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CasinoFair the first brand to go live on FunFair’s blockchain casino platform

George Miller

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asinoFair the first brand to go live on FunFair’s blockchain casino platform
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‘Famous for Fairness’ CasinoFair offers players the first and only truly fair casino experience

FunFair, the decentralised blockchain casino platform provider, today announces the eagerly anticipated launch of CasinoFair, the world’s first, truly fair blockchain casino.

CasinoFair, under its tagline of ‘Famous for Fairness’, goes beyond other casino’s limitations in offering players the fairest experience possible using the decentralised nature of the blockchain and Fate Channels, FunFair’s proprietary version of generalised state channel technology.

Player protection and provable fairness are guaranteed at CasinoFair. It will never hold custody of player funds, with all gaming session funds held in escrow and distributed immediately to the player and house when the game ends, while its FairChecker feature ensures provably fair gameplay, preventing either party from tampering with the outcome.

The licensed casino will be the first blockchain casino to offer a wide range of fun, fast and fair games, thanks to the platform’s Fate Channel technology that helps overcome some of the scaling limitations of existing blockchains, including Ethereum.

Players use FUN tokens to play, directly funded from their crypto wallet, a growing range of premium games built on the blockchain. These include FunFair’s latest titles Fate of Thrones and FunDice, along with popular casino games such as European Roulette and Blackjack.

The FunFair group’s founder, Jez San, said: “FunFair continue to lead the way in delivering a viable, quality blockchain casino with the launch of CasinoFair on our first-gen platform.

“Building our platform on blockchain technology allows us to deliver the levels of security and fairness that players demand, going beyond what is currently understood as provably fair, and CasinoFair will be the first of many FunFair partners changing the face of casino gaming for the better.

“With additional games, increased functionality and usability in the FunFair pipeline, CasinoFair will only get bigger and better, as we evolve from offering a service to the crypto community to disrupting the gaming mass market.”

CasinoFair will initially be launched to a limited number of markets, and run by TTM BV, a wholly-owned subsidiary of the FunFair group, as a means to expedite the platform’s commercial and marketing learnings, ensuring a better product for future external partners.

For the latest news on CasinoFair, please join the community at Twitter, Facebook and Telegram.

 

About FunFair:

Funfair is the leading B2B blockchain casino platform provider which is revolutionising the online casino industry. Its proprietary Fate Channels technology mitigates existing scaling issues on the blockchain ensuring operators can provide their players with a fun, fast and fair gaming experience. FunFair ran a successful ICO in June 2017, which launched its own cryptocurrency, FUN, now held by more than 60,000 worldwide.

Its team has over 100 years of combined experience in the gaming and casino space, as well as 20 years of blockchain expertise, providing the platform to deliver the best slots and table games in a transparent, provably fair manner. Co-founded by Jez San OBE, Jeremy Longley and Oliver Hopton in 2017, its growing team of 50 are headquartered in Singapore with further offices in Dublin and London.

Industry News

Inspired Updates COVID-19 Impact on its Business

Niji Narayan

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Inspired Updates COVID-19 Impact on its Business
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Inspired Entertainment has provided an update on the impact of COVID-19 on its global operations. The company has temporarily closed its physical locations following the governmental restrictions.

Due to this business disruption, the Company’s management and Board of Directors have implemented a range of actions to maintain financial flexibility and preserve liquidity.

“The exceptional team and capabilities we have built, as witnessed in our fourth quarter 2019 results, strongly position us to navigate this unprecedented environment. Alongside our concern for the well-being of our employees, our priority is to steadfastly strengthen our financial flexibility, prioritize investments, and reduce our expenditures in this time of uncertainty,” Lorne Weil, Executive Chairman of Inspired, said.

Since the middle of March, the Company has drawn down approximately $24.9 million on its revolving credit facility to provide additional near-term liquidity and cancelled or delayed material capital expenditures. Most recently, the Company implemented furloughs, reduced work hours and reductions in compensation, as well as additional measures across its entire workforce. The effect of these actions is expected to lower the Company’s future cash payroll expense to less than $2.0 million per month.

The Board has determined to indefinitely delay the payment of accrued executive bonuses for the year ended 31 December 2019 and to waive cash payments of Board retainers that were due to be disbursed during the second quarter of 2019.

