 | $ | 13,577,335 | $ | 13,577,335 | $ | 1.00 | $ | 13,577,335 | $ | 12,772,055 | 6 | % | 6 | % | |||
$ | 23,442,307 | $ | 24,631,615 | $ | 19,984,378 | 17 | % | 23 | % | ||||||||||||
GG Core | |||||||||||||||||||||
Full Year 2022 | Full Year 2022 Pro Forma | Full Year 2021 | Change | ||||||||||||||||||
Realized | Actual | Realized | Pro Forma | Actual | Full Year 2022 | Full Year 2022 | |||||||||||||||
Revenue in | Exchange | Reporting | Revenue in | Exchange | Reporting | Reporting | Actual vs. | Pro Forma vs. | |||||||||||||
Local | Rate | Currency | Local | Rate | Currency | Currency | Full Year 2021 | Full Year 2021 | |||||||||||||
Currency | Full Year 2022 | Revenue | Currency | Full Year 2021 | Revenue | Revenue | Actual | Actual | |||||||||||||
EUR | € | 208,821 | $ | 1.04 | $ | 217,927 | € | 208,821 | $ | 1.18 | $ | 247,149 | $ | 106,012 | 106 | % | 133 | % | |||
GBP | £ | 2,017,035 | $ | 1.24 | $ | 2,498,050 | £ | 2,017,035 | $ | 1.37 | $ | 2,755,204 | $ | 1,641,463 | 52 | % | 68 | % | |||
USD | $ | 12,683,081 | $ | 1.00 | $ | 12,683,081 | $ | 12,683,081 | $ | 1.00 | $ | 12,683,081 | $ | 11,808,961 | 7 | % | 7 | % | |||
$ | 15,399,060 | $ | 15,685,435 | $ | 13,556,436 | 14 | % | 16 | % | ||||||||||||
GG Digital | |||||||||||||||||||||
Full Year 2022 | Full Year 2022 Pro Forma | Full Year 2021 | Change | ||||||||||||||||||
Realized | Actual | Realized | Pro Forma | Actual | Full Year 2022 | Full Year 2022 | |||||||||||||||
Revenue in | Exchange | Reporting | Revenue in | Exchange | Reporting | Reporting | Actual vs. | Pro Forma vs. | |||||||||||||
Local | Rate | Currency | Local | Rate | Currency | Currency | Full Year 2021 | Full Year 2021 | |||||||||||||
Currency | Full Year 2022 | Revenue | Currency | Full Year 2021 | Revenue | Revenue | Actual | Actual | |||||||||||||
EUR | € | 5,997,345 | $ | 1.06 | $ | 6,374,044 | € | 5,997,345 | $ | 1.20 | $ | 7,199,924 | $ | 4,722,343 | 35 | % | 52 | % | |||
GBP | £ | 616,815 | $ | 1.26 | $ | 774,950 | £ | 616,815 | $ | 1.38 | $ | 852,002 | $ | 742,505 | 4 | % | 15 | % | |||
USD | $ | 894,254 | $ | 1.00 | $ | 894,254 | $ | 894,254 | $ | 1.00 | $ | 894,254 | $ | 963,095 | -7 | % | -7 | % | |||
$ | 8,043,248 | $ | 8,946,180 | $ | 6,427,943 | 25 | % | 39 | % | ||||||||||||
Note: Some numbers may not foot due to rounding. |
Reconciliation of Reported to Pro Forma Revenue and EBITDA | ||||||||
Q4 | Full Year | |||||||
2022 | 2022 | |||||||
Reported Revenue | $ | 5,940,525 | $ | 23,442,307 | ||||
Currency Adjustment | 512,151 | 1,189,308 | ||||||
Pro Forma Revenue | $ | 6,452,676 | $ | 24,631,615 | ||||
Reported EBITDA | $ | 3,153,000 | $ | 10,534,484 | ||||
plus: Currency Adjustment | 512,151 | 1,189,308 | ||||||
minus: ERTC Credit | (574,979 | ) | (574,979 | ) | ||||
Pro Forma EBITDA | $ | 3,090,172 | $ | 11,148,813 |
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Other OTC:GLXZ
Galaxy Gaming® Showcases the Future of Table Games at IGA 2025

LAS VEGAS, March 24, 2025 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTC: GLXZ), the world’s leading independent developer and distributor of casino table games and technology, will showcase their innovative new table game operating system and player-favorite table games at this year’s Indian Gaming Association (“IGA”) Trade Show & Convention from April 3 – 4 in booth 2249 at San Diego Convention Center.
