The shift comes as IGT restructures to become a lottery-only business. As part of that strategy, Voyager Parent, LLC, an affiliate of Apollo Global Management, will simultaneously acquire Everi and IGT’s two other divisions to create a new private company.

IGT expects the transaction to close by July 1, 2025.

Brightstar to Emerge as a Standalone Lottery Company

Upon the closing of the Voyager acquisition, IGT’s legal name will change to Brightstar Lottery Plc, registered in the UK. Its ordinary shares will begin trading on the New York Stock Exchange under the ticker symbol BRSL. The company projects that it will commence BRSL around July 2.

Vince Sadusky, Brightstar’s CEO, emphasized the company’s nearly 50-year legacy of dependable innovation. He says that will serve as the foundation for a “future-forward” Brightstar that will help lottery clients navigate digital adoption, evolving player expectations, and broader gaming options.

Executive Chair Marco Sala added: “Brightstar will be well-positioned to focus on driving innovation and growing the potential of the lottery business responsibly for the entertainment of players, the success of our customers, and the support of the good causes they fund in their communities.”

Brightstar Lottery will continue to serve about 90 lotteries across six continents, including seven of the world’s largest lotteries. In the US, Brightstar will serve 26 of the 46 state lotteries. That includes several online lotteries such as in Connecticut, Kentucky, and Rhode Island.

IGT and Everi Merger Creates Slot Manufacturing Powerhouse

In the spring of 2024, IGT announced that it would become solely a lottery company. That plan included spinning off its PlayDigital and Global Gaming divisions through a merger with Everi. Under the original terms, IGT shareholders would own 54% of the combined company, while Everi’s stockholders would own 46%.

However, that was unappealing to some investors amid potential regulatory concerns. Then, after revisions, Apollo, through its affiliates, created Voyager to serve as the parent company for both businesses. IGT and Everi investors approved the new formula.

Under the new structure, the newly formed company will become private, with shareholders receiving a cash payout. Once the transaction closes, the new private company will combine two of the largest slot manufacturers.

Some of IGT’s most popular slots include the Wheel of Fortune series, Cleopatra, Double Diamond, Wolf Run, and Lucky Larry’s Lobstermania.

Meanwhile, Everi is renowned for its classic stepper slots, which are popular in retail casinos. The company also creates digital versions of some of these games, such as Cash Machine and Black Diamond.

Combining all these titles under one roof will give the new company an advantage, as it will enhance its value and image among operators.

The post IGT Rebrands Lottery Arm to Brightstar Ahead of Everi Merger appeared first on CasinoBeats.

While it was among the first states to approve sports betting in 2019, Rhode Island chose a one-operator model. Currently, gaming and lottery giant International Gaming Technology (IGT) runs Sportsbook Rhode Island. Its contract expires in 2026.

Senate Bill 748 (SB 748), sponsored by Senate Majority Leader Frank Ciccone, would require the Rhode Island Lottery Commission not to renew IGT’s contract. It would also need to open invitations to potential applicants before IGT’s contract expires. The commission would also ensure all approved operators adhere to regulatory requirements.

The Senate’s 30-3 vote in favor of SB 748 comes on the heels of a Spectrum Gaming Group’s report. The report recommends that the state open the market to four to six sports betting operators.

SB 748 now moves to the House, which has until June 30 to vote on it.

IGT Opposes Rhode Island Bill, DraftKings Praises It

IGT rejects the notion that more operators will bring more revenue to the state. In a Senate testimony, IGT Senior VP, Joe Bertolone stated that the Rhode Island model outperforms neighboring states with multi-license systems.

He added: “This strong fiscal performance is not coincidental; it reflects the benefits of centralized operations, cohesive marketing and product development through committed in-state operating partners. … The data strongly suggests that maintaining the current model is the most prudent course of action to safeguard and grow state revenues.”

IGT noted that it was the only license candidate in 2019. It added that to attract more operators, the state must cut its 51% tax rate, which is among the highest in the country.

However, reducing the tax rate might result in more wagering, but it would not necessarily lead to more revenue for Rhode Island. That’s because the operators would take a higher cut of the handle. According to IGT, the state currently receives $17.44 per person, compared with $9.78 in multi-operator Connecticut.

In contrast, DraftKings believes opening up the market will bring a better experience to the players.

“A marketplace with multiple choices for players leads to a better player experience – operators are forced to innovate, while competing for business.”

According to DraftKings Senate testimony, Rhode Islanders spend $38 per adult resident on sports betting, which is one of the lowest in the country. For comparison, in Massachusetts, that number is nearly double.

