EGT Digital and Casino Sanremo Form Strategic Partnership in Italy

EGT-Digital-and-Casino-Sanremo-High-potential-partnership-in-ItalyEGT Digital has announced a significant collaboration with Casino Sanremo, marking another milestone in the Bulgarian company’s expansion across the Italian gaming market. As part of this partnership, EGT Digital now provides a diverse selection of slot games and jackpots for Casino Sanremo’s online betting platform. This collaboration is expected to enhance the casino’s digital offerings, allowing its customers to enjoy an extensive range of high-quality gaming content.

Strengthening Online Presence

Zornitsa Boncheva, EGT Digital’s Regional Manager for Italy, expressed her enthusiasm about the new venture. “Thanks to the excellent reputation of our brands, whose products are well known in the country, Casino Sanremo decided to enhance its portfolio with EGT Digital’s slot titles. We are very happy to have the opportunity to work with them and support them in increasing their online presence.”

The partnership with Casino Sanremo aligns with the company’s strategic goals to strengthen its presence in Italy’s rapidly growing iGaming sector. Boncheva highlighted that this collaboration would help EGT Digital solidify its position as one of the preferred providers of slot solutions and iGaming content in the region.

Casino Sanremo’s Cross-Media Strategy

Gian Carlo Ghinamo, President and CEO of Casino Sanremo, echoed this sentiment, noting that the integration of EGT Digital’s slot games was part of the casino’s broader cross-media strategy. This approach seeks to provide customers with a seamless gambling experience, both online and at the casino’s physical venue. By enhancing its digital portfolio, Casino Sanremo aims to cater to the evolving preferences of its customers, offering a blend of traditional and modern gaming options.

G2E Las Vegas Showcase

This new partnership with Casino Sanremo comes on the heels of EGT Digital’s impressive showcase at the G2E Las Vegas 2024 event, where the company demonstrated its cutting-edge iGaming solutions. EGT Digital unveiled its top-performing jackpot systems, including Bell Link, High Cash, Clover Chance, and the Single Progressive Jackpot, as well as its latest slot game Senor Muerto, which features a vibrant Dia de los Muertos theme. The company’s proprietary betting platform, X-Nave, was also on display, showcasing its ability to streamline operator functions with advanced CRM, gaming aggregation, and payment gateway solutions.

Future Prospects

As EGT Digital continues to expand its footprint across Europe, the partnership with Casino Sanremo signifies its growing influence in Italy’s competitive iGaming landscape. The collaboration promises to not only enhance Casino Sanremo’s offerings but also allow EGT Digital to further penetrate the European market, building on its reputation for delivering engaging and innovative gaming experiences.

Source:

EGT Digital and Casino Sanremo: High-potential partnership in Italy, EGT Digital, October 17, 2024.

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Playtech Extends Strategic Agreement with NorthStar in Ontario

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

playtech_renews_ontario_deal_with_northstarAs 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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Playtika Halts Strategic Review, Initiates Dividend

Shares of mobile games developer Playtika (NASDAQ: PLTK) slid Monday after the company reported fourth-quarter earnings per share (EPS) that missed Wall Street estimates, and as the firm said it’s halting a strategic review.

Playtika
Playtika is highlighted at the Nasdaq market site in January 2021. The company is pausing a strategic review and initiating a quarterly dividend. (Image: Nasdaq)

In the final three months of 2023, Playtika earned 10 cents per share on revenue of $637.9 million. Analysts expected earnings of 17 cents per share on sales of $628.98 million. Nearly two years to the day after the company announced a strategic review, which could have included a sale, Playtika paused that effort, citing “ongoing uncertainty in Israel and Ukraine.”

Playtika is based in Israel and has operations in Ukraine. Playtika was one of the first to offer free-to-play social games on social networks and mobile devices, and has over 35 million monthly users. Its well-known games include Bingo Blitz, Caesars Slots, Slotomania, and World Series of Poker (WSOP) Social.

With the strategic review on hold, the mobile games creator is taking a different approach, telling investors it will pursue mergers and acquisitions of its own.

Playtika Capital Deployment Plans

Playtika concluded 2023 with $1.02 billion in cash and cash equivalents compared to a current market capitalization of $2.52 billion, indicating the stock may be undervalued following a 28% decline over the past year. The company’s free cash flow jumped to $436.4 million from $383.7 million in 2022, paving the way for opportunistic mergers and acquisitions and shareholder rewards.

In the past year, we’ve honed our focus on efficiency and streamlined our operations, adapting to evolving industry dynamics in mobile gaming,” said CEO Robert Antokol in a statement. “Now, with a solid foundation, 2024 marks our shift towards reinvestment — pursuing M&A opportunities with a strategic intent of capital deployment.”

Playtika said it will commence a quarterly dividend of 10 cents a share on April 5 to shareholders of record as of the close of business on March 22. The firm added it could consider a share repurchase program in the future. Based on the price of the stock at this writing, dividend yield would be 2.74%.

President and COO Craig Abrahams added the company will spend $600 million to $1.2 billion on mergers and acquisitions over the next three years.

Playtika’s 2024 Outlook

The gaming company’s tepid 2024 guidance may have also been a contributing factor in the stock sliding on Monday. Playtika said it expects 2024 sales of $2.52 billion to $2.62 billion on earnings before interest, taxes, depreciation, and amortization (EBITDA) of $730 million to $770 million.

“Capital expenditures expected to be between $110 million to $115 million, which includes $17 million in accrued capital expenditures from Q4 FY2023 that will be paid in FY2024,” according to the firm.

In the fourth quarter, average daily paying users rose 2.3% on a quarter-over-quarter basis, but declined 2.2% year over year.

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