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Newgioco Completes Acquisition of Virtual Generation Limited

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Newgioco Completes Acquisition of Virtual Generation LimitedReading Time: 4 minutes

 

Accretive Acquisition Accelerates Global Expansion and Reinforces Portfolio of Market-Leading Gaming Technology Platforms

 

Newgioco Group, Inc., today announced that the Company has completed the acquisition of Virtual Generation Limited (“VG”), a leading developer of virtual gaming software, together with Naos Holding Limited, a private holding company (”Naos”), effective January 30, 2019 for approximately $4.5 million in a combination of cash and stock.

“Adding VG’s virtual gaming technology to our portfolio of innovative gaming technology platforms reinforces our industry-leading position in the leisure gaming market and instantaneously expands our global footprint from where Newgioco currently operates to include 12 new countries in South America, Central Asia and Africa where VG currently operates,” stated Michele (Mike) Ciavarella, Chief Executive Officer of Newgioco. “With virtually no overlap between the markets we each currently serve, we are creating additional revenue opportunities to cross-sell VG’s software and our own ELYS platform, diversify our revenues and strengthen our gaming platforms as we pursue the newly emerging U.S. sports betting market.”

Newgioco plans to utilize the VG platform for racing, keno, American Roulette and other casino games, within its ELYS platform. Simultaneously, Newgioco plans to introduce the VG product line into the regulated Italian market, utilizing Newgioco’s existing Italian ADM platform certification.

“We are intimately knowledgeable about the power of the assets we have purchased as VG’s platform has been operating on our ELYS platform for some time,” added Mr. Ciavarella. “We are eager to pursue and engage with customers on a number of near-term opportunities, including the tribal gaming market in the U.S. We expect this acquisition to be immediately accretive to our first quarter 2019 financial results.”

VG’s software is a random number generator (RNG) certified by Gaming Laboratories International (GLI) and includes a growing portfolio of products including horse racing and greyhound racing, league play football (soccer), keno and American roulette. VG currently operates in Italy, Albania, Turkey, Mexico, Peru, Paraguay, Nicaragua, Honduras, Colombia, Dominican Republic, Nigeria and Uganda.

 

Financial Details of the Transaction

The Company paid the sellers €4 million in consideration for all the ordinary shares of VG and Naos comprised of a cash payment of €108,000, the issuance of shares of the Company’s common stock valued at €89,000, a promissory note providing for the payment of (a) €2,392,000 in cash in 23 equal and consecutive monthly installments of €104,000 with the first payment due and payable one month after the Closing Date and €1,411,000 in shares of the Company’s common stock in 17 equal and consecutive monthly installments of €83,000 as determined by the average of the closing prices of such shares on the last 10 trading days immediately preceding the determination date of each monthly issuance, commencing on March 1, 2019.

In addition, the Company agreed to pay the Sellers as an earn-out payment in shares of the Company’s common stock within one month from the end of the business year 2019 equal to an aggregate amount of €500,000, if the amounts of bets made by the users through the VGS platform related to the 2019 fiscal year of the Company is at least 5% higher than the amounts of bets made by the users through the VGS platform related to the 2018 fiscal year of the Company.

About Virtual Generation Limited

Virtual Generation Ltd. is a software development company specializing in the production and distribution of highly advanced platforms for virtual betting. Virtual Generation uses advanced and complete betting management software, unsurpassed, flexible and customizable, adaptable to different types of companies and markets. VG was founded in 2014 and has grown from processing 67,000 bet tickets in its first year to over 20 million bet tickets in 2018 for its online and land-based B2B customers in 12 countries in Europe, Latin America and Africa.

About Newgioco Group, Inc.

Newgioco Group, Inc., headquartered in Toronto, Canada, is a vertically-integrated leisure gaming technology company, with fully licensed online and land-based gaming operations and innovative betting technology platforms that provide bet processing for casinos and other gaming operators. The Company conducts its business under the registered brand Newgioco primarily through its internet-based betting distribution network on its website, www.newgioco.it as well as retail neighborhood betting shops situated throughout Italy.

