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Aspire Global: Interim Report Third Quarter 2021

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REVENUE INCREASED 46% AND EBITDA 38% IN Q3 2021

THIRD QUARTER

  • Revenues increased by 46.0% to €58.6 million (40.1).
  • EBITDA increased by 38.0 % to €9.1 million (6.6).
  • The EBITDA margin amounted to 15.5% (16.4%).
  • EBIT increased by 38.7% to €6.8 million (4.9).
  • Earnings after tax increased 68.1% to €6.4 million (3.8).
  • Earnings per share increased 62.5% to €0.13 (0.08).

NINE MONTHS

  • Revenues increased by 38.2% to €162.4 million (117.5).
  • EBITDA increased by 46.0% to €27.5 million (18.8).
  • The EBITDA margin increased to 16.9% (16.0%).
  • EBIT increased by 45.7% to €21.1 million (14.5).
  • Earnings after tax increased 79.0% to €19.4 million (10.8).
  • Earnings per share increased 77.2% to €0.39 (0.22).

SIGNIFICANT EVENTS IN THE QUARTER AND AFTER THE END OF THE QUARTER

  • Revenues increased 46.0% from Q3 2020 driven by strong development in all segments.
  • Organic growth of 39.0% from Q3 2020.
  • B2B revenues grew 40.5% from Q3 2020 with organic growth of 31.2%.
  • Strong performance in sub-segments Aggregation and Games – Pariplay and Sports – BtoBet.
  • Agreement to sell the B2C segment to Esports Technologies announced 1 October – closing expected by 30 November 2021 upon completion
    of certain contingent terms. The total value of the transaction sums up to about €65 million. The transaction also includes a four-year platform and managed services agreement with an estimated gross value of €70 million.
  • Aspire Global signed a platform deal with Esports Technologies in September for its leading brand Gogawi.
  • Pariplay further strengthened its position in the Americas – first contract in Brazil signed and granted full supplier license in West Virginia.
  • Pariplay signed a deal to provide its proprietary games to Holland Casino in the newly regulated Dutch market.
  • First brand live with BtoBet’s sportsbook on Aspire Global’s platform. To date six brands are already live.
  • Two deals covering Aspire Global’s complete offering signed.

CEO COMMENTS

“WE CLEARLY EXECUTE OUR GROWTH STRATEGY TO BECOME A WORLD LEADING IGAMING SUPPLIER”

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With the sale of the B2C segment, Aspire Global will become a clearly focused B2B company and even stronger and more profitable. The sale will also give us additional resources to further develop and enhance our B2B offering as well as the opportunity to explore new M&A activities. In Q3 2021, we have made key progress towards our objective of establishing strong positions in the US and Brazil. Our success in these markets will be important steps in reaching our goal to become a world leading B2B iGaming supplier.

The sale of the B2C segment – expected to take place at the end of November 2021 – will have a significant positive impact on Aspire Global’s position as a focused B2B company and profitability. Excluding the B2C segment, revenues increased by 36.1% to €118.9 million and EBITDA increased by 54.1% to €22.7 million in the first nine months 2021 with an EBITDA margin of 19.1%. B2B organic growth in the nine-month period amounted to 27.1%.

We initiated the review of our B2C segment in March this year, and on October 1 we announced the agreement with US-based Esports Technologies to acquire the B2C segment. The consideration sums up to about €65 million, consisting of €50 million in cash, €10 million in a promissory note and €5 million in common stock in the listed entity of Esports Technologies. The transaction also includes a four-year platform and managed services agreement with an estimated gross value of €70 million, based on present volumes. The transaction is expected to close by November 30, 2021, pending Esports Technologies receipt of financing, and other closing requirements.

