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Cherry acquires remaining shares in Game Lounge

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Cherry acquires remaining shares in Game LoungeReading Time: 2 minutes

 

Cherry AB (publ) (“Cherry”) – STO: CHER-B.ST – has signed an agreement to acquire the remaining shares in leading affiliate company Game Lounge Sweden AB (“Game Lounge”), thus gaining 100-percent ownership.

 

Cherry currently owns 95 percent of Game Lounge, which in turn owns 100 percent of Game Lounge Ltd. Cherry has signed an agreement to acquire the remaining 5 percent of Game Lounge. The purchase consideration consists of three parts and can amount to a maximum SEK 260 million.

The first part of the purchase consideration is fixed and amounts to SEK 100 million to be paid in cash when Cherry gains control of the shares. The second part of the purchase considerations amounts to SEK 60 million and is conditional on Game Lounge’s consolidated EBITDA for the period 1 January 2019 to 30 June 2019 exceeding SEK 90 million. In the event that the target of SEK 90 million is not reached as per 30 June 2019, the measurement period will be extended until 30 September 2019, at which time, Game Lounge’s consolidated EBITDA shall amount to at least SEK 150 million. The third part of the purchase consideration amounts to SEK 100 million and requires Game Lounge’s consolidated EBITDA to exceed SEK 300 million for any consecutive four calendar quarter period between 1 July 2019 and 31 December 2021, or between 1 October 2019 and 31 December 2021 in the event that the measurement period for the second part of the purchase consideration is extended in accordance with the above. Cherry is entitled to pay all or part of the second and third parts of the purchase consideration in Class B shares in Cherry.

The sellers are employees of Game Lounge. Against this background, the acquisition constitutes a so-called related-party transaction and must therefore be approved by a general meeting in Cherry. Cherry’s Board of Directors will prepare a written account of the acquisition and obtain an independent valuation statement (fairness opinion) regarding Game Lounge.

The operations in Game Lounge have developed well and Cherry’s Board of Directors makes the assessment that the company will continue to enjoy favourable market conditions into the future and that it is therefore desirable to increase Cherry’s holding to 100 percent. The sellers will remain in their senior positions, are shareholders in Cherry and also participate in incentive program within the Cherry Group. Accordingly, the Board of Directors assesses that the terms of the acquisition, including the purchase consideration, are in line with the market and will therefore recommend that Cherry’s Annual General Meeting approve the acquisition in accordance with the principal terms above.

 


CHERRY IN BRIEF:

Cherry is an innovative and fast-growing gaming company with operations in gaming, media and entertainment.
The company was founded in 1963 and today, Cherry operates through five diversified business areas: Online Gaming, Game Development, Online Marketing, Gaming Technology, and Restaurant Casino. The Group’s objective is to grow organically in combination with strategic acquisitions of fast-growing companies. Cherry employs some 1,400 people and has about 9,250 shareholders. The company’s class B share is listed on the Nasdaq Stockholm exchange, Mid Cap segment. More information is available at www.cherry.se.


Source: Latest News on European Gaming Media Network

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Play’n GO Announce Latest ‘Wild’ Slot, Crystal Sun

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Play’n GO Announce Latest ‘Wild’ Slot, Crystal SunReading Time: 2 minutes

 

Simplicity is the watchword for the latest Play’n GO slot title, Crystal Sun, which is officially released today.

A vibrant and 5×5 video slot, Crystal Sun is a straightforward game with lots of fun characteristics that will keep players engaged and entertained.

The planet symbols will align along the game’s reversible paylines meaning players will be able to score wins by matching the game symbols left to right and right to left, instead of just one way as is standard in most slot games.

The real star of this game is the twist Play’n GO have incorporated into the way the Wilds operate. The game’s Wild is represented by a shining sun and, once it lands on a reel, it will expand to cover the whole reel, spreading Wilds across all paylines and increasing a player’s chances of winning. The Wild also has the chance of including a multiplier, allowing for winnings earned to be multiplied.

The game is a different tone from the detailed story driven content that Play’n GO has been releasing in the recent past, but it provides an alternative type of experience to players, according to CEO Johan Törnqvist:

“Players are much more knowledgeable now, they know what type of games they want to play, and how and where they want to play it.

But no matter what their focus is, one thing never changes; players know a good game when they see one. So it’s important for us to cater to a wide range of tastes and that’s why we have such a diverse portfolio of games to offer but, at their core they’re all great games and players respect that.”

