Financial Archives - Keno Wizard https://kenowizard.com/tag/financial/ The Ultimate Keno Destination for Odds, Tips & Tricks Wed, 03 Apr 2024 11:54:42 +0000 en-US hourly 1 https://wordpress.org/?v=6.6.1 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Financial Archives - Keno Wizard https://kenowizard.com/tag/financial/ 32 32 230792155 Playtech Faces Financial Turmoil as Major Client Caliplay Refuses Payment https://kenowizard.com/2024/04/03/playtech-faces-financial-turmoil-as-major-client-caliplay-refuses-payment/ https://kenowizard.com/2024/04/03/playtech-faces-financial-turmoil-as-major-client-caliplay-refuses-payment/#respond Wed, 03 Apr 2024 11:54:42 +0000 https://kenowizard.com/2024/04/03/playtech-faces-financial-turmoil-as-major-client-caliplay-refuses-payment/ Playtech, a prominent gambling software firm, finds itself embroiled in a financial dispute with its largest client, Mexican gambling platform Caliplay.  Playtech Battles €122 Million Payment Dispute with Caliplay According to Playtech, Caliplay has declined to settle its dues, amounting to a staggering €122 million ($131 million) in fees accumulated between 2023 and 2024. The [...]

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Playtech, a prominent gambling software firm, finds itself embroiled in a financial dispute with its largest client, Mexican gambling platform Caliplay

Playtech Battles €122 Million Payment Dispute with Caliplay

According to Playtech, Caliplay has declined to settle its dues, amounting to a staggering €122 million ($131 million) in fees accumulated between 2023 and 2024.

The refusal to pay comes amidst a protracted legal battle between the two entities. Caliplay has sought to terminate its contractual obligations with Playtech, sparking a contentious legal tussle that has yet to reach a resolution. Despite the mounting financial strain, Playtech remains optimistic about recovering the outstanding funds through legal recourse, reported The Evening Standard.

The repercussions of Caliplay’s non-payment have reverberated through Playtech’s financial statements. Notably, the company reported a significant surge in profits for the fiscal year 2023, reaching €235.8 million ($253 million). This substantial increase in profits includes the unreceived fees from Caliplay, reflecting Playtech’s confidence in eventual reimbursement.

The company disclosed a revenue figure of €1.7 billion ($1.84 billion), reflecting a year-on-year growth of 7%. Conversely, EBITDA reached €406.5 million ($440.3 million), marking a 12% increase.

Mor Weizer, the CEO of Playtech, conveyed his unwavering confidence in the company’s resilience amid the ongoing challenges, stating that they remained confident in their ability to execute their strategy and to continue delivering value for their shareholders.

The situation has also fueled speculations surrounding Playtech’s future, with the company becoming a focal point of takeover discussions. Both its depressed share price relative to earnings and recent acquisition attempts on other industry players have intensified the speculation. 

Weizer hinted at Playtech’s active involvement in potential acquisitions, emphasizing the company’s robust financial position with a substantial cash reserve.

However, industry analysts caution against overlooking the potential ramifications of the Caliplay dispute. Neil Shah, director of research at Edison Group, highlighted the significance of the impending trial in October, suggesting that an unfavorable outcome could inflict substantial financial losses on Playtech.

Despite the looming uncertainty, market sentiments remain somewhat buoyant, with Playtech shares experiencing a marginal uptick in recent trading sessions. Analysts at Jefferies remarked on the market’s apparent pessimism, underscoring the likelihood of a negotiated settlement and the importance of maintaining a constructive relationship with Caliplay.

As Playtech braces for the legal showdown in the coming months, the outcome of the dispute with Caliplay will undoubtedly shape the company’s financial trajectory and market standing in the foreseeable future.

