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GROUPE PARTOUCHE: Income 1st half year 2020/2021 – Operating performance impacted by the health issue

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During the meeting it held on the 29th of June 2021 and after having reviewed the management report of Groupe Partouche Executive Board, the Supervisory Board examined the audited accounts for the 1st half-year 2020-2021 (November to April).

Operation performance impacted by the health issue

The Covid 19 pandemic penalized the business activity during the first half of the current financial year by the interruption of the Group’s activities over the period, with the exception of the following reopening:

  • Djerba casino (Tunisia): open during the 1st half-year but forced into a curfew;
  • Meyrin casino (Switzerland): open between the 14th and the 26th December 2020 but on reduced hours;
  • Meyrin et de Crans-Montana casinos (Switzerland): reopening on 19th April 2021, without curfew but with health constraints;
  • Belgium online gaming & betting: accessible throughout the half-year;
  • Switzerland new online gaming: accessible since its launching on 16th November 2020.

The Gross Gaming Revenue (GGR) over the period decreased by -80.9% compared to the previous year, reaching € 50.0 M and the turnover by -74.3% at € 47.2 M.

The Group’s EBITDA fell to -€ 42.0 M, compared to +€ 29.8 M in the first half of 2020.

The current operating income (COI) stood at -€ 73.2 M compared to +€ 0.3 M for the previous year, a degradation directly correlated with the interruption of the activity and therefore of the turnover.

Under activity divisions, the casinos’ COI reached -€ 68.2 M, compared to +€ 6.6 M in 2020 impacted by the closing of all the Group’s casinos over the period, with the exception of the Ostend casino COI with an increase of € 1.1 M thanks to the online COI.

The COI of the hotels’ division slightly decreased to -€ 2.2 M compared to -€ 1.7 M in 2020. The Aquabella hotel at Aix-en-Provence remained open over the whole period with an idling activity while the Cosmos hotel at Contrexéville remained closed.

Lastly, the deficit of COI of the “Other” division improved at -€ 2.8 M on the 1st half-year 2021, compared to -€ 4.7 M in 2020, mainly due to the significant increase of COI of Belgian sports betting (+€ 1,0 M).

Purchases & external expenses decreased by € 7.4 M (-10.9%) mainly impacted by:

  • Material purchases, advertising/marketing costs, upkeep and maintenance costs down by € 11.2 M (-69.7%), € 7.9 M (-78.4%) and € 1.4 M (-33.7%) respectively directly linked to the closure of establishments and the drop in revenue from ancillary activities;
  • Conversely, the change in subcontracting costs (+€ 16.6 M), mainly linked (i) to the increase in costs associated with online licenses in Belgium, i.e. +€ 19.6 M in costs correlatively to the increase in the turnover of this activity (online casino and sports betting); and (ii) savings in subcontracting (guarding, cleaning) made in view of the closure of establishments.

Within the above development, the increase of +€ 2.0 M in purchases and external expenses relating to the “online casino” in Switzerland, which started on 16th November 2020, should be noted.

Personnel expenses amounted to € 31.5 M, down € 42.0 M (-57.2%) following in particular the allowances received for partial unemployment from which the Group benefits, to which are added the employer’s contributions savings generated as well as the exemptions / subsidiaries obtained as part of the business assistance measures put in place by the Government in response to the health crisis.

The non-current operating income is a net expense of -€ 8.6 M, compared to -€ 2.7 M in 1st half-year 2020. In Belgium, an old dispute was won against the Belgian State leading to a non-current profit of € 5.8 M. Conversely, the continuation of the health crisis led the Group to carry out goodwill additional impairment tests from the half-yearly closing. Thus, goodwill impairment in the first half of 2021 totalled -€ 15.0 M.

In the end, the net income is a loss of € 88.0 M, compared to a loss of € 3.9 M as of 30th April 2020, after taking into account the following elements:

  • a financial result of -€ 2.3 M (compared to -€ 0.8 M in 1st half-year 2020), which does not benefit from any exchange gain due to the closure of casinos on both sides of the Franco-Swiss border and whose financial expenses reverse slightly (-€ 0.2 M) in connection with the increase in the Group’s indebtedness while the half-yearly average interest rate continued to decline;
  • a significant increase in tax (CVAE included) (-€ 4.0 M compared to -€ 0.6 M in 1st half-year 2020).

