Soft2Bet

Peter Christian Noer has been appointed as the regional manager for the Nordic markets at casino and sportsbook platform provider Soft2Bet.

The appointment follows what is praised as “an impressive spell” as the company’s country manager for Sweden, with new responsibilities to include helping Soft2Bet continue to grow its footprint in the key territories of Sweden, Norway and Finland. 

Boris Chaikin, CEO at Soft2Bet, said: “We are delighted to announce the appointment of Peter Christian Noer as our regional manager for the Nordic markets, which remain a key area of focus for us as we maintain the expansion of our international reach.

“Having performed impressively as our country manager for Sweden, we have no doubt that Peter will continue to play a key role in helping us succeed in the Nordic territories and beyond.”

Galaxy Gaming

Galaxy Gaming, the developer and distributor of casino table games and technology, has announced that Paul Omohundro has joined the company in the position of vice president of business development.

In the position, Omohundro will be responsible for expanding the company’s business through exploring new markets and discovering innovative products and services to further provide value to casino clients.

Todd Cravens, Galaxy Gaming president and CEO, noted: “Paul’s addition to our team will focus on new markets and new products. These new markets include land-based casinos as well as igaming, the fastest growing part of our business. We have a number of new product and market opportunities, and Paul will drive these to commercial success.”

MGA Games

MGA Games has announced the addition of four new members to its staff roster, each of which is charged with aiding the company its growth and developmental strategies.

The additions come from the MGA Games Academy, which the online casino developer says “was born to promote and attract talent to the gaming sector and is meeting all expectations”.

Joan Sanahuja, founder and CEO of MGA Games, stated: “We continue to grow in every way. We are expanding into new markets, creating new products, and also recruiting more staff.

“We are proud to think that we have the opportunity to employ, empower and retain talent, undoubtedly a valuable resource and one of the main assets of our company.

Salsa Technology

Josh Tromans-Jones has been recruited by Salsa Technology as chief technology officer, where he will be charged with building on the business’ expansion drive.

Key responsibilities for the company will focus on continuing the development of the proprietary platform, delivering the roadmap and leading the business’ expansion into regulated markets from a technology perspective. Tromans-Jones will be based in Spain.

Peter Nolte, Salsa Technology’s CEO, commented: “Josh is a superb addition to our Salsa team as he brings a wealth of experience of various regulated markets, both inside of Europe and out.

“He will play a vital role in maintaining our position as an industry leader and delivering on our roadmap. It is vital that we continue to have the technology to meet these changing requirements of the industry quickly and efficiently.”

Better Collective

Better Collective has strengthened its team after naming Anders Crillesen as its new head of PR & communications.

In his new role, he will take responsibility for overseeing the company’s global corporate and product communication strategy, with an aim of enhancing Better Collective’s communication initiatives toward responsible gambling.

Crillesen said: “I’m thrilled to join Better Collective and become part of its innovative company culture. Better Collective has been on a fantastic journey since the company was founded in 2004 and is strongly positioned globally following a targeted acquisition and internationalisation strategy.

“I look forward to leveraging my PR and corporate communications experience in an entirely new context, to support Better Collective’s continued growth and build visibility around its responsible gambling initiatives.”

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After being named by the FTSE 100 company as its next CEO back in July, Isaacs will step down from the Galaxy Gaming board on 30 August. He will begin his new role on 2 September.

A member of Galaxy Gaming’s board of directors since June 2019, the casino gaming developer and distributor added that it will not immediately replace Isaacs and will instead consider filling the position in the coming months.

“Gavin has been a great asset to the Galaxy Board, and we will miss his presence and sage advice,” commented Mark Lipparelli, Chair of Galaxy’s board of directors. 

“He has been an integral part of our success and the company’s growth over his more than five years as a member of the board. 

“We have made great progress over that time in positioning the company to pursue many exciting and new opportunities, and Gavin has been a significant contributor to that progress. We thank him for his tremendous insights and expertise, and we wish him the best in his future endeavours with Entain, and anywhere beyond that his journey may take him.”

Bringing over 25 years of experience to Entain from across global sports betting, igaming, gaming and lottery industries, Isaacs has worked in several roles for the likes of Games Global, SB Tech, Scientific Games, DraftKings, SHFL Entertainment, Bally Technologies and Aristocrat Technologies.

