SiGMA Americas 2024 celebrates gaming industry with gala awards ceremony

The World Series of Poker (WSOP), a prestigious event that has been the pinnacle of the poker world for decades, is set to make a grand return to Northern Europe. This July, the Estonian capital, Tallinn, will play host to this much-anticipated event.

The WSOP event, scheduled to take place from 19 to 28 July, is a collaboration between the OlyBet Group and GGPoker. The venue for this grand event is the Olympic Park Casino and Hilton Hotel, a location that promises to offer an unforgettable experience to all attendees.

The event is expected to draw thousands o, all vying for the coveted WSOP gold ring. The main event tournament boasts a guaranteed prize pool of €1m ($1.07m), making it one of the most lucrative poker tournaments in the world.

In addition to the main event, the WSOP festival will feature 12 ‘ring events.’ Winners of these ring events will not only receive a cash prize but also a guaranteed entry to next year’s tournament and a World Series of Poker gold ring. The festival will also host over 40 side events and round-the-clock Cash Games, ensuring non-stop action for the entire duration of the event.

OlyBet, part of the Olympic Entertainment Group, is a renowned sports and gaming entertainment brand with partners across Europe. It is also a member of the International Betting Integrity Association (IBIA) and an official sponsor of Spain’s top football league, LaLiga. OlyBet’s commitment to integrity and fair play makes it an ideal host for the WSOP event.

The city of Tallinn is no stranger to hosting major poker events. Earlier this year, it hosted the 10th edition of the Kings of Tallinn festival, which featured over 50 tournaments, including the main event. The success of this event has undoubtedly set the stage for the upcoming WSOP event. The upcoming WSOP event in Tallinn promises to be a thrilling experience for poker enthusiasts worldwide. With its rich history, beautiful architecture, and vibrant nightlife, Tallinn is all set to become the new poker capital of Northern Europe. So, mark your calendars and get ready for an unforgettable poker experience this July!

Digital sports and entertainment company DraftKings has delivered a robust performance in Q1 2024, surpassing expectations despite facing headwinds related to sporting outcomes throughout the quarter. The company reported a revenue of $1.18 billion, marking a 53 percent increase from Q1 2023. This growth was fuelled by strong consumer engagement, efficient customer acquisition, and new market launches.

adjusted EBITDA also saw a significant rise to $22.4 million, a stark contrast to the $221.6 million loss reported in the same period last year. In addition the net loss narrowed to $142.6 million, compared to $397.1 million in the prior-year period.

Despite the impact of unfavourable sporting outcomes, the company managed to thrive, thanks to a higher structural hold percentage and increased promotional spending across Online Sports Betting (OSB) and iGaming. Analysts at JMP Securities noted that the scale of the company and its diverse product offering helped smooth out gaming margins during the Super Bowl.

raised the mid-point of its full-year 2024 revenue guidance to $4.9 billion, up from $4.78 billion. The EBITDA guidance was also revised upwards to $500 million, compared to the previous projection of $460 million.

In terms of non-financial metrics, the company reported a 23 percent year-on-year increase in monthly unique payers (MUP) to 3.4 million. This was attributed to strong player acquisition and retention across its products, as well as expansion into new jurisdictions. The average revenue per MUP stood at $114, representing a 25 percent increase compared to Q1 2024.

Looking ahead, CEO Jason Robins outlined the company’s strategic plans for 2024 during the Q1 earnings call. The company aims to foster an entrepreneurial culture, develop the next generation of leaders, and explore ways to optimize its capital structure.

DraftKings also announced the $750 million acquisition of lottery ticket app Jackpocket in February to improve cross-sell opportunities. However, Robins emphasized that the company intends to be “super disciplined” on the M&A front.

The payment structure for the acquisition is as follows: approximately 55 percent of the total consideration, or around $412.5 million, will be paid in cash from DraftKings’ balance sheet, and the remaining 45 percent, or approximately $337.5 million, will be paid in DraftKings’ Class A common stock. The transaction is subject to approval by Jackpocket stockholders, along with receipt of required regulatory approvals and other customary closing conditions, and is expected to close before the end of 2024.

