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How Esports are Redefining the World of Sports
Esports have quickly grown from a specialised pastime to a worldwide phenomenon that influences everything from professional sports to entertainment. Digital tournaments are challenging conventional ideas of sportsmanship, competition, and athleticism since they draw enormous audiences and provide substantial cash sources.
In addition to captivating millions of fans globally, this developing sector is changing the sports industry’s economic environment and posing new opportunities and difficulties for players, fans, and corporations alike. Let’s explore the ways in which this virtual battlefield is redefining sports culture.
What are the Key Features of E-sports?
Electronic sports, or esports, differentiate themselves from traditional sports with a number of important characteristics. The digital platform, where games are played on PCs or consoles and allow for worldwide participation and viewing, is a major component of its attractiveness. Professional teams and lone players compete in well-known video games of all kinds, including first-person shooters, real-time strategy, and multiplayer online combat arenas. These competitions are extremely well-organized.
The utilisation of live streaming services and niche esports platforms, which enable real-time broadcasting to a global audience, making esports accessible to millions and cultivating a thriving community of watchers and supporters, is another distinctive feature. In addition to increasing audience involvement, this internet connectedness fosters a complex web of broadcast rights, sponsorships, and merchandise.
The Growth of Esports
Esports’ rapid expansion has drawn interest from a wide range of stakeholders, including all BP Group Casinos, who see the opportunity for significant financial gain in this rapidly expanding sector. In an effort to capitalise on the excitement of a younger, tech-savvy audience, casinos are exploring more and more to include esports betting in their services as esports competitions draw greater viewership. The popularity of esports has increased even further as a result of this integration; major event prize pools now match those of regular sports.
Casinos are utilising this trend to broaden their clientele and improve their entertainment offerings, as seen by their smart partnerships with well-known gaming events and esports teams. This mutually beneficial partnership highlights how much esports have impacted the gaming and entertainment industries as a whole and indicates that these industries will continue to expand and innovate in the years to come.
Esports as a Career: Opportunities and Challenges
A career in esports presents both significant hurdles and a wealth of potential. As the sport grows, it generates jobs for coaches, analysts, broadcasters, and marketers in addition to players, demonstrating a diverse ecosystem that caters to a range of interests and ability levels. Similar to conventional athletics, players may become celebrities and perhaps earn large sponsorships and prize money. But there are challenges along the way. The competitive environment is extremely tough, and maintaining a high standard of performance may be psychologically and physically exhausting.
Furthermore, compared to other occupations, players usually have shorter professional lifespans, necessitating ongoing skill improvement and flexibility. Resilience and strategic preparation are necessary in this environment if one is to effectively traverse its complexity and maintain a long-term career in this fast-paced sector.
Esports vs. Traditional Sports
Traditional sports and esports both have the fundamental excitement of competition and spectatorship, but they differ greatly in terms of execution and culture. Traditional sports have a rich history and are fundamental to both community identity and world culture. They are built on physical prowess and involve either outdoor or court-based activities. On the other hand, esports flourishes in virtual surroundings, stressing fast reflexes, strategic thinking, and collaboration. This also applies to the audience: esports supporters mostly view tournaments online, creating a social media community, whereas traditional sports fans often watch games in stadiums or on television.
The availability of esports, which everyone with internet connection and the necessary gear can play or watch, stands in stark contrast to many traditional sports, which are sometimes financially and geographically inaccessible. These distinctions show not just how different one is from the other in terms of appeal, but also how each may improve fan interaction and reach by learning from the other.
Predictions for the Next Decade in the Esports Industry
The esports business is expected to experience revolutionary expansion over the next ten years, driven by new technology and evolving societal attitudes. There are rumours that virtual and augmented reality might completely change the way fans watch esports by providing immersive experiences that combine digital and physical media. There’s also talk of artificial intelligence taking on a bigger role—possibly in strategy, coaching, and even in producing tailored watching experiences. With more money coming in from media companies and traditional sports teams hoping to take advantage of the lucrative esports business, global growth is also imminent.