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S&P Warns of Financial Risks for Bidders in New York Casino Permit Race https://kenowizard.com/2024/01/11/sp-warns-of-financial-risks-for-bidders-in-new-york-casino-permit-race/ https://kenowizard.com/2024/01/11/sp-warns-of-financial-risks-for-bidders-in-new-york-casino-permit-race/#respond Thu, 11 Jan 2024 21:24:40 +0000 https://kenowizard.com/2024/01/11/sp-warns-of-financial-risks-for-bidders-in-new-york-casino-permit-race/ As the race for New York City casino permits intensifies, potential operators find themselves facing a high-stakes gamble not only for the coveted licenses but also in terms of financial risk. A recent report from financial analysts at S&P Global Ratings suggests that successful bidders may find themselves shouldering substantial debt burdens. Major Players Vie [...]

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As the race for New York City casino permits intensifies, potential operators find themselves facing a high-stakes gamble not only for the coveted licenses but also in terms of financial risk. A recent report from financial analysts at S&P Global Ratings suggests that successful bidders may find themselves shouldering substantial debt burdens.

Major Players Vie for Lucrative Downstate Casino Licenses in the Battle for the Big Apple

The New York state government is set to award three downstate casino licenses, opening the doors to what is considered one of the last untapped gaming frontiers in the United States. The competition is fierce, with major players like MGM Resorts International, Las Vegas Sands, and Wynn Resorts vying for the lucrative opportunity.

S&P Global Ratings, in a comprehensive new report, outlined the potential financial implications for the winning operators. The proposed projects range from $2 billion for expansions or redevelopments of existing properties to over $5 billion for entirely new developments. The report indicates that the impact of the associated leverage could materialize within the next 12-18 months.

One of the key concerns raised by the analysts is the strain on corporate credit metrics as companies seek to secure a foothold in the highly competitive New York market. MGM Resorts International‘s Empire City Casino in Yonkers and Resorts World New York in Queens are rumored to be strong contenders, although nothing is confirmed at this stage.

Rumors Swirl, Anticipating Record-Breaking $1 Billion License Fees

New York is not holding back in capitalizing on its sought-after status, with recent rumors suggesting that winning bidders could be slapped with licensing fees as high as $1 billion each. This figure far exceeds the initially anticipated cost of $500 million per permit. When factoring in construction costs, operators like Las Vegas Sands and Hard Rock International may be looking at a staggering total investment of up to $6 billion and $8 billion, respectively.

Despite the potential financial challenges, experts believe that New York could offer a short-term pain, long-term gain scenario for victorious operators. The prospect of dominating the New York market is seen as a strategic move that could pay off handsomely in the long run. However, the timeline for these developments is extended, with S&P suggesting that licenses may not be awarded before the second half of 2024. Significant capital spending is not expected until 2025, given the complexities of building in New York and the ambitious scale of the proposed projects.

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Ohio Seeks to Bolster Problem Gambling with Financial Advisors https://kenowizard.com/2023/12/26/ohio-seeks-to-bolster-problem-gambling-with-financial-advisors/ https://kenowizard.com/2023/12/26/ohio-seeks-to-bolster-problem-gambling-with-financial-advisors/#respond Tue, 26 Dec 2023 13:50:19 +0000 https://kenowizard.com/2023/12/26/ohio-seeks-to-bolster-problem-gambling-with-financial-advisors/ Commenting on his LinkedIn page, Cory Brown, manager of problem gambling services at Ohio Casino Control Commission, has confirmed that the regulator is stepping up in providing local players with further safeguards. Ohio Unflattering in its Commitment to Tackling Problem Gambling One of the most challenging issues in terms of recovery from gambling addiction is [...]

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Commenting on his LinkedIn page, Cory Brown, manager of problem gambling services at Ohio Casino Control Commission, has confirmed that the regulator is stepping up in providing local players with further safeguards.

Ohio Unflattering in its Commitment to Tackling Problem Gambling

One of the most challenging issues in terms of recovery from gambling addiction is the financial ramifications of reckless spending. This significant weight has been ignored by most healthcare providers worldwide, but Ohio intends to stay at the cutting edge of problem gambling help by addressing the taxing issue headlong.