“We have taken these decisive actions, which we believe are appropriate for our current level of business, as we prepare our Company to withstand a potentially prolonged period of impaired revenue, including the loss of much of our retail revenue. At this point, we have limited visibility as to when our customers’ land-based locations may reopen. We believe our actions are appropriate steps to preserve our liquidity given the current environment. That said, we continue to undertake aggressive efforts to reduce our operating expenses on an interim basis and expect to report further as these steps are implemented,” Weil said.

“We have been fortunate that each of our Virtual Sports and Gaming businesses have had a substantial and growing presence in online/interactive, providing us an important cushion against the current cessation in our land-based business. Our customers have reported to us that they are experiencing significant demand from consumers in the US, Europe and Australasia to bring Virtual Sports onto their respective systems as rapidly as possible, given the lack of live sports content for wagering. We are doing our best to accommodate such demand at this difficult time,” Weil added.

“We continue to monitor developments on a real-time basis and are focused on responding to the needs of both our customers and our employees. Our hearts go out to all who have been impacted by this global pandemic. We’re looking forward to resuming normal operations as soon as conditions permit, as we seek to build upon our positive momentum from the fourth quarter,” Weil concluded.

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Industry News

Gambling.com Group Updates COVID-19 Impact

Niji Narayan

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Gambling.com Group Updates COVID-19 Impact
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Gambling.com Group, a provider of digital marketing services for the global iGaming industry, has provided an update on the impact of coronavirus on its financial and operational performances. The Group has been operating under a work from home policy since 16 March 2020.

The Group expects that the cancellation and/or postponement of major sport events will have a negative impact on revenues from the sports betting segment. Since many major sport events have taken place as planned in the first half of March, the Group is not expecting a significant impact on revenue in March.

The majority of the Group’s business is outside of sports betting. The Group’s largest segment is online casino which is now having a positive trend. So, the Group does not expect the COVID-19 pandemic to have a long-term effect on its business and view the situation as temporary in nature.

At the end of March, the Group implemented further cost reduction measures that will result in ongoing quarterly savings of EUR 0.15 million in addition to a temporary measure for the second quarter which is expected to save approximately EUR 0.3 million.

The company has also provided a trading update for January–February 2020. The total revenue for the period was EUR 2.41 (3.32) million and adjusted EBITDA amounted to EUR 0.39 (1.17) million. Net Interest Bearing Debt (NIBD) amounted to EUR 9.43 (15.19) million at the end of February 2020.

The effects of certain open-market bond purchases disclosed on March 25 will reduce NIBD by EUR 1.43 million. Sports betting revenue during the period accounted for less than 20% of total revenue.

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Industry News

Pragmatic Play And LeoVegas Announce Highly Awaited Bingo Deal

George Miller

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Pragmatic Play And LeoVegas Announce Highly Awaited Bingo Deal
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Pragmatic Play and LeoVegas have announced a ground-breaking deal which sees the award-winning casino launch top bingo games from one of the industry’s leading content providers.

Existing players on LeoVegas brands such as LeoVegas UK, Crown Bingo, Pink Casino and Legs Eleven will now have access to one of the most innovative and multi-featured bingo products on the market, offering highly competitive daily jackpots and prizes.

This deal strengthens Pragmatic Play’s strategy to offer a full suite of cutting-edge iGaming products to a wider audience.

Claire McDaid, Vice President of Bingo at Pragmatic Play said: ‘I am thrilled and thoroughly looking forward to working with the LeoVegas team on both their existing bingo brands and their new launches.”

“The Pragmatic Play bingo team have worked vigorously to ensure we have a stand-out product across UX, UI and Back Office features which I am confident will enable LeoVegas and the Rocket X managed brands to drive their bingo business forward.

A spokesperson at LeoVegas said: “We are delighted to further enhance our agreement with Pragmatic Play and take their revolutionary bingo offering.

“We have a close relationship with the supplier already, taking both slot titles and Live Casino products, so it was the next logical step to take another vertical from them, considering how well their products have performed in our portfolio.”

The provider’s Bingo product offers a market-leading number of variants including 90, 80,75,50 and 30 ball bingo. At ICE 2020, the supplier created much excitement with the launch of a unique mobile-first bingo game, ensuring partners have innovative and exciting content to attract and retain both bingo and softer gaming customers in an ever-increasing competitive marketplace.

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