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Cherry acquires remaining shares in Game Lounge

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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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NOVOMATIC Sports Betting Kiosk Debuts in North America

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NOVOMATIC’S latest in Sports Betting Kiosk Solutions Showcases Growth in U.S.

 

The NOVOMATIC F-V830 full-service Sports Betting Kiosk made its debut in North America on Tuesday, November 20th, following the opening of DraftKings Sportsbook at Resorts Casino Hotel in Atlantic City, confirming a clear focus of accelerated growth in the U.S.

The market-leading Sports Betting Kiosks, combined with Kambi’s sports betting products, proved to be a significant contributor to the overall guest experience. DraftKings Sportsbook at Resorts features a dozen of these intuitive solutions in an intimate environment surrounded by 1,000 square feet of ultra-high definition digital video displays, creating the most modern and comfortable retail sports betting experience in New Jersey.

“We congratulate Resorts and are proud to provide our proven sports betting kiosk technology to help create this experiential sportsbook,” said Rick Meitzler, President and CEO of  NOVOMATIC Americas. “This launch is of strategic importance for NOVOMATIC Americas as we continue to grow our business in North America.”

The NOVOMATIC kiosks and the sports betting expertise of Kambi, have combined to deliver a state-of-the-art, world-class sports betting environment. The retail space also includes five betting windows, stadium-style seating with chargers, VIP area, a full-service bar with food, drink and bar top video poker.

“This is a sports betting nirvana for avid sports gamers,” stated Kathleen McLaughlin, Vice President of Marketing and Product Management of NOVOMATIC Americas. “Every detail has been imagined and flawlessly executed. This retail space raises the bar for sports betting in New Jersey.”

The NOVOMATIC kiosk solution, fitted with the Kambi Sportsbook platform, are located inside and outside of DraftKings Sportsbook at Resorts, offering sports fans efficient ways to place a bet.

“NOVOMATIC Americas kiosk and service team have been fantastic to work with on this opening,” said Joe Cavilla, Vice President of Casino Operations for Resorts. “They have gone above and beyond at every opportunity. The NOVOMATIC team worked tirelessly with our team to meet a very aggressive approval and installation schedule. The kiosk technology offers our customers a very convenient way to place bets and we’re very happy with the product and support received.”

The impressive DraftKings Sportsbook at Resorts delivers on its promise of providing industry leading sports betting action in an unparalleled, comfortable environment that you can experience just steps from the New Jersey Boardwalk.

 


Source: Latest News on European Gaming Media Network

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On-demand webinar now available: What’s your sports betting potential? – Assessing economic viability

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On-demand webinar now available: What's your sports betting potential? – Assessing economic viabilityReading Time: 2 minutes

 

GeoComply’s recent webinar, featuring an impressive panel of industry experts, generated the most interest of any GeoComply webinar this year! And it’s no wonder, with an increasing number of US states considering legalized sports betting, the need to understand the real numbers associated with such an expansion has become an important topic for both legislators and regulators.

Even if you missed the live event, you can still benefit from the important information provided by checking out the on-demand webinar recording!

The webinar focussed on the critical topic of what goes into an economic impact assessment – a now common research tool used by state governments and regulatory bodies to understand the market potential of introducing sports betting in their jurisdiction, along with the related risks and policy considerations including:

  • taxation models including the “Goldilocks” tax rate

  • regulatory licensing schemes and market stakeholders

  • case study of the impact of sports betting in New Jersey

  • black market impact/conversion

  • responsible gaming considerations

  • contentious topics such as integrity fees and skins

The panel of industry experts included:

  • Chris Grove, Managing Director, Eilers & Krejcik Gaming

  • Kahlil Philander, Assistant Professor, Carson College of Business, Washington State University

  • Mark Lipparelli, Founder, Gioco Ventures and former Nevada State Senator

  • Jeff Ifrah, Founder, Ifrah Law and Executive Director and General Counsel, iDEA

  • John Pappas (moderator), Public Affairs, GeoComply

Webinar Topic: What’s your sports betting potential? – Assessing economic viability

Date/Time: On-demand now available

Whether you’re a legislator, regulator or operator in the sports betting space,check out this on-demand webinar where you’ll learn from the industry’s most experience and respected thought leaders.


