Press Releases
GALAXY GAMING REPORTS Q1 2024 FINANCIAL RESULTS

Galaxy Gaming, Inc., a developer and distributor of casino table games and enhanced systems for land-based casinos and iGaming content, announced its financial results for the quarter ended March 31, 2024.
Financial Highlights
Q1 2024 vs. Q1 2023
- Revenue (net) increased 8% to $8,001K, a record
- Revenue (gross) increased 18% to $9,660K, a record
- Net income increased 89% to $209K
- EBITDA increased 7% to $3,009K
- Adjusted EBITDA increased 3% to $3,171K
Balance Sheet Changes (vs. December 31, 2023)
- Cash increased 5% to $17,487K
- Total long-term debt1Â (gross) decreased to $58,187K from $58,431K
- Stockholders’ deficit decreased to $(17,899)K from $(18,243)K
Executive Comments
“The first quarter of 2024 showed continued growth at the top and bottom lines,” said Matt Reback, President and CEO. “Both gross and net revenue were records, and by significant margins.  And our Adjusted EBITDA was just shy of the record achieved in Q2 23, when we had $1.6 million in perpetual license sales as compared to $805 thousand in Q1 24. While sales of perpetual licenses were higher than we had planned in Q1 24, they were lower than last year and we remain principally reliant on recurring license revenue, which was 92% of gross revenue in Q1 24 as compared to 85% in Q1 23.
“In the Core sector of our business, Gross Revenue for the quarter was up $1.0 million (20%) and Net Revenue grew by $225 thousand (+4%). Our distribution of EZ Baccarat®, which commenced in September 2023, accounted for the bulk of the increase in recurring license revenue in our Core sector. Also, our GOS product continues to gain momentum with over 100 installations, and development of GOS 2.0 continues on schedule for release later this year. In our iGaming sector, revenues were up 14% on a gross basis and 16% after netting out royalties.
“We have been hard at work on product development under the leadership of Michael Ratner, and I expect that we will have some interesting product innovation news to announce in the coming months.” concluded Reback. “This has been a principal area of focus for me since I joined Galaxy late last year and I am proud of the momentum our entire product team is gaining.”
“We were cash flow positive in the quarter and ended with $17.5 million in cash,” added CFO Harry Hagerty. “Our loan from Fortress Credit Corp. requires our net leverage not to exceed 5.0x at any of the quarter-ends in 2024, and at the end of Q1 we were at 3.8x, comfortably in compliance. It remains our intention to reduce our net leverage by focusing on both EBITDA growth and debt reduction and to pursue sensible refinancing opportunities.
“Our Q1 2024 results strongly support the guidance that was given when we released our Q4 2023 earnings. However, we will wait until we have Q2 results in hand and better visibility into the second half of the year before considering whether any changes to guidance would be appropriate. As stated previously, our guidance assumes no impact to our business from the wars in Ukraine and the Middle East, no economic recession or pandemic, and is a Forward-Looking Statement subject to our safe harbor language below. Finally, the forecast is based on currency exchange rates that we experienced in the fourth quarter of last year.”
Latest News
Internet Vikings Supports Games Global with Transition to In-State VMware Cloud Infrastructure

Internet Vikings, a licensed hosting provider for the U.S. iGaming and online sports betting industry, has entered into an agreement with Games Global to provide in-state hosting infrastructure that addressed challenges and ensures a more reliable, modern, and fully managed solution.
Earlier this year, Games Global approached Internet Vikings to explore alternatives that could deliver improved stability, efficiency, and ease of management. After reviewing the options presented by Internet Vikings, Games Global chose their VMware Cloud – Fully Managed Infrastructure as a Service.
This solution provides benefits such as:
•   Supports greater efficiencies for Games Global and the ability to run in-state hardware
•   Modern technology ensures reliability, scalability, and efficiency
•   Virtual resources, hardware, and connectivity are fully managed by Internet Vikings
•   Immediate access and faster deployment
Internet Vikings implementation was completed in just two weeks, delivering a large-scale environment with speed and precision. Games Global expressed satisfaction with the modernized setup.
“To deliver world-class gaming content, we rely on both reliable infrastructure and a trusted partner. Internet Vikings offers a fully managed infrastructure solution, supported by a dedicated team that ensures all of our in-state infrastructure needs are met,” said Jen Cohen, Chief Information Officer at Games Global.
Rickard Vikström, CEO and Founder of Internet Vikings added, “We built our in-state VMware Cloud offering to take full responsibility for performance, security, and scalability. This partnership is a perfect example of how the right infrastructure provider can remove complexity and deliver immediate results.”
The collaboration is running smoothly, with both companies reporting strong operational performance and integration. The partnership is positioned for continued growth over the coming years.
Latest News
Arizona Department of Gaming and Arizona Lottery Announce Proclamation Recognizing September 2025 as Responsible Gaming Education Month

