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Bookmakers criticised for delay in FOBT

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Bookmakers criticised for delay in FOBTReading Time: 2 minutes

The UK’s Local Government Association (LGA), a body that represents councils across the country, has stated that a delay of two years for implementing a £2 stake limit for FOBTs is because of “unacceptable” pressure from the bookmakers.

LGA claims that an extra £3.6bn (€4.1bn/$4.8bn) could be wagered on FOBTs in the next two years if there is a delay in its implementation.

If the government has accepted, in principle, the Gambling Commission recommendations for a new £2 stake limit, a considerable reduction from the existing £100. Bookmakers claimed the decision would lead to 4000 shop closures and 21,000 job losses.

However, it has since emerged that the changes are unlikely to be implemented until 2020 due to the need for parliamentary approval for the introduction of a new statutory instrument.

It said as much as £3.6bn could be lost by people using FOBTs over the next two years.

“The harm and anti-social behaviour these machines can cause has become an issue of growing national concern. Councils are extremely concerned about reports that the betting industry are blocking an early implementation,” said Cllr Simon Blackburn, chair of the LGA’s Safer and Stronger Communities Board.

“This is hugely worrying and frankly unacceptable. The government needs to resist any pressure and move quickly to implement these changes to prevent further harm in our society.”

The Association of British Bookmakers told iGamingBusiness.com that betting shops are “now working to adjust to this seismic change” and called for an “appropriate timeframe” for implementation.

A spokesperson said: “While the implementation timeframe is a matter for the government, an appropriate timeframe would enable staff redeployment where possible, the introduction of voluntary redundancy schemes, the renegotiation of shop leases and the termination of contracts with many local suppliers in an orderly way.”

“In addition software changes to the architecture of over 200 games will be made. This process will also require each game to be independently verified.”

“Those shops that survive will continue to provide a safe place to gamble with staff interaction and industry leading responsible gambling measures and to support British sport.”

 

Source: iGamingBusiness


Source: European Gaming Media Latest News

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Gaming Innovation Group Inc.: Key Dates Announcement for Reverse Share Split

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With reference to the announcement on 11 December 2018, the shareholders of Gaming Innovation Group Inc. (GIG) have resolved to perform a 10-for-1 reverse share split (Nw: “aksjespleis”) which means that 10 old shares will be converted to 1 new share. The par value will change from USD 0.10 to USD 1.00 per share. New ISIN code for the share will be US36467X2062.

There is no need for any shareholders to act on the reversed split as this will be resolved automatically. Regarding fractional shares, see below.

The reverse share split will be completed with the following timetable:

  • 18 December 2018 – Last day of trading of the Company’s shares inclusive the right to have the shares consolidated
  • 19 December 2018 – First day of trading exclusive consolidation
  • 20 December 2018 – VPS record date
  • 21 December 2018 – Date of delivery of the consolidated shares in VPS
  • 19 December 2018 – First day of trading of the consolidated shares (no account to account transactions or transactions with settlement prior to 21 December 2018)
  • 21 December 2018 – First day of ordinary trading of the consolidated shares

Fractional shares arising as a result of the consolidation will not be delivered.

The number of consolidated shares issued to each beneficial owner listed in the VPS on the record date will be rounded down to the nearest whole number. The Company will purchase all fractional entitlements to shares of the Company for a proportional cash payment equal to NOK 26.00 per consolidated share (the “Purchase Price”) and offer these shares for sale in the market. The net proceeds will be used to settle the Purchase Price. The maximum claim per registered owner for settlement of fractions of shares will be 9/10 of the Purchase Price (NOK 23.40). The total settlement for all fractional shares is expected to add up to approximately NOK 14,000 (approximately 525 consolidated shares).

Considering the low amount and the transaction costs associated with paying out the amount to all shareholders, settlement will be made only to shareholders who request payment from the Company. Such shareholders may approach the Company by sending an email to ir@gig.com or by post to Gaming Innovation Group, Fridtjof Nansens plass 6, 0160 Oslo, Norway. Proceeds which have not been claimed by 31 January 2019 will be donated to a charitable cause.

For further information, please contact:

Group CFO
Tore Formo
tore@gig.com

About Gaming Innovation Group (GiG):

Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group’s vision is ‘To open up iGaming and make it fair and fun for all’. Through its ecosystem of products and services, it is connecting operators, suppliers and users, to create the best iGaming experiences in the world. Gaming Innovation Group operates out of Malta and is listed on the Oslo Stock Exchange under the ticker symbol GIG.

For more information about GiG and our services also see: www.gig.com


Source: European Gaming Media

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AGS To Acquire Integrity Gaming Corp.

