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Gaming Realms records profit

Niji Narayan

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Gaming Realms has posted profit for the first time in the last financial year. There have been losses during the previous years. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) came in at £800,000 (€915,500/$1.1m), up from a loss of £2m in the previous year.

Real-money gaming EBITDA climbed 113 per cent year-on-year to £2.7m in 2017, while social publishing EBITDA loss was cut by 97 per cent from £1.8m to €100,000.

However, Gaming Realms did register a 7 per cent year-on-year drop in revenue to £31.6m, but this decline was reduced to 1 per cent when excluding disposed, non-core assets.

Patrick Southon, chief executive of Gaming Realms said: “Achieving profitability marks a major milestone for Gaming Realms.”

“We have continued to deliver on our strategy of developing and distributing our unique Slingo branded range of games, both direct to customers via our in-house gaming and social platforms, and increasingly via licensing our games to third party operators.”

“The focus on content licensing has shown excellent early success and will provide Gaming Realms with longer term, consistent higher margin revenues.”

“The recent agreements signed with major gaming and media companies illustrate the creativity of our content, and we look forward to further progress and growth in 2018.”

Meanwhile, Gaming Realms has announced that Michael Buckley is to take on the role of non-executive chairman with immediate effect.

In addition, both Atul Bali and Chris Bell have informed the board they will not stand for re-election at the forthcoming Annual General Meeting due to other professional commitments.

Gaming Realms will now operate with three executive directors and three non-executive directors. 

Source: iGamingBusiness

Niji Narayan has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. He reports gaming industry headlines from all around the globe.

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Gambling in the USA

New Jersey Gambling Regulators Imposes a Fine of $10K on PokerStars

Niji Narayan

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New Jersey Gambling Regulators Imposes a Fine of $10K on PokerStars
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New Jersey gambling regulators have imposed a fine of $10,000 on PokerStars for taking bets on New Jersey college basketball teams in violation of the state’s sports betting law.

According to the documents filed by the state, PokerStars accepted 216 wagers on a game involving Rutgers and Eastern Michigan University totalling more than $2,700.

The company also took a single bet on a game involving Monmouth University and the University of Pennsylvania, whose value was not disclosed.

The fine comes as New Jersey lawmakers are considering a bill that would set fines starting at $20,000 and ranging up to $100,000 for companies that take prohibited bets on New Jersey college teams.

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Eastern Europe

Romanian Investors to Relaunch and Turn Lebada Luxury Resort & Spa into Casino

Niji Narayan

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Romanian Investors to Relaunch and Turn Lebada Luxury Resort & Spa into Casino
Photo Source: getica.ro
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Two Romanian entrepreneurs are going to relaunch the Lebada Luxury Resort & Spa in the Danube Delta. They have invested EUR 20 million in the complex, purchased in 2017 for EUR 3 million from the tax agency ANAF. ANAF sold the complex to recover damages owed to the state by convicted businessman Sorin Ovidiu Vantu.

The re-opening comes at a time when the lawmakers discuss a law that extends special fiscal regime to gambling operations located on islands “including in the bioreserve Danube Delta.”

“We have a casino building, but we are waiting for the regulations in place,” said Laurentiu Niculae, general manager Lebada Luxury Resort & SPA.

Lebada Luxury Resort & Spa is located in the heart of the Danube Delta, on the Sulina branch. The complex has a land of almost four hectares. The complex has over 200 accommodation rooms, of which 140 are for the guests and the rest of the employees.

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Latest News

Swedish iGaming Market Posts a Turnover of €313.8 Million in Q1

Niji Narayan

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Swedish iGaming Market Posts a Turnover of €313.8 Million in Q1
Photo Source: thedenlingers.blogspot.com
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Swedish iGaming market has revealed its first financial report for the first quarter and posts a total turnover of €313.8 million. ATG, the former horse racing monopoly, led the market with a turnover of €102 million.

In January, online gaming turnover reached €106 million, slightly declined to €104 million in February and was flat in March.

The Svenska Spel Sport & Casino reported turnover of €55 million for the three months, €18 million in January, €18.3 million in February and repeated in March.

The newly-regulated Swedish iGaming market was launched on January 1, introducing major changes for the local industry, such as the rebrand of the local regulator and the introduction of new iGaming companies.

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