Month: August 2021

  • Olsson to lead unified Play’n GO customer-facing division

    first_img26th July 2018 | By contenteditor Subscribe to the iGaming newsletter Play’n GO chief executive Johan Törnqvist is not looking at making “wholesale changes” at the gaming content provider despite the unification of the sales and account management teams under sales director Magnus Olsson.Törnqvist told iGamingBusiness.com that in seeking to streamline the organisation, bringing the customer-facing divisions under the same umbrella will improve efficiencies.However, when asked whether further promotions or departures were in the pipeline following confirmation of Olsson’s expanded role earlier this week, Törnqvist said: “We’re not rushing into anything here and we aren’t looking to make wholesale changes.“What we’re doing as a company is working well we are just tweaking it so, for now, there are no major changes expected.”The restructure was described by the company as “the first step in a strategy to focus on getting the most out of the customer-facing departments, and to create a globally streamlined sales organisation within the business”.According to Törnqvist, a focus on improving the customer experience is at the heart of the strategic move.“We’re aiming to streamline the organisation and bring sales and account management, our customer-facing departments, closer together for a better client experience,” he said. “This move will bring the knowledge and experience of both sectors together to create a more consistent approach to the way we work.”Olsson (pictured) has considerable experience outside the gaming industry at multinational enterprises such as Hewlett Packard and Juniper Networks.Törnqvist added to iGamingBusiness.com that having such expertise from outside the sector will bring fresh benefits in the future.“Magnus’ experience will undoubtedly be of great benefit to the company,” Törnqvist said. “We can test out and import working business models from other industries, and then use them to enrich our current strategies moving forward.“Magnus comes to us having gained a great deal of experience throughout his career and, in his short time with us, has already shown the qualities that we were looking for in order to move forward in this endeavour.”Olsson added: “Play’n GO is a rapidly growing company and I look forward to driving continued growth and success here.”Earlier this month, iGaming Business went behind the scenes at Play’n GO to find out more about the supplier’s commercial and creative ambitions after the company announced an innovative collaboration with doom metal band Candlemass. Email Address People Topics: Peoplecenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Olsson to lead unified Play’n GO customer-facing division Customer-facing divisions unified, but CEO doesn’t envisage ‘wholesale changes’ Tags: Mobile Online Gamblinglast_img read more

  • Kindred teams up with Scientific Games

    first_img Topics: Tech & innovation Tech & innovation Regions: US New Jersey Tags: Online Gambling Kindred teams up with Scientific Games Kindred Group has agreed a technical partnership with Scientific Games that will grant it “swift access” to the US market, commencing with New Jersey by the end of the year before potentially moving on to other states.The three-year deal, which includes the option for a two-year extension, names Scientific Games’ SG Digital division as Kindred’s US technology partner.Kindred will use SG Digital’s Open Platform System, a player account management platform, and Open Gaming System, a game aggregation technology, to enable a “short time” to market and thereby the ability to serve American customers in the “near future”.The agreement covers the state of New Jersey, where SG Digital already has a licence, but Kindred said that the aim is to expand the partnership to other US states.When asked about Kindred’s timeframe for its New Jersey launch, Manuel Stan, senior vice-president of Kindred US, told iGamingBusiness.com: “The plan is indeed to be ready for launch by the end of the year.”Stan (pictured) added in a statement: “We are delighted to partner with SG Digital in the US, giving us swift access to the market and our coming US customers a truly great gambling experience on a top technology platform.“Kindred has always put the customer at the heart of our operations and ensuring that they can enjoy gambling in a safe, secure and stable environment is crucial for us.”The deal follows Kindred’s recent confirmation of a partnership with Hard Rock Hotel & Casino Atlantic City to pursue a so-called Casino Service Industry Enterprise Licence in New Jersey.Scientific Games launched SG Digital, incorporating the existing portfolio of SG Interactive with those of newly acquired NYX Gaming Group, in February. Subscribe to the iGaming newsletter Email Address Kindred set for New Jersey launch by end of this year 31st August 2018 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

