Month: March 2024

All eyes are on Brazil but regulated igaming is coming to Peru as well, and it looks to be just as competitive. Within 30 days of the enabling laws coming into force, 145 operators pitched for a licence according to the Ministry of Foreign Trade and Tourism (Mincetur).

Law no. 31557 covers sports betting and online casino, so what does the Slot Trumps data tell us about Peruvian players?

Peru is home of LatAm’s big bettors

Peruvian players bet big and bet often, Slot Trumps reveals. With 9.5 average sessions per player across the top 20 games in EveryMatrix’s SlotMatrix and 136 bets per session, activity in Peru outstrips activity in Colombia (3.63 sessions and 75 bets per session) and Brazil (5.11 and 49.59).

They’re also big spenders compared to their neighbours on the continent. Average bet size comes to €1.94 and a fifth of the top 20 titles on SlotMatrix have an average bet of more than €3.

Compared to all markets covered in the Slot Trumps series so far, only Romania’s €2.59 average bet beats Peru.

Bet on the Buy Feature

Want to maximise your players’ activity and enjoyment? Slot Trumps shows the Buy Feature works best.

Free Spins may be the most common bonus feature in 75% of games covered, but Buy Features – found in 55% of titles – boosts average bet by 70% according to EveryMatrix.

Wild things top the Slot Trumps themes

You can get your players spinning with the Buy Feature, but what game theme will catch their eye?

There’s a theme emerging. Peruvian players love the Animal themed slots, meaning these titles top the charts for all LatAm markets covered in Slot Trumps so far (and Germany, for what it’s worth).

Classic slots follow in second place, then there’s a three way tie between Asian, Fruits and Mythology.

And there’s plenty more insights from the Slot Trumps series in iGB’s recent webinar in partnership with EveryMatrix. You’ll hear from a selection of the supplier’s key staff and customers as we dig even deeper into the data.

The vote took place at a special meeting this week. Stockholders representing 73.5% of voting shares in Golden Matrix were present for the MeridianBet vote.

This pushes Golden Matrix closer to completing the acquisition. However, the deal remains subject to certain other closing conditions, including the group raising sufficient funding to finance the purchase.

Golden Matrix said it continues to work towards closing the acquisition. Subject to the remaining closing conditions, it hopes to finalise the deal next month.

“We are extremely pleased with the vote and believe that the strong support from our stockholders for the acquisition reflects their belief that the acquisition provides a compelling opportunity to grow our operations, global footprint and the overall business,” Golden Matrix chairman and CEO Brian Goodman said.

More delays?

Golden Matrix agreed to buy MeridianBet in January of last year, with the agreement worth around $300.0m (£234.9m/€275.0m).

Initially, it was hoped the deal would close in H1 of 2023. However, Golden Matrix made several amendments, pushing the closing date back to Q4 of 2023.

Further amendments were made in October, pushing the closing date back again, this time to Q1 of 2024. Golden Matrix in January said this was still the case, but the latest update suggest this will now take place in Q2.

Record Q1 for Golden Matrix

Confirmation of shareholder approval comes after Golden Matrix published financial results for its first quarter. Revenue reached $11.8m, a new quarterly record for the operator, while it was also able to post a net profit.

B2C operations, comprising the RKings and Mexico-facing Mexplay brands, accounted for $7.2m of all revenue. 

As for B2B, revenue reached $4.6m. Golden Matrix says 808 unique casino operations are supported by its B2B gaming platforms. The total number of users across these partners stands at 8.3 million.

After paying $262,180 in tax and accounting for $197,891 of positive foreign currency translation adjustments, net profit hit $272,396, compared to a $291,262 loss in Q1 of 2023.

In addition, adjusted EBITDA for the quarter increased 33.8% to $1.2m.

Entain acquired BetCity for €450m in January of last year, with the deal ultimately giving it access to the Dutch market. BetCity was one of the initial 10 licensees in the Netherlands.

However in January this year, Entain launched a compensation claim after details of two regulatory cases came to light. Entain said in the claim it was unaware of the investigations into BetCity when it acquired the business.

In a document obtained by CasinoNieuws.nl, Entain said BetCity’s former owners signed papers saying they were not aware of any ongoing regulatory investigations. The filing claims several personnel at BetCity knew of the cases but did not declare this information. 

Dutch gambling regulator Kansspelautoriteit (KSA) was leading both investigations.

How did Entain reach this conclusion?

Now, another document secured by CasinoNieuws.nl sets out how Entain believes the cases mean BetCity was worth less than assumed when it was acquired. This, Entain said in the document, could be between €68m and €156m less.