Furthermore, more organised training and development programmes that resemble those in traditional sports may be implemented as long as academic institutions continue to acknowledge esports as a valid career path and varsity sport. These advancements have the potential to significantly elevate the field’s professionalism and stability of professions within the business.
The post How Esports are Redefining the World of Sports appeared first on European Gaming Industry News.
Bragg
Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.
Summary of 3Q24 Financial and Operational Highlights
| Euros (millions)(1) | 3Q24 | 3Q23 | Change |
| Revenue | € 26.2 | € 22.6 | 15.9 % |
| Gross profit | € 14.0 | € 11.9 | 18.1 % |
| Gross profit margin | 53.5 % | 52.5 % | 99 bps |
| Adjusted EBITDA(2) | € 4.1 | € 3.8 | 7.1 % |
| Adjusted EBITDA margin | 15.6 % | 16.9 % | (129) bps |
| Operating Income (Loss) | € (0.4) | € (2.1) | (81.0) % |
(1) Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.
Chief Executive Officer Commentary
Matevž Mazij, Chief Executive Officer for Bragg, commented, “The third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.
“Additionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Company’s strategic plan is the best way to maximize value for shareholders at this time.
“Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
“With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth, and profitable future.”
Third Quarter 2024 and Recent Business Highlights
- Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Bragg’s existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
- Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
- Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
- Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Bragg’s 6th PAM customer in the Netherlands, reinforcing Bragg’s status as the leading technology and content supplier in the Dutch market
- Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
- Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Bragg’s interim CFO since July 1, 2024.
Additional September 30, 2024 Key Financial Metrics
- For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
- Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)
Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
Don Robertson, independent Board member and Chair of the Special Committee, said, “After a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Bragg’s strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Bragg’s Board will continue to be open to and consider all opportunities for enhancing shareholder value.”
“Over the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospects” said Matevž Mazij, Chairman and CEO of Bragg.
Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.
Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg’s position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.
BetMGM, a leading sports betting and iGaming operator, announced an extension of its partnership with the Vegas Golden Knights through the 2026-27 season. As part of the agreement, BetMGM will continue as an Official Betting Partner of the Vegas Golden Knights with prominent signage on the Knight Tron and throughout T-Mobile Arena as well as co-branded content and exclusive promotions. The partnership also features multiple fan engagement opportunities including watch parties and Toshiba Plaza activations.
“BetMGM is proud to continue our partnership with the Vegas Golden Knights, giving us the opportunity to create memorable moments alongside one of the world’s most passionate hockey fan bases. Las Vegas is BetMGM’s hometown and an integral part of our DNA, so the Golden Knights are a natural fit for our brand.” – Matt Prevost – BetMGM, Chief Revenue Officer.
Throughout the season, BetMGM will host watch parties featuring team mascots at various MGM Resorts destinations. The operator also will plan activations in Toshiba Plaza during select Golden Knights home games where fans can begin the BetMGM mobile app registration process for the chance to win prizes.
“BetMGM is a long-standing partner with the Golden Knights and a brand synonymous with this great city,” said Vegas Golden Knights President and CEO Kerry Bubolz. “We look forward to continue working together on events and activations that we know entertain our fans.”
Lance Evans, SVP Sports and Sponsorships, MGM Resorts, said, “The Vegas Golden Knights play a core role in the Las Vegas sports and entertainment experience and it’s a privilege to welcome both local and visiting fans to our properties before, during and after games. Together with BetMGM, we look forward to co-hosting events that will allow guests to engage with their favorite teams in new and exciting ways.”
BetMGM users can take advantage of the robust offering of prop markets for Golden Knights games this season, frequent in-app odds boosts and the interactive same game parlay betting feature. New BetMGM customers who download the BetMGM app and verify at one of BetMGM’s nine retail sportsbooks within walking distance of T-Mobile Arena will receive a first bet offer of up to $250 paid back in bonus bets if their first bet loses (offer only available in Nevada; bonus bets are non-withdrawable and expire in seven days.) Through the recently launched single account and wallet app upgrade, BetMGM users who sign up in Nevada and reside in other BetMGM U.S. mobile markets can continue to wager upon returning home.
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The post Stretch Network Crazy Promotion appeared first on European Gaming Industry News.
Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
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