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Better Collective establishes strong position in the US market with the acquisition of the RotoGrinders Network

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Better Collective establishes strong position in the US market with the acquisition of the RotoGrinders NetworkReading Time: 4 minutes

 

Better Collective, the world’s leading developer of digital platforms for bookmaker information, iGaming communities, and betting tips, has today completed an acquisition of 60% of the shares in Rical LLC (“RotoGrinders”) (which operates rotogrinders.com, pocketfives.com, sportshandle.com, usbets.com, and pennbets.com) for 21 million USD. In the period 2022-2024, Better Collective will acquire the remaining 40% of the shares of RotoGrinders at a valuation based upon an EBITDA multiple between 5x and 10x. The valuation will be determined by the future growth and profitability of RotoGrinders and Better Collective’s other business in the United States.

RotoGrinders strongly positioned within US iGaming

Founded in 2009 and headquartered in Nashville, Tennessee, RotoGrinders owns a strong network of platforms for sports betting and daily fantasy sports (“DFS”) in the US, including rotogrinders.com, pocketfives.com, sportshandle.com, usbets.com and pennbets.com. In 2018, RotoGrinders generated revenue of >8 million USD and operating earnings of >3 million USD (EBITA) (un-audited). RotoGrinders has historically focused on DFS, however, with the changing regulation in the US market since 2018, the business focus has increasingly been directed towards affiliation to sports betting and other online gambling. Combined with Better Collective’s current business, the total (annualised) revenue from the US market is expected to exceed 10 million USD in 2019.

The remaining 40% of the shares in RotoGrinders are held by the company’s three founders and certain key employees. The three founders will continue managing the daily business of RotoGrinders. The company has approximately 50 employees.

Better Collective US boosted by acquisition

Better Collective has had US-focused products up and running for some time, leading to revenue streams from online sports betting since last year. Building a presence and taking part in this new market opportunity is now boosted by the acquisition of RotoGrinders. Better Collective intends that RotoGrinders will remain headquartered in Nashville, Tennessee and be the centre for operating US focused products and business. Furthermore, Better Collective USA, Inc. (“Better Collective USA”) has opened an office in New York, which will coordinate all of Better Collective’s activities in the US, including sales and marketing activities. Better Collective USA will be managed by VP of Business Development and Sales, Marc Pedersen.

Better Collective USA key points after the acquisition:

  • Expected revenue of > 10 million USD in 2019 (annualised)
  • Anticipated profitable business with strong foundation in both DFS and online gambling
  • Organisation with > 50 employees specialised in US Sports and affiliate marketing
  • Founder-led organisation in RotoGrinders with significant ownership until 2022-2024
  • Offices in Nashville and New York

The transaction

Pursuant to a purchase agreement entered into on this date, Better Collective USA, a wholly owned subsidiary of Better Collective A/S, has acquired 60% of the shares of RotoGrinders for 17.85 million USD in cash and shares of Better Collective A/S with an approx. market value of 3.15 million USD to be issued no later than June 17, 2019. The share price of 75.66 SEK is determined as a weighted average over 10 trading days prior to closing. In addition thereto, it has been agreed, that Better Collective in the period 2022-2024 will acquire the remaining 40% of the shares of RotoGrinders at a valuation based upon EBITDA multiple between 5x and 10x. The multiple is determined by future profitability of RotoGrinders and certain aspects of Better Collective’s business in the United States.

Up to 35% of the future payments may be paid in the form of shares in Better Collective, at the discretion of Better Collective. The new shares to be issued as part of the initial payment as well as any shares paid as part of the future payments will be subject to a 12-month lock-up period from the date of the respective share issue.

RotoGrinders will be fully (100%) consolidated into the Better Collective accounts as from June 1, 2019. The value of the assets and remaining committed tranche payments will be included in the accounts at an estimated fair value.

Market development in the US

On May 19, 2018, the Supreme Court of the United States repealed the Professional and Amateur Sports Protection Act (PASPA), making the legal status of sports betting a state matter, thereby removing the previous federal ban. Since then, several states that have been in favour of repealing the act, including New Jersey, have legalised sports betting within their state. While some states may abstain from legalising sports betting, Better Collective anticipates that most states will do so over the coming years. Dependent on this process, various market sources expect the regulated US sports betting market to surpass 6 billion USD in five years.

Better Collective has been licensed in New Jersey since 2014, and the market share is growing. There are still only a few operators live within sports betting, but more are expected to come online during the next 3-6 months. In 2019, West Virginia, Rhode Island, and Pennsylvania are expected to launch online sports betting, thereby increasing the market potential. In addition, Indiana, Iowa, Montana and Tennessee recently enacted sports betting laws, many of which are expected to include online sports betting.

Jesper Søgaard, CEO of Better Collective:

“Since PASPA was repealed by the US Supreme Court last year, we have carefully evaluated how best to establish Better Collective in the growing US market. We have assessed various acquisition opportunities, searching for access to strong products and dedicated people with insight into this market. We strongly believe that we found exactly that in RotoGrinders, where we see a strong and dedicated management team and talented employees. Management and key employees remain shareholders in RotoGrinders for the coming years, in which the US market is expected to unfold, whereby management and key employees on the one side and Better Collective on the other to a large extent share the potential risks and upside. We are truly excited about this opportunity.”

Calvin Spears, CEO and co-founder of RotoGrinders

“Joining the Better Collective group will help us fully realize the potential we’ve created with the RotoGrinders network. Regulated online sports betting will create an enormous affiliate marketing opportunity in the US.  We feel Better Collective is the perfect partner for us as this opportunity unfolds.  The experience, resources, and technology they’ve built up over the past 15 years in European sports betting will prove incredibly valuable here.  Our combined goal is to be the largest US sports betting affiliate and we’re in a great position to make it happen.”

