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Galaxy Gaming

GALAXY GAMING REPORTS Q1 2024 FINANCIAL RESULTS

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Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced its financial results for the quarter ended March 31, 2024.

Financial Highlights

Q1 2024 vs. Q1 2023

  • Revenue (net) increased 8% to $8,001K, a record
    • Revenue (gross) increased 18% to $9,660K, a record
  • Net income increased 89% to $209K
  • EBITDA increased 7% to $3,009K
    • Adjusted EBITDA increased 3% to $3,171K

Balance Sheet Changes (vs. December 31, 2023)

  • Cash increased 5% to $17,487K
  • Total long-term debt1 (gross) decreased to $58,187K from $58,431K
  • Stockholders’ deficit decreased to $(17,899)K from $(18,243)K

Executive Comments

“The first quarter of 2024 showed continued growth at the top and bottom lines,” said Matt Reback, President and CEO. “Both gross and net revenue were records, and by significant margins.   And our Adjusted EBITDA was just shy of the record achieved in Q2 23, when we had $1.6 million in perpetual license sales as compared to $805 thousand in Q1 24. While sales of perpetual licenses were higher than we had planned in Q1 24, they were lower than last year and we remain principally reliant on recurring license revenue, which was 92% of gross revenue in Q1 24 as compared to 85% in Q1 23.

“In the Core sector of our business, Gross Revenue for the quarter was up $1.0 million (20%) and Net Revenue grew by $225 thousand (+4%). Our distribution of EZ Baccarat®, which commenced in September 2023, accounted for the bulk of the increase in recurring license revenue in our Core sector. Also, our GOS product continues to gain momentum with over 100 installations, and development of GOS 2.0 continues on schedule for release later this year. In our iGaming sector, revenues were up 14% on a gross basis and 16% after netting out royalties.

“We have been hard at work on product development under the leadership of Michael Ratner, and I expect that we will have some interesting product innovation news to announce in the coming months.” concluded Reback. “This has been a principal area of focus for me since I joined Galaxy late last year and I am proud of the momentum our entire product team is gaining.”

We were cash flow positive in the quarter and ended with $17.5 million in cash,” added CFO Harry Hagerty. “Our loan from Fortress Credit Corp. requires our net leverage not to exceed 5.0x at any of the quarter-ends in 2024, and at the end of Q1 we were at 3.8x, comfortably in compliance. It remains our intention to reduce our net leverage by focusing on both EBITDA growth and debt reduction and to pursue sensible refinancing opportunities.

Our Q1 2024 results strongly support the guidance that was given when we released our Q4 2023 earnings. However, we will wait until we have Q2 results in hand and better visibility into the second half of the year before considering whether any changes to guidance would be appropriate. As stated previously, our guidance assumes no impact to our business from the wars in Ukraine and the Middle East, no economic recession or pandemic, and is a Forward-Looking Statement subject to our safe harbor language below. Finally, the forecast is based on currency exchange rates that we experienced in the fourth quarter of last year.”

Galaxy Gaming

Galaxy Gaming Announces Multi-year Contract Extension with Netco Ltd

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Galaxy Gaming has announced a multi-year contract extension with Netco Ltd, owners of the Perfect Pairs side bet intellectual property, renewing Galaxy Gaming’s exclusive global online distribution rights for the popular blackjack and baccarat side bet.

Under the terms of the extended agreement, Galaxy Gaming will continue to offer Perfect Pairs exclusively to online casino operators (B2C) and developers (B2B) worldwide, across Live Dealer and RNG table games. The extension reinforces the long-standing relationship between Galaxy Gaming and Netco and reflects the continued strong performance and player demand for the Perfect Pairs brand in the online gaming market. Galaxy Gaming also distributes Perfect Pairs to land-based casino operators around the world through a separate agreement with Netco.

Perfect Pairs remains one of the most widely recognized and successful blackjack and baccarat side bets in the online gaming market, offering players multiple payouts based on whether their first two cards form a Mixed Pair, Colored Pair, or Perfect Pair. The side bet has achieved broad adoption globally and continues to be a staple offering among online casino operators.

“Perfect Pairs is one of the industry’s most enduring and successful side bets and extending our agreement with Netco underscores the strength of the brand and our shared commitment to its continued growth online. We are thrilled to continue to Deal Excitement by bringing this iconic game to players around the world,” said Matt Reback, President and CEO of Galaxy Gaming.

