Connect with us

Latest News

Cherry year-end report 2018



Cherry year-end report 2018Reading Time: 6 minutes


An eventful year with continued good development in the final quarter



• Consolidated revenue increased by 49 percent to MSEK 904 (608), with organic revenue growth amounting to 41 percentage points. Corporate acquisitions contributed 0.5 percentage point and currency 7.5 percentage points.
• Profitability improved and EBITDA increased by 40 percent to MSEK 198 (141) and the EBITDA margin was 22 percent (23).
• Profit for the period amounted to MSEK 120 (18).
• Earnings per share before and after dilution amounted to SEK 1.14 (0.05) and SEK 1.14 (0.05) respectively.
• European Entertainment Intressenter BidCo AB (“EE Intressenter”), a company jointly controlled by a consortium of Bridgepoint and major shareholders in Cherry AB, announced a takeover bid for SEK 87 in cash per Class A and B share in Cherry AB. The independent bid committee for Cherry recommended that shareholders accept the public offer.
• Companies in the Online Gaming business area secured a total of eight Swedish gaming licenses in December.
• An Extraordinary General Meeting in November elected Rolf Åkerlind as a new member of the Board and approved the decision to acquire the remaining five percent of the shares in Game Lounge Sweden AB.


• Consolidated revenue increased by 44 percent to MSEK 3,236 (2,252), of which organic growth amounted to 3 percent. Corporate acquisitions contributed 1 percentage point and currency 8 percentage points.
• Profitability improved and EBITDA increased by 89 percent to MSEK 813 (429) and the EBITDA margin was 25 percent (19).
• Profit for the period amounted to MSEK 487 (110). Profit was affected positively by an item affecting comparability of MSEK 50 regarding the reassessment of the value of Highlight Games.
• Earnings per share before and after dilution amounted to SEK 4.45 (0.53) and SEK 4.44 (0.53) respectively.
• As for the 2017 financial year, Cherry AB’s Board of Directors proposes to the Annual General Meeting that no dividend be paid for the 2018 financial year.


• On 12 February, EE intressenter announced that it controls approximately 98.2 percent of the total number of shares in Cherry AB (publ) after the expiry of the final acceptance period, and that EE Intressenter intends to initiate a compulsory acquisition procedure and to promote a delisting of the shares of series B in Cherry AB from Nasdaq Stockholm.
• On 12 February, Cherry announced the initiation of early redemption of senior secured callable bonds. In connection with the redemption, the bonds will be delisted from Nasdaq Stockholm.

Comments by the CEO

An excellent year for all companies in the Cherry Group

Cherry’s development in 2018 can be summarized with one word: excellent. On almost all measurements, our operations delivered in line with our expectations. Financially, we have performed well with total growth of 44 percent, and full-year revenue amounting to MSEK 3,236 (2,252) with an EBITDA margin of 25 percent (19).

For a significant part of the year, we worked to prepare for the re-regulation of the Swedish gaming market. We were involved right from the inquiry phase prior to the legislation being drafted and have participated in issues on which we have specialist knowledge on an ongoing basis. We are satisfied with the framework, which should contribute to a high level of channelization, which is important for the long-term perspective that our market needs to be able to develop in a way that assures all stakeholders the security they need.

It is reasonable that gaming companies be taxed and, to some extent, controlled when it comes to marketing, but the legislators must be aware that this is an industry in which customers are aware of their options and can therefore quickly shift their preferences. This can result in tax revenue and preventive actions from game addiction being lost. The more laws there are and the more detailed the regulations, the greater the risk that companies position themselves outside the licensing system, with the effect that everyone loses.

We now have only a few weeks’ experience of the Swedish regulations and it is too early yet to have a clear idea of how development is progressing for Cherry and the rest of the industry. Our experience of similar changes in other countries is that the companies and brands that cope best are those with a clear digital strategy, that are at the forefront in technology and their customer relationships, and are led by entrepreneurs. This is the core of Cherry’s business model and the companies within our Group hold strong positions, are strongly focused on what they do and are quick to grasp opportunities.

