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Eneba raises $8M from InReach, Practica and VInted’s Mikuckas to grow gaming marketplace

George Miller

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Eneba raises $8M from InReach, Practica and VInted's Mikuckas to grow gaming marketplace
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Slick localized buying experience, innovative approach to fraud and automated local gaming trend detection contribute to Eneba’s status as a preferred marketplace for gaming community with stratospheric growth to 26M users 

Eneba (www.eneba.com), the world’s fastest growing marketplace for gamers, has today announced that it has raised a total of $8M led by Practica Capital and InReach Ventures, the AI-powered venture capital firm, with contribution from FJ Labs and a group of established Angel investors including Mantas Mikuckas, COO of Vinted.

Launched in 2018 by two Lithuanian school friends, Vytis Uogintas and Žygimantas Mikšta, Eneba provides a marketplace for gamers to safely purchase everything they need for the world’s most popular games. Combining an unrivalled buying experience with superior proprietary security features, Eneba has already attracted a community of 26 million unique users.

Operating under the radar until now, Eneba has quickly made an impact in the gaming sector thanks to its new approach, where previously others have not innovated. Eneba presented the market with a superior ‘one-click buy’ gamer experience and a faster, more secure service by using proprietary machine learning and fingerprinting technology.

The team also created localised gaming experiences that proved an immediate hit with gamers by using automatic optimising discovery tools for locally trending gaming products.

As COVID-19 struck Eneba was already growing fast, but, with an increased shift to digital entertainment, the startup experienced exponential growth and an increased interest from US gamers; now the company’s fastest growing geography.

“We had a lot of new users coming to Eneba during these uncertain times. While it was extremely satisfying to see our numbers increasing tenfold, there was a challenge to meet the demand. To better reflect our user numbers, we had to quickly expand our team,” said Co Founder and CMO, Žygimantas Mikšta. “We now have a 130-strong team of brilliant software developers, risk analysts and marketing experts that have built a delightful experience for 26 million consumers across multiple geographies such as the UK, Germany, Lithuania, Spain, France, Poland, and other European countries.”

As the startup grew, there were many challenges for the company in order to maintain its new found momentum. Vytis Uogintas, CO Founder and CEO said that rapid organization growth has been one of the biggest to date. However, he also emphasizes that Eneba’s breakthrough has been determined by the team.

“Finding people you can trust and who share your vision is not easy. However, we had plenty of contacts from our previous ventures that kickstarted the whole process. Right from the get-go, we were emphasizing our company culture as our top priority. For me, it’s much more enjoyable to see happy colleagues and when they’re happy, it’s easier to communicate with them and reach desired goals.”

Eneba will use its funding to accelerate investments in product development making the platform faster, safer and easier to use, and to expand further in the US and across other key global markets.  To prepare for this roll-out, Eneba has developed its own risk management system. The new system was developed in-house to better fit the company’s goals. It eliminates many risky transactions, simplifies the refunding process, and blocks majority fraud threats, thus making Eneba stand as one of the safest marketplaces on the internet.

 

“We are thrilled to be backing Vytis and Žygimantas. We’ve been impressed by their ability to execute at such speed as their company quickly scales, and to drive an incredible product with a unique value proposition for gamers. It also could not have come at a better time. We are excited to support one more team from the Baltics that has a clear ambition to lead their sector globally,” said Donatas Keras, partner at Practica Capital.

Co-founder of InReach Ventures, Roberto Bonanzinga, said “In Europe we have a tradition of building successful companies in the gaming space. We are very excited to have discovered Eneba thanks to our AI platform when the company was unknown and under the radar. We have been extremely impressed by what the founders have been able to build in such a short amount of time.”

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SoftSwiss updates Pay N Play by Trustly for online casino projects

George Miller

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SoftSwiss updates Pay N Play by Trustly for online casino projects
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SoftSwiss has recently introduced new technical updates for the Pay N Play payment method by payments service provider Trustly. 

The new developments will enable SoftSwiss online casino clients to activate all currently available markets seamlessly and hassle-free at once.

SoftSwiss Online Casino Platform future and prospective clients can now activate all available payment markets. The new add-ons will boost the productivity of the Platform as well as increase its player retention and conversion rates. The Pay N Play by Trustly is being offered to the operators running brands on the SoftSwiss Online Casino Platform since the beginning of 2020. Since then, it has proved itself to be a major time-saving tool, eliminating time-consuming player verification procedures.

Pay N Play is a technology developed by the payments service provider Trustly that allows players to deposit almost immediately after arriving at your online casino. In short, everything the player has to do is log in to the casino by securely using their own bank ID. The game starts instantly and effortlessly.

Vadim Drozd, PSP Team Lead at SoftSwiss noted: “SoftSwiss’s motto is to always strive to provide our clients with up-to-date technological solutions that will help them to have a positive impact on their business development. The new Pay N Play update will help our clients to save precious time as well as build and increase player loyalty”.

 

About SoftSwiss

SoftSwiss is an international tech brand supplying widely acclaimed, certified software solutions for managing iGaming operations. SoftSwiss holds a number of gaming licenses, providing a “one-stop-shop” white label solution by taking care of all technical, legal, and financial processes on behalf of its customers. The company has a vast product portfolio, which includes an Online Casino Platform, Game Aggregator with thousands of casino games, an affiliate platform, and a recently launched sportsbook platform. In 2013 SoftSwiss was the first in the world to introduce a bitcoin-optimized online casino solution. The company has thus been regarded as the leading technical expert when it comes to the use of cryptocurrencies in online gaming.

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Gambling Venues in Denmark to Remain Closed Until April 5

Niji Narayan

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Gambling Venues in Denmark to Remain Closed Until April 5
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The Danish Government has announced that casinos and gaming halls across the country will remain closed until April 5 at the earliest, in line with extended novel coronavirus (Covid-19) restrictions.

Venues temporarily shut in December last year after the government extended national Covid-19 measures until February 28, with the aim of opening early in 2021.

However, as Covid-19 case rates remained higher, venues have been kept closed in an effort to prevent further spread while Denmark commenced its vaccination programme.

In its latest update, the Danish Health and Medicines Authority announced that despite some relaxation of measures, casinos, gaming halls and restaurants will remain shut until at least 5 April.

A selection of other venues such as some non-essential shops and outdoor visitor attractions will be able to reopen in some regions, while certain year groups will also be allowed back into schools in select areas. All other measures, including travel restrictions, will remain in place until early April.

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Five Groups Qualify to Enter Next Phase of Nagasaki IR Process

Niji Narayan

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Five Groups Qualify to Enter Next Phase of Nagasaki IR Process
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All the five groups that entered Nagasaki prefecture’s request-for-proposal (RFP) process with the aim of participating in its bid for an integrated resort (IR) licence have qualified for the next phase of the process.

The five groups are: a consortium led by Oshidori International Holdings Ltd; Casinos Austria International Japan; Current Group; the Niki Chau Fwu (Parkview) Group; and One Kyushu, a consortium between Tokyo-listed Pixel Companyz Inc and French gaming operator Groupe Partouche SA.

The prefecture will complete a “first round” of evaluation of would-be partners this month to reduce the list of bidders to three. After that, a second round will include a “competitive dialogue” with would-be partners. The groups will then have to present their projects in August for the prefecture to make a final decision.

Japan plans to initially approve three integrated resorts in the country. Proposals must include a casino, tourism attractions, hotels and meeting spaces.

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