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Gambling in the USA

Gambling.com Group Reports Second Quarter 2022 Financial Results

Published

on

 

Gambling.com Group Limited (Nasdaq: GAMB) (“Gambling.com Group” or the “Company”), a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the global online gambling industry, today announced its operating and financial results for the second quarter ended June 30, 2022.

“We continued to execute on our strategy of rapidly growing our business in North America in the second quarter as the team delivered company-wide revenue growth of over 50% and North American revenue growth over 300%,” said Charles Gillespie, Chief Executive Officer and Co-founder of Gambling.com Group. “The strength of our business model was also on display, as we continued to deliver strong Adjusted EBITDA and Free Cash Flow despite the second quarter being the seasonally weakest and while investing in the organization to drive future growth. Our view remains that Gambling.com Group offers the best value proposition for online gambling operators’ investments in customer acquisition and we look forward to the second half of the year as we enter the heart of the North American fall and winter sports calendars.”

Second Quarter 2022 vs. Second Quarter 2021 Financial Highlights
(in thousands, USD, except per share data, unaudited)

Three Months Ended June 30,

CHANGE

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2022

2021

$

%

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Revenue

15,924

10,392

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5,532

53

%

Net income for the period attributable to the shareholders

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56

2,445

(2,389

)

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(98

)%

Net income per share attributable to shareholders, diluted

0.00

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0.08

(0.08

)

(100

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)%

Adjusted net income for the period attributable to shareholders

3,065

2,445

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620

25

%

Adjusted net income per share attributable to shareholders, diluted

0.09

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0.08

0.01

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9

%

Adjusted EBITDA

3,617

5,518

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(1,901

)

(34

)%

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Adjusted EBITDA Margin

23

%

53

%

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(30

)%

Cash flow from operations

3,460

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4,738

(1,278

)

(27

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)%

Free Cash Flow

2,914

3,122

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(208

)

(7

)%

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Second Quarter 2022 Business Highlights

  • North American revenue grew 342% to $6.2 million
  • Delivered more than 57,000 new depositing customers
  • Successful new market launch in Ontario
  • Added Michael Quartieri to the Board of Directors, effective as of June 30, 2022
  • Inclusion of GAMB shares in the Russell 3000 index and various sub-indexes
  • Contribution from BonusFinder.com is ahead of plan

Elias Mark, Chief Financial Officer of Gambling.com Group, added, “We delivered revenue and Adjusted EBITDA ahead of the street consensus and generated strong Free Cash Flow in the quarter. Revenue growth continued to be led by growth in North America in line with our strategic objectives, but we also saw strong trading in our more mature markets in the UK and Ireland despite the weakening of the GBP and EUR against the US dollar. Integration of our acquisitions from Q1 is tracking according to plan. The Company remains well capitalized and in a strong position to meet the financial outlook for the year and to continue to grow profitably beyond.”

2022 Outlook
For the fiscal year 2022, based on currently available information, the Company reiterates its fiscal 2022 guidance and estimates:

  • Total revenue will be in the range of $71 million and $76 million; and
  • Adjusted EBITDA will be in the range $22 million and $27 million.

Conference Call Details

Date/Time:

Monday, August 29, 2022, at 4:30 pm EDT

Webcast:

https://www.webcast-eqs.com/gamb20220829/en

U.S. Toll-Free Dial In:

877-407-0890

International Dial In:

+1-201-389-0918

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To access, please dial in approximately 10 minutes before the start of the call. An accompanying slide presentation will be available in PDF format within the News & Events section of the Company’s website.

An archived webcast of the conference call will also be available in the News & Events section of the Company’s website at gambling.com/corporate/investors/news-events.

About Gambling.com Group Limited
Gambling.com Group Limited (Nasdaq: GAMB) is a multi-award-winning performance marketing company and a leading provider of digital marketing services active in the online gambling industry. Founded in 2006, the Group operates from offices in the United States, Ireland and Malta. Through its proprietary technology platform, the Group publishes a portfolio of premier branded websites including Gambling.com, Bookies.com and RotoWire.com. As of July 31, 2022, the Group owns and operates more than 50 websites in seven languages across 15 national markets covering all aspects of the online gambling industry, including iGaming and sports betting, and the fantasy sports industry.

