Month: August 2021

Raketech adds Intrum’s Billberg to board

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first_img Raketech adds Intrum’s Billberg to board Online affiliate and content marketing company Raketech has appointed Annika Billberg to its board of directors Tags: Online Gambling Topics: Marketing & affiliates People Strategy Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img Online affiliate and content marketing company Raketech has appointed Annika Billberg to its board of directors. Billberg currently serves as chief brand and communications officer at credit management services Intrum and will balance these responsibilities with her new role at Raketech. Prior to her time with Intrum, Billberg had a spell as head of investor relations and corporate communications at IT service company HiQ, as well as equity research analyst at Hagströmer & Qviberg. “I look forward to supporting the management team in the continued journey, with more acquisitions as well as new products and markets on the agenda,” Billberg said. “The company has also made solid progress in looking over its activities within sustainability and responsibility, where there is good potential to take the lead and push the entire industry in the right direction.” The appointment comes after Raketech also recently added Fredrik Svederman, previously chief financial officer at Evolution Gaming, and Christian Lundberg, who has spent time in leading operational positions with the likes of Microsoft and Fortum, to its board. Lundberg, who now serves as chairman at Raketech, said: “Over the last year, Raketech has undergone a substantial transformation journey, both in terms of staff and its way of working. “We have doubled the number of employees to more than 100 people, acquired several leading assets, and rolled out a new operational model based on three clear growth pillars. “To have the right expertise on the board is vital for our continued development, and both the board and management team welcome Annika to the company.”Related article: Raketech unveils new brand identity Marketing & affiliates 24th May 2018 | By contenteditor Email Addresslast_img read more

Unibet becomes first World Chess final partner

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first_img Gambling operator also extends backing of Cheltenham Festival  Subscribe to the iGaming newsletter Unibet will be backing both horses and knights after signing partnerships with the famous Cheltenham Festival and the World Chess Championship.The opertaor confirmed it has extended its sponsorship of the Champion Hurdle until 2023. It will also back the Road to Cheltenham series of races leading up to the festival.Meanwhile, governing body World Chess has announced that Unibet has become the official betting partner of the FIDE World Chess Championship Match London 2018. The event takes place in November as defending champion Magnus Carlsen of Norway faces American challenger Fabiano Caruana.Unibet also sponsored The World Rapid and Blitz Chess Championship in 2015, but this is the first time the World Championship match has signed a betting partner.World Chess and Unibet will produce additional digital content for this year’s tournament. As part of the partnership, Unibet will receive a full suite of exclusive rights, including digital advertising, the use of exclusive photo and video content and the opportunity to take part in a round of the First Move Ceremony.Richard Østrøm, country manager for Unibet Norway, said: “Since Magnus Carlsen became world champion, we have seen a large and growing interest in betting on big chess tournaments.“As the leading online bookmaker in Europe, we want to be a part of and contribute to big sporting events, and we are very happy to be the preferred betting partner for World Chess both before and during the World Championship.”World Chess said Unibet will have “exclusive betting rights” to the event, with the company offering a range of markets from outright to next move. Unibet will also offer fans exclusive promotions on the championship rounds throughout the match.Østrøm added: “We believe that this year’s World Championship showdown between Magnus Carlsen and Fabiano Caruana in London will establish chess as a permanent fixture in betting.” AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling 8th August 2018 | By contenteditorcenter_img Topics: Marketing & affiliates Sports betting Email Address Unibet becomes first World Chess final partner Marketing & affiliateslast_img read more