Entain did not disclose how much compensation it is demanding from the former owners of BetCity. It was also noted that the actual, potential amount due is yet to be determined by experts.

However, Entain did set out how it calculated its initial estimation, with two methods put forward in the document.

Entain method one: BetCity is worth €124m less

The first calculation suggests BetCity was worth €124m less. This method looks at which risks have increased due to, among other issues violations of Dutch law. Entain assumes violations have caused increased risk related to legislation and regulations, as well as heightened business, operational and reputational risk. 

As such, Entain says this means BetCity could be subject to stricter supervision and face an increased chance of further sanctions. This could in turn lead to investors demanding additional returns to compensate for these additional risks.

According to Entain, this can be summarised in an increase in the average cost of capital from 10% to 12.5%, reducing BetCity’s value by €124m. However, if this were only raised by 1%, the depreciation could instead amount to €58m.

Entain method two: BetCity is worth between €68m and €156m less

The second method makes for more worrying reading, with BetCity worth up to €156m less than assumed. This is based on the value of future cash flows.

The cash flow forecast BetCity’s former owners shared before the acquisition was adjusted by Entain. As such, Entain estimates BetCity’s net gaming revenue in 2024 will be 28% to 32% lower than forecast. 

This method estimates BetCity would be worth €136m to €156m less than initially thought. However, with the exact consequences of the violations not yet clear, Entain reduced the lower end of this range by 50%, resulting in a final estimate of €68m to €156m.

What did BetCity do?

In terms of the actual regulatory cases that were against BetCity at the time, these were set out in January’s filing.

The first, which BetCity was informed about in April 2022, related to it sending promotional emails to young adults. This is in breach of Dutch law and resulted in a €400,000 fine.

The second investigation, launched in May 2022, was referenced shortcomings with anti-money laundering and terrorist financing measures. BetCity was fined €3m for such failings.

Such has been the controversy around the case that rumours have begun to swirl about the possibility of Entain selling BetCity. Financial Times last week reported Entain could be open to a sale. Entain has so far declined to comment.

Alejandro Tengco, chairman and CEO of Pagcor announced the move today (19 March), hoping to attract operators to the Philippines. The rates will be lowered by an average of 5%.

“The remittance rates should then average around 35% of GGR, which is quite significant because when we assumed office in August 2022, the prevailing remittance rate was over 50%,” explained Tengco. “We have gradually lowered them so that by April 1, our rates will be at par with global industry standards.”

He added that this should spur illegal operators to apply for licences under Pagcor.

Speaking more generally about the Filipino gaming market, Tengco said that growth will hinge on three factors. “The entry and operation of more integrated casinos, the strong performance of the electronic games sector, and the benefits from the planned privatisation of Pagcor casinos.”

Pagcor’s casinos will be privatised in late 2025, to give the regulator time to address those affected by the decision.

Pagcor’s privatisation plans

The announcement last September that Pagcor would transition to a “purely regulatory” body was the green light for the move. This has been in the works for some time. Just under one year ago, Pagcor said it was “seriously considering” privatising its casino business.

The privatisation would see Pagcor’s casino business spun off to a private bidder. Previously Pagcor said this would give it more scope to invest, allowing it to “facilitate expansions, upgrades and innovations”.

Last month Pagcor hit out against “disinformation” spread on the privatisation. This was regarding a rumour it would spend ₱500m (£7.1m/€8.3m) to repair its Casino Filipino branch in Angeles City. The rumour stemmed from a social media post made by Pagcor employee Gian Samson. Samson alleged that Pagcor was fixing up the casino to appeal to potential buyers, who might wish to purchase it after the privatisation is complete.

Tengco dismissed the speculation and added that Pagcor would not pay for the renovation. This is because Pagcor does not own the Casino Filipino branch building, and the regulator struck a deal for the lessor to cover the costs.

“There is no truth in Mr Samson’s allegations because the said renovation will be borne by the lessor,” said Tengco at the time. “Pagcor will not spend a single cent on the renovation.”

In July 2023 Pagcor confirmed that it would enter the igaming sphere with the launch Casinofilipino.com during Q1 2024.

The double appointment supports a wider reorganisation of operations at Svenska Spel. The group has been carrying out work to future-proof the business since autumn last year.

Effective from 1 April, the reorganisation includes a new group function and two changes in group management. Both Ekman and Franzén will also assume their roles from the start of next month.

Ekman takes on her new position after almost three years as head of corporate IT at Svenska Spel. She also spent time in other leadership positions within the group, having joined in September 2018. 