  • Carousel targets new licences for sports betting brands

    first_img Topics: Sports betting Tech & innovation Carousel Group has set out plans to secure licences in the UK, US and Sweden to maximise the market impact of its two new sports betting brands.Founded last year, the iGaming start-up will soon roll out its SportsBetting.com and RaceBook.com brands in countries across Europe and Latin America under a licence awarded by the Malta Gaming Authority.SportsBetting.com will allow consumers to bet on a range of sports from around the world, while RaceBook.com will operate as a dedicated horse racing betting platform.Carousel is keen to expand the reach of the brands to more markets via additional licences in the established UK market, as well as the growing US and Swedish wagering markets.“2018 was a huge year for us as we prepared the business for launch,” Carousel Group founder and chief executive Daniel Graetzer said. “We closed a second capital raise, acquired two strong domain names and ended the year with the acquisition of our technology platform, but now the real fun starts.”To support this launch and expansion strategy, Madrid-based Carousel is seeking to expand to its team, placing adverts for a series of positions across marketing, administration and central services.In addition, the company is recruiting affiliates from around the world to help promote its new brands via the Carousel Group Affiliates programme.Graetzer added: “We’ve assembled a team of highly experienced and competent leaders in our Madrid headquarters and combined with our recent acquisitions we are aiming to deliver a superior customer-driven experience to markets all over the world.” Carousel targets new licences for sports betting brands Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter iGaming start-up Carousel Group has set its sights on securing licences in the UK, US and Sweden after unveiling two its new sports betting brands, SportsBetting.com and RaceBook.com. center_img Subscribe to the iGaming newsletter Tags: Online Gambling 14th January 2019 | By contenteditor Email Addresslast_img read more

  • Paddy Power Betfair rebrands as Flutter Entertainment

    first_img Paddy Power Betfair has completed its rebrand as Flutter Entertainment, after shareholders overwhelmingly backed the name change earlier this month.The name change is effective immediately, with the operator’s shares to now trade as Flutter Entertainment plc under the ticker symbol FLTR on both the London Stock Exchange and Euronext Dublin.Paddy Power Betfair set out plans to rebrand the business upon announcing its financial results for 2018 in March, when it revealed year-on-year revenue growth of 7% to £1.9bn (€2.15bn/$2.41bn).Shareholders in Paddy Power Betfair voted in favour of the name change at the group’s Annual General Meeting, with 99.76% of the total votes cast backing the measure.“I think it’s a great opportunity to better reflect the global nature of our organisation and the diverse set of challenger brands we have operating around the world,” CEO Peter Jackson said.“The fantastic thing is we have great support from some of the people who founded some of the businesses that are part of the new organisation.“While we are changing our name, most things aren’t going to change today. We have a fantastic group of challenger brands operating around the world that enable six million customers to bring entertainment to life.“Our colleagues are looking after those customers in a responsible way to make sure they can enjoy their time with Flutter.”At the time of writing, Flutter is trading at 5,732 pence per share on the London Stock Exchange, up from today’s opening price of 5,572 pence.Image: Jim Makos Paddy Power Betfair rebrands as Flutter Entertainment Strategy 28th May 2019 | By contenteditor Tags: Mobile Online Gambling OTB and Betting Shops Paddy Power Betfair has completed its rebrand as Flutter Entertainment, after shareholders overwhelmingly backed the name change earlier this month.center_img Topics: Strategy Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

