CORPORATE NEWS

This week a major milestone was achieved. The company completed its rebranding to Evoke Plc, marking the commencement of an exciting new chapter. This transformation was approved by an overwhelming majority of shareholders at the Annual General Meeting (AGM), with 99.79 percent voting in favour.

The rebranding initiative aims to unify all employees under a single identity, thereby adopting a sense of unity and shared purpose. This move is expected to work in tandem with the , which in turn will have a positive impact on business growth.

Evoke Plc joins the ranks of its UK high-street competitors, Flutter Entertainment and Entain, who underwent similar rebranding exercises in 2019 and 2020 respectively. Despite the corporate rebranding, all consumer-facing brands, including William Hill, 888casino, 888sport, 888poker, and Mr Green, will retain their original names.

CEO Per Widerström expressed his optimism about the future, stating that the rebranding reflects the company’s forward-thinking approach and commitment to delivering world-class betting and gaming experiences to customers globally. He expressed confidence in the company’s strategic framework and value creation plan, asserting that these would help solidify Evoke’s position in the global betting and gaming industry.

In March FY23, Evoke announced a strategic reset, termed the Value Creation Plan. This plan was necessitated by regulatory and compliance changes in key markets, which fundamentally altered the business mix. The company has faced several challenges in recent years, including the resignation of CEO Itai Pazner in January 2023 due to a compliance scandal in the Middle East. Additionally, the company’s license was placed under review by the UK Gambling Commission following a plot by investor FS Gaming to install former GVC chief executive Kenny Alexander as CEO.

At the recent AGM, two special resolutions recommended by the board of directors failed to secure the requisite 75 percent shareholder approval. These resolutions were aimed at renewing the directors’ authority to allot equity securities for cash without first offering them to existing shareholders, and to do so in relation to an acquisition or capital investment. The board has expressed its intention to engage with shareholders and advisory bodies to ensure their feedback continues to inform the company’s governance approach.

There have been no other newsworthy developments relating to 888 or Evoke this week. However, the company’s share price tumbled earlier this year following the resignation of Itai Pazner amid a money-laundering probe. The company also launched an equity raise to fund its takeover of William Hill’s non-US operations.

As Evoke Plc embarks on this new journey, it remains to be seen how these changes will shape the company’s future and its position in the global betting and gaming industry.

The House of Representatives in the Netherlands plans to introduce a ban on all sorts of online advertising for local gambling operators as . A motion pushed by Michiel van Nispen, member of the House of Representatives for the Socialist Party (SP), has received enough support. A second motion for a total ban on online slot games at Dutch online casinos also passed with a tight majority of 77 votes.

The motions were part of a total of 114 motions out of which 14 were related to the field of online gambling. Since the legalisation of iGaming in the Netherlands in October 2021, gambling ads have faced ongoing pressure. A ban on gambling ads on TV, radio, and outdoor media was previously adopted in July 2023. This ban excluded online ads although strict rules have been put in place for affiliate companies and influencers imposing a minimum age of 24 years for their target audience.

The adopted motions from Van Nispen follow after comparable motions by in February. Boswijk called for a complete ban on gambling ads but did not receive enough support. With an additional ban on gambling related ads on the internet this would theoretically lead to the same outcome as Boswijk’s proposal as all other media channels have already been banned from gambling ads.

“Every day that gambling companies keep on offering their products in the Netherlands, mistakes will be made by consumers, with more and more people becoming addicted to gambling. I consider this new ban on online gambling ads as yet another step forward towards a country without online gambling companies.”
Michiel van Nispen, Socialist Party (SP) in the Netherlands.

Van Nispen also introduced a second motion calling for a ban of “very high risk casino games”, particularly referring to the risk of online slot games. Online slots are considered as very high risk casino games by the MP as they “don’t provide any control over the outcome of a round making players prone to continuous play and loss chasing behaviour”.

With 79 votes, the motion seeking to ban slots in the gambling lobbies of Dutch online casinos was also won by Van Nispen. Slot games represent the most sought after online gaming product among Dutch gamblers followed by sports betting.

Param Labs, a gaming infrastructure startup based in the United Arab Emirates, has recently secured a strategic investment from Animoca Brands, a Hong Kong-based pioneer in digital property rights for gaming and the open metaverse. This investment not only strengthens their existing partnership but also fuels the development of Param Labs’ scalable , thereby expanding its ecosystem.

