Latest News
MGCB Executive Director Meets with Flint City Officials to Discuss Ways to Combat Illegal Gaming
In an effort to combat illegal gaming activities, Michigan Gaming Control Board Executive Director Henry Williams recently met with Flint Mayor Sheldon Neeley and State Rep. Cynthia Neeley (D-Flint) to discuss strategies to help deter and crack down on illegal gaming operations in the city.
During their August 29 conversation, the officials also talked about the impact of storefront casinos and illegal gaming on residents and how such establishments are a nuisance for the city, tarnishing the reputations of regulated, legitimate gaming establishments.
“As a regulator, it’s important to me to have face-to-face conversations with area leaders so that we can share our knowledge and gain a more comprehensive understanding of illegal gaming issues, especially from their local perspective. I look forward to working with Mayor Neeley on the city’s efforts to prevent individuals from reopening a place of business under a new name in a location that was previously cited for illegal gaming operation concerns, minimize risks to his community from such establishments, and help protect Flint residents from harm,” Williams said.
A week before the leaders’ meeting, the MGCB seized 50 gambling devices and $13,260 in suspected gambling proceeds on August 23 from an alleged illegal storefront casino that was operating under the name of The Flint Arcade, located at 3301 Corunna Road in Flint. Authorities had previously conducted a raid at the same location a year earlier, on Aug. 18, 2022, when the MGCB investigated suspected illegal gambling at The Cellular Vault. That search yielded 43 computers used for gambling and $2,572.48 in winnings and gambling proceeds.
“It is important to protect the Flint community from predatory illegal gaming operations, and I thank Director Williams for his continued partnership in this effort. These unwelcome operations threaten public safety by creating environments where other criminal activity can thrive,” Mayor Neeley said.
“By working together to implement comprehensive measures — from strengthening laws and regulatory frameworks to raising awareness about the issue of illegal gaming machines — we can help reduce the prevalence of illegal gaming in our communities. I look forward to continuing this conversation with MGCB Executive Director Williams and appreciate the time he took to visit Flint and discuss this important issue, and I will do what I can to help advance any necessary changes to the law in my capacity serving with the Michigan Legislature,” Rep. Neeley said.
Unlicensed casinos, unauthorized online gambling platforms, underground sports-betting operations, or any other form of wagering that is not regulated by the MGCB are all considered forms of illegal gaming. As a result of MGCB investigations from January 2015 through July 2023, a total of 1195 illegal machines and $470,401.98 have been seized. Additionally, since November 2022, 48 locations have received cease-and-desist letters involving 105 illegal machines.
“I appreciated the opportunity to meet with Mayor Neeley and Rep. Neeley in Flint and to share information with him about how the MGCB can assist with investigations and raids on alleged illegal gaming operations. Illegal gaming is a widespread problem that is not unique to Michigan, but we are prepared to act and will hold bad actors accountable who are caught breaking the law. The agency is committed to fighting illegal online gaming, pop-up illegal casinos, and the proliferation of illegal gaming machines in gas stations, bars, and other locally owned establishments — and I look forward to seeing what the Michigan Legislature can do to help us with these issues,” said Williams, who was recently selected as a finalist in the Regulator of the Year category of the 2023 American Gambling Awards.
Raketech has announced its Q1 2024 financial results.
Q1 2024 Financial Highlights
- Revenues in Q1 of 2024 totaled EUR 19.0 million (EUR 15.8 million), reflecting an organic growth increase of 20.1% (24.4%), driven by continued strong performance from sub-affiliation partially offset by weaker-than-expected results within affiliation marketing.
- EBITDA, adjusted for restructuring costs, was EUR 5.1 million (EUR 6.1 million), impacted by a weaker performance in Sweden compared to the previous year and soft performance of the Casumba assets following the Google Core update during the quarter. Other regions and products performed well, with sub-affiliation delivering a strong quarter in terms of EBITDA contribution.
- Operating profit, adjusted for costs related to re-structuring, amounted to EUR 2.0 million (EUR 3.8 million).
- Free cash flow before earnouts increased to EUR 6.5 million (EUR 5.6 million) with a positive working capital development from trade receivables.
- Earnouts settled during the quarter amounted to EUR 13.0 million.
Full-Year Outlook
Current trading, including April, implies an adjusted EBITDA of around EUR 20.0 million for the full year. Free cash flow before earnouts for the full year is estimated to come in just below adjusted EBITDA.
Subsequent Events After the End of the Period
On May 14, 2024, the board decided to withdraw its previously announced proposal to distribute dividends in 2024, in line with its commitment to maintaining financial flexibility and supporting the company’s long term growth ambitions. The primary focus is delivering value to shareholders and continuing to evaluate opportunities to enhance shareholder returns in a way that aligns with the Company’s long-term value-creation objectives.
Current Trading
Revenues in April 2024 amounted to EUR 5.9 million (EUR 5.9 million).
Raketech Acting CEO Johan Svensson said: “In the first quarter of 2024, we delivered EUR 19.0 million in revenues, representing an organic increase of 20.1%, primarily driven by Sub-affiliation. Adjusted EBITDA came in at EUR 5.1 million, while EBITDA was EUR 4.3 million, consistent with our trading update published on 1 May. We remain confident in our market-leading product offerings and see promising growth opportunities through our strategic initiatives in sports offerings, exclusive partnerships, and media deals. These efforts will position us well for continued growth in the coming years, and we remain committed to maximizing shareholder value.”
