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Raketech, a company that connects users to online gambling platforms, has forged a new media alliance with Danske Spil, the Danish national lottery operator. This collaboration highlights the company’s growing presence in the Danish market.
The agreement will assist in the expansion of Raketech’s sports-related offerings in Denmark, aligning with the company’s long-term plan to broaden its revenue sources. The partnership will run for a period of three years with the possibility of extension for an additional year. This marks Raketech’s second partnership in Denmark, following a previous agreement with gambling operator Vbet earlier this year. Raketech has also formed similar partnerships with other state-owned gambling operators, such as Svenska Spel in Sweden.
“We are thrilled to announce a three-year media partnership with Danske Spil,” stated Johan Svensson, acting CEO of Raketech. “This collaboration expands our media offerings while continuing to deliver top-tier online resources for the Danish market.
“This partnership represents a significant achievement for Raketech in Denmark. It acknowledges the capability of our products to support large, successful operators who demand high levels of execution.”
Svensson is currently serving as the interim leader of Raketech.
Svensson assumed the role of temporary head of Raketech in January following Oscar Mørbach’s resignation.
Mørbach departed due to differences in opinion regarding the company’s strategic path. He had been the chief executive since December 2019, having previously held the position of chief operating officer.
Svensson, a co-founder of Raketech, previously held the position of chief executive before stepping down in 2017. He is now back in a temporary capacity while Raketech seeks a permanent replacement.
The expansion of the lottery business spurred revenue growth for Danske Spil.
The operator, Danske Spil, reported that its revenue and net profit increased year-over-year in its 2023 fiscal year report. This was attributed to growth in its lottery division.
Key highlights include a 1.2% rise in revenue to DKK 5.04 billion (GBP 576.3 million/EUR 675.6 million/USD 720.2 million). Of this, Danske Spil’s lottery division generated DKK 2.87 billion in revenue, a 2.5% increase, setting a new annual record.
Danske Spil reported a pre-tax profit of DKK 2.35 billion, an increase of 6.0%. After paying DKK 526.5 million in taxes, the group’s net profit for 2023 was DKK 1.82 billion, a 5.9% year-over-year increase.
Stepping into the competitive gaming scene, and beyond? – Marketing Technology – iGB
Symplify, a company with a presence in various fields, including competitive gaming and other areas, bought Jada Gaming’s customer relationship management solution provider at the end of the previous year. While the Jada transaction marked a significant breakthrough for Symplify in the gambling sector, will the high standards of esports marketing guarantee that the deal has an impact on other areas?
Home > Technology & Innovation > Marketing Technology > Stepping into the competitive gaming scene, and beyond?
Stepping into the competitive gaming scene, and beyond?
A quick look at the client list of CRM provider Symplify reveals an intriguing blend. Alongside well-known gaming operators like Mr Green and LeoVegas, there are businesses from other industries: fintech giant Klarna, Swedish newspaper Aftonbladet, recently listed RevolutionRace, and baby clothing retailer Babyshop.com.
This balance of different industries has been present for nearly the entirety of the company’s 20-year history.
“We are a mature platform that has been connected with the competitive gaming industry from the beginning,” says Symplify CEO Robert Kimber. “As the esports industry has matured, so has Symplify.
“We have been actively involved in the industry for over 15 years. In recent years, we have become even more actively involved, such as participating in trade shows and closely monitoring industry developments. The industry is constantly changing. As our gaming clients have grown, so has our software.”
Although Symplify has been in existence since the early 2000s, Jada is a more recent firm, having only declared its formation last year. As Alberto Alfieri, the CEO and co-founder, points out, since Jada is relatively new, an acquisition at this early stage of the company’s journey wasn’t necessarily part of the initial strategy. However, after agreeing to purchase Jada Gaming, an AI solutions provider, for €30 million, the company now appears poised to make a more significant impact in the iGaming sector. As Kimber explains, iGaming holds a crucial position for multi-industry marketing providers like Symplify. Being an industry that requires continuous user acquisition, marketing products that are effective for iGaming operators are also suitable for many other industries. “One of the key takeaways from working with such a demanding industry like iGaming is that there is no shortage of innovative ideas,” he stated. “The iGaming CRM team is seeking a platform capable of implementing those ideas. We are constantly receiving feedback and pushing the limits of what is attainable.” The demand for marketing platforms has always been substantial, as gaming companies are consistently striving to push the boundaries of what is achievable. Currently, we operate in multiple sectors. iGaming is one of them, albeit a very significant one; it’s a sector that occasionally drives product development.