Param Labs is at the forefront of developing video games and infrastructure to power the next generation of gaming. Their flagship Web3 multiplayer third-person shooter game, Kiraverse, offers players a unique opportunity to compete, earn, and trade digital assets like characters and skins. This game is designed to promote digital ownership and user-generated value, leveraging Param Labs’ innovative technology.

In addition to game development, Param Labs is actively constructing technology to equip developers with the necessary tools they need to elevate their users’ blockchain-based experiences. This ensures seamless interaction for gamers across the globe, thereby impacting gaming technology and infrastructure significantly.

One of their innovative services, Pixel-to-Poly, enables users to transform 2D images into 3D playable in-game characters. These characters are compatible with Kiraverse as well as popular Web2 titles including Grand Theft Auto V and Fortnite.

Param Labs is also making strides in the esports arena. They have partnered with major esports organisations worldwide to promote Web3 ecosystem growth around gaming. They are also preparing for a token launch that will serve as an ecosystem token for its upcoming games and infrastructure.

This strategic investment and partnership with Animoca Brands marks a significant milestone for Param Labs’ ecosystem development and the broader

The investment in Param Labs further expands the presence of Animoca Brands in the Middle East and North Africa (MENA), following a partnership with NEOM to drive Web3 in the region, and with King Abdulaziz City for Science and Technology to establish a physical office and Web3 hub in Riyadh.

Both Param Labs and Animoca Brands are leveraging artificial intelligence and blockchain technologies to advance the rapidly growing gaming industry, thereby helping to establish the open metaverse. This partnership is set to redefine the gaming landscape and bring about a new era in the world of gaming.

for the first quarter of 2024. The company reported a revenue of $3.4 billion, marking a 16 percent increase compared to the same period last year. This growth was largely driven by the and other international markets.

However, despite the impressive revenue growth and a 46 percent increase in adjusted EBITDA to $514 million, Flutter’s net loss widened. The company reported a net loss of $177 million, a significant 59 percent increase from the $111 million loss reported in Q1 2023. This increase was partly due to a non-cash charge of $184 million following the closure of the Fox Bet brand.

In the US, Flutter’s operations contributed significantly to the Q1 revenue, accounting for 41.5 percent of the group’s total revenue. This segment reported a revenue of $1.41 billion, reflecting a year-on-year growth of 32 percent. FanDuel, Flutter’s US sportsbook, remained the market leader with a net gaming revenue market share of 52 percent and a gross gaming revenue market share of 46 percent.

In the UK and Ireland, revenue increased by 17 percent year-on-year to $861 million, with adjusted EBITDA up 30 percent to $268 million. The future performance of this segment remains uncertain following Flutter’s exit from the Irish stock market and its focus on the US market.

The international segment, which includes markets like Italy, Spain, Brazil, India, and others, reported a revenue of $797 million, up 5 percent year-on-year. The segment also saw a 20 percent growth in adjusted EBITDA. However, the sports betting revenue in this segment declined by 12 percent year-on-year, despite an 8 percent increase in iGaming revenue.

In Australia, sports betting stakes were down 19 percent, and sportsbook revenue decreased by 6 percent to $329 million. The adjusted EBITDA remained relatively stagnant at $83 million.

When excluding the US, the combined results from Australia, UK, Ireland, and the international segment amounted to a revenue of $1.99 billion, up 16 percent year-on-year, with adjusted EBITDA growth of 20 percent, totalling $488 million.

Flutter’s CEO, Peter Jackson, expressed satisfaction with the company’s performance, particularly in the US. He stated, “We have had an excellent start to the year. In the US, FanDuel’s top-line momentum is translating into strong growth in US adjusted EBITDA and market share gains.” He also highlighted the company’s focus on delivering the best products for its players, which is driving good momentum in key markets such as the UK and Italy.

has once again outdone itself in Q1 2024, setting new records for net revenue and EBITDA. The company generated a staggering €39m in net revenue across all products, marking a 66 percent year-on-year growth. EBITDA also soared to an all-time high of €22 million, a 111 percent increase from the previous year, pushing the company’s EBITDA margin to a record 57 percent, up from 45 percent in Q1 2023.