A TRANSFORMATIVE, STRATEGIC MOVE

The divestment of the B2C segment is a transformative, strategic move for Aspire Global. First of all, the change in business mix will affect the revenue so that it will consist only of B2B revenues and, at the same time, the share of managed services will increase. The divestment will also provide Aspire Global with additional resources to further develop the technology platform as well as its offering in casino, sports and managed services. The managed services part of our business is essential to us, not only because it is recurring, but also because it will secure our continued deep knowledge about player behaviour. Furthermore, we expect that Aspire Global will have other peers as a focused B2B company and that investors will find it easier to value the company.

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Following the divestment, we will also look into M&A possibilities with the aim to control even more of the value chain. Our successful acquisitions of Pariplay in 2019 and BtoBet in 2020 are proof of our ability to identify and integrate companies that complement our offering in the value chain. In the first nine months of 2021, Pariplay has grown by 79.4% to €21.7 million with an EBITDA margin of 27.9%. BtoBet has also demonstrated strong growth of 68.7% to €7.8 million in the nine-month period with an EBITDA margin of 23.1%.

KEY PROGRESS IN THE US AND BRAZIL

The B2C divestment also provides us with increasing opportunities to continue to invest in establishing a considerable position in above all the big and quickly growing Brazilian and US markets. In Q3 2021, we have made key progress in the US and Brazil. Pariplay signed a deal with FansUnite Entertainment, entailing that Aspire Global enters the Brazilian market for the first time. FansUnite is a Canadian sports and entertainment company, and Pariplay will supply its wide portfolio of proprietary and third-party content, via its Fusion aggregation platform, to FansUnite’s B2C brands and B2B solutions in Europe and Americas and thereby allows Pariplay to enter Brazil for the first time.

Pariplay also further strengthened its position in Latin America by a deal with the world-famous land-based and online games provider Ainsworth Game Technology. The deal will see Ainsworth partnering exclusively with Pariplay for all new online releases in Latin America, with making its titles available to players through Pariplay’s Fusion aggregation platform.

Pariplay reached another milestone in its US expansion strategy during Q3 2021 after being granted a full iGaming Supplier License in West Virginia. Pariplay made its debut in the fast-growing US market when its content went live in New Jersey in February 2021 and Pariplay has applied for licenses in several states.

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DEEPER ESPORTS RELATIONSHIPS

We are also proud and happy with the relationship we have established with Esports Technologies. Esports Technologies is a leading global operator and provider of products and marketing solutions in the quickly growing esports market. Beside the B2C deal, we also signed a strategic license agreement with Esports Technologies in Q3 2021. As part of the deal, Esports Technologies will launch its esports/sportsbook Gogawi.com in certain key markets on our platform and intends to launch an additional brand on the platform in the future. In addition, we will make the Esports Technologies proprietary esports feed available to our partners around the world.

Esports Technologies are at a rapid growth phase and aim to become the world’s number one esports company. As part of the B2C agreement, Karamba and our other B2C brands will join our B2B network, and will become one of our biggest B2B partners. I’m sure that the experience and excellence of our B2C team, together with the ambition and investment of Esports Technologies, will take the brands to new heights.

PROFITABLE GROWTH IN REGULATED MARKETS

In the quarter, Germany introduced a new regulation with higher gaming duties. Despite this regulatory change, the EBITDA margin in the B2B segment increased to 18.7% from 18.0% in Q3 2020. This clearly demonstrates Aspire Global’s ability to manage a profitable operation in regulated markets.

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In October, the Netherlands opened for online gaming and Pariplay just a few days ago announced a deal to supply its proprietary games to Holland Casino. Holland Casino has a leading presence within the new regulated digital ecosystem in the Netherlands.

OUTLOOK

Aspire Global has consistently demonstrated its ability to execute its growth strategy, reaching its financial targets and create value. We see great growth opportunities by expanding with existing partners, gaining new partners and entering new markets. With the divestment of the B2C segment we will further enhance investments in our technology and product offering as well as geographic presence with focus on Brazil and the US. We will also put even more energy on increasing the M&A pipeline. We clearly execute our growth strategy to become a world leading iGaming supplier.

