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Better Collective reports record-breaking Q4 and full year of 2022
Interim report October 1 – December 31, 2022.
Regulatory release no. 06/2023
Flash Highlights Q4 2022
- Revenue: 86.1 mEUR; growth of 63% YOY, organic growth 44%
- Recurring revenue: 41.3 mEUR; growth of 94% YOY
- Revenue share income: 30.2 mEUR; growth of 81% YOY
- EBITDA before special items: 35.2 mEUR; growth of 115% YOY; margin 41%
- New Depositing Customers: All time high with >580.000; growth 117% of which 78% were sent on revenue share contracts
- January trading update: Record breaking month with revenue of >37 mEUR; >40% YOY growth
Flash Highlights 2022
- Revenue: 269.3 mEUR; growth of 52% YOY, organic growth 34%
- Recurring revenue: 123.3 mEUR; growth of 54% YOY
- Revenue share income: 96.4m EUR; growth of 42% YOY
- EBITDA before special items: 85.1 mEUR; growth of 53% YOY; margin 32%
- New Depositing Customers: All time high at >1.680.000; growth 96% of which 76% were sent on revenue share contracts
- Earnings per share (EPS) increased >150% YOY
Highlights Q4 2022
- Financial targets for 2022 were 20-30% organic revenue growth, operational earnings of approximately 85 mEUR and net debt to EBITDA <3. On February 6, a guidance upgrade was released as 34% organic revenue growth was achieved, with 85.1 mEUR in EBITDA before special items and a net debt to EBITDA <3.
- Q4 Group revenue grew by 63% to 86.1 mEUR with recurring revenues growing 94% to 41.3 mEUR; organic revenue growth was 44%.
- Europe & ROW revenue grew 59% to 52.2 mEUR driven by an extraordinary strong performance with the men’s soccer World Cup where >300.000 NDCs were sent from the tournament alone and saw a good underlying business performance from Paid Media and media partnerships.
- US revenue grew 71% to 33.9 mEUR driven by a busy sports calendar and a successful Maryland state launch.
- The sports win margin continued to bounce back as the impacted European markets normalized as well as the sports wagering continued at all-time highs.
- Q4 Group EBITDA before special items grew 115% YOY to 35.2 mEUR.
- Europe & ROW delivered 20.7 mEUR in EBITDA before special items, which equals growth of 149% YOY and a margin of 40%.
- The US delivered 14.5 mEUR, in EBITDA before special items implying 81% growth and a margin of 43%.
- Cash flow from operations before special items was 21.0 mEUR an increase of 55%. The cash conversion before special items was 58% due to the extraordinarily high revenue in the quarter. During the quarter >11 mEUR were paid in taxes, of which 10.7 mEUR were paid in Denmark. By the end of 2022, capital reserves stood at 76 mEUR of which cash of 31 mEUR and unused bank credit facilities of 44 mEUR.
- New depositing customers broke all time high records with >580,000 in the quarter; growth of 117%. NDCs sent on revenue share contracts were 78%. During 2022 the Group delivered 1.7 million NDCs.
- Initiation of a share buyback program for up to 5 mEUR. The purpose of the buyback program was to cover future payments relating to completed acquisitions and LTI programs.
- Petra Zackrisson was appointed as SVP of Growth and joined the management team.
Significant events after the closure of the period
- The positive momentum from 2022 continued into January 2023, which posted record breaking monthly revenue of >37 mEUR, >40% YOY growth. The main driver was the Ohio state launch, and the growth comes on top of a strong comparison from last year where New York state launched.
- New media partnerships with Goal.com and Wirtualna Polska. Globally, Better Collective has several large partnerships like the ones with The Telegraph and The New York Post, as well as many smaller partnerships.
- On January 20, 2023, the share buyback program of 5 mEUR was completed with 394,645 shares accumulated under the program. In total Better Collective owns 1.1% of all outstanding shares.
- The board has decided to initiate a new share buyback program of 10 mEUR. The purpose of the buyback program is to cover future payments relating to completed acquisitions and LTI programs.
- A smaller asset deal for a sports media in an emerging market was completed for 4.3 mUSD with an upfront payment of 3 mUSD.
