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Empire Resorts and bet365 Forge Strategic Alliance to Offer Sports Betting and Online Gaming in New York State at Resorts World Catskills

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  • Collaboration Between New York’s Premier Integrated Commercial Casino Resort Destination and World’s Largest Online Sports Betting Operator Positions Resorts World Catskills as Leading NY State Sports Betting and Gaming Destination
  • bet365 to Invest up to $50 Million to Become Empire Resorts, Inc.’s Second Largest Shareholder
  • Kien Huat Realty III, Ltd. Commits up to $126 Million Investment via Convertible Preferred Stock

Empire Resorts, Inc. (NasdaqGM: NYNY) (together with its subsidiaries, “Empire”) and an affiliate of bet365 Group Limited (“bet365”) today announced a strategic alliance to develop a physical and online sportsbook in New York State at Resorts World Catskills, New York’s newest and largest integrated commercial casino resort destination with closest proximity to Manhattan. Empire and an affiliate of bet365, the world’s largest online sports bookmaker, entered into a 20-year agreement (the “Sports Wagering Agreement”) to offer retail sports betting, an online sportsbook and online gaming at Resorts World Catskills if and when permitted by applicable law. Under the Sports Wagering Agreement, Empire and bet365 will establish New York’s premier sports betting and online gaming option. This agreement provides for the companies to share profits 50/50 after bet365 recoups its start-up and other costs.

In connection with the Sports Wagering Agreement, an affiliate of bet365 will acquire up to $50 million of Empire common stock at a price of $20 per share in two tranches, making it Empire’s second largest stockholder.

Additionally, Kien Huat Realty III, Ltd. (“Kien Huat”), Empire’s largest stockholder, has committed to purchase up to $126 million of convertible preferred stock, with a conversion price of $20 per share. The investment by bet365 and the commitment by Kien Huat strengthens Empire’s financial position and underscores Kien Huat’s view of the potential for value creation in Empire’s Resorts World Catskills.

Resorts World Catskills is one of only four commercial casinos in New York State currently authorized by statute to offer retail sports betting pending the promulgation of regulations. Resorts World Catskills is ideally positioned to offer sports betting with the expertise of bet365, which is ranked No. 1 in sportsbook revenues globally with annual revenues of over $3 billion and No. 1 in the EGR Global Power 50 rankings from 2010 to 2017. bet365 operates a highly successful in-play betting product with a scalable and growing mobile platform.

“Joining forces with bet365 positions Empire and our flagship Resorts World Catskills to lead a potentially enormous new market,” said Manny Pearlman, Executive Chairman of Empire Resorts, Inc. “bet365’s global expertise in effectively developing and executing world-class sportsbooks strongly complements Empire’s leadership in commercial casino operations in New York. This collaboration, which will enable Resorts World Catskills to be a leading destination for sports wagering in New York State, highlights our commitment to the continued growth of Resorts World Catskills, as well as our dedication to working with the best, most innovative pioneers in the industry to provide world-class gaming options.”

The alliance provides bet365 access to the New York State sports wagering market, which, according to market estimates by Eilers & Krejcik Gaming LLC, is expected to be the single largest market jurisdiction for sports betting in the United States other than California, with projections for more than $1 billion in annual revenues from sports betting within five years of legalization.1 Following the announcement of a market access deal in New Jersey earlier this year, bet365 is well positioned for sports betting expansion into New York State.

“This landmark agreement, which combines Empire’s gaming operating skill with our expertise in providing best-in-class online sports betting, allows bet365 to tap into what we believe will be one of the most significant online and sportsbook markets in the United States,” said Simon Betteley, President of Hillside (New York) LLC, a bet365 affiliate.

The alliance with bet365 is the next phase of Resorts World Catskills’ growth, including the addition of a new hotel with two dining and entertainment venues by the end of the year. In 2019, two additional hospitality venues are expected to open at the destination resort in which Resorts World Catskills is located. The Kartrite Hotel and Indoor Waterpark is scheduled to open in the first quarter of 2019, and a Rees Jones redesign of the well-known Monster golf course will debut in the second half of 2019.

Following its initial investment, which closed today, an affiliate of bet365 will own approximately 4.9% of Empire’s outstanding common stock. Pursuant to the Sports Wagering Agreement, the parties expect to use the bet365 brand and online consumer facing sports betting and digital platform.

Moelis & Company LLC acted as financial advisor and Milbank Tweed Hadley & McCloy LLP, Sidley Austin LLP, Ellenoff Grossman & Schole LLP and Fox Rothschild LLP acted as legal counsel to Empire Resorts, Inc. Brownstein Hyatt Farber Schreck LLP acted as legal counsel to bet365 Group Limited.


Source: Latest News on European Gaming Media Network

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Soft2Bet’s Motivational Engineering Gaming Application (MEGA) recognised by SiGMA Europe Awards

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Soft2Bet’s API-based, standalone product MEGA was recognised as the “Unique Selling Point” at the B2B SiGMA Europe Awards ceremony that took place in Malta on November 11. The award once again highlights Soft2Bet’s focus on innovation and data-driven iGaming solutions that drive engagement and player retention levels. 

The prize rewards companies that have led the industry in providing unique and innovative products to players. It also recognises high level execution of strategic goals and the ability of companies like Soft2Bet to provide cutting-edge solutions and launch ground-breaking innovations that drive engagement and revenues for its B2B partners. This latest SiGMA Europe prize also complements the numerous nominations and awards it has won in recent years at the EGR Nordics, SBC, Global Gaming, iGaming Sword and other high level industry awards.

Martin Collins, Chief Business Development Officer at Soft2Bet, commented: “It’s always a great satisfaction to receive an award that recognises all the work that has been put into delivering MEGA. As a company that is firmly focused on the future, Soft2Bet continually innovates and enhances the user experience to produce strong growth and revenues.”

