Month: February 2022

The company had already proposed Christopher Bell’s appointment as non-executive chair of the board in January, along with his appointment as well as an independent director. Bell previously spent 20 years working for Hilton Group and Ladbrokes, and non-executive roles with several companies, including Rank and Game Group.

Aidan de Brunner, a former executive director at Morgan Stanley and partner at Arrowglass Capital, has also been named as an independent director, while Antonio Moya-Angeler has been appointed as qualifying shareholder director. A qualifying shareholder director is appointed by an investor holding at least 20% of the business’ shares.

Moya-Angler spent over 15 years at private equity giant Advent International in Mexico, Colombia, Brazil and France, where he was managing director, and served on its investment committee for Latin America.

Grupo Codere CEO Vincente Di Loreto will join the board as corporate director, having retained the position throughout its restructuring.

The four remaining members of the board are Laurence Biver, Isabelle Lambert, Mathieu Kakal and Sandra Egan. serving as directors.

The new board will collaborate with Neuvo Codere’s management team to meet a number of objectives, including bringing the business back to pre-Covid 19 pandemic levels and focusing on expansion opportunities. In particular, it said, the business sees significant opportunities in Spain, Mexico and online, and continues to work on the development of an omnichannel technology platform and strategy.

“I believe that Nueva Codere has a promising future,” Bell said. “The capacity and experience of the management team, together with the talent of the directors who accompany me, make me very optimistic about the new phase the company is starting.”

Codere was taken over by creditors in November 2021, as part of a restructuring deal struck in April that year.

The deal will see Inspired gain access to GAN’s operator network across multiple US states.

“Multiple top igaming operators in the US use GAN’s platform, and we are excited to collaborate with the GAN team,” said Brooks Pierce, president and chief operating officer of Inspired. “We are in the early innings of rollout in the US digital gaming industry and having GAN as a platform partner broadens our market access.”

“Demand for our content remains strong and we are looking forward to ramping our online slot portfolio and distribution.”

The move marks Inspired’s expansion into other sectors as it diversifies its product range and customer base. In October it launched its latest ilottery with Loto-Québec, seeing the platform launch on their online gaming website and the Loto-Québec app.

“Inspired’s games have had strong performance in the US, and we are excited to include their proven popular content in the GAN library,” said Dermot Smurfit, chief executive officer of GAN.

“Our Super RGS system has the potential to work with any US operator including non-platform clients and we are delighted to release Inspired content to other igaming states and customers on the roadmap in 2022 and beyond.”

Earlier this month, Inspired furthered its expansion into the lottery vertical through its acquisition of Sportech Lotteries.

The deal will see Kambi continue to provide Kindred with its sportsbook technology until the end of 2026. Kambi will receive baseline revenue of €55m from 2024-2026.

Over this period, Kindred will look to reduce its reliance on its former subsidiary by developing a proprietary solution.

Kindred, which also recorded a year-on-year revenue increase for 2021, will focus on revamping its horse racing betting product Kindred Racing Platform (KRP) into a complete in-house sportsbook solution.

“As we increase our footprint across Europe, North America and Australia, and expand our revenue from locally regulated markets, we are taking a close look at how our product suite is set up,” Kindred CEO Henrik Tjärnström explained.

“Our award-winning Kindred Racing Platform, developed over the past eight years, is consistently performing above expectations, and has seen significant above market growth since it was launched. We are excited to have taken this step and to develop it into a full sportsbook, while also securing a continued collaboration with our long-term and valued partner Kambi for the coming five years.”

Kindred co-founder Anders Ström, current owner of investment firm Veralda Group, recently increased his stake in Kambi to 19.6%.

Kristian Nylén, CEO and co-founder of Kambi, added: “Kambi and Kindred continue to enjoy a fantastic relationship and I’m delighted this agreement sees both parties to commit until 2026.

“Kambi prides itself on being the key enabler for visionary operators in regulated markets across the world, and we look forward to supporting Kindred with our modularised sportsbook technology and services over the next five years.”

Total operating revenue for the 12 months through to 31 January amounted to €1.07bn (£900.0m/$1.22bn), up 90.6% from €561.1m in the previous year.

Evolution said the main reason behind this growth was increased commission income from both new and existing clients. Live casino revenue up 54.5% year-on-year to €839.2m and random number generator (RNG) revenue rocketing 1,189.3% to €229.5m, the latter being as a result of its acquisition of NetEnt in December 2020.

