Industry News
Esports Entertainment Group CEO Provides Letter to Shareholders
Esports Entertainment Group Inc., a leading, global iGaming company and business-to-business (B2B) esports content and solutions provider, provided the following letter to shareholders from the Company’s CEO, Alex Igelman, including an update on its ongoing restructuring plan aimed at driving accelerated growth and increased operational efficiency:
To my fellow shareholders,
Since joining the Company approximately three months ago, I immediately undertook a top-to-bottom review of the entire organization based on where I believe the esports and esports gambling industries are heading, and then tied this into a cohesive vision for the Company. Esports Entertainment already owns several valuable assets that it had previously acquired and, going forward, these assets should serve as the foundation for the Company’s new direction. By concentrating our efforts and streamlining the business, I am extremely confident in our ability to establish a dominant position within this high-growth industry and drive long-term profitability.
Strategic Focus
As a business-to-consumer (B2C) iGaming operator in international markets, operating under our MGA license, we plan to have a renewed focus on esports wagering through new betting content and offerings. Concurrently, the Company is implementing strategies to expand its B2C esports wagering services through its Idefix platform, and we are in the final stages of integrating the Oddin.gg iFrame solution on our platform for esports wagering. Eventually, we plan to offer an “esports-first,” Idefix-based B2B platform for sale and distribution to third parties. Through the Idefix iGaming platform and the MGA-based suite of B2C brands, together with growth opportunities in the B2B platform sector, we anticipate a unique opportunity to bridge the iGaming and esports worlds.
In the US market, we expect to direct our attention toward aggregating and supplying B2B esports solutions and content for the esports and esports gambling industries. The Company also plans to direct significant attention toward bespoke e-simulator tournaments and related e-simulator content. EEG is already well known in the esports community for its highly valuable esports venue management solution through its ggCircuit division, which has an established presence in the US and globally. Among the markets we plan to target, we believe there is a significant near-term opportunity within the education market, where there has been considerable growth across both domestic and international college and university campuses as well as K-12 schools. We also plan to enhance the existing ggCircuit software with unique features that facilitate integration with esports wagering content where it is legally permitted, and incorporate several achievable add-ons to the software, resulting in increased revenue for both clients and the Company.
Operational Efficiency
In addition to our near- and long-term growth strategies, we are divesting or closing non-core business lines to streamline our operations. In January of this year, we completed the sale of our eSports Spanish Gaming license for approximately $1.2 million. On the immediate heels of this transaction, we completed the sale of the Bethard business in February for approximately $1.7 million in cash at closing, and further eliminated debt and liabilities to the Bethard business of approximately $7.5 million. In March, we initiated the liquidation of Argyll Entertainment, an online gambling business in the UK with recurring losses.
We have also reduced headcount from 158 full-time employees at December 31, 2022, to 99 full-time employees, inclusive of planned reductions. As a result, annualized salaries are expected to decline by approximately 36% based on the actions being taken thus far. Although we incurred upfront costs related to the restructuring, over time, these initiatives are expected to lower our operating expenses by over $4.0 million on an annualized basis. In addition, we have pinpointed further opportunities for cost savings.
Balance Sheet Improvement
We have dramatically enhanced our balance sheet. Specifically, we reduced debt and other liabilities by approximately $27.1 million since December 31, 2022. The principal amount of our Senior Convertible Note was reduced by $16.3 million, from $32.2 million at December 31, 2022, to $15.9 million as of March 31, 2023. Other payables to the holder of the Senior Convertible Note were reduced by $2.5 million. Through the sale of the aforementioned Bethard business earlier this year, we eliminated approximately $7.5 million of debt and liabilities. Lastly, we terminated a lease, resulting in a $0.8 million reduction in lease liability. We appreciate the support of our senior lender and are working to convert additional debt to preferred equity, which we believe illustrates their confidence in the long-term outlook for the business.