This acquisition is expected to bring significant value to DraftKings. It will not only allow DraftKings to access and grow into the massive U.S. lottery industry but also strengthen its position in Sportsbook and iGaming through higher customer lifetime value and an enhanced customer acquisition engine.

Jackpocket is recognized for its proprietary and highly-scalable technology, a strong brand, and an outstanding founder-led management team. The acquisition is expected to drive $260 million to $340 million of incremental revenue and $60 million to $100 million of incremental Adjusted EBITDA in fiscal year 2026.

DraftKings’ Q1 2024 performance demonstrates its resilience and ability to deliver strong results despite challenging market conditions. The company’s strategic initiatives and disciplined approach to growth signal a promising outlook for the rest of the year.

Dutch authorities have apprehended a suspect linked to the ZKasino scam. The arrest was made on 29 April, with the suspect, a 26-year-old man, facing charges of fraud, embezzlement, and money laundering.

The ZKasino platform, which initially presented itself as an innovative gambling platform, has been under scrutiny for its dubious operations. The platform promised investors a return on their investments within 30 days, a promise that was never fulfilled. The smart contract associated with the platform suggested that there was never an intention to return the funds, raising red flags among the investor community.

The Fiscal Information and Investigation Service (FIOD) seized assets worth over 11.4 million euros ($12.2 million) during the arrest. The seized assets include cryptocurrency, real estate, and luxury cars. This marks the first arrest in the ZKasino fraud case, where investors have reportedly lost at least $33 million in digital assets.

The platform went live on April 20, attracting over 10,515 Ether (ETH) from more than 10,000 investors. However, investor concerns escalated when an on-chain transaction revealed ZKasino moving all 10,515 ETH into the Lido staking protocol. Additionally, the platform altered the wording on its website, removing a statement that assured investors that their ETH “would be returned.”

Adding to the controversy, ZKasino announced in a March post that it had closed a Series A investment round at a $350 million valuation. The platform claimed backing from crypto exchange MEXC and venture firm Big Brain Holdings, among others. However, Big Brain Holdings later clarified that it had not invested in ZKasino, labeling the platform as “fraudulent.”

While the identity of the suspect remains unconfirmed, speculation is rife within the crypto community. The suspect’s detention has been extended by 14 days for further investigation. As the case unfolds, risks and challenges in the rapidly evolving world of need to be continuously evaluated. The ZKasino case is a cautionary tale for investors, highlighting the importance of due diligence and regulatory oversight in the crypto space.

Maybank Securities Inc. projects a robust growth of 15 percent in the of the Philippines' gaming industry for 2024. In a recent note, the institution expressed optimism, maintaining a positive outlook on the sector.  

Analyst Raffy Mendoza highlighted the anticipated growth driven by the domestic mass and slots market, with additional upside potential from the gradual recovery of the VIP segment, notably led by South Korean visitors. 

Maybank expects growth to extend beyond Entertainment City, Manila, with the opening of Solaire Resort North and a surge in e-gaming activities contributing to the industry's expansion. 

In 2023, the Philippines witnessed a remarkable 33% year-on-year growth in GGR, reaching PHP 285.3 billion (€4.6 billion). Land-based venues constituted the bulk of this growth, accounting for approximately 80 percent of the industry's GGR, marking a substantial increase from the previous year. 

Mass tables and slot machines dominated Entertainment City's GGR, comprising 64% of the total in the financial year 2023. This underscores the growing demand from the domestic market, a trend expected to persist due to increasing private consumption. 

While Maybank anticipates challenges due to fewer Chinese visitors affecting the VIP segment, it notes a gradual recovery led by South Korean tourists. Despite Chinese arrivals being at only 24 percent of 2019 levels in the first quarter of 2024, Korean arrivals have reached 88 percent of pre-pandemic levels during the same period. 

The Philippine Amusement and Gaming Corporation (PAGCOR) the gaming industry to generate PHP 336.38 billion (€5.5 billion) in GGR in 2024, reflecting a significant 17.9 percent increase compared to 2023. 

Overall, Maybank's positive forecast underscores the resilience and potential of the Philippines' gaming industry, driven primarily by the domestic market's sustained growth and gradual recovery in the VIP segment, despite challenges posed by fluctuating visitor arrivals. 

Upcoming SiGMA event: SiGMA Asia 2024, 2 – 5 June. Find all the details .