  • Global sees path to prosperity despite disastrous 2019

    first_img Email Address 20th February 2020 | By contenteditor Topics: Casino & games Finance Legal & compliance Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Mobile Online Gambling Regions: Europe Baltics Nordics Estonia Finland Sweden Global Gaming has seen revenue slashed and the business incur losses after a tumultuous 2019 that saw the operator lose its Swedish licence, but chief executive Tobias Fagerlund believes the business can turn things around in the long term. Subscribe to the iGaming newsletter Casino & games Global Gaming has seen revenue slashed and the business incur losses after a tumultuous 2019 that saw the operator lose its Swedish licence, but chief executive Tobias Fagerlund (pictured) believes the business can turn things around in the long term.Revenue for the year ended 31 December 2019 amounted to SEK412.1m (£32.6m/€38.9m/$42.0m), a 55.0% year-on-year decline. This came predominantly via Global’s core Ninja Casino brand, which accounted for 91.8% of the total.The Nordic region contributed SEK349.8m of revenue – despite the company’s Swedish shut-down in June 2019 – with a further SEK28.5m coming from the rest of Europe, and SEK33.9m from B2B collaborations. This final figure refers to the Nano Casino brand, launched in partnership with Finnplay’s Viral Interactive in August last year.While the operator did not provide any figures on player activity for Sweden, it highlighted growth in first time depositors from Estonia and Finland, which rose 69.0% to 25,705. Unique depositor numbers also rose, up 105.2% to 36,932.As a result of a significant decline in activity resulting from the Swedish shut-down, revenue-related costs fell sharply, down 47.4% to SEK190.8m, leaving a gross profit of SEK221.3m, down 60.0%.Marketing expenses, cut as part of an efficiency drive, fell 37.9% to SEK182.9m, while personnel expenses rose to SEK95.3m despite the operator significantly reducing its headcount and closing its Swedish technology hub and cutting back its Malta operation.In total, operating expenses were down 16.0% to SEK340.0m, though as a result of the decline in revenue, this saw Global swing to an operating loss of SEK118.7m, compared to a profit of SEK148.6m in 2018.After financial income and income tax, Global posted a net loss of SEK122.0m for the year.This followed a difficult fourth quarter, in which revenue fell 75.9% to SEK57.5m. While revenue-related expenses plummeted to SEK20.5m, and operating expenses to SEK63.6m, the lower revenue base meant that all income was wiped out by cost, resulting in an SEK31.6m net loss for the quarter.Despite this, chief executive Tobias Fagerlund said that the company’s outlook was much brighter than it had been for a number of months.“During the period, our efforts to create the conditions to succeed with our short- and long-term goals have continued unabated,” he explained. “We have completed the technical migration to Finnplay’s platform, fine-tuned a partially new and much smaller organisation, regained control of our costs and – not least – internally anchored, launched and started delivering according to the ambitious road-map that followed this autumn’s extensive strategy work.”Over the year Global failed in a number of appeals against its licence revocation, though in January was offered a glimmer of hope after the Administrative Court of Jönköping granted the operator leave to launch a fresh appeal. This was quickly followed by the Swedish Gaming Authority (Spelinspektionen) rejecting a bid to return Ninja Casino to the market, as a white label site operated by Viral Interactive, however.Despite this, Fagerlund said the operator’s ultimate aim remained clear: “In the long-term, in a few years’ time, our strategic goal is to take back and pass what we lost in 2019.“Our vision, which can be repeated, is to be a truly global player that delivers high-quality products and returns by being responsible, taking data- and knowledge-based decisions and by delivering quality on time.”For the year ahead, however, Global has more modest goals. Key will be to break even, something that Fagerlund believes can be achieved in the first half of 2020, before growing profits going forward.He said that the performance in January – without providing figures – had “lived up to [the company’s] high hopes”, and saw no reason why this should continue going forward. This was due in part to greater control over costs; Global began 2019 with almost SEK210m in marketing commitments, something that was “now history”, with those commitments “of a completely different size” in 2020.The technological overhaul, which saw the operator outsource most operations to Viral, means Global is able to be more adaptable and agile in the year ahead, he continued. The operations in Estonia and Finland are profitable, despite a marginal quarter-on-quarter decline in Q4 sales, which was blamed on a platform migration and the restructuring necessitated by the Swedish shut-down.“Now the organisation is in place and we believe that, despite increased competition, we will consolidate and also strengthen our already large market share in these markets during the year,” Fagerlund said. “Estonia and Finland grew by more than fifty percent in 2019 compared to 2018.”Growth would be aided further by efforts to expand Global’s range of brands and products. While Ninja Casino – “a very strong brand” – would continue to be leveraged in a number of new markets, these roll-outs would be complemented by the addition of a sportsbook.However, this will not be powered by Kambi, under an agreement signed in August 2018. As a result of Global being locked out of Sweden for the foreseeable future, Fagerlund explained, and considering the original agreement had been centred around that market, the decision had been taken to end the partnership.“There is a good bit left for us before we have recovered from the 2019 setbacks and certainly there is much that can go against us,” he said in conclusion. “My most important message now, given the difficult starting position, is that there is a lot that goes well.“We firmly believe that the processes we control ourselves go according to plan and we firmly believe that when we sum up in 2020 in a year, it is something quite different from the year we have now left behind.“We believe in what we do!” Global sees path to prosperity despite disastrous 2019last_img read more

