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Golden Nugget Online Gaming To Become Public

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Golden Nugget Online Gaming To Become Public
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Landcadia Holdings II, Inc. to Acquire Golden Nugget Online Gaming

Tilman J. Fertitta and Landcadia Holdings II,  Inc. announced today that Landcadia II has entered into a Purchase Agreement to acquire Golden Nugget Online Gaming, Inc. (“GNOG”), a US online real money casino owned by Tilman Fertitta, recognized by both its peers and customers alike as the industry leading online casino that brought Live Dealer to the US market place. Landcadia II is a publicly traded special purpose acquisition company co-sponsored by Fertitta Entertainment, Inc. and Jefferies Financial Group Inc.

GNOG will become only the second pure publicly traded online casino company in the US. The transaction is expected to close in the third quarter of this year.  Upon closing, Landcadia II intends to change its name to Golden Nugget Online Gaming, Inc. and its Nasdaq trading symbol to GNOG.

“GNOG is one of the best positioned companies to capitalize on this massive online gaming opportunity in the US,” said Rich Handler, Co-Chairman of Landcadia II and CEO of Jefferies LLC. “We at Jefferies couldn’t be more thrilled to partner with Tilman and bring this great opportunity to the public markets.”

Golden Nugget is a household name throughout the United States and its iGaming business is a well-established leader in New Jersey, the largest online gaming market in North America. GNOG has obtained market access, subject to regulatory approval, to Pennsylvania and Michigan and anticipates launching its online casino brand in each of those new markets in early 2021.

GNOG is known among its industry peers as the preeminent operator in the US online gaming market, having won the EGR North America Top Operator Award for three consecutive years. GNOG is known for its innovation, including initiating Live Dealer, Live Casino Floor gambling and a number of exclusive slot machine games to mobile devices, tablets and computers throughout New Jersey, as well as its top-notch 24/7 customer support.

Tilman J. Fertitta will remain GNOG’s Chairman and CEO, and Thomas Winter, who was brought in to develop Golden Nugget’s online gaming business, will continue to serve as GNOG’s President.  During the seven years since Thomas Winter started Golden Nugget’s iGaming business in New Jersey, revenues and profitability have grown each year despite facing competition with greater financial resources. According to Mr. Fertitta, “Golden Nugget is one of the most time-honored brands in the gaming business today. When customers hear the name Golden Nugget, they know they are dealing with a trusted online gaming business. Thomas and his team have done a remarkable job, are the best in the industry, and with this transaction, will have access to growth capital to allow for the rapid expansion of the business.”

GNOG Highlights

  • Started operation in New Jersey Q4 2013
  • Became profitable in 2016
  • First online gaming company to launch Live Dealer in the US
  • Won Industry award as top operator 3 years in a row
  • First to launch Live Casino Floor in US
  • Net Income of over $11 million in 2019

Key Transaction Terms

The transaction values the combined company at an anticipated pro forma enterprise value of approximately $745 million, or 6.1x GNOG’s estimated 2021 revenue of $122 million. The consideration payable to the parent entity of GNOG will consist of a combination of cash and rollover equity in Landcadia II.  Upon completion of the transaction, Tilman J. Fertitta, Chairman and CEO, will, through the parent entity of GNOG, hold a controlling economic interest (through an Up-C structure described below) and a controlling voting interest in the combined company.  The combined company will have a dual-class share structure with super voting rights for Mr. Fertitta.

Landcadia II will be assuming $150 million of GNOG debt of and will pay down at closing an additional $150 million of its debt, plus pay prepayment fees, transaction fees and expenses. Subject to redemptions, there is approximately $321 million currently held in Landcadia II’s trust account. Upon payment of the purchase price, debt repayment and transaction fees and expenses, the combined company will have at least $80 million on its consolidated balance sheet at closing and an anticipated pro forma equity market capitalization of nearly $700 million.

The transaction will be structured as an Up-C where an entity indirectly owned by Mr. Fertitta will retain common units of a partnership managed by the combined company and an equal number of non-economic voting shares in the combined company.  The combined company will also enter into a customary tax receivable arrangement with such entity indirectly owned by Mr. Fertitta, which will provide for the sharing of tax benefits relating to certain pre-combination tax attributes, as well as tax attributes generated by the transaction and any subsequent sales or exchanges by the entity indirectly owned by Mr. Fertitta of their equity interests, as those attributes are realized by the combined company.