This record-breaking quarter follows closely on the heels of EveryMatrix’s strongest financial results in its 16-year history, achieved just three months prior. The company attributes this stellar performance to large value client signings, multiple new client launches across all core business units, strong sports trading and innovation, and continued growth in the casino segment.

in expanding its global footprint. It was among the first iGaming technology providers to gain regulatory accreditation in Peru and furthered its progress in the US by launching its first casino aggregation partner with third-party content live on DraftKings in New Jersey.

In addition to these achievements, EveryMatrix reached a significant post-period milestone, hitting the 1,000 employee mark across 13 global locations. The company’s largest purpose-built office, housing 450 personnel, opened its doors in Bucharest, Romania. A new office was also launched in Cebu, Philippines, focusing on the data products of its recently acquired affiliate optimisation service, DeepCI.

EveryMatrix’s CEO, Ebbe Groes, (in photo above), expressed his excitement over the company’s progress, stating, “It’s mind-blowing how far we’ve come and how much progress continues to be made across the entire business.”

EveryMatrix’s casino business unit saw significant growth in Q1 2024, with operator partners generating a record GGR of €619m during the quarter, a 65 percent year-on-year increase. This led to a rise in EveryMatrix’s quarterly casino net revenue to €19.9 million, an 83 percent year-on-year increase, while EBITDA reached €13.2 million, reflecting a 132 percent year-on-year increase. The SlotMatrix aggregation product introduced 886 new games during the period.

The OddsMatrix sports division also saw impressive growth, with turnover rising 31 percent year-on-year to €1.3 billion and GGR climbing 308 percent year-on-year to €96 million. Net revenue for the business unit reached €10.5 million, up 78 percent on Q1 2023, while EBITDA hit €6.2 million, reflecting a 313 percent increase. OddsMatrix covered a record 173,000 live events in a single month, while the average monthly number of bets placed reached 39 million.

EveryMatrix’s platform division saw quarterly net revenue reach €7.3 million, up 28 percent year-on-year, with EBITDA at €3.2 million, up 13 percent on Q1 2023. The company’s affiliate platform division saw net revenue grow to €1.4 million during the quarter, up 39 percent year-on-year, with EBITDA down €0.4 million due to continued product and commercial investment.

EveryMatrix is among a select few private companies in the iGaming space that report their quarterly financial performance, providing a transparent view into their operations and growth. With its record-breaking Q1 2024 performance, EveryMatrix is well-positioned for sustained growth and expansion for the remainder of 2024 and beyond.

Suntrust Resort Holdings, controlled by LET Group Holdings (formerly Suncity Group Holdings), disclosed a loss of PHP256.1 million (€4.11 million) for the first quarter of 2024, marking a significant downturn from the PHP92.6 million (€1.48 million) profit recorded in the same period of last year. The attributed the loss to a sharp increase in operating expenses, tax expenses, and finance costs, coupled with a substantial decline in revenue and income. 

Operating expenses surged by 95 percent, escalating from PHP69 million (€1.1 million) in the first quarter of 2023 to PHP135.4 million (€2.17 million) in the same period this year, as indicated in the company's filings with the Hong Kong Stock Exchange and the Philippines Stock Exchange.

The loss per share amounted to PHP0.0353, in stark contrast to earnings per share of PHP0.0128 reported in the corresponding quarter of the previous year, reflecting the company's challenging financial performance.

Total revenue and income plummeted to PHP3,226 (€51.81) in 1Q24, primarily attributed to foreign exchange gains. 

Despite the financial setback, Suntrust Resort Holdings continues to advance its Westside City Project integrated resort in Manila. The project's main components include an entertainment complex and a five-star hotel boasting over 450 rooms. Additionally, the company is spearheading the development of the Westside shopping mall, an opera house, and a 2,000-room hotel complex.

Last week, the closing date for securing funding of up to PHP13.51 billion (€219.2 million) for the Westside City project has been pushed back by 12 months. The revised date is now set for April 30, 2025. 

The company anticipates the opening of the Main Hotel and Casino segment of the Philippines Westside City Project in the first quarter of 2025, signalling its commitment to realizing the project's long-term vision amidst current financial challenges. 