  • A decade of development

    first_img Relax Gaming chairman Patrik Österåker reflects on the changes within content development during the supplier’s first 10 years… AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter A decade of development 26th May 2020 | By Josephine Watson Casino & games Patrik Österåker co-founded Relax Gaming in 2010 and was instrumental to the start of its success story. Together with his business partner Jani Tekoniemi, Patrik formed the foundations of the company, initiating a legacy of technical excellence. Prior to this, Patrik’s extensive experience spans a background in software development in telecoms and a highly successful industry position at iGame Malta as a chief technology officerContent creators must be equally focused on both differentiation and quality if they are to succeed and survive in this most cut-throat of times, according to Patrik Österåker, chairman and co-founder of Relax Gaming.Österåker’s company is among the leading content and aggregation suppliers in the European online gaming sector and this year celebrates 10 years since its foundation. Over the course of the last decade it has established itself as an important partner for major operators such as Leo Vegas, Kindred and Playfortuna, as well as pioneering game studios like Fantasma Games and Big Time Gaming.Relax offers its own content and games from around 35 content partners – with the capacity to absorb many more – and Österåker is adamant that in a more mature market it takes even more for a game to impress decision-makers at aggregation services or B2C operators. The increasingly discerning player also has greater demands of game designers.“We have a market flooded with games,” said Österåker, who launched the company with Jani Tekoniemi in March 2010. “For a studio to make a breakthrough they need to establish quality, but also differentiation.“However, it’s a mistake to focus on one but not the other. You have to take in both. Is the differentiation because the game’s too off-beat or no good? Is the quality of the game high but exactly the same as hundreds of others?“I have seen lots of games over the years, but I am still occasionally wowed. The nature of the business is that there are quite a few misses before you have a hit. When we start working with a partner, we realise that it can take some time before they get the big hits.” Complexity of complianceMuch has changed in the 10 years since Relax Gaming was founded with an initial goal of becoming a leading technical provider of high-quality gaming solutions. Originally envisaged as a technology partner within a sector considered lagging behind many others in terms of innovation, Relax moved towards content creation and aggregation as it became more obvious that this was a growing area of potential which suited its capabilities.“Aggregation is essentially enabling access to games,” said Österåker, whose company has offices in Estonia, Malta, Sweden, Finland and Serbia.“There has been a huge influx of suppliers in the last five years, and even more so in the last two years.“Many of these newcomers hope for direct reach to operators and many now try that with their own platform. However, operators wish to limit the number of partners they have due to the headache of matters such as compliance and invoicing. That drives them towards the aggregator model, with larger companies such as ours being able to offer not only a large number of games but also a comprehensive compliance service across many markets.“Underestimating the challenge of compliance is a clear mistake that can bite operators and studios. Regulation in Europe is becoming more complex, which favours established content providers with the resources to ensure compliance, such as ourselves.”Relax has accomplished much in the years since 2010, but one of its greatest milestones came in 2015 when it built a new poker product from scratch for global gaming giant Kindred. With the stakes so high, it was the kind of project that can make or break a company.“That changed everything for us,” Österåker said. “For eight months it was pretty much the only thing our entire business was working on. We knew that it would be such an important deal for us, that it would completely change how we were viewed by the rest of the industry.“There were times when it was hard. Looking back, you think about the achievement, but for a long time there was so much pressure to succeed and satisfy the client.This built upon what Relax now identifies as one of its core promises – delivering on its promises through technical prowess: “When you complete a high-profile project like that you show that you are able to play with the big boys as a trusted supplier. That achievement made us both more confident and more ambitious.” Casino focusLooking ahead, Österåker sees the continued development of Relax’s casino offering as the most important area of focus, with a view to continue delivering aggregation with scale and sustainability.“We see ourselves as a multi-product house, but casino is where we are scaling up and ramping up game production,” he said. “Operators maybe just have a single supplier for poker and bingo, but there are many more opportunities in casino.“Five years ago, poker was our No.1 focus because that was where our expertise lay. You have to move with the market and make the right decisions.”Speaking of “the right decisions” Österåker is relieved that Relax’s choices over the last 10 years seem to have led it away from those verticals most impacted by the coronavirus pandemic. “We are so far untouched,” he said, although cautioning that no-one yet knows the wider, long-term impact on Relax, its partners and its competitors.He added: “We have an open mind to the future. It might be that we are interested in an IPO or some of the M&A developments that have been so prevalent in the industry in the last decade. However, it’s not something we are actively pursuing, and this is not a time for risk. This is a time to be grateful for the solid base we have established.”center_img Tags: Card Rooms and Poker Online Gambling Email Address Subscribe to the iGaming newsletter Topics: Casino & games Pokerlast_img read more