Initially, when we commenced Jada, we didn’t anticipate having these sorts of discussions,” Alberto remarked. “Jada is a youthful, dynamic, and revolutionary firm poised to embark on an exhilarating expedition. We introduced our platform in the early stages of 2021, recognizing our desire to collaborate with other entities to enhance our strength. However, this particular event was not part of our original blueprint.”
Kimber elucidated that the agreement materialized due to the shared clientele of both companies within the gaming sector. These entities discerned that Jada and [Company Name] possessed the potential for a fruitful partnership, swiftly culminating in the acquisition. With the exception of some bureaucratic procedures necessary to secure governmental approval from Spain, the entire process unfolded seamlessly.
“We’ve been actively seeking companies to incorporate into our strategic plan,” he stated. “What distinguishes Jada is that our customers advised us to engage in dialogue. Consequently, it deviated from our customary approach to identifying acquisition targets, but it originated from our shared network. Upon initiating discussions, it became undeniably evident to me, and I believe to everyone present, that their product and ours would form an indomitable alliance.
“The Jada team is comprised of seasoned professionals, intellectually astute individuals who possess a profound understanding of their domain.”
Computerized intelligence and forecasting marketing are the future of the business, and we were struck by the clear sense of identity we observed in the team’s drive to achieve their objectives. Josh, Alberto, and their crew are partners we wish to work with and develop alongside.
Alfieri remarked that a key reason Jada’s team was able to quickly come to an understanding was that he and Tromans-Jones would be able to continue operating the company as usual after the takeover.
Alberto stated, “I believe we met at the right time, and this collaboration has tremendous potential for both sides. Josh and I will continue in our roles and responsibilities, the takeover will not change the structure of the company, but with the support of a powerful force like Symplify, we will be able to speed up our development plans.
“This is what we appreciate most about Symplify. They view this partnership from a long-term project viewpoint, which is very encouraging for us because this is our passion, and we’re not ready to give up on it prematurely. They have plans, projects, and strategies, which means we can learn a lot from their experience.”
Other uses?
However, this long-term plan may differ from Jada’s initial plans. Kimber said that given the extremely high demand for marketing technology in the online gambling industry, Jada’s technology could find applications in many other clients.
Robert asserted that he thinks Jada’s strong platform can be used in fields outside of gaming. “The gaming sector has taught us the importance of ongoing development and product growth.
“By creating products for the most demanding industry, we can repackage them for other sectors, making them appropriate for financial technology, business, non-profit organizations, or any other sector that can utilize powerful propensity marketing.”
In the meantime, Alfio believes that entering new markets is one of the most thrilling aspects of this agreement.
“One of our objectives is to expand into vertical industries and geographical areas. We are currently active in South America and Europe, but there are many new markets and industries we want to enter. This is a top priority for our organization. When you see the potential of Jada, it naturally follows that our goal is to expand it beyond the gaming industry. With Symplify, this goal can now be achieved.”
FanDuel has joined forces with the Squaxin Island Tribe to establish a new sports betting facility at the Squaxin Island Clearwater Casino Resort in Washington.
The fresh sports betting area, which covers 2,086 square feet, boasts three live wagering windows and 12 IGT PlaySports self-service betting terminals. NFL icons Steve Largent and Jim Zorn were present for the grand opening and made the initial wagers at the location.
FanDuel initially teamed up with the Squaxin Island Tribe in September 2021, granting the operator access to the Washington market.
“We are thrilled to collaborate with FanDuel, the top sports betting platform in the United States, as our exclusive partner in Washington,” stated Leon Ramirez, CEO of Port Madison Enterprises, the Squaxin Island Tribe’s business division. “The combined efforts of the Squaxin Island Tribe Gaming Commission, the Washington State Gambling Commission, FanDuel, and numerous casino employees have made this a reality, and we are delighted that our sportsbook is now operational.”
Washington state legalized sports betting last September following the U.S. Department of the Interior’s approval of nine tribal sports betting agreements.
DraftKings collaborated with the Tulalip Tribes, while BetMGM partnered with the Puyallup Tribe.
Keith Wall, FanDuel’s senior vice president of retail operations, stated, “This is a significant development for us as it allows us to broaden our retail operations to the West Coast.
“The Suquamish Tribe has been an exceptional collaborator throughout this entire process, and the Suquamish Clearwater Casino Resort is an outstanding destination that everyone should visit to experience the breathtaking views, first-rate entertainment, and now, authorized sports wagering.”