Genting Singapore achieved remarkable growth in the first quarter of 2024, recording revenue of SG$784.4 million (€538.5 million) and adjusted EBITDA of SG$369.5 million (€253.4 million). These figures represent a substantial increase of 62 percent in revenue and 93 percent in adjusted EBITDA compared to the same period last year.  

The company's gaming revenue surged by 69 percent annually to SG$576 million (€395.1 million) in the first quarter, with a notable quarter-over-quarter improvement of 31 percent.  attributes this growth to enhanced visitation and tourism spend during the Chinese New Year festivities, coupled with relaxed visa regulations between China and Singapore.  

The mutual visa-free agreement between China and Singapore, implemented in February 2024, contributed to a significant increase in visitor arrivals to Singapore. Chinese tourists have emerged as a key source market, bolstering Genting Singapore's integrated resort, Resorts World Sentosa.  

This turnout was experienced even if the company earlier  the potential changes in Chinese tourist behaviour prompted by the Chinese government’s warnings to avoid gambling.  

Genting Singapore provided updates on its revitalization initiatives, confirming that construction for the new Minion Land, Singapore Oceanarium, and Central Lifestyle Connector remains on schedule for phased openings starting from the first quarter of 2025. Moreover, the company expects to award the tender for the new Waterfront development, featuring two hotels totalling 700 rooms, in the third quarter of 2024, with on-site works slated to commence by the fourth quarter of the same year.  

Meanwhile, the former Hard Rock Hotel, which closed in March 2024, is undergoing extensive renovation and is scheduled to reopen as a new all-suite luxury hotel in early 2025. This strategic refurbishment aligns with Genting Singapore's commitment to providing exceptional hospitality experiences and further enhancing its offerings within the integrated resort landscape.  

Genting Singapore is the owner of Resorts World Sentosa, one of the largest integrated resort destinations in Asia. Resorts World Sentosa offers a casino, S.E.A. Aquarium, Adventure Cove Waterpark, Universal Studios Singapore theme park, hotels, MICE facilities, celebrity chef restaurants and specialty retail outlets. 

South Korean casino operator  experienced a 228 percent increase in operating profits during the first quarter of 2024, reaching KRW48.4 billion ($35.2 million), attributed mainly to heightened participation from Japanese and mass market players.  

The reported operating profits signify a substantial surge from the KRW19 billion (€12.8 million) recorded in the previous quarter and a 154 percent rise from the corresponding period last year.  

Paradise Co. witnessed a significant turnaround in its net profit attributable to shareholders, with KRW36.9 billion (€24.8 million) recorded in the first three months of 2024, marking a departure from previous losses.  

The company specializes in managing foreigner-only casinos, including renowned establishments such as Walker-Hill, Jeju, Incheon Paradise City, and Busan Casino.  

Despite modest overall sales growth of 9.5 percent quarter-to-quarter, totalling KRW264.7 billion (€179 million), revenue from casino sales saw a notable increase of 9 percent, reaching approximately KRW102.2 billion (€69 million).  

 reported a record-breaking quarterly soft drop, with nearly KRW1.7 trillion (€1.11 billion) exchanged for chips at gaming tables. Notably, Japanese punters contributed KRW717 billion (€485 million), while Chinese gamblers accounted for KRW301 billion (€203.6 million).  

With a projected full-year EBITDA of KRW68.1 billion (€46 million), reflecting a remarkable 96.3 percent increase from the preceding quarter, Paradise Co. anticipates continued growth and profitability in the foreseeable future.  

This projection followed a 2023 revenue uptick of 112.8 percent increase compared to the figures of 2022. The group amassed KRW744.2 billion (€529.4 million) in casino revenue. This growth in annual revenue last year can be primarily attributed to the significant uptick in the table games segment. According to the company, revenue from table games soared by 118.8 percent year-over-year. Meanwhile, machine revenue also experienced an increase, rising by 51.9 percent.  