The Group’s financial structure remains healthy and solid with “cash net of levies” of € 104.1 M, shareholders’ equity of € 283.2 M and a “net debt” of € 149.7 M (set up as provided by the terms of the syndicated loan agreement, according to the former IAS 17 standard, excluding IFRS 16).

RECENT EVENTS & OUTLOOK

Ratio of leverage

Given the consequences of the health crisis on the Group’s business and the results for the half-year, the calculation of the leverage ratio at 30th April 2021 was impossible due to a negative EBIDTA. However, the Group’s financial partners have renewed their confidence in it.

Thus, the Syndicated Loan Agent, on 9th June 2021, signed a letter on behalf of the Lenders in which the later waives:

  • each of the leverage ratio calculations provided for on the two closing dates of 30th April 2021 and 31st October 2021; and
  • the delivery of each of the certificates corresponding to the leverage ratio calculations on the above dates.

Likewise, on 15th June 2021, the institutional investor carrying EuroPP waived the same ratio calculations and the delivery of certificates.

Reopening the casinos

All of the casinos in the Group have reopened:

  • In France, since 19th May and based on a progressive schedule :
  • Starting 19th May: only slot machines and electronic table games were accessible. A gauge equal to 35% of the areas receiving public (ERP) of each establishment had to be respected. Casinos opened until 9:00 p.m. under the curfew and catering was only permitted on the terrace;
  • Starting 9th June: opening of table games. The gauge rose to 50% of the ERP capacity, the casinos were open until 11 p.m. and the indoor dining areas were open again, with a limit of six people per table. In addition, the health pass was required in establishments where the operator planned to accommodate more than 1,000 people;
  • Starting 20th June: general lifting of the curfew ten days in advance, the other constraints being maintained;
  • Starting 30th June: the players are hosted in usual conditions with respect for the health barrier gestures (wearing a mask, physical distancing, etc.).
  • In Switzerland, since 19th April, no curfew but some restrictions (10 m² per person, no catering, no smoking even in smoking rooms).
  • In Belgium, since 9th June, with an obligation to close at 11:30 p.m.
  • In Tunisia, the Djerba casino remained opened during the whole half-year but had to close between the 9th and the 16th May.

Overall, gaming activities have picked up in a very satisfying trend.

Upcoming events:

– 3rd quarter financial information: Wednesday 15th September 2021, after Paris stock market close

– Turnover 4th quarter: Wednesday 15th December 2021, after Paris stock market close

Groupe Partouche was established in 1973 and has grown to become one of the market leaders in Europe in its business sector. Listed on the stock exchange, it operates casinos, a gaming club, hotels, restaurants, spas and golf courses. The Group operates 42 casinos and employs nearly 4,100 people. It is well known for innovating and testing the games of tomorrow, which allows it to be confident about its future, while aiming to strengthen its leading position and continue to enhance its profitability. Groupe Partouche was floated on the stock exchange in 1995, and is listed on Euronext Paris, Compartment

 

Annex

Consolidated Income

In €M – At 30th April (6 months) 2021 2020 ECART Var.
Turnover 47.2 183.6 (136.4) -74.3%
Purchases & external expenses (60.6) (68.0) 7.4 -10.9%
Tax & duties (5.6) (8.8) 3.1 -35.6%
Employees expenses (31.5) (73.6) 42.0 -57.2%
Depreciation, amortisation & impairment of fixed assets (28.5) (29.0) 0.5 -1.82%
Other current income & operating expenses 5.9 (4.0) 9.9 -247.4%
Current operating income (73.2) 0.3 (73.4) n/a
Other non-current income & operating expenses 6.4 0.0 6.4
Gain (loss) on the sale of consolidated investments
Impairment of non-current assets (15.0) (2.7) (12.3)
Non-current operating income (8.6) (2.7) (5.9)
Operating income (81.8) (2.4) (79.3) n/a
Financial income (2.3) (0.8) (1.4)
Income before tax (84.0) (3.3) (80.8)
Corporate income tax (3.6) 1.0 (4.6)
CVAE tax (0.4) (1.6) 1.2
Income after tax (88.0) (3.8) (84.2)
Share in earnings of equity-accounted associates (0.0) (0.1) 0.0
Total net Income (88.0) (3.9) (84.1) n/a
o/w Group’s share (81.6) (5.3) (76.3)
EBITDA (*) (42.0) 29.8 (71.8) n/a
Margin EBITDA / Turnover n/a 16,2% n/a

(*) taking into account the application of IFRS 16 in the half-year, which has the mechanical effect of improving EBITDA by €7.3 M.