In terms of geographical performance, rest of Europe revenue amounted to €416.9m in 2021, while Asia revenue reached €286.4m and North America €114.5m. Revenue in the UK was €81.3m and the Nordics €73.2m, while other regions contributed €96.2m.

Evolution also noted a series of major milestones for the business in 2021, many of which helped expand its North American business. These included launching live casino games to the Canadian Bank Note Company (CBN) and Alberta Gaming, Liquor & Cannabis (AGLC) for their lottery operations, entering a US gaming distribution partnership with Betway, and launching a dedicated live online casino studio in New Jersey for Penn Interactive.

Elsewhere and Evolution agreed to acquire spinning gaming wheels developer DigiWheel for €1.0m, entered the regulated Dutch market in partnership with operator Janshen-Hahnraths Group, and its Ezugi live dealer gaming supplier secured licence in Great Britain.

“We exit 2021 with over 1,000 live tables, an increase of over 300 tables during the year, the largest increase in a single year,” Evolution’s chief executive Martin Carlesund said. “This dramatic expansion would have been an accomplishment under normal circumstances but taking into account the challenges posed by the pandemic, I am very proud.”

Looking at costs for the full year and operating expenses jumped 58.7% to €414.8m, leaving an operating profit of €654.0m, up 118.2% year-on-year, while earnings before interest, tax, depreciation and amortisation (EBITDA) hiked 121.2% to €734.7m.

Financial costs amounted to €6.5m, which resulted in a pre-tax profit of €647.5m, a rise of 116.9% from €298.7m in 2020. After taking off the €42.1m Evolution paid in income tax, the supplier ended the year with a net profit of €605.4m, up 112.7% year-on-year.

Turning to the fourth quarter and revenue for the three months to December 31 amounted to €300.2m, a rise of 155.1% on the previous year and a quarterly record for Evolution. Live casino revenue climbed 48.6% to €237.4m and RNG revenue 253.4% to €62.9m.

Operating costs widened by 24.7% to €115.7m, but this did not stop EBITDA rocketing by 115.1% to a record €206.9m.

Financial costs were €292,000, resulting in a pre-tax profit of €184.2m, up 119.3% year-on-year, while after taking away the €12.7m paid in tax, net profit at the end of Q4 totalled €171.6m, an increase of 112.9% on 2020. 

“To sum up the last quarter of another intense year – we continue to move full speed ahead,” Carlesund said. “This week’s 2022 product roadmap announcement set the tone for what will be an exciting product year where we will continue our relentless focus to take the player experience to the next level and increase the gap to competitors. 

“Finally, looking back at 2021, a year where several important milestones have been accomplished, I want to take this opportunity to thank and acknowledge the commitment and impressive work from all Evolution employees, who continue to strive to make Evolution just a little bit better, every day. 

“It is an amazing global team and I look forward to an exciting 2022.”

The amount donated in the nine months to 31 December was 255.6% more than the £4.5m pledged in the same period last year, though the previous year was hampered by the novel coronavirus (Covid-19), meaning operators did not donate as much as usual.

Bet365 remained the leading donator with a total of £4.2m sent to GambleAware, though all of this was sent during the first two quarters, with no further funds added in Q3.

Entain doubled the £2.0m it pledged in the first half, bringing the total amount donated to the charity in the nine-month period to £4.0m.

The only other operator to donate a seven-figure sum to GambleAware was William Hill, though the £1.0m pledged to the charity was all recorded in the first half of the year.

The three operators, alongside Flutter pledged to donate a total of £100m to improving treatment services for problem gamblers by the end of 2023. Flutter is yet to donate any funds so far in the current fiscal year.

Other notable donations included £93,715 from Petfre Gibraltar, £92,000 from Unibet and £80,000 from TSG Interactive Services. Betway donated £60,000, while Playtech Software committed £51,768 and both Videoslots and Zecure Gaming £50,000.

Star Racing made two separate donations of £20,720 and £26,069, while White Hat Gaming pledged a total of £47,230 in the period.

Currently, under guidance by the Great Britain Gambling Commission to deliver the National Strategy to Reduce Gambling Harms, GambleAware asks all businesses that profit from gambling in Britain to make a minimum annual donation of 0.1% of gross gambling yield to the charity.

