Established iGaming industry stakeholders Playtech and the NorthStar Gaming Holdings extend the strategic partnership from June 2023 to reinforce their operations in the growing Ontario market. Their respective verticals, Playtech Software Limited and the NorthStar Ontario, will be able to exclusively focus on the operating goals set after Playtech has agreed to funnel CA$3.0m (US$2.2m) in short-term financing to NorthStar to facilitate player pool expansion in Ontario.

$4.0 Million Financing Facility

The original strategic agreement signed in June 2023 included a complete availability of Playtech Software’s services for the operator. The facility valued at $4.0 million was a key driver for NorthStar to increase its presence in the Canadian province in 2023 and grow revenues accordingly.

Six-Month Extension

The strategy seems to have proven successful as the deal is now extended. Under the extension, Playtech Software will continue with the provision of similar marketing services once again valued at $4.0 million. The renewed contract has been set for a six-month performance and will run through 31 October 2024.

Reimbursement Plan

Under the agreement, NorthStar will use the short-term financial facility to boost its marketing activities and repay the funds to Playtech Software from the income generated over the contract period. The operator will benefit from the balance between the revenue generated and the six-month financing cost, while the provider may benefit from the financing conditions.

Financing Ontarian Expansion

As for these conditions, NorthStar has already issued a $3.0m unsecured, interest-bearing promissory note to Playtech, with interest rate of 8.0% per annum, payable in arrears at maturity. According to NorthStar, the investment will help the company’s balance sheet adjustments and continued expansion in Ontario.

NorthStar chair and CEO Michael Moskowitz commented: “We are very pleased to continue to strengthen our relationship with Playtech, one of the world’s leading gambling technology companies. Their ongoing support has been instrumental in helping us to acquire new customers, provide a premium online gaming experience and fund the expansion of our brand in Ontario and across Canada.”

$12.25 Million Investment Boosts Collaboration

The extension of the 2023 strategic agreement comes after Playtech agreed to make a $12.25 million strategic investment in the NorthStar Ontario-based online casino and sports betting facility a few months earlier. In fact, the strategic partnership between the two companies dates back to December 2021. Since then, Playtech has supported NorthStar and the the existing contract for software and services has now been extended by 10 years.

Repayment Guarantee

Playtech’s investments are converted into equity and warrants related to Baden Resources Inc, a company acquired by NorthStar in March 2023.In this way, Playtech holds around 16% of shares belonging to NorthStar, as well as warrants to potentially acquire above 20% stake in this company. The transaction is additionally secured by the inclusion of Playtech’s chief financial officer Chris McGinnis in the board of directors of the subject entity.

Source: “Playtech renews Ontario deal with NorthStar and advances financing’’. iGaming Business. April 29, 2024.

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Kinectify, a novel gambling risk management tech firm, has unveiled a new investment by Aristocrat Leisure Limited. The investment demonstrates the latter firm’s trust in Kinectify’s solutions and was joined by additional contributions from existing investors.

In addition to the investment by Aristocrat, Kinectify secured backing from a number of companies and organizations, including Acies Investments, the Eastern Band of the Cherokee Indians, Eilers & Krejcik Gaming and Mark Frissora, Caesars’ former CEO.

This incremental investment from leading companies in the sector demonstrates the gambling industry’s growing demand for tech advancements and risk management solutions. In addition, the move demonstrates the confidence gambling companies have in Kinectify and its products.

As a result of the investment, the tech firm is now poised to drive further innovation and release more AML and responsible gambling solutions.

Kinectify Welcomes Jason Walbridge to the Board

In addition to the investment, Aristocrat’s Jason Walbridge has become a part of Kinectify’s board of directors and will work to further bolster the strategic benefits between the two companies.

Walbridge is an experienced gambling industry executive who boasts over 20 years of experience in the casino and iGaming industries. He first joined Aristocrat in 1997 and held a variety of executive positions at the company, including VP of technology services, VP of operations, SVP of integration and service, SVP of R&D, integration and service, MD for EMEA and chief supply officer. He re-joined Aristocrat in 2022, leveraging his expertise to develop Anaxi, Aristocrat’s online gaming business.

Before re-joining Aristocrat, Walbridge held executive positions at NYX Gaming and SG Digital.

Walbridge’s unparalleled experience would be an important asset to Kinectify, allowing the company to continue driving growth and innovation.

Walbridge commented on his new position, expressing his thrill about joining the Kinectify board. He described Kinectify’s track record as nothing short of impressive.

