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Conscious Gaming Appoints Three Members to Newly Created Advisory Board – Deepens Commitment to Responsible Gaming Effectiveness
Conscious Gaming today announced the creation of an Advisory Board to help the non-profit as it continues to build scale and deepen its commitment to utilizing advanced technology to strengthen responsible gaming and exclusion programs across the iGaming and sports betting industries in the U.S.
Conscious Gaming’s new Advisory Board will guide efforts to build technical solutions based on evidence-based research to better help people deal with gambling-related problems and provide the industry with preventative tools.
The esteemed members appointed to the Advisory Board are:
- Brett Abarbanel, PhD – Director of Research, International Gaming Institute, UNLV; Assistant Professor, William F. Harrah College of Hospitality; Research Affiliate, University of Sydney
- Debi A. LaPlante, PhD – Director of the Division on Addiction, Cambridge Health Alliance, a Harvard Medical School Teaching Hospital and an Assistant Professor of Psychiatry at Harvard Medical School (HMS)
- Kahlil Philander, PhD – Assistant Professor of Hospitality Business Management at Washington State University
“In order to shape our initiatives and achieve our goals, it is imperative we collaborate with leading academic organizations and stakeholders dedicated to responsible gaming policy and the prevention of problem gambling,” said Conscious Gaming Trustee Anna Sainsbury. “We are honored these incredibly accomplished individuals have agreed to come aboard and help us tackle the challenges in front of us. Individually, they are among the best in the world, and combining their talents and expertise on the Conscious Gaming board can open up tremendous opportunities for us to pursue in the future.”
Conscious Gaming endeavors to unite the industry in order to solve the challenges created by the patchwork of state-by-state requirements in the United States.
“Gambling in the U.S. is going through massive growth, in which platforms compete to create the most appealing digital gambling experiences,” said Dr. Abarbanel. “I value the opportunity to assist Conscious Gaming in applying their vast, advanced technological knowledge to a variety of important social responsibility initiatives in the gambling space, with the shared goal of developing a sustainable environment.”
The first effort from Conscious Gaming is a responsible gaming technology tool called PlayPause. PlayPause is an exclusion tool, blocking betting from taking place for those who self-exclude (voluntary) and those who are impermissible (involuntary) due to their company policies or state regulations prohibiting their participation. Examples of impermissible bettors include coaches, players and referees from sports leagues as well as gaming company and state regulator employees.
“I’m eager to help Conscious Gaming think about how to build new technology-based solutions for mitigating gambling-related problems,” said Dr. LaPlante. “At the Division on Addiction, I work to alleviate addiction-related burdens through my research and other activities. I look forward to applying evidence-based insights to Conscious Gaming’s development efforts.”
PlayPause has started rolling out, with the Pennsylvania Gaming Control Board becoming the first state regulator to deploy the technology. When a consumer elects to self-exclude in Pennsylvania, they visit the PGCB website and register online. As part of the process, consumers have the option to opt-in to PlayPause, extending their exclusion outside their state borders. Ultimately the goal is to get all state regulators, gaming operators and sports leagues to adopt PlayPause, so for the first-time, a multi-state, information-sharing repository can be established nationwide, extending an individual’s protection wherever they are.
“I’m pleased to join Conscious Gaming in their mission to strengthen responsible gambling programs,” said Dr. Philander. “We know that self-exclusion programs have helped thousands of people regain control of their gambling problems, and PlayPause will transform the reach and effectiveness of these programs. As the gaming industry continues to grow and change, responsible gambling programs need to evolve too.”