For more information about Play’n GO, their offices, or their products and services, please visit http://www.playngo.com

Founded in 2005, Play’n GO are a leading supplier for slot gaming in the casino industry. One of the first suppliers to recognise and utilise the potential of mobile slot gaming, their innovation has revolutionised the industry and led Play’n GO to the forefront of the casino supplier market. Since its inception Play’n GO have curated a portfolio of award-winning games developed and tailored for compatibility with all devices and operating systems. In addition to this, they also provide back-end services and solutions to ensure operators are equipped to provide the ultimate gaming experience; this includes their casino platform and their server-based gaming solution, OMNY.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Play’n GO Announce Latest ‘Wild’ Slot, Crystal Sun

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Police Arrests Three South Koreans for Running Online Gambling Ring in Vietnam

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Police Arrests Three South Koreans for Running Online Gambling Ring in VietnamReading Time: 1 minute

 

Police have arrested three South Korean men for organising online gambling ring in Vietnam. All the three of them have entered Vietnam on tourist visas and organised online gambling for South Koreans living in the country, police said.

Police seized 20 mobile phones, nine bank cards, 37 desktop computers, two laptops and devices for online payment from their rented house in Vung Tau Town.

The online gambling ring was hosted by a website with its server outside Vietnam, providing thousands of players, mainly South Koreans, with a variety of gambling games.

Since November last year, the ring had organised transactions worth more than VND170 billion ($7.3 million), police said.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Police Arrests Three South Koreans for Running Online Gambling Ring in Vietnam

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EveryMatrix powers the relaunch of Mybet brand

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EveryMatrix powers the relaunch of Mybet brandReading Time: 2 minutes

 

EveryMatrix is delighted to support the relaunch of Mybet, a well-known name in the iGaming industry. Mybet’s new back-end is now powered by EveryMatrix’s GamMatrix, the flexible and scalable gaming management platform.

After being acquired by an investment group in December 2018, Mybet went through an extensive reconstruction process and is now relaunching its operations across many European markets through a licensing partnership with Rhinoceros Group.

EveryMatrix provides Mybet with a fully managed platform which delivers player management, seamless wallet, CMS, in-depth customizable reporting, fraud detection and prevention tools. GamMatrix supports responsible gambling rules for multiple EU jurisdictions: reality checks, self-exclusion/time-out mechanism, various gambling limits (deposit, loss, wagering) and many more.

EveryMatrix also provides payments processing via MoneyMatrix, a licenced and regulated Financial Institution which provides access to over 150+ payment solutions.
Mybet will uphold full control over the user experience by using EveryMatrix’s Web APIs for building their new mobile-first front-end.

Tobias Carlsson, Rhinoceros Group CEO, said: “We have a longstanding relationship with EveryMatrix, and both parties have helped the other to successfully compete in the marketplace. We are confident this great cooperation will continue also with Mybet. Mybet was one of the pioneers in the German sports betting field, and together with EveryMatrix and our other partners we will do everything in our power to revive that legacy and bring players the experience they desire and deserve.”

Stian Hornsletten, Co-founder of EveryMatrix and CasinoEngine CEO, commented: “We already have a strong partnership with Rhinoceros Group and we gladly stepped up to the challenge of helping Mybet create such detailed integration. Mybet is a powerful brand with high notoriety and we are pleased to provide our technology for their renewed journey. The new integration is a solid proof of GamMatrix and CasinoEngine’s high-availability, scalability and performance.”

Mybet’s sports betting operations are powered by the established sportsbook provider Kambi, which is now integrated with EveryMatrix’s back-end platform to bolster the operator’s growth.

 

About Mybet:
Founded in 1998, Mybet is Germany’s pioneer in online sports betting and has throughout the years provided betting services to millions of customers. Mybet is since December 2018 under new ownership. Mybet was relaunched in April 2019 and has in a short period of time re-established itself as a leading contender in the markets it operates in.
Mybet’s ambition is to provide its customers with a seamless mobile betting experience, enabling them to find their favourite bets whenever and wherever they like.
Learn more at www.mybet.com.

About EveryMatrix:
EveryMatrix delivers a modular and API driven product suite including a market leading one-stop shop casino content aggregator and integration platform, a cross-product bonusing engine, a fully managed sportsbook and sport data services, a stand-alone payment processing product, and a multi-brand affiliate/agent management system.
To offer the services required by operators, the EveryMatrix products work together as an entire platform or independently and can be easily integrated with existing platforms to accommodate different types of clients from bookmakers to lotteries and, from existing large operations to newcomers. Learn more at www.everymatrix.com.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: EveryMatrix powers the relaunch of Mybet brand

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