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Metaverse Pioneer Infinite Reality, Inc. to Acquire Entertainment Conglomerate ReKTGlobal In Landmark Half Billion Dollar Transaction

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Infinite Realty, Inc. (iR), the Metaverse innovation and entertainment company born out of the powerful merger of social ecommerce platform Display Social, leading entertainment production company Thunder Studios, and innovative Metaverse builder Infinite Metaverse, announced that they have entered into a definitive merger agreement to acquire esports and entertainment conglomerate ReKTGlobal, Inc., in a $470 million all-stock deal, based on an equity valuation for iR of $2 billion, for a combined post-close valuation of $2.47 billionCompletion of the transaction is subject to customary closing conditions, including ReKTGlobal shareholder approval, as well as regulatory and other approvals.

Founded in 2017 by industry veterans Dave Bialek and Amish Shah, ReKTGlobal has focused on helping endemic and non-endemic brands authentically activate within the gaming and esports industries. With its proven and experienced leadership team, ReKTGlobal is uniquely positioned to help brands engage the esports and creator markets through services including content creation, paid media, marketing, influencer activation, fan relationship building and monetization, and more. This acquisition aims to consolidate ReKT’s entertainment and esports business into Infinite Reality’s already impressive offering of creative tools covering social, gaming, virtual and remote production, NFT minting, content, and Metaverse creation.

As part of the deal, Infinite Reality will integrate ReKT’s four key business divisions, which include esports franchises, marketing and partnership services, talent management, and technology products. Infinite Reality’s comprehensive vision is bolstered by ReKt’s previous acquisitions of content creation and marketing company Greenlit Content; renowned digital media agency Fearless Media; fan engagement and monetization platform FullCube, and digital talent management company TalentX Entertainment. Additionally, ReKTGlobal stands at the forefront of competitive global esports, thanks to its ownership of League of Legends LEC champions Team Rogue and Call of Duty League’s London Royal Ravens. ReKTGlobal currently has offices in New YorkLos AngelesLas Vegas, Charlotte, London, and Berlin. Investors in ReKTGlobal include the band Imagine Dragons, Nick Gross, son of billionaire investor Bill Gross, DJ Steve Aoki, and Summit Partners, to name a few.

“This acquisition is another step in our journey towards becoming the leading Metaverse Entertainment company in the world,” said Infinite Reality CEO John Acunto. “The synergies across our combined business units from content creation to Web3 entertainment to APIs and more are awe inspiring. We  look forward to working with ReKTGlobal’s senior leadership to integrate our valuable combined assets and accelerate Infinite Reality’s growth.”

“We are extremely excited to announce this acquisition to all of our investors, employees, and clients, as well as all Rogue and Royal Raven fans around the world,” said Amish Shah, ReKTGlobal Founder and Chairman. “Our journey does not end today. We are beginning the next chapter in our evolution into the Metaverse. The explosive combination of our shared collective assets together creates a dominant, unstoppable force in the marketplace.”

By integrating the two companies’ robust assets, Infinite Reality further establishes its place at the forefront of creator empowerment and Metaverse opportunities.

“We believe that the future of business, entertainment, socializing, and learning will be conducted in digital environments and that iR is the company that will bring it all to life,” said ReKTGlobal co-founder and CEO Dave Bialek. “We will employ the incredible 150,000 square foot production facilities at Thunder Studios to create the digital twins of our gaming and creator brands, as well as the many businesses, municipalities, and brands who also wish to take the transformative step. With many thanks to John Acunto and Rodric David and the many brilliant and creative minds at iR who recognized the synergies between our companies and quickly and innovatively snapped the pieces together.”

Infinite Reality previously announced it entered into a definitive merger agreement with NYSE-listed Universal Security Instruments, Inc. (NYSE: UUU) and secured a Standby Equity Purchase Agreement with Yorkville Advisors Global, LP for up to $200 million upon completion of the merger with Universal Security Instruments.  Completion of the announced merger with Universal Security Instruments remains subject to approval by shareholders of both Infinite Reality and Universal, as well as clearance by the Securities and Exchange Commission and NYSE stock exchange listing.

Cowen is serving as exclusive financial advisor to ReKTGlobal and O’Melveny is serving as legal counsel to ReKTGlobal.

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AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor

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The Alcohol and Gaming Commission of Ontario (AGCO) has issued monetary penalties totaling $350,000 against Great Canadian Casino Resort Toronto for multiple violations of provincial gaming standards. The penalties follow an impromptu after-party that was permitted to take place in the pre-dawn hours directly on the casino’s gaming floor.

On September 27, 2024, an electronic dance music event attended by thousands of people was hosted in the theatre adjacent to the casino at Great Canadian Casino Resort Toronto. The event was marked by widespread intoxication, disorderly behavior, and numerous criminal and medical incidents – both inside and outside the venue – including alleged assaults, drug overdoses, and acts of public indecency. Although paid duty officers were present, additional police and emergency services were required to manage the situation.

In the midst of this high-risk environment, casino management approved an unscheduled request by the performing artist to host an after-party on the active gaming floor. The artist and more than 400 guests were permitted onto the gaming floor where the artist was allowed to perform amidst operational table games and gaming machines – without any prior risk assessment or planning.

