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Spotlight on Golden Matrix’s (GMGI) Raffle Engines: RKings & Classics for a Cause

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Golden Matrix Group, Inc. (NASDAQ: GMGI), a diversified global gaming and entertainment group, is increasingly gaining recognition for more than just its flagship sportsbook and casino brand, Meridianbet.
The company’s raffle business units—RKings Competitions in the UK & Ireland, and Classics for a Cause in Australia—are also becoming pivotal contributors to GMGI’s bottom line, brand equity, and strategic market diversification.
GMGI operates six integrated entities across sportsbook, iGaming, white-label B2B platforms, proprietary game development, and raffle-based models. This diversification enhances margin efficiency while reducing regulatory concentration risk.
RKings: A Scalable UK Raffle Engine with Premium Prizes
Founded in 2018 and fully acquired by GMGI in 2022, RKings Competitions offers players across the UK and Northern Ireland the chance to win high-end cars, houses, and life-changing cash prizes via online draws. With affordable entry points and massive prize pools, RKings has built a loyal audience of raffle participants.
FY2024 Performance Highlights:
  • Revenue: $28 million (up 24% YoY from $23M)
  • Tickets Sold: Over 11 million, up from 10.5M in FY23
  • Prizes Awarded: $22 million across hundreds of campaigns
  • Gross Profit: $6 million (up from $5.6M FY23)
Q1 2025 Update:
  • Revenue rose to $6.89 million, up 3% YoY
  • Continued strong user engagement and new prize categories are maintaining momentum
RKings operates with outstanding CAC efficiency, averaging around $2 per customer, showcasing exceptional scalability and marketing ROI.
Classics for a Cause: Australia’s Subscription-Based Charity Raffle Model
Classics for a Cause is Australia’s standout discount raffle platform, combining philanthropy with high-engagement entertainment. The brand partners with reputable charities to raffle off iconic classic cars, channeling proceeds into social causes while delivering premium value to participants.
Post-Acquisition Growth (acquired in mid-Q3 FY24):
  • Surpassed 10,000 VIP members
  • Over 2 million orders, with exponential momentum in 2025
  • Team doubled in size, and a new platform was launched to enhance UX and retention
Q1 2025 Financials:
  • Revenue: $2.3 million
  • EBITDA: $466K, thanks to a lean, high-margin model and effective customer loyalty mechanics
This B2C subscription raffle model has proven to be both profitable and mission-driven, making it a rare dual-impact business in the gaming sector.
The Bigger Picture: Raffles as a Strategic Growth Lever
Globally, raffle-based business models are tapping into two megatrends:
  • Subscription monetization (predictable, recurring revenue)
  • Affordable luxury experiences (lottery mechanics for Gen Z and Millennials)
Platforms like RKings and Classics sit at the intersection of entertainment, aspiration, and accessibility, using digital-first platforms to generate massive engagement and repeat purchasing behavior.
GMGI: A Diversified Gaming Tech Company with a Lean & Scalable Model
GMGI is structured into six synergistic operating divisions:
Meridianbet – Online and retail sportsbook/casino in Europe, Africa, LATAM
RKings  – Online raffle platform with premium prizes (UK, Ireland)
Classics – Classic car raffles tied to charities (Australia)
GMAG – Casino white-label platform & aggregator (Asia B2B)
Expanse – Proprietary iGaming content studio (slots, crash, table games)
Mexplay – Online casino and betting (Mexico)
According to the latest company data:
  • Raffle businesses account for 26% of GMGI’s total revenue
  • Meridianbet contributes 65%
  • Aggregators & content B2B contribute the remaining 9%
GMGI operates under a lean, tech-driven structure with four core pillars:
  • Expansion into high-margin markets
  • Technology built in-house (including Expanse Studios)
  • Efficiency through low overhead and smart acquisitions
  • Capital discipline to balance growth and profitability

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Atlaslive Analysis: European Gambling Market Enters €123.4 Billion Digital-First Era

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Atlaslive, a premier iGaming platform provider, today released a comprehensive analysis of the European gambling market transformation, revealing that the industry’s €123.4 billion revenue base is undergoing unprecedented digital evolution. The analysis, based on latest market intelligence from European Gaming & Betting Association in partnership with H2 Gambling Capital, identifies mobile gaming as the dominant force reshaping player engagement across the continent.