Washington DC drops “royalty fee” from sports betting bill

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first_img The committee overwhelmingly voted to strike the amendment from the bill, which now goes forward to the full council for a first reading on December 4. The other amendments were all passed, though the designated facilities tenet also caused controversy.Councilmember White also raised concerns about the amendment on designated facilities and the two-block extension exclusivity. This applies to four major sports venues in D.C., including RFK Stadium, Capital One Arena, Nats Park and Audi Field. Evans noted there is a strong argument being made by operators that every company should compete in the city, though also noted that others had pushed for the D.C. Lottery to be the exclusive sports betting operator in the state. The state favours the latter approach and Evans said he has tried to come up with a hybrid solution to please all parties. In terms of how this will work, he spoke of a yet-to-be-announced agreement between MGM and Nats Park. This would mean fans visiting the venue would only be able to bet via the MGM app inside the stadium, while access to other apps would be blocked when within two blocks of the venue. However, when outside of this area and similar exclusion zones, punters would only be able to bet via the D.C. Lottery app. Councilmember White was concerned that this limitation could mean the state misses out on revenue, saying the bars and restaurants near to sports venues is where fans are most likely to place wagers. He said he would work with Evans and his staff to appease these concerns.New Jersey and West Virginia are among the states to have passed sports betting laws since the repeal of PASPA, but opted against any sort of integrity fees for the leagues. The American Gaming Association is also against such a system. Washington DC drops “royalty fee” from sports betting bill AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Approved amendments include in-venue exclusivity for major sports arenas such as Nats Park Topics: Legal & compliance Lottery Sports betting Washington D.C.’s City Council has advanced a bill to legalise sports betting in the state, but removed an amendment awarding a so-called royalty fee for professional sports leagues.The Committee on Finance and Revenue signed off on Bill B22-0944 during a meeting at the District of Columbia Council yesterday (November 28).During the meeting, committee chair and councilmember Jack Evans set out how the state intends to authorise the D.C. Lottery to partner with vendors to offer both in-person and online sports wagering.However, Evans’ hopes of adding what he described as a “royalty fee” of 0.25% of revenue to appease the major sports leagues were rejected by his fellow council members before the bill was ratified to go to a hearing before the full council next week (December 4). Beginning the committee meeting, Evans said state forecasts place revenue at $7.7m (£6.0m/€7.8m) for the city’s 2019 fiscal year and $91.7m in revenue over the first four years following the passage of B22-0944, which was originally introduced in September. Evans then set out four technical amendments to the bill, which he encouraged the committee to accept in order for the bill to progress. Amendments included specifically excluding fantasy sports from the bill, adding language to reaffirm the D.C. lottery as the contracting authority, setting a two-block exclusivity zone for designated gambling facilities at sports venues, and also language related to a royalty fee. This final point proved a sticking point for some members of the committee after Evans, who admitted the royalty fee is controversial, set out a new agreement with sport leagues. Evans said he had spoken to number of leagues about a potential integrity fee where the state would pay a portion of revenue to the leagues in exchange for official data. The leagues had requested 0.25% of all stakes placed in the state – the handle – in return for giving the D.C. Lottery exclusive use of official data. Evans rejected this proposal, instead instead putting forward a plan for the state to pay 0.25% of betting income after expenses, including winnings and staff pay. This, in turn was rejected by the leagues, which argued it undervalued their data, and resulted in a compromise whereby the D.C. Lottery would gain use of the leagues’ logos and trademarks in return for 0.25% of sports betting revenue. Evans urged the committee to approve the amendment, saying that it could be changed at a later date, either before the first or second reading in the full council. “I can’t say this is right or wrong, but what I would like to do is keep it as it is and move forward,” Evans said. “This is more about my best efforts to give everybody something and try to do the right thing. I could argue why we shouldn’t do a royalty fee and why we should do it, and there is no right answer that I can come up with.” However, some members of the committee voiced their displeasure at plans for the integrity fee, with Councilmember Vince Gray saying: “I don’t understand why we have to invest another 0.25% of the revenue when it’s not done anywhere else in the US. I appreciate the efforts you have made to find a compromise here, but this is not something I want to find a compromise on. “I believe these sports leagues do very well and they don’t need another 0.25% of revenue that could instead go towards supporting valuable programs in DC,” Gray added. Email Addresscenter_img Tags: Mobile Online Gambling Subscribe to the iGaming newsletter 29th November 2018 | By contenteditor Regions: US Washington DC Legal & compliancelast_img read more

