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Aspire Global: Interim Report Third Quarter 2021
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”
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.
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
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
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.
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.
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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Austria
Landmark Player Refund Ruling Threatens Curacao
The sprawling tendrils of the player refund drama look to finally have ensnared Curacao, much in the way they have imperilled Malta for the past few years, after a local court ruled that a refund owed to a player in Austria must be paid by an operator based on the Caribbean island.
Experts believe the ruling marks a turning point for Curacao in the long-running player refund saga — the attempts by players to reclaim all of their losses from offshore operators in European grey markets.
Last week, the highest legal authority of the Dutch Caribbean islands — The Joint Court of Justice of Aruba, Curaçao, Sint Maarten, and of Bonaire, St. Eustatius and Saba — found in favour of an Austrian gambler.
The individual had originally won their case back in 2023, when an Austrian court ruled that she was entitled to all of the €25,518.42 lost to Raging Rhino N.V., which operates the brand LuckyDays.
This ruling is just one of thousands that have been issued in Austria and Germany over the past five years, with hundreds of millions of euros in refunds either already paid out via judgements and settlements or, more likely, blocked by gambling-friendly jurisdictions.
For the most part, this wave of pro-player judgements has created issues for Malta, where a larger number of current and former grey market gambling providers are headquartered.
That ultimately led to the infamous Bill 55, a piece of legislation which empowers judges in Malta to block rulings from foreign courts against local gambling companies, on the grounds that permitting the refunds to go ahead would violate the country’s public order.
Bill 55 remains highly controversial and is coming under sustained pressure from a series of cases currently being heard before the Court of Justice of the European Union (CJEU).
Order maintained
Curacao has also traditionally offered a friendly environment for online gambling operators, albeit with a considerably more tarnished reputation than Malta.
So it has come as a surprise to many observers that judges in the Raging Rhino case have ultimately sided with lawyers attempting to transfer a refund judgement from Austria.
According to reports in the Curacao Chronicle, Raging Rhino attempted to match the Maltese defense, arguing that allowing the refund to go through would violate Curacao’s public order
Judges also refused to allow the gambling company to re-litigate the case in any way, asserting that their task was simply establishing whether the foreign judgment could be safely recognised in Curacao.
Raging Rhino were also ordered to pay €2,286.72 in legal costs, the Chronicle said.
A tipping point
Although the volume of cash involved in this case is relatively minor, it represents the tip of a potentially vast iceberg that could cost operators in Curacao huge sums.
Lawyers and litigating funding companies have spent years finding potential clients and buying up claims from anyone who gambled in Austria and Germany with an operator without a local licence.
That includes plenty of gambling companies in Curacao, which has long hosted a bustling offshore gambling community.
Until recently, that sector was almost completely hidden by opaque layers of regulation, however recent reforms on the island have forced operators to apply for new licence and, in so doing, join a public register that displays their status.
According to that register, Raging Rhino’s Curacao licence expired on March 26, but it has an application which is currently being assessed.
Although this new era of transparency remains the target of criticism, last week’s ruling demonstrates that forcing companies out into the open is also opening them up to greater legal risk.
The Raging Rhino judgement is blood in the water for the many legal teams and litigating funding firms that have hundreds, if not thousands, of player refund cases on their books.
With major support from Malta, lawyers representing gambling companies have been fairly successful in protecting their clients, following an initial wave of settlements.
Although the tide may be gradually turning against the industry, thanks to the CJEU, pro-industry lawyers still believe that player lawyers who have spent considerable sums acquiring claims are desperate to find ways to generate income while they remain stymied by Bill 55.
A weak point in the armour of Curacao operators, who have for so long resisted any international enforcement, is likely to spur a flurry of new claims and attempts to have judgments transferred from Germany and Austria.
At least one expert in online gambling law believes that this judgment will effectively end all operations in Germany and Austria for Curacao-based companies.
This would mirror the experience of Malta, which saw its local operators pushed out of Austria by the threat of refund judgments.
Maltese firms that chose not to apply for an online slots or betting licence have also exited Germany.
With judges having established a precedent that European refund judgments can be transferred to Malta, a wave of similar cases is sure to follow, raising serious questions about the status of Curacao as a haven for the offshore online gambling industry.
The post Landmark Player Refund Ruling Threatens Curacao appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Latest News
Loud Launches, Quiet Exits Why Partner Culture Outlasts Partner Acquisition
London is a city built on institutions that never needed to announce themselves. The law firms on Chancery Lane, the private clubs in St. James’s they endure not through attention, but through trust accumulated over decades. Quietly. Consistently. Without a rebrand every two years. Which makes London an interesting backdrop for the affiliate industry’s annual conversation with itself. Because iGaming, by contrast, has mastered the art of attention.Conference floors are fluent in volume: oversized visuals, stacked merchandise, account managers with pitch decks and a practiced sense of urgency. Every programme is premium. Every stand is exclusive. What it rarely produces is what the spreadsheet actually needs: long-term ROI, partner retention, relationships worth more in year three than month one.
The Market Learned to Perform Premium. It Forgot to Practice It.
When an entire market adopts the same vocabulary premium, VIP, exclusive, top-tier the signal stops carrying information. The gifting mechanics follow the same logic: items chosen for the photograph rather than the relationship. With this approach the partner is the audience, not the counterpart.
The structural problem is this: markets that compete on noise attract partners who respond to noise, and lose them the moment a louder offer comes along. Attention is not loyalty. Activation is not retention.
High-performing affiliate partnerships share a different architecture: predictability over promises, honest communication over promotional language, consistency whether a relationship is new or years old. Strong partners don’t leave for marginal CPA improvements when the relationship itself has value they’d be giving up. That dynamic reduces churn, extends LTV, and compounds over time in ways no single activation can replicate.
Manor as Model: The Economics of Restraint
PlayamoPartners’ presence at iGB London stand H-60, 1–2 July operates on this logic. The Manor concept takes the British manor as its central metaphor: not a venue, but a model of relationships. There is an etiquette, a code, standards that everyone inside understands. Membership implies alignment.
The aesthetic is restraint. The underlying logic is economic. Trust, in this industry, has a measurable ROI that most programmes never stop to calculate because they’re too busy announcing it.
The Code of Honor: Giving the Industry Its Memory Back
At the centre of the Manor experience is a physical book not a lookbook or catalogue, but a Code of Honor: partner feedback, written by partners themselves, accumulated across events and years. A physical record implies that what partners say is worth keeping in a form that persists that the relationship has a history worth preserving.
The iGaming industry has become extremely efficient at forgetting. Campaigns replace campaigns. Account managers cycle through. Programmes pivot quarterly. The Code of Honor is a deliberate counter to that tendency. It treats reputation not as a marketing asset but as something that grows through repeated honest interaction. An archive of trust, built over time.
Recognition Over Raffle
Partners who contribute to the Code of Honor become eligible for recognition items including a MacBook Neo 13, iPhone Air, and iPad Air. Come by on 02.07 at 14 o’clock and collect your prize.
The framing matters. These are not raffle prizes. Recognition is relational: you are who you are, and that is acknowledged. One is a CPA model applied to gifting. The other is how relationships between people who respect each other actually function.
The partners the Manor is designed for are not the ones who show up for a giveaway they’re the ones who show up to engage, to leave something of their own behind, to participate in the ongoing record of what this programme is.
Continuity of Standards
This approach isn’t new for PlayamoPartners. Past recognition has included Samsonite, Hugo Boss, TAG Heuer, Cartier, YSL. At iGB London, partners at H-60 will find Cartier wallets and MacBooks among the acknowledgements.
Premium gifting delivered consistently, to partners aligned with programme standards, across multiple years and conferences, reads differently from a one-time budget line. It signals a stable set of values with no particular need for an audience.
What Remains After the Conference Floor Clears
Rates, tools, tracking platforms are table stakes. Any serious programme can match them within a quarter. What cannot be quickly replicated is culture: honest communication, payments that arrive without chasing, account managers who know your business well enough to have an opinion about it.
Manor of PlayamoPartners arrives at iGB London not as an activation, but as a position. Behind it: a system, a reputation, a code of conduct that predates this event and will outlast it.
Stand H-60 | 1–2 July | iGB London
Contact the team:
- Edgar @Nertevics — CEO, PlayamoPartners
- Slava @AMOSLAVA — Affiliate Manager Team Lead
- Anna @anna20bet — Affiliate Manager
- Andrey @Andrey_playamo — Affiliate Manager
- Barbara @BarbaraPlayamoPartners — Affiliate Manager
The post Loud Launches, Quiet Exits Why Partner Culture Outlasts Partner Acquisition appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Asia
PhilWeb Showcases Technology-Driven Growth Vision at SiGMA Asia 2026
PhilWeb Corporation has reinforced its position as a technology-driven company at SiGMA Asia 2026, highlighting its continuing transformation through digital innovation, scalable platform solutions and strategic technology investments aligned with the rapidly evolving digital economy in Asia.
As one of the Philippines’ established technology and platform providers, PhilWeb participated in SiGMA Asia 2026 to showcase its long-term vision centered on digital infrastructure, operational scalability, customer engagement technologies and future-ready platform development. The company’s presence at the international event reflects its broader strategy of strengthening its role within the growing technology, digital entertainment and fintech ecosystem in the region.
With more than 25 years of operational experience, PhilWeb continues to evolve alongside changing market demands and technological advancements. Over the years, the company has steadily expanded its capabilities through investments in platform modernization, integrated digital systems, payment technologies and data-driven operational tools designed to support scalable and efficient business operations.
As industries across Asia continue to undergo digital transformation, PhilWeb sees increasing opportunities in technology-enabled ecosystems where connectivity, automation, customer experience and operational efficiency play increasingly important roles in long-term business growth.
At SiGMA Asia 2026, the company highlighted initiatives focused on strengthening its digital ecosystem through improved platform capabilities, enhanced payment integration infrastructure and technology solutions designed to support seamless experiences across both physical and digital customer environments.
PhilWeb also emphasised the growing importance of integrated platforms and scalable digital operations as consumer behaviour continues to shift toward more connected and technology-driven experiences. The company continues to adapt to these evolving trends by exploring innovations that improve accessibility, operational flexibility and customer engagement.
Participation at SiGMA Asia 2026 also provided PhilWeb with opportunities to engage with international technology firms, fintech companies, digital infrastructure providers, payment solutions companies and regional business partners as it continues to strengthen its long-term growth strategy.
Beyond technology expansion, PhilWeb continues to prioritise governance, compliance-driven systems, operational transparency and sustainable business.
The post PhilWeb Showcases Technology-Driven Growth Vision at SiGMA Asia 2026 appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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