Management Restructuring
In addition to my own appointment as CEO earlier this year, we recently promoted Michael Villani to interim CFO. Michael brings deep experience in corporate finance and capital markets and has been instrumental in the restructuring of the business and resulting cost reductions. Before joining Esports Entertainment, Michael worked as a Director in the Deal Advisory practice of KPMG supporting clients with technical accounting, buy-side and sell-side transactions, initial public offerings and SEC reporting. He also served as the Chief Financial Officer of a Geneva-based hedge fund and held other senior accounting roles at a number of public companies. Moreover, we eliminated non-core, senior leadership positions that were not aligned with the future direction of the Company.
Summary
The esports betting landscape today lacks uniformity and is often either a by-product of traditional sports betting, or something that conventional US bookmakers struggle to comprehend and integrate seamlessly into their platforms. Esports Entertainment has extremely valuable and differentiated assets, which we believe will be key to the future of this industry. We are executing on our vision with a specific focus on esports betting solutions and esports e-simulator content, targeting both the B2B and B2C markets.
I strongly believe that our achievements over a short three-month span are truly noteworthy. However, this is merely the starting point of our journey. Our team now comprises seasoned gambling executives, former regulators, and video game industry professionals, all of whom are committed to realizing this vision. We are also diversifying our sources of revenue to create a more resilient and sustainable business model. With the right leadership, direction and financial discipline, I am extremely confident we can establish Esports Entertainment as a leader in this rapidly emerging market, while unlocking value for shareholders.
We truly appreciate the support of our shareholders and look forward to providing further updates on our progress in the weeks and months ahead.
Alex Igelman
Chief Executive Officer
Industry News
TaDa Compares the Market for Fishing-Shooting Games

TaDa Gaming continues to raise awareness of its unique fishing-shooting games through its recently launched Fi/Sh Experience Campaign.
Combining fishing, shooting and gaming, the new vertical offers strategic gameplay, with players targeting specific fish based on their multiplier value. With each shot fired placing a wager, it is the equivalent to a spin on a slot game, making fishing-shooting games recognisable, RNG, casino entertainment products.
However, fishing-shooting games offer a completely different player experience to spinning the reels and so TaDa began its 2025 global roadshows at ICE Barcelona with the aim of demystifying these exciting releases.
A key takeaway is in understanding the difference between slots and fishing-shooting games. With no reels or paylines, players target and shoot fish or creatures to win rewards from successful hits.
Unlike slots, this requires strategic decision making as to: target choice based on multiplier value or facility to trigger a bonus game; choice in weapons used; and an understanding of how to benefit from the many exciting bonus features including Power Ups, Immortal Bosses and Awakening Events.
The option to choose one of three “rooms” based on different volatility and wager levels in the same game gives players choices that do not usually exist with slots and makes every experience more personalised.
Graphics and animations are comparable to video gaming while real time shooting mechanics, alongside multiplayer capability, ensure fishing-shooting games are not an alternative to slots but a whole new experience.
In-built tutorials, demo play options and on-screen tips alongside a detailed paytable to provide a clear roadmap for successful play mean TaDa games deliver a straightforward and safe experience for all types of players to try these new titles.
Ray Lee, Director of Business Development at TaDa Gaming, said: “Many players have gravitated to our fishing-shooting games looking for skill influenced gameplay, strategic choices, a more interactive and dynamic experience and multiplayer options.
“The flexibility in starting with a low volatility exposure and being able to change options within the same RNG game is very appealing. There is also the recognition that the wager process is similar to slots which makes players more comfortable.
“Furthermore, our releases including Bombing Fishing, Mega Fishing and Jackpot Fishing are localised for different markets and we have also optimised download times for superlight deployment making the games attractive across multiple demographics and jurisdictions.
“We are very excited about our fishing-shooting games and are delighted to be working to make them ever more accessible to players and operators.”
The post TaDa Compares the Market for Fishing-Shooting Games appeared first on European Gaming Industry News.