Marketing investments are often in focus among investors. During the quarter, business area Online Gaming accounted for the largest share, MSEK 253, and we can see that these investments continued to yield good returns. The business area’s revenue for the fourth quarter rose by 48 percent, to MSEK 722 (485) and the EBITDA result amounted to MSEK 141 (92). During the quarter, expenses affecting the comparison between periods were incurred, relating to doubtful receivables and gaming tax of MSEK 45.2, and impacting earnings. Underlying EBITDA amounted to MSEK 186.7 and the underlying EBITDA margin was 25.9 percent.

A few days ago, the ICE trade fair closed. This is one of the industry’s foremost meeting places, and Yggdrasil once again held a prominent position there as the leading game developer. Its attendance at ICE is the company’s largest initiative in presenting itself and its new games. For the third consecutive year, Yggdrasil received the industry’s “Innovator of the year” award.

The other company in business area Game Development, Highlight Games, has now launched its virtual football game in Italy together with some of the country’s largest gaming operators, Eurobet and Sisal. We believe that this game can quickly capture market share in one of Europe’s foremost football nations.

On 18 December 2018, European Entertainment Intressenter BidCo AB (“EE Intressenter”), announced a public cash offer of SEK 87 per share to Cherry AB shareholders. EE Intressenter is a company jointly controlled by a consortium consisting of Bridgepoint Advisers Limited, acting as manager for and on behalf of, Bridgepoint Europe VI Fund, major shareholders in Cherry AB and others.

The Board of Directors’ independent bid committee recommended that Cherry’s shareholders accept the bid from EE Intressenter. In its assessment, the recommendation took into account factors including the thorough analysis performed by the company’s financial advisers Carnegie. Key components of the bid committee’s assessment were the consideration of the bid premium over an extended time frame, the major shareholders’ decision to participate and changed market environments for listed gaming companies in Sweden.

On 25 January 2019, EE Intressenter announced that the offering was accepted by shareholders holding 45,425,416 shares, corresponding to approximately 43.0 percent of the shares in Cherry. The shares submitted in the offering, together with the shares controlled by the Consortium, totalled 4,988,000 Class A shares and 90,537,784 Class B shares in Cherry, corresponding to approximately 90.4 percent of the total number of shares and 93.3 percent of the total number of votes in Cherry AB. EE Intressenter extended the acceptance deadline to 8 February and announced on 12 February that it had secured approximately 98.2 percent of the total number of shares in Cherry. EE Intressenter intends to initiate a compulsory acquisition procedure regarding the shares in Cherry that were not tendered in the offer and to promote a delisting of the shares of series B in Cherry from Nasdaq Stockholm, the operations will continue in a private setting.

In a way, Cherry can be said to be Sweden’s oldest gaming company. The Group’s roots date back to 1963, when Bill Lindwall and Rolf Lundström initiated gaming operations under the name Restaurang AB Rouletter. In 1968, cooperation was initiated with AB Roulett konsult & Spelautomater, which had been founded Per Hamberg and Lars Kling. In 1972, the name of the company was changed to Cherry, and the cherry symbol began to be used as a trademark. The period as a listed company began in 1997, with the company’s listing on the SBI list, and after the current planned delisting of the company’s series B shares from Nasdaq Stockholm, Mid Cap list, to continue the business in a private setting.

The foundation of Cherry’s development has been, and remains, to have a clear focus on entrepreneurial spirit and innovation, as well as offering the best workplace and development opportunities for all of our employees. We will now work with partly new owners to implement the existing strategy, while, at the same time, being able to implement efficient investments to safeguard Cherry’s market position.

I would like to thank all of the shareholders, employees, partners and other stakeholders who have participated in Cherry’s journey thus far. I am convinced that Cherry and its Group companies will remain significant players in the gaming and entertainment industry for many years to come and I look forward to following developments.

Gunnar Lind
Acting CEO


The gaming market is currently growing strongly and Cherry estimates that demand in the Group’s largest geographic markets will continue to develop favourably. The Group continuously studies conditions for new business in related business areas and geographic markets within Europe and beyond.