The Company offers its clients a full suite of leisure gaming products and services, such as sports betting, virtual sports, online casino, poker, bingo, interactive games and slots. Newgioco also owns and operates innovative betting platform software providing both B2B and B2C bet processing for casinos, sports betting and other online and land-based gaming operators.

Forward-Looking Statements

This press release contains certain forward-looking statements within the meaning of the safe harbor provisions of the Private Securities Litigation Reform Act of 1995. These statements are identified by the use of the words “could,” “believe,” “anticipate,” “intend,” “estimate,” “expect,” “may,” “continue,” “predict,” “potential,” “project” and similar expressions that are intended to identify forward-looking statements and includes statements such as plans to utilize the proven VG platform for racing, keno, American Roulette and other casino games, within its ELYS platform, plans to introduce the VG product line into the regulated Italian market and the acquisition of VG being immediately accretive to Newgioco in 2019. These forward-looking statements are based on management’s expectations and assumptions as of the date of this press release and are subject to a number of risks and uncertainties, many of which are difficult to predict that could cause actual results to differ materially from current expectations and assumptions from those set forth or implied by any forward-looking statements. Important factors that could cause actual results to differ materially from current expectations include our ability to use the VG platform for racing, keno, American Roulette and other casino games, within its ELYS platform, our ability to introduce the VG product line into the regulated Italian market and  our ability to implement the VG acquisition so that it is immediately accretive to Newgioco in 2019, and the risk factors described in Newgioco’s Annual Report on Form 10-K and subsequent filings with the U.S. Securities and Exchange Commission, including subsequent periodic reports on Forms 10-Q and 8-K. The information in this release is provided only as of the date of this release, and we undertake no obligation to update or revise publicly any forward-looking statements, whether as a result of new information, future events or otherwise, after the date on which the statements are made or to reflect the occurrence of unanticipated events, except as required by law

SOURCE Newgioco Group, Inc.

 

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Newgioco Completes Acquisition of Virtual Generation Limited

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Superliga Argentina selects Genius Sports as global integrity partner

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Global sports technology company to launch comprehensive programme, combatting match-fixing and data piracy

(ARGENTINA, Buenos Aires – 20 August, 2019) Superliga Argentina, the premier football competition in Argentina and one of the largest leagues in the world, has partnered with Genius Sports to launch a comprehensive integrity and official data strategy.

Through a rigorous review of its integrity strategy and existing rules, 24/7 bet monitoring technology and a series of educational workshops, Genius Sports’ Integrity Services will provide Superliga Argentina with an unprecedented level of protection against match-fixing and betting-related corruption.

Superliga players, coaches, officials and administrators will be trained to identify, prevent and report any threats to the league’s integrity while Genius Sports’ leading Bet Monitoring System will provide 24/7 oversight on global wagering patterns by monitoring global odds movements through its unique predictive algorithms.

To protect the value and integrity of its official data, Superliga will launch a new rights enforcement initiative, identifying both unauthorised scouts operating in-stadia and unofficial data feeds that have been scraped and reutilised. Through Genius Sports, Superliga will be able to control the supply and use of its official data, expanding the league’s global audience and providing new platforms for fans to engage with the live action.

Mariano Elizondo, President of Superliga Argentina, said: “Ensuring the transparency of our games is a fundamental priority for Superliga. We aim to guarantee all our teams with the same rules for every game, which is the main requirement for providing our fans and sponsors with the spectacle that they expect.

“This agreement with a world leader like Genius Sports allows us to work together to combat any threat to the transparency of our games through the same tools used by the most prestigious leagues in world football.”