“By partnering with Galaxy Gaming, Netco aligns our market-leading game with the world’s premier independent licensor of proprietary table games. They are the ideal partner to progress our expansion, given their proven market expertise and established distribution networks. Galaxy has proven to be an exceptional distribution partner for Perfect Pairs through both online and land-based channels. This extension allows us to build on the strong momentum of the brand while ensuring consistent, high-quality deployment across global online platforms,” said John Wicks, CEO of Netco and inventor of Perfect Pairs.

The renewed agreement supports Galaxy Gaming’s broader strategy to expand its proprietary content portfolio across global markets while maintaining strong, long-term relationships with IP owners and content partners.

The post Galaxy Gaming Announces Multi-year Contract Extension with Netco Ltd appeared first on Americas iGaming & Sports Betting News.

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Aristocrat Technologies

Hasbro Strikes New Multi-Year Casino Licensing Partnerships

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Hasbro, a leading games, IP, and toy company, announced a new slate of multi-year licensing partnerships aimed at transforming and expanding its most popular brands across the casino category. After a comprehensive review and market evaluation, Hasbro has selected Aristocrat Technologies, Evolution, Galaxy Gaming, and Bally’s as its newest partners in casino licensing. The new partners join existing licensee Sciplay.

The announcement underscores Hasbro’s “Playing to Win” strategy, revealed in February 2025, which focuses on innovation, partnerships, and bringing beloved brands to life across more formats than ever.

“We’re all about play—and that means meeting our fans wherever they are, from the game table to the casino floor. These visionary new partners have the expertise and imagination to reimagine our brands in bold, exciting ways for adult audiences,” said Claire Hunter Gregson, Director of Gaming Relationships.

Hasbro has a nearly 30-year history of licensing its age-appropriate IP to the gambling sector. With this new lineup of partners, the company is expanding access to entertainment experiences that reimagine its brands for a growing base of adult fans and gamers.

Following is the list of partners:

• Aristocrat Technologies – B2B manufacturer land-based slot machines (MONOPOLY)

• Evolution – B2B developer for online slots and live casino (MONOPOLY, Hasbro Games)

• Galaxy Gaming – B2B developer and manufacturer for casino table games (MONOPOLY, YAHTZEE, BATTLESHIP)

• Bally’s – B2C Online casino operator (MONOPOLY)

With new titles launching in January 2026, adult fans will see some of Hasbro’s beloved brands integrated into new and existing casino formats, including land-based gaming slots, online gaming slots, casino table games, and online casinos.

The post Hasbro Strikes New Multi-Year Casino Licensing Partnerships appeared first on Gaming and Gambling Industry in the Americas.

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Galaxy Gaming

Galaxy Gaming® and IGT PlayDigital Announce Five-Year Licensing Agreement for Table Game Content

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Galaxy Gaming, Inc. announced a licensing arrangement with leading North American global iGaming content and services supplier IGT PlayDigital™. IGT PlayDigital will license Galaxy’s premium table game content for IGT PlayDigital’s online content portfolio under a five-year agreement.

“I’m delighted to bring Galaxy games back to our valued partners at IGT,” said Jason McCulloch, Vice President of iGaming at Galaxy Gaming. “Our products complement each other strategically and given the impressive performance of IGT PlayDigital’s table games, I’m confident that Galaxy Gaming titles will drive further growth and success for both companies.

Under the agreement Galaxy’s popular online brands, including 21+3®, Perfect Pairs®, Buster Blackjack®, Lucky Lucky®, Lucky Ladies® and Caribbean Stud® — will continue to strengthen IGT PlayDigital’s already high-performing online table games portfolio.

“IGT PlayDigital is pleased to enhance our market-leading iGaming content portfolio with popular online table games from Galaxy Gaming,” said Gil Rotem, IGT PlayDigital President. “As evidenced by IGT PlayDigital’s high performing ‘IGT Blackjack’ game, players around the world readily enjoy table games on their PCs and mobile devices and we believe this content expansion will help our customers engage players and differentiate their offerings.”

The post Galaxy Gaming® and IGT PlayDigital Announce Five-Year Licensing Agreement for Table Game Content appeared first on Gaming and Gambling Industry in the Americas.

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