The Group focuses on generating value for shareholders by participating actively in the development of new and existing companies in the gaming, media and entertainment sector. The objective is for the companies to become market leaders in their respective areas by building on their core values of entrepreneurship, responsibility and commitment. These are important prerequisites for the Group to be able to achieve its financial targets and to continue its successful profitable growth, through both organic growth and acquisitions, in existing and new verticals and geographic markets.

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: Cherry year-end report 2018

Latest News

How the NBA is Making Waves in eSports



How the NBA is Making Waves in eSportsReading Time: 4 minutes


The National Basketball Association has just turned 73 years old and is one of the four major leagues for professional level sports in North America. Thanks to this age and prominence, it is often considered the world’s leading basketball league, with good reason. Whilst comprising of teams only from the United States and Canada, the NBA attracts many international players who join from every continent. In addition, the average NBA team is worth $1.9 billion, considerably more than teams in other leagues.

Expanding the Empire

The NBA is currently enacting a strategy to leverage its brand around the world, developing audiences in regions outside of the United States including the UK, Africa and China. As part of this it recently announced the launch of a NBA YouTube channel to stream games to sub-Saharan audiences.

The eSports Expansion

In 2017, the NBA and games developer Take-Two Interactive announced that 17 of the 30 NBA teams would be taking part in the inaugural NBA 2K eSports League. This list included big names like the New York Knicks, Philadelphia 76ers and the Toronto Raptors. The first of these eSports games took place in 2018, using the NBA 2K video games. Like real life games, NBA 2K eSports League games are contested between two teams of 5 players, making use of the “Pro-Am” mode found in the consumer version of NBA 2K 2018.

Just like in real life basketball, the eSports teams are generally made up of the following types of player:

  • Point guard: generally taking the on court leadership role for the team, typically having the best ball handling and passing skills to assist in creating shots
  • Shooting guard: typically the best shooter on the team, tasked with exploiting these skills, particularly when shooting from behind the three-point line
  • Small forward: often considered the most versatile position of the five, the small forward often takes on the role of the shooting guard, but is more likely to score baskets from lay-ups or slam dunks in contrast to the shooting guard’s three-point shooting abilities
  • Power forward: a versatile role, similar to the centre, which requires shooting and defence skills against all types of players
  • Centre: typically the tallest players, defending against shots and collecting rebounds.

The “eSeason”

In the real world, the NBA Championship will be decided between the Toronto Raptors and the Golden State Warriors in mid June. Currently, odds comparison site Oddschecker is ranking the Raptors as favourites to take the crown. However, the NBA 2K eSports season begins in spring and finishes in summer. This timing allows the NBA to have its brand utilised for a larger portion of the year, beyond the end of the traditional basketball season.

eSports has become a multi million dollar industry.  Photo by Anthony Brolin, License


First Mover Advantage

The NBA’s announcement in 2017 that it would be launching the NBA 2K eSports League meant that it was the first major sports brand in the United States to enter the world of eSports. In contrast, most other eSports leagues are organised by tech companies like Intel – or games companies like Epic Games, the company behind Fortnite. Therefore, if the NBA is successful it will have several years of development to build a loyal eSports fan base, before rivals such as the National Football League or Major League Baseball join the party.

Growing Already

After a successful first year, four additional real life NBA teams will be joining the NBA 2K eSports League lineup, bringing the total number to 21. These new teams are: the Atlanta Hawks, the Los Angeles Lakers, the Brooklyn Nets and the Minnesota Timberwolves.The growth provides mutual benefits, since the teams will bring with them their own existing supporters who are more likely to follow their team’s eSports team, than an unknown entrant. In addition, the fans of eSports are likely to also gain a stronger interest in the real life team, buying merchandise and visiting games.

Live Streaming

Just as traditional sports leagues like the NBA have sold rights to air games on TV, the NBA 2K eSports League has signed a deal to have its games streamed live over the internet. The deal with streaming platform Twitch sees all games shown live, available to its audience of 15 million daily active users. The multi year streaming deal also includes commentary and analysis, just like you would expect from traditional TV coverage of any other sport.