Following the introduction of Time Out Ohio with the help of Gamban, a software dedicated to excluding players and preventing them from gambling, Ohio has now teamed up with GamFin, a company that specifically focuses on bringing together various professionals who can help better understand how gambling harm works and the financial implications of addiction, along with tested methodology that helps victims and vulnerable consumers recover and maintain their recovery.

People who get help in Ohio because of their gambling addiction will now also have access to financial counselors who can help them tackle this matter by looking into the unique financial circumstances of each problem gambler and charting a way forward. As Brown puts it, “GamFin can help you carry the load.”

Taking on the Most Challenging Aspects of Addiction

GamFin’s staff are trained financial counselors who can act as personal finance subject-matter experts, Brown shared, optimistically adding:

GamFin’s counselors are available both to individual clients and to treatment providers, helping you tackle financial questions and develop solutions to get back on track.

Cory Brown

Ohio is showing a very high commitment to tackling responsible gambling at a time when some jurisdictions, including Washington D.C. are actually cutting the budget allocated to problem gamblers.

In the meantime, Ohio is also trying to minimize harm in other ways, one of which is by restricting the number of advertisements and the connection between promotional offers and non-gambling transactions. This has been criticized by local operators. In truth, the move is unorthodox and Ohio is showing a much greater-than-average involvement in the fate of problem gamblers in the United States, a country which is right now going through a growth spurt

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Acres Selects David Bain for Chief Financial Officer Role https://kenowizard.com/2023/10/20/acres-selects-david-bain-for-chief-financial-officer-role/ https://kenowizard.com/2023/10/20/acres-selects-david-bain-for-chief-financial-officer-role/#respond Fri, 20 Oct 2023 05:39:19 +0000 https://kenowizard.com/2023/10/20/acres-selects-david-bain-for-chief-financial-officer-role/ The leading casino technology provider, delivering products to more than 60,000 casino gaming machines across the United States, Acres Technology, strengthened its senior-level team with the addition of David Bain, a Wall Street gaming industry expert with a track record in corporate finance. Joining the company, he was appointed to the role of chief financial [...]

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The leading casino technology provider, delivering products to more than 60,000 casino gaming machines across the United States, Acres Technology, strengthened its senior-level team with the addition of David Bain, a Wall Street gaming industry expert with a track record in corporate finance. Joining the company, he was appointed to the role of chief financial officer (CFO).

In his new role at Acres, Bain is expected to oversee strategic financial processes. Leveraging his extensive experience and wide range of skills, he will play an important role in the growth of the company. Undoubtedly, an expert with the rank of Bain will quickly prove to be an important asset to Acres’ growing C-suite.

Sharing his excitement, the new CFO spoke about the company’s role in the casino industry. Bain pointed out that it is thrilling to join the company and help revolutionize the casino industry while at the same time growing the value for Acres’ stakeholders.

Acres is again revolutionizing the casino industry and I’m excited to join the team to help grow value for all of our stakeholders. I have enormous respect for John’s vision, passion and execution that has led casino technology innovations for over 50 years.

David Bain, CFO at Acres Technology

Bain Brings More than 25 Years of Experience to Acres

Currently, Bain holds a BA from UCLA, as well as an MBA from Pepperdine University. Additionally, he has a JD in Corporate Law from Loyola Law School. Overall, Bain’s career spans more than 25 years. His first career steps were as an entertainment attorney, but then he decided to enter the finance vertical.

The recently announced appointment by Acres comes after earlier this year, the company unveiled its interactive system, “ticket in, bonus out.” Back in August, the company confirmed that the groundbreaking system is expected to launch in the upcoming months.

David can work anywhere he chooses and having someone of his caliber join our team as CFO is a powerful vote of confidence in our vision and our future.

John Acres, founder and CEO of Acres Technology

John Acres, Acres’ founder and CEO, praised Bain’s extensive experience and acknowledged that he is an invaluable addition to the company’s team of experts. Last but not least, he pointed out: “David’s leadership will help us maximize profits for our customers, partners and stakeholders.”