Isaacs will be replacing interim CEO Stella David, who will become Chair at the FTSE 100 company, as current Chair Barry Gibson announced his retirement last April.

To provide a smooth transition, Entain has stated that David will work alongside Isaacs before succeeding Gibson as Chair following his retirement on 30 September.

Earlier this month, David stated that Entain’s half-year 2024 results are “clear evidence” that its efforts to improve its operational performance are working.

Following the performance in H1 2024, the company has updated its net gaming revenue guidance, as it now expects FY24 NGR growth on a proforma basis to be low single-digit positive, with group EBITDA expected to be between £1.04bn and £1.09bn.

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The gaming giant reported operating revenues of €508.4m, representing a 15.3 per cent increase on the corresponding period in 2023, while EBITDA climbed by 10.9 per cent to €345.8 million.

EBITDA margin was 68 per cent, down from 70.7 per cent in Q2 2023. However, it maintained full-year guidance at 69 – 71 per cent margin. 

Carlesund insisted the results would have been better if it had not been for the record-breaking success enjoyed by one player, but admitted that the win would be good for the business in the long term.

“I see the financial result in the quarter as solid although not fully reflecting our operational performance,” he explained. 

“There are some clear reasons, one reason being that we had the largest payout ever in an online casino during the quarter of our Crazy Time game. Large player wins are part of the game and positive for our games’ attractiveness to players, but it does affect us through lower revenue share in the period.”

The win was not the only drag on performance though. Carlesund identified that Evolution had seen “slower development” in most regions during Q2, a trend he attributed to the “natural variations in our industry”.

Despite this, he remained positive about the prospects for the rest of the year, and added: “The underlying market drivers and demand for our market-leading products remains very strong.”

Appetite for new markets 

Part of the reason for Carlesund’s optimism is the investment the company has made in developing new markets, a strategy that he expects to pay off in the long term. 

“It has been a very active second quarter at Evolution and I am happy with the progress we have made on several of our initiatives,” he said. “We are intensively working on introducing our offering to new markets that have recently regulated or are in the process of regulating such as the Philippines, Brazil, and the Czech Republic.”

CarIesund added that he can also see “vast potential” for expansion in some of Evolution’s more established markets.

“Europe continues to show a steady pace of growth, and Asia continues to be the fastest growing region,” he enthused. 

“Our presence in North America expands, offering more successful game types in each state. In the second quarter we also introduced our Live games in Delaware for the first time. LatAm is performing well, even though the Brazilian market is still waiting for the transition to regulation.”

New titles for new revenue streams

Moving into new markets is not the only strategy Evolution has for growth. It has been busy behind the scenes developing new products and has a heavy release schedule planned for the rest of the year. 

Revenue from live casino increased by 18 per cent year-on-year in Q2 2024, while the RNG segment saw just two per cent growth. However, Carlesund expressed confidence that “incremental improvements” to the RNG business, largely in the form of games launches, would support improved growth.

“We have a high pace of fantastic game-delivery in 2024, even better than in 2023, and we are planning for over 100 new releases,” he explained. 

“Although one of our bigger launches – Lightning Storm – has been pushed into Q3, we are overall on track with our release plan for the full year. The release of Lightning Storm will be one of the biggest releases ever in the industry. We have taken some extra time to make sure we release something spectacular that the market has never seen before.

“In Q2 we saw the very successful release of Balloon Race, a latest-generation online live slot game combining game-show features with a simple and easy-to-play slot game, a game that was very well received by end users. Also, Lightning-versions of our popular SicBo and Dragon Tiger games came to market. 

“On the RNG side, we have released 26 titles in the quarter – all fabulous games with the distinct trademark of quality and innovation of our four individual RNG-brands: Red Tiger, Nolimit City, NetEnt and Big Time Gaming.”

Adding to the brand portfolio

A third strand of the growth plan is M&A, as reflected by the planned acquisition of Galaxy Gaming in a deal that valued the US business at $85m.

“We are constantly looking for new ways to strengthen our position as the leading supplier of online casino games and have announced an offer for Galaxy Gaming. With the acquisition, we accelerate and solidify our presence in the US market where Galaxy is licensed in 28 states,” Carlesund said. 