CDI takes control of Pennsylvania’s Lady Luck Casino

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first_img US casino and racetrack operator Churchill Downs Incorporated (CDI) has finalised a deal to assume management of Lady Luck Casino Nemacolin in Farmington, Pennsylvania, from Eldorado Resorts.The agreement, which was first announced in August of last year, is worth a cash consideration of $100,000 (£76,700/€88,700) and also includes the acquisition of certain assets related to the management of the casino.The Pennsylvania Gaming Control Board state regulatory body has approved the deal, allowing the transaction to go through.Opened in 2013, Lady Luck Casino Nemacolin is located close to the Nemacolin Woodlands Resort in Farmington. The facility operates approximately 600 slot machines and 27 table games.However, Lady Luck Casino Nemacolin does not currently have sports wagering services available to customers. Pennsylvania is one of several states to have legalised sports betting in the wake of last year’s Supreme Court ruling on PASPA.The deal comes after CDI last week also finalised its acquisition of certain ownership interests of Midwest Gaming Holdings, the parent company of Rivers Casino Des Plaines in Illinois. CDI will pay approximately $407m (£309.9m/€360.0m) for the assets.The agreements follow CDI reporting a positive performance in 2018, during which revenue increased 14.3% year-on-year to $1.01bn. CDI noted its casino division had performed well during the year, with revenue up 17.3% to $411.2m. CDI takes control of Pennsylvania’s Lady Luck Casino Subscribe to the iGaming newsletter US casino and racetrack operator Churchill Downs Incorporated (CDI) has finalised a deal to assume management of Lady Luck Casino Nemacolin in Farmington, Pennsylvania, from Eldorado Resorts. Casino & games Topics: Casino & games Strategycenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 12th March 2019 | By contenteditor Regions: US Pennsylvania Email Addresslast_img read more

NetEnt agrees £220m acquisition of Red Tiger Gaming

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first_img NetEnt agrees £220m acquisition of Red Tiger Gaming Stockholm-listed casino games developer NetEnt has agreed the first acquisition in its history, with a deal to take control of slot specialist Red Tiger Gaming worth up to £220m. Tags: Mobile Online Gambling Slot Machines Stockholm-listed casino games developer NetEnt has agreed the first acquisition in its history, with a deal to take control of slot specialist Red Tiger Gaming worth up to £220m (€245.3m/$271.4m).NetEnt will acquire Red Tiger in an all-cash deal, with an initial enterprise value of approximately £197m, followed by an earn out of up to £23m to be paid by 2022.“I am very pleased to welcome Red Tiger into the NetEnt Group,” NetEnt chief executive Therese Hillman (pictured) said. “The acquisition combines two of the leading and most innovative companies in the online gaming industry.“We look forward to working with Red Tiger’s fantastic team to enhance our combined global reach and to offer further value to operators and players. The transaction will provide significant revenue synergies across our markets worldwide.”Founded in 2014 by the team behind Cayetano Gaming, Red Tiger has quickly established itself as a leading supplier in the industry, with its Daily Jackpots feature in particular proving a huge hit with players. The company has approximately 170 employees, with operations in Malta, the Isle of Man and Bulgaria.Red Tiger chief executive Gavin Hamilton said: “This is an exciting new stage of the Red Tiger story and we are delighted to become part of the NetEnt group. Accessing NetEnt’s unparalleled distribution network and geographic footprint will unlock new opportunities for Red Tiger and will further accelerate our growth.“At Red Tiger we’ll remain focused as always on driving further innovation and we are looking forward to working with NetEnt on how to leverage our combined capabilities to create new products that wow our customers.”NetEnt will pay an initial £197m for 100% of shares in the business, and a further £23m may be payable in 2022, based on Red Tiger’s financial performance over the coming two years, for a maximum enterprise value of £223m. This represents a multiple of 12 times the supplier’s earnings before interest, taxes, depreciation and amortization (EBITDA) for 2019, which is projected to reach £18m.As a result of the acquisition, NetEnt said, it would incur approximately SEK55m in transaction- and financing-related costs. The deal is being financed primarily through new debt facilities provided by Danske Bank and Nordea.Lazard acted as financial advisor to NetEnt in relation to the transaction, with Cirio Advokatbyrå serving as legal advisor. Subscribe to the iGaming newsletter Email Addresscenter_img 5th September 2019 | By contenteditor Casino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Casino & games Strategy Slotslast_img read more