Before joining Acres, Bain was most recently a part of B. Riley Securities. Throughout his extensive career, he held different senior-level roles, including managing director of corporate finance, as well as senior research analyst. Within the gaming sector, Bain engaged in research that probed the slot and gaming equipment supply vertical.

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The UK’s Financial Conduct Authority to Expand Review on De-Banking Tied to Gambling https://kenowizard.com/2023/09/22/the-uks-financial-conduct-authority-to-expand-review-on-de-banking-tied-to-gambling/ https://kenowizard.com/2023/09/22/the-uks-financial-conduct-authority-to-expand-review-on-de-banking-tied-to-gambling/#respond Fri, 22 Sep 2023 19:09:35 +0000 https://kenowizard.com/2023/09/22/the-uks-financial-conduct-authority-to-expand-review-on-de-banking-tied-to-gambling/ According to the UK’s Financial Conduct Authority’s (FCA) chief executive, Nikhil Rathi, “further work” was needed to be absolutely sure that no bank, payment company, or building has closed down someone’s bank account primarily because of their political views.  Primary Findings Flesh out the Case The conduct regulator of close to 50,000 companies aimed at ensuring [...]

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According to the UK’s Financial Conduct Authority’s (FCA) chief executive, Nikhil Rathi, “further work” was needed to be absolutely sure that no bank, payment company, or building has closed down someone’s bank account primarily because of their political views

Primary Findings Flesh out the Case

The conduct regulator of close to 50,000 companies aimed at ensuring all financial markets are “honest, competitive, and fair” has completed its initial data exercise on bank account access and closure based on information collected “at speed” between July 2022 and June 2023.

The most common arguments bank service providers offered for shutting down, suspending, or declining accounts were account inactivity/sleeping accounts and concerns related to financial crimes.

The initial probe was launched as a response to a scandal revolving around controversial politician Nigel Farage who had his bank account shut down by Coutts, a reputable banking company that provides private banking and wealth management services.

The watchdog concluded more work was needed to assess the information and effectively address the current gaps shown in the data. An international perspective on the closure of bank accounts has also been published by the same institution.

Over the years, certain UK banks have been known to close the accounts of clients who were involved in gambling activities, as a result of the associated anti-money laundering risks and obligations that were perceived as being higher.

What the FCA Will Focus On Next

According to an open letter written as a response to the Gamblers Consumer Forum’s query on individuals and businesses who have lost access to their bank account because of gambling transactions or ties to the gambling industry, the financial watchdog implied its further investigation would include this topic as well. 

Additionally, the follow-up of their initial review would also be aimed at making sure that all the data that has been reported to them has been accurate, with special emphasis on outlier firms.

More supervisory work would also be needed to check companies’ conclusions on those accounts that they have closed based on certain political views. More assessments of accounts closed for reputational risk-connected arguments would also be necessary, as announced by the FCA.

The watchdog would also look into standard bank account applications and terminations that had been declined, as well as the reasons why 1.1 million in the UK were currently “unbanked”, along with studying the main characteristics of the said population.

Chief executive Rathi further commented that a critical question for policymakers was whether all “individuals, businesses, and organizations” should benefit from the right to own a bank account, similar to other countries. 

Finally, the follow-up would also aim to engage with consumer groups and organizations and get a deeper understanding of their own experiences and of the impact of having their bank account terminated, declined, or suspended. 

In April 2022, the FCA seized £2 million ($2.60 million) from QPay Europe because of the money being connected to a $150 million bank fraud that unfolded in the US.

At the start of 2023, the financial watchdog gave Trustly, an international payment platform for digital account-to-account transactions, the green light to acquire Ecospend, a UK-based open banking platform for payments. 

