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Esports Entertainment Group CEO Provides Letter to Shareholders
Esports Entertainment Group Inc., a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, provided the following letter to shareholders from the Company’s CEO, Alex Igelman, including an update on its ongoing restructuring plan aimed at driving accelerated growth and increased operational efficiency:
To my fellow shareholders,
Since joining the Company approximately three months ago, I immediately undertook a top-to-bottom review of the entire organization based on where I believe the esports and esports gambling industries are heading, and then tied this into a cohesive vision for the Company. Esports Entertainment already owns several valuable assets that it had previously acquired and, going forward, these assets should serve as the foundation for the Company’s new direction. By concentrating our efforts and streamlining the business, I am extremely confident in our ability to establish a dominant position within this high-growth industry and drive long-term profitability.
Strategic Focus
As a business-to-consumer (B2C) iGaming operator in international markets, operating under our MGA license, we plan to have a renewed focus on esports wagering through new betting content and offerings. Concurrently, the Company is implementing strategies to expand its B2C esports wagering services through its Idefix platform, and we are in the final stages of integrating the Oddin.gg iFrame solution on our platform for esports wagering. Eventually, we plan to offer an “esports-first,” Idefix-based B2B platform for sale and distribution to third parties. Through the Idefix iGaming platform and the MGA-based suite of B2C brands, together with growth opportunities in the B2B platform sector, we anticipate a unique opportunity to bridge the iGaming and esports worlds.
In the US market, we expect to direct our attention toward aggregating and supplying B2B esports solutions and content for the esports and esports gambling industries. The Company also plans to direct significant attention toward bespoke e-simulator tournaments and related e-simulator content. EEG is already well known in the esports community for its highly valuable esports venue management solution through its ggCircuit division, which has an established presence in the US and globally. Among the markets we plan to target, we believe there is a significant near-term opportunity within the education market, where there has been considerable growth across both domestic and international college and university campuses as well as K-12 schools. We also plan to enhance the existing ggCircuit software with unique features that facilitate integration with esports wagering content where it is legally permitted, and incorporate several achievable add-ons to the software, resulting in increased revenue for both clients and the Company.
Operational Efficiency
In addition to our near- and long-term growth strategies, we are divesting or closing non-core business lines to streamline our operations. In January of this year, we completed the sale of our eSports Spanish Gaming license for approximately $1.2 million. On the immediate heels of this transaction, we completed the sale of the Bethard business in February for approximately $1.7 million in cash at closing, and further eliminated debt and liabilities to the Bethard business of approximately $7.5 million. In March, we initiated the liquidation of Argyll Entertainment, an online gambling business in the UK with recurring losses.
We have also reduced headcount from 158 full-time employees at December 31, 2022, to 99 full-time employees, inclusive of planned reductions. As a result, annualized salaries are expected to decline by approximately 36% based on the actions being taken thus far. Although we incurred upfront costs related to the restructuring, over time, these initiatives are expected to lower our operating expenses by over $4.0 million on an annualized basis. In addition, we have pinpointed further opportunities for cost savings.
Balance Sheet Improvement
We have dramatically enhanced our balance sheet. Specifically, we reduced debt and other liabilities by approximately $27.1 million since December 31, 2022. The principal amount of our Senior Convertible Note was reduced by $16.3 million, from $32.2 million at December 31, 2022, to $15.9 million as of March 31, 2023. Other payables to the holder of the Senior Convertible Note were reduced by $2.5 million. Through the sale of the aforementioned Bethard business earlier this year, we eliminated approximately $7.5 million of debt and liabilities. Lastly, we terminated a lease, resulting in a $0.8 million reduction in lease liability. We appreciate the support of our senior lender and are working to convert additional debt to preferred equity, which we believe illustrates their confidence in the long-term outlook for the business.