Nektan raises £2.6m through new share placement

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first_img28th October 2019 | By contenteditor Email Address Nektan raises £2.6m through new share placement Tags: Online Gambling Topics: Finance Strategy White label and gaming content provider Nektan has completed its share placement to raise new working capital, with the final proceeds of £2.6m (€3.0m/$3.3m) ultimately failing short of its original £3.0m target.The supplier has struck subscription agreements and secured intentions to subscribe from certain investors to raise £2.6m, issuing 52m shares at a price of five pence per share. After expenses related to the placement are factored in, the company will receive £2.5m in working capital.Funds raised from the placing will, according to Nektan, be now used to support working capital requirements of its operations, with the idea of continuing the growth of its gaming solutions business in Europe.In addition, Nektan said that it will commit some of the new funds to the ongoing development of its B2B software licensing and games distribution business.However, Nektan also noted that the placing remains subject to approval at an extraordinary general meeting (EGM) of its shareholders. The provider said that if the placing does not secure this approval, the proceeds would not be made available.If this were the case, Nektan said it “would need urgently to pursue additional or alternative funding sources”, which could in turn incur additional costs.Last week, Nektan extended the deadline for orders for the placing for the fourth time, after revealing that certain parties were proposing “unacceptable” terms in return for investment.Nektan previously suggested that it would surpass its original £3.0m target to ultimately raise £5.0m. This saw the placement deadline extended from 25 September to 2 October, then 9 October, before being pushed back to 18 October.However, negotiations with investors revealed that interested parties were proposing terms “unacceptable” to the board, resulting in these groups being excluded from the placing.Meanwhile, Nektan also confirmed that it has received commitment to convert all of the remaining Series A convertible loan notes (CLN) and interest into shares, at the same placing price as the new ordinary shares issued.The remaining principal balance of £3,447,267 of Series A CLNs, and outstanding interest of £470,936 at 18 November 2019, the proposed date of the EGM, will be converted into new ordinary shares, resulting in 78,364,063 new shares being issued.Nektan has also agreed to amend the interest rate, waive interest and extend the term of the Series B CLNs. The principal balance of £1.1m, which currently incurs 10% interest to be paid on a quarterly basis, will be amended so that the repayment date is extended from 29 April 2020 to 31 March 2023.Noteholders will also waive their right to the coupon until 1 January 2021, from when interest of 5% per year will be payable.Amendments to the Series A and B CLNs are subject to approval at next month’s EGM.center_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Finance Subscribe to the iGaming newsletter White label and gaming content provider Nektan has completed its share placement to raise new working capital, with the final proceeds of £2.6m ultimately failing short of its original £3.0m target.last_img read more

Gambling Commission suspends Stakers’ operating licence

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first_img Regions: UK & Ireland Legal & compliance The GB Gambling Commission has suspended igaming operator Stakers Limited’s licence and will carry out a review of the business due to a number of compliance issues. 5th March 2020 | By contenteditor Gambling Commission suspends Stakers’ operating licence Tags: Online Gambling Subscribe to the iGaming newsletter The GB Gambling Commission has suspended igaming operator Stakers Limited’s licence and will carry out a review of the business due to a number of unspecified compliance issues.The regulatory body has commenced a review under section 116 of the Gambling Act 2005, which sets out that the Commission can review any licensee if it meets certain criteria.The Commission cited Section 116(2)(a) of the Act, which permits a review if the regulator “has reason to suspect that activities may have been carried on in purported reliance on the licence but not in accordance with a condition of the licence”.It also quoted Section 116(2)(c)(i)), which states that it can launch a licence review if it suspects “the licensee may be unsuitable to carry on the licensed activities”.The Commission said it was appropriate to suspend the licence with effect from yesterday (4 March), pending the conclusion of the review. The suspension makes it illegal for Stakers to offer gambling services via its Stakers.com website in Great Britain.The Commission said it has instructed Stakers to allow customers to access their accounts to withdraw funds, as well as to advise players not to place any bets through Stakers.com. Stakers.com is also no longer accepting new customers in the UK.Stakers had been operating within the UK under a Combined Remote Operating Licence, which covered real event and virtual betting casino activities. The operator also holds a licence from the Malta Gaming Commission, and is headquartered on the island, according to its website. Topics: Legal & compliance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