Taxes and duties represent an expense of € 5.6 M down by –35.6%.

The change in amortization and depreciation on fixed assets, down -1.82% to € 28.5 M, reflects the slowdown in the sustained investment policy of recent years, hampered by the health crisis.

Other current operating income and expenses represent a net income of € 5.9 M compared to a net expense of € 4.0M in the first half of 2020. This is mainly due to operating grants received or receivable obtained as part of the business subsidiaries measures put in place by the Government in the face of the health crisis, in particular the fixed costs subsidiaries for € 10.0 M.

The operating income stands at -€ 81.8 M against -€ 2.4 M in the first half of 2020.

Income before tax represents a loss of € 84.0 M compared to a loss of € 3.3 M in the first half of 2020.

The tax expense (including CVAE) reached € 4.0 M, compared with € 0.6 M in the first half of 2020. The exceptional income recorded in Belgium following a dispute amounts to a tax of € 1.3 M. Conversely, CVAE’s tax charge decreased due to the shutdown of the Group’s activity over the half-year. With regard to deferred taxes, the Group has adopted the cautious position of not activating, even partially, the tax losses related to tax consolidation generated over the half-year (against a deferred tax asset of +€ 1.8 M during the 1st half-year 2020).

The quota-share of earnings of equity-accounted associate remained stable and non-material.

The consolidated net Income over the half-year is a loss of € 88.0 M against a loss of € 3.9 M at 30th April 2020, of which the Group share represents a loss of € 81.6 M compared to a loss of € 5.3 M at 30th April 2020.

Balance Sheet

Total net assets at 30th April 2021 decreased, totalling € 753.7 M against € 787.7 M at 31st October 2020. The remarkable developments during the period under review are as follows:

  • A decrease in non-current assets of € 35.2 M mainly due, on the one hand, to the decrease in the “tangible fixed assets” item to the tune of -€ 17.5 M resulting from the depreciation expense for the half-year combined with the contraction in investments, and on the other hand, the decrease in the “goodwill” item for € 15.0 M, linked to the depreciation in the half-year of goodwill of certain sensitive CGUs in this crisis context;
  • An increase in current assets of € 1.3 M, mainly due to an increase in the “receivables and other debtors” item of € 12.1 M (of which an increase of € 3.3 M in receivables from social organizations due to partial unemployment indemnities receivable in the context of the Covid-19 crisis, and € 9.4 M in subsidies receivable for fixed-cost assistance); as well as “Other current assets” of € 2.3 M (in particular VAT receivables). Conversely, we note a cash consumption of € 13.2 M.

On the liabilities side, shareholders’ equity including minority interests fell from € 371.9 M as of 31st October 2020 to € 283.2 M as of 30th April 2021, weighed down by the net result for the half-year. Financial debt increased by €53.7M. Consideration should be given to:

  • the subscription, in mid-April 2021, of a second loan guaranteed by the State for € 59.5 M and new bank loans for + € 4.5 M;
  • the quarterly maturity of the syndicated loan settled on 30th April 2021 in the amount of -€ 2.7 M, the maturity of 31st January 2021 having been postponed to 2026, as well as the repayment of other bank loans for -€ 1.9 M;
  • the postponement of the 12-month maturities (in capital and, for the most part, in interest) of the Group’s bank debts, the resumption of repayments having taken place for some in March but for the majority in April 2021.

In addition, it should be noted that, due to the negative EBIDTA induced by the closure of the Group’s establishments over the half-year, the institutional investor carrying the EuroPP as well as all the banks making up the banking pool of the syndicated loan have given up the calculation of the leverage ratio provided for on the closing date of 30th April 2021. This with a retroactive effect from 30th April 30, 2021. However, the waiver having taken place after the closing, the application of IAS 1 has forced the Group to restate all of the outstanding amounts relating to the bond loan and the syndicated loan as a current share this half-year.