- Better Collective announced a share acquisition in Catena Media equaling 6,093,381 shares and a position of 8.5%.
- Esport community, HLTV, successfully hosted its annual HLTV Award Show 2022 in Stockholm for Counter Strike:Global Offensive.
- The board of directors implemented a 2023 Long Term Incentive (LTI) Plan for key employees in the Better Collective Group. Grants under the 2023 LTI will be in the form of performance share units and/or share options that are vesting after three years.
- The Better Collective HQ in Copenhagen will move ‘around the corner’ to a new and bigger office space. The leasing agreement runs for five years and has total rent obligation of approximately 12 mEUR during that period.
- The two founders of Better Collective, Jesper Søgaard and Christian Kirk Rasmussen were awarded with a lifetime achievement award at the iGB Affiliate Awards.
Financial targets 2023
The board of directors has decided on new financial targets for the Better Collective Group for 2023:
- Revenue in the range of 290-300 mEUR.
- EBITDA before special items of 90-100 mEUR.
- Net debt to EBITDA before special items of <2.
Better Collective invests in growing organically and will take one-off costs for 2023 investments to establish a stronger presence in LATAM and other emerging markets where regulation is or is expected to facilitate operations. An investment in the buildup of a proprietary technology platform for display advertising (“Adtech Platform”) will be made. The initiatives imply estimated 10 mEUR in added costs in 2023 in addition to the existing cost base. The Group will continue to push for revenue share in the US, and notes that the 2023 calendar is not as condensed as 2022’s with state launches and a men’s soccer World Cup. The above considerations have been built into the 2023 targets, and do not include impact from M&A activities.
CEO Letter
Q4 was a record-breaking quarter during which we benefited from our strong diversification, while we also cemented the synergies that can be achieved when combining efforts across the group.
Record breaking performance
During the year, it has been exciting to see how efforts to become the Leading Digital Sports Media Group are starting to materialize. Our sport communities have proved to be attractive “go-to-places” for millions of sports fans while also being strategically attractive for our business partners. Furthermore, I am humbled by the spirit of our employees, who delivered an amazing performance – a performance that resulted in an upgrade of our financial targets, which we set out in the beginning of 2022.
The Group delivered strongly both in terms of revenue growth as well as operational earnings. This performance was accomplished on the back of moving several US contracts from upfront payments (CPA) to revenue share, why implicitly the Group could have delivered an EBITDA of 100 mEUR, implying 80% growth. Undeniably, the ability to drive high profitable growth remains very important for Better Collective’s future ambitions.
Outstanding performance during the men’s soccer World Cup
The men’s soccer World Cup was a strong driver for us, during which we saw extremely high activity that exceeded our expectations. We started preparing for the World Cup many months ahead, which we benefited from across geographies. In the previous CEO letter, I expressed my excitement about having delivered + 1.1 million NDCs from Q1 to Q3. Therefore, I am even more proud to announce that with Q4 we brought this close to 1,7 million NDCs for 2022. Of the approximately 1.7 m NDCs, 76% were sent on revenue share contracts and out of Q4’s 580,000 NDCs, around 300,000 were delivered during the men’s World Cup. To put it into perspective, the 300,000 is more than the last four men’s World Cups and four men’s European Championships combined. When comparing to the men’s World Cup 2018, our key figures have increased tenfold; a true testament to how far we have come in just four years.
During the past decade, we have worked closely with our main business partners – mostly on revenue share contracts, from which Better Collective solely benefits if we manage to create long-term value for our partners. Consequently, we have accumulated a large “snowball” of revenue share accounts, which really came into play during the men’s World Cup, as our revenue share income broke all records with 30 mEUR for the quarter. This record was also made possible as the sports win margin continued to normalize. It is worth noting that sending 300,000 NDCs during the men’s World Cup has had a short-term dampening effect on our performance because many NDCs were sent on revenue share contracts. However, as stated many times over, this move brings a long-term benefit and builds for the future. Given this effect, it is even more outstanding that we still managed to surpass our organic revenue target.