Use of Non-IFRS Measures
This release contains certain non-IFRS financial measures, such as Adjusted Net Income, Adjusted EBITDA, Adjusted EBITDA Margin, Free Cash Flow, and related ratios. See ”Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for an explanation of the adjustments and reconciliations to the comparable IFRS numbers.

Cautionary Note Concerning Forward-Looking Statements
This press release contains forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, Section 21E of the Securities Exchange Act of 1934, as amended, and the safe harbor provisions of the U.S. Private Securities Litigation Reform Act of 1995, that relate to our current expectations and views of future events. All statements other than statements of historical facts contained in this press release, including statements relating to our 2022 outlook, are all forward-looking statements. These statements represent our opinions, expectations, beliefs, intentions, estimates or strategies regarding the future, which may not be realized. In some cases, you can identify forward-looking statements by terms such as “believe,” “may,” “estimate,” “continue,” “anticipate,” “intend,” “should,” “plan,” “expect,” “predict,” “potential,” “could,” “will,” “would,” “ongoing,” “future” or the negative of these terms or other similar expressions that are intended to identify forward-looking statements, although not all forward-looking statements contain these identifying words. Forward-looking statements are based largely on our current expectations and projections about future events and financial trends that we believe may affect our financial condition, results of operations, business strategy, short-term and long-term business operations and objectives and financial needs. These forward-looking statements involve known and unknown risks, uncertainties, contingencies, changes in circumstances that are difficult to predict and other important factors that may cause our actual results, performance or achievements to be materially and/or significantly different from any future results, performance or achievements expressed or implied by the forward-looking statement. Important factors that could cause actual results to differ materially from our expectations are discussed under “Item 3. Key Information – Risk Factors” in Gambling.com Group’s annual report filed on Form 20-F for the year ended December 31, 2021 with the US Securities and Exchange Commission (the “SEC”) on March 25, 2022, and Gambling.com Group’s other filings with the SEC as such factors may be updated from time to time. Any forward-looking statements contained in this press release speak only as of the date hereof and accordingly undue reliance should not be placed on such statements. Gambling.com Group disclaims any obligation or undertaking to update or revise any forward-looking statements contained in this press release, whether as a result of new information, future events or otherwise, other than to the extent required by applicable law.

Condensed Consolidated Statements of Comprehensive Income (Unaudited)
(USD in thousands, except per share amounts)

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Three Months Ended June 30,

Six Months Ended June 30,

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2022

2021

2022

2021

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Revenue

15,924

10,392

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35,509

21,909

Cost of sales

(495

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)

(1,724

)

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Gross profit

15,429

10,392

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33,785

21,909

Sales and marketing expenses

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(8,454

)

(3,144

)

(15,816

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)

(5,848

)

Technology expenses

(1,499

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)

(944

)

(2,862

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)

(1,634

)

General and administrative expenses

(4,804

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)

(3,387

)

(9,632

)

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(6,159

)

Fair value movement on contingent consideration

(2,849

)

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(2,849

)

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Movements in credit losses allowance and write-offs

(72

)

240

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(597

)

100

Operating profit (loss)

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(2,249

)

3,157

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2,029

8,368

Finance income

3,491

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394

4,319

552

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Finance expense

(1,056

)

(524

)

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(1,307

)

(761

)

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Income before tax

186

3,027

5,041

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8,159

Income tax charge

(130

)

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(582

)

(499

)

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(1,248

)

Net income for the period attributable to the shareholders

56

2,445

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4,542

6,911

Other comprehensive (loss) income

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Exchange differences on translating foreign currencies

(6,559

)

490

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(7,928

)

(1,202

)

Total comprehensive (loss) income for the period attributable to the shareholders

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(6,503

)

2,935

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(3,386

)