“Through Galaxy we gain a relationship with regulators in states that are not yet open for online and fast-track all future licensing. Galaxy holds over 130 licences in total world-wide. Galaxy has a diverse portfolio of great games that further will strengthen Evolution’s games-portfolio and secure access to the fantastic titles that our future players are accustomed to already today.”

Delivering value

The CEO concluded his update to investors by expressing satisfaction that the Board had provided clarity on Evolution’s future plans by clearly communicating the company’s capital allocation framework.

That framework includes the initiation of a share buy-back programme of up to €400m, which the CEO suggested would be “highly value enhancing to shareholders”.

He added: “As a highly-profitable company with a market leading position in a globally growing industry we are focused on providing best-in-class products to our customers, a great place for our team members to work and grow, coupled with superior returns to shareholders. 

“Even though regulation is increasing the workload in many markets right now, it paves the way for a very strong future.”

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16%

Betsson highlighted the second quarter of 2024 as its “best quarter ever” after revenue rose by just under 16 per cent in comparison to the same period last year, a new all-time high for the group.

Betsson declared a group revenue of €271.5m, a 14.6 per cent increase year-over-year (Q2 2023: €236.8m) and an organic growth of 38.1 per cent YoY, driven by B2C operations.

The operator stated that licence revenue for system delivery to B2B customers amounted to €70.6m (2023: €65m) a – 26 per cent share of the group’s total revenue (2023: 27 per cent).

Customer activity grew during the quarter, with deposits increasing by 15 per cent YoY to an all-time high of €1.43bn (2023: €1.24bn). Active customers rose by 25.4 per cent YoY to 1.4 million (2023: 1.1 million), while the number of registered customers at the end of the quarter stood at 31.2 million, up 11 per cent YoY (2023: 28.1 million).

In addition, Betsson noted that 88.6 per cent of its active customers have activated tools for responsible gaming (2023: 89.3 per cent), while 16,992 customers have been analysed manually by the operator during the quarter for potentially risky gaming (2023: 14,967).

Betsson’s EBITDA during the quarter rose by 15 per cent YoY to €77.6m (2023: €67.6m) with a margin of 28.6 per cent (2023: 28.5 per cent). Operating income increased by 18 per cent YoY to €64.1m (2023: €54.5m), its tenth consecutive quarter of increasing operating income, with a margin of 23.6 per cent (2023: 23 per cent).

CEO Pontus Lindwall commented: “The second quarter of 2024 meant continued high growth and strengthened profitability with new records in both revenue and operating income for Betsson. 

“I am particularly delighted to note the improved operating margin in the quarter and the highest ever operating income, given the increased proportion of revenue that was subject to local gaming taxes.”

5

SkyCity Entertainment Group subsidiary, SkyCity Casino Management Limited, reached an agreement with the Secretary for Internal Affairs regarding the government body’s application to temporarily suspend the firm’s casino operator’s licence for five days. 

SkyCity Auckland’s gambling area will be closed for these five consecutive days in 2024, with the agreement conditional “on the Gambling Commission consenting to the withdrawal of the application by the secretary”, which has been filed.

The application to temporarily suspend SkyCity Auckland’s licence for a period in the range of 10 days was initially made by the secretary in September 2023. It followed a complaint to the Department of Internal Affairs in February 2022 by a former SkyCity Auckland casino customer who gambled between August 2017 and February 2021.

The secretary alleged that SCML failed to comply with SkyCity Auckland Host Responsibility Programme requirements about the detection of incidents of continuous play by the customer.

Through the agreement with the secretary, SCML has acknowledged that it didn’t meet SkyCity Auckland HRP requirements and the detection of some incidents of continuous play by the customer “due to a design error in a technology system” developed by the operator to monitor carded customers’ continuous play.

Callum Mallet, COO New Zealand at SkyCity, noted: SkyCity places great importance on host responsibility and takes these failures very seriously. On behalf of the SkyCity board and management team, I accept and apologise for these failures.”

5%

Publishing its interim report for 2024, Svenska Spel declared an overall Q2 net gaming revenue of SEK 1.87bn (€161.8m), down by five per cent year-over-year (Q2 2023: SEK 1.97bn).