I am thrilled to work with Kinectify to pioneer innovation in risk management across the gaming ecosystem. I’ve been impressed by Kinectify’s track record so far with its AML and responsible gaming technology, and I’m excited to facilitate deeper collaboration between our companies.

Jason Walbridge, director, Kinectify

In other news, Aristocrat recently expanded its presence in North America thanks to an agreement with Loto-Québec.

In January, Aristocrat also launched a legal claim against Dinh Toan Tran, its game design director, alleging that the man had stolen thousands of files.  

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Light & Wonder has unveiled a strategic investment in Flows, a revolutionary no-code automation platform. The deal will empower Flows, allowing it to scale up its operations and conquer new markets.

Light & Wonder is no stranger to Flows’ impressive no-code automation platform and recognizes its potential to benefit the industry. The former company has already leveraged the latter’s solutions to deliver a new operator-funded marketing jackpots feature and improve value for its partners.

The leading supplier is interested in making the most out of Flows’ technology and is planning further releases along the line.

For reference, Flows leverages advanced automation software to speed up development for gaming businesses, simplify integrations and bolster operational efficiency. Its groundbreaking no-code platform removes the complexities of traditional coding, allowing it to quickly bolster its partners’ product pipelines.

Flows continues to innovate and recently launched an innovative voice control tool that harnesses advanced AI models, cutting-edge technology and superior automation capabilities and allows clients to build complex omnichannel jackpots using vocal or text input.

The Investment Was a Logical Step, L&W Says

Light & Wonder’s chief executive of iGaming, Dylan Slaney, praised Flows for its world-class technology and said that the current investment was a “logical next step.”

Flows’ platform is an essential resource for businesses across all sectors of the iGaming industry and beyond and we are delighted to offer the company our support and backing.

Dylan Slaney, CEO of iGaming, Light & Wonder

Flows’ chief executive officer, James King, also commented on the matter, thanking Light & Wonder for its backing. He pointed out that this would enable his team to expedite Flows’ path to becoming a worldwide leader in codeless automation solutions.

King described Light & Wonder’s investment as a “catalyst” that would supercharge Flows’ growth and innovation across the board. He reaffirmed his team’s commitment to making technology accessible and transformative to businesses all over the world.

King concluded that he was very excited about the investment and the opportunities it would unlock for his team.

I’m incredibly excited for the journey ahead and the unparalleled opportunities this will unlock for Flows and our customers. Kudos to our team who have worked so hard over the last two and a half years to build Flows up to the business it is today.

James King, CEO, Flows

In other news, Light & Wonder just teamed up with RubyPlay and expanded its long-term deal with Everi Digital.

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Steve Rogers’ new infusion of funds in the provider of “best in class, free-to-play games” that boost customer acquisition and engagement, 20SHOTS, joins similar investments aimed at the same company announced by other big names in the industry.

The list includes Gambit Research’s former chief executive officer, Jasper White, Playtech BGT Sports’ chief commercial officer, John Pettit, and Press Box PR’s founder and managing director, Alex Donogue.

Ambitious Growth Plans for 20SHOTS

The affiliate product provider, home of the world-famous Fantasy5, one of the fastest-growing fantasy soccer free-to-play soccer games in the UK industry, is constantly busy creating sustained growth for companies part of the iGaming and Sports industries.

20SHOTS’ chief executive officer and co-founder, Jacob Kalms, spoke about the new development, reiterating that their “ambition” was to turn into one of the leading affiliate marketing technology platforms in the industry. 

Kalms further explained that this goal will be possible by attracting “the right strategic investment from the gaming industry and beyond,” commenting that Rogers’ investment was expected to boost their commercial growth abilities as well as the smooth integration of their constantly diversifying array of products with their partners.

The new investment secured from Inspired Entertainment’s ex-chief commercial officer of Virtual Sports joins a prestigious list of other deals brokered by Rogers, including agreements with iconic sports figures such as Mike Tyson and Shaquille O’Neal or US sports leagues including the National Basketball Association and the National Football League.  

“20SHOTS Has the Potential to Accelerate” Customer Retention

Rogers, who will be given a critical role in helping 20SHOTS grow its offering for a wide array of markets next to their current team and investors in and out of the gaming industry, has also commented on his decision to fund the company. 

He explained that, over his two and a half decades in the industry, he witnessed the way innovative technology and the development of products from expert marketing platforms can positively affect the commercial capabilities of affiliates, operators, and other third parties. 

He added that 20SHOTS “has the potential to accelerate how operators recruit and retain customers” with special emphasis on the constantly changing environment with fresh regulations using fantasy sports that can stand out in any crowded marketplace.