Advisory Board Biographies:
Brett Abarbanel, PhD
Brett Abarbanel is director of research at the University of Nevada, Las Vegas International Gaming Institute, with an affiliate position at the University of Sydney. She has expertise in global gambling and social science applications, and her research covers Internet gambling policy and behavior, esports and gambling, operations and technology, and responsible gambling and community relations. Dr. Abarbanel is the co-executive editor of the UNLV Gaming Research & Review Journal, editorial board member at International Gambling Studies and Harvard’s Division on Addiction’s Brief Addiction Science Information Source, and recently completed a term on the International Advisory Panel for Singapore’s National Council on Problem Gambling. She has been interviewed as a gambling expert for the New York Times, Wall Street Journal, and the Discovery Channel and served as a consultant for multiple industry and government entities. She is a founding director of the Nevada Esports Alliance, which promotes development of best practices at the intersection of the esports and regulated gambling industries. Dr. Abarbanel was honored by The Innovation Group with their 2015 Emerging Leader Award, and was named to the 2016 Global Gaming Business 40 Under 40 list. She completed her B.S. in Statistics and B.A. in Architectural Studies at Brown University, where she received the Hartshorn Hypatia Award for excellence in mathematics. She completed her M.S. and Ph.D. at University of Nevada, Las Vegas, where she received the Best Thesis and Best Dissertation awards for her work on sportsbook patronage and online gambling user experiences, respectively.
Debi A. LaPlante, PhD
Dr. Debi LaPlante is director of the Division on Addiction at the Cambridge Health Alliance, and an assistant professor of psychiatry at Harvard Medical School. She joined the Division in 2001 and is involved with its diverse research, education, training, and outreach activities. With her colleagues, she developed the Syndrome Model of Addiction, and co-edited the two volume APA Addiction Syndrome Handbook. She has authored dozens of book chapters, journal articles, and reports. Dr. LaPlante authored the Harvard Health Publishing ebook Responsible Drinking for Women. Dr. LaPlante’s current research involves assessments of public health treatment and intervention systems, studies of actual gambling and daily fantasy sports behavior, and tribal participatory research to develop a culturally grounded, mental health first-response training program, xaʔtu̓s (Salish for First Face) for Mental Health. In addition to these activities, Dr. LaPlante is a member of the editorial team for the Division’s The Brief Addiction Science Information Source. She also has been a course director for online and live continuing education courses for addiction, and for gambling-related problems specifically. She is a regular reviewer for research grants and academic journal submissions. Dr. LaPlante spearheaded the Division’s Cambridge Health Alliance Readiness for Gambling Expansion initiative, which features Gambling Disorder Screening Day on the second Tuesday of March annually. Dr. LaPlante has a PhD in Social Psychology from Harvard University.
Kahlil Philander, PhD
Dr. Kahlil Philander is an Assistant Professor in the School of Hospitality Business Management. He also holds an appointment as an Honorary Lecturer in the School of Psychology at the University of Sydney. His research interests are in the socio-economics of gambling. Previously, he was the Director of Social Responsibility at the British Columbia Lottery Corporation where he oversaw the GameSense program. Dr. Philander also spent time as an Assistant Professor and Director of Research at the University of Nevada, Las Vegas’ International Gaming Institute. He holds a Ph.D. from the University of Nevada, Las Vegas, an MA in economics from the University of Toronto, and a BCom with Honors in finance from the University of British Columbia.
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Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.
Summary of 3Q24 Financial and Operational Highlights
| Euros (millions)(1) | 3Q24 | 3Q23 | Change |
| Revenue | € 26.2 | € 22.6 | 15.9 % |
| Gross profit | € 14.0 | € 11.9 | 18.1 % |
| Gross profit margin | 53.5 % | 52.5 % | 99 bps |
| Adjusted EBITDA(2) | € 4.1 | € 3.8 | 7.1 % |
| Adjusted EBITDA margin | 15.6 % | 16.9 % | (129) bps |
| Operating Income (Loss) | € (0.4) | € (2.1) | (81.0) % |
(1) Bragg’s reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) “Adjusted EBITDA” is a non-IFRS measure. For important information on the Company’s non-IFRS measures, see “Non-IFRS Financial Measures” below.
Chief Executive Officer Commentary
Matevž Mazij, Chief Executive Officer for Bragg, commented, “The third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.
“Additionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Company’s strategic plan is the best way to maximize value for shareholders at this time.
“Since stepping in as Chairman 16 months ago and then as CEO 14 months ago, we’ve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, we’ve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
“With the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, we’re poised for an exciting, high-growth, and profitable future.”