5,709

Net income per share attributable to shareholders, basic

0.00

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0.09

0.13

0.24

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Net income per share attributable to shareholders, diluted

0.00

0.08

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Stake - Best Online Casino & Sports Betting Platform

0.13

0.22

Condensed Consolidated Statements of Financial Position (Unaudited)
(USD in thousands)

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JUNE 30,

2022

DECEMBER 31,

2021

ASSETS

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Non-current assets

Property and equipment

644

569

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Intangible assets

83,076

25,419

Right-of-use assets

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1,896

1,465

Other non-current assets

40

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Deferred tax asset

6,104

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7,028

Total non-current assets

91,760

34,481

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Current assets

Trade and other receivables

8,956

5,497

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Cash and cash equivalents

31,102

51,047

Total current assets

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40,058

56,544

Total assets

131,818

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91,025

EQUITY AND LIABILITIES

Equity

Share capital

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Capital reserve

63,711

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55,953

Share options and warrants reserve

2,901

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Stake - Best Online Casino & Sports Betting Platform

2,442

Foreign exchange translation reserve

(10,210

)

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Stake - Best Online Casino & Sports Betting Platform

(2,282

)

Retained earnings

28,550

23,796

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Total equity

84,952

79,909

Non-current liabilities

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Deferred consideration

4,664

Contingent consideration

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9,540

Lease liability

1,702

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Stake - Best Online Casino & Sports Betting Platform

1,286

Deferred tax liability

3,584

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Total non-current liabilities

19,490

1,286

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Current liabilities

Trade and other payables

5,343

3,291

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Deferred consideration

2,745

Contingent consideration

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12,218

Other liability

165

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Borrowings

6,107

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5,944

Lease liability

420

393

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Income tax payable

378

202

Total current liabilities

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27,376

9,830

Total liabilities

46,866

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11,116

Total equity and liabilities

131,818

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91,025

Condensed Consolidated Statements of Cash Flows (Unaudited)
(USD in thousands)

Three Months Ended June 30,

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Six Months Ended June 30,

2022

2021

2022

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2021

Cash flow from operating activities

Income before tax

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186

3,027

5,041

8,159

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Finance expenses (income), net

(2,435

)

130

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(3,012

)

209

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Adjustments for non-cash items:

Depreciation and amortization

1,952

634

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3,778

1,216

Movements in credit loss allowance and write-offs

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71

(240

)

597

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Stake - Best Online Casino & Sports Betting Platform

(100

)

Fair value movement on contingent consideration

2,849

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2,849

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Share option charge

885

245

1,609

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Stake - Best Online Casino & Sports Betting Platform

1,063

Cash flows from operating activities before changes in working capital

3,508

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3,796

10,862

10,547

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Changes in working capital

Trade and other receivables

2,549

14

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(2,639

)

(1,243

)

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Trade and other payables

(1,014

)

1,464

304

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2,710

Warrants repurchased

(800

)

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(800

)

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Income tax paid

(783

)

(536

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)

(783

)

(536

)

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Cash flows generated by operating activities

3,460

4,738

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Stake - Best Online Casino & Sports Betting Platform

6,944

11,478

Cash flows from investing activities

Acquisition of property and equipment

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(99

)

(188

)

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Stake - Best Online Casino & Sports Betting Platform

(242

)

(218

)

Acquisition of intangible assets

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(447

)

(1,428

)

(2,516

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)

(1,741

)

Acquisition of subsidiaries, net of cash acquired

(4,114

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)

(23,409

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)

Cash flows used in investing activities

(4,660

)

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(1,616

)

(26,167

)

(1,959

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)

Cash flows from financing activities

Interest paid

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(120

)

(121

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)

Principal paid on lease liability

(79

)

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(49

)

(165

)

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Stake - Best Online Casino & Sports Betting Platform

(95

)

Interest paid on lease liability

(45

)

(47

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)

(95

)

(96

)

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Cash flows used in financing activities

(124

)

(96

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Stake - Best Online Casino & Sports Betting Platform