Tsachi Maimon, CEO.

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HIPTHER Movement Launched: Fitness Community & Summer Run-Off Challenge Powered by GameOn

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After two exciting years of iGaming & TECH Run-Off Challenges uniting the industry in fitness, wellness, and camaraderie, HIPTHER is proud to announce the official launch of HIPTHER Movement – where Community meets endurance.

HIPTHER, leading media hub and events organiser for Gaming and Technology across Europe and beyond, has incorporated fitness and wellness networking initiatives across its events since 2023.

The “Morning Networking Run” and “Morning Yoga” sessions have been a part of their summits since 2023, with the participants warmly embracing these opportunities to nurture relationships, body, and soul, ahead of a busy conference day.

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iGaming & TECH Run-Off Challenges: Community Relationships & Healthy Competition

In 2024, HIPTHER launched the iGaming and TECH Run Club on Strava, and kicked-off the iGaming & TECH Run-Offs, with the Summer and Winter editions spanning 2024 and 2025.

Many brilliant minds and athletic spirits from gaming and tech joined the Club, and spurred with this momentum of excitement, HIPTHER raised the game – offering exciting prizes at the end of each Challenge to the Top 3 runners in the Female and Male Categories, with the support of GameOn as a Sponsor.

Now, with the launch of HIPTHER Movement, this fitness-forward initiative evolves into a dynamic wellness community powered by year-round running and cycling challenges – bringing together professionals who hustle hard, on and off the road.

Whether you’re chasing a personal best or simply enjoy the grind, the HIPTHER Movement is your new home for HIPTHER-powered challenges hosted under the iGaming and TECH Run Club and Cycling Club on Strava.

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With over 100 passionate members and counting, participants can track their progress, climb the leaderboard, and revisit the results from past events. From virtual sprints to multi-week challenges of endurance, HIPTHER fuels industry momentum – one stride and one pedal stroke at a time.

Zoltan Tuendik, Co-Founder of HIPTHER, stated about this initiative: “The HIPTHER Movement is about more than logging miles or chasing medals. It’s about showing up for yourself, your peers, and your community. In an industry that never slows down, we believe wellness should move with us. From early morning runs to multi-week endurance challenges, we’re creating a culture where progress, connection, and resilience go hand-in-hand. GameOn has helped us take it to the next level, and we’re just getting started.

 

Summer 2025: Run-Off and Spin-Off Challenges Now Live!

The Summer Run-Off Challenge and Summer Spin-Off Challenge, proudly sponsored by GameOn, kicked off on June 9 and will run until September 7, 2025.

🏃‍♂️ The Summer Run-Off Challenge, hosted by the iGaming and TECH Run Club, invites runners to lace up and power through the summer heat for serious rewards:
Top 3 finishers will receive exclusive performance gear
Surprise gifts for the top male and female participants
4th and 5th place earn limited edition HIPTHER x GameOn merch

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🚴‍♀️ The Summer Spin-Off Challenge, run via the iGaming and TECH Cycling Club, puts pedal power in the spotlight with equally exciting rewards:
Top 3 cyclists win exclusive performance gear
Special gifts for the top male and female riders
4th and 5th place receive HIPTHER x GameOn cycling kits

 

Powered by GameOn: Because Every Effort Counts

HIPTHER is proud to have GameOn as a sponsor of the HIPTHER Movement. Their support helps level up each challenge with better prizes, bigger energy, and even more motivation for the growing community.

With GameOn’s backing – and HIPTHER’s commitment to wellness and engagement – every mile, every ride, and every personal effort truly counts.

 

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Join the Movement

📲 Not in the Strava clubs yet?
Join the iGaming and TECH Run Club and Cycling Club today to get in on the action, track your progress, and connect with fellow professionals.

Because movement is more than motion.
It’s momentum. It’s clarity. It’s how we grow stronger – together.