Mobile Revolution Drives Market Transformation

Atlaslive’s analysis reveals that mobile devices now generate 58% of Europe’s online gambling revenue in 2024, with projections indicating this figure will surge to 67% by 2029. This mobile-first transformation represents a fundamental shift in how operators must approach platform development and player acquisition strategies.

“The data unequivocally demonstrates that the future of European gambling is mobile-first,” said Anastasiia Poltavets, CMO at Atlaslive. “Operators who fail to prioritize mobile optimization and user experience will find themselves increasingly marginalized in a market where player expectations have fundamentally evolved.”

Online Gambling Accelerates Toward 45% Market Share

The analysis identifies online gambling as the clear growth engine of the European market, with digital channels expected to command 45% of total gambling revenue by 2029, up from 39% in 2024. This €66.8 billion online market projection represents a 6.9% compound annual growth rate, significantly outpacing the 1.8% growth expected in land-based gambling.

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Key growth drivers identified by Atlaslive include:

  • Casino games leading digital adoption: €21.5 billion in 2024, growing to €30.8 billion by 2029
  • Sports betting momentum: €13.7 billion online revenue with 6.9% annual growth trajectory
  • Lottery digital transformation: Strongest growth potential at 7.7% annually, reaching €10.4 billion by 2029

Geographic Disparities Signal Untapped Opportunities

Country-by-country analysis reveals significant market maturity variations across Europe, presenting strategic opportunities for technology providers and operators.

Digital Leaders:

  • Sweden: 68.3% online share
  • Finland and Denmark: Both at 68.1% online share
  • Strong mobile adoption and regulatory frameworks driving digital-first engagement

Growth Markets:

  • Italy: Europe’s largest market at €21.0 billion with only 21.7% online penetration
  • Germany: €14.4 billion market with 22.6% online share indicating substantial digital expansion potential
  • France: €14.0 billion market with significant room for online growth

Strategic Implications for Industry Stakeholders

The Atlaslive analysis identifies several critical success factors for market participants:

For Operators:

  • Mobile-native platform architecture becomes non-negotiable
  • Omnichannel integration essential for capturing cross-platform player value
  • Geographic expansion strategies should prioritize markets with low online penetration

For Technology Providers:

  • Platform scalability must accommodate sustained high-growth environments
  • Cross-jurisdictional compliance capabilities increasingly valuable
  • Mobile-first development methodologies essential for competitive positioning

Market Resilience Demonstrates Industry Maturity

Despite digital transformation, analysis confirms the continued relevance of land-based gambling, which maintains €75.5 billion in 2024 revenue and projects steady 1.8% annual growth. This dual-track evolution demonstrates industry maturity and the enduring appeal of gambling experiences.

“The European gambling market is demonstrating remarkable sophistication in its evolution,” added Anastasiia Poltavets. “Rather than simple digital displacement, we’re witnessing the emergence of a truly integrated ecosystem where online and land-based channels complement and enhance each other.”

To explore the full report, regional breakdowns, and strategic insights for 2025 and beyond, visit: https://atlaslive.tech/blog/the-european-gambling-revolution-euro1234-billion-market-transforms-in-the-digital-age.

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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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Clarion to introduce ICE Research Institute to industry opinion-formers as part of AI presentation at Gaming In Spain conference

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A senior Clarion Gaming team led by Director of Industry Insight and Engagement, Ewa Bakun has been invited to speak at the Gaming in Spain conference, organised by Willem van Oort and taking place in Madrid on 26 June.

The presentation which will also see contributions from Clarion Gaming’s Liliana Costa, has the working title AI on ICE – cooperating with the Spanish and global research institutions to understand the impacts of Artificial Intelligence in the sector.

Looking ahead to the event Ewa Bakun said: “The invitation to speak at Gaming In Spain provides a perfect environment to officially introduce the ICE Research Institute  which as part of its remit is funding academic exploration of  AI ethics and applications in the gambling sector.