All funds donated go towards activity delivered against the charity’s main commissioning objectives, and is supportive of a collaborative, whole-system approach to the prevention of gambling harms.

“GambleAware’s vision is for a society safe from gambling harms,” GambleAware said. “To achieve this, the charity is currently delivery more than 40 workstreams of work against each commissioning objective. 

“This activity includes services and programmes of work, including the National Gambling Treatment Service, Annual Treatment and Support Survey and Gambling Education Hubs.”

With more than 20 years’ experience as a legal practitioner working in private practice and specialising in contentious matters, Giles is experienced in regulatory investigations, matters of reputational risk and inquiries.

She previously served as chair of the board of governors for the Centennial Parklands Foundation, Greyhound Racing NSW and the Association for Women in Insurance among others.

BetMakers chairman, Nick Chan, said: “We are delighted to welcome Rebekah to the company’s board. Rebekah’s experience in complex regulatory matters and her distinguished career in Australian and international legal circles makes her appointment an excellent addition to BetMakers at an important time in the company’s global growth strategy”

Giles has worked across non-executive directorships in government, sport and private enterprise. This includes industry experience in racing, wherein she worked closely with a number of cup winners.

Giles commented, “I am thrilled to be joining the board of BetMakers. The company has achieved significant growth in recent years to become a leading player in the B2B wagering technology sector across the world and I have been impressed by the management’s vision and strategy. The company is ambitious and clearly well positioned to execute the next phases of growth.”

In January, BetMakers appointed Christian Stuart as its North American CEO as part of the company’s expansion plan.

Yesterday BetMakers announced that it would power Australian operator CrossBet’s entrance into the Canadian market.

Casino and games revenue was the biggest contributor to the total with £648.7m, up 12.0% from £579.0m in 2020. Sports betting revenue accounted £547.2m, while poker revenue came to £30.8m. Other revenue sources added a further £28.5m.

Western Europe proved to be the most lucrative region for Kindred in 2021, generating revenue of £798.4m- an increase of 13.1%. The Nordic countries followed with £287.8m, while central, eastern and southern Europe added £110.5m.

Operating costs for the year totaled £470.4m. Marketing costs were £234.7m, while administrative expenses came to £235.7m. Other costs incurred, including merger and acquisition expenses and personnel restructuring, amounted to £16.5m.

However Kindred received an extra £75.5m from regulatory sanctions and previously held equity interest.

Operating profit for 2021 was £342.2m, a rise of 66.2% year-on-year. After accounting for £6.2m in finance costs, £2.4m in additional income and income tax of £43.1m, post-tax profit for Kindred in 2021 was £295.3m – up 78.8% from the year prior.

Earnings before interest, taxation, depreciation and amortisation came to £391.1m, up by 42.6% from £274.2m in 2020.

For the fourth quarter of 2021, revenue for Kindred came to £244.9m, down 32.8% from the corresponding period in 2020. Sales costs of £107.5m, £59.1m in marketing costs, administrative expenses of £65.2m and £71.3m of profits from previously held equity intetests led to operating profit of £80.4m.

Finance costs and income tax of £5.9m led to post tax profit of £75.0m for the fourth quarter, down from £84.9m in Q4 2020.

2021 saw Kindred complete its €295m acquisition of B2B supplier Relax Gaming, in addition to submitting its licence application for the Dutch market – although the company would cease its activity in the Netherlands.

Kindred CEO Henrik Tjärnström said: “Closing off 2021, we can look back at a strong year despite a slightly more challenging fourth quarter. Exceptionally strong numbers in 2020 led to tough comparatives for the quarter but despite the low sports betting margin at the beginning of the quarter, and the fact that we ceased services to Dutch residents, our fourth quarter delivered solid revenues.

“Looking ahead, we have another exciting year of sports with the Winter Olympics in progress, and the first ever Winter FIFA World Cup in November. We have now truly shifted gear on our transformation into a locally regulated operator with clear ambitions for the future.”

Kindred also announced it has signed a new three-year agreement with sports betting supplier Kambi, which will see the former provide the latter with the use of its sportsbook until 2026.