2022 US revenue exceeded 100 mUSD
In connection with the 2021 acquisition of Action Network, the leading US sports betting media, we estimated that we could exceed 100 mUSD in US revenue by the end of 2022. At the time of acquisition, it was very ambitious as Action Network was a newer established business with many market uncertainties ahead – but as you may know Better Collective is built on ambition and strong visions. During Q4, our US business grew revenue 71% YOY to a record high 34 mEUR bringing total 2022 US revenues above the 100 mUSD mark. This is reached even with us having moved 15 mUSD – up from the estimated >10 mUSD in Q3 – from upfront payment (CPA) based contracts to revenue share.
2022 US revenue grew 102% YOY and it is worth mentioning that this growth comes on top of the 370% growth from 2020-2021. I am proud to see great results have been delivered in the US, despite having to navigate the Group through the changing climate, where sportsbooks shifted focus from growth to profitability. The performance was driven by all our US-based sports media as well as the launch of New York and Maryland, combined with a strong Paid Media performance. Let me comment further on our Paid Media business, as it really has taken off.
Amazing Paid Media performance
In 2020, we made a strategic investment into Paid Media by acquiring the Atemi Group, which specializes within the paid advertising space of the major search engines and social media platforms. This acquisition has turned out to be a great financial investment for Better Collective and brings synergies on multiple levels.
Firstly, Paid Media brings flexibility and scalability when entering new markets and during special sporting events like the recent men’s World Cup.
Secondly, this business provides deep insights into the improvement on our organic rankings in major search engines, insights into which keywords provide the best value as well as click through and conversion rate benchmarks.
Thirdly, we invest heavily in business intelligence as Paid Media comes with deep insights into the return on investment, as well as insights into market potential prior to making an investment, which is crucial for our decision-making process and long-term strategy planning.
Lastly, after acquiring Atemi, efforts were put into moving many of our CPA contracts to revenue share in our Paid Media business, which has turned out to be a very important investment. The move had a short-term dampening effect throughout 2021, where profitability slowed as we built for the future. We have now created a self-accelerating effect of stable revenue share income, which expectedly will grow larger over time. Consequently, the Paid Media business will have a larger pool of revenue to tap into when investing in advertising – which will continue to accelerate the revenue share “snowball” we are accumulating and grow the margin long-term.
Paid Media delivered strong growth of 94%, and with operations on a global scale, we have invested heavily in specific geographies during Q4, where we foresee that the return on investment will be the highest. Due to the massive topline growth, the Q4 Paid Media margin ended at all-time-high of 23%. The Paid Media performance is another indicator of the strength of having a large “revenue share ball” building up. The main contributors to the all-time-high Paid Media margin were the large pool of revenue share income that continues to fill, and solid CPA income in the US. As the US continues to move towards revenue share, we expect a lower CPA income to be mitigated by a larger revenue share “snow-ball”.
Despite having an extremely successful World Cup in terms of securing many NDCs, the tournament had a short-term dampening effect on the Group as well as the Paid Media margin due to extraordinarily high numbers of NDCs sent on revenue share contracts. Therefore, it is arguably even more impressive that we delivered a 23% Paid Media margin, while reaching our 85 mEUR Group EBITDA target. When we acquired the Atemi Group, the Paid Media business was in its mere infancy, and it now has been raised into its youth. We still have plenty of schooling to do to bring it to maturity – but we are ready for the journey! We will dive more into these developments at our Capital Markets Day on March 23, 2023.
Looking ahead
After the overwhelmingly good start to January, I look forward even more to 2023. January was boosted by the Ohio launch – giving us our best month ever – with revenues of >37 mEUR – implying growth of >40%, despite tough comparisons to the New York launch in January 2022, where we doubled the revenue from 2021. This year will expectedly have fewer large single events than 2022, with the main ones being the summer women’s World Cup in Australia and New Zealand, and the launch of sports betting in Massachusetts. We will continue our growth efforts in LATAM and keep an eye out for new market opportunities. We remain largely unaffected by the macroeconomic environment but will persistently monitor developments. Lastly, we will keep focusing on gearing our business for the future, which – among others – includes investing in a new AdTech platform and moving more US revenue to revenue share contracts – all of which is included in our 2023 guidance. I would like to round off another great year by thanking all my dedicated colleagues and partners – without you we would not be where we are today.
