Latest News
Kindred Enables Pioneering Gambling Education Sessions for Rangers FC Players in Scotland
Kindred will fund independent, groundbreaking gambling education sessions designed specifically for players and staff at Rangers FC in Scotland. The sessions will be led by EPIC Risk Management, a safer gambling consultancy that works with clubs, leagues and federations around the world.
Kindred Group plc (Kindred) marks this year ten years of collaboration between Kindred and the Scottish football-team Rangers FC. This year, Kindred has dedicated its front-of-shirt sponsorship to its “Zero % Mission” which is a part of the Group’s ambition Journey towards Zero. The ambition’s stated aim is that over time, zero percent of the revenue should be generated from harmful gambling. It also marks the next step in driving towards a better model of sponsorship that benefits sporting organisations and their communities.
The cooperation is the first time a club in the Scottish Premiership works with an organisation such as EPIC to provide independent gambling guidance to their employees and follows EPIC’s work in the English Football League and other leagues across the world. The education sessions will be bespoke, tailored to individual needs, featuring insights from former football players who have experienced gambling-related issues, including some who have played at international level.
“Kindred wants to run a sustainable business built on people enjoying themselves safely. That’s why we have reaffirmed our commitment not only to this project with Rangers, but to our ‘Journey towards Zero’ too. Added to that, we are investing in our technology stack to further develop our sophisticated detection software. This, allied with a greater emphasis on education and safer gambling messaging will help Kindred drive forward its industry-leading model of sponsorship that is benefitting clubs and their communities,” Sam Mead, UK General Manager at Kindred Group, said.
“We realise the importance of safeguarding our players and staff and allowing them to discuss issues relating to the sector in a welcoming and understanding environment. That the sessions are led by former football players is a big advantage, going beyond discussing the rule book and adding that key element of relatability. We’re grateful to Kindred – with whom we have a positive, long-term relationship – for funding the sessions that are helping us lead the way in Scotland on this matter,” Karim Virani, Chief Commercial Officer at Rangers FC, said.
“Education is at the heart of EPIC’s offering, underpinned by real-life experiences from those who have lived experience of gambling-related harm. We recognise the importance of the sector to the UK’s leisure industry, and we’re dedicated to providing a bespoke, holistic service that allows participants to share and discuss matters in a safe way. We’re delighted that Rangers are the latest high-profile football club to recognise the importance of protecting their players and staff through preventative education,” Michelle Evans, Senior Sports Partnerships Manager at EPIC Risk Management, said.
Latest News
AGREEMENT BETWEEN ZITRO AND GRUPO OSGA TO PROMOTE THE LABOT INTEGRATION OF PEOPLE WITH DISABILITIES
Zitro, a leading company in the gaming industry, has signed a collaboration agreement with Grupo OSGA, a business group committed to promoting the employment of people with disabilities. Grupo OSGA offers job opportunities to people with disabilities and supports their professional development in inclusive and accessible environments.
Through this alliance, Grupo OSGA will provide Zitro with a parcel and documentation service between its offices, optimizing Zitro’s operational efficiency and strengthening its social commitment to creating a more inclusive work environment.
At Zitro, we firmly believe in the power of diversity as a driver of growth and development. This collaboration with Grupo OSGA not only enriches our company but also reinforces our commitment to contributing to a fairer and more inclusive society,” said Albert Zorrilla, Managing Director of Zitro for Spain.
“The collaboration with a prestigious international company like Zitro not only constitutes recognition of the work that Grupo OSGA has been carrying out but also contributes to the generation of real opportunities for people with disabilities to achieve effective and stable integration in the labor market,” said Oscar Galilea, President of Grupo Osga.
The post AGREEMENT BETWEEN ZITRO AND GRUPO OSGA TO PROMOTE THE LABOT INTEGRATION OF PEOPLE WITH DISABILITIES appeared first on European Gaming Industry News.
Balkan's
EGT Digital’s iGaming platform X-Nave and successful titles to deliver high-quality experience to BetHub’s customers
BetHub and EGT Digital have started their successful partnership, as a result of which the leading Bulgarian operator is now using the iGaming platform X-Nave. Its 4 main modules: CRM Engine, Sport product, Gaming Aggregator and Payment Gateway, enable the betting site to effectively manage all online gaming business verticals and further improve its performance.
CRM Engine provides a wide range of player management tools and bonus features, allowing the operator to create more personalized offerings for its customers, based on their preferences and behavior.
Through X-Nave’s Sport product BetHub will enrich even more the sport content it offers.
The Payment Gateway gives access to numerous payment methods and thanks to the Gaming Aggregator EGT Digital’s slot games are already at the disposal of the website’s visitors. The top-performing titles from Bell Link, Clover Chance, High Cash, Single Progressive Jackpot, as well as the multiplayer game xRide quickly gained popularity among BetHub’s customers.
“We are very glad with our collaboration with EGT Digital so far,” commented Kiril Naldzhiev, CEO at BetHub. “The platform has made the management of our business much easier, and the company’s gaming content has shown impressive results that have not only met but exceeded our expectations.”
Tsvetomira Drumeva, Head of Sales at EGT Digital, also gave a positive evaluation to the cooperation. She said: “Partnering with a prominent operator like BetHub is very valuable for us, as it gives us the opportunity to demonstrate the enormous potential of our developments and consolidate our status as a leader in the local market. I am confident that this is the beginning of a very successful collaboration that will bring a lot of positives to both companies and the players themselves.”
The post EGT Digital’s iGaming platform X-Nave and successful titles to deliver high-quality experience to BetHub’s customers 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.
AGREEMENT BETWEEN ZITRO AND GRUPO OSGA TO PROMOTE THE LABOT INTEGRATION OF PEOPLE WITH DISABILITIES
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Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
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