The operator noted that the decrease was partly due to its Casino Cosmopol business only having one casino open in comparison to three the previous year following the closure of casinos in Malmö and Gothenburg, resulting in a SEK 90m reduction. 

Its online unit improved by eight per cent in comparison to the same period last year, accounting for 59 per cent of the total revenue earned during the quarter (2023: 52 per cent).

In addition, the operator stated that the strengthening of responsible gaming measures had “a negative impact on revenues for all business areas”, but a positive impact on healthy revenue.

The group’s operating profit for the quarter was SEK 640m, up 17 per cent YoY (2023: SEK 550m) following restructuring between October 1, 2023 and March 31, 2024, which resulted in lower costs. Operating margin rose to 34 per cent (2023: 28 per cent) due to the lower costs, while group profit grew by five per cent YoY to SEK 499m (2023: SEK 474m).

For the first half of the year, the operator’s net gaming revenue has fallen by three per cent YoY to SEK 3.83bn (2023: SEK 3.94bn), due to it being “heavily impacted by changes in the casino business”. 

H1 operating profit stood at SEK 950m, down 18 per cent YoY (2023: SEK 1.16bn), impacted by “non-recurring costs of approximately SEK 375m for the closure of two casinos, the provision for an administrative fine and the reorganisation of Svenska Spel”.

Profit for the group in H1 was SEK 794m, down 19 per cent in comparison to the same period the previous year (2023: SEK 981m).

Anna Johnson, who took over as President and CEO in June, commented: “We are now starting to see the results of the restructuring we have implemented at Svenska Spel. We have conducted a review of the organisation, working methods and costs. 

“We have also closed down our casinos in Malmö and Gothenburg. This has led to lower costs, improved earnings and a strengthened operating margin in the second quarter. It gives us an opportunity to invest in transformation, strengthen responsible gaming work and investments that create growth.”

120%

The Philippine Amusement and Gaming Corporation has published its financial results for the first half of 2024, declaring a net income increase of over 120 per cent year-over-year.

Commenting on the results, Alejandro Tengco, CEO and Chair of PAGCOR, expressed confidence that the annual growth so far indicates that 2024 will be “a banner year” for the market.

For H1 2024, PAGCOR’s net income came in at Php6.56bn (€102.8m), up by 121.48 per cent in comparison to the Php2.96bn reported during the same period the previous year.

Total gross gaming revenue for the Philippines’ gaming industry rose as well by 19.21 per cent to Php194.74bn (H1 2023: Php163.36bn).

PAGCOR noted in a statement on their website that Tengco believes “reforms and enhanced regulations being implemented under the new administration” have contributed to the growth seen in H1.

The CEO said: “PAGCOR’s robust net income growth translates, of course, to a larger Contribution to Nation-Building. We were able to remit Php31.82bn in CNB to the Treasury in the first six months compared to Php22.62bn in the same period last year.”

The gaming corporation stated that gross revenue was up by 42.92 per cent YoY to Php51.76bn (2023: Php36.21bn), with gaming operations consisting of Php45.39bn.

£431m

evoke declared Q2 revenues of approximately £431m in its H1 2024 trading update, a slight decrease in comparison to the previous year (Q2 2023: £436m). Q2’s revenue was also in line with the previous quarter’s figures.

The business stated that revenue is “broadly stable sequentially” and although it is behind initial plans, it is on a “positive trajectory” and is showing “encouraging lead indicators”.

For the whole of H1, evoke reported revenue of £862m, down two per cent year-over-year (H1 2023: £882m).

Adjusted EBITDA margin for H1 is expected to be around 13 to 14 per cent, which is approximately £35m to £40m behind evoke’s plan and “driven by the revenue miss vs expectations and the timing of cost saves”.

The operator noted that H2 2024 and 2025 expectations onwards are unchanged as business momentum supports significantly increased profitability.

As of June 30, 2024, the operator’s cash was approximately £116m with ample total liquidity of nearly £300m including RCF.

“We are focused on mid and long-term profitable growth and value creation and during the first half we have made bold, decisive changes to improve almost every area of the business,” commented CEO Per Widerström.

