Month: March 2023

The business reported $10.8m in revenue for the quarter, a 21.4% increase from the $8.9m the company attained in the first quarter of 2022. Golden Matrix hailed what it described as continued growth despite uncertain macroeconomic conditions.

“Despite a challenging economic climate worldwide, we are pleased that our B2B and B2C segments continue to grow and gain traction in their respective markets,” said Golden Matrix CEO Anthony Brian Goodman.

Goodman also spoke of the company’s expansion plans for the year ahead in both the organic and inorganic segments. He also outlined the process of how the $300m acquisition would unfold in the next few months.   

“We are making significant progress in preparing to enter new geographic markets through MEXPLAY, our recently formed B2C casino platform in Mexico, and through the anticipated acquisition of the MeridianBet Group and its related companies which is expected to be completed, during the first half of this year, subject to the completion of certain conditions to closing, including funding and shareholder approval,” he said.

“The MeridianBet acquisition is expected to position GMGI as a profitable worldwide gaming company with significant growth prospects, including the potential entry into regulated North American markets, subject to applicable rules and regulations.”

Quarterly results

From the company’s revenue, it reported adjusted earnings before interest, tax, depreciation or amortisation of $890,000, a 22.1% rise from the $729,000 the organisation announced in the 2022 period.

However, the company’s costs rose 71% from $1.62m to $2.77m. The business said that $961,00 of this total is a result of stock based compensation. The company did not report the amount of stock-based compensation that made up the organisation’s costs in the previous period, nor did it break down the costs beyond the parent company’s and its B2C subsidiary making like for like comparisons difficult.

The business has $15.4m cash on hand and assets of $34.4m as of 31 January 2023. In the company’s traditional B2B vertical, it reported 710 operators using its systems serving 7.2 million total end users. Golden Matrix’s wholly-owned B2C subsidiary RKingsCompetitions Ltd now has 289,000 registered users on its platform.

in November, the company exercised its option to acquire the remaining 20% interest in the UK-based prize draw brand.

The Swedish regulator Spelinspektionen announced today that it has issued its first three gaming supplier licences. The five-year licences have been awarded prior to 1 July, when the regulator will make the possession of such a licence a requirement for all providers who wish to do business with operators in Sweden.

This is despite the enabling legislation for this, the Enhanced Game Regulation bill not yet having passed the Riksdag – the Swedish parliament – being still in the committee stage.

Spelinspektionen noted that 60 applications have so far been received since the regulator opened the submission process on 1 March this year. The legislature opted to introduce licensing requirements for suppliers at the end of November last year. The regulator says that this was in order to help boost channelisation efforts, helping undermine illegal gambling in Sweden.

Once the new regime goes into effect, operators will not be able to utilise suppliers who provide, install or alter gaming software for illegal offerings. The three operators who have been granted a licence so far are casino platform provider Skill on Net, gaming supplier Synot Games, as well as Norrköping AB.

Licencing regime  

Under the rules, an application fee for a licence costs SEK120,000. In March last year, the Swedish government said that it expected there to be roughly 70 software licences that would be issued before launch – which is not dissimilar to the 60 that Spelinspektionen reported that have applied.

The government also said that it expected the implementation of the licences to only have a “marginal effect” on competition.

“The proposals are not considered to have any other effects of significance for the licence or licensee’s working conditions, competitiveness or conditions in general,” it said.

The Estonia-based business said that it plans to switch-off all deposit options on the Coolbet accounts from 21 March. Coolbet encouraged users with low balances on their accounts after this date to either use the remaining balance on gaming services, or else top up to withdraw all funds.

This is because there will be minimum deposit amounts for the funds – standing at CA$1 for those using the Interac payment platform, and CA$0.01 for those using the Trustly payment platform.

“We strongly encourage you to withdraw your funds as soon as possible,” said Coolbet in a message to its users. “In case you have not made any withdrawals before, we would require you to verify your bank account that will be used to pay out your remaining balance. Once you have requested the withdrawal please check your email for further instructions on how to complete the verification.”

At the end of the following day (22 March), the company said it will close its casino and sportsbook. In the case that a player has a bet that is not settled by then since the outcome is still not certain – including futures and parlays – Coolbet said that it will be voided and refunded.

From end of the day on 3 April, Coolbet said that the website and mobile app would be shut down. Users with any remaining balance are directed to contact the business via the support email.

GAN acquires the business

In January 2021, igaming solutions provider GAN acquired the business for $175.9m in cash and stock. GAN said at the time that the deal positioned the business as a full-service B2B solutions provider for real-money gaming in the US, and a vertically integrated B2C competitor in selected international markets.

Land our intrepid sheriff on reel one to trigger the Zombies Go Wild feature where any zombies the sheriff shoots will turn to multiplier wilds. If Dead Eye Bob escapes from jail, he triggers the Duel feature – any hits that Bob takes can spread to up to three multipliers among the zombies for truly huge win potential.

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Go-live date (expected):22/03/2023Game special features:MegawaysNumber of paylines:up to 84,035Number of reels:6RTP% (recorded/theoretical):96.22%Variance/volatility:HighNumber of symbols to trigger feature/bonus:N/ACan feature be retriggered?N/ANumber of free spins awarded:N/AStacked or expanding wilds in normal play?N/AStacked or expanding wilds in feature play?N/ANumber of jackpot tiers:0Auto-play function?Yes

Download the affiliate pack for Treasures of the Dead Hyperlines at First Look Games.