)

(380

)

(312

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)

Net movement in cash and cash equivalents

(1,324

)

3,026

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(19,603

)

9,207

Cash and cash equivalents at the beginning of the period

33,069

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14,035

51,047

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8,225

Net foreign exchange differences on cash and cash equivalents

(643

)

107

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(342

)

(264

)

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Cash and cash equivalents at the end of the period

31,102

17,168

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31,102

17,168

Earnings Per Share
Below is a reconciliation of basic and diluted earnings per share as presented in the Unaudited Interim Condensed Consolidated Statement of Income for the period specified (USD in thousands, except share amounts, unaudited):

Three Months Ended June 30,

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Six Months Ended June 30,

2022

2021

2022

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2021

Net income for the period attributable to the shareholders

56

2,445

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4,542

6,911

Weighted-average number of ordinary shares, basic

35,443,258

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28,556,422

35,176,469

28,556,422

Net income per share attributable to shareholders, basic

0.00

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0.09

0.13

0.24

Net income for the period attributable to the shareholders

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56

2,445

4,542

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6,911

Weighted-average number of ordinary shares, diluted

36,057,597

31,401,166

36,131,524

31,401,166

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Net income per share attributable to shareholders, diluted

0.00

0.08

0.13

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0.22

Supplemental Information

Rounding
We have made rounding adjustments to some of the figures included in the discussion and analysis of our financial condition and results of operations together with our condensed consolidated financial statements and the related notes thereto. Accordingly, numerical figures shown as totals in some tables may not be an arithmetic aggregation of the figures that preceded them.

Non-IFRS Financial Measures
Management uses several financial measures, both IFRS and non-IFRS financial measures in analyzing and assessing the overall performance of the business and for making operational decisions.

Adjusted Net Income and Adjusted Net Income Per Share
Adjusted net income is a non-IFRS financial measure defined as net income attributable to equity holders excluding the fair value gain or loss related to contingent consideration. Adjusted net income per diluted share is a non-IFRS financial measure defined as Adjusted net income attributable to equity holders divided by the diluted weighted average number of common shares outstanding.

We believe Adjusted net income and Adjusted net income per diluted share are useful to our management as a measure of comparative operating performance from period to period as they removes the effect of the fair value gain or loss related to the contingent consideration which is not directly associated with our core operations. We expect to incur gains or losses related to the contingent consideration until April 2024. See Note 4 of the Unaudited Interim Condensed Consolidated Financial Statements for the period ended June 30, 2022 for a complete discussion of the contingent consideration.

Below is a reconciliation to Adjusted net income attributable to equity holders and Adjusted net income per share, diluted from net income for the period attributable to the equity holders and net income per share attributed to ordinary shareholders, diluted as presented in the Condensed Consolidated Statements of Comprehensive Income and for the period specified:

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Three Months Ended June 30,

Six Months Ended June 30,

2022

2021

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2022

2021

(in thousands USD, except for

share and per share data, unaudited)

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(in thousands USD, except for

share and per share data, unaudited)

Net income for the period attributable to the shareholders

56

2,445

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4,542

6,911

Fair value movement on contingent consideration

2,849

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2,849

Unwinding of deferred consideration

160

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160

Adjusted net income for the period attributable to shareholders

3,065

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2,445

7,551

6,911

Weighted-average number of ordinary shares, basic

35,443,258

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28,556,422

35,176,469

28,556,422

Net income per share attributable to shareholders, basic

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0.00

0.09

0.13

0.24

Adjusted net income per share attributable to shareholders, basic

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0.09

0.09

0.21

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0.24

Adjusted net income for the period attributable to shareholders

3,065

2,445

7,551

6,911

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Weighted-average number of ordinary shares, diluted

36,057,597

31,401,166

36,131,524

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31,401,166

Net income per share attributable to shareholders, diluted

0.00

0.08

0.13

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0.22

Adjusted net income per share attributable to shareholders, diluted

0.09

0.08

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0.21

0.22

Adjusted EBITDA and Adjusted EBITDA Margin
Adjusted EBITDA is a non-IFRS financial measure defined as earnings excluding net finance costs, income tax charge, depreciation, and amortization, effect of non-recurring items, significant non-cash items, share-based payment expense and other items that our board of directors believes do not reflect the underlying performance of the business. Adjusted EBITDA Margin is a non-IFRS measure defined as Adjusted EBITDA as a percentage of revenue.

