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
- Stockholdersâ deficit decreased to $(17,899)K from $(18,243)K
Executive Comments
âThe first quarter of 2024 showed continued growth at the top and bottom lines,â said Matt Reback, President and CEO. âBoth 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.
âIn 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 BaccaratÂź, 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.
âWe 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.â concluded Reback. âThis 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.â
âWe were cash flow positive in the quarter and ended with $17.5 million in cash,â added CFO Harry Hagerty. âOur 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.
âOur 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.â
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Design Works Gaming and Bluberi Gaming Announce Monumental Partnership

Two proven game technology companies are joining forces in what promises to be a devilish collaboration that disrupts the iGaming industry.Â
Design Works Gaming (DWG) and Bluberi Gaming announced an exciting partnership that will bring together DWGâs chart-topping LuckyTapâą mechanic and Bluberiâs top-performing titles.
Fueled by a unique mix of creativity, innovation and undeniable player appeal, Bluberi has made waves with their iconic games, including their breakout hit Devilâs Lockâą.
Enter DWG â the team behind the proprietary LuckyTapâą mechanic. Known for blending simplicity with explosiveness, DWGâs games consistently top the charts and deliver next-level engagement.
âDevilâs Lock has always topped our favorites list when we hit the casino floor as a team. And just a few months ago, as we were trying our luck with the Devil, inspiration struck. We knew we could turn up the heat and reimagine this fan-favorite as a high-voltage LuckyTapâą,â said founder and CEO of DWG Troy Zurawski. âBluberi brings the legendary IP, and we bring the power of LuckyTapâą.â
This partnership kicks off a new era for both companiesâone where creative chaos reigns and boundaries are pushed. Together, DWG and Bluberi are cooking up gameplay thatâs bold, mischievous and unruly.
âPartnering with Design Works Gaming marks a new milestone in iGaming for Bluberiâs iGaming strategy,â said Scott Richards, VP of Commercial Strategy at Bluberi. âDWGâs LuckyTapâą is a proven game-changing technology that pushes boundaries and resonates with Bluberiâs approach to developing unique gaming experiences. Our teams share a passion for pushing boundaries and delivering unforgettable player experiences. We canât wait to unveil what weâre creating together.â
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Defy the Odds and EDGE Markets Announce Strategic Partnership to Drive Innovation in Betting and Gaming Payments

The two companies will work together to continue to springboard newly funded EDGE MarketsÂ
Defy the Odds (DTO), a startup launchpad supporting entrepreneurs in the gaming and betting industry, announced a strategic partnership with EDGE Markets, the company behind EDGE Boost, one of the first debit card products designed specifically for responsible gaming. Together, the two companies aim to enhance financial accessibility and innovation within the gaming space while also promoting more responsible gaming. DTO will provide a host of advisory, consultative and partnership development services within the gaming sector to EDGE Markets.
âFrom our more than 80 collective years of experience in the betting industry, Sue Schneider, Kelly Kehn and I feel that EDGE Boost is exactly what the betting community needs right now,” said Paris Smith, Co-Founder of Defy the Odds. “Not only does it give players easy access to their own funds while promoting responsible gaming, but its built-in tools encourage smarter play. For operators, it identifies responsible players without adding extra costs or complexity. Weâre excited to partner with Seni and the EDGE Markets team and help drive EDGE Boost to the next level.”
Defy the Odds will join EDGE Boostâs advisory network and also provide insights on how EDGE Boost can integrate itself further into the betting and gaming industry. Last month, EDGE Markets came out of stealth mode, announcing it had closed a $17.2 million funding round and that, since the start of 2024, the EDGE Boost debt card has already processed over $300 million in transactions.
 âEDGE Boost is focused on providing bettors with financial tools that enhance their experience while keeping responsible gaming at the forefront,â said Seni Thomas, Founder and CEO of EDGE Markets. âWorking with Defy the Odds will allow us to introduce our technology to many more eyes and innovators in the betting and iGaming space, giving them the financial flexibility they need to succeed while also promoting responsible gaming.â
The EDGE Boost bank account is FDIC-insured up to $250,000*, providing financial security, while all user data is safeguarded on a private, encrypted platform. EDGE Boost users are already using the card for transactions across all major digital gaming platforms, without any fees or integration required for operators.
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Casino Guru enriches its portfolio with a dedicated sweepstakes casino database and updated safety index

Casino Guru, the global authority on online casino transparency and player safety, is expanding its portfolio with the introduction of a dedicated sweepstakes casino overview tailored to the rapidly evolving U.S. market.
Following months of in-depth research and development, the company has unveiled a new initiative focused on social sweepstakes casinos â a unique and increasingly popular segment of the online gaming space. As part of this expansion, Casino Guru has adapted its trusted Safety Index to reflect the specific characteristics of sweepstakes casino models.
âWeâve been hearing about sweepstakes casinos for quite some time, from social media buzz to community discussions and expert panels,â said Jozef Krucay, Branch Operations Lead at Casino Guru. âIt became clear this wasnât just a passing trend, but a notable shift in how people engage with online entertainment.â
Unlike traditional online casinos, sweepstakes casinos use virtual currencies such as Gold Coins, Sweeps Cash, or Vegas Gems. Players can enjoy games for free or use purchasable coins to enhance their experience. With some luck, they may receive a special sweepstakes currency, which can be redeemed for real-world prizes â presenting both exciting opportunities and important considerations for player protection.
Casino Guruâs newly launched content includes:
- Listings for 11 published sweepstakes casinos, with over 60 more identified and currently in development
- An adapted Safety Index that reflects the distinct risks and rules of sweepstakes platforms
- Educational materials and player resources, including complaint-handling tools
- Planned detailed reviews to provide deeper insights into each platform
âOur goal is to help players navigate this growing space with the same clarity and confidence weâve brought to traditional online casinos,â Jozef added. âAs always, our focus remains on transparency, safety, and informed decision-making.â
This new direction positions Casino Guru at the forefront of player advocacy in emerging casino formats â with a clear path toward future expansion in the broader world of social and sweepstakes gaming.
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