President and CEO of Galaxy Gaming, Matt Reback shared his excitement, stating, “We’re thrilled to connect with our tribal partners at IGA 2025 to showcase our premier table games and cutting-edge solutions. We take pride in offering the industry’s most extensive collection of category-leading brands that truly resonate with players, all enhanced by technology that elevates the gaming experience. This powerful combination delivers transformative results for tribal operators looking to revitalize their gaming floor.
Galaxy Operating System® Sapphire – The Jewel of the Casino Floor
Transform your gaming floor with Galaxy Operating System (GOS) Sapphire—a revolutionary game management platform that redefines table game possibilities. Built by the industry’s foremost table game innovators, GOS® Sapphire seamlessly integrates progressive jackpots, state-of-the-art Nebula sensors, and digital tracking to deliver unparalleled performance and player engagement.
At the heart of GOS Sapphire lies the groundbreaking Dynamic Progressive™ system—an industry first that amplifies the excitement of Galaxy’s most successful progressive games. Unlike any other progressive, Dynamic Progressive adds an electrifying twist to Galaxy’s most popular progressives and paytables, with random pays multiplied by up to 10x each round! Dynamic Progressive and the new any-table mystery progressive will be available to play on a variety of games in-stand. GOS Sapphire also features enhanced TableVisions with a fully customizable screen and integrated min/max table limits.
The Smart Bet – The World’s Greatest Collection of Table Games
Galaxy Gaming showcases the industry’s most robust table game portfolio, blending time-tested classics with innovative new releases. Level up your casino floor with player favorites like 21+3®, Perfect Pairs®, and Lucky Ladies®, or amp up the excitement with fresh additions like Busted!, Blackjack Squeeze, and Triple Luck®, all powered by GOS.
EZ Baccarat® now comes enhanced with Galaxy Gaming’s coveted Golden Talons® and Divine 9™ side bets—included at no additional cost. In an industry-first, these fan-favorite side bets have been seamlessly integrated into EZ Baccarat, creating an even more exhilarating experience for players. These titles, along with the ever-popular Heads Up Hold’em®, High Card Flush®, and more, will be available to play at the booth.
Operators are invited to explore the possibilities at booth 2249 and discover how Galaxy Gaming can elevate their gaming operations. To stay up-to-date and for complimentary registration visit www.galaxygaming.com/IGA
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Galaxy Gaming has 131 licenses worldwide, including licenses in 28 U.S. states.
Some of the information contained in this press release includes forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “might,” “expect,” “intend,” “target,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other similar expressions. These forward-looking statements are only predictions. We have based these forward-looking statements on our current expectations, assumptions and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results and future events to differ significantly from those expressed in any forward-looking statement.
These risks and uncertainties include, but are not limited to, the ability to complete the Company’s acquisition by Evolution Malta Holding Limited (“Evolution”), Evolution AB (publ)’s wholly owned subsidiary (the “Merger”) on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to gaming regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement (as defined herein) relating to the proposed Merger; risks that the proposed Merger disrupts the Company’s current plans and operations or diverts the attention of the Company’s management or employees from ongoing business operations; the risk of potential difficulties with the Company’s ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company’s business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the Merger or any further announcements or the consummation of the Merger on the market price of the Company’s common stock; the ability of the Company to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, including changes in gaming related and non-gaming related statutes and regulations that affect the revenues of our customers in land-based casino and, online casino markets, have its games approved by relevant jurisdictions, unfavorable economic conditions in the US and worldwide, our level of indebtedness, restrictions and covenants in our loan agreement, dependence on major customers, protection of intellectual property and our ability to license the intellectual property rights of third parties, failure to maintain the integrity of our information technology systems, including without limitation, cyber-attacks or other failures in our telecommunications or information technology systems, or those of our collaborators, third-party logistics providers, distributors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business, and other factors. Additional information concerning these and other risk factors can be found in the Company’s filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.
All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance or events and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Any forward-looking statement speak only as of the date on which it was made. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes.
Contact:
Media:
Phylicia Middleton (702) 938-1753
Investors:
Steve Kopjo (702) 727-8886
Other OTC:GLXZ
Galaxy Gaming® and IGT PlayDigital Announce Five-Year Licensing Agreement for Table Game Content

LAS VEGAS, March 19, 2025 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTC: GLXZ) today announced a licensing arrangement with leading North American global iGaming content and services supplier IGT PlayDigital™. IGT PlayDigital will license Galaxy’s premium table game content for IGT PlayDigital’s online content portfolio under a five-year agreement.