Washington is now the fourteenth state where FanDuel has commenced operations, following launches in states such as Arizona, New York, New Jersey, and Michigan.
The Star Gold Coast has seen another executive depart, with Jessica Mellor stepping down as Chief Executive Officer.
Star Entertainment Group revealed that Mellor will officially depart on May 24th, with gaming head Ian Brown assuming the role of acting CEO while the company seeks a permanent replacement.
Mellor will continue to provide support to Star Entertainment Group until September, including aiding in the transition and other “crucial projects.”
Mellor assumed the role of CEO of The Star Gold Coast last October, becoming the youngest female CEO of the venue. Before this, she served as Chief Operating Officer at Star Entertainment Group for four and a half years.
Prior to joining Star Entertainment Group, Mellor held the position of CEO at Aquis Entertainment and worked on acquisitions at Aquis Australia. She also held positions at Custodian Fund Management Group, JLF Group, and Leighton Contractors.
“Jessica has guided The Star Gold Coast through some difficult periods, including the COVID-19 pandemic,” stated Star Entertainment Group Executive Chairman David Foster. “She has played a key role in our joint venture with our partners in transforming the Gold Coast property into a renowned world-class integrated resort destination.”
The decision has been made by Jessica to move on to new opportunities. The board and I express our gratitude for her dedication and hard work as the chief executive officer of Star Gold Coast.
Star has recently undergone a series of changes in its leadership, with several executives departing, including the CEO and CFO.
Meller’s exit is the most recent in a series of personnel changes at Star in recent weeks, with several other executives also leaving their positions.
In the middle of March, Robbie Cooke announced his decision to step down as group CEO and managing director. Christina Kashibupa will also be departing, resigning from her position as CFO.
Cooke assumed the role of CEO of Star in November 2022. Prior to this, he was the fourth CEO in a year for the operator, following Matt Bekier (who resigned during an investigation into Star in New South Wales), John O’Neill, and Jeff Hogg.
Last month, Star stated that the leadership changes were in the best interests of the company. Foster will take on the additional responsibility of executive chairman while the search for a permanent CEO is ongoing.
Kashibupa will be leaving the company to pursue other endeavors. Neil O’Connell, former CFO of Tatts Group, will be stepping in as an interim replacement.
Star’s third-quarter net loss
This month, Star also released a trading update for the third quarter. It included a 4.6% decrease in revenue to A$419.2 million (£216.1 million/€252.6 million)/$269 million.
Star stated that premium gaming room revenue at its properties was down compared to the previous year. This trend was reflected across the industry – premium gaming room revenue at Star Sydney was down 19.3%. The decline was 20.0% at Star Gold Coast and 28% at Treasury Brisbane.
In spite of this, the main gambling zones experienced positive financial gains. Sydney Star’s income rose by 5.4%, Gold Coast Star’s income climbed by 4.6%, and Brisbane Treasury’s income went up by 6.4%. Nevertheless, the earnings from high-stakes gambling areas led to a 4.6% decrease in total revenue for all three hotels.
Not all financial information was made public in the update. The released financial data included a net loss after taxes of A$6.8 million. Nonetheless, this is a positive indicator compared to the A$49.7 million loss in the third quarter of 2023.
Bell II inquiry initiated
The third quarter also brought news that the New South Wales Independent Gambling Commission would be conducting a second inquiry into the Star. This is a follow-up to the well-known Bell Report.
The inquiry, named Bell II, commenced on February 19 and will continue until May 31.
The initial Bell Report exposed a series of anti-money laundering and social responsibility shortcomings at Sydney Star. It suggested 30 steps to enhance practices. A year after the initial report was published, a report indicated that the Star had implemented 22 of the 30 recommendations.
The second inquiry will concentrate on the Star’s culture and the impact of the first Bell Report.
A Philippine legislator has put forward a measure to outlaw all types of internet wagering in the nation.
The measure, titled the “Anti-Online Gambling Act,” is presently under consideration by the legislative panel.
Senator Joel Villanueva, who introduced the proposal, stressed the importance of its swift approval, urging for it to be passed “without delay.”
“The repercussions of gambling and online gambling are too grave to overlook,” the bill’s explanatory statement reads. “The price of gambling is no longer confined to the loss of funds but extends to the loss of principles and lives.
“This proposal aims to forbid online gambling, including betting or wagering via the internet or any form of online gambling activity, to prevent further decline in morals and values, encourage individuals to work rather than relying on chance, halt addiction, and preserve lives.”