RP iGaming Index: will gambling LUV recovery?

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first_img The merger of Flutter and Stars and DraftKings’ addition helped the Index rebound by 31% vs. the Nasdaq’s 17% during last month, but much remains at stake, writes Paul Leyland. Tabcorp is this month’s stock in focusAs the reconstituted Regulus Partners iGaming Index approaches its second anniversary, few could have predicted the profound changes that have been wrought on the global gambling sector.April was the first full month of lockdown for much of the world, which has reduced retail gambling in most jurisdictions to zero.Similarly, with the vast majority of mainstream sports disrupted, online betting has been dealt a significant blow and revenue is down c. 60-90% depending upon product mix.Online gaming is proving considerably more resilient, up c. 20-30% overall according to our estimates, with poker especially performing very strongly (+ c. 75%).This resilience and the channel shift should not be overstated, however. Online gaming is only soaking up c. 10-15% of displaced demand where it is allowed, and inevitably far less where it is not (although black and ‘dark grey’ market gambling is  likely to be spiking in the US and Australia especially).However, the Index will also be profoundly shaped by more positive forces from May.The merger of Flutter and Stars, which combined represents nearly 40% of the current index, and the addition of DraftKings, which will be the second largest constituent (online weighted market capitalisation) from next month. In many respects, online gambling is getting bigger.The market has largely recognised this trend also, with the iGaming Index rebounding by 31% vs. the Nasdaq’s 17% rally – with every stock but one (Nektan went into administration) up double digits. Even lottery sales are suffering due to footfall constraints. This is nearly OPAP, but that business ‘benefits’ from soccer being the country’s betting staple (heavily disrupted) and access to a strong online acquisition (Stoiximan).Tabcorp has neither of these mitigators – it is exposed on nearly every front, including from a balance sheet perspective (with A$3.8bn of net debt, albeit liquidity has been extended and nearly A$1bn is available in cash and facilities).It is unsurprising therefore that Tabcorp has been unable to give guidance for FY20 or FY21 (June Year End) and that its stock has underperformed the index by 7ppts.It has perhaps been dealt the worst hand of all the index’s constituents in the crisis, especially factoring in what accelerated channel shift may do to recovery prospects.By showing both sides of the channel coin so graphically, it might also valuably show to retail-led or retail-only operators and jurisdictions what they are missing…Disclaimer: the narrative provided represents the opinions of the authors. Any assessment of trends or change is necessarily subjective. The information and opinions provided are not intended to provide legal, accounting, investment or policy advice, nor should they be used as a forecast. Regulus Partners may act, or has acted, for any of the companies and other stakeholders mentioned in this article. Finance The merger of Flutter and Stars and DraftKings’ addition helped the Index rebound by 31% vs. the Nasdaq’s 17% during last month, but much remains at stake, writes Paul Leyland. Tabcorp is this month’s stock in focus Some of the strength of the rally was a reaction to oversold retail stocks compared to a tech-rich Nasdaq (the market realised that Amazon might do rather well immediately).However, much