Latest News
Betfred suffers loss despite revenue increase
UK bookmaker Betfred reported an eight-figure loss in the last financial year, in spite of registering healthy rise in revenues.
The total operating loss is £13.4 million. Last year, the company recorded a profit of £32.4 million. The company attributed the loss to the decline on a goodwill impairment of its digital assets, rising running costs and higher gaming taxes.
The company’s revenue rose by 9.6 per cent to reach £634.5 million and earnings grew by 3 per cent to £83.3 million. The overall gambling turnover from all its channels – retail, online and Tote divisions – increased by 17.5 per cent to £12.7 billion.
The company’s acquisition of 322 Ladbrokes Coral betting shops in October 2016, its Totepool business deal with the Hong Kong Jockey Club and an overall surge in its online customer base have contributed to the rising revenues.
Regulus Partners analysts estimated that Betfred’s online revenue improved 3 per cent year-on-year to £90m, while the Tote improved 12 per cent to £329m, although some of that latter figure was shared with Betfred’s B2B partners.
Predictably, the usual anti-gambling suspects in the UK media are playing up the fact that Betfred founder Fred Done chose to take a £10.2m annual dividend, the same as last year.
These media types acidly note that Betfred announced last month that it could be forced to close up to 900 betting shops and lay off up to 4500 staff if the government follows through with its plan to cut the maximum stake on fixed-odds betting terminals (FOBTs) from £100 to just £2. Last week, the government announced that the FOBT stake cut won’t happen until 2020.
Regulus noted that 83 per cent of Betfred’s earnings were generated at the retail level – where the aforementioned FOBTs reside – which puts the company “in a particularly difficult position” given the government’s current stance. As a result, Regulus suggested Betfred’s “core business is likely to require structural change.”
Source: CalvinAyre.com
Latest News
Catena Media Announces Board Changes
Catena Media’s board of directors announced the appointment of Stephen Taylor-Matthews as non-executive director and the departure of Øystein Engebretsen from the board of directors.
Based in London, Stephen Taylor-Matthews is a tech entrepreneur, executive advisor and investor with over two decades of experience in online gaming, sports betting and data analytics.
He is the founder of Polynate, an AI-first company delivering next-generation sports engagement solutions, and has worked at Underdog Fantasy, GoatGaming and Betgenius in previous roles.
Stephen Taylor-Matthews commented: “Catena Media is in a transformation phase and I’m excited to be joining the board at this juncture and to contributing my industry expertise and insight.”
The appointment coincides with the departure from the board of Øystein Engebretsen, who has served as non-executive director since September 2018.
Erik Flinck, Chairman of the Board of Directors, said: “Øystein has made a valuable and important contribution to Catena Media for more than six years. I warmly thank him for his efforts and wish him well in his current and future ventures. At the same time, I am delighted to welcome Stephen Taylor-Matthews to the board. His experience and expertise will be a valuable asset for Catena Media as we move forward.”
Stephen Taylor-Matthews’ appointment will become effective once all necessary filings are made with the Malta Business Registry, and his term will run up until the end of the next annual general meeting, in accordance with the Maltese Companies Act and Catena Media’s articles of association.
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Endorphina Partners with R. Franco Digital to Expand Reach
The leading online slot games provider, Endorphina, has announced a brand-new partnership with R. Franco Digital, a renowned manufacturer of AWP machines. This collaboration allows Endorphina to expand its reach in the Spanish and Latin American markets.
Endorphina is one of the top iGaming software providers for the B2B market, developing online slots that cater to a wide range of slot enthusiasts. Over the years, the provider has established itself as one of the most innovative slot suppliers in the industry, dedicated to expanding its products to players worldwide.
Zdenek Llosa, Senior Partnership Manager at Endorphina, said: “We are genuinely excited to join forces with R. Franco Digital, a trusted name with a rich legacy in the Spanish and Latin American gaming world. Partnering with a platform that shares our passion for quality and player satisfaction is truly inspiring. Together with the R. Franco team, we look forward to creating memorable, fun experiences that bring joy and excitement to our shared communities across Spain and LATAM. This collaboration feels like the beginning of something truly special.”
Franco Digital, a subsidiary of the Recreativos Franco Group, has been known for providing its customers with the best turnkey solutions for over 50 years. As a pioneering manufacturer of AWP machines, R. Franco Digital is founded on an innovative company culture that uses the best methodologies and technologies available, working with talented and disruptive people to deliver the best solutions.
“At R. Franco Digital, we are always striving to enhance our platform with innovative, top-quality content that resonates with our audiences, particularly in Spain and Latin America. Partnering with Endorphina allows us to bring a fresh, engaging catalog of games to our players, combining our platform’s power with Endorphina’s creativity and expertise. This collaboration underscores our commitment to delivering premium gaming experiences tailored for Spanish-speaking markets,” said Javier Sacristán, International Business Director of R. Franco Digital.
Balkans
CT Interactive to Showcase Innovative Gaming Solutions at BEGE 2024
CT Interactive is going to showcase its innovative gaming solutions at BEGE, which will take place on November 27-28, 2024, at the Inter Expo Center in Sofia, Bulgaria. The company will present at stand 3.15А its top-notch slot catalogue featuring cutting-edge mechanics and engaging gameplay designed to appeal to various players.
Silvia Hristova, CT Interactive’s CPSO, stated: “We are excited to participate in BEGE, a central event for the gaming industry in Europe. This year, CT Interactive is showcasing a selection of games tailored to meet the evolving needs of our partners and engage players with innovative and localised content. BEGE offers a unique opportunity to connect with industry leaders, strengthen our relationships, and explore new growth opportunities in this dynamic region.
“We look forward to sharing our latest advancements and demonstrating our commitment to creating high-quality gaming experiences.”
The CT Interactive team at the expo will include Lachezar Petrov (CEO), Monika Zlateva (CCO), Silvia Hristova (CPSO), Antonio Donov (HBD EMEA & Asia), Kiril Kirilov (AM).
BEGE brings together manufacturers, online operators, affiliates, payment service providers and media professionals. This year’s exhibition will feature numerous companies from the gaming industry, showcasing their latest products, services and groundbreaking solutions.
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