We believe Adjusted EBITDA and Adjusted EBITDA Margin are useful to our management as a measure of comparative operating performance from period to period as they remove the effect of items not directly resulting from our core operations including effects that are generated by differences in capital structure, depreciation, tax effects and non-recurring events.

While we use Adjusted EBITDA and Adjusted EBITDA Margin as tools to enhance our understanding of certain aspects of our financial performance, we do not believe that Adjusted EBITDA and Adjusted EBITDA Margin are substitutes for, or superior to, the information provided by IFRS results. As such, the presentation of Adjusted EBITDA and Adjusted EBITDA Margin is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS. The primary limitations associated with the use of Adjusted EBITDA and Adjusted EBITDA Margin as compared to IFRS results are that Adjusted EBITDA and Adjusted EBITDA Margin as we define them may not be comparable to similarly titled measures used by other companies in our industry and that Adjusted EBITDA and Adjusted EBITDA Margin may exclude financial information that some investors may consider important in evaluating our performance.

Below is a reconciliation to Adjusted EBITDA from net income for the period attributable to the equity holders as presented in the Condensed Consolidated Statements of Comprehensive Income and for the period specified:

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Three Months Ended June 30,

CHANGE

Six Months Ended June 30,

CHANGE

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2022

2021

$

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Stake - Best Online Casino & Sports Betting Platform

%

2022

2021

$

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Stake - Best Online Casino & Sports Betting Platform

%

(in thousands USD, unaudited)

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(in thousands USD, unaudited)

Net income for the period attributable to the shareholders

56

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2,445

(2,389

)

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Stake - Best Online Casino & Sports Betting Platform

(98

)%

4,542

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6,911

(2,369

)

(34

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)%

Add Back:

Net finance costs (income) (1)

(2,435

)

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Stake - Best Online Casino & Sports Betting Platform

130

(2,565

)

n/m

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Stake - Best Online Casino & Sports Betting Platform

(3,012

)

209

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Stake - Best Online Casino & Sports Betting Platform

(3,221

)

n/m

Income tax charge

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Stake - Best Online Casino & Sports Betting Platform

130

582

(452

)

(78

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Stake - Best Online Casino & Sports Betting Platform

)%

499

1,248

(749

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Stake - Best Online Casino & Sports Betting Platform

)

(60

)%

Depreciation expense

44

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Stake - Best Online Casino & Sports Betting Platform

47

(3

)

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Stake - Best Online Casino & Sports Betting Platform

(6

)%

87

82

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Stake - Best Online Casino & Sports Betting Platform

5

6

%

Amortization expense

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Stake - Best Online Casino & Sports Betting Platform

1,908

587

1,321

n/m

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Stake - Best Online Casino & Sports Betting Platform

3,691

1,134

2,557

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Stake - Best Online Casino & Sports Betting Platform

n/m

Share-based payments

885

245

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Stake - Best Online Casino & Sports Betting Platform

640

n/m

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Stake - Best Online Casino & Sports Betting Platform

1,609

1,063

546

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Stake - Best Online Casino & Sports Betting Platform

51

%

Fair value movement on contingent consideration

2,849

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Stake - Best Online Casino & Sports Betting Platform

2,849

n/m

2,849

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Stake - Best Online Casino & Sports Betting Platform

2,849

n/m

Accounting and legal fees related to offering

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Stake - Best Online Casino & Sports Betting Platform

392

(392

)

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Stake - Best Online Casino & Sports Betting Platform

n/m

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Stake - Best Online Casino & Sports Betting Platform