If enacted, the measure would impose a maximum of six months of confinement or a fine of ₱100,000 (£1,520/€1,737/$1,737) to ₱500,000 on individuals who wager online or knowingly receive online bets.
For businesses that breach the law, the responsible individuals will face a maximum of five years of imprisonment and a ₱500,000 fine.
This new legislation will come into force fifteen days following its publication in the Philippine Gazette or in two significant newspapers.
The Department of the Interior and Local Government and the Department of Justice will be responsible for ensuring compliance with the law within thirty days of its enactment.
Online gambling for Filipinos was recently authorized last year, with companies such as Okada Manila receiving permission to commence operations.
However, the Philippines already possesses a substantial industry of online gambling companies that cater to individuals from other nations, even those that prohibit online gambling, such as China. These companies are known as POGOs and have generated numerous issues. Last year, the National Bureau of Investigation discovered a strong link between POGOs and human trafficking.
Last month, the newly appointed head of the Philippine Amusement and Gaming Corporation (Pagcor), Alejandro Tengco, indicated that they are contemplating the separation of Pagcor’s regulatory and operational divisions.
A fresh, non-profit Brazilian sports integrity organization, the Brazilian Sports Integrity Defense Association (ABRADIE), has been established by a group of sports wagering firms in Brazil.
This follows a string of match-fixing scandals in Portuguese-speaking nations, which has sparked considerable discussion regarding Brazil’s gambling regulations.
The companies involved in creating the association include Genius Sports, Entain, daily fantasy sports operator Rei Do Pitaco, and legal firms Bichara e Motta and Maia Yoshiyasu Advogados. They issued a joint statement following the organization’s formation.
Luiz Felipe Maia of Maia Yoshiyasu believes that the association is being formed at a “pivotal moment,” due to the pressure from the expanding Brazilian market and ongoing regulatory issues.
ABRADIE states that it will collaborate with regulators, federal and state law enforcement, and other entities to identify and halt fraud and other illicit activities related to sports betting.
The association asserts that its primary objective will be to identify and examine suspicious betting patterns in Brazilian sports.
To reach this objective, the group will conduct meetings and gatherings to encourage communication and cooperation among those involved in the system.
Moreover, ABRADIE members will work together to create a document to be presented to the authorities, which will suggest ways to safeguard the honesty of sports and associated wagering.
Martin Lycka, the senior executive responsible for regulations and responsible gambling at Entain Americas, discussed the significance of the organization, referring to a previous statement issued by the company.
“As part of Entain’s ongoing commitment to operating only in well-regulated and well-managed markets, I am pleased to see the industry uniting to support the authenticity of Brazilian sports and stop match manipulation,” he stated. “This is a fundamental aspect of any betting rules, including the upcoming Brazilian betting regulations.”
Chris Dougan, the head of communications at Genius, expressed his happiness at being part of Brazil’s first sports integrity organization.
“We are eager to collaborate with regulators, law enforcement officials, operators, sports leagues, and other important individuals to prevent deception and protect the integrity of sports,” he added.
Preserving the honesty of athletic competition is essential for the sports wagering sector. ABRADIE members will show their dedication to industry standards, assisting governments, athletic organizations, and other interested parties in safeguarding sports from corruption dangers linked to gambling.
The regulatory process for sports betting in Brazil is still underway, even though the nation’s lawmakers voted to legalize the activity in 2018. Recent match-fixing controversies have sparked renewed optimism that a legal path may be on the horizon.
“Without rules, and with the presence of numerous offshore betting operations, Brazilian leagues are vulnerable to fraudsters,” Maia recently told iGB. “It’s only a matter of time before it leads to a series of scandals, ultimately resulting in regulation or market closure.”
The betting behemoth, Super Group, is preparing to purchase Apricot, a sports wagering technology firm, to bolster its Betway brand. This information surfaced prior to the company’s release of its third-quarter financial report.
Super Group affirmed that its full-year financial objectives for 2022 remain on schedule. They also indicated that their third-quarter earnings, set to be unveiled on November 22nd, align with their revised projections from the second quarter.
The corporation had to adjust its financial targets in August due to the unpredictable economic climate earlier in the year. Despite this, they still anticipate revenue to fall between €1.15 billion and €1.28 billion, with adjusted EBITDA ranging from €200 million to €215 million.
Super Group is also actively pursuing the acquisition of Digital Gaming Corporation, which is anticipated to be finalized in January. This acquisition will grant them access to the US online sports wagering and iGaming market.