Rogers also expressed his eagerness to start working with CEO Kalms, the company’s management team, and the rest of the investors to beef up the growth of 20SHOTS’ product roadmap and help it reach new territories while ushering in a new growth era for them.

Earlier in the week, 20SHOTS announced it signed its fifth partner deal in the Brazilian gaming market with operator Bitx.bet. The latter will be one of the provider’s first partners running the Paulista league with Fantasy5.

Last September, BoyleSports extended its partnership with 20SHOTS for the same game.

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In February last year, the female-focused online gaming platform, Betty, launched its services for customers in Ontario, Canada’s largest province. The launch came after the operator secured a license from the Alcohol and Gaming Commission of Ontario (AGCO), the gambling regulator in the province. Throughout last year, Betty raised a total of $7 million.

Now, after a new pre-series A funding led by CEAS Investments, the new female-focused online casino confirmed it raised $5 million. As noted, the achievement comes ahead of Betty’s Series A round. Globally recognizable companies, including Powerhouse Capital, HappyHour and Courtside Ventures participated in the latest funding round.

According to Betty, the new cash injection will seek to improve its live operations and propel customer engagement. Moreover, the company said that the capital will help upgrade its platform from the current version, Midnight 1, to Midnight 2, promising exceptional experiences.

“Betty, the female-focused online casino, announced today that it has raised $5 million in pre-Series A funding led by CEAS Investments as the company approaches its upcoming Series A round,“

reads a statement released by HappyHour

As a female-focused online casino, Betty remains dedicated to engaging with female audiences, delivering unrivaled experiences and unique entertainment. Additionally, the platform dedicates resources to community-based play, gamification and transparency. Standing out from the competition, Betty retains female players at a rate that is three times higher when compared to its competitors.

The Online Casino Benefits from Best Practices in the iGaming Sector

Robin Reed, HappyHour’s Managing Partner, highlighted Betty’s efforts to engage with and retain female players while ensuring exceptional experiences via its quality platform. Finally, he said: “It’s a privilege to support their growth, both in terms of capital and product expertise, and we look forward to continuing on this exciting path together.”

“Betty has a clear vision and plan to differentiate themselves in the market by prioritizing female online slot players and by building an in-house platform.“

Robin Reed, managing partner at HappyHour

Salim Mitha, Powerhouse Capital’s managing partner and former EVP for Playtika, added that Betty currently leverages some of the best practices for the online gambling sector. According to him, the company’s success is evident thanks to those practices. Finally, Mitha said Betty leverages this extensive knowledge and strategies, allowing it to benefit from increased revenue and customer engagement.

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Lottery.com reported that its financial position was bolstered thanks to a placement agent agreement with Univest Securities, a boutique full-service investment bank. Under this deal, the latter firm introduced Lottery.com to new investors. This resulted in an initial investment of a million dollars.

According to the official announcement, the funding was provided to Lottery.com in the form of convertible promissory notes and common stock purchase warrants. The company added that this investment comes in addition to the ongoing funding it receives from United Capital Investments Limited.

The money will serve as working capital and allow Lottery.com to restart its core operations, including the Nexus Gaming Platform, WinTogether and the LotteryLink affiliate program.

In addition to that, the money will allow Lottery.com to proceed with the acquisition of Nook Holdings Limited. Lottery.com described Nook as a “pioneering force in the sports, fitness and wellness industry” that offers multiple services, such as business setup support, insurance, VAT registration, and networking opportunities for sports entrepreneurs.

Lottery.com has revisited the terms of its purchased deal and completed the payment of the remainder of the deposit. The Nook acquisition is expected to be finalized by the end of Q1 2024, Lottery.com added. As a part of the acquisition Nook will be rebranded as Sports.com.

Lottery.com representatives commented on the new funding and the company’s ambition for the future. According to chief operating officer Gregory Potts, the new funding marks a “pivotal moment” for his company.

We are focusing on enhancing our technological infrastructure and customer experience, ensuring that as we restart operations, we do so with a system that is robust, scalable, and ready to meet the evolving needs of our users.

Gregory Potts, COO, Lottery.com

Potts added that the support the company receives is not just a financial boost but also a testament to the confidence investors have in Lottery.com.

Matthew McGahan, Lottery.com’s chief executive officer, also commented on the matter, saying that the funding is a reason for celebration. He said that the new investment will be crucial for the company’s 2024 vision.

This marks the beginning of an exciting phase where we recommence lottery operations and develop our sports.com brand. We will continue to lead the way in reinventing the lottery experience, leveraging state-of-the-art technology to offer innovative solutions.