State agencies join forces to raise awareness, promote prevention, and provide tools for safe and responsible play.
The Arizona Department of Gaming (ADG) and the Arizona Lottery are proud to announce a joint effort in support of a new Proclamation recognizing September 2025 as Responsible Gaming Education Month in Arizona.
Responsible gaming is about ensuring that individuals who choose to play have the tools, resources, and knowledge they need to make informed decisions and enjoy gaming as a form of entertainment. While problem gambling initiatives focus on helping those already experiencing harm from gambling, responsible gaming emphasizes prevention by encouraging healthy play behaviors before they reach a critical point.
Throughout September, and continuing in the months ahead, the ADG and Arizona Lottery will work together to strengthen education and awareness initiatives. The goal is to equip players with strategies and resources that help them keep gaming fun and safe, while helping reduce the risks associated with problem gambling.
“For over 30 years, the Arizona Department of Gaming has safeguarded the integrity of gaming through strong consumer protections, enforcement against illegal operators, and support services for those impacted by problem gambling,” said Jackie Johnson, Arizona Department of Gaming Agency Director. “During Responsible Gaming Education Month, we remind everyone that part of playing responsibly is being informed—always double-check before you place your bet to ensure you are using a legal, regulated operator at gaming.az.gov/checkyourbet.”
The Arizona Lottery also remains steadfast in its commitment to responsible play and has a Level 2 certification with the World Lottery Association for responsible gaming. Lottery games benefit the people of Arizona by generating critical revenue that funds education, healthcare, environmental conservation, and economic development. At the same time, the Lottery prioritizes the well-being of its players. Each ticket includes clear odds of winning, vending machines display game odds, and the 1-800-NEXT-STEP helpline is featured across Lottery products and advertising.
“We are proud to deliver entertainment that benefits communities across our state, while recognizing our responsibility to promote safe play,” said Alec Thomson, Arizona Lottery Executive Director. “Through transparency and awareness, we want every player to have the tools they need to make informed decisions and enjoy the Lottery responsibly.”
As Arizona observes Responsible Gaming Education Month, ADG and the Arizona Lottery encourage all players to stay informed, know their limits, and seek help if needed. Together, we can ensure that gaming remains a source of entertainment that strengthens, rather than harms, Arizona communities.
For more information and resources, visit gaming.az.gov/ResponsibleGaming or ArizonaLottery.com/ResponsibleGaming. If you or someone you know may be struggling with problem gambling, call or text 1-800-NEXT-STEP for confidential support available 24/7.
Latest News
Woodbine partners with 1/ST for Pegasus World Cup Filly & Mare Turf Qualifier

Woodbine Entertainment has announced a partnership with 1/ST that will see the bet365 Dance Smartly Stakes (G2) become a qualifying race for the Pegasus World Cup Filly & Mare Turf Invitational Stakes (G2).
The winner of this year’s $200,000 bet365 Dance Smartly Stakes at Woodbine Racetrack will receive an automatic invitation to the 2026 $500,000 Pegasus World Cup Filly & Mare Turf at Gulfstream Park in Hallandale Beach, Florida.
The Dance Smartly, to be held on Saturday, October 4 at Woodbine, will be contested at 1 1/16 miles on the bet365 Inner Turf Course and is part of a stacked card headlined by the returning $750,000 Canadian International (G1).
“We’re pleased to partner with the team at 1/ST Racing to add this unique bonus to the Dance Smartly,” said Tim Lawson, Vice-President of Thoroughbred Racing for Woodbine. “Pegasus World Cup Day has become an outstanding showcase of our sport and it’s exciting that the opportunity to be part of it will be connected to a prominent race on one of our biggest days of the season.”
The 2026 Pegasus World Cup will celebrate the 10-year anniversary of racing’s leading luxury, lifestyle and sporting event. The Pegasus World Cup debuted in 2017 as part of 1/ST’s mission to excite, energize and modernize the sport of racing for a new generation of fans and to provide lucrative opportunities for Thoroughbred owners and trainers. The event annually attracts the sport’s biggest names and is viewed globally.
“We’re thrilled to partner with Woodbine in linking the Dance Smartly to Pegasus World Cup Day,” said Aidan Butler, President of 1/ST. “This collaboration strengthens the global profile of both events, while providing horsemen and fans with a world-class pathway from Toronto to South Florida.”
The 2026 Pegasus World Cup will be held in January.
-
Canada6 days ago
iGaming Ontario Appoints Joseph Hillier as its New President and CEO
-
Canada6 days ago
Playson strengthens Ontario foothold with Casino Time integration
-
Gambling in the USA6 days ago
$50 MILLION GUARANTEED IN ACR POKER’S BIGGEST-EVER TOURNAMENT SERIES: THE ONLINE SUPER SERIES XL, LAUNCHING THIS WEEKEND
-
Gambling in the USA6 days ago
Georgia Lottery Takes Retail Experience to Next Level with Scientific Games’ SCiQ Technology
-
Latest News4 days ago
Proper Loud and Galactic Announce Groundbreaking Global Partnership to Launch the World’s First Socially-Driven Prediction Market Platform
-
Canada5 days ago
Evoplay strengthens Ontario presence in partnership with Caesars Entertainment
-
Gambling in the USA5 days ago
ETPL APPOINTS LONDON-BASED OAKVALE CAPITAL AS EXCLUSIVE INVESTMENT BANKER TO LEAD CAPITAL RAISE AND GROWTH STRATEGY
-
eSports5 days ago
TEAM VITALITY AND HUMMEL LAUNCH ALTERNATE JERSEY AND EXCLUSIVE APPAREL COLLECTION