  • Colorado sportsbook handle hits $25.5m in first month

    first_img Tags: Mobile Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Colorado sportsbook handle hits $25.5m in first month Sports betting Email Address Colorado’s Department of Revenue has revealed that total handle for the state’s first month of legal wagering reached $25.5m.The unaudited figure for May has been revealed ahead of a more comprehensive breakdown of revenue for the month, expected to be released in mid-June.All stakes were placed via mobile, with the state’s brick-and-mortar casinos closed since March 17 as a result of novel coronavirus (Covid-19). Four operators launched on May 1, the first day from which bets could be taken, with six licensees currently active.The four that launched on May 1 – DraftKings, FanDuel, Roar Digital’s betMGM and Rush Street’s BetRivers – have since been joined by Monarch Casino Resort’s BetMonarch app, from 14 May. The Stars Group, via the Fox Bet brand, followed five days later.Read the full story on iGB North America. Regions: US Colorado Topics: Sports betting 4th June 2020 | By contenteditor Subscribe to the iGaming newsletter Colorado’s Department of Revenue has revealed that total handle for the state’s first month of legal wagering reached $25.5m.last_img read more

  • Puerto Rico begins consultation on sports betting regulation

    first_img14th August 2020 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Casino & games Legal & compliance Sports betting Video gaming DFS Horse racing Puerto Rico has taken a step towards launching legal sports betting over a year after legalizing the vertical, beginning a 30-day consultation on sports betting regulations developed in partnership with Gaming Laboratories International (GLI). Regions: LATAM Tags: Fantasy Sports Mobile Online Gambling OTB and Betting Shops Race Track and Racino Video Gaming Email Address Puerto Rico begins consultation on sports betting regulation Puerto Rico has taken a step towards launching legal sports betting over a year after legalizing the vertical, beginning a 30-day consultation on sports betting regulations developed in partnership with Gaming Laboratories International (GLI).The unincorporated US territory’s then-governor Rico Rosselló Nevares ratified legislation in July last year, shortly before he resigned amid a scandal over comments he made on messaging application Telegram to members of his staff.This year has already seen significant changes to the potential regulatory framework for gambling. Jaime Alex Irizarry, gambling director of Puerto Rico’s Tourism Board, resigned in April, before new governor Wanda Vázquez Garced appointed José Balasquide-Córdova and Cristóbal Méndez to oversee the formation of a new, dedicated gambling authority.GLI was then hired to consult on the development of the sports betting regulations in May.The regulations developed with input from GLI include the 7% gross gaming revenue tax on land-based betting, and 12% rate for online wagering. Fantasy contest operators, meanwhile, will be subject to a tax equal to 12% of contest entry fees.In terms of where betting can be offered, betting and fantasy contests may be carried out in casinos, hotels without casinos, inns, racetracks, horse betting agencies, shops, and any other venue the Puerto Rico Gaming Commission sees as viable and secure. Online and mobile betting does not appear to have a land-based tethering requirement.As well as offering betting and fantasy contests on any professional or college sport, players will also be permitted to wager on esports, covering real-time strategy, fighting, first person shooter or electronic sports games.Read the full story on iGB North America. Subscribe to the iGaming newsletter Casino & gameslast_img read more

  • Levelling the playing field

