iGaming This Week - 2024 Week 31 - Wednesday Edition

The iGaming industry has seen a mixed bag of results, with Kambi Group reporting a 19% decline in revenue for Q2 2022.

On the other hand, SimplePlay launched a new table game, Thai HiLO, and Playtech debuted its bespoke live casino game, Pig Champions, with Kaizen Gaming. Pragmatic Play also introduced its new slot title, Bow of Artemis.

In the world of mergers and acquisitions, Stakelogic sold to Sega Sammy for €130 million, while Bally's merged with Standard General L.P.

On the regulatory front, the UAE authorized its first licensed lottery, Massachusetts legalized online lottery sales, and Indonesia's Online Gambling Eradication Task Force achieved a significant reduction in online gambling access.

SimplePlay Releases New Table Game: Thai HiLO

SimplePlay has launched a new table game, Thai HiLO, a Thai version of Sic Bo. The game features a dice cup and three dice, allowing players to place chips on various betting options before a countdown ends.

With over 36 bet options, players can choose multiple options to increase their winning chances. The game also features dealers wearing traditional Thai costumes for a more immersive experience. Link here

Playtech Launches Exclusive Live Casino Game "Pig Champions" with Kaizen Gaming

Playtech has launched "Pig Champions", a bespoke live casino game developed exclusively for Kaizen Gaming.

The game is a Money Wheel show format where 3 Pig Champions compete to reach the highest multipliers in 3 bonus rounds, featuring advanced animation and real-time technology.

This marks the first Live Casino bespoke title for Kaizen Gaming, strengthening the strategic partnership between the two companies. Link here

Pragmatic Play Unveils Bow of Artemis, Latest Addition to Greek Gods Slot Series

Pragmatic Play, a leading content supplier to the iGaming industry, has launched Bow of Artemis, a new slot title in its popular Greek Gods series.

The game features an 8x8 grid and a range of special spin features that can be triggered by colored markings on the reels. The game also includes a multi-level bonus game, The Hunt, which offers a maximum win of 10,000x.

Bow of Artemis is the latest addition to Pragmatic Play's growing franchise of Greek mythology-themed games. Link here.

CHINA

AGTech Subsidiary Secures Major Lottery Terminal Deals in China

AGTech Holdings Limited, a leading lottery service provider, has announced that its subsidiary has won tenders to supply lottery terminals to the Sports Lottery Administration Centres in three Chinese provinces: Shaanxi, Zhejiang, and Jiangsu.

This deal solidifies the company's position as a market leader in the lottery hardware sector. The company's revenue for the 15-month period ended March 31 saw a significant increase of 118% year-over-year, driven mainly by growth in electronic payment and lottery services. Link here

UK

Virgin Bet Boosts Sportsbook Experience with Kambi Migration

Kambi Group plc and LiveScore Group have successfully migrated the Virgin Bet sportsbook to the Kambi sportsbook platform, marking the latest collaboration between the two companies.

The migration is expected to unlock the next stage of Virgin Bet's growth trajectory, offering customers a wider range of products and services, including a top-tier sportsbook experience.

The deal builds on the success of Kambi's partnership with LiveScore Group, which has seen the two companies work together to drive growth in target markets, including the UK, Ireland, The Netherlands, and Nigeria. Link here

BRAZIL

Yggdrasil Expands Brazilian Reach with galera.bet Launch

Yggdrasil, a leading iGaming publisher, has launched its content offering with galera.bet in Brazil, marking a significant expansion in the Latin American region.

The partnership provides access to Yggdrasil's portfolio of core games and YGG Masters titles, solidifying Yggdrasil's position as a premier supplier in the Brazilian market. Link here

Live88 Soars into LatAm with Vibra Solutions Distribution Deal

Live88, a new live table game provider, has secured its first distribution deal in Latin America with Vibra Solutions, a platform developer. The partnership will bring Live88's customizable games, including Roulette, Blackjack, and Baccarat, to Vibra's operator partners in Argentina and other LatAm markets, enhancing their offerings and competitiveness in the region. Link here

KENYA

Aviatrix Takes Flight in Kenya with OdiBets

Aviatrix, a revolutionary crash game, has launched in Kenya with popular betting and gaming brand OdiBets. The partnership brings unique features such as customizable planes and NFT ownership, as well as massive network tournaments with a €2.5 million prize pool. Link here

Stakelogic to Be Acquired by Japanese Entertainment Conglomerate Sega Sammy for €130MM

Stakelogic, a Dutch game developer, has agreed to be acquired by Sega Sammy Holdings, a Japanese entertainment conglomerate, for an upfront enterprise value of €130MM, with an earnout payment subject to certain performance measures.

The acquisition will combine Stakelogic's online slot games and live casino studio capabilities with Sega Sammy's global distribution platform, allowing for faster growth and expansion into new markets. Link here

Bally's Enters into Merger Agreement with Standard General L.P.

Bally's Corporation has entered into a definitive merger agreement with affiliates of Standard General L.P. to acquire the company for $18.25 per share, representing a 71% premium to the company's 30-day volume weighted average price prior to the initial proposal.