Management Restructuring
In addition to my own appointment as CEO earlier this year, we recently promoted Michael Villani to interim CFO. Michael brings deep experience in corporate finance and capital markets and has been instrumental in the restructuring of the business and resulting cost reductions. Before joining Esports Entertainment, Michael worked as a Director in the Deal Advisory practice of KPMG supporting clients with technical accounting, buy-side and sell-side transactions, initial public offerings and SEC reporting. He also served as the Chief Financial Officer of a Geneva-based hedge fund and held other senior accounting roles at a number of public companies. Moreover, we eliminated non-core, senior leadership positions that were not aligned with the future direction of the Company.
Summary
The esports betting landscape today lacks uniformity and is often either a by-product of traditional sports betting, or something that conventional US bookmakers struggle to comprehend and integrate seamlessly into their platforms. Esports Entertainment has extremely valuable and differentiated assets, which we believe will be key to the future of this industry. We are executing on our vision with a specific focus on esports betting solutions and esports e-simulator content, targeting both the B2B and B2C markets.
I strongly believe that our achievements over a short three-month span are truly noteworthy. However, this is merely the starting point of our journey. Our team now comprises seasoned gambling executives, former regulators, and video game industry professionals, all of whom are committed to realizing this vision. We are also diversifying our sources of revenue to create a more resilient and sustainable business model. With the right leadership, direction and financial discipline, I am extremely confident we can establish Esports Entertainment as a leader in this rapidly emerging market, while unlocking value for shareholders.
We truly appreciate the support of our shareholders and look forward to providing further updates on our progress in the weeks and months ahead.
Alex Igelman
Chief Executive Officer
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Genting Casino Launches the £20k Spin Leaderboard Challenge with VIP finale at Resorts World Birmingham
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Premium online casino brand Genting Casino has announced the launch of its headline £20k Spin Leaderboard Challenge, an exciting promotion offering players the chance to spin for £20,000 grand prize in a roulette showdown at Resorts World Birmingham in December.
Live now until 17 November 2025, this exclusive multi-channel promotion gives eligible UK online casino customers the opportunity to get free spins on deposit, compete in a leaderboard by playing selected games, and secure a place in a live-filmed casino tournament, culminating in a single spin worth £20,000.
Players can opt in by making a deposit of £10 or more at Genting Casino using the bonus code WIN20K, which grants 150 free spins on Big Bass Splash, 10 leaderboard points and a shot at climbing the top 50.
The top five players on the leaderboard will be invited to Resorts World Birmingham for a VIP experience including an overnight stay on the 13th December, up to £150 travel reimbursement and entry into a high-stakes live roulette tournament. The overall tournament winner will claim the Grand Prize Spin which could be worth £20,000.
Those finishing between 6th and 50th place on the leaderboard will receive 100 free spins on Fishin’ Frenzy The Big Catch 2.
Mike Vella from Genting Casino said: “We’re thrilled to offer our unique £20k spin promotion to online customers again, culminating in our unique live finale. The campaign brings players from screen to casino floor in a spectacular fashion and is part of our commitment to capitalise on the exclusive journey we can offer our online customers thanks to our partners at Resorts World Birmingham.”
Leaderboard points are earned playing Online Slot Games and selected Live Tables. Double points are available on specific games on certain weeks with eligible titles including Genting Live Roulette from Manchester, Lucky Lady’s Charm Deluxe and Fishin Frenzy The Big Splash.
The final five players will participate in a filmed, bracket-style live roulette tournament at Resorts World Birmingham, with one last spin deciding who walks away with the life-changing top prize.
Winners will be contacted on 19 November 2025, and the live tournament date will be on 13 December 2025.
This is another example of Genting Casino offering customers a chance to play their favourite online games in order to climb the leaderboard to win prizes from cash following on from previous promotions which offered winners experiences including trips to see some of the world’s most prestigious sporting events.
Genting Casino offer a premium online experience with over 7,000 casino games ranging from the classic casino table games including live roulette, blackjack and a catalogue of online slots and instant win games from leading studios and providers, including favourites like Starburst, Fishin’ Frenzy and Book of Dead, all within a safe and secure gaming environment.