“I’m delighted to bring Galaxy games back to our valued partners at IGT,” said Jason McCulloch, Vice President of iGaming at Galaxy Gaming. “Our products complement each other strategically and given the impressive performance of IGT PlayDigital’s table games, I’m confident that Galaxy Gaming titles will drive further growth and success for both companies.”
Under the agreement Galaxy’s popular online brands, including 21+3®, Perfect Pairs®, Buster Blackjack®, Lucky Lucky®, Lucky Ladies® and Caribbean Stud® — will continue to strengthen IGT PlayDigital’s already high-performing online table games portfolio.
“IGT PlayDigital is pleased to enhance our market-leading iGaming content portfolio with popular online table games from Galaxy Gaming,” said Gil Rotem, IGT PlayDigital President. “As evidenced by IGT PlayDigital’s high performing ‘IGT Blackjack’ game, players around the world readily enjoy table games on their PCs and mobile devices and we believe this content expansion will help our customers engage players and differentiate their offerings.”
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Galaxy Gaming has 131 licenses worldwide, including licenses in 28 U.S. states.
About IGT
IGT (NYSE:IGT) is a global leader in gaming. We deliver entertaining and responsible gaming experiences for players across all channels and regulated segments, from Lotteries and Gaming Machines to Sports Betting and Digital. Leveraging a wealth of compelling content, substantial investment in innovation, player insights, operational expertise, and leading-edge technology, our solutions deliver unrivaled gaming experiences that engage players and drive growth. We have a well-established local presence and relationships with governments and regulators in more than 100 jurisdictions around the world and create value by adhering to the highest standards of service, integrity, and responsibility. IGT has approximately 11,000 employees. For more information, please visit www.igt.com.
Some of the information contained in this press release includes forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “might,” “expect,” “intend,” “target,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other similar expressions. These forward-looking statements are only predictions. We have based these forward-looking statements on our current expectations, assumptions and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results and future events to differ significantly from those expressed in any forward-looking statement.
These risks and uncertainties include, but are not limited to, the ability to complete the Company’s acquisition by Evolution Malta Holding Limited (“Evolution”), Evolution AB (publ)’s wholly owned subsidiary (the “Merger”) on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to gaming regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement (as defined herein) relating to the proposed Merger; risks that the proposed Merger disrupts the Company’s current plans and operations or diverts the attention of the Company’s management or employees from ongoing business operations; the risk of potential difficulties with the Company’s ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company’s business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the Merger or any further announcements or the consummation of the Merger on the market price of the Company’s common stock; the ability of the Company to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, including changes in gaming related and non-gaming related statutes and regulations that affect the revenues of our customers in land-based casino and, online casino markets, have its games approved by relevant jurisdictions, unfavorable economic conditions in the US and worldwide, our level of indebtedness, restrictions and covenants in our loan agreement, dependence on major customers, protection of intellectual property and our ability to license the intellectual property rights of third parties, failure to maintain the integrity of our information technology systems, including without limitation, cyber-attacks or other failures in our telecommunications or information technology systems, or those of our collaborators, third-party logistics providers, distributors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business, and other factors. Additional information concerning these and other risk factors can be found in the Company’s filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.
All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance or events and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Any forward-looking statement speak only as of the date on which it was made. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes.
Contact:
Media:
Phylicia Middleton (702) 938-1753
Investors:
Steve Kopjo (702) 727-8886
Other OTC:GLXZ
Galaxy Gaming® and Pragmatic Play Announce Five-Year Licensing Agreement Extension for Table Game Content

LAS VEGAS, Feb. 20, 2025 (GLOBE NEWSWIRE) — Galaxy Gaming, Inc. (OTC: GLXZ) today announced an agreement in principle with leading content provider Pragmatic Play to extend their strategic licensing agreement for an additional five years, expanding the integration of Galaxy Gaming’s table game content across Pragmatic Play’s Live Casino and RNG gaming portfolio.
“We are excited to strengthen and expand our partnership with Pragmatic Play,” said Jason McCulloch, Vice President of iGaming at Galaxy Gaming. “Their exceptional Live and RNG casino experiences, enhanced by our renowned side bets, set a high standard in the industry. This five-year extension reflects the strength of our collaboration, while advancing our long-term strategy of delivering premium table game content to operators and their players worldwide.”
Irina Cornides, Chief Operating Officer at Pragmatic Play, said: “Our partnership with Galaxy Gaming has been a successful one to date, and this new agreement will enable us to further enhance select products in Pragmatic Play’s award-winning live portfolio with their popular side bets.”