Financial structure – Summary of net debt

One can consider the Group’s financial structure using the following table (set up as provided by the terms of the syndicated loan contract, according to the old IAS 17 standard, excluding IFRS 16):

In €M 30/04/2021 31/10/2020 30/04/2020
Equity 283.2 371.9 384.1
Gross debt (*) 253.7 194.7 168.8
Cash less gaming levies 104.1 103.1 78.9
Net debt 149.7 91.5 89.9
Ratio Net debt / Equity (« gearing ») 0.5x 0.2x 0.2x
Ratio Net debt / Consolidated EBITDA (« leverage ») (**) N/A (***) 2.3x 1.7x

(*)The gross deb includes bank borrowings, bond loans and restated leases (with the exception of old leases restated according to the new IFRS 16 standard), accrued interest, miscellaneous loans and financial debts, bank loans and financial instruments.

(**) The EBITDA used to determine the “leverage” is calculated over a rolling 12-month period, according to the old IAS 17 standard (that is to say before application of IFRS 16), at namely € 39.8 M at 31/10/2020, and € 54.3 M at 30/04/2020.

(***)The bond and banking partners have waived the calculation of the “leverage ratio” expected at the closing date of 30th April 2021 due to negative EBITDA over the period.

Glossary

The “Gross Gaming Revenue” corresponds to the sum of the various operated games, after deduction of the payment of the winnings to the players. This amount is debited of the “levies” (i.e. tax to the State, the city halls, CSG, CRDS).

The «Gross Gaming Revenue» after deduction of the levies, becomes the “Net Gaming Revenue “, a component of the turnover.

“Current Operating Income” COI includes all the expenses and income directly related to the Group’s activities to the extent that these elements are recurrent, usual in the operating cycle or that they result from specific events or decisions pertaining to the Group’s activities.

Consolidated EBITDA is made up of the balance of income and expenses of the current operating income, excluding depreciation (allocations and reversals) and provisions (allocations and reversals) linked the Group’ business activity included in the current operating income but excluded from Ebitda due to their non-recurring nature.

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How to Choose an iGaming Offer: N1 Partners x RichAds Share Their Expertise

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What does it really take to pick the right iGaming offer for promotion? With so many variables to consider, it’s easy to make mistakes, especially for affiliates just starting out.

To help clarify things, N1 Partners and the RichAds ad network joined forces to share practical advice on choosing profitable offers and avoiding common pitfalls.

The conversation took place during the N1 Puzzle Promo — a competition where affiliates, both seasoned and new, experiment with different traffic sources, tools, brands, and GEOs to achieve one main goal: maximize profits from their traffic. And selecting the right offer is the first step toward success.

Meet the Experts

Before diving into the tips, here are the people sharing their insights:

Daria Maichuk

Affiliate Manager at N1 Partners


Veronika Ponomareva

Head of Customer Service at RichAds

 

What is RichAds?

RichAds is an ad network offering a wide range of traffic sources, including:

  • Telegram ads
  • Push notifications
  • Popunders
  • Domain redirects
  • Native ads
  • Display traffic

Prices start at just $0.005 CPC for push ads and $0.5 CPM for popunders, with access to traffic across 200+ GEOs from Tier 3 to Tier 1.

 

How to Choose an iGaming Offer: Expert Advice

We asked Daria and Veronika the most important questions affiliates have when evaluating iGaming offers.

1. What parameters of an iGaming offer should be analyzed first before launching?

Daria Maichuk

“Start with the GEO: is gambling legal, how competitive is the market, and how solvent is the audience? Then check the payment model (CPA, RevShare, Hybrid) and the funnel: registration flow, minimum deposit, and site usability. The product matters too — top providers, live casino, sports, esports, localization, and bonuses. Finally, look at retention: how long players stay active and what campaigns keep them engaged.”

Veronika Ponomareva

“First of all, it’s the payout conditions, brand and its reputation on the market, as well as the funnel flow and the content of pre-landing/landing pages to pay attention to. Many things can affect a campaign’s result such as verification before the first deposit, the lack of locally popular payment methods support and the first deposit amount.” 

2. How can a beginner determine the potential of an offer? Which metrics should they focus on to avoid wasting budget?

 Daria Maichuk

“Key metrics are Conversion Rate (CR), Earnings Per Click (EPC), and Click-Through Rate (CTR). A low CTR usually means the offer doesn’t match the audience or creatives. Test multiple landers — welcome pages and reg forms typically perform best. Also consider First Time Deposits (FTD) and retention, as they reflect the long-term potential of an offer.”