Jesper Søgaard
Co-Founder & CEO
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Infingame presents upgraded Tournaments and Challenges tools to strengthen player retention
The leading game aggregator Infingame has rolled out significant upgrades to its promotional suite, enhancing its existing Tournaments and Challenges tools to give operators more advanced ways to engage and retain players.
Rather than introducing new standalone products, the company has focused on evolving two of its most widely used gamification features – refining their flexibility, performance, and campaign management capabilities in response to operator demand for more retention-driven mechanics.
The update comes as operators increasingly prioritize long-term engagement over acquisition alone, with gamified promotions playing a growing role in maintaining player activity across competitive markets.
Expanding Competitive Gameplay
One of the core promotional tools within the Infingame ecosystem is its proprietary Tournaments tool, designed to turn regular gameplay into competitive experiences that drive player interaction.
Available through an in-game interface optimized for both web and mobile environments, the system enables operators to launch network tournaments aimed at increasing engagement through shared competition and real-time progression.
The upgraded version expands campaign flexibility, allowing operators to customize tournaments using brand-specific banners, player segmentation tools for whitelist participation, and timed promotional mechanics such as Happy Hours.
Operators can choose between five tournament formats — including bet race, win race, multiplier race, highest multiplier, and highest win — enabling campaigns tailored to different player behaviors and promotional goals.
Reward configuration has also been enhanced, supporting both monetary and non-monetary prizes, free spins, optional wagering requirements, and automated payout functionality, reducing operational workload while maintaining campaign flexibility.
By combining competitive mechanics with simplified management, tournaments allow operators to create recurring engagement moments without additional technical integration.
Mission-Based Engagement Through Challenges
Alongside tournaments, Infingame has enhanced its Challenges tool — a mission-based mechanic designed to guide player activity through clear objectives and rewards.
Operators can configure tasks based on gameplay behavior, creating structured engagement journeys that extend beyond traditional bonus campaigns. The updated version introduces improved flexibility and campaign precision, supporting both short-term promotional boosts and ongoing engagement strategies.
Daily and recurring challenges are particularly effective in maintaining consistent player interaction, helping operators sustain activity levels throughout the player lifecycle.
Built Around Operator Feedback
According to Infingame, the upgrades were shaped largely by partner feedback and changing operational priorities within the industry.
“Tournaments and Challenges have already proven their value for our partners, so the goal wasn’t to reinvent them but to make them significantly more powerful and easier to use,” said Jana Filagina, Head of Commercial at Infingame. “Operators today need promotional tools that work continuously in the background, driving engagement, encouraging return visits, and creating meaningful player experiences without adding operational complexity. These updates are about giving them exactly that.”
Fully integrated into Infingame’s aggregation platform, the enhanced promotional tools can be deployed instantly across thousands of games via a single API integration. The company sees the update as part of a broader shift toward unified ecosystems where content, analytics, and engagement mechanics operate together.
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Why Online Poker in 2026 Feels Just Like a Video Game
In 2026, online poker feels less like a casino pastime than you would imagine and more like a digital playground. Modern platforms are deliberately borrowing from video game design: missions, challenges, streaks, avatars, and progression systems that keep players logging back. Quests like “win 5 hands with suited connectors” or “grind 200 hands this week” give structure to what used to be endless shuffling and chasing pots. Players join not only for the chance to win, but to progress, showcase skill, and feel part of a thriving digital community.
Gamification is at the center of this big shift. And experienced providers such as EvenBet Gaming are integrating these features natively: loyalty ladders, player missions, and progression mechanics tied directly to currency and behaviour. It’s plug-and-play gamification baked into the platform.
“Why add gamification to poker when poker is already a game? But even a game can benefit from additional layers of motivation, structure, and feedback — especially in a high-variance environment like poker. Thoughtfully designed gamification enhances how players learn, stay engaged, and come back for more. It helps new players build confidence, gives regulars fresh goals to pursue, and creates a more emotionally rewarding experience for everyone involved.
Across industries, from streaming platforms to grocery apps, gamification has proven its power to drive user behavior and loyalty. But in the context of online poker, its role is particularly nuanced — and potentially game-changing,” says Nikita Golodaev, Business Account Manager at EvenBet Gaming.
