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Esports Entertainment Group CEO Provides Letter to Shareholders

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2 years ago

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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

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Gambling in the USA

Gaming Americas Weekly Roundup – June 30-July 6

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3 hours ago

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July 8, 2025

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Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

The Alcohol and Gaming Commission of Ontario 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 behaviour 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.

International Game Technology PLC, doing business as Brightstar Lottery, announced that Michelle Carney, Brightstar’s Vice President of Global Lottery Marketing, will be inducted into the Lottery Industry Hall of Fame as a member of the Class of 2025. The induction ceremony will take place this September at an industry event in Ontario, Canada hosted by the Public Gaming Research Institute (PGRI) in conjunction with the North American Association of State and Provincial Lotteries (NASPL). In her current role, Carney is responsible for the development of marketing and communications strategies that support growth for Brightstar’s Global Lottery business, including lottery product marketing, trade shows and events, thought leadership communications and B2C marketing campaign materials to support customer launches of new game content.

Partnerships

International Game Technology PLC announced that its subsidiary, IGT Canada Solutions ULC (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. 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 optimises data collection and delivery and will enable Atlantic Lottery to customise their programme for evolving player needs.

EDGE Boost by EDGE Markets, a financial platform for smart bettors and gamblers, has partnered with World Series of Poker, the premier series of worldwide poker tournaments. The EDGE Boost debit card is now the preferred payment method for WSOP, offering ease of payment, safety and several exclusive on-site perks for tournament players. In past tournaments, WSOP players were limited to $10,000 per transaction and had to complete a lengthy approval process, often resulting in frequent cash deposits. Now, those using the EDGE Boost card through PayPal checkout can bypass traditional credit card verification. They can also make entries up to $250,000, which eliminates the need to carry large sums of cash at the event and increases security measures.

The post Gaming Americas Weekly Roundup – June 30-July 6 appeared first on European Gaming Industry News.

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SOFTSWISS Takes Home Four Awards In One Night

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2 weeks ago

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June 23, 2025

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SOFTSWISS, a global provider of iGaming software solutions, has won two prestigious trophies at the EGR Marketing & Innovation Awards 2025. These recognitions come alongside two more accolades at Malta’s iGaming Excellence Awards 2025.

EGR Marketing & Innovation Awards

Hosted annually, the EGR Marketing & Innovation Awards honour the most innovative and effective campaigns and teams in online gaming. Recognising success across marketing, creative execution, customer engagement, and commercial results, the awards are regarded as one of the industry’s top accolades.

This year marks the third consecutive win for SOFTSWISS, following previous victories for its standout campaigns, Bringing the Heat in 2023 and Grab Success in 2024. The judges praised the SOFTSWISS marketing team with the Marketing Team of the Year Award for showing a clear passion for their brand and a creative use of new technologies and data analytics.

In addition to leading the team’s collective success, Valentina Bagniya, CMO at SOFTSWISS, was personally recognised as the best B2B Marketer of the Year for her role in transforming SOFTSWISS’ marketing function into a brand powerhouse.

“Thank you to the EGR jury team for this wonderful recognition. Winning Marketing Team of the Year is an extraordinary achievement that highlights our strength and dedication as a team. Additionally, receiving B2B Marketer of the Year is a deeply meaningful acknowledgement of our collective efforts,” says Valentina Bagniya. “These awards are not about individual achievements; they reflect the creativity, commitment, and passion of our entire marketing team.” 

Malta’s iGaming Excellence Awards

SOFTSWISS also received major recognition at Malta’s Gaming Excellence Awards 2025. Ivan Montik, Founder of SOFTSWISS, was honoured with the Lifetime Achievement Award for exceptional contributions to the iGaming industry over the course of his career. Meanwhile, Rubens Barrichello, ex-Formula 1 pilot and Non-Executive Director in Latin America at SOFTSWISS, was named Best iGaming Influencer of the Year, celebrating his significant impact through content creation, marketing, and online presence.