In September, Super Group also secured a controlling interest in Jumpman Gaming, a UK online casino enterprise.
The Super Group declared that this agreement will give them more chances in the UK and other global markets. Jumpman can utilize its exclusive technology to grow in these markets.
Jumpman contributed roughly €7 million to net earnings in September and reached a positive EBITDA. However, Super Group stated that its previously released financial forecast for 2022 did not include Jumpman’s performance.
Moreover, Super Group stated that its Betway and Spin brands successfully moved their operations to the regulated market in Ontario in the latter half of 2022, as anticipated.
Obtaining sports betting technology
In addition, the group said that it has started talks with Apricot, its long-term partner and sports betting provider in several regions, to “significantly increase the dedicated development resources available to Betway” as its exclusive licensee for sports betting.
This will involve increasing spending and investment in software development in the coming quarters, which may include providing a loan of up to €43 million to Apricot to finance the dedicated resources for Betway.
Apricot was formerly known as Microgaming Software Systems and was renamed Apricot in 2018.
In light of this added expense, Super Group and Apricot have initiated talks regarding the potential for Super Group to gain complete control of the sports wagering enterprise through a buy option for a replica of the underlying technology.
These talks are still in their nascent stages, and Super Group has indicated that it cannot assure a definitive agreement will be finalized.
“We are taking action to fortify Super Group, streamline our financial framework, and position the company for future expansion,” remarked Neal Menashe, Chief Executive Officer of Super Group. “Concerning discussions about our sports betting operations, we are investigating the potential advantages of possessing the technology alongside our long-standing associates.
“I anticipate discussing our performance and operational updates in greater detail subsequent to the release of our third-quarter financial results on November 22.”
OddsMatrix, EveryMatrix’s sports product offering, achieved a significant milestone in 2022, exceeding €1 billion in annual income, establishing a new benchmark.
OddsMatrix reached a new high point on September 9, 2022, attaining €1 billion in yearly revenue. Income in 2021 was slightly under €1 billion, so surpassing this mark in the third quarter of 2022 was a substantial accomplishment. More significantly, income in August and September rose by 100% compared to the previous year.
This follows another record declared by OddsMatrix at the start of the year, surpassing €100 million in monthly income in the final quarter of 2021.
Ebbe Groes, the head of the EveryMatrix Group, remarked: “This is a remarkable achievement for OddsMatrix and the entire EveryMatrix. We are likely to reach €200 million in monthly income in the final quarter of 2022. And, the swift growth in trading volume can be translated into more functional investments, which will positively propel the expansion of trading volume.”
2022 was a remarkable year for OddsMatrix, securing crucial agreements with Intralot in Morocco to provide services to MDJS (Morocco’s online betting and sports company), and with the German brand Bet-at-home.
In this current year, EveryMatrix acquired Leapbit, a sports wagering firm, to enhance its OddsMatrix platform and provide a wider range of choices for retail bettors. OddsMatrix aims to equip betting businesses with all the necessary tools to expand and boost their profitability. OddsMatrix is highly adaptable, allowing for customization to meet specific requirements. It empowers betting companies with the autonomy, assistance, and resources to monitor their performance and enhance the appeal of their betting offerings. This, in turn, facilitates the improvement of their sports and esports betting products.
The French lottery operator, Française des Jeux (FDJ), announced earnings of €2.26 billion (£1.9 billion/$2.57 billion) in 2021, a rise of 17.5% compared to 2020.
This earnings figure also signifies a 10.1% increase compared to the total revenue in 2019 (before the COVID-19 pandemic).
Lottery activities contributed €1.73 billion to total revenue, up from €1.5 billion in 2020. Meanwhile, sports wagering revenue reached €464 million, a 24.7% increase from the previous year.
Total customer wagers for the year amounted to €18.98 billion, a 10.8% increase from 2020. Lottery game wagers totaled €14.73 billion – €8.98 billion for instant lotteries and €5.74 billion for draw games – while sports wagering stakes reached €4.22 billion.
Marketing and communication expenses for the year were €414.7 million. General and administrative expenses totaled €199.4 million, while other expenditures amounted to €16.3 million.
Operating earnings for the year were €391.8 million, up from €292.7 million in 2020. Financial debt and other costs totaled €7.1 million, while shares in other financial instruments and net profit from joint ventures added another €32 million in revenue.
Therefore, pre-tax profit reached €416.6 million. After accounting for €122.5 million in income tax, net profit for 2021 was €2.942 billion – a 37.7% increase compared to 2020.
