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Aristocrat Announces Cost-cutting Measures

Niji Narayan

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Aristocrat Announces Cost-cutting Measures
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Poker machine giant Aristocrat Leisure announced a series of cost-cutting measures relating to its workforce, which accounts for around 70% of its operating expenses. Aristocrat’s shares have dropped 43% since February 21, impacted by social distancing rules and travel limitations worldwide.

Around 1000 staff will be stood down until the end of June, 200 roles will be permanently removed from the business and until September a further 1500 staff will have their wages cut by 10-20% and 200 people will move into part-time roles. CEO Trevor Croker’s US$1.6 million base salary will be reduced by 30%, while board fees will be cut by 20%.

“We are very sensitive to the impact of necessary cost reduction measures on our people, and will work hard to support them through this difficult time consistent with our ‘people first’ approach,” Croker said.

“We believe that these changes will help maximise opportunities for Aristocrat’s dedicated and talented people over the longer term. We will continue to do everything we can to restore momentum in our land-based business as quickly as possible recognising the importance of continuing to develop and deliver game content during this period,” Croker added.

He said that the steps announced, as well as other prudent steps taken as part of Aristocrat’s Covid-19 response, will deliver important operational and financial flexibility, focus and efficiency through this period of uncertainty.

“We are highly focused on protecting and leveraging our strategic advantages, including industry-leading Design & Development and effective User Acquisition investment, which Aristocrat will continue to prioritise. In land-based, we will ensure the business is ideally poised to partner our customers and grow as conditions improve, while in digital we remain fully focused on executing our growth plans and maximising opportunities at this time,” Croker said.

Australia

Kambi Group plc partners with Racing and Wagering Western Australia

George Miller

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Kambi Group plc partners with Racing and Wagering Western Australia
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The world’s trusted sports betting partner expands global reach with leading Australian operator

Kambi Group plc, the leading global sports betting supplier, has signed a long-term agreement to become the sports betting partner of Racing and Wagering Western Australia (RWWA).

The partnership will see RWWA leverage Kambi’s technology to upgrade its current sportsbook offering across its retail outlets and established online brand TABtouch.

The Kambi sportsbook will complement RWWA’s existing racing wagering product, and RWWA will take full advantage of Kambi’s deep sports betting offer, powerful bonusing toolbox and extensive differentiation capabilities across front-end and odds to deliver players a best-in-class experience.

Established in 2003, RWWA is the state-run, self-funded racing authority for Western Australia, responsible for the operations of the state’s Totalisator Agency Board (TAB). Sales channels include a network of more than 320 retail agencies and TABtouch, which encompasses the online, mobile and call centre operations. RWWA distributes the profits gained through its wagering business to support the growth and competitiveness of the state’s racing industry.

Kristian Nylén, CEO, Kambi, said: “This is an important strategic partnership for Kambi. RWWA has achieved excellent recent growth, and we are very pleased that they view Kambi’s high-performance sports betting technology as central in pushing that to the next level.

“The agreement underlines Kambi’s ability to configure our technology to meet the needs of any operator and regulated market, and we are excited to play a crucial role in driving RWWA’s online and retail success.”

Ian Edwards, CEO, RWWA, said: “We are delighted to have partnered with Kambi to build on our reach across our online and retail sectors.

“Kambi’s track record as a springboard for growth is evident, and their flexibility and power under the hood marked them out as an ideal partner.

“As the organisation which funds the State’s racing industry, RWWA is focused on maximising its profits through the Western Australian TAB in the long-term interests of the industry, and we believe this partnership will help drive greater results.”

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Australia

Jumbo: Lotterywest white-label website operational

George Miller

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Jumbo: Lotterywest white-label website operational
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Jumbo Interactive Limited (Jumbo) is pleased to announce that the Lotterywest white-label website www.oz.lotterywest.com is now live and fully operational, within the timeframe anticipated when Jumbo announced the Lotterywest Agreement to the ASX on 13 November 2020.

Under this Agreement, Jumbo will provide its online software platform and services to Lotterywest for up to the next 10 years, and has agreed to transition its WA customers to Lotterywest. Jumbo has also ceased sales of Tabcorp products to its WA customers from 21 December 2020, consistent with the terms of Jumbo’s 10-year agreements with Tabcorp, first announced on 29 June 2020.

“We’re very pleased to have delivered this project within the scheduled timeframe”, said Mr Mike Veverka, CEO of Jumbo.

“The successful completion was the result of the excellent working relationship between the Lotterywest and Jumbo project teams who were both focused on ensuring an uninterrupted firstclass customer experience”, he said.

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Australia

SQID Enters into Letter of Intent to Acquire 50% of ICON Esports

Niji Narayan

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SQID Enters into Letter of Intent to Acquire 50% of ICON Esports
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SQID Technologies Limited has entered into a letter of intent (LOI) to acquire 50% of ICON Esports Pty Ltd.

SQID has agreed to invest AUD 2,250,000 for a 50% equity interest (on a fully-diluted basis) in ICON. The investment is expected to be used to expand the sales and business development activity and to support growth.

Upon completion of the transaction, SQID intends to integrate its payment platform into the ICON platform forming a single unified solution for payments and marketing campaigns. SQID has an existing solution of APIs and software plugins for mobile applications and upon completion of the transaction, expects a relatively simple integration between the two platforms.

Pursuant to the LOI, in recognition of the management time and cost commitment with respect to the transaction, ICON has granted SQID a period of exclusivity for two months from the date of the LOI. In addition, upon completion of the Transaction, it is expected that two nominees from SQID and two nominees from ICON will comprise the board of directors of ICON.

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