Veronika Ponomareva

“Cost per registration, cost per conversion and ROI — are basic yet the most crucial things to look at. Potential means the long-lasting profit, so pay attention to the LTV (Lifetime Value). An offer could have a moderate EPC, but if the player retention is high and brings many secondary deposits, then the LTV would be extremely high accordingly. Ask your manager about the LTV of the offer in the required geo.” 

 

3. How does a brand’s license affect the choice of GEO and traffic?

Daria Maichuk

“White licenses allow affiliates to work in regulated markets and run campaigns on official ad channels like Google Ads, FB, and TikTok. Grey licenses are also usable, but platforms often restrict or ban them, so affiliates need strong moderation skills.”

Veronika Ponomareva

“The licensing topic is highly important due to the fact that it determines the legality of traffic and what sources are acessible. Strict licenses (MGA, UKGC) approve only the cleanest traffic (mostly PPC and SEO). The traffic is very expensive, but provides quality leads. Curacao license gives more freedom as you can work with push-traffic, teasers and popunders. High risks come with no license at all as well as the accessible traffic sources are very limited.” 

4. Which three GEOs currently deliver the highest ROI in iGaming, and why?

Daria Maichuk

“Germany: high purchasing power, stable LTV and retention, large deposits, strong conversion.

Canada: fast-growing, high trust in licensed brands, boosting CR and retention.

Australia: players spend more, stay active longer, and convert well into deposits.”

Veronika Ponomareva

“Depends on the traffic source we’re looking at, for example, if it’s either push or pop, then Bangladesh, Brazil and South Africa are currently on top.”

5. How can you understand whether an offer fits your main traffic source (FB, PPC, push, etc.) before testing?

Daria Maichuk

“Beginners often test blindly, but it’s possible to know in advance. FB and Google are the most widespread sources. Google traffic is highly engaged because players search for the product themselves. Facebook is harder for retention, but we work actively to improve it, especially for this audience, where push campaigns are essential. Push/Pop works for most offers, though CR is lower. If an offer has working apps (ASO), it can also be promoted through stores.”

Veronika Ponomareva

“Facebook and Google Ads are following strict guidelines on accessible content regarding iGaming offers, so it’s a common headache for marketers to test offers there and co-exist with moderation rules. Push and pop traffic doesn’t apply so many demands to the advertising content, so they’re way more preferrable for promotion means. So are Telegram Mini Apps, by the way, since they feature more tolerant moderation by advertising networks and fresh relevant audience.” 

6. Top 3 traffic sources for iGaming in 2025?

Daria Maichuk

“Google: high-intent users, precise targeting.

Facebook: huge reach, flexible creative testing.

SEO: long-term stability, independent of traffic costs, especially effective for RevShare.”

Veronika Ponomareva

“Telegram Mini Apps: fresh audience, broad opportunities for advertising formats and extremely relevant users who come from casual games and tap-to-earn clickers.

Push-notifications: proven traffic source with high CTR and pre-made user bases that provide easier outreach to converting players.

Popunders: high CR and cost-effective means for promotion, since quality landing pages are usually enough to convert impulsive gamblers.” 

7. Do your affiliates drive traffic through Telegram and what are the specifics? What do you think about mini-app traffic?

Daria Maichuk

“Yes, we’ve seen such cases, but most affiliates still prefer other sources. Data is still limited, but we’re closely monitoring Telegram and mini-app traffic and see strong potential here.”

Veronika Ponomareva

“For us it’s a channel that we actively explore, since introducing Telegram Mini App ads showed us how much of a potential they hold straight away. First of all, TMAs themselves offer a global coverage and outreach to a variety of potential leads for the iGaming products, coming from all over games and applications. In fact, since the moderation policies there are independent from the official Telegram Ads platform, that gives additional interest to this traffic.”

8. How many FTDs are needed to objectively evaluate an iGaming offer?

Daria Maichuk

“PPC: 20–30 FTD.

Facebook (slots): 20–30 FTD.

Facebook (crash games): at least 100 FTD.

In-app: around 100 FTD.”

Veronika Ponomareva

“At least 30 FtD, but to evaluate the offer properly it’s best to look into the player activity in the long run, the average amount of the deposits and other in-depth metrics.” 

9. Which KPIs do you recommend for testing: ROI, FTD, deposit, or retention?

Daria Maichuk

“We often use soft KPIs. On average, we expect the avg dep count to be >=2. Sometimes we also track the ratio of total deposits to partner payout.”