“We are undertaking a complete reset and transformation of the business, and the scale of change is significant but necessary. This transformation will take time but will enhance operational efficiency, leading to a bigger, more profitable and more cash-generative business in the future.”

$85m

Evolution has moved to bolster its in-house table game offering, following an agreement for the acquisition of Galaxy Gaming for approximately $85m.

It’s a move that underlines Evolution’s ambitions for the US market, building on the presence of one of the market’s key players in terms of supplying proprietary table games to the online gaming industry.

Martin Carlesund, CEO Evolution AB, commented: “We are thrilled to announce the acquisition of Galaxy Gaming, which represents a significant milestone in our mission to provide unparalleled gaming experiences to our customers. Galaxy Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position.”

Furthermore, it also deepens the company’s focus in the US, having recently expanded its live casino presence in Delaware through a collaboration with BetRivers. Galaxy is currently licensed in 28 states, enabling the rapid growth of Evolution’s US footprint. 

Carlesund added: “Evolution intends to retain the management and employees and also plans to operate Galaxy Gaming as a separate and independent business unit.

“With the acquisition, we accelerate and solidify our presence in the US market where Galaxy is licensed in 28 states. Through Galaxy we gain a relationship with regulators in states that are not yet open for online and fast-track all future licensing.”

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It’s a move that underlines Evolution’s ambitions for the US market, building on the presence of one of the market’s key players in terms of supplying proprietary table games to the online gaming industry.

Martin Carlesund, CEO Evolution AB, commented: “We are thrilled to announce the acquisition of Galaxy Gaming, which represents a significant milestone in our mission to provide unparalleled gaming experiences to our customers. Galaxy Gaming’s exceptional products and technology complement our existing portfolio and strengthen our strategic position.”

Furthermore, it also deepens the company’s focus in the US, having recently expanded its live casino presence in Delaware through a collaboration with BetRivers. Galaxy is currently licensed in 28 states, enabling the rapid growth of Evolution’s US footprint. 

Carlesund added: “Evolution intends to retain the management and employees and also plans to operate Galaxy Gaming as a separate and independent business unit.

“With the acquisition, we accelerate and solidify our presence in the US market where Galaxy is licensed in 28 states. Through Galaxy we gain a relationship with regulators in states that are not yet open for online and fast-track all future licensing. Galaxy holds over 130 licenses in total world-wide. Galaxy has a diverse portfolio of great games that further will strengthen Evolution’s games-portfolio and secure access to the fantastic titles that our future players are accustomed to already today.”

It’s a deal that builds on the rapid acceleration of the Evolution offering, as it benefited from the launch of a myriad of new games during the first half of the year.

“We believe this transaction represents the opportunity to unite two world-class customer-focused teams in a way that will benefit all stakeholders”, added Matt Reback, President and CEO, Galaxy Gaming.

He continued: “It combines Galaxy Gaming’s thriving land-based business, driven by our industry-leading games and progressive technologies, with Evolution’s global reach and innovative online gaming leadership. 

“For years, our collaboration has successfully delivered popular games like 21+3 and Lucky Ladies to millions of players in regulated igaming markets globally. 

“This acquisition by Evolution empowers Galaxy to sustain and maintain its independence while continuing to focus on growth and expanding its operations, leveraging Evolution’s operational and financial strength to facilitate product sharing and drive cutting-edge omni-channel innovation.”  

Live casino growth 

In the most recent set of Evolution results, it revealed key growth for its live casino output, which increased by 18 per cent to €438.1m, compared to the correlating Q2 period last year. 

This also came amidst the expansion of tables and scaling up of studios for the company, as it underlined the vital nature of evolving traditional games and providing new avenues of engagement for players. 

Carlesund added: “Revenue from live casino increased by 18 per cent year-on-year, and we maintain full focus on increasing our delivery capacity and expanding our studio network. During 2024 we expect to go live with our first tables from the new state-of-the art studios in Colombia and the Czech Republic. 

“Today we operate over 20 studios around the globe, creating a unique capacity to deliver both volume and variation of our world-leading games to customers. After two quarters heavily focusing on expansion, the second quarter was one of consolidation with a slightly lower margin as new resources were gradually coming up to speed. We expect a more normalised expansion of staff during the second half of the year.”