“As part of the relocation of ICE from London to Barcelona, Clarion Gaming together with Fira Barcelona have agreed a programme of collaboration with the objective of building a legacy which goes beyond the very significant economic impact of staging the world’s biggest gambling technology show in the city.

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“An annual investment fund has been allocated with the ICE Research Institute (IRI) offering grants to scientific and academic institutions to fund research on prevention and sustainability.

“The IRI is investing in research that generates hard data and provides a robust scientific base to inform decision making. Working closely with institutional stakeholders both in Spain and on the international stage the ICE Research Institute will promote cross-border scientific cooperation to ensure the ethical adoption of AI in the gambling industry.”

Gaming in Spain founder Willem van Oort, creator of the successful Gaming in Holland and Gaming in Germany communities said: “Gaming In Spain provides essential business intelligence on the Spanish iGaming market and I am delighted to be able to include Ewa and colleagues from Clarion Gaming to provide an update on the work that’s being undertaken by the ICE Research Institute.

“The vision is to foster closer cooperation between research institutions and the industry resulting in evidence-based decisions and debates. The ethical adoption of AI in gambling is arguably one of the most contentious and topical debates impacting the industry and I am looking forward to learn more about the pioneering work being supported by the ICE Research Institute as part of the ICE Legacy Project.”

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96% of SPFL players know where to find support for gambling issues after EPIC and William Hill sessions

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A survey of SPFL players that attended the competition’s new gambling harm prevention education programme has shown that 96% of players are now confident that they know where to seek support if they are worried about their gambling behaviour, thanks to the knowledge provided to them as part of William Hill’s first season as title sponsors.

With the intention of ensuring that players and staff across all four divisions understand the importance of safer gambling, the programme has reached nearly 800 players and a further 160 staff members, as 37 clubs hosted talks during the 2024/25 season from two former professional footballers with their own past issues of gambling-related harm to share.

The two ex-pros – former Wales U21 and Wrexham striker Marc Williams and Scotland-capped former Liverpool defender Dominic Matteo – were seconded to clubs by EPIC Global Solutions; leaders in gambling harm prevention whose client base includes all 72 EFL clubs, MLB teams and the vast NCAA college sports network.

As a result of the sessions, alongside virtually every player now knowing where to seek support if they are worried about their gambling behaviour, 93% confirmed they now have a good or excellent level of awareness of professional athletes’ vulnerability to harmful gambling – an increase from 70% having that level of knowledge before the session.

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The same post-session figure – 93% – also believed they had a good or excellent level of awareness around gambling and professional integrity, which rose from 74% before the session.

Neil Doncaster, SPFL group chief executive, said: “These figures show the real impact that EPIC’s gambling harm awareness programme has had with SPFL clubs and its players, which is great to see.

“We’ve had extremely positive feedback from our members on how informative the sessions have been and it’s excellent it has reached so many players and staff members across our game in its first season.

“We’re proud to continue to support this partnership alongside William Hill and look forward to seeing it develop further in the seasons ahead.”

Among the players to take part in the series of talks was Hibernian’s Kieron Bowie, who made his Scotland debut in Monday’s 4-0 win over Liechtenstein. Speaking after hearing how Marc Williams’ professional career was affected by issues with problem gambling, he admitted:

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“In this industry, obviously you have a lot of free time; you’re in hotels overnight or you’re away on international duty and you’re left to your own devices, doing whatever on your phone. It’s easy to get roped into that, especially in this environment where there’s a lot of gambling, like cards on the buses and all that sort of stuff, so it’s easily done.  

“I think seeing what he went through just reassures that that’s not the path you want to go down.”

The education programme will continue for a second season in 2025/26, with a focus on extending the audience to include SPFL clubs’ academies and women’s squads, as well as engaging with community trusts and supporter groups to ensure the message is also accessible to fans of all 42 clubs.

Per Widerstrom, CEO of evoke, the parent group of William Hill, said: “The education programme is a fundamental element of our sponsorship. It’s really important that we balance the passion of players and fans with gambling responsibly, and I am delighted to see such good progress made during our first year of sponsorship. 

“We now look forward to next season and extending the programme to academies, women’s squads and supporters”

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