of it was also the market digesting positive trading statements from key players (e.g. Stars, Gamesys, Kindred) and pricing in resilience.Indeed, even beleaguered US sports operators can take comfort from the strength of online gaming in NJ and PA (assuming exposure) as well as lockdown occurring in mostly a seasonally quiet period (post March Madness).Given the likely ongoing requirements of social distancing, santization and avoidance of crowds in many jurisdictions, combined with likely reduced traffic from older, more vulnerable customers, retail gambling is likely to have a U-shaped recovery (where growth returns, but not to its previous level).Indeed, for some, the recovery might be dangerously L-shaped (where there isn’t much recovery), with businesses structurally weakened.This creates billions of ‘lost’ gambling revenue at the same time that many older customers are being forced to become tech savvy (staying in touch with loved ones, ordering groceries, installing pandemic data monitoring apps etc.)These drivers, which when combined with online gaming’s current resilience, suggest an easy V-shaped recovery for online gambling (where growth quickly returns to previous levels).Indeed online gambling might even see growth accelerated as older customers channel shift a bit faster and more structurally than they would in normal times – an outcome especially likely if sports start up again (or didn’t stop) before retail opens up again (fully or at all). Subscribe to the iGaming newsletter Unlike retail gambling, which is seeing potentially structural pain, online gambling is therefore seeing a partial bump in the road (betting), strong resilience (online gaming) and could benefit from increased channel shift and this is being recognised by equity markets.The key risk to this is regulation, in our view. For jurisdictions like US and Australia, the shift to illegal supply is a big problem for governments, consumers and the iGaming Index since more legally constrained businesses lose all the business.However, perceptions that online gambling might be ‘unduly’ benefiting from lockdown, or worse, that elements may be encouraging more gambling than those that cannot afford it or may exhibit harmful play is creating regulatory pressure in a number of jurisdictions (e.g. UK, Spain, Belgium, Portugal).Equally, online gambling may be seen as an easy fiscal target when the bill for lockdown arrives. Therefore, while online gambling might be seeing significant commercial resilience and causes for medium-term optimism, it has also never been more vulnerable.How a critical mass of constituents behave during this global crisis – and how they are seen to behave, is likely to shape sector performance for a decade. So despite the recovery of share prices, much remains at stake.Stock in focus: Tabcorp What could be the worst corporate positioning for a global pandemic which causes retail lockdown? How about a company that has paid for a retail betting monopoly, but competes on more equal terms online (against perfectly legal competitors).A company that still has its core betting product operating, meaning that retail customers have every reason to switch into a far more competitive online environment, thus structurally weakening market share.A company that cannot offer online gaming because it is illegal, but is seeing a profitable retail gaming business shuttered. 14th May 2020 | By Stephen Carter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Finance Tags: Online Gambling RP iGaming Index: will gambling LUV recovery? Email Addresslast_img read more