898

(898

)

n/m

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Stake - Best Online Casino & Sports Betting Platform

Bonuses related to the offering

1,090

(1,090

)

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Stake - Best Online Casino & Sports Betting Platform

n/m

1,090

(1,090

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Stake - Best Online Casino & Sports Betting Platform

)

n/m

Acquisition related costs (2)

180

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Stake - Best Online Casino & Sports Betting Platform

180

n/m

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Stake - Best Online Casino & Sports Betting Platform

454

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Stake - Best Online Casino & Sports Betting Platform

454

n/m

Adjusted EBITDA

3,617

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Stake - Best Online Casino & Sports Betting Platform

5,518

(1,901

)

(34

)%

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Stake - Best Online Casino & Sports Betting Platform

10,719

12,635

(1,916

)

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Stake - Best Online Casino & Sports Betting Platform

(15

)%

________________

(1)

Net finance (income) costs is comprised of finance income, and finance expense including unwinding of deferred consideration and foreign exchange gains (losses).

(2)

The acquisition costs are related to the business combinations of the Group.

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Stake - Best Online Casino & Sports Betting Platform

n/m = not meaningful

Below is the Adjusted EBITDA Margin calculation for the period specified:

Three Months Ended June 30,

CHANGE

Six Months Ended June 30,

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Stake - Best Online Casino & Sports Betting Platform

CHANGE

2022

2021

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Stake - Best Online Casino & Sports Betting Platform

$

%

2022

2021

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Stake - Best Online Casino & Sports Betting Platform

$

%

(in thousands, USD, unaudited)

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Stake - Best Online Casino & Sports Betting Platform

(in thousands, USD, unaudited)

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Stake - Best Online Casino & Sports Betting Platform

Revenue

15,924

10,392

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Stake - Best Online Casino & Sports Betting Platform

5,532

53

%

35,509

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Stake - Best Online Casino & Sports Betting Platform

21,909

13,600

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Stake - Best Online Casino & Sports Betting Platform

62

%

Adjusted EBITDA

3,617

5,518

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Stake - Best Online Casino & Sports Betting Platform

(1,901

)

(34

)%

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Stake - Best Online Casino & Sports Betting Platform

10,719

12,635

(1,916

)

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Stake - Best Online Casino & Sports Betting Platform

(15

)%

Adjusted EBITDA Margin

23

%

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Stake - Best Online Casino & Sports Betting Platform

53

%

(30

)%

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Stake - Best Online Casino & Sports Betting Platform

30

%

58

%

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Stake - Best Online Casino & Sports Betting Platform

(27

)%

In regard to forward looking non-IFRS guidance, we are not able to reconcile the forward-looking non-IFRS Adjusted EBITDA measure to the closest corresponding IFRS measure without unreasonable efforts because we are unable to predict the ultimate outcome of certain significant items including, but not limited to, fair value movements, share-based payments for future awards, acquisition-related expenses and certain financing and tax items.

Free Cash Flow
Free Cash Flow is a non-IFRS financial measure defined as cash flow from operating activities less capital expenditures, or CAPEX.

We believe Free Cash Flow is useful to our management as a measure of financial performance as it measures our ability to generate additional cash from our operations. While we use Free Cash Flow as a tool to enhance our understanding of certain aspects of our financial performance, we do not believe that Free Cash Flow is a substitute for, or superior to, the information provided by IFRS metrics. As such, the presentation of Free Cash Flow is not intended to be considered in isolation or as a substitute for any measure prepared in accordance with IFRS.

The primary limitation associated with the use of Free Cash Flow as compared to IFRS metrics is that Free Cash Flow does not represent residual cash flows available for discretionary expenditures due to the fact that the measure does not deduct the payments required for debt service and other obligations or payments made for business acquisitions. Free Cash Flow as we define it also may not be comparable to similarly titled measures used by other companies in the online gambling affiliate industry.

