Canada
Real Luck Group Provides Corporate Update and Announces Restructuring of Operations Following Termination of LOI
Following a thorough examination and assessment of the proposed Merger or Acquisition, the Company has determined that the potential transactions under consideration since the announcement on September 7th are not viable and are not currently in the best interest of the Company and its shareholders. Furthermore, despite the significant growth the Company has experienced since the start of 2023 and its well documented and defined requirement for additional funding to support this continued expansion, it has been unable to secure the required capital injection due to persistently challenging conditions in the capital markets.
The Company will now look to restructure its operations. This means an immediate suspension of betting and player registrations on its B2C platform, Luckbox.com and a shift towards the more cost effective B2B activities of the Company. B2C has generated all the Company’s revenue to date, but achieving profitability will require significantly more capital than launching the B2B platform.
All Luckbox players will continue to be able to withdraw their funds, which are segregated from the Company’s operational funds and will be supported as per the requirements of the Online Gambling Regulation Act 2001.
The Company has also resolved to wind up Real Time Game Services Ltd (“RTGS”)., an indirect material subsidiary in the Isle of Man (“IOM”) that services the group and holds agreements with the majority of the B2C service providers, contractors and employees. In this regard, insolvency practitioners have been engaged in the IOM and the process to wind up RTGS has started.
The insolvency is isolated to RTGS and no other subsidiaries of the Company are affected, including the license holder Real Time Games Holding Ltd.
The restructuring is expected to be completed this year and will result in a new optimized and better focused corporate structure with no debt and minimal cash burn.
The Company also continues to explore other strategic and operational options, including but not limited to a potential merger, acquisition, or a capital raise for growing its B2B or restarting B2C operations. Any potential transaction which is determined by the board of the Company to be in the interest of the Company and its shareholders may be, ultimately, contingent upon approval from the TSX Venture Exchange (“TSXV”) and the Company’s shareholders, as applicable. There can be no assurance that this process will result in any specific financial transaction. The Company does not plan to provide updates on the status of the transaction unless there are material developments to report.
Jo-Anne Archibald (Company Secretary) and Benn Timbury (COO) have both resigned as officers for the Company during September 2023. Benn Timbury continues to support the Company as an adviser. The Directors of the Company remain unchanged.
Canada
IGT Delivers World Premiere of Powerbucks Blackjack Online Game in Canada
International Game Technology PLC announced that its new Powerbucks Blackjack game is now available to online players in multiple jurisdictions in Canada. The theme links to IGT’s Powerbucks omnichannel wide-area progressive (WAP) jackpot prize pool, Canada’s largest jackpot connecting land-based, online and mobile games.
“IGT is excited to build on its omnichannel jackpot leadership in Canada and the success of our Powerbucks portfolio by delivering a new evolution of one of the most popular casino card games. Designed to deliver the ultimate gaming experience, IGT’s Powerbucks Blackjack offers players the opportunity to win life-changing jackpots and provides operators with another compelling content option to help drive strong performance results,” said David Flinn, IGT SVP Canada, EMEA, and LATAM Gaming Sales.
Bringing a player-favorite card game to a new level, IGT’s Powerbucks Blackjack offers a state-of-the-art user interface with vibrant animations, language localization, and a sleek design for an engaging experience.
Launched in 2016, IGT Powerbucks slots is the world’s first omnichannel WAP game that links the jackpot prize pool between gaming machines found in land-based casinos with digital-based games in Canada. Since their debut, Powerbucks slots have paid over 50 jackpots of 1 million dollars or more across the country.
Canada
THE CANADIAN GAMING ASSOCIATION ANNOUNCES ELECTION OF NEW BOARD MEMBERS
- Bruce Caughill, Managing Director, Canada, Rush Street Interactive
- Peter Czegledy, Partner, Aird & Berlis LLP
- Neil Erlick, Chief Corporate Development Officer, Nuvei
- Charmaine Hogan, Head of Regulatory Affairs, Playtech
- Dale Hooper, General Manager Canada, FanDuel
- Chuck Keeling, EVP, SH Engagement, Community and Social Responsibility, Great Canadian Entertainment
- David Lucchese, Executive Vice President, Sales & Marketing, Everi
- Adrianne McGrath, Vice President, Business Development, Konami Gaming
- Terry McInally, Chief Compliance Officer & Chief Information Officer, Gateway Casinos
- Niaz Nejad, Managing Director, Americas – Gaming, Light & Wonder
- Bob Parente, SVP Chief Revenue Officer, Gaming, Light & Wonder
- Derek Ramm, Global Head, Advisory Services, Kinectify
- Lindsay Slader, SVP Compliance, GeoComply
- Richard Taylor, President, MGE Entertainment – Fallsview
- Scott Vanderwel, Chief Executive Officer Canada, PointsBet Canada
Canada
Loto-Québec Reports Net Income of $771.3M for Q2
As expected at the end of the first quarter, Loto-Québec had an excellent second-quarter performance. Therefore, halfway through fiscal 2024–25, the corporation is in an excellent position with better results over the same period last year and still in line with its forecasts. It is thus on its way to reaching its net income target for the current year.
For the second quarter, which ran from June 25 to September 30, 2024, Loto-Québec posted total revenues of $814.2M (+16.1%) and a net income of $421.6M (+18.5%). Overall, for the period from April 1 to September 30, 2024, its total revenues reached $1.504B (+6.5%) and its net income was $771.3M (+4.7%). It is worth noting that lottery winners have received nearly $720M in prizes since the current fiscal year began.
Quotes from the President and CEO
“If we’re in such a good position halfway through the fiscal year, it’s thanks to the work done across all our sectors over the last few months. We obtained excellent results despite the economic context, reinforcing our confidence that we’ll reach our net income annual target. Remember that 100% of our profits are reinvested in the community,” said Jean-François Bergeron.
“Responsible commercialization has remained a priority in everything we offer. We’ve created an enhanced program—Wise Play—to consolidate our actions in this field. We proudly launched it in mid-September, along with a campaign raising people’s awareness of the importance of setting limits. Among other things, through this program, we can present a unified message so that a game remains a game.”
Cumulative Results by Sector
For the period from April 1 to September 30, 2024
• Lottery product sector revenues amounted to $474.2M.
• Casino and gaming hall sector revenues were $608.9M. This sector is once again on the way to a record year.
• Gaming establishment sector revenues totalled $432.5M.
Quarterly Highlights and Social Contributions
For the period from June 25 to September 30, 2024, the lottery crowned 28 new millionaires, bringing the total of new millionaires since the beginning of the fiscal year to 50.
On September 10, Lotto Max became more generous than ever. Its maximum jackpot increased from $70M to $80M—no Canadian lottery had ever awarded such an amount. A few days later, the record $80M jackpot was won in the September 17 draw, and one of the two winning selections had been purchased in Québec. An Outaouais resident took home half the jackpot with a play he bought online.
The Loto-Québec responsible gambling website had a makeover as part of the launch of the enhanced Wise Play program. It presents content such as information to help players better understand the notions of chance and odds, valuable tips to manage their gambling, and ways of getting help if needed. The website can be reached at wiseplay.ca.
The Collection Loto-Québec is proudly celebrating its 45 years this fall. To mark the occasion, some thirty of its works were showcased at the end of September in the Voir bleu exhibition, which was entirely curated in-house and shown in the Collection’s new exhibition space at the corporation’s head office.
Loto-Québec was honoured to be a presenting partner at the celebrations surrounding the 150th anniversary of Parc Jean-Drapeau, home to the Casino de Montréal for over 30 years. The iconic park hosts several major events, some of which are part of the Rendez-vous Loto-Québec.
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