The post Raketech Announces Q1 2024 Results appeared first on European Gaming Industry News.
Latest News
Caitlin Clark Boosted Betting on March Madness Women’s Games by 540%; a Bellwether on Her WNBA Impact: Optimove Insights’ Analysis
Results based on more than 19 million bets during the 2024 NCAA March Madness tournament also revealed women’s games had more TV viewers, men’s games received more bets
Optimove Insights, the analytical and research arm of Optimove, has conducted a comprehensive analysis of the 2024 NCAA March Madness tournament, shedding light on the significant impact of standout player Caitlin Clark on betting behavior in women’s games. The report revealed that she boosted betting on March Madness by an average of 540%, a bellwether on her likely impact to the WNBA. The report was released at SBC Summit North America.
Results based on 19 Million+ Bets
Between March 29 and April 9, Optimove Insights analyzed more than 19 million bets placed on the 2024 NCAA March Madness tournament, encompassing both men’s and women’s games. The focus of this analysis was to track the betting trends surrounding games featuring Caitlin Clark, a prominent player in women’s college basketball, and the first pick in the 2024 WNBA Draft.
Women’s Games: The Caitlin Clark Effect
Optimove Insights tracked the betting activity on women’s NCAA games from the Elite Eight stage through to the Championship game. The comparative baseline game, Oregon State vs. South Carolina, set at 100%, received the fewest bets among the games tracked.
The data revealed the impact of Caitlin Clark on betting activity, with games featuring her, witnessing an average 540% increase in bets compared to the baseline. This suggests a significant influence of individual players on the betting landscape, emphasizing the role of star power in driving fan engagement and betting interest.
Men’s Championship Game More Bets, Women’s Championship Game More Eyeballs.
Of note is that the women’s Championship game had an average of 18.7 million TV viewers compared to the men’s game at 14.8 million viewers, yet the men’s game attracted more than 3X the number of bets. This disparity underscores potential differences in viewer engagement versus betting activity between the two tournaments.
Men’s Games
The analysis also encompassed betting behavior in men’s NCAA games. Despite the men’s Championship game showing a 139% increase in bets over the baseline, the percentage increase in betting was notably lower compared to women’s games.
A likely explanation for this difference lies in the higher baseline of individual bettors in men’s games, resulting in lower percentage increases. Nevertheless, men’s games consistently attracted more bets throughout the tournament.
According to Rony Vexelman, VP of Marketing at Optimove, “As the WNBA season is about to tip off on May 14, it is doing so, with a generational player. The substantial boost in overall interest in women’s basketball catalyzed by Caitlin Clark is extraordinary. Her influence on boosting betting, TV viewership and more is already starting to drive a new women’s basketball economy in the trillions.”
The post Caitlin Clark Boosted Betting on March Madness Women’s Games by 540%; a Bellwether on Her WNBA Impact: Optimove Insights’ Analysis appeared first on European Gaming Industry News.
7777 gaming, a prominent provider of online casino games, is thrilled to announce its partnership with betPawa, a well-established and trusted online sports betting brand operating across Africa. This collaboration marks a significant milestone for both companies, bringing a diverse selection of 7777 gaming’s top-quality casino games to betPawa’s extensive user base.
Through this partnership, betPawa gains access to 7777 gaming’s full portfolio of 140+ captivating casino games. The integration begins with an exciting lineup of instant win games, including Mayan Gold, Multi Wins, Cash 20x, FunFair 2x, Zeus Quest, Honey of Gold, Golden Scarab, Bucks Detective, Jungle Conquest, and Happy Sheep. These engaging titles promise to enhance betPawa’s gaming offerings, providing its users with even more entertainment options.
Elena Shaterova, Chief Commercial Officer at 7777 gaming stated:, “We are delighted to partner with betPawa and expand our presence in the African market. This collaboration allows us to showcase our diverse range of high-quality casino games to a broader audience, providing them with unparalleled entertainment and gaming experiences.”
Chris Worthington, Head of Casino at betPawa commented, “We are excited to welcome 7777 gaming’s impressive selection of casino games to our platform. Our priority has always been to offer our users the best gaming content, and this partnership aligns perfectly with our commitment to delivering exceptional entertainment and value to our customers.”
betPawa, recognized as one of Africa’s premier online sports betting platforms, boasts over 10 million users spanning multiple countries including Nigeria, Kenya, Tanzania, Malawi, Sierra Leone, Ghana, Benin, Cameroon, DR Congo, Rwanda, Uganda, and Zambia. Renowned for its simplicity, reliability, and security, betPawa is the go-to destination for African bettors seeking a seamless and trustworthy betting experience.
The post 7777 gaming expands African reach with Integration of Casino Games on betPawa appeared first on European Gaming Industry News.
-
Latest News2 weeks agoThe Importance of Data Quality Review Checks in the Gaming Industry
-
Asia3 weeks agoOnlyplay Enters into Strategic Partnership with Ritchie Rabbit
-
EurAsia4 weeks agoThe “Power Has No Gender” awards ceremony held by TotoGaming has reached a new level
-
Africa3 weeks agoNE Group powers 888bets launch in Angola
-
Balkans3 weeks agoWazdan marks Croatian market entry with PSK partnership
-
Press Releases4 weeks agoOpenBet Powers Record-Breaking 100,000+ Peak Bets per Minute at Grand National 2024
-
Central Europe3 weeks agoApparat Gaming and edict egaming announce partnership
-
Africa3 weeks agoHub88 partners with LiveGames to enhance content offering