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Below is a reconciliation to Free Cash Flow from cash flows generated by operating activities as presented in the Unaudited Interim Condensed Consolidated Statement of Cash Flows for the period specified:

Three Months Ended June 30,

CHANGE

Six Months Ended June 30,

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Stake - Best Online Casino & Sports Betting Platform

CHANGE

2022

2021

$

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Stake - Best Online Casino & Sports Betting Platform

%

2022

2021

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Stake - Best Online Casino & Sports Betting Platform

$

%

(in thousands USD, unaudited)

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Stake - Best Online Casino & Sports Betting Platform

(in thousands USD, unaudited)

Cash flows generated by operating activities

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Stake - Best Online Casino & Sports Betting Platform

3,460

4,738

(1,278

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Stake - Best Online Casino & Sports Betting Platform

)

(27

)%

6,944

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Stake - Best Online Casino & Sports Betting Platform

11,478

(4,534

)

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Stake - Best Online Casino & Sports Betting Platform

(40

)%

Capital Expenditures (1)

(546

)

(1,616

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Stake - Best Online Casino & Sports Betting Platform

)

1,070

66

%

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Stake - Best Online Casino & Sports Betting Platform

(2,758

)

(1,959

)

(799

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Stake - Best Online Casino & Sports Betting Platform

)

(41

)%

Free Cash Flow

2,914

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Stake - Best Online Casino & Sports Betting Platform

3,122

(208

)

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Stake - Best Online Casino & Sports Betting Platform

(7

)%

4,186

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Stake - Best Online Casino & Sports Betting Platform

9,519

(5,333

)

(56

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Stake - Best Online Casino & Sports Betting Platform

)%

(1)

Capital expenditures are defined as the acquisition of property and equipment and the acquisition of intangible assets.

Gambling in the USA

California Gambling Control Commission Advances Licensing, Tribal Partnerships, and Responsible Gaming Initiatives

Published

on

Sacramento, CA — In a meeting packed with regulatory updates and licensing decisions, the California Gambling Control Commission (CGCC) convened on April 24 to advance numerous agenda items impacting the state’s gambling landscape—from tribal gaming approvals to responsible gambling programs and operator renewals.

Problem Gambling & Public Health Takes the Stage

The Commission meeting opened with a presentation by Sosha Marasigan-Quintero from the California Department of Public Health, offering an overview and update on the California Problem Gambling Treatment Services Program. While no specific staff recommendations were provided, the update underscores California’s continued focus on behavioral health in gambling.

Tribal Revenue Distribution Approved

The Commission approved the quarterly distribution of payments from the Revenue Sharing Trust Fund to eligible recipient Indian Tribes. This routine, yet vital, procedure ensures the equitable distribution of revenue to support tribal sovereignty and infrastructure across the state.

Cardroom Licensing: Approvals and Extensions

Among key licensing matters:

  • 500 Club Casino (K & M Casinos, Inc.) received both initial and renewal owner-type license approvals through January 2027.

  • Casino Chico, Hollywood Park Casino, and Lake Bowl Cardroom were granted renewals and short-term extensions, some with conditions such as improving record-keeping systems or ensuring regulatory compliance ahead of reopening.

  • Hotel Del Rio & Casino was granted a 60-day extension under several strict conditions, including updated safety plans and the restatement of commingled financial records.

Key Employee Licensing Actions

The Commission approved several initial and renewal key employee licenses. Notably:

  • Jeffrey Thompson was approved with a condition prohibiting involvement in illegal gambling activities.

  • Kevin Lee and George Rahme received 120-day extensions for renewal processing.

Third-Party Proposition Player Services Under Scrutiny

The Commission approved both initial and temporary licenses for Fortune Players Group, Inc., with a lengthy list of conditions tied to the conduct of a former associate, Rene Medina. These conditions highlight the Commission’s ongoing vigilance in monitoring third-party player services and maintaining compliance across operations.

Progressive Gaming, LLC was also approved for an initial license, further expanding third-party service provider capacity.

Gaming Resource Suppliers & Tribal Approvals

Initial suitability findings for several prominent tribal gaming resource suppliers were approved, including:

  • HCAL, LLC

  • JCM Global

  • Konami Gaming, Inc.