Kristian Nylén, CEO and co-founder of Kambi, said: “Kambi and Kindred continue to enjoy a fantastic relationship and I’m delighted this agreement sees both parties to commit until 2026. “Kambi prides itself on being the key enabler for visionary operators in regulated markets across the world, and we look forward to supporting Kindred with our modularised sportsbook technology and services over the next five years.”

Net gaming revenue for the 12 months through to 31 December amounted to SEK8.14bn (£658.0m/€781.1m/$892.3m), up 6.1% from SEK7.67bn in the previous year.

The Tur lottery division remained Svenska Spel’s main source of income, generating a total of SEK4.92bn, an increase of 1.7% on 2020, while the operator’s sports and casino business saw the most growth, with revenue climbing 20.8% to SEK2.36bn.

However, revenue from the Casino Cosmopol land-based casinos and Vegas-branded slot halls declined 1.6% to SEK872m, which Svenska Spel put down to the pandemic and measures imposed by the Swedish government on gambling venues in the early part of the year.

Turning to costs and while personnel expenses were reduced 7.3% to SEK1.04bn, other external spending increased 4.8% to SEK1.74bn.

Operating profit increased 3.1% year-on-year to SEK2.68bn, while after accounting for only minor financial costs, pre-tax profit remained at SEK2.47bn, which was 3.4% higher than in 2020.

Svenska Spel paid SEK511m in tax, meaning it ended the year with a net profit of SEK1.95bn, an increase of 4.4% from SEK1.87bn in the previous year.

“When we sum up 2021, it is with continued growth and good profitability for the group despite the unfavourable impact of the pandemic,” Svenska Spel’s chief executive and president Patrick Hofbauer (pictured) said. “Lottery and number games grew during the last quarter of the year, while sports games faced challenges as a result of cancelled matches.

“Our Casino Cosmopol is open with limited operations, and the Vegas vending machines are affected by the situation for restaurant partners. But despite the strong impact of the pandemic, the group is showing growth and stability.”

Looking to the final quarter of the year and revenue for the three months to 31 December was SEK2.23bn, up 4.9% from SEK2.13bn in 2020.

Revenue from the Tur business segment increased by 1.8% to SEK1.35bn, while Casino Cosmopol and Vegas slot halls revenue also rocketed 77.8% to SEK297m, helped by the easing of Covid-19 restrictions compared to Q4 of the previous year.

However, sports and casino revenue declined 7.7% year-on-year to SEK585m as Svenska Spel was hit by the cancellation of some matches, while interest in betting was generally weaker as events were impacted by Covid-19.

After operating costs, Svenska Spel said operating profit was 12.9% lower at SEK601m, while as financial costs were cancelled out by financial income, pre-tax profit remained SEK601m, 12.8% down on the previous year.

Svenska Spel paid SEK126m in tax, leaving a net profit of SEK475m for Q4, a drop of 13.2% from SEK547m in 2020.

“It is very gratifying that the restrictions in society are now being lifted,” Hofbauer said. “This means that we can welcome our guests at Casino Cosmopol to a business with longer opening hours and a larger range of games.”

“We want gaming to be fun for everyone and look forward to continuing to offer entertaining gaming experiences in a responsible way in 2022.”

The agreement will see BetRivers signage appear on surfaces inside the team’s Smoothie King Center home arena, including on the front row of courtside seats.

The exclusive Chairman’s Club at the venue will also be rebranded to become the ‘BetRivers Chairman Lounge ‘and feature live betting odds boards.

The partnership comes after RSI last month launched its BetRivers Sportsbook Louisiana, following the opening of the state’s legal sports betting market.

Read the full story on iGB North America.

The agreement will make Fubo Sportsbook an official mobile sports betting partner of the Cavs when legal sports wagering eventually launches in Ohio.

The partnership will also see a new 3,000sq ft. sports lounge open inside Rocket Mortgage FieldHouse, the home of the Cavs, to serve as a game-day destination for fans with a range of incentives and special bonus offers from Fubo Sportsbook.

Leading up to Fubo Sportsbook’s official launch in Ohio, the Cavs and Fubo Gaming will promote their partnership through an integrated marketing campaign, highlighted by co-branded, broadcast-visible signage, as well as a presence on team television and radio game programming, and other marketing assets.

Ohio is expected to go live with online and mobile sports betting prior to 1 January 2023, after Governor Mike DeWine set this date as a deadline to launch.

Read the full story on iGB North America.