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Gambling.com Group Publishes Q2 2020 Interim Report

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Gambling.com Group Publishes Q3 2020 Interim Report
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Q2 Interim Report | 3 months ended 30 June 2020

APR-JUNE 2020 (COMPARED WITH APR-JUNE 2019)

  • Revenues totalled EUR 5.69 (4.42) million, an increase of 29%.
  • Adjusted EBITDA excluding non-recurring costs totalled EUR 3.25 (0.99) million, corresponding to an adjusted EBITDA margin of 57 (23)%.
  • EBITDA totalled EUR 3.14 (0.94) million, corresponding to an EBITDA margin of 55 (21)%.
  • Net cash generated from operating activities was EUR 2.93 (1.62) million.
  • New Depositing Customers (NDCs) totalled 24,986 (19,487).

 JAN-JUNE 2020 (COMPARED WITH JAN-JUNE 2019)

  • Revenues totalled EUR 9.46 (9.67) million, a decrease of 2%.
  • Adjusted EBITDA excluding non-recurring costs totalled EUR 3.99 (2.75) million, corresponding to an adjusted EBITDA margin of 42 (28)%.
  • EBITDA totalled EUR 3.70 (2.70) million, corresponding to an EBITDA margin of 39 (28)%.
  • Net cash generated from operating activities was EUR 2.98 (2.67) million.
  • New Depositing Customers (NDCs) totalled 41,082 (46,752).

SIGNIFICANT EVENTS DURING THE SECOND QUARTER 2020

  • Colorado Approval | The Group received approval from the Colorado Limited Gaming Control Commission to provide marketing services to licensed gaming operators in the state.
  • The American Gambling Awards | An Honorary American Gambling Award was presented to Rep. Brandt Iden of Michigan.  A full program was postponed until 2021 in view of the COVID-19 pandemic.
  • COVID-19 Pandemic | As anticipated, the spread of the COVID-19 virus forced postponements or cancellations of sporting events worldwide negatively affecting sports revenue in the second quarter. Online casino and other non-sports games saw increased demand.
  • Publication of Annual Report | The 2019 Annual Report and Consolidated Financial Statements was published on April 24, 2020 and is available on the official website of the Group (www.gambling.com/corporate).
  • Trading Update | The Group published a trading update on June 26, 2020.
  • The Annual General Meeting | Gambling.com held the annual general meeting on June 22, 2020. The annual report was approved and the directors and auditors re-elected.

SIGNIFICANT EVENTS AFTER THE REPORTING PERIOD

  • Launch of SlotSource.com on the US market | Gambling.com Group launched SlotSource.com in regulated US states to empower American online slot players.
  • Sweden deposit and bonus limitations | The Swedish government temporarily introduced deposit and bonus limitations for gambling operators from July 2 to December 31, 2020.

“The Group delivered a record performance in Q2 in terms of revenue, EBITDA, casino NDCs and earned NDCs despite pausing media buying and virtually no sporting events. Our strategy to scale OPEX to invest in superior products and best-in-class technology clearly bore fruit in the quarter with significant improvements in search performance, monetization and operational efficiency.” – Charles Gillespie, Chief Executive.

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White-label sports gamification leaders Low6 partners with Sportsbet.io to deliver fully bespoke community engagement platform

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White-label sports gamification leaders Low6 partners with Sportsbet.io to deliver fully bespoke community engagement platform
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* Low6 to power the Sportsbet.io Clubhouse for FIFA World Cup 2022 and beyond

* Clubhouse technology puts Low6 at the heart of sports betting operators’ community development needs

* Fully bespoke fan-first gamification solutions for operators add to the Low6 armory, alongside games such as Pick’ Ems, Brackets, and Trivia

The award-winning gamification leaders Low6 announced today that they have inked a three-phase commercial partnership with leading multi-currency sportsbook Sportsbet.io. The exciting first-phase of this will see Low6 deliver a ‘Sportsbet.io Clubhouse’ for the FIFA World Cup. Clubhouse will bring together gamification, rewards, chat, sport personalization and content – putting Low6 front and center in the sports betting operator’s drive to increase community engagement in a cost-effective, high-value way. The bespoke solution becomes an easily attainable add-on for operators through joining forces with Low6, who have always put the sports’ fan community at the heart of every innovation.

For Sportsbet.io Low6’s expertise in raising the game for community development, thereby bringing together the sportsbet.io community via a social clubhouse, will produce huge advantages in both retention and acquisition of customers. Low6’s technology expertise will build out a framework that allows users to interact with other like-minded sports fanatics and give them the ability to discover new ways to bet on sports and games. After an initial period developing this with sports teams, franchises and leagues, Low6 has this summer made the technology available to operators through an easy integration, and has already roared ahead by signing-up some big name partners.

The 2022 FIFA World Cup is only the start of Sportsbet.io’s plans for Clubhouse. The follow-on phase aims to expand the Clubhouse experience across all sports, including Horse Racing, NBA, MLB, J-League, NHL, NFL, EPL, Bundesliga, La Liga, Serie A, Ligue1, Super Lig, Brasileiro Série A, Argentine Primera División and Cricket IPL.

“It’s been a whirlwind few months as we onboard more and more operators who are looking for something more than a cookie-cutter approach to igaming and gamification. Sportsbet are truly leading the way in the sportsbook space with their online proposition, and when we add their expertise to Low6’s equally pioneering gamification technology and deep understanding of GenZ and Millennial audiences, we truly will provide a next-level engagement platform for their ever-growing community” said Jamie Mitchell, CEO of Low6.