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Zolciak and Biermann’s Financial Challenges Stem from Gambling Addiction https://kenowizard.com/2023/09/21/zolciak-and-biermanns-financial-challenges-stem-from-gambling-addiction/ https://kenowizard.com/2023/09/21/zolciak-and-biermanns-financial-challenges-stem-from-gambling-addiction/#respond Thu, 21 Sep 2023 19:19:08 +0000 https://kenowizard.com/2023/09/21/zolciak-and-biermanns-financial-challenges-stem-from-gambling-addiction/ Reality television stars Kim Zolciak and Kroy Biermann are facing dire financial straits, with mounting debts and an impending foreclosure on their Georgia mansion, according to court documents filed by Biermann.  Debts Pile Up for Kim Zolciak and Kroy Biermann Amidst IRS Trouble In the documents filed in Fulton County Superior Court, Biermann, 38, revealed [...]

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Reality television stars Kim Zolciak and Kroy Biermann are facing dire financial straits, with mounting debts and an impending foreclosure on their Georgia mansion, according to court documents filed by Biermann. 

Debts Pile Up for Kim Zolciak and Kroy Biermann Amidst IRS Trouble

In the documents filed in Fulton County Superior Court, Biermann, 38, revealed that the couple owes the Internal Revenue Service (IRS) over $1 million in unpaid taxes dating back to 2013, 2017, and 2018. This shocking revelation comes on top of other outstanding debts, including a $400,000 lawsuit from BMW Financial and a $100,000 pending lawsuit from Capital One/Saks. Additionally, Biermann disclosed a lawsuit demanding repayment for a line of credit issued by a casino in the Bahamas, further exacerbating their financial troubles.

The couple’s primary concern revolves around their marital residence, a $3 million mansion in Alpharetta, Georgia. Biermann fears they are on the brink of foreclosure for the second time due to their inability to meet their financial obligations. He urged the courts to grant him permission to sell the property to avoid losing it to foreclosure, stating that it is their only asset.

Adding to their complex situation are the four minor children residing with them. Biermann filed a motion requesting the appointment of a Guardian ad Litem to protect the well-being of the children, citing the toxicity, which is currently present in their home as detrimental to their mental and emotional health.

Gambling Addiction Tore Apart Zolciak and Biermann’s Marriage

This financial turmoil is not the first setback for the couple. In October 2022, their Georgia mansion faced foreclosure after they failed to repay a $300,000 loan taken out on the property. Although they managed to avoid the auction block with a last-minute deal, their troubles continued to mount.

Their money problems escalated in May when it was revealed they owed $1.1 million in taxes, interest, and penalties to the IRS. Additionally, they allegedly owed the state of Georgia $15,000 for the year 2018. These financial challenges took a toll on their marriage, resulting in their initial divorce filing in May.

Amid public accusations and revelations of Kim’s gambling problem, they reconciled and withdrew their divorce petition in July. However, the reconciliation was short-lived, as Biermann filed for divorce a second time in August, stating that their marriage was unrepairable. He also sought sole legal and physical custody of their four minor children, as well as maintaining custody of Kim’s daughters, whom he legally adopted in 2013.

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Crown’s Claim of Financial Hardship Questioned by Federal Court https://kenowizard.com/2023/07/11/crowns-claim-of-financial-hardship-questioned-by-federal-court/ https://kenowizard.com/2023/07/11/crowns-claim-of-financial-hardship-questioned-by-federal-court/#respond Tue, 11 Jul 2023 11:43:22 +0000 https://kenowizard.com/2023/07/11/crowns-claim-of-financial-hardship-questioned-by-federal-court/ In a recent development, Federal Court Justice Michael Lee has raised doubts about Crown’s assertion that it cannot afford to pay the AUD450 million ($301 million) fine imposed by AUSTRAC in a single payment. The fine was levied against the casino giant for numerous breaches of anti-money laundering and counter-terrorism laws. Justice Lee Questions Crown’s [...]

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In a recent development, Federal Court Justice Michael Lee has raised doubts about Crown’s assertion that it cannot afford to pay the AUD450 million ($301 million) fine imposed by AUSTRAC in a single payment. The fine was levied against the casino giant for numerous breaches of anti-money laundering and counter-terrorism laws.