    first_imgIf affiliates do not send a set number of FTDs per month, commission is reduced or stopped for all players previously delivered Joonas Karhu is the chief business officer at online casino comparison site Bojoko.com. He is an expert in regulated online gambling and regularly writes for industry press about a range of topics including responsible gambling, regulation and affiliation.  Of course, the contract will not be one sided and we want to work with operators to ensure that both parties are working to a balanced and fair agreement.  Here are just a few examples of how operators may change their contracts and terms and conditions.  The relationship between operators and affiliates is undoubtedly strained at present, and much of this is due to the one-sided nature of the partnership.  In terms of next steps, myself and Bojoko will begin discussions with our operator partners, and we will also cover any legal fees involved with having the contract written up.  The ultimate goal of the PGAA is to work with operators to create a single contract that is signed between the operator and individual PGAA members.  I would like to think that most operators are willing to work with us, and to ensure that their affiliate partners are fairly compensated for the players they send.  This can include changes to the commercial arrangements agreed between the affiliate and the operator, which can and does make running an affiliate business uncertain and unsustainable.  10th November 2020 | By Robin Harrison To this end, the contract may allow operators to purchase players and future revenue from an affiliate for a one-off fee. It will also require affiliates to meet regulatory guidance from the likes of the UKGC and the ASA.  Additional fees can be introduced and applied, drastically reducing the actual share of revenue the affiliate receives Operator untags, in other words, removes high-value players from affiliate’s account, to avoid paying agreed revenue share We also want to encourage discussions with operators around other areas, such as high roller policies, negative carryover and baseline triggers, to reach agreeable terms outside of the contract.  Subscribe to the iGaming newsletter This situation is not seen in any other B2B industry or sector, and needs to be addressed if the relationship between operators and affiliates is to continue in the future.    It is for this reason that I have established the Professional Gambling Affiliate Association (PGAA), allowing affiliates to come together to fight for contractual stability.  Levelling the playing field I do believe the PGAA is an incredible initiative and will ultimately lead to a better relationship between operators and affiliates, but to achieve that we need support from both parties.  Not only is this unfair but it also makes it impossible for affiliates to reinvest in their businesses and websites and it also puts job security at risk – smaller affiliate business still employ several people.  AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter The result of this is that affiliate income can change at any time, even for players that have been sent and converted and the operator is still earning from.  Topics: Marketing & affiliates Affiliates Marketing Marketing regulation Email Address But this is easy to overcome so long as we ensure that affiliates are given contractual security and receive a fair share of the revenues they help operators generate.  The relationship between online casino operators and affiliates has become incredibly strained in recent years, and much of this is due to unfair contracts and terms and conditions.  Joonas Karhu, chief business officer at Bojoko, talks about why he formed the Professional Gambling Affiliates Association and what we hopes it will achieve Ultimately, this will allow affiliates to continue to invest in their businesses and websites, which in turn will enable them to drive growth both for themselves and their operator partners.  I am calling on affiliates of all sizes to join the association, which they can do here, and for operators to also enter discussions and work with us on this.  Affiliate has 100 depositing players on their account and the operator lowers the revenue share for the affiliate from agreed 50% to 20% Affiliates At present, affiliates are required to enter into contracts or agree to terms and conditions that are only in favour of the operator and subject to change at any time. Tags: Professional Gambling Affiliates Association PGAA Joonas Karhu The PGAA is open to all affiliates, from the largest super affiliates down to sites with just one webmaster, to ensure that all interest are represented.  The contract will set basic standards, such as affiliates being guaranteed a revenue share over an agreed period of time and operators agreeing to not increase fees, that will provide the stability we need and deserve. last_img read more