Veronika Ponomareva

“It’s a complex matter as hitting the KPIs is usually the result of a combination of factors getting along.”

10. What should affiliates do if an offer “drops” after two weeks — switch or optimize?

Daria Maichuk

“If results were good initially, optimize creatives and targeting. If not, check whether the creatives included slots actually available in the product. Our managers always provide updated slot and targeting recommendations.”

Veronika Ponomareva

“Optimize the campaign, examine the metrics, check the creatives, change landing pages – try to find the correlation to this in the traffic performance.”

11. Which statistical indicators show that an offer can be scaled?

Daria Maichuk

“The main sign is stable positive ROI over several days or weeks. Also look at the funnel (click → registration → deposit) and player retention.”

Veronika Ponomareva

“Simply, a more or less stable ROI is the main indicator here.”

12. How to scale an offer within one source without lowering CR?

Daria Maichuk

“Increase budgets gradually — 10–20% every 1–2 days. Scale your best-performing bundles first. Always refresh creatives: without new content, audiences burn out and CR declines.”

Veronika Ponomareva

“The same level scaling is the key. If by creatives, then create new combinations of creatives and landing pages. If by the audience — gradually add more newcomer oriented targetings, instead of increasing the bids on the current ones. Just test everything by degrees.”

Conclusion

The N1 Puzzle Promo highlighted not only the competitive spirit among affiliates but also the importance of knowing how to pick the right iGaming offers. From choosing GEOs and traffic sources to tracking KPIs and scaling campaigns, the advice from N1 Partners and RichAds gives affiliates a clear roadmap to better results.

RichAds continues to support the iGaming community with its self-serve platform, offering access to 220+ GEOs and multiple traffic types from push and popunders to Telegram Mini Apps and native ads.

Launch smarter campaigns, work with the right offers, and grow your iGaming profits!

The post How to Choose an iGaming Offer: N1 Partners x RichAds Share Their Expertise appeared first on Gaming and Gambling Industry in the Americas.

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2025 PBR Camping World Teams Championship

Kansas City Outlaws Partners with Palms Casino Resort

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The Kansas City Outlaws are teaming up with Palms Casino Resort to bring fans an unforgettable experience during the 2025 PBR Camping World Teams Championship, set for October 24–26 at T-Mobile Arena in Las Vegas. This partnership will make Palms the Official Hotel Partner of the Kansas City Outlaws.

Located just off the famed Las Vegas Strip, T-Mobile Arena will once again host the league’s top teams as they battle for the Championship title. To celebrate the event, the Outlaws and Palms are offering an exclusive discounted hotel rate for Kansas City fans, with the following fan activation for ticket holders being available:

Thursday, Oct. 23:

Exclusive open team workout from 5-6:30 p.m. PST led by UFC legend Cowboy Cerrone and Kansas City Outlaws Trainer Will Hooper, presented by Monster Energy at Palms Pool Deck.

Friday, Oct. 24:

Kansas City Outlaws Pre-Game Tailgate. In attendance will be Stay Chill Bill Chainstitch, a custom chainstitch designer who has worked with stars like Post Malone.

Team sendoff at 3:30 p.m. PST with live music by Andy Velo.

An afterparty featuring DJ Silver presented by Monster Energy will follow the first day’s events at Ghostbar, an ultralounge atop the 55th floor of the Ivory Tower at Palms, showcasing the incredible views of the Las Vegas Strip.

Saturday, Oct. 25:

Kansas City Outlaws Pre-Game Tailgate. In attendance will be Stay Chill Bill Chainstitch, a custom chainstitch designer who has worked with stars like Post Malone.

Team sendoff at 3:30 p.m. PST with live music by Andy Velo.

Sunday, Oct. 26:

Kansas City Outlaws Pre-Game Tailgate starting at 10 a.m. until 12:30 p.m.

Official team sendoff at11 a.m. PST

Fans who take advantage of the offer will also receive access to a dedicated Outlaws fan seating section inside the arena—perfect for showing team spirit and cheering on Kansas City’s premier bull riding team on the sport’s biggest stage.

The post Kansas City Outlaws Partners with Palms Casino Resort appeared first on Gaming and Gambling Industry in the Americas.

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How to Choose an iGaming Offer: N1 Partners x RichAds Share Their Expertise

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Reading Time: 6 minutes

What does it really take to pick the right iGaming offer for promotion? With so many variables to consider, it’s easy to make mistakes, especially for affiliates just starting out.