Let’s move with purpose. Let’s move together!

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TSG Store hits record-high share in game bookings as the company gets closer to its long-term target

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Ten Square Games S.A. reports continued growth in the performance of its proprietary web-based platform, the TSG Store, which in May 2025 accounted for 30% of combined bookings in Fishing Clash and Hunting Clash – the company’s two flagship products. This result marks a major milestone in the development of the platform and brings the Group closer to its strategic target of 25% share in total bookings across the TSG portfolio.

From launch to record-high share

The TSG Store was introduced in May 2023, initially for Fishing Clash, followed by Hunting Clash in September 2023. Designed as a browser-based direct-to-consumer (DTC) platform, it allows players to purchase in-game content outside of traditional app stores. Since its launch, the store has grown steadily in terms of user engagement and transaction volume, supported by ongoing feature enhancements such as dedicated currency, loyalty packs, and exclusive promotions.

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In March 2025, the store reached a monthly share of 19.1% in total bookings of the TSG Group. Within that result, Fishing Clash reached 26.1% of its bookings through the TSG Store, while Hunting Clash reached 17.5%. In May 2025, 30% of combined bookings in Fishing Clash and Hunting Clash came through the TSG Store marking the highest levels of bookings through the store to date and bringing it closer to its ultimate goal.

Building value through player communication

The success of the TSG Store has been driven not only by technical enhancements, but also by clear and consistent communication with players about the value and benefits of using the direct-to-consumer platform. A major priority from the outset was ensuring a seamless gameplay experience. This was achieved by introducing dedicated in-game currencies for each title – Fishbucks in Fishing Clash and Deerbucks in Hunting Clash – and by designing a user interface aligned with the look and feel of the games.

The platform’s development was also guided by ongoing discussions with the most engaged user groups, particularly VIP players, who not only provided valuable feedback but also helped promote the store within their clans and player communities. This close relationship with the player base proved essential in building trust and driving store adoption.

– The success of the TSG Store reflects not only product innovation, but also our long-term approach to building a more resilient and profitable business model. What made this possible was close cross-team collaboration – from product and monetization to tech, design, analytics, and community management. Creating your own store that strengthens both the player experience and the company’s financial foundation requires more than infrastructure. It requires shared vision, strategic alignment, and deep understanding of what drives player value. I believe this is just the beginning of what we can achieve.” – commented Grzegorz Gierczyk, Head of Game Services in Ten Square Games S.A.

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A strategic tool for profitability

The TSG Store was created as a strategic tool to improve game profitability by reducing commission fees paid to third-party platforms. In the current mobile gaming environment – marked by increasing user acquisition costs and growing competition – optimizing margins has become essential. The store enables Ten Square Games to retain a larger share of player spending without altering its user acquisition strategy.

Players benefit from competitive pricing, bonus content, and additional value, while the company gains improved unit economics, more flexibility in shaping monetization strategies, and a direct relationship with its most engaged users.

Changing market dynamics support long-term growth

In a market shaped by evolving privacy regulations, platform policies, and monetization models, owning part of the payment ecosystem becomes a competitive advantage. The TSG Store is now an integral part of Ten Square Games’ long-term strategy to build a more resilient and profitable business model – one where financial performance and player experience go hand in hand. Following recent legal rulings in the United States and ongoing antitrust proceedings in other jurisdictions, the outlook for DTC platforms has significantly improved.

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Week 24/2025 slot games releases

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Here are this weeks latest slots releases compiled by European Gaming

Relax Gaming is heading into the lawless frontier with its newest release, Bounty County. Set in a raucous Wild West town, this 6×6 Scatter Pays slot puts players in the boots of a bounty hunter tasked with tracking down notorious bandits across reels brimming with action. Bounty County offers players the chance to win up to 5,000x their bet via several different paths to riches. Three distinct bonuses are unlocked after defeating all of the bandits, each offering a different level of volatility.