“Sportsbet.io has always been about putting the customer at the center of the universe, and that’s why Low6 is such a perfect match for our brand. The team understands how to create world-class customer experiences and we’re working closely to offer the very best to our users,” said Joe McCallum, Director of Sportsbook at YOLO Group. “This is an exciting partnership with a forward-looking company that can help Sportsbet.io remain ahead of the competition.”

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Compliance Updates

UKGC: Entain to pay £17 million for regulatory failures

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UKGC: Entain to pay £17 million for regulatory failures
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A gambling business is to pay £17 million for social responsibility and anti-money laundering failures at its online and land-based businesses.

Entain Group will pay £14 million for failures at its online business LC International Limited which runs 13 websites including ladbrokes .com, coral.co.uk and foxybingo .com.

It will also pay £3 million for failures at its Ladbrokes Betting & Gaming Limited operation which runs 2,746 gambling premises across Britain.

All £17 million will be directed towards socially responsible purposes as part of a regulatory settlement.

Additional licence conditions will also be added to ensure a business board member oversees an improvement plan, and that a third-party audit to review its compliance with the Licence Conditions and Codes of Practice takes place within 12 months.

Andrew Rhodes, Gambling Commission chief executive, said: “Our investigation revealed serious failures that have resulted in the largest enforcement outcome to date.

“There were completely unacceptable anti-money laundering and safer gambling failures. Operators are reminded they must never place commercial considerations over compliance.

“This is the second time this operator has fallen foul of rules in place to make gambling safer and crime free.

“They should be aware that we will be monitoring them very carefully and further serious breaches will make the removal of their licence to operate a very real possibility. We expect better and consumers deserve better.”

Social responsibility failures include:

  • being slow to interact with, or not interacting with, certain customers in a way which minimised their risk of experiencing harms associated with gambling – the operator conducted just one chat interaction with an online customer who spent extended periods gambling overnight during an 18-month period in which they deposited £230,845
  • allowing customers subject to enquiries and restrictions to open multiple accounts with the Licensee’s other brands – one online customer who was blocked with Coral because they had spent £60,000 in 12 months and failed to provide Source of Funds (SOF) was immediately able to open an account with Ladbrokes and deposit £30,000 in a single day
  • one shop customer was not escalated for a safer gambling review by either the shop or support office teams despite staking £29,372 and losing £11,345 in a single month
  • overseeing the failure of local staff or area managers to escalate potential concerns with customers sooner – one shop customer was not escalated despite being known to be a delivery driver who had lost £17,000 in a year and another was not escalated despite staking £173,285 and losing £27,753 over the same time period.

Anti-money laundering failures include:

  • failing to conduct an adequate risk assessment of the risks of their online business being used for money laundering and terrorist financing
  • allowing online customers to deposit large amounts without carrying out sufficient SOF checks – one consumer was allowed to deposit £742,000 in 14 months without appropriate SOF checks and another, who was known to live in social housing, was allowed to deposit £186,000 in six months without sufficient SOF checks
  • failing to conduct enhanced customer due diligence checks soon enough – one online customer was allowed to deposit £524,501 between December 2019 and October 2020 before the operator closed the account due to the customer failing to supply SOF evidence
  • placing excessive reliance on open-source information – one online consumer was allowed to deposit £140,700 between December 2019 and October 2020 but prior to a SOF check in August 2020, the operator based its knowledge of the customer’s source of wealth on open-source searches
  • allowing customers to stake large amounts of money without having been monitored or scrutinised – one betting shop customer was allowed to stake a total of £168,000 on shop terminals over eight months before the operator carried out due diligence checks.
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IGT Leads Future of Lottery Retail in Portugal via 7,200 Retailer Vue Terminal Contract

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IGT Leads Future of Lottery Retail in Portugal via 7,200 Retailer Vue Terminal Contract
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International Game Technology PLC announced that its subsidiary, IGT Global Solutions Corporation, has signed an agreement with Santa Casa da Misericórdia de Lisboa (“SCML”) to debut IGT’s innovative Retailer Vue™ lottery terminal in Portugal, following a competitive procurement. The delivery of up to 7,200 camera-based terminals is expected to be completed in 2023.

IGT’s Retailer Vue lottery terminal has a built-in 13.3 megapixel camera that can read playslips, winning tickets, identification cards and mobile devices, freeing up retail counter space by eliminating the need for additional hardware and cables. Modernizing the retail lottery space, the Retailer Vue reduces the barrier between a player and clerk with an open design allowing for player and retailer interaction and enabling transparent, contactless transactions.

“In today’s ever-evolving lottery landscape, it is important that IGT provides SCML with high-performing solutions to meet present and future market needs,” said Jay Gendron, IGT Chief Operating Officer, Global Lottery. “IGT’s Retailer Vue combines convenience and transparency with key features designed to increase productivity and modernize the lottery retail experience for SCML. We look forward to our continued partnership with SCML and the world debut of our new terminal which will benefit the Lottery, its retailers and players while driving maximum sales growth and contributions toward good causes.”

IGT’s Retailer Vue terminal is compatible with in-store advertising displays allowing the Lottery to promote its products and jackpots at the point of sale. Additionally, retailers will benefit from the Retailer Vue’s intuitive touchscreen interface and its ability to complete fast and efficient sales transactions. The Retailer Vue also enables players to interact directly with the terminal and with its ability to read printed and digital barcodes, which enhances player confidence and transparency with each sale.

As the global lottery market leader, IGT has more than 475,000 point-of-sale terminals in customer jurisdictions worldwide.

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