 

About Better Collective:
Better Collective’s vision is to empower iGamers through transparency and technology – this is what has made them the world’s leading developer of digital platforms for betting tips, bookmaker information and iGaming communities. Better Collective’s portfolio includes more than 2,000+ websites and products, among other bettingexpert.com, the trusted home of tips from expert tipsters and in depth betting theory.

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: Better Collective establishes strong position in the US market with the acquisition of the RotoGrinders Network

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EGT Interactive is circling back to Budapest with a special participation at CEEGC

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EGT Interactive is thrilled to announce its consecutive appearance at the Central and Eastern European Gaming Conference and Awards (CEEGC). Georgi Dimitrov, Head of Legal & Compliance at the company, will be once again joining the discussions as one of the speakers at this special event. He will participate in the panel titled “Regulated Central and Eastern European jurisdictions” focusing on the evolution of clearly regulated markets. The targeted jurisdictions are Bulgaria, Romania, Czech Republic, Croatia and Slovenia.

Georgi Dimitrov has started his career in EGT Interactive as a legal counsel, with a focus on legal, regulatory and technical compliance matters related to the iGaming industry. He specializes in international gambling regulation and provides guidance on licensing and certification frameworks, policy drafting, and compliance processes. His line of work involves communication with focal stakeholders in the business such as testing labs, regulators and operators. He has background in company structuring, M&A, business and corporate development and extensive expertise in competition law. Recently he became Head of the “Legal and Compliance” department at EGT Interactive.

 

The event will take place on the 24th of September at Ritz-Carlton, Budapest, Hungary.

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: EGT Interactive is circling back to Budapest with a special participation at CEEGC

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Week 38 slot games releases

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Week 38/2019 slot games releasesReading Time: 3 minutes

 

Have a look at this week’s latest slot releases!

We begin with another release from Play’n Go, the fun-filled game Mission Cash. The game has its roots in the spy films and TV series of the ‘50s and ‘60s, taking inspiration from classics such as The James Bond Series and The Man from U.N.C.L.E, but also newer titles like Austin Powers and Kingsman: The Secret Service.

Play’n GO Are on a Mission with their Newest Release

 

Realistic Games has added a new 3-reel version of its popular title Fireworks to its ever-growing portfolio of games. Fun Size Fireworks retains the featurewhich has been a proven success with players of the 5-reel version, with a bonus round that is reached when a player gets stacked symbols on each of the 3 reels. A reel will then be randomlyselected and a win of one or more win lines will be achievedoffering the player a maximum jackpot ofx250 their starting stake.

Realistic - Fun Size Fireworks

 

Yggdrasil is under starter’s orders to release its latest slot, Racing Lovers, with players invited to saddle up for their biggest thrill ride yet as they chase the championship trophy for huge rewards. Ladies and gents, hold onto your hats as the starting gates open and the racing begins in this new immersive slot set in the fastest course of them all.

Yggdrasil’s latest slot Racing Lovers

 

Microgaming has launched its latest online slot Tweethearts, developed exclusively by Just For The Win. Set in a colourful paradise, nesting love birds bring their feathered mystique to this exciting five-reel, 17-payline slot. Players entering the beautiful jungle of paired-up parrots will find the Double Lucky Line, present throughout the game, perched on the middle row across all five reels. When double symbols land on the Double Lucky Line, they are counted as two symbols for any winning combinations or free spin symbols.

Microgaming - Tweethearts

 

Stick ‘Em, a 5×4 video-slot follows Canny the Can on an adventure which includes features such as sticky win spins, free spins with high paying symbols and an exciting bonus wheel with three levels of progression! Marcus Codes, COO at Hacksaw Gaming commented:“We’re delighted to release our very first slot today after being exclusive with Leo Vegas for the past 2 weeks. We have seen fantastic numbers and feel Stick Em will be a great hit within the industry. There is more to come from Hacksaw, this is just the beginning.”

Stick'em - Hacksaw Gaming's Very First Slot Release!

 

Pariplay Ltd., a gaming technology company serving iGaming operators, land-based casinos and lotteries, has announced the Swedish release of its Viking Glory online slot via an exclusive partnership with Svenska Spel Sport & Casino.

Pariplay Partners with Svenska Spel Sport & Casino for Swedish Release of ‘Viking Glory’ Slot

 

Kindred Group has partnered with Play’n GO in an exclusive release of Troll Hunters 2, the sequel to the record-breaking first chapter of the Troll Hunters saga. “Kindred has recently invested heavily in the quality of their exclusive games. We believe that product quality is ultimately what customers will recognize and value. This is what will set us apart from the competition and lead the way forward in casino,” Ale Rallo, Games Development Manager of Kindred Group said.

Troll Hunters 2 Launches on Kindred Platforms

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: Week 38 slot games releases

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Sports Betting Bill of Michigan Moves Forward

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Sports Betting Bill of Michigan Moves ForwardReading Time: 1 minute

 

A sports betting bill would allow organised sports betting in Michigan casinos and online was passed out of a state house committee. State Representative Brandt Iden of Kalamazoo is sponsoring the legislation.

“Because this is already going on in the market place so we can protect those people who want to play and want to play legally, and we can, you know, make the state a little bit of money, which I think is also a positive,” Iden said.

Iden hopes the bill continues to make its way through the legislature and onto Governor Gretchen Whitmer’s desk before Superbowl season.

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: Sports Betting Bill of Michigan Moves Forward

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