Justice Lee Questions Crown’s Financial Predicament in Landmark Court Proceedings

During the court proceedings, Justice Lee emphasized that the penalty was already at the lower end of what would be considered an appropriate punishment for the company’s “absolutely egregious” misconduct, reported the Australian Financial Review. Crown’s suggestion to pay the fine over a two-year period would reduce its net present value to AUD406 million ($271.6 million) when accounting for interest rates.

Crown’s barrister, Philip Crutchfield, KC, claimed that the company “can’t afford to pay more than we’ve agreed.” However, Justice Lee expressed skepticism about the veracity of Crown’s financial predicament, noting the lack of substantial evidence beyond an affidavit from the company’s CFO, Alan McGregor. Justice Lee further highlighted the absence of cross-examination of McGregor by AUSTRAC, which hindered the verification of Crown’s claims.

Justice Lee emphasized the need for accountability and suggested that the lack of thorough examination of witnesses’ affidavits could undermine the honesty of their statements. He also raised concerns about the penalty’s failure to factor in the historical payment of dividends to Crown shareholders, suggesting that the penalties should be significant enough to discourage similar illegal activities.

In February, Justice Lee also criticized AUSTRAC for taking too long to bring the case against Crown to the court.

Crown’s Contrition Questioned as Justice Lee Weighs Options for Fine Approval

Justice Lee is expected to deliver his final decision on the afternoon of July 11. While he indicated his inclination to approve the fine, he also contemplated the possibility of appointing an independent party to assess Crown’s financial situation. Alternatively, he proposed allowing a payment plan but with provisions for Crown to pay earlier if its financial position improved.

Crown’s contrition was also called into question during the court proceedings. Although the company expressed remorse for its breaches and underwent a complete overhaul of its board and senior management, Justice Lee challenged whether the changes truly reflected a genuine state of contrition. He emphasized that contrition should entail a genuine change of mindset and not merely the replacement of individuals involved in the wrongdoing.

The outcome of this case will have significant implications for Crown and the gambling industry as a whole. At the same time, Australia is poised to implement significant changes to its gambling industry, with proposals for a national gambling regulator and a ban on all forms of gambling advertising.

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PXP Financial to Power Kindred with Fintech https://kenowizard.com/2023/05/11/pxp-financial-to-power-kindred-with-fintech/ https://kenowizard.com/2023/05/11/pxp-financial-to-power-kindred-with-fintech/#respond Thu, 11 May 2023 20:01:35 +0000 https://kenowizard.com/2023/05/11/pxp-financial-to-power-kindred-with-fintech/ PXP Financial, a global acquiring, payment, fraud and data analysis specialist, has announced a new partnership with the leading gambling operator Kindred Group. Under the agreement, Kindred, which operates 9 gaming brands, will leverage PXP Financial solutions to reinforce its business. The payment processes provided by PXP Financial are robust, reliable and, according to the [...]

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PXP Financial, a global acquiring, payment, fraud and data analysis specialist, has announced a new partnership with the leading gambling operator Kindred Group.

Under the agreement, Kindred, which operates 9 gaming brands, will leverage PXP Financial solutions to reinforce its business. The payment processes provided by PXP Financial are robust, reliable and, according to the company, never detract from the gaming experience.

PXP Financial provides a single unified payments platform to accept payments online, on mobile and at the point of sale. Its solutions are powered by proprietary acquiring, over 200 alternative payment methods & financial services, allowing it to process over 22.7 billion Euro a year.

PXP Financial currently holds a significant US market share. Boosted by the rapid growth of the region’s gambling industry, the company now offers seamless and reliable payment solutions to a variety of gambling operators.

PXP Financial believes that smooth transactions are integral to gambling and noted that statistics show 49% of gamers tend to deposit more if they have better withdrawal options.

The Deal Will Expand PXP Financial’s US Presence

Kamran Hedjri, PXP Financial’s group chief executive officer, spoke about the agreement with Kindred, saying that his team is “ideally placed” to help Kindred Group cut costs and improve its revenue while increasing player satisfaction.

Hedjri added that the current deal is a major opportunity for his team since Kindred is one of the most influential players in the US.