Source: Latest News on European Gaming Media Network

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Asian Video Gaming Revenue to Reach $200B by 2030 Thanks to eSports

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According to industry reports, the Asian video gaming market revenue is set to reach $200B by 2030 and this is all thanks to eSports betting and video game popularity.

eSports Set To Help Asian Video Gaming Revenue Reach $200B

Professional video gaming also known as eSports has taken the world by storm over the past number of years and it has become a massive business. Reports coming in from financial services firm UBS, states that eSports is set to explode especially in Asia and we could see it adding a massive boost to their gaming revenue taking them up to $200B by the year 2030.

eSports is exploding with more and more sports betting and online gambling destinations now including it in the line-up. It has also been announced that eSports are to be included in the 2019 SEA Games.

UBS Suggests eSports Will Triple Gaming Revenue in Asia

The UBS analysts have predicted that gaming revenue in Asia is set to be tripled over the next twelve years. They have also predicted that the annual growth for gaming revenue will be at least 9.5% annually. This massive growth is similar to the revenue earned by Asia from the smartphone industry back in 2016.

Asia were the first country to add eSports as an official sport and the in the past number of years the gaming culture and industry for this region has grown exponentially. Asia’s gaming revenues are set to be higher than those of the rest of the world in 2018 which makes them the global gaming leader and the one everyone will have to chase.

This is just the beginning for eSports according to UBS who predict that Asia’s gaming revenues will continue to rise. The predicted figures are based on user growth in the eSports gaming market as well as increased monetization per user.

Asia account for more than 51% of the eSports fan around the world and it is estimated that there are over 400 million fans. This is set to rise as eSports becomes more recognised and more games are added. Game discovery is getting easier and easier with online streaming platforms such as Twitch providing live broadcasts of eSports tournaments. More and bigger name sponsors are also coming on board and eSports teams are being established all over the world. Tournament prize funds have also increased, and big competitions and tournaments can see the winners walking away with millions.

Most of the monetization for the Asia eSport industry comes through ticketing and sponsorship and there are dedicated eSports arenas. Advertising rights and merchandise will help to increase the monetization and the rising popularity in eSports betting is set to drive revenues even higher. Also, Asia video gaming is setting the bar high and the rest of the world is coming right behind them with more and more countries investing in eSports stadiums, sponsoring teams, and more.

eSports Betting and Types of Bets

There’s no way around it, eSports betting has taken off and it is only going to grow and expand. The audience numbers are huge, and these grow with every tournament and event that is held. The popularity of eSports betting has also been a component in the huge audience numbers with more and more video game enthusiasts placing bets on their favourite players and teams. Live Stream services of events on Twitch, YouTube, and even ESPN has also boosted the profile of eSports and if you are interested in eSports betting, top10casinos.com can help you find the right online gambling site and the best betting offers and promotions. Before parting with your hard earned cash, it might be worth taking a few minutes to understand the different types of eSports bets and how they work.

Moneyline Bet

This eSports bet is perhaps the easiest way to place a wager. You choose the team you think will win the game and if they win, you win your bet. It’s very simple and very popular, but you will need to check the odds as they can vary from site to site and many sportsbooks offer different odds on your favourite teams.

Handicap Betting

With this type of eSports bet, the sportsbook gives each team an advantage or disadvantage in a bid to even the competition. If the team you choose has a -1.5 handicap, it means that they would have to win 2-0 in order for you to win your bet. Handicap betting is very popular, but it can also be risky because the weaker team can win a round in the game or get a late kill and you lose. It is recommended to only use this type of eSports bet if there is a big difference between the two teams playing.

Totals Betting

In eSports you can bet on specific statistics such as the total maps played, total kills, total points, and total rounds. This is similar to the over/under bets you see in regular sports betting.

Proposition eSports Bets

There are some great eSports bets that you can use to make the watching the games even more exciting. These include:

  • First Blood: For this bet type, you are betting on the team you think will get the first kill.
  • First 10 Kills: This is where you are betting on the team to get the first 10 kills.
  • Map Winners: This is where you bet on a team to win each Map.
  • Total Number of Maps: This is where you bet on the number of maps you think a team will win.
  • Total Kills: How many kills a certain player gets

As you can see, there are lots of different eSports bets you can place, and they will vary from game to game. In CS:GO you can bet on the number of games within a series or on round scores. In Dota 2, you can bet on the number of games won in a series or the number of kills within a game. There are lots of sites that provide information on eSports betting and upcoming eSports tournaments so if this interests you, be sure to check it out. The industry is growing as is the fan base and with more and more tournaments, championships, and games being added, who knows where 2030 will see the eSports industry. One thing’s for sure, it’s not going to disappear.


Source: Latest News on European Gaming Media Network

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