Game Mechanics in Modern Poker Platforms
The overlap between online poker and video games is clearest in the mechanics that now drive player engagement. Platforms in 2026 don’t just offer tables and chips — they deliver layered progression systems that look remarkably like those in mainstream titles. The psychology here is rather straightforward: gamification triggers reward circuits with a slew of little rewards and keeps players motivated beyond pure financial outcomes.
Leaderboards and rankings make poker’s innate competitive spirit go through the roof. Same as esports, players compare progress, check each other’s status — and they do it repetitively. Because humans are competitive by nature, and we just want to be the best or at least to keep climbing.
At the core are missions and quests: challenges such as “win 20 hands” turn play into structured goals, and this gives players immediate milestones to chase and also provides constant dopamine boosts for micro-achievements. Add streaks and rotating goals, and players always have a reason to come back tomorrow.
Avatars, emotes, badges — cosmetics in general. They are also signals of achievement and symbols of individuality, just like skins in LoL or Clash Royale. For many players, identity and social signalling matter as much as winning pots.
It’s worth noting that EvenBet’s platform comes with missions, loyalty points, and unlockables built in. Operators can tweak rewards and keep players hooked.
Responsible Gambling as a Game Mechanic
Beyond the fact that responsible gambling is a must, in 2026, it’s also gamified. Since platforms now borrow from video games, instead of boring pop-ups saying “take a break,” poker apps now use timers, cooldowns, or checkpoint vibes. It’s sneaky smart, because now a pause feels like “part of the game” instead of an annoying interruption. The psychological dimension matters, too. Research highlights that guardrails in iGaming reduce tilt spirals, structure playtime, and create a sense of emotional resilience. By making these safeguards part of the gameplay, poker platforms create environments that are as safe as they are immersive.
UX and Immersion: From Tables to Arenas
The digital poker lobby of 2026 doesn’t look like a boring menu anymore. You get avatars, profiles, progress bars, and achievement boards — like the stuff you see on Xbox or Steam. Younger players (for example, Gen Z) get it right away. It looks just like the gaming hubs they know.
Cross-platform design reinforces the immersion — on phone or desktop, it’s like loading a gaming app with seamless access to missions, rewards, and quick-play options. Even multi-table tournaments that used to resemble simple grids now look more like esports brackets: live progress, spectator tools, and community engagement built in.
As a result, the “poker lobby” has evolved into a social arena, closer to Xbox Live than old-school casino software. Players don’t just pick tables. They join an ecosystem, with every session feeding into a longer journey.
Psychology and Emotions at Play
Online poker in 2026 doesn’t just mirror video games in mechanics — it mirrors them in the emotional ride, too. Big wins give a high, bad beats sting, and losing over and over gets frustrating fast. It’s the same rollercoaster gamers know, poker players call it tilt — gamers call it rage quitting. Either way, once emotions override reason, performance folds.
Smart platforms recognise this and design for mental toughness, not just engagement. Resilience is what stops losses from turning into meltdowns. Features such as built-in cooldown reminders, session time limits, or “take a break” prompts mirror mechanics in competitive gaming designed to prevent burnout.
The psychology of poker traditionally underscores the need for discipline and focus. Testimonies of seasoned poker players support that consistent winners build mental frameworks: stress control, sharp focus, the ability to separate bad results from good decisions. Esports players do the same, keeping emotions in check so they can perform for hours.
Success in poker, like in high-level gaming, is about more than raw skill or luck. Luck and skill matter, but what really counts is bouncing back when things go bad and staying disciplined. In this way, poker has evolved into not just a game of cards, but a training ground for emotional and cognitive resilience.
Poker Skill Training Through Challenges
Another way poker platforms are adopting video game DNA is through challenge-based skill training. Just as gamers grind through missions to unlock new abilities, poker players in 2026 are completing structured challenges that sharpen their skills while keeping play engaging.
These modes can take many forms, think “bluff five pots without showdown” or “play 1,000 hands in a week.” These aren’t just for entertainment, such tasks sharpen technical edges, build resilience, and make practice feel like progress. Communities like BluffingMonkeys already push players into self-imposed challenges. Operators just turned that mindset into a sticky product feature — casual missions for newbies, grind challenges for sharks. Everybody gets a lane, nobody feels stuck.