Senate Bill 748 Doesn’t Address Key Concerns

Despite strong support in the Senate, SB 748 does not address one key issue: the tax rate. IGT and the Spectrum Gaming study also highlighted that.

The state taxes Sportsbook Rhode Island at 51%. That is tied for the highest rate in the country with New York and New Hampshire. Additionally, the sportsbook incurs a 17% server hosting fee to Bally’s Corporation.

While DraftKings supports SB 748, it’s unknown whether it would pursue a license with such a high rate. While it operates in New Hampshire, DraftKings holds a monopoly in the market.

Lottery Director Mark Furcolo raised another potential issue in a letter to the Senate Committee on Gaming and Labor in April. Furcolo claimed that SB 748 could violate regulators’ constitutional authority to renew gaming contracts. The Lottery Director also added concerns on whether expanding to five vendors is economically feasible.

However, it seems that Furcolo has come round to the idea of more licenses. Last month, he announced that he had informed the legislative committee overseeing the state’s gambling sector that the lottery intends to issue a request for information (RFI) in early 2026.

Still, the potential constitutional issue remains.

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Wild Gold – Spearhead Studios

Spearhead Studios has debuted its 30th title via the 5×3, 10 fixed payline Wild Gold, which includes a multiplying wild and card gamble feature.

In the title, the Wild Gold symbol is the multiplying wild which exists on reels one, three and five. It substitutes any symbol to create the highest possible win on a payline.

Furthermore, if it is involved in a winning combination, the Wild Gold symbol will reveal itself to be either a x2, x3 or x7 wild multiplier. Additionally, if there are more than one multiplier involved in a win, the value of each will be combined to create a bigger multiplier.

Moreover, the game includes a card gamble mode which can be entered by clicking its name sakes button after any win. During this mode, the player can double or quadruple their win if they correctly guess either the suite colour or symbol.

“Wild Gold is an exciting slot that we are happy to bring into our portfolio. We are certain that players will very much enjoy the core feature of this 5×3, 10-payline slot, in which the first, middle and last reels can all become ‘all wild’, with each wild also carrying a win multiplier of up to x7.” – Kevin Corti, Game Development Director at Spearhead.

The Green Knight – Play’n Go

The gaming content supplier has delved into Arthurian legend for its first release in march, and the second in this series, with the release of The Green Knight.

Following in the footsteps of Lord Merlin & The Lady of the Lake, the title centres around the story of Sir Gawain and the Green Knight, a tale based on chivalry and bravery.

The group asserts that “the focus here is on the potential,” with it possible to achieve 10,000x your bet as well as a guaranteed spin with a x100 multiplier in the free spins round, and the possibility of triggering shield spins with the x100 multiplier in play, giving a chance for heightened wins.

“We are always looking to innovate; be that varying the shapes of the grid, introducing new features, or playing with different themes too.

“Many others overlook narrative, but we believe that the story is an integral part of entertainment. You look at any popular game, film, or book, and the foundation is telling a great story. Once you have that, you can build a great game around it, and anything is possible.” – Martin Zettergren, Play’n Go CPO.

Wheel of Fortune Megaways – IGT & Big Time Gaming

International Game Technology has paired its Wheel of Fortune slots brand with Big Time Gaming’s Megaways mechanic to create its new title Wheel of Fortune Megaways.

Wheel of Fortune Megaways, which saw BetMGM become one of the first online casinos in New Jersey to offer the title, is a six-reel video that offers players 117,649 ways to win, increasing to one million paylines during the free spins round.

Throughout the game, players have the chance to trigger the wild megastacks whenever a symbol lands. Within the base game, up to three reels can be covered entirely in wilds, stacking to seven positions high. Additionally, in the free spins round, up to two reels can display 10 wilds each.

Furthermore, the Wheel of Fortune logo is the scatter symbol. If the player lands a minimum of three scatters they will be awarded up to 18 free spins, depending on the number of scatter symbols.

Before the free spins commence, the wheel turns to reveal the starting number of Megaways from 14,000 to 117,649. Moreover, the expansion symbol, once landed, is replaced by two new symbols, increasing the number of symbols in that reel by one.

When a reel reaches full height, the wheel spins again to award up to 12 extra free spins. If all six reels reach 10 rows high, then one million Megaways are produced.

“In partnership with Big Time Gaming, IGT PlayDigital created a spectacular online game by combining the legendary Wheel of Fortune slots brand with the Megaways game mechanic, which offers players one million ways to win in the free spins bonus.

“In a time when digital gaming growth is critical to so many IGT customers around the world, delivering unique games such as Wheel of Fortune Megaways helps our customers drive performance and differentiate their game portfolios.” – Enrico Drago, IGT PlayDigital senior vice president.

