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Kindred Group Announces North America Exit and Actions to Accelerate Profitable Growth

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As part of its strategic review, Kindred Group will exit the North American market with the expectations to have fully exited operations in the market by the end of Q2 2024, subject to the regulatory process. The Group also announced decisive actions to drive growth on core markets and dedicated cost reduction initiatives, which includes a reduction of over 300 employees and consultants during 2024. In total, these initiatives are expected to result in annualized gross cost savings of approximately GBP 40 million.

Kindred Group announced an interim update on the strategic review initiated by the Board of Directors on 26 April 2023. As part of the strategic review, Kindred will immediately start an exit process from the North American market with the expectations to have fully exited operations by the end of Q2 2024, subject to the regulatory process. The re-allocation of financial and tech resources towards existing core markets will improve ability to capitalize on core market potential and gain market share.

The re-allocation of financial and tech resources enables Kindred to initiate growth initiatives across its core market footprint. These initiatives include, but are not limited to;

  • Additional brand extensions of hyper local casino brands in selected markets
  • Re-allocation of marketing investments and tech resources to selected markets and strategic projects with convincing growth opportunities
  • Continued product differentiation through exclusive content.

Additionally, Kindred introduces further cost reduction initiatives. In addition to non-headcount opex savings, Kindred has also addressed its organizational structure with the intent to achieve a leaner and more efficient organization focused on selective growth initiatives. This will include a reduction of over 300 employees (including employees in North America) and consultants during 2024. The cost reduction initiatives are expected to result in annualized gross cost savings (opex and capex) of approximately GBP 40 million.

“The cost reduction actions announced today are both necessary and decisive. While it is never a desire to inform valued colleagues of redundancies, this puts us in a stronger position to secure long-term growth for Kindred across our locally regulated core markets. We can now focus our resources and tech capacity towards strategic initiatives and selected markets where we see clear potential to grow our market share,” Nils Andén, Interim CEO of Kindred Group, said.

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GAN Announces Recent Appointment of Seamus McGill to Chief Executive Officer

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GAN Limited, a leading North American B2B technology provider of real money internet gaming solutions and a leading International B2C operator of Internet sports betting, announced that Seamus McGill has recently been named the Company’s Chief Executive Officer. Mr. McGill had previously been serving in an interim capacity.

Mr. McGill’s will remain on the Company’s board of directors and will be focused on guiding the Company toward a timely closing with Sega Sammy Creation Inc.

“Seamus has the full backing of the board of directors and we are confident that his experience and leadership make him the most qualified candidate to be GAN’s next CEO. Seamus has been with the Company since 2014 and has a deep understanding of GAN’s products, customers, and strategy. On behalf of the entire Board of Directors, I’d like to congratulate Seamus on his appointment and we look forward to his success,” David Goldberg, the Company’s Chairman of the Board, said.

“It’s an honor to be named GAN’s CEO and I’d like to thank David and the board for their vote of confidence. Going forward, our focus remains unchanged. We remain committed to a timely closing of our transaction with Sega Sammy to maximize value for all of our stakeholders,” added Seamus McGill.

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Lottery.com Acquires SportLocker

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Lottery.com Inc., a leading online lottery services provider, announced the strategic acquisition of S&MI Ltd. (SportLocker).

As part of the acquisition, SportLocker, rebranded as Sports.com, will immediately launch as a premier platform for sports fans worldwide, marking a pivotal leap in Sports.com’s evolution as the next-gen digital sports entertainment space. The platform merges innovative community-driven aspects with expansive content and technology, creating a new era of sports engagement.

Details of Acquisition

The stock-based acquisition is a significant step in Sports.com’s strategy to diversify and magnify its digital entertainment and sports engagement footprint, introducing a service that seamlessly blends sports and social for a truly immersive fan experience.

Creating the next Gen Sports Entertainment Platform

Sports.com is poised to redefine digital sports entertainment by introducing a platform that aims to combine: 24 hours of sports news; live streaming; hours of exciting new content, including original documentaries, films, and exclusive behind-the-scenes access. By offering innovative ways for fans to watch sports—when they want, where they want, directly on their devices, regardless of the country—Sports.com is determined to break new ground. Throughout 2024, the Company plans to add additional features to and invest in innovative technologies for Sports.com that focus on immersing sports fans with content that truly matters to them though the establishment of communities and sports-centric social media interactions with some of the biggest stars in sports: past, present, and future.

Creating a New Vision for Sports Entertainment

The Company is initially focused on rolling out Sports.com in the US and Europe, along with concentrated efforts in the Middle East. Sports.com is determined to expand globally, targeting high-energy sports such as soccer, motor racing (in all forms), football, baseball, basketball, MMA, boxing, cricket, golf, field and ice hockey, and tennis at the grassroots level. A dedicated parallel program committed exclusively to women’s sports is expected to launch, showcasing the latest methods for fan engagement, sponsorship acquisition, and generating new revenue streams for clubs and teams.

The Company previously announced plans for club acquisition, sponsorship, and media partnership programs. These initiatives, initially focused on UK soccer clubs, MLS, and USL, are spearheaded by Marc Bircham, Sports.com head of business development, and they reflect Sports.com’s commitment to making a significant impact in the sports and media landscape, particularly with the American audience in mind, leveraging the vast and lucrative American sports industry.

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Mohegan Appoints Kurt Shotzberger as VP of Financial Planning & Analysis

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Mohegan, a globally recognized leader in entertainment and gaming, has announced the appointment of Kurt Shotzberger as the Vice President of Financial Planning & Analysis. In this role, Shotzberger will spearhead budgeting, financial modeling, forecasting and financial and operational analysis, as well as strategic planning. His work will be instrumental in shaping the economic future of Mohegan, ensuring sustainability and success across all facets of the organization.

“Kurt’s extensive background in finance and gaming brings a unique perspective and invaluable expertise to our team. His skills will be crucial as we navigate the ever-evolving landscape in our industry, and we’re really looking forward to seeing the innovative direction Kurt will offer as part of Mohegan,” Ray Pineault, President and CEO of Mohegan, said.

With over two decades of experience in finance, including 15 years in the gaming industry, Shotzberger brings a wealth of knowledge and expertise to Mohegan. His professional highlights include various senior leadership roles at IGT, a global leader in gaming technology and serving as Vice President of Gaming & Lodging investment banking with Wachovia Securities. A seasoned professional, Shotzberger’s career is marked by his achievements in enhancing brand performance and driving growth. His appointment at Mohegan is a testament to his abilities and the company’s commitment to excellence and innovation.

“Stepping into the role at Mohegan allows me to apply my background in a manner that aligns with my professional ethos. This opportunity is both a privilege and a significant responsibility which I am eager to begin while making meaningful contributions along the way,” said Kurt Shotzberger, Vice President of Financial Planning & Analysis at Mohegan.

Shotzberger, who is a Pennsylvania native, has an educational background that includes a Bachelor of Science in Business from Wake Forest University alongside professional certifications that underscore his expertise in economic forecasting and analysis. His approach to finance is deeply aligned with Mohegan’s core values, emphasizing mutual respect, cooperation and building lasting relationships.

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