The NBA 2K eSports deal is not Twitch’s first with the NBA. In December 2017, the two companies signed a deal that enabled Twitch to live stream games from the NBA G League, the official minor league, with up to 6 matches each week being distributed on the platform.


Just like traditional sports leagues, the NBA 2K eSports League has signed a number of major sponsorship deals with large companies. Games are played on computers provided by gaming PC brand Alienware, using powerful processing chipsets supplied by Intel. Players use HyperX sponsored headsets and Scuf Gaming branded controllers. Teams also have their own sponsors, with their logos displayed on the teams’ in-game uniforms, just like in real life.


The growth in eSports has been massive, with large sums of money now being invested in creating leagues with all of the hallmarks of a traditional sport. In its quest to become a global sports brand, the NBA has been able to leverage its existing assets to create a large following in eSports, almost overnight. By launching the league in 2018 with 17 existing NBA teams, the NBA 2K eSports League already had loyal fans of 17 established sports clubs who would want to support them. Thus, it has a pre-made fanbase, huge financial assets and an established brand to leverage sponsorship deals and to use in negotiations when selling streaming rights.

In addition, the NBA’s venture into eSports is a significant opportunity to expand the reach of its brand into new geographic regions, as well as to new demographics that had not previously been interested in basketball. Even if a player does not become an avid watcher of NBA games, sales of the NBA 2K video game titles are also likely to benefit from the exposure of the NBA 2K eSports League.

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: How the NBA is Making Waves in eSports

Continue Reading

Latest News

Week 24 slot games releases



Week 24/2019 slot games releasesReading Time: 3 minutes


Spinsane, the latest release from NetEnt’s world-leading production studio, is a high-energy game with a land-based feel and big pay-out potential. The 5-reel, 3-row, 27-line video slot is based on classic stepper mechanics and has a look and feel that brings the ultimate slot machine experience, boosted with suspense effects randomly activated to add to the excitement.

NetEnt launches suspense-filled Spinsane


Get ready for super fun in the superhero-themed slot Spinfinity Man by Betsoft Gaming. Featuring a 7×7 cluster grid and wins of up to 5000x, there’s plenty to be excited about. Not only can our titular hero use his superpowers to amass huge wins, but he’s also ready to face off against his evil nemesis: the dastardly Mr. X. Chase him through Metropolis and battle for your chance to win huge in the bonus rounds!



Quickspin, the Sweden based slot specialist, has released its first ever jackpot game, Dragon Chase. This 3×5 reel slot with 20 betlines boasts a stunning Asian theme steeped in traditional symbols, with striking graphics accompanied by beautiful themed music. Dragon Chase boasts several fantastic features, such as “Dragon Pearl Respin,” that are guaranteed to create a unique and thrilling gaming experience. In the Dragon Pearl Respin feature, users can collect up to 15 Dragon Pearl symbols to trigger the Mini, Minor, Major, or Grand Jackpot. The more symbols, the higher the jackpot level.

Quickspin's Dragon Chase


Realistic Games is offering players the chance to win big Down Under with its latest release, Aussie Adventure. The five-reel slot features some of the country’s most iconic sights and sounds, with bouncing kangaroos, shrimps on the barbie, a surfing koala on Bondi Beach, and the infamous digeridoos. Aussie Adventure gives players the chance to fly to Australia in the free spins bonus round, where they’re greeted with upside down reels, a retrigger chance at any point, and a jackpot of up to 250x their starting stake.

Realistic Games - Aussie Adventure


Kalamba Games has released its latest fun-filled title Joker 3600, offering players a nostalgic 80s themed slot experience with the chance to win big. Joker 3600’s 80s theme incorporates elements of classic computing, movies, toys and of course fruit, as well as other media particularly resonant with 40+ demographic. Joker 3600is exclusively distributed on the ORYX Gaming platform and is now available to leading casino operators.