Wheel of Luck. Hold&Win – Tom Horn Gaming

The 3×5 slot, which invites players to experience the delights of the high life, features free spins, Hold&Win respin and the Wheel of Luck bonus round.

Land 3 or more scatters on the reels and you get to play 10 retriggerable free spins. Three or more scatters appearing during the feature award additional 10 free spins. Wheel symbols can appear during free spins and they trigger the Hold&Win Respin feature.

The feature starts when five or more bonus symbols appear on the screen. During Hold&Win Respin, only wheel and cash symbols are awarded.

Each new wheel or cash symbol gets locked in place and the respin count is reset to three. The feature ends when the respin count is zero. When the feature ends with at least three wheels on the screen, it triggers the Wheel of Luck feature. The Hold&Win Respin feature can be triggered also from free spins.

Wheel of Luck is initiated only during the Hold&Win Respin feature. Players have one chance to spin the Wheel of Luck, which has three levels. To get to another level players have to hit the arrow symbol on the wheel. The Wheel of Luck ends when the reward is a cash amount.

“We constantly look for ways to enhance our content offering. In 2021 we plan to deliver more fun and a variety of slots with thrilling features to engage and excite players in different markets. Wheel of Luck.

“Hold&Win is the first in line of many unique titles we have in the pipeline. We’re positive the game’s features, dynamic gameplay and well-known theme will resonate with players, keeping them entertained and immersed throughout the game,“ – Ondrej Lapides, CEO at Tom Horn Gaming.

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Bragg Gaming Group

Richard Carter has formally taken up occupation of the role of CEO of Bragg Gaming Group, a position it was confirmed that the former CEO of SBTech was to step into in March.

The company says that the move is made at “a key point” in its growth and evolution, with an aggressive global growth strategy underway, including expansion into the burgeoning North American igaming market and an anticipated launch on the Nasdaq exchange.

I’m excited to be leading Bragg in its next phase of growth and helping to shape the future of the company, as we continue to provide next generation premium content and tools to our B2B partners,” said Carter.

“Bragg has the cutting-edge technology, the data driven insights, the player engagement tools and the premium content that ideally positions the company to capture an increasing proportion of global igaming market.

“I’m eager to leverage these strengths to expand Bragg in both our core European markets and in the rapidly growing North American igaming market.”

Gaming1

Gaming and sports betting operator Gaming1 has appointed Ricardo Viana to its newly created role of chief creative officer, where he will build upon 25 years of industry experience.

Viana will take charge of the design, distribution and marketing of the group’s game collection, streamlining the development process for its more than 120 slots, dice and table games.

“We are thrilled to welcome Ricardo on board, and have every confidence that his appointment will prove pivotal to the continued popularity generated by our ever-growing games offering,” commented Sylvain Boniver, COO and co-founder at Gaming1.

“Our in-house portfolio of premium casino titles has gone from strength to strength in recent months, and Ricardo will undoubtedly play a key role in helping it to expand and improve even further.”

International Game Technology

Walter Bugno has resigned his position as executive vice president of new business and strategic initiatives of International Gaming Technology.

Following the departure, IGT new business responsibilities will be divided among the global lottery and global gaming business units. Responsibilities for strategic initiatives will be assumed by the IGT strategy and corporate development support function.

The group says that the decision has been made in order to “pursue a new professional opportunity,” with Bugno to continue in his current position until May 14, 2021.

“I would like to thank Walter for his accomplishments over the course of more than 10 years of senior leadership at IGT. His efforts have made meaningful contributions to the strength of our global leadership,” noted IGT CEO Marco Sala.

“At every stage of his time with IGT, Walter successfully engaged teams across multiple regions, built significant customer relationships, fostered continued talent development and championed innovation throughout his organisation. On behalf of everyone at IGT, I wish Walter well in his future endeavours.”

Avala Casino

Lauded as ‘Montenegro’s largest casino,” Avala Casino has announced the appointment of Neil Gallacher as CEO as part of the acquisition by Global Gaming Holdings.

Gallacher, an experienced international gaming executive having managed casinos in Europe, Africa and Asia, is also the former vice president of Jeju Shinwa World and joins the Avala Casino team from Les Ambassadeurs, London.

“I look forward to this new role and driving tourism to both Avala Casino and Montenegro as a whole, I am excited to expand our entertainment offerings – launching our new sports bar and high roller poker tournaments alongside avala.bet – our new online sportsbook and casino,” Gallacher stated.

PointsBet

PointsBet has appointed veteran communications and public affairs executive Patrick Sandusky as senior vice president of communications.

