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Employees facing increased financial stress in week before payday

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Employees facing increased financial stress in week before payday
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fastPAYE finds that almost 78% of UK workers are living payday to payday; anxiety likely to affect staff performance in the gaming sector

Almost half of UK workers who get paid monthly experience heightened money-related worries in the run up to payday, according to research by fastPAYE, the flexible wage application for the modern workforce.

Of those surveyed by the company, which launched a revolutionary wage management system last month that enables betting and casino businesses to pay staff wages on demand, 46% said that their financial concerns increased in the week before receiving their monthly wage packet.

This stress can lead to reliance on high interest credit options to tide workers over, with most people turning to credit cards to see them through the prolonged pay period. More than half of respondents admitted to using one often and at least 20% of those turn to plastic every month.

Overdrafts also provide a fallback with 40% going into the red as payday approaches, while a fifth of employees which took part in the research resort to costly payday loans that can have significant financial consequences.

Credit acquired is most spent on groceries according to the survey, shortly followed by bills, leisure activities and house repairs as workers living payday to payday struggle to cover unexpected costs when they arise.

Backed by sister company ShopWorks, a staff management system provider to some of the biggest gaming and betting brands including Betfred, PaddyPower, Gauselmann, Novomatic, Mecca and Grosvenor, fastPAYE’s research emphasises the impact of the four to five-week pay gap can have on employee financial wellbeing.

Commenting on the findings, Ian Hogg, chairman of fastPAYE, said: “The number of people going through financial anxiety because of the outdated monthly wage system often relied on by the gaming sector is concerning, especially considering that with new technology this stress can be lessened.

“Whether you’re a casino and betting company or a large retailer, if a staff member has money-related worries it is likely to affect their performance in the workplace. But by giving employees early access to a proportion of their earned wages, businesses can give workers greater control over their finances and in turn help to harness a happier workforce.”

fastPAYE launched in January this year to provide a cost-efficient, flexible alternative to the outdated monthly wage system. The application enables businesses to offer salary drawdowns based on completed shifts before payday, and since the fastPAYE model isn’t a loan, it charges no interest.

The company has a strong heritage in the gaming sector through ShopWorks, which has years of experience working in the industry, together with the technical expertise and understanding to address operators’ staff recruitment and retention challenges.

Press Releases

Slotmill’s seals agreement with Vavada

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Slotmill has concluded an agreement with online casino Vavada which rapidly has secured a significant market position targeting central- and eastern Europe. Vavada offers a wide range of products and will now add the Slotmill game portfolio. Delivery of the Slotmill games will be through the partnership with Relax.

Johan Ohman, the founder of Slotmill, commented: “The addition of Vavada is very satisfying and I believe that the BURST function and rich player experience will make the Slotmill games well received by the Vavada players.

Max Petrovski, COO at Vavada, said: “At Vavada, we believe that the addition of Slotmill games fits in perfectly with our product strategy. We aim to provide games that offer quality together with a fun game experience to clients and we believe Slotmill games offer just that.

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Africa

SOFTSWISS Sportsbook launches N1Bet.ng

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SOFTSWISS Sportsbook launches N1Bet.ng
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The SOFTSWISS Sportsbook is excited to announce the launch of N1Bet.ng in partnership with N1 Group this September. The platform will launch under a local license in Nigeria, which SOFTSWISS received earlier in February 2021. 

N1Bet.ng will be the first betting platform launched by SOFTSWISS Sportsbook in Africa. This launch is a natural step in the development of the SOFTSWISS Sportsbook brand, which is ready to offer new customers reliable solutions and an innovative approach based on more than a decade of experience. 

Under the new joint project between N1Group and SOFTSWISS players  will have access to the platform’s complete sports betting solution package:

  • 10,000+ real-time events
  • 200+ sports
  • 1,200 unique betting markets 

Even though N1Bet.ng is positioned as a betting platform, gambling solutions will also be included in the range of available services. Users will be pleased with the user-friendly and clear interface designed with their wishes in mind, as well as the mobile version, which will allow them to manage their bets from anywhere at any time. Among other things, players will have access to new features, including three types of Freebet, Comboboost, Quickbet, Maxbet and more.

Alexander Kamenetskyi, Product Owner at SoftSwiss Sportsbook, noted: ‘We have been working on the launch of our first project in the African market for a long time and see this as a unique opportunity to be part of the large and fast-growing iGaming industry in this region. We have a lot to offer and something to interest all betting enthusiasts. The launch of N1Bet.ng will allow SOFTSWISS to provide services to those customers who are interested in a comprehensive approach and focus on the African market or want to expand their presence there. With N1Bet.ng this will now become easier and more accessible. Thank you N1 Group for the fruitful cooperation and trust!’

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, the Affilka affiliate platform, and a sportsbook software 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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PRAGMATIC PLAY HEADS OUT TO DEEP WATERS IN BIGGER BASS BONANZA

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PRAGMATIC PLAY HEADS OUT TO DEEP WATERS IN BIGGER BASS BONANZA
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Pragmatic Play, a leading content provider to the IGaming industry, has cast a line deeper than ever before and snagged a real catch with new release, Bigger Bass Bonanza.

A continuation of its hugely popular predecessor, Bigger Bass Bonanza provides players with an extended set of reels and the opportunity to win up to 4000x their stake, virtually doubling the original game’s maximum multiplier value.

Based in a neon-lit harbour with tropical surroundings resembling Miami, players will need to keep an eye out for various rewards and prizes. As before, three or more scatter symbols during base play will trigger the Free Spins feature and 10 spins, with any additional scatter symbol adding five spins to the count.

Big wins are achieved by collecting scatters in the Free Spins feature, but lower value wins are achievable through regular line wins.

During the Free Spins feature, money symbols feature randomly assigned values and an elusive Goldfish scatter symbol is worth 4000x the player’s bet. Wild symbols are also collected on a meter above the reels, with every four wilds retriggering the feature and a multiplier for the symbol collector.

Bigger Bass Bonanza is the latest hit developed by the leading provider, following recent popular titles 5 Lions Megaways, Fruit Party 2 and Rise of Giza PowerNudge and more than 200 HTML5 titles in the provider’s valued games portfolio.

Yossi Barzely, Chief Business Development Officer at Pragmatic Play, said: “We are delighted to launch another product in collaboration with Reel Kingdom, allowing us to reach more players than ever before.

“The light-hearted theme has been fleshed out with various new features, each with the intention of helping the fisherman enjoy a full catch.”

Pragmatic Play currently produces up to five new slot titles a month, while also delivering Live Casino and Bingo games as part of its multi-product portfolio, available through one single API.

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