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Clarification regarding the Control game sales revenue recognition
Clarification regarding the Control game sales revenue recognition
Digital Bros S.p.A. – the publishing partner of Remedy Entertainment Plc – released their first quarterly report of the financial year that started in July 2019. The report also covered the revenue recognition regarding sales of the Remedy-developed game Control, which was released on 27th August 2019. Digital Bros S.p.A. disclosed €17.7M of Control game sales recognition during 1.7.–30.9.2019. Also prior to this, Digital Bros S.p.A. had reported a revenue recognition of €9.5M during the financial year 1.7.2018–30.6.2019 based on the exclusive agreement regarding the distribution of Control’s PC version on Epic Games Store.
On May 3rd 2017, Remedy announced the signing of a publishing agreement with Digital Bros S.p.A. regarding the Control game, and disclosed Remedy to receive 45% of game sales net revenue. The revenue share is calculated from net sales, which takes into account deductions such as retail and marketing costs of the game. Once the game starts to sell and before paying the game developer, the publisher is typically allowed to deduct upfront specific costs, such as manufacturing and distribution costs of physical game copies as well as marketing costs.
Additionally, revenue recognition practices differ between Remedy and Digital Bros S.p.A., as Remedy reports based on FAS and Digital Bros S.p.A. reports based on IFRS. Therefore, the figures reported by the companies are not comparable. Based on the aforementioned reasons and especially during the early phases of the game’s sales, Control’s revenue recognition to Remedy takes place with a delay and no direct conclusions can be drawn as to the recognition of net sales share based on the figures reported by Digital Bros S.p.A.
Remedy is commenting this matter with a company announcement as publicly available reports regarding the estimates of Control game sales revenue recognition do not – for the reasons described above – reflect the actual amount or timing of the 45 % net sales revenue to be recognised by Remedy.
Remedy’s outlook remains unchanged as the company expects its revenue and profit to grow during 2019, as mentioned in the half-year report released on August 13th 2019.
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Wazdan amplifies Swiss presence with GAMRFIRST launch
Wazdan, the gain-focused developer behind some of the world’s most rewarding casino game experiences, has further expanded in the regulated Swiss market, taking its games live with GAMRFIRST.
The agreement sees a swathe of Wazdan games now available in Switzerland on the GAMRFIRST brand, the online arm of Casino Barrière Montreux, integrated via Gamanza’s iGaming Superstore™ platform.
Included in the deal are top-performing Wazdan titles such as 15 Coins™ and Mighty Wild™: Panther, as the provider continues to deliver the world’s most rewarding casino game experiences with its suite of engaging mechanics.
Marking its seventh partner in the market, Switzerland remains a key source of growth for Wazdan as it continues to build momentum following its recent commercial expansion and launch of its award-winning Mighty Fish™: Blue Marlin title.
Andrzej Hyla, Chief Commercial Officer at Wazdan, said: “As one of the most important markets in Europe for Wazdan,we are delighted to bring GAMRFIRST.CH customers in Switzerland our comprehensive slot portfolio.
“The strong demand for Wazdan’s titles in Switzerland and beyond is a testament to our gain-focused philosophy that fuels our ambitions to deliver engaging experiences that players truly love.”
Clement Govinda, Director at GAMRFIRST said: “Wazdan has garnered a stellar reputation for its high-quality graphics and unique features that have captured the hearts of players worldwide.
“The provider’s commitment to developing rewarding casino experiences that empower players with more choice over their gaming style perfectly aligns with the preferences of our players and we have no doubt Wazdan’s titles will be warmly received by them.”
Balkans
Digitain Supplies Sportsbook to King.rs
Digitain supplies Serbian operator King.rs with turnkey sportsbook solution
Digitain, a global leader in sportsbook and iGaming solutions, has announced that it has signed a deal to provide its turnkey solution to Serbian-based operator King.rs.
The turnkey solution from Digitain includes a proprietary sportsbook empowered by over 1,000 in-house risk managers and sports traders for +100 sports, +130,000 real live monthly events, 80,000 pre-match events each month, +15,000 leagues, +3,000 betting markets as well as casino games, a payment gateway, sports data and statistics along with enterprise tools for mobile, desktop and retail channels and Digitain’s in-house virtual sports, which provide +20,000 daily events and +150 betting markets.
“We are delighted to sign this commercial agreement with King.rs and welcome it to the Digitain business,” the Chief Sales Officer for Digitain, Ani Mkrtchyan, said. “Digitain continues to lead the way in iGaming and sportsbook innovation and King.rs shall not only have access to our propriety and award-winning sportsbook but features such as auto bet, bet builder, sports jackpots, instant cashback, push notifications and a social feature called Sportchat to drive player engagement and revenue growth.
“At Digitain, we are committed to delivering solutions that cater to the unique needs of our partner operators and their players across multiple markets. We look forward to a long and successful partnership with King.rs.”
“Digitain has proven itself to be one of the leading B2B providers over the last 20 years in sportsbook and iGaming solutions,” the Operation Director for King.rs, Dragan Djordjevic, said. “We have been impressed with the depth and breadth of the turnkey solution and the level of account management and support throughout this process. We look forward to Digitain’s solution to elevate and amplify our brand positioning across our operational B2C markets.”
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Xprizo appoints Sintija Rimsa as Head of Business Development to accelerate growth strategy
Xprizo, a cutting-edge iGaming fintech platform, has appointed Sintija Rimsa as its new Head of Business Development to accelerate its growth strategy.
Rimsa will spearhead Xprizo’s ambition to deliver on its core objectives, with a focus on empowering gaming and leading industry companies to expand into emerging markets such as Africa, Asia, and LatAm. Rimsa has vast experience spanning AI, blockchain, and iGaming sectors which is complemented by a deep passion for innovative technologies.
Xprizo Head of Business Development Sintija Rimsa commented: “Joining the Xprizo family and playing a key role in its mission to revolutionise the payments industry is the perfect scenario. Together we’re pushing ahead at the forefront of the sector to provide solutions for unbanked and under-banked communities.”
Before Xprizo, Sintija rose the ranks in business development and communications, mainly advising startups, ecosystem partners, VCs, and influential figures in Dubai. Her work portfolio on investments, business development, and communications strategies within the blockchain, gaming, and AI fields have earned a reputation as an industry visionary.
“With Sintija heading up the biz dev team, Xprizo is well on course to achieve its ambitious goals, setting new benchmarks for innovation and inclusivity.” added Richard Mifsud, Xprizo Chief Vision Officer.
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