For players, challenges transform practice into progress. Instead of passively logging hands, they’re actively working toward milestones. While operators not only encourage regular play but also create environments where players feel they are always progressing, regardless of short-term results. In short, challenges make poker less about endless grinding and more about structured mastery — a shift that mirrors the very best of modern video game design.
What This Means for Operators in 2026
For operators, the shift toward video game–style poker is more than cosmetic — it’s a strategic pivot. In 2026, success depends on thinking like a game developer: how to balance engagement, fairness, and monetisation in a way that keeps players returning without tipping into fatigue. Too many missions? Users burn out. Too few? They are more likely to churn. Operators need the precision of a game studio: calibrate challenges, tweak rewards, keep grinders and casuals both feeling progression.
EvenBet Gaming, with its vast expertise in iGaming, has just the toolkit. Turnkey integrations in 4–6 weeks, stress-tested for 1,000+ concurrent players. Modular missions, achievements, loyalty systems, all built with AML, KYC, and player protection already in place. These aren’t just add-ons — they form the foundation for sustainable, regulated growth.
An even bigger opportunity lies beyond audience engagement — it’s audience expansion. Gamified poker pulls in seasoned pros and casual gamers who enjoy progression systems, achievements, and social competition. Platforms that get this right now capture a diverse player base while keeping the experience fresh and game-like.
Conclusion
Poker has evolved into an experience that mirrors the look, feel, and psychology of video games. Missions, challenges, community tournaments — it’s all part of the ride. Players want progress, recognition, and belonging, not just money.
Operators will do well to balance thrill with responsibility. Gamification keeps players motivated, thus driving retention, while safeguards protect the platform’s longevity. Poker’s next era isn’t just about cards or winning hands — it’s about creating experiences and designing the game around players.
Andrzej Hyla Chief Commercial Officer at Wazdan
Fisherman’s Luck™ Gains Exciting Gainer™ Mechanic from Wazdan
Wazdan, the prominent gain-oriented developer, has enhanced its slot collection with the deep blue, feature-rich launch Fisherman’s Luck
.
Placed within an engaging oceanic setting, new Gainer
symbols are central to the gameplay, staying active for as many as 10 spins and gathering all Cash and Jackpot amounts beneath them. When combined with Multipliers between 2x and 10x, these aggregated values can be greatly enhanced, boosting the likelihood of positive returns.
Introducing an additional layer to base play, new Cash Out symbols appear solely on the top row next to Gainer
icons. When activated, players receive three respins, during which any Cash or Jackpot symbols that land beneath it become fixed and the respin count resets to three.
Throughout the feature, if Cash or Jackpot symbols occupy all three spots below the Cash Out symbol, a reward equal to their total sum is granted.
Focusing on the Bonus Game, 10 free spins are provided, with Gainer
symbols staying fixed in their positions during play. Gain
Boosters can prolong their duration, while the Gain
to Infinity function ensures they remain functional throughout the entire round, optimizing accumulation chances and maintaining player involvement.
Players lucky enough to land the Grand Jackpot symbol beneath an active Gainer
symbol will receive a 2500x payout, and Wazdan’s well-liked Chance Level
feature makes a comeback, giving players the opportunity to enhance their odds of entering the bonus round.
The newest release from Wazdan, Fisherman’s Luck
, showcases the studio’s skill in creating distinctive mechanics that boost player involvement, enhancing operators’ slot options in regulated markets globally.
Andrzej Hyla, Chief Commercial Officer at Wazdan, said: “Fisherman’s Luck
is a title that reflects how far we have come as a team and how we continue to challenge ourselves to remain an innovative supplier in a highly competitive market.
“The introduction of the Gainer
mechanic and new Cash Out feature shows our commitment to going above and beyond for our partners, delivering mechanics that build momentum and enhance the quality of the user’s experience. It has been a very rewarding process to see this concept evolve, and we are confident Fisherman’s Luck
will make a real impact across our regulated markets.”
The post Fisherman’s Luck™ Gains Exciting Gainer™ Mechanic from Wazdan appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
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