“Exceptional” Q4 helps drive IG Group to full-year revenue growth

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first_img Email Address Tags: Spread Betting Topics: Finance Finance Spread betting and contracts for difference (CFD) provider IG Group took in revenue of £649.2m (€712.5m/$825.7m) in the full year ended 31 May, up 36% year-on-year. Spread betting and contracts for difference (CFD) provider IG Group took in revenue of £649.2m (€712.5m/$825.7m) in the full year ended 31 May, up 36% year-on-year.Of its £649.2m in net trading revenue, the vast majority, £617.2m, up 37% year-on-year, came on over-the-counter leveraged trading, which includes contracts for difference and spread betting.Breaking these over-the-counter leveraged trades down further, £287.2m was for indices, up 34%, £113.3m came on currency exchange, up 42%, £88.6m came on equities, up 3%.Some £86.2m was for commodities, up 106% thanks largely to high volatility in oil markets, while a further £24.4m of over-the-counter leveraged trades were for options, up 20%, and £17.5m for cryptocurrencies, up 72%.A further £18.4m came on exchange-traded derivatives while stock trading and investments made up £13.7m, up 57%.This growth in revenue came largely thanks to a 34% growth in customers, to 239,600.The majority of revenue, £328.5m, came from countries inside the European Securities and Market Authority’s jurisdiction, which includes the EU as well as the UK.After making interest of £5.0m on client money and £1.4m in other income but paying £7.4m in betting duty, IG Group made net operating income of £648.2m.The business paid operating costs of £352.9m, up 24%. The largest cost was fixed employee remuneration, which grew 9% to £116.4m as employee headcount rose 7% to 1,921. Meanwhile variable remuneration such as bonuses grew 79% to £44.3m.Advertising and marketing costs rose by 20% to £61.8m, premises expenses fell 45% to £7.3m, regulatory fees jumped 88% to £6.3m and bad debt expenses increased by more than 500% to £11.0m.Other structural costs increased by 21% to £79.7m and depreciation and amortisation costs grew by 48% to £25.6m.After an additional £700,000 gain through the sale of “six minor entities”, IG Group was left with an operating profit of £296.0m, up 53%. The business made a £100,000 net financial loss, resulting in a pre-tax profit of £295.5m, up 52%.After paying £55.5m in tax, up 54%, IG Group’s profits came to £240.4m, a 52% year-on-year increase.“It’s been a successful first year in our three-year growth strategy to become a more sustainable, diversified, and global business,” IG Group chief executive June Felix said. “We concluded FY20 well on track to deliver on our medium-term targets and are confident in achieving the goals we’ve set.“I’m delighted with the tangible progress we’ve made, the resilience we’ve shown as a company, and the record results we’ve delivered.”Most of IG Group’s growth came thanks to an “exceptional” Q4, where extremely high market volatility and increased client activity becuae of the novel coronavirus (Covid-19) pandemic helped the business make £259.5m in revenue, up 120% year-on-year. Active clients grew 56% to 199,300, thanks to 51,200 new customers, while average revenue per customer grew 31% year-on-year.“While group revenue was significantly boosted by the exceptional client activity in Q4, we do not expect this level of activity to be sustained as we anticipate market volatility returning to more normalised levels in the course of FY21,” IG Group said. “However, the group anticipates some ongoing benefit from the record number of new active clients acquired in Q4.“While preliminary indications are that these clients are of a similar profile to previous new client cohorts, it is too early to conclude how they will trade over time.”Last month, the group announced it expected to post higher-than-expected year-on-year revenue growth for its 2020 financial year, due to elevated financial market volatility and high levels of client trading activity in Q4.In May, the business named Charlie Rozes as its new chief financial officer. Rozes joined IG Group on 1 June replacing Paul Mainwaring, who in January announced his intention to retire. Mainwaring had agreed to remain in his position until the operator appointed a replacement. 23rd July 2020 | By Daniel O’Boyle AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: UK & Ireland Subscribe to the iGaming newsletter “Exceptional” Q4 helps drive IG Group to full-year revenue growthlast_img read more

Clarion’s Kate Chambers takes on dedicated land-based gaming role

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first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter People moves “This will involve cementing the many key partnerships that we have established, forming new collaborative relationships and exploring the creation of new brands and properties to assist the land-based segment of Clarion’s international stakeholder community. Clarion’s Kate Chambers takes on dedicated land-based gaming role Email Address “The role will have a sharp focus on land-based gambling and, in particular, I will be looking at how the team at Clarion can best serve our loyal and dedicated customers in a sector that has taken the brunt of the fall-out from Covid-19. In an email announcement sent to international industry stakeholders, she explained: “After spending over a decade in my current post, I am transitioning into a new role with Clarion Gaming. Kate Chambers, who has driven the development of the Clarion Gaming portfolio of world-leading brands, has confirmed that she will be taking up a new more defined role as both the gambling industry and the events sector address the fall-out caused by novel coronavirus (Covid-19). Topics: Casino & games People Land-based casino People moves 9th October 2020 | By Robin Harrison “Clearly, this represents a change of focus for me personally, but one that provides specific and significant challenges that I am looking forward to, not least as the industry prepares for the return of ICE London in June 2021.” Tags: Kate Chambers Clarion Gaming ICE Londonlast_img read more