As a result, security personnel were unable to effectively control the casino floor, including witness reports that an attendee was seen climbing onto slot machines. Failure to maintain appropriate control compromises the security, safety, and integrity of the casino floor. Following the conclusion of the event, the operator failed to promptly report these incidents to the AGCO as required.

Based on the findings of its review, the AGCO’s Registrar has issued an Order of Monetary Penalty (OMP) totaling $350,000 against Great Canadian Casino Resort Toronto. These penalties address critical failures in their operations, incident reporting, employee training, and the management of disturbances.

A gaming operator served with an OMP has 15 days to appeal the Registrar’s decision to the Licence Appeal Tribunal (LAT), an adjudicative tribunal that is part of Tribunals Ontario and independent of the AGCO.

“Casino operators have a fundamental duty to control their gaming environment. Great Canadian Casino Resort Toronto’s lapses in this incident compromised the safety of patrons and the security and integrity of the gaming floor,” Dr. Karin Schnarr, Chief Executive Officer and Registrar of AGCO, said.

The post AGCO Fines Great Canadian Casino Resort Toronto $350,000 for Serious Regulatory Violations Linked to Impromptu After-Party on Gaming Floor appeared first on Gaming and Gambling Industry in the Americas.

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IGT and Atlantic Lottery Sign Eight-Year Video Lottery Central System Technology Agreement

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International Game Technology PLC announced that its subsidiary, IGT Canada Solutions ULC (hereinafter “IGT”), signed an eight-year agreement with Atlantic Lottery to supply its IntelligenEVO video lottery central system technology across Atlantic Canada. The agreement includes the option for multiple extensions and positions the Atlantic Lottery to become the first World Lottery Association (WLA)-affiliated lottery operator to deploy IGT’s next-generation central management system in a game-to-system (G2S) distributed market.

“By leveraging IGT’s IntelligenEVO technology, Atlantic Lottery will power its video lottery network with the industry’s best-in-class central system and position itself to maximize future contributions to good causes. As an organization that prioritizes system security and exceptional player experiences, Atlantic Lottery believes that IGT’s IntelliegnEVO solution will help generate high player satisfaction and optimal network performance,” said Michael MacKinnon, Atlantic Lottery VP, Product.

“As a long-time supplier to Atlantic Lottery, IGT looks forward to helping the Lottery achieve its growth and player engagement goals with our leading-edge IntelligenEVO video lottery central system. IGT’s IntelligenEVO is a scalable technology for the WLA market that is backed by decades of experience and operator feedback, and maximizes the benefits of real-time data, cloud-based technologies and in-depth analytics,” said David Flinn, IGT SVP Canada, EMEA and LATAM, Gaming Sales.

With peak system security, network availability and responsible gaming functionalities, IntelligenEVO is a reliable, scalable solution that can meet the needs of today and in the future. The solution will accelerate time-to-market and enables the Atlantic Lottery to benefit from the system’s suite of player-focused functionality. The technology’s G2S and open API design optimizes data collection and delivery and will enable Atlantic Lottery to customize their program for evolving player needs.

The post IGT and Atlantic Lottery Sign Eight-Year Video Lottery Central System Technology Agreement appeared first on Gaming and Gambling Industry in the Americas.

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NetGaming Goes Live in Ontario with Rush Street Interactive via BetRivers Platform

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NetGaming, a fast-growing online casino content supplier, is proud to announce its launch in Ontario with Rush Street Interactive, Inc., a leading online casino and sports betting company in the United States, Canada and Latin America. This strategic collaboration marks a significant milestone for NetGaming as it continues to expand its footprint across regulated North American markets.

As part of the launch, Ontario players on BetRivers can now enjoy a diverse portfolio of NetGaming titles, known for their high-quality graphics, immersive gameplay, and unique themes. Standout games such as Zeus’s Thunderbolt, Bison Gold, and Fireball Inferno are among the first to go live, with additional titles set to follow soon.

This partnership is just the beginning. NetGaming plans to extend its collaboration with Rush Street Interactive into Michigan, New Jersey, Pennsylvania, Delaware, and Mexico over the coming months.

Pallavi Deshmukh, CEO of NetGaming, commented: “We are thrilled to go live with Rush Street Interactive, a powerhouse operator with a strong presence and loyal player base. This launch marks a significant milestone in our
North American expansion strategy and underscores our commitment to delivering exceptional gaming experiences tailored to local player preferences across the region.”

Richard Schwartz, CEO of Rush Street Interactive, commented: “We are pleased to partner with NetGaming to bring innovative, premium games to our players in Ontario. This collaboration aligns with our strategy to offer world-class
entertainment through engaging, action-packed online casino games. We look forward to expanding this partnership into additional regulated markets in the months ahead.”

This strategic partnership highlights both companies’ dedication to providing high- quality, innovative, and responsible entertainment to players in regulated markets.

The post NetGaming Goes Live in Ontario with Rush Street Interactive via BetRivers Platform appeared first on Gaming and Gambling Industry in the Americas.

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