Fernando Martinez, Head of Commercial Partnerships, LATAM for Genius Sports, said: “Argentinian football is at a critical stage of its growth with increased data quality and access to content driving major developments. This partnership with Superliga sets a precedent for leagues across LATAM to proactively safeguard the integrity and future of their competitions while controlling the collection, management and distribution of their real-time data.”

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Superliga Argentina selects Genius Sports as global integrity partner

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ORYX signs deal with Rootz

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ORYX Gaming, a Bragg Gaming Group company (TSXV:BRAG), has partnered with Rootz to launch its extensive portfolio of in-house and third-party content.

The supplier’s entire catalogue of proprietary and partner games will soon go live on Rootz’ platform and will also be made available on Wildz, its flagship online casino brand, through the recently enhanced ORYX Hub.

Backed by Rootz’ reputation as an industry trail-blazer, Wildz has rapidly established itself as 2019’s hottest new brand.

Adding content from ORYX’s 80+ content suppliers, which include top performers Gamomat, Kalamba and Golden Hero, will enable the company to continue to grow its foothold in Europe and enter new markets.

Matevž Mazij, Managing Director of ORYX Gaming, said: “Wildz has already made a splash in the online casino arena with its commitment to customer satisfaction, making it an exciting brand to partner with and extend our client base.

“It’s great to be working with Rootz’ knowledgeable and creative team to deliver a portfolio that not only offers a stand-out player experience but also advances online content delivery in our industry.”

Lasse Rantala, Wildz CEO, remarked: “ORYX Hub’s robust selection of games, seamless integration process, and promotional tools will provide a great advantage to us as we focus on building the Rootz and Wildz brands across Europe.

“Putting the customer first is central to our company ethos and we are confident both our Rootz partners and Wildz players will love the high quality and varied new additions to our online casino offering.”

The recently enhanced ORYX Hub allows partners to effortlessly integrate content from more than 80 leading providers and over 8,000 games, with advanced marketing tools such as free round promotions, achievements, leaderboards, tournaments and jackpots.

ORYX Hub provides operators with access to its portfolio of content, which is fully compliant in major regulated jurisdictions, via a single account and seamless integration process.

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: ORYX signs deal with Rootz

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OKTO to showcase latest wave of gaming payments disruption at EArena 2019

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OKTO Group, the financial technology provider specialising in digital payment and player engagement applications, is set to exhibit its next-generation suite of products and services at next month’s EArena Expo in Bucharest, Romania.

The event, which takes place from the 3rd to the 5th September, will see OKTO’s commercial team showcasing the company’s mobile-centric payment solution for gaming at stand #422, demonstrating how operators can drive player engagement by bridging the gap between the payment and retail experience.

Building on the success of its digital banking, mobile payment and retail products in Europe, the Athens-based fintech firm is set to hit the ground running with its one-of-a kind gaming solutions, while having recently appointed industry veteran Simon Dorsen to lead the charge.

OKTO’s payment products are focussed on harnessing the mobile-based payments revolution, while digitising betting processes to provide a seamless journey across multiple player channels, offering operators add-on loyalty and promotional functions that deliver a player-retaining service.

With experience in directly operating an established network of 5,000 points of sale across multiple jurisdictions and processing transactions reaching up to €1 billion, the payment service provider is well positioned for continuing its rapid growth in the region.

Commenting on their plans for Eastern Europe’s unique market environment, Simon Dorsen, Director of Gaming at OKTO, said:

“Eastern Europe is a major focus for us, with a tech-savvy population that are proving to be quick adopters of innovations in mobile technology. There is real appetite for OKTO’s fully digital experience, which we have tailored to tackle the niche challenges of this promising market. 

“We look forward to meeting with local operators at EArena to showcase how our innovative solutions not only reduce cash handling costs for operators, but also speed up the flow of transactions and deliver a better player experience. The next wave of payments disruption is here – and we’re glad to be leading the charge.”  

Source: Latest News at European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: OKTO to showcase latest wave of gaming payments disruption at EArena 2019

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