Kalamba Games- Joker 3600


Pragmatic Play, one of the leading software providers for video slots, live casino and bingo, has unveiled its latest premium slot game, 5 Lions Gold. Offering 243 ways to win, the engaging 3×5 video slot features distinctive golden symbols including frogs, turtles and dragons. Three yin-yang scatter symbols trigger the free spins feature, while the lion symbol is a substituting wild which appears randomly on reels two, three and four.



Microgaming, has launched Ruby Casino Queen, developed exclusively by Just For The Win. This luxurious five-reel, 20-payline slot transports players into a glamorous world of riches. Ruby Casino Queen features respins, free spins and three types of wilds, all accompanied by sumptuous sounds and dazzling graphics.

Microgaming - Ruby Casino Queen


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: Week 24 slot games releases

Continue Reading

Latest News

Sports Betting Revenue of West Virginia Increases in May



Sports Betting Revenue of West Virginia Increases in MayReading Time: 1 minute


Sports betting revenue in West Virginia has increased by 69% in May to $937,065, while amounts wagered rose 4%.

The Penn National Gaming-operated Hollywood Casino remains the leading venue in the state generating $672,070 in revenue from $7.64m staked. Eldorado Resorts’ Mountaineer Casino ranked second with revenue of $222,736 and total wagers of $2.84m.

Delaware North’s Wheeling Island Hotel-Casino-Racetrack and Mardi Gras Casino did not accept any wagers again last month as its sportsbooks remained closed. Neither casino has processed any sports bets since early March. However, both the Wheeling Island Hotel-Casino-Racetrack and Mardi Gras Casino paid out on a number of bets placed prior to the split, leaving them with minor losses for the month.

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: Sports Betting Revenue of West Virginia Increases in May

Continue Reading

Industry News

  • Live Event/Conference
  • Press Releases
  • Latest News
  • Gambling in the USA
  • European Commission

  Vice President of ROMBET and former regulator, will present some of the latest developments and re [...]

  Fintech in a nutshell: the financial technology sector which encompasses firms that use technology [...]

  Award-winning provider of sportsbook services will join the sponsors’ list once again at CEEGC Bud [...]

  We are delighted to present the official release of the provisional agenda for the 4th edition of [...]

  The second edition of MARE BALTICUM Gaming Summit took place on the 9th of May in Vilnius and has [...]

  Leading sportsbook platform provider Altenar on June 12 celebrated the opening of its new office i [...]

  Microgaming, one of the leading software providers to the online gambling industry, has launched R [...]

  INTRALOT announces the appointment of a new Board of Directors at its fully owned US subsidiary, I [...]

  Serbian Betting operator Olimp has extended the existing cooperation with NSoft to its web channel [...]

  Disruptive sports betting brand has agreed a deal to become the Main Club Partner of [...]

  The National Basketball Association has just turned 73 years old and is one of the four major leag [...]

  Spinsane, the latest release from NetEnt’s world-leading production studio, is a high-energy game [...]

  Sports betting revenue in West Virginia has increased by 69% in May to $937,065, while amounts wag [...]

  The European Casino Association’s annual Industry Forum is going to be held in the stunning waterf [...]

  The Malta Gaming Authority has cancelled the gaming licence of Wish Me Luck Ltd. Wish Me Luck Ltd [...]

  Sports betting revenue in West Virginia has increased by 69% in May to $937,065, while amounts wag [...]

  SugarHouse casino is going to change its name as Rivers Casino Philadelphia. Greg Carlin, CEO of t [...]

  INTRALOT announces the appointment of a new Board of Directors at its fully owned US subsidiary, I [...]

  The New Jersey sportsbooks have generated nearly $3 billion in bets and nearly $200 million in rev [...]

  International Masters of Gaming Law is going to present its IMGL Masterclasses at NCLGS Summer Mee [...]

  Today, the new measures to counter money laundering by criminal law enter into force across the EU [...]

Brussels, 19 June 2018 – Digital Single Market: EU negotiators reach a political agreement on free f [...]

LONDON, June 18, 2018 — Codewise, the industry’s first provider of AI-powered online ad measurement [...]

Brussels, 6 June 2018 – The European Parliament and the Council reached late last night a political [...]


%d bloggers like this: