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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”

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 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.

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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Atlaslive Shortlisted for “Sportsbook Supplier of the Year” at EGR Latam Awards 2025

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Atlaslive, a global B2B iGaming platform provider, has been shortlisted in the Sportsbook Supplier of the Year category at the first-ever EGR Latam Awards 2025.

The category honors suppliers delivering market-leading sports betting platforms or software solutions in Latin America, judged on criteria including product quality, commercial success, and client feedback. The awards ceremony will take place on Friday, 28 November 2025, at The Fairmont Copacabana in Rio de Janeiro.

Atlaslive’s nomination reflects its expansion into Latin American markets, offering scalable sportsbook architecture, localized content, and operator-first integration capabilities designed for high-growth regions.

“LATAM has a unique rhythm, and our team has learned to listen to it closely — understanding what operators need today and what they will need tomorrow. Being shortlisted for Sportsbook Supplier of the Year is a reminder of how far we’ve come as a product team and how much impact collaboration with our partners has had on our roadmap. It motivates us to keep building with the same clarity and purpose.”
—Anastasiia Poltavets, CMO of Atlaslive

About EGR Latam Awards

The inaugural EGR Latam Awards celebrate excellence across the Latin American gaming and betting ecosystem, recognising service providers, operators, and affiliates driving innovation, compliance, and growth. The first edition will be held in Rio de Janeiro on 28 November 2025.

About Atlaslive

Atlaslive delivers an iGaming platform that unifies sportsbook, casino, CRM, risk management, and analytics within a single adaptable architecture. Backed by 99.9% uptime and an agile delivery model, it supports operators as they enter new regulated markets and maintain ownership of their technology.

This document is provided to you for your information and discussion only. This document was based on public sources of information and was created by the Atlaslive team for marketing usage. It is not a solicitation or an offer to buy or sell any gambling-related product. Nothing in this document constitutes legal or business development advice. This document has been prepared from sources Atlaslive believes to be reliable, but we do not guarantee its accuracy or completeness and do not accept liability for any loss arising from its use. Atlaslive reserves the right to remedy any errors that may be present in this document.

About Atlaslive

Atlaslive, formerly known as Atlas-IAC, underwent a rebranding campaign in May 2024. It is a B2B software development company that specializes in creating a multifunctional and automated platform to optimize the workflow of sports betting and casino operators. Key components of the Atlaslive Platform include Sportsbook, Casino, Risk Management and Anti-Fraud Tools, CRM, Bonus Engine, Business Analytics, Payment Systems, and Retail Module. Follow the company on LinkedIn to stay updated with the latest news in iGaming technology.

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Affiliate Industry

Beyond Bonuses: Shaun Decesare’s Mission to Redefine Affiliate Integrity in iGaming

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Vision & Motivation

You mentioned this was a “pipedream 10 years in the making.” What finally gave you the push to take the leap into owning and rebuilding an affiliate site?

It was always a dream of mine to have my own business and ‘be my own boss’ so to speak. I’ve taken an interest in the iGaming sector from a very young age and I knew this was instantly a passion of mine. What gave me the impetus to take the leap was twofold. The first being that I had been delaying this for too long, I decided that this is it, I will take the leap of fate and live and die by my decisions. The Second being I wanted to get out of the monotonous 9-5 routine. Having a young family, I want to prioritise spending as much time with them as possible. Doing this has allowed me to do that.

What does success look like for you with CasinoBonus360—not just in terms of traffic or revenue, but in how the brand is perceived by users?

Taking the site back to its glory days of the late 2010s, having witnessed first hand the success of this whilst at my former role within Catena Media, I know its potential is through the roof. I want CB360 to be a trusted, well reviewed site that users can check out all brands with confidence that this is not just a money grab. The users are being put first.

Why is trust such a central pillar in your vision for the site? What do you think has eroded trust in this space, and how do you plan to rebuild it?

Trust is at an all time low in this industry, scams are everywhere you look. As a consumer, this is evident in all forms of the gambling industry. I want to right the wrongs of others and attempt to restore the faith back to what it once was. We plan to rebuild it through various means, such as delivering a top quality service to all our new and existing users. One that is meaningful and long lasting. This will triumph over any quick financial gain.

🔹 Editorial Direction & Content Strategy

You’ve emphasized tougher editorial standards and evergreen content. What does your editorial process look like now compared to the previous version of the site?

We are not comparing ourselves to anyone else because we do not know how other teams operated. The shift has to happen inside the own workflow. In the past, things were faster, more intuitive and less documented. Today the process is far more deliberate with clear research steps, structured fact checking, internal reviews, consistent criteria and a final quality pass. It is a more mature and more disciplined version of how we used to work, still personal but with higher standards and better control.

How are you ensuring your reviews and guides are genuinely useful to users rather than just SEO-driven?

We start with real user questions and not with keyword lists. Every claim needs a source or a test reference. If a keyword does not fit naturally, we leave it out. The content must read smoothly and help the reader get clarity and make a decision. Useful content performs better in the long run than keyword tactics.

Can you walk us through how your team scores or tests casinos? What makes your approach different from competitors’?

We play for real. We register, verify, deposit, withdraw and talk to support. We score what happens, not what is promised. No gut ratings and no hidden deals. Every score follows the same criteria and the same pressure test. If a casino fails on trust or transparency, it gets called out.

What are some examples of content you’ve either removed or completely rewritten during the rebuild—and why?

Anything that wasted space or repeated nonsense is gone. Old fluff bonus pages, outdated lists, weak guides and duplicated topics were cut. Only the content that delivers real answers survived. Everything else was removed because it did not deserve attention.

🔹 SEO & Technical Evolution

You’ve worked with an SEO/site manager to shift toward a more data-driven SEO approach. What’s been the biggest mindset shift in how you approach SEO now?

We stopped chasing keywords and started aiming for accuracy. SEO is now a data tool, not a shortcut. We choose topics where we can deliver real value and real testing. No more trying to win fast. The goal is long term authority, not temporary spikes.

You’ve spoken about moving away from “keyword stuffing.” How do you balance SEO goals with writing content that feels natural and user-focused?

We write like humans and fix anything that sounds robotic. SEO helps with structure, but it never dictates the voice. If the text feels fake or over optimized, it gets rewritten. Users come first. Algorithms follow later.


What are the key technical improvements you’ve made (or plan to make) to the site’s infrastructure to support long-term stability and performance?

We stripped the site down and rebuilt it in a way that does not break every time the internet sneezes. The code is cleaner, the plugins are trimmed down, caching is actually doing its job and every asset is optimized instead of thrown in raw. The structure is modular so we can grow without creating a monster we cannot maintain.

We also stopped pretending that Google is the only gatekeeper. Search is shifting toward AI driven answers, so the site needs to be fast, clear and machine readable. That means better schema, tighter linking, cleaner layouts, consistent data structures and content that is easy for AI systems to interpret. The goal is not just ranking but becoming the source that AI tools pick because the information is solid and well structured.

 

🔹 Industry Insights & User Perspective

With your background in the gaming industry, what are the biggest misconceptions affiliate sites have about what players want?

Number 1 is surely welcome bonuses, these are a thing of the past. The average consumer is now smart enough to know that welcome bonuses are traps. They actually have the opposite intended effect of what they were originally designed to do. In fact, we are targeting brands that have as low of a wagering requirement as possible. We do not enlist brands that have over 20x wagering requirements. This is completely unrealistic to anyone to ever obtain any chance of a withdrawal. Gambling should be fun, it should not increase the anxiety of the user.

What red flags do you think users should be aware of when reading affiliate content on other sites?

Always check out the authors on site and see if they are real people, most sites put down fake characters for one reason or another which just erodes the authenticity of the brand. This is by far away my number 1 red flag.

How are you collecting feedback from users, and how does that inform your content and design decisions?

We are conducting surveys with our users on a monthly basis and asking for what they like and what they don’t like. This will allow us to adjust our articles and content accordingly. We firmly believe in consumer first at CB360 and this is the motto will stand by for the lifespan of our site.

🔹 Looking Forward

What challenges are you expecting in the next 6–12 months, and how are you planning to tackle them?

The number one challenge is to increase the traffic on site. Whilst we have overhauled all the outdated content with brand new, relevant, beautiful pieces of work, we are still struggling to see a big increase in traffic. This may be due to google updates that have hampered SEO of late. We are looking at all avenues into new avenues to increase traffic.

Do you see CasinoBonus360 expanding into new verticals, formats, or markets in the future?

For now, we shall take things one step at a time, we have a 12 month plan which we are executing, and should it come to fruition, we will examine our options further down the line.

If you could give one piece of advice to someone considering launching or rebuilding an affiliate site today, what would it be?

Get ready for a lot of work, it is easier said than done, but the rewards will be worth it.

The post Beyond Bonuses: Shaun Decesare’s Mission to Redefine Affiliate Integrity in iGaming appeared first on European Gaming Industry News.

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Compliance Updates

Stake joins ESIC as official anti-corruption partner

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The Esports Integrity Commission (ESIC) is pleased to announce that Stake has joined as an Official Tier 1 Anti-Corruption Partner.

As a global entertainment and technology brand, Stake’s collaboration with ESIC underscores a shared commitment to strengthening integrity frameworks and supporting fair competition across the esports ecosystem.

ESIC’s Anti-Corruption Supporter program brings together key industry stakeholders who contribute directly to the detection, analysis, and investigation of suspicious betting activity. Through data sharing, operational cooperation, and collaborative monitoring, the program enhances ESIC’s capacity to identify and address potential issues in real time.

As part of Stake’s Anti-Corruption Partner role, Stake will contribute to ESIC’s integrity monitoring network, helping advance the Commission’s efforts to ensure transparency, accountability, and sustainability within the global esports industry. This collaboration reinforces both organisations’ commitment to safeguarding the credibility and long-term development of competitive gaming worldwide.

Stephen Hanna, CEO of ESIC, commented: “The addition of Stake to ESIC’s Anti-Corruption Supporter network reinforces the sentiment that integrity is a shared responsibility. ESIC’s Anti-Corruption Supporter program relies on the active collaboration of partners like Stake, whose operational insights contribute directly to our ability to identify and mitigate integrity threats. Together, we are building a stronger foundation of trust and accountability that supports the sustainable growth of esports worldwide.”

Jarrod Febbraio, Director of Stake, commented: “This partnership formalizes Stake’s commitment to protecting integrity and transparency across the global esports ecosystem. As the world’s leading online-first betting operator, supporting the industry is central to our strategy and our scale makes this collaboration with ESIC essential to safeguarding its integrity. Together, we’re ensuring the ecosystem remains fair, transparent, and trusted by fans and participants worldwide.”

The post Stake joins ESIC as official anti-corruption partner appeared first on European Gaming Industry News.

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