EEG preferred stock dividend announcement

The Gaming Innovation Group (GiG) has announced its plan to divide its Platform & Sportsbook and Media business units by Q3 2024. This strategic move is aimed at optimizing growth opportunities and ensuring both businesses can effectively leverage their operating models.

of €36.2 million in Q1 2024, a 28 percent increase year-on-year. The GiG Media business recorded €28 million in revenue during the quarter, up 51.9 percent from the same period the previous year. This growth is attributed to the fruitful acquisition of AskGamblers in February 2023 and the successful integration of KaFe Rocks in December 2023.

However, the Platform & Sportsbook division saw a decline in revenue by 17 percent to €8.3 million. The company attributes this to the accounting method for its GiG Enterprise Solution revenue, with most of it recorded in 2023. Excluding this solution, the business unit would have seen a year-on-year revenue growth of 5 percent.

The group’s adjusted EBITDA stood at €12.6m, up 8 percent from the previous year, despite a drop in EBITDA margin from 41.1 percent in Q1 2023 to 34.8 percent. The EBITDA growth varied between divisions, with GiG Media reporting a 69 percent growth to €13.5 million, while the Platform & Sportsbook division delivered a €0.8m EBITDA loss. The company attributes this loss to the fall in its GiG Enterprise Solution revenue and a significant rise in sales and marketing costs.

Despite these challenges, the company reported a €3.6m profit from continuing operations for the quarter. However, the market responded negatively to the financial report, with GiG’s share price falling 7.9 percent to SEK30.35 per share in early trading, before recovering to SEK31.35.

GiG is operationally ready for the planned split of its Media and Platform & Sportsbook divisions. The Media business, which will comprise the company’s affiliate and lead generation services, will be led by Jonas Warrer as CEO post-split, while Richard Carter will run the independent Platform & Sportsbook entity.

This strategic initiative, first announced as part of a February 2023 review, is geared towards expanding market reach and maximizing revenue opportunities. As GiG chairman Petter Nylander stated, the company remains steadfast in its commitment to creating sustainable long-term growth and value for its shareholders.

Gaming Innovation Group Inc. (GIGSEK.ST) is trading at SEK31.00 (-4.47%).

The Secretariat of Prizes and Betting (SPA) operating under Brazil's Ministry of Finance has announced a directive requiring licensed operators to include .bet in their domain names, a decision aimed at distinguishing legal gambling platforms from unlicensed offshore competitors.

The decision to implement this requirement followed deliberations within the secretariat regarding whether operators should add .bet or .bets to their URLs. By mandating this change, the SPA intends to enhance transparency for players, ensuring they engage in gambling activities with authorized operators. Moreover, this directive will improve regulatory oversight, enabling authorities to promptly identify irregularities and enforce necessary actions.

This URL mandate forms part of a broader spectrum of measures proposed by the Ministry of Finance to revamp . These measures include stringent payment regulations and the prohibition of betting incentives. Notably, restrictions have been placed on payment methods, ruling out cash, credit cards, bank transfers, and cryptocurrencies for bettig purposes. Instead, bettors are required to fund their accounts exclusively through electronic transfers like Pix, TED, debit cards, or prepaid cards.

Furthermore, recent guidelines have barred gambling operators from offering any form of bonuses or advantages, even for promotional purposes, in response to integrity concerns. Additionally, a prior regulation mandated operators to engage with integrity monitoring bodies such as the International Betting Integrity Authority (IBIA), leading to collaborations with entities like Yolo Group, KTO, Oddin, and Galera.bet.

The Secretariat of Prizes and Betting (SPA) was established under the Ministry of Finance on January 31, 2024. It will comprise three sub-secretariats tasked with various functions including regulating the betting market, overseeing issues like corruption and money laundering, evaluating operator authorization requests, monitoring tax collection, and handling administrative sanctions. Additionally, the SPA has appointed as its first President, as confirmed by the .

AC Milan and TG.Casino have joined forces in a new partnership, solidifying the online casino platform as the Official Regional iGaming Partner of the Rossoneri across Europe. The collaboration aims to revolutionize the iGaming industry landscape and enhance fan engagement for football enthusiasts.