Brightstar Capital Partners, a private equity firm specializing in industrial, manufacturing, and service businesses, has entered into a definitive agreement to acquire PlayAGS, Incorporated (NYSE: AGS), a global supplier of high-performing slot, table, and interactive products. This acquisition, valued at approximately $1.1 billion, was announced on May 9, 2024, from NV, and

The Board of Directors of AGS has given unanimous approval for the agreement and recommended the Company’s stockholders to do the same. As per the agreement, AGS shareholders will receive $12.50 per share in cash, representing a 41 percent premium to the Company’s volume-weighted average share price over the last 90 days and a 40 percent premium to AGS’ closing price on 8 May 2024

AGS, a global company, is known for creating a diverse mix of entertaining gaming experiences for every kind of player. Its high-performing slot products, expansive table products portfolio, and highly rated online casino content make it a valuable partner for casinos worldwide.

David Lopez, CEO & President of AGS, expressed his pleasure at reaching the agreement, stating that it provides compelling, certain cash value for their stockholders. He believes that the partnership with Brightstar opens an exciting new chapter for AGS in its mission to provide exceptional gaming solutions for its operator partners. With Brightstar’s resources and strategic guidance, AGS is expected to be well-positioned to make targeted investments in R&D, top talent, operations, and industry-leading innovation, accelerating its global footprint.

Andrew Weinberg, Founder & CEO of Brightstar, looks forward to working with David and the AGS team to capitalize on opportunities by taking a long-term approach to creating value. He believes that AGS’s strong pipeline of new products and its innovative approach to game development provide significant potential for continued growth.

Roger Bulloch, Partner at Brightstar, has been impressed by AGS’ award-winning products, differentiated culture, and outstanding reputation in the expanding industry. He trusts that partnering with AGS and executing on their shared vision can accelerate the Company’s ability to create even greater value for its customers and players around the world.

The proposed transaction, expected to close in the second half of 2025, is subject to customary closing conditions, including the receipt of regulatory approvals and approval by a majority of AGS stockholders. Upon completion of the transaction, AGS will become a privately held company, and shares of AGS common stock will no longer be listed on any public market.

In light of the proposed transaction, AGS has cancelled its previously announced conference call to discuss its first quarter 2024 financial results. Additionally, AGS will not be issuing a quarterly earnings release. The Company expects to file its 10-Q for the quarter ended 31 March, 2024, with the SEC.

This strategic acquisition marks a new chapter in the global gaming industry, with Brightstar Capital Partners and AGS joining forces to create a more vibrant and diverse gaming experience for players worldwide.

Shohei Ohtani, has agreed to plead guilty to US charges of illegally transferring nearly $17 million from Ohtani’s bank account. This case has shocked baseball fans in both Japan and America, highlighting the vulnerability of high-profile athletes to financial fraud.

The world of baseball was rocked by a shocking revelation when agreed to plead guilty to US charges of illegally transferring nearly $17 million from the athlete’s bank account. This case has sent shockwaves through baseball fans in Japan and America alike, highlighting the vulnerability of high-profile athletes to financial fraud.

Mizuhara, who had been a constant companion to Ohtani since the baseball star’s stint in the US started in 2018, was entrusted with significant responsibilities due to Ohtani’s language barrier. From answering questions at news conferences to transacting with financial advisers and opening bank accounts, Mizuhara was deeply involved in Ohtani’s affairs. However, this position of trust was exploited for personal gain.

Prosecutors allege that Mizuhara used his access to Ohtani’s finances to fuel a dangerous gambling habit. He is accused of calling bank officials and falsely identifying himself as Ohtani to authorize wire transfers from Ohtani’s bank account to associates of an illegal gambling operation. Additionally, Mizuhara allegedly purchased $325,000 in baseball cards using money taken from Ohtani’s account.

The charges against Mizuhara are severe. The bank fraud charge carries a potential sentence of up to 30 years in prison, while the false tax return charge could result in up to three years in jail. As part of a deal with Los Angeles prosecutors, Mizuhara will plead guilty to these charges, and in exchange, prosecutors would recommend a reduced sentence.

The impact of this scandal extends beyond the legal implications for Mizuhara. Ohtani, who had just won his second unanimous American League MVP award and signed a record 10-year, $700 million contract with the LA Dodgers, expressed his shock and sadness at the betrayal by someone he had trusted.

This case serves as a stark reminder of the potential risks faced by high-profile athletes and the importance of financial vigilance. As Ohtani continues his successful career on the field, the baseball community will undoubtedly be watching closely to see how this off-field drama unfolds.