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Strategic Move Grows AGS’s Recurring Footprint and Presents Opportunity for Yield Optimization

PlayAGS, Inc. (NYSE: AGS) (“AGS”, “us”, “we”, or the “Company”), a leading designer and supplier of electronic gaming machines, table products, and interactive solutions for the gaming industry, today announced it has entered into a definitive agreement (the “Agreement”) to acquire all issued and outstanding common shares of Integrity Gaming Corp. (TSX-V: IGAM) (OTCQX: IGAMF) (“Integrity”) for a cash payment of CAD$0.46 per share or a total transaction value of USD$49 million, which includes repaying USD$36 million of Integrity’s outstanding debt.

The transaction is expected to be funded with cash on the balance sheet and to close in the first half of 2019, subject to approval by Integrity’s shareholders, receipt of applicable regulatory, court, and third-party approvals, and other customary closing conditions.  In fiscal 2017, Integrity generated revenue of approximately USD$16 million and pre-synergy EBITDA of approximately USD$9 million. As a result of revenue optimization and other efficiencies, the Company expects that adjusted EBITDA will grow at approximately 15 percent on an annualized and non-GAAP basis, beginning in fiscal 2019.

AGS Senior Vice President of Slot Products Andrew Burke said, “The Integrity team has built a strong business, with an installed base of more than 2,700 Class III and Class II games in Oklahoma and Texas, partnering with some of the largest tribal gaming operators in the United States. AGS’ roots are in Oklahoma, and we are excited to invest further in a market we are so passionate about and where we already have strong sales and customer support networks. We look forward to working in partnership with the Integrity team to provide Integrity’s customers with an exceptional service and support experience and a continued focus on driving optimal game performance.”

Integrity Interim Chief Executive Officer Robert Miodunski said, “We strongly believe this is a good transaction for our company and that our customers will benefit from AGS’ deep roots in Oklahomaand its proven ability to successfully manage a large footprint of leased games to drive strong performance for gaming operators. We look forward to working closely with the AGS team to ensure a smooth transition and continuity of service and support for our customers. I am proud of the Integrity team and the success we have achieved over our more than 20 years.”

Integrity owns slot machines manufactured by various slot suppliers, including AGS, in approximately 30 tribal casinos in Oklahoma and Texas and also offers direct sales of other gaming products and supplies.

Paul, Weiss, Rifkind, Wharton & Garrison LLP and Blake, Cassels & Graydon LLP served as legal advisors to AGS.

About AGS
AGS is a global company focused on creating a diverse mix of entertaining gaming experiences for every kind of player. Our roots are firmly planted in the Class II Native American gaming market, but our Class II Native American gaming market and growth have helped us branch out to become a leading all-inclusive commercial gaming supplier. Powered by high-performing Class II and Class III slot products, an expansive table products portfolio, highly rated social casino solutions for players and operators, and best-in-class service, we offer an unmatched value proposition for our casino partners. Learn more at www.playags.com.

About Integrity Gaming Corp.
Integrity is a regional slot route operator with over 2,700 gaming machines in operation across over 33 casinos in Oklahoma and Texas. Integrity primarily derives its revenue from short-and-long-term revenue-share contracts with Native American casinos. It provides gaming equipment such as slot machines and electronic table games, and project financing to owners, operators, and managers of casinos and other regulated gaming venues. Integrity works with casinos, new casino developments, and gaming machine suppliers. Additional information about Integrity can be found on Integrity’s website at www.integritygaming.com and on the SEDAR website at www.sedar.com.


Source: European Gaming Media

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A blockchain casino is coming with a huge Jackpot for users!

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The latest trends are showing – online gamblers are expecting more transparency from casinos. It’s therefore no wonder that blockchain is a huge trend in the gaming industry over the past few years, and shows no signs of slowing down. Bringing in a lot of new competitors and creating a whole set of new standards for the current players, these casinos are claiming to bring transparency to the perceived shady casino market. With these being quite new projects they are already generating a huge pool of players and coming with even better platforms and bonus systems. One of these casinos – Edgeless, the world‘s first smart contract powered blockchain casino platform.

Edgeless has just released the new and improved platform; with the revamped design and a huge surprise – a 100,000 EDG Jackpot to be won on New Year’s eve.

Click to view slideshow.

Here are a couple of screenshot, you can find out more by visiting: edgeless.io

A new design, an even more intuitive and user-friendly interface, faster registration and near-instant deposits — these are the changes you’ll notice on the new Edgeless casino.


Source: European Gaming Media

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