In the newly created role, he will lead all external communications and media relations for PointsBet and report to PointsBet USA CEO Johnny Aitken, while being based in the firm’s East Coast offices.

On his appointment, Sandusky said: “I am excited to join a growing company that is not only an industry leader in the sports betting space, but also at the forefront of sports and technology.

“The future of fan engagement will be built around sports wagering, and PointsBet – along with leading partners like NBC Sports – will change the dynamic on how sports fans interact with their favourite teams and leagues.

“I look forward to utilising the strong foundation in place and helping shape strategy and vision to find success in the burgeoning, competitive space that is US sports betting.”

The post Part 68 | On the move: recruitment round-up appeared first on CasinoBeats.

IGT

Massimiliano Chiara has been appointed executive vice president and chief financial officer of International Game Technology that is to be effective from April 6, 2020.

Furthermore, Chiara has also been appointed to IGT’s board of directors effective as of the first IGT board meeting after April 6, 2020, or as of the 2020 AGM, if earlier and subject to shareholder vote.

He joins the firm from CNH Industrial NV, where he most recently served as CFO and chief sustainability officer, as well as also holding various financial and operational roles at Fiat Chrysler.

“We are excited to have Max join the IGT team, both as a member of my senior leadership team and as a board member,” stated Marco Sala, IGT CEO. “His broad and deep background in all facets of global finance and operations, in addition to his high standards of excellence, will be tremendous assets to our organisation.” 

Furthermore, the company has also appointed Beatrice Bassey as an independent director effective March 20, 2020. Bassey is currently group general counsel, chief compliance officer and corporate secretary of Atlas Mara. 

W2

Regulatory compliance solutions provider W2 has announced the appointment of Peter Murray to head up their global sales teams, as the industry enters “a challenging period for regulated markets”.

Murray, who was previously head of gaming at GBG and director at Alexem Services, the identity consultancy, comes in to support and drive business across core regulated markets with a focus on the gambling and financial services sectors.

Warren Russell, W2 CEO, explained: “Peter’s experience with operators, regulators and industry stakeholders globally will be invaluable to us as we look to ensure the services we provide evolve to meet the needs of our clients in a rapidly changing world. 

“Identity is no longer static and time stamped but dynamic and ever changing and I believe Peter will provide not only guidance and support as our teams collaborate on our existing solutions, but also help deliver on our ambitious product roadmap and growth plans.

Sportech

International betting technology firm Sportech has revealed that latest strengthening of its ranks after appointing Ben Warn to its board as a non-executive director.

Warn boasts more than 20 years’ experience in senior positions in the betting and gaming industries including UKbetting PLC, Sky Betting and Gaming, and the Perform Group, where he was chief executive of the gaming division. He will join the board on June 1, 2020.

Giles Vardey, non-executive chairman of Sportech, said: “Given the many challenges all businesses in our sector are facing, we are pleased to have Ben Warn joining our board with his broad gambling experience and his online product development and technology expertise.”

William Hill

William Hill has confirmed that Adrian Marsh, the group finance director of DS Smith has informed the company that, given the current unprecedented circumstances, he intends to remain as DS Smith’s GFD and will not now be joining William Hill. 

Ruth Prior, who is currently serving out her notice period, will continue in her role as William Hill’s chief financial officer. The Company has immediately recommenced the search for a new CFO.

Roger Devlin, chairman of the board, commented: “Whilst we note the reasons for Adrian’s decision, William Hill is focussed on taking the necessary steps required in these unprecedented times to protect the interests of its stakeholders. We will provide an update in due course.”

The post Part 22 | On the move: Recruitment round-up appeared first on CasinoBeats.

International Game Technology

Alberto Fornaro has resigned his post as executive vice president and chief financial officer of International Game Technology to pursue other professional opportunities.

Fornaro will continue in his current position through January 31, 2020, to ensure a smooth transition for the company. IGT’s board of directors has also unanimously approved the appointment of Timothy Rishton, currently IGT’s senior vice president and chief accounting officer, as interim CFO during the search for a permanent replacement.

“I would like to thank Alberto, both personally and on behalf of the IGT board of directors, for his leadership and outstanding contribution during the last eight years as CFO of first GTECH and later IGT.

“Alberto played a significant role in improving our financial and operational performance, including helping to secure large, strategically important contracts for the next several years. We look forward to an orderly and seamless transition of his responsibilities and wish him well in his future endeavours.” – Marco Sala, CEO of IGT.

Morongo Casino Resort and Spa

The Morongo Band of Mission Indians has named longtime tribal gaming executive Richard St Jean as the new chief operating officer overseeing the Morongo Casino Resort and Spa near Palm Springs, California.