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Increasing the synergy between the two experiences should be a key focus for operators intending to expand their audience according to the omnichannel effectiveness panel at the Summit. 

Nick Patrick, Co-Founder and CEO at Radar underlined the importance of digital gaming being able to raise the ceiling of engagement for the land based player. 

Integral to this is personalisation and geolocation Patrick believes, stating it is a significantly ‘underutilised tool in terms of combining the retail and digital sectors’. 

It can also provide support for evolving player expectations, with seamlessness a minimum standard for the modern player. 

Oliver Bartlett, Vice President of Gaming – Product & Content at BetMGM expressed that the digital industry at times is ‘guilty of not taking land-based players on the journey with us’. He pinpointed bonuses and promotions as being key assets that need to transcend both retail and digital casinos. 

‘There’s a significant opportunity for the European market to learn from the land based experience of the North American market’ stated Bartlett, as he warned that simply taking tried and tested methods from the European market is the incorrect approach.

When it comes to specific tools that he feels could be pivotal to bolstering cross platform player engagement, he drew attention to the potential of omnichannel jackpots and table game jackpots. 

Furthermore, there could be room for some of the non-traditional games that have taken off in digital space to transition to land based locations as finding synergy between the two experiences increases in importance. 

Declining footfall in Atlantic City has widely been blamed on the growth of igaming, however, this is something that Zoe Ebling, VP of Interactive at AGS, was quick to dispel.

Bridging the gap between the two spaces, Ebling also cited education as a key instrument – ensuring that players hold knowledge of when games are launching and what their USPs are, crucially also how the digital and land based versions of the game complement each other. 

She warned that until we shift attitudes towards understanding that online and digital can align in their approach the industry is missing key opportunities. 

One of the areas that this is prominent is in the promotion of licensing. Stacey Rowland, SVP and General Counsel at Genting Americas, underlined the vital nature of the role of brick and mortar casinos when it comes to licences. 

She also provided a tentative but optimistic outlook into what the future holds for New York legislation, which was echoed by Bobby Soper, CEO at Sun Gaming & Hospitality, who revealed his belief that the next five years could see a big run for igaming legislation in North America.

As market dynamics continue to evolve, Soper also pinpointed ilottery as being a key catalyst for operators, as the whole ecosystem is driven by new tastes in preferences. 

Catering to the evolving tastes Jason McCulloch, Vice President of iGaming at Galaxy Gaming emphasised that branded studios are now essential for operators if they want to truly tap into what players desire. 

When it comes to table games he highlighted that operators need to attempt to transcend the live experience from a brick and mortar casino to the online space, truly making it an event for the player. He also urged caution from all elements of igaming to avoid working in silos and bolster collaboration across the board. 

Discussions around the relationship between the brick and mortar sector and the digital space were escalated as the next panel explored ‘whether igaming has cannibalised the brick and mortar sector’, or whether it’s merely healthy competition amidst its evolution.

Given the brick and mortar experience is steeped in heritage and history in North America, it is a debate that is sure to be prevalent for discussions around future frameworks, with stakeholders eyeing a space that allows brick and mortar casinos to thrive.

Catie Di Stefano, Director of Community Marketing at onlinegamblers.com revealed that cannibalisation isn’t a subject that should be feared, stating that operators should focus on trying to cross promote. 

She underlined that the communication needs to heighten from land based casinos in order to boost the omni channel experience for players. 

Placing a closer analysis of the demographics, Erik Nyman, President – Americas at EveryMatrix stated that in order to maximise engagement it’s ‘crucial that players are addressed in the right way as clearly there is a younger demographic that plays online – some of them have never even ventured into a casino’.

Nyman also warned that regulatory frameworks simply need to move faster in order to keep up, looking specifically at the impact of sweepstake casinos, which are an indictment of how rapidly the market is growing. 

Melissa Blau, CEO iGaming Capital compared the surge of sweepstake casinos to the previous elevation of DFS, underlining her belief that there is significant hesitancy from land based casinos to put their name to sweepstakes given ‘a fear of the unknown’.

Nonetheless, ‘the growth of igaming isn’t about cannibalisation but is instead around increasing competition’ according to Quincy Raven, VP, North America at NeoGames/Aristocrat. 