Go Live Date (expected):16th March 2023Game special features:– HyperLinesNumber of paylines:13Number of reels:5RTP% (recorded/theoretical):96.20%Variance/volatility:Medium-HighNumber of symbols to trigger feature/bonus?:3Can feature be retriggered?:YesNumber of free spins awarded?:10Stacked or expanding wilds in normal play?:Single WildStacked or expanding wilds in feature play?:Single WildNumber of jackpot tiers?:0Auto-play function?:Yes

On any losing spin in the base game the active god may trigger its modifier. Once triggered the next god in the cycle will take its place. Collecting 4 multiplier coins to trigger Free Spins and choose which God should be active throughout FS.

Download the affiliate pack for Treasures of the Dead Hyperlines at First Look Games.

Go Live Date (expected):22nd March 2023Number of paylines:3 or more in a rowNumber of reels:5RTP% (recorded/theoretical):94% – 96%Variance/volatility:Low-MediumNumber of symbols to trigger feature/bonus?:N/ACan feature be retriggered?:N/ANumber of free spins awarded?:N/AStacked or expanding wilds in normal play?:N/AStacked or expanding wilds in feature play?:N/ANumber of jackpot tiers?:0Auto-play function?:Yes

Under the agreement, OpenBet will deliver its full suite of betting technology, trading and sports content to OPAP via SportCast.

The deal marks OpenBet’s first partnership in the Greek market and its tenth with a member of the World Lottery Association (WLA).

OPAP, which is due to publish 2022 financial year results later today (15 March), operates as part of the Allwyn Group.

“At OPAP, we always look to offer our customers the highest quality of innovative and entertaining gaming products,” OPAP chief executive, Jan Karas, said. “Therefore, we are very pleased to be partnering with OpenBet and we are looking forward to leveraging their expertise and high-end technology solutions, in order to upgrade customer experience and take our online sports betting activities to new levels.”

OpenBet group chief executive Jordan Levin added: “We’re delighted to have partnered with OPAP to help them deliver a best-in-class online sportsbook. The technology, content and services we provide, combined with our flexible and tailormade solutions has made us the leading sports betting partner for WLA members. 

“It’s another huge milestone for OpenBet and we’re looking forward to working with Jan and his team at OPAP.”

OpenBet was previously part of Light & Wonder, but was sold to Endeavor in September last year, three months after the initial planned closing date and for $400m less than was first agreed.

This 5×3 reel game pays homage to a classic slot game with 20 paylines, while offering slightly more with its sticky diamonds feature.

In base game, 2 random Diamond Wilds can be added to the reels in a Double Diamond feature, increasing the chances to trigger Sticky Diamond Free Games. That’s right, get 3 Diamond Wilds in base game and enjoy the Sticky Diamond Free Games, where Diamond Wilds stick after landing and each new Diamond Wild awards +1 free spin!

Download the affiliate pack for Diamond Desire at First Look Games.

Go Live Date (expected):23rd March 2023Number of paylines:20Number of reels:5RTP% (recorded/theoretical):87.96% – 95.98%Variance/volatility:MediumNumber of symbols to trigger feature/bonus?:N/ACan feature be retriggered?:N/ANumber of free spins awarded?:N/AStacked or expanding wilds in normal play?:N/AStacked or expanding wilds in feature play?:N/ANumber of jackpot tiers?:0Auto-play function?:Yes

The operator of the Bally’s branded TV networks has announced that it is finalising a restructuring support agreement with holders of the Diamond company’s debt and its parent company Sinclair Broadcast Group. The company says that it will use the proceedings to strengthen its balance sheet, and that that it “expects” the restructuring not to affect the continued broadcasting of its regional sports networks.

“The DSG board of managers has been evaluating strategic opportunities with the support of its advisors and in coordination with creditors to position the company for long-term success and has determined that the best path forward for the company and its stakeholders is to restructure through a chapter 11 process,” said Diamond CEO David Preschlack.

The Sinclair subsidiary has said that it is “well capitalised” with approximately $425m cash on hand to fund the business and the restructuring in the short- to medium-term.

Standalone company 

Under the terms of the agreement, Diamond will be spun off from Sinclair and become a separate business. The company’s first lien lenders will be unimpaired, while Diamond’s other creditors will equitise their debt in exchange for equity and warrants issued by the new standalone Diamond.

During this process, Sinclair will continue to provide management services, and will provide transition services following the conclusion of the chapter 11.

“We are utilising this process to reset our capital structure and strengthen our balance sheet through the elimination of approximately $8.0bn of debt,” said Preschlack. “The financial flexibility attained through this restructuring will allow DSG to evolve our business while continuing to provide exceptional live sports productions for our fans.”

First-day relief

Diamond has filed what are described as customary motions with the court seeking a variety of “first-day” relief, in which the business requested the authority to pay employee wage and honour customer programmes during the bankruptcy proceedings.

Read the full story on iGB North America

Follow the sweet scent of nectar into the buzzing beehive, bow to the royal insects and learn their ways of making (m)honey. Befriend the generous Prince bees who will offer you their coin collection, and worship the godly powers of the Queen!

Buzz your way to the Dream Drop feature and aim for the Mega honey Jackpot to find your spot on the royal family tree! The Bee Palace is abundant with free spins, enjoy them each time you land 3 or more scatters on the reels, or relish in Royal Re-spins whenever enough bees have gathered in the hive.

You have to earn your way to the top, worker bees, so man your stations for a 10,000x bet max win!

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Go Live Date (expected):22nd March 2023Number of paylines:WaysNumber of reels:5RTP% (recorded/theoretical):94.00%Variance/volatility:Medium-HighNumber of symbols to trigger feature/bonus?:3Can feature be retriggered?:N/ANumber of free spins awarded?:N/AStacked or expanding wilds in normal play?:N/AStacked or expanding wilds in feature play?:N/ANumber of jackpot tiers?:0Auto-play function?:Yes