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GALAXY GAMING REPORTS Q1 2024 FINANCIAL RESULTS

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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 debt1 (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.”

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SX Bet Bets Big on Berachain: Bringing Web3 Sports Betting to Bera

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SX Bet is the fastest-growing on-chain betting exchange—built for the future of sports and crypto.

SX Bet has officially launched on Berachain, marking the next milestone in its cross-chain expansion strategy. With over 2 million bets placed, $675 million wagered, and 93% year-over-year growth in volume, SX Bet is reshaping the future of sports betting — and Berachain is the next big stage.

SX Bet’s Berachain launch comes with a unique incentive structure designed to reward bettors for their activity. Users can now place bets using the native $HONEY stablecoin and earn $SXBRT, a receipt token that can be staked to the SX Vault on BeraHub to generate weekly yields in $BGT, Berachain’s governance token. The more you win, the more you earn.

SX Bet will be hosting a summer Berachain betting tournament with a 69,420 bet credit prize pool from May 31 – July 14th and airdropping bet credits to top Berachain communities.

But the Berachain deployment is not just about incentives. It’s about creating a scalable global liquidity hub for bettors and builders alike. Builders can leverage SX liquidity to launch their own custom betting frontends and experiences.

“SX Bet isn’t just a single dApp — it’s a betting protocol anyone can build on. With this Berachain launch, we’re not just growing SX, we’re growing the entire Web3 betting ecosystem,” said Andrew Young, SX Bet Project Lead.

The cross-chain architecture enables shared liquidity across multiple blockchains, allowing users to place bets on their preferred chain without sacrificing odds or depth.

Already the top sports betting dApp by volume on Arbitrum, SX Bet has achieved sustained growth without relying on ongoing incentives — proving that sharp odds, fast UX, and a product-first approach win. Bettors choose SX for its peer-to-peer, non-custodial, on-chain model — a platform with the best odds, deepest liquidity, and a clear message: winners are welcome.

SX Bet is setting the standard for scalable sports betting infrastructure in Web3.

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Win Systems will showcase its latest innovations at an exclusive showroom in Peru

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Win Systems will showcase its latest innovations at an exclusive showroom in Peru

 

Win Systems, a leading provider of technology for the gaming and entertainment industry, will host an exclusive event on May 28 and 29 at its offices in Peru, where it will present a showroom dedicated to present its latest innovations in products and solutions for casinos and venues.

One of the main highlights of the event will be the live presentation of the Gold Club Colors electronic roulette, an evolution of the company’s flagship model that incorporates a high level of aesthetic and functional customization. This upgraded version allows the product design to be adapted to the visual identity of each casino, providing a unique opportunity to enhance the ambiance and distinctive character of every venue. Operators will be able to fully customize the LED colors and handrests, as well as other key components such as the cylinder, ball track cone, and cylinder cover, achieving seamless integration with the casino environment. This flexibility makes the Gold Club Colors a strategic tool to stand out visually and enrich the gaming experience.

“We want our partners and operators in Peru to experience this firsthand. This event will not only allow them to explore our products in detail but also see how the new functionalities of the Colors take the gaming experience to the next level,” said Galy Olazo, Country Manager Peru.

In addition to the aesthetic customization options, attendees will be introduced to the new game layout design and the innovative dynamic paytable, which adjusts payouts according to each game’s dynamics, offering a more strategic and engaging experience for players.

The Win Systems showroom in Peru is a unique opportunity to see one of the world’s most renowned electronic roulettes in action—now with more technology, more customization, and more value for operators.

Win Systems invites all interested parties to schedule an appointment by writing to [email protected].

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IAGR announces program for IAGR2025 conference in Toronto

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IAGR announces program for IAGR2025 conference in Toronto

 

The International Association of Gaming Regulators (IAGR) has released the program for its upcoming annual conference, to be held in Toronto from 20-23 October.

With the theme ‘Resilient regulation: Exploring what works, why and what’s next’, the event brings together global regulators and thought leaders to examine how regulatory frameworks can evolve to meet today’s challenges.

The four-day program explores timely issues, including the rise of AI and behavioural analytics, the impact of converging technologies, cross-border collaboration and the continued push to strengthen responsible gambling policies.

IAGR President Ben Haden said the program offers a strong preview of the content and conversations delegates can expect in Toronto.

‘This year’s program showcases the breadth and complexity of the challenges facing gambling regulators worldwide, from protecting player wellbeing to tackling illegal markets and understanding new technologies,’ Haden said.

‘I encourage regulators, researchers and policy professionals from around the world to join us in Toronto. The conference is a space to learn, share experience, challenge assumptions and shape the future of effective, collaborative regulation.’

Confirmed speakers and panellists include:

  • Andrew Rhodes, CEO, Gambling Commission, Great Britain
  • Anders Dorph, Director, Danish Gambling Authority, Denmark
  • Dr Karin Schnarr, CEO and Registrar, Alcohol and Gaming Commission of Ontario, Canada
  • Mark Vander Linden, Director of Research and Responsible Gaming and Carrie Torrisi, Chief of Sports Wagering Division, Massachusetts Gaming Commission, United States
  • Bashir Are, CEO, Lagos State Lotteries and Gaming Authority, Nigeria
  • Teo Chun Ching, Chief Executive, Gambling Regulatory Authority, Singapore
  • Ladipo Abiose Akolade, Founder, GamblePause Initiative Africa, Nigeria
  • Rasmus Kjaergaard, CEO, Mindway AI, Denmark
  • Tracy Parker, Senior Vice President, Accreditation, Advisory and Insights, Responsible Gambling Council, Canada
  • Pedro Romero, Chief of Safer Gambling Partnerships, BetBlocker, Gibraltar
  • Sonia Wasowska, Head of Supervision, General Commercial Gaming Regulatory Authority, United Arab Emirates
  • Steven Blackburn, Partner, Ashurst Risk Advisory, Australia

The event will be held at The Westin Harbour Castle on Toronto’s waterfront.

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