By aligning with TG.Casino, a pioneering Telegram-based crypto casino, AC Milan opens up a realm of exclusive opportunities for fans and $TGC token holders. From visits to the Milanello training centre to winning official AC Milan jerseys and enjoying VIP access at the iconic San Siro stadium, supporters can look forward to immersive experiences like never before.

Dean Akinjobi, CEO of Football Media, lauded the partnership as a crucial move for TG.Casino's growth trajectory. Through innovative activation strategies, the alliance seeks to bridge the worlds of Web 3.0, igaming, and tokenisation, offering a unique convergence of technology and sports entertainment.

This collaboration underscores the rising trend of crypto and football partnerships, with and TG.Casino setting a new standard in engaging diverse audiences. Capitalising on Telegram's expansive reach and tailored marketing endeavours, the duo aims to drive the igaming sector to unprecedented heights while enriching the fan experience. The fusion of crypto and football has grown steadily in recent years, with clubs like Manchester City and Borussia Dortmund leading the way with partnerships in the field of cryptocurrency.

In other recent news, AC Milan midfielder , currently on loan to Newcastle United, received a suspended two-month ban and a £20,000 fine from the English Football Association for breaching betting regulations. This penalty comes in addition to a 10-month suspension imposed by the Italian Football Federation for similar offenses. Tonali, known for his talent and troubled by a gambling addiction, bet on multiple football matches, including games involving his own team. Despite facing setbacks, he has actively sought help for his addiction.

The Swedish government has recently proposed to discontinue the Casino Cosmopol land-based casino business of state-owned operator Svenska Spel. In a memorandum filed on 7th May 2024, the government stated that Casino Cosmopol “no longer fulfils its purpose” and highlighted the ongoing challenges for the business to reach profitability.

The government does not anticipate the proposed closure to have any “major impact” on illegal gambling in Sweden. If the measure passes, a condition in for the right to operate land-based casinos would be removed. Consequently, e, located in Stockholm. The closure, expected to occur on or before 1 January 2026, would impact approximately 200 jobs.

Svenska Spel has acknowledged the struggles of Casino Cosmopol. The company shares the government’s assessment of reasons for closure, noting the lack of opportunity to reach profitability as visitor numbers fall with more people opting to gamble online.

Svenska Spel once operated four casino locations in Sweden. The first to close was the casino in Sundsvall in 2020. More recently, the company announced the permanent closure of its casinos in Gothenburg and Malmö due to limited profitability. The decision was announced in January of this year.

Svenska Spel CEO Erik Strand stated, “The movement from gambling in land-based casinos to gambling online accelerated after the reregulation of the gambling market in 2019 and the subsequent pandemic, when Casino Cosmopol remained closed.” He added, “We share the assessment that it is no longer possible to run Casino Cosmopol profitably.”

CEO Ola Enquist also accepted the news but described the move as an “end of an era”. He said, “Although we share the government’s assessment, it is emotional to take part in the bill. If it is adopted, it means that our last casino is closing and that an era is over.”

Recent financial results published by Svenska Spel show where Casino Cosmopol sits compared to its other businesses. In 2023, the Casino Cosmopol and Vegas arm posted a 12.0 percent drop in revenue to SEK942m (£69.3m/€80.7 million/$86.9 million). This decline was attributed to a decrease in casino visitors in response to the rising popularity of online casino gaming.

In contrast, Svenska Spel reported growth elsewhere. Revenue from the Tur lottery division climbed 0.6% higher at SEK4.92bn, while revenue from Sport & Casino was up 4.6 percent to SEK2.17 billion. Looking at net gaming revenue per sales channel, casino revenue fell 11.4 percent to SEK473million, while the online sector saw revenue grow 7.2 percent to SEK4.20 billion.

As for the most recent quarter, the closure of the two casino sites hit the Casino Cosmopol & Vegas segment, with revenue down 31.6 percent to SEK169 million. In addition to the closures, the group also reduced the operating hours of its remaining Stockholm venue.

In addition to these challenges, Casino Cosmopol has faced regulatory issues in recent months. In December, the casino was fined SEK2m for anti-money laundering failings after a probe by Swedish regulator Spelinspektionen. Svenska Spel was also warned over the matter.