To help clarify things, N1 Partners and the RichAds ad network joined forces to share practical advice on choosing profitable offers and avoiding common pitfalls.

The conversation took place during the N1 Puzzle Promo — a competition where affiliates, both seasoned and new, experiment with different traffic sources, tools, brands, and GEOs to achieve one main goal: maximize profits from their traffic. And selecting the right offer is the first step toward success.

Meet the Experts

Before diving into the tips, here are the people sharing their insights:

Daria Maichuk

Affiliate Manager at N1 Partners


Veronika Ponomareva

Head of Customer Service at RichAds

 

What is RichAds?

RichAds is an ad network offering a wide range of traffic sources, including:

  • Telegram ads
  • Push notifications
  • Popunders
  • Domain redirects
  • Native ads
  • Display traffic

Prices start at just $0.005 CPC for push ads and $0.5 CPM for popunders, with access to traffic across 200+ GEOs from Tier 3 to Tier 1.

 

How to Choose an iGaming Offer: Expert Advice

We asked Daria and Veronika the most important questions affiliates have when evaluating iGaming offers.

1. What parameters of an iGaming offer should be analyzed first before launching?

Daria Maichuk

“Start with the GEO: is gambling legal, how competitive is the market, and how solvent is the audience? Then check the payment model (CPA, RevShare, Hybrid) and the funnel: registration flow, minimum deposit, and site usability. The product matters too — top providers, live casino, sports, esports, localization, and bonuses. Finally, look at retention: how long players stay active and what campaigns keep them engaged.”

Veronika Ponomareva

“First of all, it’s the payout conditions, brand and its reputation on the market, as well as the funnel flow and the content of pre-landing/landing pages to pay attention to. Many things can affect a campaign’s result such as verification before the first deposit, the lack of locally popular payment methods support and the first deposit amount.” 

2. How can a beginner determine the potential of an offer? Which metrics should they focus on to avoid wasting budget?

 Daria Maichuk

“Key metrics are Conversion Rate (CR), Earnings Per Click (EPC), and Click-Through Rate (CTR). A low CTR usually means the offer doesn’t match the audience or creatives. Test multiple landers — welcome pages and reg forms typically perform best. Also consider First Time Deposits (FTD) and retention, as they reflect the long-term potential of an offer.”

Veronika Ponomareva

“Cost per registration, cost per conversion and ROI — are basic yet the most crucial things to look at. Potential means the long-lasting profit, so pay attention to the LTV (Lifetime Value). An offer could have a moderate EPC, but if the player retention is high and brings many secondary deposits, then the LTV would be extremely high accordingly. Ask your manager about the LTV of the offer in the required geo.” 

 

3. How does a brand’s license affect the choice of GEO and traffic?

Daria Maichuk

“White licenses allow affiliates to work in regulated markets and run campaigns on official ad channels like Google Ads, FB, and TikTok. Grey licenses are also usable, but platforms often restrict or ban them, so affiliates need strong moderation skills.”

Veronika Ponomareva

“The licensing topic is highly important due to the fact that it determines the legality of traffic and what sources are acessible. Strict licenses (MGA, UKGC) approve only the cleanest traffic (mostly PPC and SEO). The traffic is very expensive, but provides quality leads. Curacao license gives more freedom as you can work with push-traffic, teasers and popunders. High risks come with no license at all as well as the accessible traffic sources are very limited.” 

4. Which three GEOs currently deliver the highest ROI in iGaming, and why?

Daria Maichuk

“Germany: high purchasing power, stable LTV and retention, large deposits, strong conversion.

Canada: fast-growing, high trust in licensed brands, boosting CR and retention.

Australia: players spend more, stay active longer, and convert well into deposits.”

Veronika Ponomareva

“Depends on the traffic source we’re looking at, for example, if it’s either push or pop, then Bangladesh, Brazil and South Africa are currently on top.”

5. How can you understand whether an offer fits your main traffic source (FB, PPC, push, etc.) before testing?

Daria Maichuk

“Beginners often test blindly, but it’s possible to know in advance. FB and Google are the most widespread sources. Google traffic is highly engaged because players search for the product themselves. Facebook is harder for retention, but we work actively to improve it, especially for this audience, where push campaigns are essential. Push/Pop works for most offers, though CR is lower. If an offer has working apps (ASO), it can also be promoted through stores.”