The French gaming enterprise FDJ unveiled its 2021 financial report, revealing that its earnings before interest, taxes, depreciation, and amortization (EBITDA) reached €522 million, a 22% surge from the preceding year.
FDJ Group’s Chairman and CEO, Stéphane Pallez, declared that 2021 marked the comeback of all FDJ operations to their pre-pandemic growth trajectory. Due to accelerated digitization and expansion of its sales network, the group’s performance in 2021 significantly surpassed that of 2019.
“These outcomes demonstrate the effectiveness of our plan and have prompted us to elevate the 2025 objectives announced by the group at its initial public offering, encompassing growth and EBITDA profitability.”
“Simultaneously, we continue to fulfill our societal responsibilities, which have been considerably strengthened since the onset of the pandemic. FDJ will persist in combining financial performance with non-financial commitments to benefit all stakeholders.”
In 2021, FDJ inked a partnership agreement with retail and e-commerce investment firm Plug and Play Retail and consented to sponsor the Tour de France Femmes avec Zwift.
The company is also being scrutinized by the European Commission for potentially violating EU law with its privatization actions.
The Gold Matrix Group (GMGI) achieved a record annual income of $43.5 million (£34.3 million/€40 million) in fiscal year 2023, but unfortunately, net losses also rose.
GMGI’s income expanded by 22.8% from the previous year, which the organization credited to its varied portfolio. The record income in 2023 aligns with GMGI’s forecasts released at the end of the previous year.
However, GMGI’s net loss expanded from $454,065 in 2022 to $1 million in the past year. GMGI attributed this primarily to management and administrative non-cash costs related to $2.5 million in stock-based compensation. Taxes also increased, while the company also witnessed higher spending on Mexplay operations and consulting fees.
GMGI’s CEO welcomed the “significant” increase in income.
Overall, GMGI CEO Brian Goodman was optimistic about the yearly results. He cited income growth as a key highlight for the business and expressed a positive outlook for further growth in 2024.
Goodman stated, “We continue to make significant progress on the income front year over year. This strong momentum has resulted in four consecutive years of income growth and an increase in shareholder equity.”
GMGI experienced a successful year, driven by its endeavors in both business-to-business and business-to-consumer gaming. They devoted substantial resources to both sectors, contributing to their business expansion. Their games enjoy widespread popularity and are continuously being enhanced.
GMGI’s expenditures escalated at a faster rate than their revenue, a concerning trend. They generated $15.6 million from their B2B operations and $28.5 million from their B2C activities.
Their B2B division collaborates with 785 gaming companies and boasts 8.2 million users. Their B2C division, encompassing RKings and Mexplay, has over 325,000 and 61,000 users, respectively.
Their costs experienced a significant increase. The expense of game development surged by 27.5%, while other expenses climbed by 15.6%. They did earn some interest income, but it was insufficient to offset their losses.
They incurred a pre-tax loss of $489,444, a decline compared to the $463,077 profit achieved in the previous year. After accounting for taxes, their loss amounted to $1.2 million, exceeding the $250,038 loss incurred last year.
However, they did benefit from foreign exchange gains, which partially mitigated their losses.
As a result, the overall financial loss attributed to GMGI was $1 million, in comparison to $454,065 in the previous year.
“We are confident in the outcomes achieved in the previous fiscal year, which illustrate the continued strength, competitiveness, and diversity of our portfolio, intellectual property, and the strong fundamentals of the markets in which we operate,” Goodman stated.
GMGI is close to finalizing an agreement with MeridianBet
Meanwhile, GMGI provided an update to the market regarding its ongoing acquisition of MeridianBet. GMGI agreed to acquire MeridianBet in January of 2023, in a transaction valued at approximately $300 million.
GMGI aimed to finalize the acquisition in the first half of 2023. However, in July, GMGI made some adjustments to the agreement, shifting the completion date to the fourth quarter of 2023.
In October, it was disclosed that negotiations between the two parties had resulted in further adjustments. The primary change was an extension of the proposed completion date, pushing the completion date to the first quarter of 2024.
Earlier this month, GMGI stated that it hoped to finalize the acquisition before the end of the first quarter. Goodman indicated that this remains the objective for the company.
“The [acquisition] is anticipated to significantly drive GMGI’s global presence and substantially increase revenue and profitability,” Goodman stated.
“It will offer numerous B2B and B2C products in multiple regions across the globe, and we believe the combined entity will be well-positioned to participate in the online gambling markets in the US and Canada.”