About Galaxy Gaming
Headquartered in Las Vegas, Nevada, Galaxy Gaming (galaxygaming.com) develops and distributes innovative games, bonusing systems, and technology solutions to physical and online casinos worldwide. Galaxy Gaming offers games proven to perform developed by gaming experts and backed by the highest level of customer support. Galaxy Gaming Digital is the world’s leading licensor of proprietary table games to the online gaming industry. Galaxy Gaming has 131 licenses worldwide, including licenses in 28 U.S. states.
About Pragmatic Play
Pragmatic Play, headquartered in Gibraltar, is a leading game supplier providing player favourites to the most successful global brands in the iGaming industry. Powering up new possibilities of play through a single API, Pragmatic Play offers a multi-product portfolio of award-winning slots, live casino, bingo, virtual sports, sportsbook, and more, available in all major regulated markets, languages, and currencies.
Some of the information contained in this press release includes forward-looking statements. In some cases, you can identify forward-looking statements by terms such as “may,” “will,” “should,” “could,” “might,” “expect,” “intend,” “target,” “plan,” “anticipate,” “believe,” “estimate,” “predict,” “potential,” “continue,” or the negative of these terms or other similar expressions. These forward-looking statements are only predictions. We have based these forward-looking statements on our current expectations, assumptions and projections about future events and financial trends that we believe may affect our business, financial condition and results of operations. These forward-looking statements are subject to a number of risks and uncertainties, many of which are beyond the control of the Company, that may cause actual results and future events to differ significantly from those expressed in any forward-looking statement.
These risks and uncertainties include, but are not limited to, the ability to complete the Company’s acquisition by Evolution Malta Holding Limited (“Evolution”), Evolution AB (publ)’s wholly owned subsidiary (the “Merger”) on the proposed terms or on the anticipated timeline, or at all, including risks and uncertainties related to gaming regulatory approvals and satisfaction of other closing conditions to consummate the proposed Merger; the occurrence of any event, change or other circumstance that could give rise to the termination of the Merger Agreement (as defined herein) relating to the proposed Merger; risks that the proposed Merger disrupts the Company’s current plans and operations or diverts the attention of the Company’s management or employees from ongoing business operations; the risk of potential difficulties with the Company’s ability to retain and hire key personnel and maintain relationships with customers and other third parties as a result of the proposed Merger, including during the pendency of the Merger; the risk that the proposed Merger may involve unexpected costs and/or unknown or inestimable liabilities; the risk that the Company’s business may suffer as a result of uncertainty surrounding the proposed Merger; the risk that stockholder litigation in connection with the proposed Merger may affect the timing or occurrence of the proposed Merger or result in significant costs of defense, indemnification and liability; effects relating to the announcement of the Merger or any further announcements or the consummation of the Merger on the market price of the Company’s common stock; the ability of the Company to enter and maintain strategic alliances, product placements or installations in land based casinos or grow its iGaming business, garner new market share, secure licenses in new jurisdictions or maintain existing licenses, successfully develop or acquire and sell proprietary products, comply with regulations, including changes in gaming related and non-gaming related statutes and regulations that affect the revenues of our customers in land-based casino and, online casino markets, have its games approved by relevant jurisdictions, unfavorable economic conditions in the US and worldwide, our level of indebtedness, restrictions and covenants in our loan agreement, dependence on major customers, protection of intellectual property and our ability to license the intellectual property rights of third parties, failure to maintain the integrity of our information technology systems, including without limitation, cyber-attacks or other failures in our telecommunications or information technology systems, or those of our collaborators, third-party logistics providers, distributors or other contractors or consultants, could result in information theft, data corruption and significant disruption of our business, and other factors. Additional information concerning these and other risk factors can be found in the Company’s filings with the Securities and Exchange Commission, including in the most recent Annual Report on Form 10-K, Quarterly Reports on Form 10-Q, Current Reports on Form 8-K and Definitive Proxy Statement.
All forward-looking statements made herein are expressly qualified in their entirety by these cautionary statements. While forward-looking statements reflect the Company’s good faith beliefs, they are not guarantees of future performance or events and there can be no assurance that the actual results, events or developments referenced herein will occur or be realized. Any forward-looking statement speak only as of the date on which it was made. The Company disclaims any obligation to publicly update or revise any forward-looking statement to reflect changes in underlying assumptions or factors, or new information, data or methods, future events or other changes.
Contact:
Media:
Phylicia Middleton (702) 938-1753
Investors:
Steve Kopjo (702) 727-8886
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