Veronika Ponomareva

“Facebook and Google Ads are following strict guidelines on accessible content regarding iGaming offers, so it’s a common headache for marketers to test offers there and co-exist with moderation rules. Push and pop traffic doesn’t apply so many demands to the advertising content, so they’re way more preferrable for promotion means. So are Telegram Mini Apps, by the way, since they feature more tolerant moderation by advertising networks and fresh relevant audience.” 

6. Top 3 traffic sources for iGaming in 2025?

Daria Maichuk

“Google: high-intent users, precise targeting.

Facebook: huge reach, flexible creative testing.

SEO: long-term stability, independent of traffic costs, especially effective for RevShare.”

Veronika Ponomareva

“Telegram Mini Apps: fresh audience, broad opportunities for advertising formats and extremely relevant users who come from casual games and tap-to-earn clickers.

Push-notifications: proven traffic source with high CTR and pre-made user bases that provide easier outreach to converting players.

Popunders: high CR and cost-effective means for promotion, since quality landing pages are usually enough to convert impulsive gamblers.” 

7. Do your affiliates drive traffic through Telegram and what are the specifics? What do you think about mini-app traffic?

Daria Maichuk

“Yes, we’ve seen such cases, but most affiliates still prefer other sources. Data is still limited, but we’re closely monitoring Telegram and mini-app traffic and see strong potential here.”

Veronika Ponomareva

“For us it’s a channel that we actively explore, since introducing Telegram Mini App ads showed us how much of a potential they hold straight away. First of all, TMAs themselves offer a global coverage and outreach to a variety of potential leads for the iGaming products, coming from all over games and applications. In fact, since the moderation policies there are independent from the official Telegram Ads platform, that gives additional interest to this traffic.”

8. How many FTDs are needed to objectively evaluate an iGaming offer?

Daria Maichuk

“PPC: 20–30 FTD.

Facebook (slots): 20–30 FTD.

Facebook (crash games): at least 100 FTD.

In-app: around 100 FTD.”

Veronika Ponomareva

“At least 30 FtD, but to evaluate the offer properly it’s best to look into the player activity in the long run, the average amount of the deposits and other in-depth metrics.” 

9. Which KPIs do you recommend for testing: ROI, FTD, deposit, or retention?

Daria Maichuk

“We often use soft KPIs. On average, we expect the avg dep count to be >=2. Sometimes we also track the ratio of total deposits to partner payout.”

Veronika Ponomareva

“It’s a complex matter as hitting the KPIs is usually the result of a combination of factors getting along.”

10. What should affiliates do if an offer “drops” after two weeks — switch or optimize?

Daria Maichuk

“If results were good initially, optimize creatives and targeting. If not, check whether the creatives included slots actually available in the product. Our managers always provide updated slot and targeting recommendations.”

Veronika Ponomareva

“Optimize the campaign, examine the metrics, check the creatives, change landing pages – try to find the correlation to this in the traffic performance.”

11. Which statistical indicators show that an offer can be scaled?

Daria Maichuk

“The main sign is stable positive ROI over several days or weeks. Also look at the funnel (click → registration → deposit) and player retention.”

Veronika Ponomareva

“Simply, a more or less stable ROI is the main indicator here.”

12. How to scale an offer within one source without lowering CR?

Daria Maichuk

“Increase budgets gradually — 10–20% every 1–2 days. Scale your best-performing bundles first. Always refresh creatives: without new content, audiences burn out and CR declines.”

Veronika Ponomareva

“The same level scaling is the key. If by creatives, then create new combinations of creatives and landing pages. If by the audience — gradually add more newcomer oriented targetings, instead of increasing the bids on the current ones. Just test everything by degrees.”

Conclusion

The N1 Puzzle Promo highlighted not only the competitive spirit among affiliates but also the importance of knowing how to pick the right iGaming offers. From choosing GEOs and traffic sources to tracking KPIs and scaling campaigns, the advice from N1 Partners and RichAds gives affiliates a clear roadmap to better results.

RichAds continues to support the iGaming community with its self-serve platform, offering access to 220+ GEOs and multiple traffic types from push and popunders to Telegram Mini Apps and native ads.

Launch smarter campaigns, work with the right offers, and grow your iGaming profits!

The post How to Choose an iGaming Offer: N1 Partners x RichAds Share Their Expertise appeared first on European Gaming Industry News.

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