The post Genting Casino Launches the £20k Spin Leaderboard Challenge with VIP finale at Resorts World Birmingham appeared first on European Gaming Industry News.
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Xtremepush, a market leader of CRM and gamification powered by AI, has announced today that it has received €12m in new funding from its long-term investment partner, AshGrove Capital.
The European capital solutions provider, which specialises in B2B software companies, has issued a flexible debt facility to Xtremepush, which will allow a scaling up of its ambitious growth and acquisition strategies. In addition, it will cement Xtremepush’s market-leading position as a unified CRM and gamification software platform while also advancing its footprint in regulated verticals such as financial services, e-commerce, and publishing.
Xtremepush’s next growth phase, set to be expedited by this latest funding, will see it scale up its operations in multiple regulated markets. This will allow Xtremepush, with Ashgrove’s support, to continue its investment in industry leading R&D, explore new opportunities in other verticals, expand its global market footprint, and power its acquisition strategy complementary to its existing model. The CRM experts hold a five-year investment relationship with AshGrove Capital and this funding round gives a strong approval of the trajectory of the Dublin-based firm, which also has private equity relationships with tech-focused Grafton Capital and Bettor Capital.
Tommy Kearns, CEO and co-founder at Xtremepush, said of the latest funding: “AshGrove Capital has been a hugely supportive partner over the last five years and this latest financing commitment will help us realise our ambitious growth strategy and will accelerate our acquisition plans in the very near future.
“Xtremepush has gone from strength to strength as a CRM and gamification leader in a short space of time, and this backing makes it a truly exciting time to push on following such a major vote of confidence in our technology, leadership, and business direction.”
Jonathon Ferguson, Co-Founder and Partner of AshGrove Capital, added: “Xtremepush are one of very few innovators in the CRM space, consistently raising the bar and demonstrating value to its partners, who inevitably continue their relationship for the long haul”.
“This latest investment is testament to our belief in their ambitious growth strategy, strong leadership, and robust organisation – one that empowers regulated businesses to deliver compliant, tailored communications at scale. With this new commitment, we’re ready to facilitate the next step of the Xtremepush journey and help the firm scale to become a leader in CRM across various regulated sectors.“
The post Xtremepush Confirms €12m Financing by AshGrove Capital appeared first on European Gaming Industry News.
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Galaxsys is proud to announce that Maestro, its flagship crash game, has reached new milestones in player engagement and popularity. With over 500,000 active players and more than 30 million rounds played each month, Maestro continues to deliver an unparalleled gaming experience.
About the Game
In Maestro, players place bets before the round starts and watch as the parrot begins to fly, while the odds steadily climb. Players win with the corresponding odds if they click the “Cashout” button before the crash—the sudden stop—occurs. Maestro features dynamic animations and fascinating bonuses, making every round visually engaging and emotionally thrilling for players.
Key Performance Highlights
- 500,000+ active players – Demonstrating the game’s strong global appeal and consistent player engagement.
- 30 million rounds played per month – Highlighting the game’s high activity levels and replay value.
- $5+ average bet size – Reflecting players’ confidence and willingness to invest in the game.
- 75% player return rate – A testament to Maestro’s engaging mechanics and player satisfaction.
- Available in 10+ regulated markets – Ensuring safe and compliant gaming experiences for a wide audience.
- Offered by 1,500+ operators worldwide – Proving Maestro’s strong adoption and popularity within the operator community.
Teni Grigoryan, Chief Sales and Partner Management Officer at Galaxsys, commented on the game’s success and growth opportunities: “Maestro has been performing exceptionally well across multiple regions. We’re seeing strong engagement from players and consistently high activity levels, which reflects both the game’s mechanics and its universal appeal. Operators across different markets have reported excellent retention and repeat play, making Maestro a reliable and profitable addition to their portfolios.”
Operators can seamlessly integrate Maestro, along with other top-performing industry titles, through a single integration.
The post Galaxsys’ Maestro Tops Crash Game Charts with 500,000+ Players Worldwide appeared first on European Gaming Industry News.
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