Ekman replaces Franzén, who is stepping aside as IT director to become head of gaming responsibility and data-driven transformation. He had been working in his previous role since mid-2019.

“I am very happy to welcome Mikael and Lovisa in their new roles,” Svenska Spel CEO and president Erik Strand, said. “They are responsible for important areas in our work to ensure that Svenska Spel enters the future as a continued strong and competitive group. 

“Mikael and Lovisa are also experienced leaders who are appreciated by both employees and group management.”

Marginal declines for Svenska Spel in 2023

The double appointment comes on the back of Svenska Spel publishing its 2023 results last month.

For the 12 months to 31 December 2023, revenue at Svenska Spel amounted to SEK8.03bn (£605.0m/€707.9m/$766.4m). This was only marginally lower than the previous year.

Revenue across the Tur lottery and Sport & Casino divisions was up year-on-year. However, Svenska Spel reported declines within the Casino Cosmopol and Vegas segment, pushing total revenue down year-on-year.

Costs were relatively level in 2023 but the revenue decline meant net profit fell 2.7% to SEK1.94bn.

Habanero’s latest release sees the provider meld high-quality graphics with entertaining and immersive gameplay. Players are immersed in a picturesque woodland, while native wildlife can be spotted along the trail and fills the gameboard as its symbols. When the gameboard is at its full size, Wild Flow boasts more than a billion ways to win!

Play the demo of Wild Flow here!

Game type:Video slotGo-live date (expected):Already live!Game special features:– Play up to 1,073,741,824 ways!
– Any wild on screen will move up and extend the play grid by one symbol.
– The play grid resets to 5 columns x 3 rows once all wilds are removed from the screen.
– Win 10 free games for 3 or more scatter symbols.Number of paylines:243 – 1,073,741,824 waysNumber of reels:5×3 up to 10×8RTP% (recorded/theoretical):Available RTPs – 86.20%, 92.26%, 93.84%, 96.44%, 97.53%Variance/volatility:Very highNumber of symbols to trigger feature/bonus:3 or more scatters appear anywhereCan feature be retriggered?NoNumber of free spins awarded:10 free games are awardedStacked or expanding wilds in normal play?NoStacked or expanding wilds in feature play?NoNumber of jackpot tiers:4Auto-play function?Yes (optional)Buy feature:NoSuper Bet feature:No

Clover Charm: Hit the Bonus is a game without paylines where wins unfold in the bonus game. Experience the thrill with sticky bonus symbols, boosts and multipliers that double your fortunes. The ultra bonus game and mystery jackpots heighten the excitement in this enchanting slot adventure.

Play the demo of Clover Charm: Hit the Bonus here!

Game type:SlotGo-live date (expected):21/03/2024Number of paylines:–Number of reels:3RTP% (recorded/theoretical):95.60%Variance/volatility:HighNumber of symbols to trigger feature/bonus:3Can feature be retriggered?NoNumber of free spins awarded:–Stacked or expanding wilds in normal play?NoStacked or expanding wilds in feature play?NoNumber of jackpot tiers:4 in-game jackpotsAuto-play function?Yes

Trigger the bonus for thrilling free spins with multiplier guns, wild guns or both. As the gun symbols land they award free spins or multipliers, and if they land on reel four they will lock in place for the duration of the bonus game.

Download the affiliate pack for Robopocalypse at First Look Games.

Go-live date (expected):11/04/2024Number of reels:5RTP% (recorded/theoretical):94.00% – 96.00%Variance/volatility:Low-medium

Players embark on a captivating treasure hunt that is played on expanding reels and involves collecting golden coins in their pursuit of Lucky McGee’s elusive golden riches.

Download the affiliate pack for Lucky Mcgee & The Rainbow Treasure at First Look Games.

Go-live date (expected):28/03/2024Number of reels:5×4RTP% (recorded/theoretical):90.00% – 95.00%Variance/volatility:Medium-high

Bandidos Bang! offers a customised, adrenaline-filled experience as players can switch between high and low volatility settings. ELA Games’ latest title also includes the unpredictable Rage! feature, turning the slot into a chaotic shootout.

Play the demo for Bandidos Bang! here!

Game type:Bet gameGo-live date (expected):Already live!Game special features:Rage! featureNumber of paylines:–Number of reels:Bet game (Instant win)RTP% (recorded/theoretical):95.80%Variance/volatility:Low/highNumber of symbols to trigger feature/bonus:Random featureCan feature be retriggered?YesNumber of free spins awarded:–Stacked or expanding wilds in normal play?NoStacked or expanding wilds in feature play?NoNumber of jackpot tiers:–Auto-play function?Yes