Boasting in excess of 25 years hospitality and casino experience, St Jean is said to be “uniquely qualified” to steer the Morongo Casino Resort and Spa forward to achieve the substantial growth opportunities that have been targeted.

“Richard comes to Morongo at an exciting time and brings with him a successful track record of operational excellence and proven leadership.

“We are confident that his vision, deep industry expertise, and innovative spirit will fuel the next chapter of prosperity at Morongo while advancing our ongoing commitment to consistently exceeding the expectations of our guests.” – Robert Martin, Morongo tribal chairman.

EveryMatrix

EveryMatrix has announced the appointment of Stian Hornsletten to the role of group chief commercial officer. Previously CEO of the company’s casino unit, Hornsletten has taken over his role as CCO to drive the company’s commercial strategy forward, bring new operators on board and oversee the sales, marketing and account management teams.

“I’ve known Stian for a long time now and I am thrilled that he accepted to take over EveryMatrix’s commercial growth across all business units, from sports betting, payments to affiliate and, of course, casino. Stian is both my business partner and trusted friend and having him in this commercial role is a great win for EveryMatrix.

“Thanks to Stian’s technical skills, passion for this business and comprehensive expertise, I believe we can reach the commercial objectives we have set and prove once more that EveryMatrix is a leading B2B company within the igaming industry.” – Ebbe Groes, EveryMatrix group chief executive officer.

Svenska Spel

Svenska Spel has boosted its leadership team after confirming the appointment of Kajsa Nylander as the company’s new sustainability manager.

As part of her new role, which will begin on 27 January 2020, Nylander will oversee the implementation of responsible gambling initiatives as part of the Svenska Spel sustainability strategy.

“Kaja’s solid background in sustainability and change work will be of great benefit to Svenska Spel’s sustainability work with a focus on gaming responsibility.

“Her skills and experience give us the best possible conditions to further develop our leading position in gaming responsibility. With Kajsa on board we will be able to take the next step towards even better gaming responsibility tools and minimise the risk of players getting into gambling problems.

“Our goal is for our customers to enjoy entertainment and gaming enjoyment in a safe environment and with control over their gaming.” – Joakim Mörnefält, communications director at Svenska Spel.

The post Part 10 | On the move: Recruitment round-up appeared first on CasinoBeats.

Digitain

The casino and sports betting platform provider has recruited Simon Westbury as its head of international business development, bringing a wealth of experience to the role.

Expressing delight to be joining the firm as well as excitement at “ambitious expansion plans,” Westbury’s most recent role was as CCO of VSoftCo where he was responsible for growing the firm’s customer base, strengthening relationships with partners and elevating the brand to become a stand-alone leading supplier within the virtual sports space. 

Suren Khachatryan, CCO at Digitain, said of the appointment: “His proven ability to work with a wide range of commercial stakeholders, as well as his deep understanding of global markets, makes him a perfect fit for us. I’m very confident that he will play a major role in helping us achieve our growth targets and contribute to our success for many years to come.” 

Svenska Spel

Eva Stoppel is to take up the role of CFO at Swedish state-owned gambling operator Svenska Spel, and will formally assume the position on Sunday September 1, 2019.

Forming a part of group management and reporting to the CEO, Stoppel joins from Swedbank after a long career in the Bonnier Group that included being investment director at Bonnier AB, and CFO of Bonnier News, Daily News and Scribona Sverige.

Patrik Hofbauer, president and CEO at Svenska Spel, commented: “I am very happy to welcome Eva Stoppel to Svenska Spel. In addition to her extensive experience as CFO she has valuable expertise in business development and change management. 

“She also has knowledge of digital transformation, something that will be a great asset for us. With Eva, we get a CFO who has all these key elements and who also knows how it is to work in regulated and highly competitive industries”

Of the appointment Stoppel added: “I am very pleased to be entrusted with responsibility for the finance and business support function for Svenska Spel. I hope to contribute with my experience in charge of management and digital transformation in other competitive industries”

Helio Gaming

Lottery games provider Helio Gaming has strengthened its operational arm, with the appointment of Keith Galea as chief operating officer.

Bringing a “demonstrable track record of operational success,” Galea joins Helio from Bit8 where he occupied the chief product officer position, but despite the new role will maintain his position of managing director at his consultancy firm Consult Labs.

Richard Mifsud, CEO at Helio Gaming, stated: “We’re delighted to announce the appointment of Keith as COO. Having invested in Helio Gaming, he understands how we work, and the experience he offers will take us to the next level.