Matthew McGahan, CEO, Lottery.com

McGahan added that the acquisition of Nook will allow his team to create a “true sports incubator” and leverage Lottery.com’s network to “foster growth” for companies and individuals alike.

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Rivalry, a leading iGaming and online sports betting company, has secured a CAD 14 million (roughly $10.23 million) investment for an undisclosed existing institutional shareholder.

The agreement represents a non–brokered private placement offering of convertible debentures under which each convertible debenture will consist of CAD 1,000 principal amount of 10% senior secured convertible debentures of the Company, maturing on November 14, 2027.

The convertible debentures will bear interest from the date of issue at 10% a year and will be payable in cash quarterly arrears on March 30, June 30, September 30 and December 30 of each year.

Rivalry also noted that additional tranches of the non-brokered private placement offering may close for aggregate gross proceeds of up to CAD 27,500,000.

All securities connected to the offering will be subject to a hold period of four months. The securities have not been and will not be registered under the US Securities Act of 1933.

The Money Will Help Rivalry Strengthen Its Business

Rivalry announced that the net proceeds received through this arrangement will be used to fund general working capital and corporate purposes.

Stephen Salz, Rivalry’s co-founder & chief executive officer, commented on the investment, saying that his team is very pleased to have secured support from a long-standing institutional shareholder.

Salz noted that the company’s unique product mix and market position allowed it to reach its current “inflection point.” He is confident in Rivalry’s position and expects the company to further bolster its profitability in the first half of 2024.

Commenting on the new investment, Salz said:

The capital will enable Rivalry to accelerate the development and release of new products, expand marketing efforts, and extend into new geographies and verticals, setting us on a path where we can pursue growth and profitability at the same time.

Stephen Salz, co-founder & CEO, Rivalry

In other news, Rivalry just bolstered its product mix with the launch of Rivalry Ultimate Fan, a brand-new fantasy sports game focused on the National Basketball Association. The game allows fans to build their dream team while also collecting real-life NBA merchandise.

A month ago, Rivalry also added a branded slots category to its Casino.exe platform. The move sought to capitalize on the popularity of online slots to help the operator reinforce its business while still appealing to Millennial and Gen Z players.

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A historic billion-dollar investment in Reno, Nevada is expected to bring a unique form of entertainment for guests and sports fans of the city. Earlier this week, the Grand Sierra Resort (GSR) announced a $1 billion private capital investment, the largest in the history of the city. GSR’s billion-dollar plan seeks to revamp the existing 140-acre property, introducing new amenities.

The project, envisioned over the next decade, is expected to bring a new home for the University of Nevada Men’s Basketball team. The visionary project plans to introduce a new cutting-edge arena that will serve as the home of the Wolf Pack, offering 10,000 seats. In addition to being the home of the Men’s Basketball team, the arena is expected to be used for other sports events and even concerts.

The new arena is expected to take approximately 300K square feet and offer amenities, including shopping outlets for Wolf Pack fans, as well as parking spaces. Additionally, sports fans would be able to benefit from a variety of beverage and food outlets and even enjoy games from exclusive suites. The new arena at GSR is planned to open in the fall of 2026. Subject to Board of Regents approval, Nevada Men’s Basketball is expected to play for either the 2026-27 season or the 2027-28 season.

An Ambitious Plan to Transform Grand Sierra Resort

Alex Meruelo, GSR’s owner, commented: “The vision is to transform GSR into a destination where community, sports and entertainment come together.” Steve Alford, Nevada Men’s Basketball’s head coach, added that the ambitious project represents a game-changer for the team. “I greatly appreciate Alex’s bold vision and incredible support. This will be a state-of-the-art facility and I cannot be more excited for the future of Wolf Pack Basketball,” he explained.

“We are beyond thrilled for this proposed plan which will help continue to elevate our basketball programs.“

Stephanie Rempe, director of Nevada Athletics

Stephanie Rempe, Nevada’s director of Athletics was similarly delighted about GSR’s ambitious plans. She predicted that this important project would provide a vital boost for the Athletics basketball programs. Rempe praised the bold vision of the new state-of-the-art arena that would be the home of Nevada Men’s Basketball.

At the same time, she spoke about the benefits the new arena would bring when it comes to hosting events with Nevada Women’s Basketball. Last but not least, Rempe said that the collaboration would help “solidify Nevada Athletics as a cornerstone of the Northern Nevada community.”