This SiGMA Europe Award recognises Soft2Bet’s significant contribution in online gambling and follows the SiGMA East Europe Outstanding Contribution in Gaming Award the company received for Soft2Bet Invest, the iGaming Innovation Fund it launched this year that provides financial and business support to iGaming and casual gaming entrepreneurs who have the same drive for innovation and growth as Soft2Bet.

The post Soft2Bet’s Motivational Engineering Gaming Application (MEGA) recognised by SiGMA Europe Awards appeared first on European Gaming Industry News.

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SOFTSWISS Expands Men’s Health Initiative with Global Movember

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SOFTSWISS, a leading iGaming software provider, is strengthening its commitment to men’s health with an expanded lineup of activities for Movember, an ambitious initiative focused on saving the lives of men all around the world.

Building on the success of its debut participation in 2023, the company is stepping up its efforts to support both physical and mental well-being while encouraging open communication among employees. With the slogan ‘Talk It Out! Act It Out!’, the 2024 campaign highlights the importance of addressing critical health issues, including prostate and testicular cancer, as well as mental health challenges. Launched two decades ago, Movember has grown into a global movement with over five million supporters, aiming to measurably improve health outcomes for men by 2030.

This year, eleven SOFTSWISS’ senior and middle managers have stepped forward as project ambassadors, using their social media platforms to raise awareness. The popular Moustache Challenge will also feature participants starting November clean-shaven and proudly showcasing their moustaches at the month’s end. New activities include launching an anonymous mental health support channel for SOFTSWISS’ staff in collaboration with an online psychological counselling service. Additionally, to fully bring the campaign to life across SOFTSWISS offices, a table football tournament will be held in Warsaw, Poznan, and Tbilisi.

Ivan Montik, Founder of SOFTSWISS, commented: “Without good health, we cannot thrive in life or in business. In our busy lives, it is too easy to overlook our well-being. At SOFTSWISS, we wholeheartedly embrace the ‘WE CARE’ value – not only in our work but also in caring for ourselves and each other. This Movember, we encourage everyone to take a moment to reflect on what truly matters. Prioritising self-care is essential for building a successful future. Together, we can foster a culture of health and well-being that strengthens our community.”

Movember is part of a broader set of impactful initiatives supported by SOFTSWISS, including global health campaigns like Pink October, during which the company reimburses ultrasound and mammogram tests for its female employees. SOFTSWISS’ commitment to fostering top-tier working conditions has been well-noticed in the iGaming industry. Earlier this year, the company was honoured with the prestigious “Employer of the Year” nomination win at the SBC Awards.

 

About SOFTSWISS

SOFTSWISS is an international technology company with over 15 years of experience in developing innovative solutions for the iGaming industry. SOFTSWISS holds a number of gaming licences and provides comprehensive software for managing iGaming projects. The company’s product portfolio includes the Online Casino Platform, the Game Aggregator with over 23,500 casino games, the Affilka Affiliate Platform, the Sportsbook software and the Jackpot Aggregator. In 2013, SOFTSWISS revolutionised the industry by introducing the world’s first Bitcoin-optimised online casino solution. The expert team, based in Malta, Poland, and Georgia, counts over 2,000 employees.

The post SOFTSWISS Expands Men’s Health Initiative with Global Movember appeared first on European Gaming Industry News.

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IESF Concludes 16th Ordinary General Meeting in Riyadh

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The International Esports Federation (IESF) held its 16th Ordinary General Meeting (OGM) on November 18, bringing together over 150 delegates from the member federations in Riyadh, Saudi Arabia.

Before the official start of the assembly, IESF welcomed representatives from the Saudi Olympic & Paralympic Committee (SOPC) and the Esports World Cup Foundation (EWCF). Abdulaziz Baeshin, CEO of SOPC presented Saudi Arabia’s progress in Esports and sports development and their vision moving forward. Frank Weber, Director of Corporate Marketing at EWCF discussed the success of the EWCF and highlight upcoming plans for the future.

In his opening speech, IESF President HRH Prince Faisal bin Bandar bin Sultan Al Saud expressed gratitude for the number of delegates who attended the assembly. He reflected on the federation’s success and achievements over the past year, the key areas for improvement, and the necessity of continued close collaboration among members.

The first session of the assembly continued with reviewing motions submitted by the members and voting on their acceptance or rejection. The members also voted to grant Full Membership status to Canada, Germany, Latvia, and Malta.

The second session of the OGM was dedicated to electing key positions within the IESF Board and committees. The results are:

  • Board Member: Mr. Samart Benjamin Assarasakorn

  • Treasurer: Mr. Daniel Wen Jun Loy

Membership Committee Members:

  • Mr. Soufiane El Filali

  • Mr. Jaroslav Melishek

Audit, Risk, and Governance Committee:

  • Chair: Mr. Tomas Gabris

  • Members: Mr. Jacopo Ierussi and Mr. Stevan Nenad Rosic

Regulatory Committee Chair:

  • Mr. Ido Orel Brosh

In his concluding statement, IESF General Secretary Boban Totovski congratulated the assembly on a productive and democratic meeting. He expressed his appreciation for the valuable insights shared by members and their dedication to the growth of the IESF.

“This year’s assembly demonstrated the strength of our community and the shared vision that drives IESF forward. I thank everyone for their contributions to a democratic and smooth process, and I look forward to welcoming more member federations to our family next year and even greater success” said Totovski.

The OGM 2024 in Riyadh was another step forward in IESF’s mission to unite the Esports world under a shared vision. With the growing number of national federations, the IESF continues to cement its role as the largest Esports family.

The post IESF Concludes 16th Ordinary General Meeting in Riyadh appeared first on European Gaming Industry News.

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