Industry News
ZEAL Network CEO Helmut Becker Will Not Extend His Contract Beyond January 2026

Dr. Helmut Becker, CEO of ZEAL Network, has informed the Supervisory Board of the company of his decision not to extend his contract, which runs until January 31, 2026. The 56-year-old has decided to pursue his own entrepreneurial activities in the future after many years as a top manager. Dr Becker will then leave the company after more than twelve years on the Executive Board of ZEAL Network SE, including more than ten as CEO. He will remain fully committed to ZEAL as CEO until the end of his contract term and will ensure a smooth transition of his duties to a successor.
“ZEAL is in an excellent position to continue to grow in the future. After almost ten years as CEO, I have decided that now is the right time to pursue my own entrepreneurial endeavours. This has been a difficult decision for me. I will especially miss our exceptionally strong team and the unique culture we have built together, characterised by innovation, customer focus and team spirit. I will continue to work hard until the end of my term to achieve the goals we have set together,” said Dr Becker.
Dr Becker informed the Supervisory Board of ZEAL Network SE about his decision at an early stage, and the Supervisory Board will immediately initiate a structured process for the succession of the CEO.
Peter Steiner, Chairman of the Supervisory Board, said: “The Supervisory Board of ZEAL Network SE has noted with great regret Helmut Becker’s decision not to seek a contract extension. Helmut Becker has played a decisive role in taking ZEAL’s business development to a new level. Under his leadership, ZEAL has established itself as a market leader in the online lottery market, significantly expanded its customer base and crucially broadened its offering through innovative product development. On behalf of the Supervisory Board, I would like to thank him for his outstanding commitment and strategic vision. We wish him all the best for his personal life and professional career.”
Dr Becker has been CEO of ZEAL Network since September 1, 2015, after serving as Chief Marketing Officer (CMO) for over two years. Prior to joining the Executive Board, he was a member of the Supervisory Board of ZEAL for two years. Previously, he served as Chief Commercial Officer on the Management Board of XING AG and held various management positions at eBay Germany and as a management consultant at McKinsey. As CEO, Dr Becker was responsible for the acquisition of LOTTO24 AG, the return of ZEAL to Germany and the expansion of the portfolio to include freiheit+, Games and Traumhausverlosung.
The post ZEAL Network CEO Helmut Becker Will Not Extend His Contract Beyond January 2026 appeared first on European Gaming Industry News.
Affiliate Industry
Gamblorium Enhances Casino Reviews with Updated Rating System

Gamblorium, a trusted online casino affiliate platform, announces its new and improved casino rating system. This updated system is designed to give players even more accurate and transparent rankings for online casinos. Since 2020, Gamblorium has been known for providing honest and expert-tested casino reviews. With this updated rating system, Gamblorium continues to ensure players can easily find the best gambling sites.
The new rating system combines three key components: Gamblorium Score, Player Score and Market Score. These scores are based on a 100-point scale, providing players with a clear and reliable way to choose casinos that meet their preferences.
Main features of Gamblorium’s new rating system:
• Gamblorium score: The Gamblorium Score evaluates casinos based on over 100 criteria, including payment methods, game options, security and user experience. Unlike other platforms, Gamblorium uses a relative and flexible approach, meaning casinos are ranked based on their strengths within their market. This score also incorporates Expert Scoring, ensuring that the most important factors are weighted appropriately.
• Player score: The Player Score is based on feedback from real users. Players can leave reviews only if they have registered or played at the casino, ensuring honest and up-to-date feedback. This makes the reviews highly reliable and reflective of the actual player experience.
• Market score: The Market Score helps balance the overall rating by considering the views of other trusted gambling platforms. This adds another layer of objectivity and ensures that Gamblorium’s reviews remain fair and unbiased.
The post Gamblorium Enhances Casino Reviews with Updated Rating System appeared first on European Gaming Industry News.
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