“The addition of Keith will play a major role in helping us achieve our growth targets, and be an important member of the team for many years to come.

Okto Group

Okto Group, the financial technology provider, has appointed Simon Dorsen as director of gaming as it strives to consolidate its presence and drive its growth in the industry.

Set to be supported by “a growing team of gaming experts,” Dorsen joins as the firm sets a vision to gamify the payment experience, and establishing Okto “as the true player’s wallet”.

Filippos Antonopoulos, co-founder of Okto, said of the appointment: “Simon is an industry veteran with a gamer’s heart and the entrepreneurial spirit to drive growth and positive disruption in our industry. We welcome him with delight.

“We have been tailoring our market-leading payments and financial ecosystem to the gaming industry to provide a full-service payments and fintech model. Simon’s proven ability across a wide range of well-known gaming suppliers and operators, as well as his deep understanding of the technology behind it, makes him a perfect fit.

“I firmly believe that he will play a major role in successfully growing our gaming business.”

Bringing 16 years experience across the gaming and payment sectors, Dorsen has previously held senior roles with Trustly, GTech and IGT, where he is credited with establishing the company’s first omni-channel sales team.

The post Part 1 | On the move: Recruitment round-up appeared first on CasinoBeats.

In a discussion led by Steve Schrier, chief executive of Sales Tribe, Drago was joined by Yggdrasil CEO Fredrik Elmqvist to outline their joint vision for the new collaboration between the two companies, explaining how they plan to maximise growth opportunities in the growing US igaming market.

This landmark partnership, Drago and Elmqvist highlighted, will give IGT exclusive access to a select number of Yggdrasil’s online slots which can then be rolled out to its network of operators in the US and Canada.

Both CEOs agreed that slot games are more universal than sometimes portrayed, but it is the mechanics which truly help a supplier to stand out from the crowd. For Elmqvist, something which game developers must prioritise is the overall player experience, ensuring that the math and UX for each title is a main focus.

“We have lots of experience in creating high game quality,” said the Yggdrasil CEO. “The games that we produce, however, are more universal. We haven’t developed any games that target a certain market. 

“I would say that certain mechanics are tailored towards certain markets, for example LatAm players, Japanese players and so forth. But from the slots development perspective, it is much more similar than people actually believe.

“Everything is much more about the quality and overall experience for the player. It’s all about creating a sense of excitement which can be distributed cross multiple territorial markets. We are very keen on bringing that excitement to the partnership with Enrico and the IGT team.

“We know it’s going to work because we have friends also in the US market who have provided some stats and feedback. We know what works. There are certain discrepancies and differences between the US and Europe. 

“It’s more like mechanics – certain things that work in Japan might not work in the US. But besides that, it’s a lot of similarities. It is always about the UX. The UX and the math behind the game – that’s what it is all about.”

Drago agreed about the importance of the game mechanics and said the partnership agreement will see a variety of Yggdrasil games launched on the IGT platform during 2022 and an additional set of games planned for the following year. 

He told listeners: “The type of digital content that IGT has developed and launched so far, is mostly from games that were developed for the retail and land-based sector. We have created a formula to transport those retail games into the digital space. This is where we really shine as a business. But clearly, this is not enough as player bases are changing. Players want and need to play different games.

“So Yggdrasil’s games, their style, richness and mechanics are something which are not known in the United States and the Canadian markets. We both strongly believe that this content can be successful. Yggdrasil’s content complements our offering. There is a very powerful rationale and proposition underneath this partnership. 

Making an entry into the North American market is no easy feat, and so securing a strong partnership with IGT appeared to be a natural step for Yggdrasil, Elmqvist told Schrier. 

He said: “I see the developments happening now across the US and North America as a whole, including some provinces in Canada. The European markets have developed,  and we have been part of  the regulatory transformation  that have taken place over the years. I think that as more states open up, the US and Canada will quickly catch up to where we are in Europe. 

“North America is going to be much trickier from a financial and regulatory standpoint, without a doubt. There are pitfalls, but there are also huge opportunities. That’s why I find it so interesting to go forward with the partnership with IGT. 

“I would say that in the same way as IGT has, we have developed multiple games using our own intellectual property. We develop mechanical frameworks and license them to our studios, we also run a third party to develop a network. If you look at our strategy in the United States, it was a very, very deliberate decision to find the best strategy partnership for North America. 

“We were contemplating going into North America on our own for various reasons, which we at the end decided not to do . Instead, we wanted to enter the market with a well-recognized and established regional partner. Of course, we spent time evaluating our prospective partners. We decided that if we can enter into partnership with IGT, there’s going to be a good scale of opportunities for both companies.”