Kindred Group is an extremely well-regarded brand in the industry, and this partnership is not only an opportunity to meet all its payments needs, but further expand our footprint in the US.

Kamran Hedjri, group CEO, PXP Financial

Mickael Marceau, Kindred Group’s director of payment solutions, also commented on the deal. He said that PXP has its origins in the gambling industry and is therefore a reliable platform that will help Kindred make its payments flexible, instant and global.

We’ve been collaborating with PXP Financial for a while and have been impressed with the team’s proactivity and gambling expertise. We’re now excited to get the partnership off the ground and see how it can improve our customers’ journey.

Mickael Marceau, director of payment solutions, Kindred Group

Speaking of Kindred, the company just launched its proprietary platform in New Jersey. The launch will support the company’s US-facing business, as Kindred plans to roll out the platform in other states where it has a presence as well.

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Scientific Games Appointed Nick Negro as Chief Financial Officer https://kenowizard.com/2023/03/13/scientific-games-appointed-nick-negro-as-chief-financial-officer/ https://kenowizard.com/2023/03/13/scientific-games-appointed-nick-negro-as-chief-financial-officer/#respond Mon, 13 Mar 2023 21:59:06 +0000 https://kenowizard.com/2023/03/13/scientific-games-appointed-nick-negro-as-chief-financial-officer/ Global developer of lottery, betting and gaming products, Scientific Games, announced today the appointment of Nick Negro as the company’s new Chief Financial Officer (CFO). The appointment of highly-accomplished senior financial management executive Negro to the role of CFO puts an end to the extensive nationwide search initiated by Scientific Games after the retirement of [...]

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Global developer of lottery, betting and gaming products, Scientific Games, announced today the appointment of Nick Negro as the company’s new Chief Financial Officer (CFO).

The appointment of highly-accomplished senior financial management executive Negro to the role of CFO puts an end to the extensive nationwide search initiated by Scientific Games after the retirement of long-serving former CFO James Bunitsky.

Bunitsky, who joined the company in 1981, played an instrumental role in the financial transformation of the business over four decades, as well as the sale of its lottery business, Scientific Lottery Games, to Brookfield Business Partners in April 2022.

Sound Financial Management Is Key

Grateful for the “outstanding financial leadership” displayed by Bunitsky and excited to announce the addition of Negro to the executive leadership team of the company, Pat McHugh, chief executive officer of Scientific Games, outlined the credentials of the company’s new CFO.

“He has a thorough understanding of the complexity of international operations in a service-based business and broad knowledge of corporate structure, compliance and strategy,” McHugh said, looking forward to writing Scientific Games’ “next chapter of sound financial management” under the guidance of Negro.

A results-driven financial professional, Negro is bringing over 20 years of progressive financial, strategic, and operational management and leadership experience to the company, gained at global organizations across technology, logistics and manufacturing. He will be based at the company’s global headquarters in metro Atlanta.

Holder of an MBA in Accounting and Finance from DePaul University and BS in Finance from the University of Illinois, Negro was highly successful in developing and executing financial strategies at companies such as Honeywell, Dover Corporation and Navistar, where he held positions as CFO.

Corporate Governance, Compliance, Innovation

Commenting further on the appointment, McHugh stressed the importance of the corporate governance and compliance functions, playing a vital role in helping Scientific Games’ objective of earning long-term contracts with state and government-regulated lotteries worldwide.

He also reaffirmed the company’s stance to continue innovating its games, products and services while continuing to set the global lottery industry’s gold standard for achieving and sustaining growth while maximizing gains for its customers and shareholders.

For five decades, Scientific Games has been providing games, technology, analytics and services to lotteries globally, and is currently boasting a portfolio of 130 customers in 50 countries. It also achieved numerous global certifications in corporate governance, quality, security, environmental and responsible gaming standards.

Among the latest development was the announcement of the launch of the company’s new instant games printing technology which is expected to become central in the lottery product supplier’s expansion plans in the vertical.

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