Raven suggested that land based operators elevate the way they utilise the igaming space to unlock new avenues to engage with their audience as they are provided with a deeper opportunity to cross promote and enrich the customer viewpoint. 

Tim Cogswell, Senior Director iGaming at betPARX underlined the starkly different experiences that are encompassed between the two igaming journeys. Anticipating that 2025 will be a key year for the growth of igaming legislation, he emphasised the essential need for alignment in terms of strategy. 

Fuelling this collaboration can be the forming of a virtuous loop between the two journeys, a challenge that can only be achieved amidst increased communication and togetherness between the two sectors. 

Blau also warned against allowing different departments to get ‘territorial’ – cementing the need for all sectors to be working together towards a common goal. 

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Building on previous deals that saw Galaxy Gaming integrate its 21+3 and Perfect Pairs side bets into Pragmatic Play’s Blackjack titles, Perfect Pairs is now set to be configured on the igaming studio’s range of Baccarat games. 

Matt Reback, President and CEO of Galaxy Gaming, commented: “We’re thrilled to be extending and expanding our partnership with Pragmatic Play. They deliver a first-class Live and RNG casino environment experience enhanced by our world-famous side bets. 

“Our continued partnership aligns with our long-term strategy to deliver the best table game content to operators and players everywhere.”

Perfect Pairs is played by making an extra wager in addition to regular Blackjack or Baccarat bets within each integrated game. In Blackjack titles, the initial two cards are drawn in traditional Blackjack fashion and if the two cards are either a mixed pair, coloured pair or a perfect pair, the player wins according to the paytable. 

Irina Cornides, Chief Operating Officer at Pragmatic Play, added: “Pragmatic Play has enjoyed a successful partnership with Galaxy Gaming, and we’re delighted to deepen our cooperation as part of our continued product expansion.”

Pragmatic Play’s live casino offering was recently bolstered by the addition of its latest game show title, taking players on a wheel-spinning archaeological expedition in Treasure Island. 

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This comes ahead of his own exit from the company, which was signalled earlier in the month and will see Cravens bring an end to a near seven year stay at the group, including almost six and a half in the aforementioned role, to seek a fresh endeavour.

Revenue through the July to September period increased three per cent year-on-year to $6.1m (2023: $5.9m), although this does represent an 18.88 per cent sequential drop from the $7.52m reported through the second quarter.

This decline was primarily aligned to lower sales of perpetual licences through Q3 contrasted to the previously quarters of the year.

“We expect that future sales of these perpetual licences will make our quarterly results lumpier than in the past,” Cravens noted.

“However, we will continue to pursue these sales as they result in substantial increases to our installed base and offer additional recurring revenue opportunities.”

Adjusted EBITDA closed the period at $1.51m, down 36 per cent and 52.95 per cent YoY and QoQ from $2.35m and $3.21m, respectively. Net loss grew to $1.45m (2022: -$699,000).

The group’s performance through the year-to-date saw revenue and AEBITDA up 20 per cent and six per cent to $21m (2022: $17.5m) and $7.8m (2022: $7.3m), respectively. Net loss of $988,000 through the YTD is contrasted to a loss of $1.82m YoY.

“Galaxy became the distributor of EZ Baccarat on September 9 and added approximately 500 tables in approximately 120 casinos to our installed base,” Cravens continued.

“This is a significant step in our strategic plan of penetrating other table games families in addition to blackjack. 

“Based on the existing installed base, we believe that the distribution of EZ Baccarat could add more than $3m to our EBITDA on an annual basis, with upside coming from new instals both in the land-based and online markets.

“Finally, we had our best G2E show ever, setting us up for increased revenue in fiscal 2024.”

After heightened expectations through the full-year were stressed following Q2, fourth quarter revenue is now expected to reach $7m-$7.5m, with AEBITDA guidance set at $2.8m-$3.2m. 

“This forecast assumes around $200,000 in perpetual licence sales and around $800,000 in net revenues from EZ Baccarat distribution,” noted Harry Hagerty, Galaxy Gaming CFO.

“This forecast assumes no impact to our business from the wars in Ukraine and the Middle East, and no economic recession. Finally, the forecast is based on currency exchange rates that we experienced in the third quarter.”