Watch the podcast here.

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2%

IGT declared revenue for Q3 of $587m, down 2% year-over-year (Q3 2023: $601m) and 3% in constant currency (cc). For the year-to-date, ending 30 September, the company reported a revenue of $1.86bn (2023: $1.85bn).

Q3’s revenue was attributed to “sustained momentum in Italy and improved US instant ticket and draw game wagers”.

Gross profit was also down 5% YoY and 7% in cc during the quarter to $263m (2023: $278m), while operating income fell by 33% YoY to $110m (2023: $163m). YTD, gross profit had declined 2% YoY to $882m (2023: $896m), while operating income was down 9% YoY to $507m (2023: $555m).

Operating income was “driven by a $38m restructuring charge associated with OPtiMa 3.0, a program focused on optimising general & administrative and operating activities following transformational actions over the last several years”.

Q3 net income stood at $43m, down from Q3 2023’s $123m. Broken down, income from discontinued operations stood at $88m (2023: $46m), but income from continuing operations fell to a loss of $46m (2023: $77m income).

Adjusted EBITDA for the quarter was down 6% YoY at $264m (2023: $279m) with a margin of 44.9% (2023: 46.4%). YTD, adjusted EBITDA was down 2% YoY to $880m (2023: $898m) with a margin of 47.3% (2023: 48.6%). IGT noted that the figures highlight the “attractive profit profile of pure play lottery business”.

Reflecting on the Q3 results, CEO Vince Sadusky noted: “Our third-quarter and year-to-date performance underscores the strength and resilience of our business model marked by our scale, attractive margin structure and strong cash generation.

“Over the first nine months, we generated $1.9bn in revenue, led by steady Italy growth and improved third quarter trends in the US. We are excited to build upon a solid foundation as we transform into a leaner, more focused global lottery pure play and capitalise on attractive industry dynamics.”

$3.25bn

Flutter Entertainment declared a 27% year-over-year increase in revenue to $3.25bn (Q3 2023: $2.56bn), while average monthly players (AMPs) grew by 16% to 12.9 million (2023: 11.1 million). Excluding US operations, revenue rose by 15% YoY to $2bn (2023: $1.7bn). 

For the quarter, net loss improved to $114m, up 56% YoY (2023: $262m loss), which the company says was “driven by strong revenue growth”. The net loss “included non-cash impacts of $128m acquired intangibles amortisation charge and $121m fair value loss on Fox Option liability (Q3 2023 $18m gain)”.

Adjusted EBITDA increased by 74% YoY to $450m (2023: $258m) with a margin of 13.9% (2023: 10.1%). Group ex-US adjusted EBITDA rose by 24% to $392m (2023: $313m).

Net cash from operating activities dropped by 48% to $290m (2023: $554m) “primarily due to the impact of derivative settlements in the current and prior year period”. Free cash flow declined by 74% to $112m (2023: $434m).

Jackson commented: “Flutter had an excellent quarter with revenue growth accelerating to 27%, well ahead of market expectations, and increases to our revenue and Adjusted EBITDA guidance for 2024.”

The group’s 2024 guidance was also raised by 1% across revenue and adjusted EBITDA, reflecting a strong Q3 group ex-US performance.

However, Flutter also said that “excellent US momentum in Q3 has subsequently been more than offset by unfavourable sports results in Q4 to date”.

15

The New Zealand Government has agreed on further details regarding the regulation of online casinos in the country, with 15 operators set to be offered the chance to gain a licence. 

Back in July, Internal Affairs Minister Brooke van Velden announced New Zealand’s plans to have a new online casino regulatory system “in place from early 2026”. At the time, the Government stated that the online casino regulation was “designed to minimise harm, support tax collection and provide consumer protections to New Zealanders”.

Online gambling will be prohibited for those aged 18 or over, with operators only able to offer online casino games, not sports betting or lottery. The Department of Internal Affairs will be the regulator.

In addition, licensed gambling operators will be allowed to advertise, but with strict limits in place. Previously, advertising by licensed gambling operators was prohibited. Sponsorship by online casinos will remain illegal.

Providing an update earlier this week, van Velden noted that further decisions have been taken by the New Zealand Government regarding online casino regulation, stating that a new Online Gambling Bill will be drafted.

In July, the Government said that only a limited number would be allocated via auction, each lasting three years and being conditional on meeting regulatory requirements. The total number of licences to be issued has now been revealed to be up to 15.

In addition, the regulatory system will prohibit advertising that appeals to minors, require operators to have age verification systems and the regulator will issue fines of up to NZ$5m (€2.8m) for operators who don’t comply with regulations.