Third Quarter 2024 and Recent Business Highlights
- Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Bragg’s existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
- Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
- Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
- Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Bragg’s 6th PAM customer in the Netherlands, reinforcing Bragg’s status as the leading technology and content supplier in the Dutch market
- Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
- Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Bragg’s interim CFO since July 1, 2024.
Additional September 30, 2024 Key Financial Metrics
- For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
- Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)
Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Company’s intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
Don Robertson, independent Board member and Chair of the Special Committee, said, “After a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Bragg’s strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Bragg’s Board will continue to be open to and consider all opportunities for enhancing shareholder value.”
“Over the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospects” said Matevž Mazij, Chairman and CEO of Bragg.
Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.
Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Bragg’s position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.
BetMGM, a leading sports betting and iGaming operator, announced an extension of its partnership with the Vegas Golden Knights through the 2026-27 season. As part of the agreement, BetMGM will continue as an Official Betting Partner of the Vegas Golden Knights with prominent signage on the Knight Tron and throughout T-Mobile Arena as well as co-branded content and exclusive promotions. The partnership also features multiple fan engagement opportunities including watch parties and Toshiba Plaza activations.
“BetMGM is proud to continue our partnership with the Vegas Golden Knights, giving us the opportunity to create memorable moments alongside one of the world’s most passionate hockey fan bases. Las Vegas is BetMGM’s hometown and an integral part of our DNA, so the Golden Knights are a natural fit for our brand.” – Matt Prevost – BetMGM, Chief Revenue Officer.
Throughout the season, BetMGM will host watch parties featuring team mascots at various MGM Resorts destinations. The operator also will plan activations in Toshiba Plaza during select Golden Knights home games where fans can begin the BetMGM mobile app registration process for the chance to win prizes.
“BetMGM is a long-standing partner with the Golden Knights and a brand synonymous with this great city,” said Vegas Golden Knights President and CEO Kerry Bubolz. “We look forward to continue working together on events and activations that we know entertain our fans.”
Lance Evans, SVP Sports and Sponsorships, MGM Resorts, said, “The Vegas Golden Knights play a core role in the Las Vegas sports and entertainment experience and it’s a privilege to welcome both local and visiting fans to our properties before, during and after games. Together with BetMGM, we look forward to co-hosting events that will allow guests to engage with their favorite teams in new and exciting ways.”
BetMGM users can take advantage of the robust offering of prop markets for Golden Knights games this season, frequent in-app odds boosts and the interactive same game parlay betting feature. New BetMGM customers who download the BetMGM app and verify at one of BetMGM’s nine retail sportsbooks within walking distance of T-Mobile Arena will receive a first bet offer of up to $250 paid back in bonus bets if their first bet loses (offer only available in Nevada; bonus bets are non-withdrawable and expire in seven days.) Through the recently launched single account and wallet app upgrade, BetMGM users who sign up in Nevada and reside in other BetMGM U.S. mobile markets can continue to wager upon returning home.
Everi Holdings Inc., a premier provider of land-based and digital casino gaming content and products, financial technology, player loyalty solutions, and bingo, announced that its stockholders have voted at a special meeting of Everi stockholders to approve the pending simultaneous acquisition of Everi and the Gaming & Digital business of International Game Technology PLC by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. through a merger. As previously announced, pursuant to the terms of the merger agreement, Everi stockholders will receive $14.25 per share in cash for every share of Everi common stock they own immediately prior to the effective time of the merger.
At the Special Meeting, approximately 99.88% of the shares voted were voted in favor of the merger, which represented approximately 71.48% of the total outstanding shares of Everi common stock as of October 3, 2024, the record date for the Special Meeting.
“We are pleased that our stockholders supported our transaction with the Apollo Funds,” said Michael Rumbolz, chairman of the Company’s Board of Directors. “We now shift our focus to the important next steps toward completing the transaction and maximizing value for Everi stockholders.”
Assuming timely satisfaction of necessary closing conditions, the proposed transaction is expected to close by the end of the third quarter of 2025.
The final voting results on the proposals voted on at the Special Meeting will be set forth in a Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the “SEC”).
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