  • PDS Gaming, LLC

Dozens of tribal gaming employees were also approved for key positions at tribal casinos across California, reflecting the Commission’s continued support of tribal gaming operations and the necessary workforce to support it.

Notable Withdrawals and Denials

In two notable cases, requests to withdraw license applications—Josephine Hoang and Jesus Bojorquez—were denied, signaling the Commission’s increased scrutiny and emphasis on applicant accountability.

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A Broader Look Ahead

With regulatory reform on the horizon and ongoing efforts to promote responsible gaming, the April 2025 CGCC meeting showcased a mix of routine license management and deeper engagement with emerging compliance issues. As the Commission prepares for the next quarter, the groundwork laid in this session will likely influence policy developments and enforcement trends across California’s gambling sector.

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Gambling in the USA

NEW YORK CASINO IN MEXICO WELCOMES CONCEPT AND NEW GAMES FROM ZITRO

Published

on

 

The renowned Mexican operator Logrand has installed Zitro’s new CONCEPT cabinets and a selection of its latest games at the New York Casino in Monterrey.

Building on its global success, the CONCEPT cabinet line stands out for its Magic Lighting, immersing players in a synchronized light display, resulting in a unique sensory experience. Furthermore, the cabinet’s large Screen Deck blends comfort with intuitive functionality, optimizing the experience for players and operational teams.

The installation of the CONCEPT cabinets is complemented by the addition of the medieval-themed multi-game Legendary Sword, in which players can double their prizes through unique mechanics with the help of a magic sword.

On the other hand, Fairyland Quest takes players to an enchanted forest where Magic Mushrooms give access to a different bonus each, while a friendly Fairy will give a special bonus that doubles the playing area.

Juan David Baracaldo, Director of Operations and Product, highlighted: “The addition of Zitro’s CONCEPT cabinets is a great step to continue offering unique and high-quality experiences to our players. The unique combination of technology, spectacular graphics, and the experience these cabinets offer will further elevate our casino’s entertainment offering.”

For his part, Johnny Ortiz Viveiros, founder of Zitro, expressed: “We are very excited to strengthen our partnership with Logrand, a strategic partner that shares our vision of providing exceptional gaming experiences. The new CONCEPT cabinets and games like Legendary Sword and Fairyland Quest are just the beginning of what will transform how players enjoy entertainment.”

 

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Gambling in the USA

Sky River Casino Guest Wins Half-million Dollars Playing Progressive Blackjack

Published

on

 

Sky River Casino has announced that an Elk Grove resident has won a whopping $511,311 while playing progressive blackjack on March 31, 2025. The Sky River Rewards member hit the big win after playing the table game for less than an hour.

“Our progressive table games and slot machines continue to be really hot here at Sky River Casino. Our players have had an impressive number of life-changing jackpots and our winning streak continues. We look forward to the next big win and welcome adults near and far to visit to explore and enjoy our high-energy atmosphere, lively promotions, exciting gaming, and unparalleled dining experiences,” said Michael J. Facenda, President of Sky River Casino.

The lucky local guest plans to use her winnings to renovate a kitchen and build a house back home.

“Without question, the best part of my job is watching our valued members and guests experience jaw dropping wins like this one. We all share in the incredible excitement that is absolutely contagious and can be felt throughout the casino,” said Charleen Ripley, VP of Casino Operations for Sky River Casino.

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GamingAmericas.com (part of HIPTHER) is your one-stop portal for the latest news, insights, and analyses in the gaming industry across the Americas. From legislative updates and market trends to interviews with industry leaders, we provide a comprehensive look at the dynamic landscape of both online and land-based gaming. Whether you're a stakeholder looking to stay ahead of the curve or a gaming enthusiast eager for reliable updates, GamingAmericas.com has got you covered. Follow us on social media and subscribe to our newsletter for real-time updates and exclusive content. Make informed decisions and stay ahead in the game with GamingAmericas.com.

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