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The leading AI and ML personalization software provider for the sports betting vertical, Epoxy.ai, announced it secured a multi-million-dollar investment round. The company confirmed Monday that the latest round was led by Andover Ventures, as well as SeventySix Capital, along with several other investment funds. According to Epoxy.ai, the latest investment round will help propel its expansion on a global scale, allowing it to deliver its customizable solutions powered by AI and ML to new clients.

In addition to expanding its global footprint, the company confirmed it anticipates further expansion into the iGaming and media industry. According to Epoxy.ai, in the coming weeks, there will be further significant investments that can fuel its growth. Only recently, the software provider confirmed the launch of the industry’s first one-to-one plug-and-play personalized betting offering, SmartPicks, with betPARX in the United States.

A representative for Andover Ventures commented regarding the new investment saying that Epoxy.ai stands out with quality products and an experienced management team. The representative said that Andover is excited to collaborate with the company and help it reach a new level of its growth. “It’s an exciting time to be involved in the AI world, and we are sure that Epoxy.ai will push its betting and gaming products to new heights,” said the presentative in conclusion.

Wayne Kimmel, SeventySix Capital’s Managing Partner, added that Epoxy.ai is currently one of the great innovators in the sports betting sector. He added SeventySix Capital continues to invest in the company as it sees further growth and expansion. Finally, Kimmel praised the excellent management team at Epoxy.ai.

The Company Is Delighted to Secure New Investments

Chris Reynolds, Epoxy.ai’s co-founder and CEO, was similarly delighted about the latest funding round. He said that the company is excited to see further investments from Andover Ventures and SeventySix Capital. Finally, he pointed out: “While we’re only at the start of our journey, it is an incredible vote of confidence in our cutting-edge technology and we’re confident that our understanding of AI and ML technologies will allow us to bring unmatched engagement to partners.”

“As part of our latest funding round, we’re delighted to secure investments from both SeventySix Capital and Andover Ventures.“

Chris Reynolds, co-founder and CEO of Epoxy.ai

Currently, Epoxy.ai offers a range of plug-and-play components that can be used by sports betting operators. Additionally, the company delivers a range of solutions that can be easily integrated and licensed along with an AI-based engagement platform that powers leading operators such as Playtech, AWS and Kambi, among others.

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Super Group has published its Q1 2023 results, providing insights into its performance during the first three months of the year. The gaming and betting group, which operates the famous Betway brand, saw its revenue remain stable while losses plummeted.

Super Group reported revenue of $364.2 million (converted to USD, current rates). This represents a modest 1% year-on-year increase driven by the growth in the EMEA region. However, revenue declines in the Asia-Pacific region and Ontario prevented the company from experiencing a sharp revenue increase.

Loss after tax was $2.04 million in Q1 2023, which, according to Super Group, “included a non-cash charge of $2.37 million related to the increase in fair value of a liability for a call option granted to a third-party to purchase the B2B division of Digital Gaming Corporation.” For reference, Super Group acquired said division in January 2023.

Super Group noted that the loss after tax of $175.59 million recorded in Q1 2022 included costs associated with Super Group’s partnerships and its 2022 public listing.

Super Group’s operational EBITDA in Q1 2023 was $37.33 million, representing a sharp decline from Q1 2022. The company attributed the decline to a $17.86 million loss in the US.

The gambling giant shared that its monthly active customers in Q1 2023 were 3.5 million, representing a 34% YOY increase.

The company concluded the quarter with $265 million in cash and cash equivalents, which translates to a slight 3.3% YOY decline. Super Group attributed the reduction to various factors, including a loss of $6.56 million because of currency fluctuations.

Super Group’s Leadership Is Satisfied with the Results

Super Group’s chief executive officer, Neal Menashe, commented on the results. He praised his team for delivering “another solid quarter” and added that the company will continue to drive revenue and profit growth.

Menashe noted that March saw Super Group record record-breaking monthly net gaming revenue with an operational EBITDA margin of over 20%. According to him, this is a “strong reminder” of the group’s operating leverage.

We are confident that we will continue to build on another strong quarter across iGaming and sports betting across the world.

Neal Menashe, CEO, Super Group

Meanwhile, Alinda van Wyk, Super Group’s chief financial officer, said that the results highlight the upsides of continued investment in growth.

Our balance sheet remains robust and gives us a very strong foundation to continue to scale our business. We are always optimizing our cost efficiencies, further enhancing future profitability.

Alinda van Wyk, CFO, Super Group

At the beginning of 2023, Super Group finalized the acquisition of the iGaming and online sports betting company DGC.

In other news, a Super Group shareholder just sued Sports Entertainment Acquisition Corp, which allegedly withheld information about its merger with Super Group.

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