Valentina Bagniya comments: “It’s significant that our colleagues Ivan Montik and Rubens Barrichello received recognition at Malta’s Gaming Excellence Awards 2025, demonstrating how our leadership vision is increasingly recognised and valued by industry professionals. Moving forward, we remain dedicated to expanding our expertise and actively contributing to the advancement of our industry.”

On 3-4 July, the SOFTSWISS team will be attending iGB Live in London, ready to share their insights and expertise with interested attendees.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 30,000 casino games, the Affilka Affiliate Platform, the Sportsbook Software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team counts over 2,000 employees.

The post SOFTSWISS Takes Home Four Awards In One Night appeared first on European Gaming Industry News.

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Gambling in the USA

Gaming Americas Weekly Roundup – June 9-15

Published

3 weeks ago

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June 17, 2025

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Reading Time: 2 minutes

Welcome to our weekly roundup of American gambling news again! Here, we are going through the weekly highlights of the American gambling industry which include the latest news and new partnerships. Read on and get updated.

Latest News

BMM Innovation Group, a technology conglomerate focused on gaming product compliance testing, cybersecurity solutions and virtual training for the global gaming industry, announced that it is exhibiting at the Perú Gaming Show 2025, June 18–19 at the Centro de Exposiciones Jockey in Lima, Perú. BMM’s local experts will be available at Booth No. 31–32 to discuss the Company’s full suite of testing, certification, cybersecurity and virtual training services for Perú’s growing gaming industry. With a well-established land-based sector and a rapidly expanding online gaming market, Perú represents one of the most dynamic jurisdictions in Latin America. BMM has supported the Peruvian gaming industry for more than 18 years, with a dedicated office in Lima since 2007. The Company’s deep roots and compliance expertise make it uniquely positioned to serve the diverse needs of Perú’s casinos, sports betting operators, lottery providers and online gaming programmes.

Amusnet is set to make a powerful impression at the Peru Gaming Show 2025, taking place on June 18-19 in Lima, by presenting a comprehensive portfolio across its Online Casino, Live Casino, and Land-based verticals. As one of the most prominent and influential gaming exhibitions in Latin America, PGS brings together the industry’s leading providers, manufacturers and decision-makers for two days of impactful business exchange. Amusnet is also sponsoring the LMG Futbol Experience on June 17, held just before the exhibition, showcasing involvement in local events and its engagement in supporting industry-wide collaboration.

International Game Technology PLC announced that its spectacular RISE55 cabinet is now live on casino floors across the US. With robust, performance-focused content roadmaps for the premium-leased and for-sale game segments, IGT’s RISE55 cabinet debuted with the highly entertaining Magic Treasures Gold game. The RISE55 cabinet features a 55-inch ultra-HD curved display that delivers crisp graphics, enhanced audio technology and remarkable player comfort. The RISE55 cabinet first hit casino floors in late May, with additional deployments planned through the summer. As the hardware’s Class III premium launch title, Magic Treasures Gold is a visually stunning multi-level progressive game with features that build upon the success of IGT’s award-winning Magic Treasures game, including a leveled-up version of the Money Ball feature.

Partnerships

Hard Rock Cafe, in partnership with international soccer icon Lionel Messi, launched new merchandise coinciding with one of the year’s most anticipated global soccer tournaments. The collection debuts as part of Hard Rock’s “WE PLAY TOGETHER” campaign, which unites soccer fans to celebrate the sport. The campaign will feature special experiences and exclusive offers, such as bundle deals combining themed Messi menu and retail items, for guests to watch each match and show support for their favourite teams. Lionel Messi announced the collection via an Instagram post, where he donned one of the custom tees now available for purchase.

PrizePicks, the largest daily fantasy sports operator in North America, announced that it has partnered with the Los Angeles Dodgers as the team’s Official DFS Partner. The partnership features several digital and in-stadium activations at Dodger Stadium as PrizePicks continues to strengthen its brand presence in baseball.

The post Gaming Americas Weekly Roundup – June 9-15 appeared first on European Gaming Industry News.

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