Relax Gaming saddles up for Wild West adventure in Bounty County

BGaming offers players a charming and relaxing gameplay experience in the stunningly crafted Mystery Garden slot game. Step into a beautifully designed and enchanting garden where you are encouraged to sit back and take in the beauty all around you. This traditional slot game offers a calming alternative to the flashy visuals and high-tempo sounds found in other modern slots.

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Sit Back and Soak in the Calming Atmosphere With BGaming’s Mystery Garden

Get ready to cultivate a golden fortune in Money Tree – the brand-new Premium release from sought-after software provider, Swintt, that takes players on a timeless journey through ancient Chinese traditions where fortunes of up to 3,000x are waiting to be won! A classically designed five-reel, 50-payline slot, Money Tree takes place on an ornate red and gold gameboard where effigies of powerful dragon, tiger, frog and fish spirits guard over three rewarding bonus features that have the power to award huge prizes and one of four local jackpots.

Swintt celebrates a golden harvest in new Money Tree slot

Push Gaming has launched Henry the Ape, a high-energy slot that blends bold personality with signature volatility and punchy, progression-based gameplay. Created for players who enjoy fast-paced action and thrilling twists, the new title brings a fresh perspective to a familiar format by putting the Super High Paying symbol at the heart of the action. The result is a game designed to build excitement not only in the bonus but also throughout the base game.

Push Gaming drops the mic with bold new release Henry the Ape

Play’n GO’s latest release King of Sweets combines playful design with feature-rich gameplay in a vibrant 5×5 cascading slot brimming with sugar-fuelled surprises. Set in the colourful confectionery kingdom of Sweetland, King of Sweets invites players into a sugar-dusted world where flavour has all but vanished. With fondant robes and a lollipop crown, the King of Sweets embarks on a flavour revival using the mythical Bomb of Taste.

King of Sweets stirs up candy chaos in new grid slot

Belatra has released its delicious new title,  Bear’s Tricks – a vibrant cascading slot bursting with sweet rewards, playful animations, and wild surprises. Set in the imaginative Berry Land overflowing with juicy treats, Bear’s Tricks whisks players away to a world where strawberry fields and raspberry groves hide fun features and big win potential.

Belatra treats players to Bear’s Tricks slot

Spinomenal has released its latest game within its outstanding Mythology series, 4 Horsemen – Hold & Hit. Set amidst a fiery apocalypse, 4 Horsemen – Hold & Hit transports players into a world wrecked by ruin. The game is presented within a 5×3 framework set with crumbling temples and burning skies, heightened by an immersive cinematic soundscape.

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Spinomenal releases 4 Horsemen - Hold & Hit

Evoplay has launched Queen of Sirens, a feature-rich slot inspired by the mystery and power of mythological sea creatures. Set in a deep-sea world of crashing waves and hidden treasures, Queen of Sirens introduces a range of dynamic features designed to enhance player engagement and foster long-term retention.

Evoplay sets sail with Queen of Sirens in mythological new slot

Amusnet has released its latest slot game, 40 Extra Crown 6 reels. The game features a classical yet modern royal theme and offers thrilling gameplay, state-of-the-art graphics and exhilarating sound effects. It is an exciting 6-reel upgrade of the player-favourite Extra Crown game series and will undoubtedly impress all lovers of timeless classics with its glamorous layout.

Amusnet Releases its Latest Slot Game, 40 Extra Crown 6 Reels

Get ready to ignite the reels with Liberty & Freedom Hold and Win Extreme 10,000, the latest explosive release from Booming Games! Packed with American pride, this 5×3 slot takes you on a star-spangled thrill ride with 25 paylines and a chance to win up to 12,000x your bet. Feel the rush as Bald Eagles, Liberty Bells and Uncle Sam’s hat line up for patriotic payouts, while the Wild helps you strike it rich.

Light Up the Reels with Explosive Wins in Liberty & Freedom Hold and Win Extreme 10,000

 

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