  • Esports Entertainment reports maiden revenue figures for Q1

    first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 17th November 2020 | By Daniel O’Boyle However, he added that the business would not only take advantage of the rise of esports, but also of the rise of online gambling. “We have achieved many significant milestones since uplisting to the Nasdaq in April,” Johnson said. “The Covid-19 pandemic has absolutely accelerated the rapid growth of esports leading to mainstream broadcasts to national TV audiences on ESPN and Fox.  Esports Entertainment Group reported revenue for the first time, as its acquisition of Argyll Entertainment meant it made $222,392 in revenue for the first quarter of its 2021 financial year, ended 30 September. A further $67,400 in revenue came from Argyll’s own flagship brand SportNation.bet. The business had another white label agreement with RedZone Sports, this site made a $23,609 loss for the period. Esports Entertainment Group chief executive Grant Johnson said the novel coronavirus (Covid-19) pandemic has meant esports have risen significantly in popularity in 2020, which has helped the business grow. A spate of acquisitions for Esports Entertainment Group continued in the start of the 2020-21 fiscal year as the group agreed to acquire B2B software business ggCircuit and esports center operator Helix eSports in October for an estimated $43m (£32.9m/€36.4m). ggCircuit is currently in the process of building a semi-permanent esports arena in South Bend, Indiana and expects to complete the project by the middle of December this year. “These trends helped us set new record audience viewing stats with our partner Allied Esports for the globally recognized Legend Series, just one of many accomplishments during the quarter. We believe the successes achieved this year provide an extremely strong foundation for long-term growth while offering investors a true pure play opportunity in the burgeoning world of global esports.” Finance The business then paid $3.7m in operating expenses, up 428.8%, of which $3.1m came in general and administrative costs, up 358.2%, and $604,118 in sales and marketing, up more than 20-fold. The business made an additional $38,982 from other services. Topics: Esports Finance esports bettingcenter_img This revenue was dwarfed, however, by costs of revenue, which came to $420,075. This resulted in a $197,683 gross loss. Email Address The majority of the group’s revenue came from white label services from Rush Gaming to operate Fansbet’s UK site, after its previous white label provider, Finnplay-owned Viral Interactive, withdrew from offering white label services in regulated markets. This revenue – 25% of Rush’s net profits on the site – came to $139,619. Subscribe to the iGaming newsletter All of the group’s revenues came through the legacy Argyll business, which was acquired in July. Esports Entertainment reports maiden revenue figures for Q1 “We have structured our business to deliver a diversified esports and online gambling company via three key business pillars and believe this multi-tiered approach provides investors broad exposure to two major trends, the rise of competitive gaming and the legalization of online gambling in the US.” Tags: Esports Entertainment Group Esports Entertainment Group also agreed to acquire assets owned by peer-to-peer competitive gaming solutions provider Flip Sports in September and is in the process of acquiring British tournament operator the Esports Gaming League (EGL). This resulted in an operating loss of $3.9m, up 456.5% year-on-year. However, the business made a $2.1m gain through fair market changes in its liabilities to be paid, which resulted in a final loss of $1.8m, down 36.5% from the previous year’s loss.last_img read more