€7m

Gaming Innovation Group has reported more than €7m in revenue for the third quarter of 2024, but an adjusted EBITDA loss of over €1m.

Both of these figures are down compared to the same period last year, with GiG also reporting an operating loss (EBIT) of just under €10m for the quarter.

Despite the results, CEO Richard Carter has voiced optimism for the igaming technology company’s future, expressing Q3 as a “momentous quarter” and that the firm is now “in a better position to expand” its presence in global igaming and sports betting markets.

Publishing its first set of financials since its business split away from Gentoo Media last month, GiG declared revenue of €7.4m, down 21% year-over-year (Q3 2023: €9.3m).

Providing further context on the comparison, the company stated that “2023 results contain €7.8m one-off revenue related to GiG Enterprise Solution sale (2024: €1.3m)”.

Excluding client exits and enterprise revenue, Q3’s underlying revenue stood at €7.3m, up 26% YoY (2023: €5.8m).

During the quarter, GiG also achieved listing on the Nasdaq First North Premier Growth Market in Stockholm, Sweden, under the ticker GIG SDB.

The company noted that the new listing will “enable management to reinvigorate GiG’s sales and marketing activities to help expand the group’s global client reach”.

15

Meanwhile, Gentoo Media published a 15th consecutive quarter of revenue growth for Q3 2024 following its recent split from GiG. 

Across the third quarter, Gentoo’s revenue grew to €30.4m to represent a 35% growth year-over-year (12% organic) on previous year’s comparatives of €22.5m in Q3 2023. 

Jonas Warrer, Gentoo Media CEO, commented: “I am pleased to present our third quarterly report for 2024, marking yet another record-setting quarter for Gentoo Media, with 15 consecutive quarters of all-time high revenue. 

“Our focused strategy on sustainable, long-term growth – emphasising diversification and increased revenue share earnings – continues to strengthen our business. Despite market volatility, our disciplined approach has proven resilient, driving steady success and positioning us with a competitive edge in an increasingly dynamic marketplace. 

“We remain confident that our strategic path will support our continued growth and stability in the coming quarters.”

Adjusted EBITDA came in at €14.6m (Q3 2023: €10.4m) reflecting a 48% margin, while group accounts booked ‘special items’ related to the company’s September split from GiG, capped at €600,000. 

With special items excluded, EBITDA witnessed an uptick of 36% YoY by growing to €14m (46% margin). Media cash flow operations were valued at €19.9m, while IFRS5 standard platform & sportsbook cash flow was €12.2m. 

In total, 58% of revenues were generated from recurring revenue share agreements, an increase of 24% YoY.

Despite headwinds in Norway, Europe-centric revenue increased 51% YoY, while revenue share from the Americas grew by 52%. This growth in the Americas was headlined by more than double digit growth in North America. 

Europe and the Americas stood as principal markets, contributing 59% and 21% of quarterly revenue respectively.

The post IGT, Flutter, GiG and New Zealand: the week in numbers appeared first on CasinoBeats.

Apollo Global’s deal for Everi and IGT’s Gaming & Digital business has been in place since July earlier this year, with it covering a previous merger agreement in place between Everi and IGT.

At a recent stockholders’ special meeting, the casino gaming content and products provider noted that “approximately 99.88% of the shares voted were voted in favour of the merger, which represented approximately 71.48% of the total outstanding shares of Everi common stock as of October 3, 2024, the record date for the Special Meeting”.

Everi stated that per the terms of the merger agreement, stockholders will “receive $14.25 per share in cash for every share of Everi common stock they own immediately prior to the effective time of the merger”.

“We are pleased that our stockholders supported our transaction with the Apollo Funds,” commented Michael Rumbolz, Chair of Everi’s Board of Directors. 

“We now shift our focus to the important next steps toward completing the transaction and maximising value for Everi stockholders.”

In line with what IGT said earlier this week alongside its third-quarter financials, Everi said that the proposed transaction is expected to close by the end of Q3 2025, assuming a timely satisfaction of necessary closing conditions.

At the time of Apollo’s initial acquisition announcement in July, Daniel Cohen, Partner at Apollo, stated: “We are excited to reach this agreement with IGT and Everi, which establishes a leading, diversified solutions provider that is well positioned across the entire gaming ecosystem. As an active investor in the gaming and leisure sector for many years, we have long admired both companies and their highly talented teams. 

“We strongly believe in the value proposition of the combination and are confident these complementary gaming platforms will be even better positioned under private ownership to capture the opportunities ahead to grow and create value. We look forward to working in partnership with all the people at IGT Gaming and Everi to propel the combined enterprise forward.”

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