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The former will see Todd Cravens bring an end to a near seven year stay at the group, including almost six and a half as President and CEO, to seek a fresh endeavour.

Mark Lipparelli, Chair of Galaxy’s Board of Directors, heaped praise on his contributions over the years, including “navigating successfully the difficult pandemic period”.

Matt Reback has been appointed to take over the role when he officially joins the company on November 13, 2023. Prior to this he served as Founder and President of Bravery Gaming, with other senior management positions coming at the likes of AGS, Konami Gaming, Red Rock and Caesars.

“I am looking forward to joining the Galaxy team and continuing what has been a great story in the gaming industry,” Reback stated. 

“I intend to quickly get up to speed and make sure our 2023 year-end goals and 2024 plans remain on-track, while also taking a fresh look at our opportunities. 

“There is a team of talented people at Galaxy who have demonstrated their ability to compete effectively against companies with more resources as well as their success forming strong industry partnerships. I expect that one of my goals with the Board will be to build on those successes.”

Galaxy Gaming updated that it intends to work through a brief transition with Cravens, however, Harry Hagerty will serve as an interim President and CEO should such a need arise.

“We are excited to welcome Matt as the Company’s new President and CEO,” added Lipparelli. “The board carefully considered this change, examined multiple candidates, and ultimately believed it was the right decision to bring a new perspective into the company as we embark on our next phase of growth. 

“Matt brings to Galaxy a combination of 20 years of leadership skills acquired in the gaming industry from both operator and technology companies. 

“On a positive note, we are making this change with a solid foundation intact, and we are well-positioned going into the 2024 fiscal year.”

In addition, the group also released Q3 and full-year financial expectations, ahead of full publication on Monday 13, 2023.

Revenue and adjusted EBITDA for the three month period is expected to close at $6.1m (2022: $5.9m) and $1.5m (2022: $2.35m), with those figures for the YTD standing at $21.2m (2022: $17.5m) and $7.8m (2022: $7.38m). 

In addition, fourth quarter guidance of $7m-$7.5m in revenue and $2.8m-$3.2m of AEBITDA will also be issued, however, this does not include costs related to the CEO change.

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This comes as the developer and distributor of casino table games and systems for land-based casinos and igaming stressed an overarching ambition of continuing to reduce its net leverage, which will enable Galaxy “to act when the bank market improves”.

Revenue through the second quarter of the year increased 33 per cent to $7.52m (2022: $5.67m), while adjusted EBITDA followed suit to close at $3.21m, up 36 per cent from $2.35m year-on-year. Net income is reported as $356,769, a swing from a loss of $1.11m in 2022.

The group’s performance through the year-to-date followed suit, with revenue and AEBITDA up 29 per cent and 25 per cent to $14.94m (2022: $11.59m) and $6.3m (2022: $5m), respectively. Net income of $467,463m through H1 is contrasted to a loss of $1.12m YoY.

“Q2 2023 was a record quarter for us in revenue, adjusted EBITDA and cash on hand,” explained Todd Cravens, President and CEO. “But Q2 was meaningful for more than just the numbers. We announced a ten-year agreement with Evolution, cementing the relationship with our largest customer well into the future. 

“We also announced that, in September, we will become the exclusive distributor for EZ Baccarat in the US, Canada, the UK and online, an opportunity that we think can generate several million dollars in new revenue for us. 

“And after the quarter, we saw the first installations of our GOS platform in the US and UK and we are very pleased with the results. It has been a very busy six months for us and I want to publicly thank all my fellow Galaxians for their loyalty and dedication.”

As a result of the above, Galaxy Gaming has also revealed that it has heightened its expectations through the full-year.

Revenue is now expected to reach $29m-$30m, versus its previously disclosed $27.5m-$28.5m, with AEBITDA guidance now set at the high end of a past forecast at $13m-$13.25m. 

“We expect significantly reduced sales of perpetual licences in the second half of 2023, offset by increased revenue from our GOS installations as well as from EZ Baccarat placements,” stated Harry Hagerty, Galaxy CFO.

“This forecast assumes no impact to our business from the war in Ukraine, and no economic recession. Finally, the forecast is based on currency exchange rates that we experienced in the second quarter.”

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