The merger values Bally's at approximately $4.6 billion in enterprise value, and is expected to close in the first half of 2025, subject to regulatory approvals and other customary closing conditions. Link here

UAE Awards Licence to Operate First Authorized Lottery, Promising Consumer Protection

The General Commercial Gaming Regulatory Authority (GCGRA) has awarded a licence to operate the UAE's first authorised lottery to The Game LLC, a commercial gaming operator.

The UAE Lottery will offer a range of games and will operate under the GCGRA's regulatory framework, which prioritizes transparency, accountability, consumer protection, and responsible gaming practices.

The GCGRA's Chairman and CEO emphasized the importance of a secure and enriched commercial gaming environment in the UAE, with a focus on global best practices in consumer protection and regulatory oversight. Link here

Galaxsys Takes Off in Sweden with Supplier Licence

Galaxsys has secured a supplier licence from Spelinspektionen, allowing it to offer its collection of in-house developed games to Swedish online casino operators.

This marks a significant milestone in the company's expansion strategy, enabling it to bring its games to a new market and demonstrate its commitment to secure, high-quality, and responsible gaming experiences. Link here

Massachusetts Legalizes Online Lottery, Sales Expected to Begin in Late 2025

The Massachusetts state budget has authorized the State Lottery Commission to begin online lottery sales, with plans to launch the platform in approximately 16 months. The move aims to keep pace with competition and reach new audiences, with a minimum age of 21 required for online players.

The revenue generated from online lottery sales will support a grant program for early childhood education and care. Link here

Indonesia's Online Gambling Task Force Achieves 50% Reduction in Access

The Indonesian Online Gambling Eradication Task Force, led by Communication and Informatics Minister Budi Arie Setiadi, has successfully reduced access to online gambling in Indonesia by 50% in its first month of operation. The task force's efforts, which include content moderation, blocking access to gambling content, and promoting digital literacy, have led to a decline in people's deposits on online gambling sites by IDR 34.49 trillion (USD 2.12 billion). Link here

CLSA: Thailand Gaming Market Could Reach US$15 Billion in Annual GGR

According to a new study by CLSA, a legalized Thai casino market could generate annual gross gaming revenues of US$15.1 billion, making it the third largest market globally.

The brokerage predicts that Thailand will attract 39 million annual visitors, with an average expenditure of US$386 per person, similar to Singapore.

With a business-friendly atmosphere, low gaming tax rate, and no table cap, CLSA expects strong return on investment and EBITDA margins of 40% or higher.

The report also notes that Thailand's efforts to improve tourism infrastructure will pay off in the long run, particularly with increased appeal among key tourist markets such as China and India. Link here

International Cooperation and Advanced Technologies Crucial to Combat Illegal Gambling

A recent criminology research report highlights the need for a multi-faceted approach, including international cooperation, advanced technologies, and robust regulatory frameworks to combat illegal gambling.

The study found that illegal gambling poses significant economic and social implications, including consumer protection issues, fraud, organized crime, and regulatory hurdles.

To effectively address these challenges, policymakers are urged to consider the fluid nature of illegal gambling and develop regulations that mitigate associated risks, while regulators must leverage advanced technologies for monitoring, detection, and prosecution. Link here

BetMGM Reports $123m EBITDA Loss Despite $1bn Revenue in H1 2024

BetMGM, a joint venture between Entain and MGM Resorts International, reported a net loss of $123 million in EBITDA for the first half of 2024, despite generating $1 billion in revenue.

The company's revenue grew 6% year-over-year, driven by a 16% increase in online sports betting net gaming revenue per active player. The company's focus on customer acquisition and enhanced player experience initiatives is expected to drive growth in the second half of 2024 and into 2025. Link here

Kambi Group Reports €34.7m in Q2 Revenue, Despite Year-Over-Year Decline

Kambi Group reported a revenue of €34.7 million ($35.2 million) for the second quarter of 2022, a 19% decline year-over-year, but still achieved a strong performance. The revenue was driven by an increase in operator turnover, which rose by 16% when adjusting for the migration of DraftKings.

The company's revenue for the first half of the year was €71.5 million ($72.5 million), with the operating profit (EBIT) reaching €4.9 million ($4.96 million) in Q2 and €12.2 million ($12.3 million) for the first half of the year.

Despite the decline in revenue, Kambi's CEO Kristian Nylén expressed confidence in the company's financial performance, citing the underlying growth and expansion of its partner networks as key factors contributing to the strong results. Link here

Italian Gaming Leader Lottomatica Reports 13.6% Revenue Growth in First Half

Lottomatica, a leading Italian gaming and entertainment company, reported a strong first half of 2024, with group revenue increasing 13.6% year-on-year to €931.8 million. The company's online division saw a significant boost, growing 37% to €338.3 million, following the acquisition of SKS365 in July. As a result, Lottomatica has become the market leader in Italy's online gaming market with a 29.1% share. The company has upgraded its full-year guidance for revenue to €2.03-2.08 billion and adjusted EBITDA to €700-730 million, both above previous guidance. Link here

That's all for this part-one of our iGaming This Week newsletter! We hope you found the updates informative and insightful.

Stay tuned for our part-two issue, where we'll continue to bring you the latest news and trends from iGaming Industry.

If you have any questions or feedback, please don't hesitate to reach out.