The transaction has been unanimously approved by the Board of Directors of Landcadia II, upon the unanimous recommendation of a committee comprised solely of Landcadia II’s disinterested independent directors (the “Committee”).  The transaction will require the approval of a majority of the outstanding shares of Landcadia II, excluding shares beneficially owned by Tilman J. Fertitta and Jefferies Financial Group, and is subject to customary closing conditions, including certain regulatory approvals. Jefferies LLC is acting as exclusive financial and capital markets advisor to Landcadia II.  Haynes and Boone LLP is acting as legal advisor to GNOG. White & Case LLP is acting as legal advisor to Landcadia II. Houlihan Lokey, Inc. is serving as financial advisor to the Committee of Landcadia II.

 

SOURCE Landcadia Holdings II, Inc.


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: Golden Nugget Online Gaming To Become Public

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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Striking new partnership between Endorphina and EGT Digital

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Endorphina is at it again by kicking off another partnership. We’ve just heard the news that Endorphina has just partnered with EGT Digital, a leading Bulgarian-based company providing extremely flexible betting and gaming solutions across Europe.

This partnership holds a lot of promise for both parties. For Endorphina, this partnership will further expand their games into the LatAm market as well as throughout Europe. As for EGT Digital, they can look forward to truly satisfying their players by offering such a range of trendy and hit games from Endorphina.

Alexander Botov, CEO EGT Digital, shares about the partnership:

“We are very excited to partner with such a reliable company like Endorphina. It is always nice to work with business-oriented professionals. We truly believe our clients will benefit from this partnership. Our main goal is to provide our customers only high-quality content and Endorphina will help us tremendously in this endeavour. As I mentioned, this partnership reflects our desire to collaborate with companies that share our vision and understanding of the industry. In the dynamic business environment in which we operate, satisfying customer needs is our mission. With the integration of Endorphina’s games, we are one step closer to the goal. Beyond a shadow of a doubt this deal marks the start of long and productive commercial relationship.”

Sales Director at Endorphina, Kirill Miroshnichenko, also shares:

“I’m so proud to announce our partnership with such a well-known company in the iGaming industry. EGT Digital is starting a new project and we are taking part in it. Now EGT Digital partners can add our full portfolio into their projects. I would like to thank you Hristofor and Alexander for both of your professional approach and smooth integration. EGT Digital, welcome to our family!”

 

CEO of Endorphina, Jan Urbanec, adds:

“We consider EGT group one of the pioneers in the business. So it is an honor to partner up with the digital part of such a well-respected enterprise. Endorphina pledges to provide great content for players. The ability of EGT Digital to effectively distribute and deliver will be a killer combination for the international market.
We strongly believe that this cooperation will bring prestige, success and financial benefits to both parties. Games like Bufallo 50 and the Chance Machine series running with EGT Digital partners will make sure of that.”

 


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: Striking new partnership between Endorphina and EGT Digital

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EPIC team-up with mobile health app RecoverMe

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EPIC team-up with mobile health app RecoverMe
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EPIC Risk Management has teamed-up with RecoverMe, a brand-new mobile health app that empowers individuals to manage a gambling addiction from their pocket.

The collaboration will see the RecoverMe app being used as part of selected EPIC Risk Management’s educational programmes to support individuals who may be at risk or already suffering from a gambling addiction.

RecoverMe has been developed by three junior doctors in consultation with psychologists, psychiatrists and those suffering from gambling addiction.

Dr Minal Jain, co-founder of RecoverMe: “We are delighted to announce our collaboration with EPIC to combine our efforts to reducing gambling-related harm across the country. Collectively, we can provide education, prevention, and management support within organisations where there is a higher prevalence of problematic gambling. Highlighting the need for all three of these fundamental components going forward.

“EPIC Risk Management was founded in 2013 and since then they have established themselves as experts in the education and prevention space. It is inspiring to see how Paul Buck (EPIC CEO & Founder) and the EPIC team have used their lived experience to make such a positive impact. They have worked with a number of organisations, in a variety of sectors throughout the country to tackle risks associated with a gambling addiction.

“By joining forces, we hope to increase the awareness around this addiction, reduce the stigma associated and offer individuals management tools such as RecoverMe that will be beneficial in their journey of recovery. Having shared the panel with EPIC, at the SBC Digital Summit in Barcelona earlier this year, there was a resounding discussion regarding the incorporation of innovative solutions, so, to be working with EPIC to make this happen is very exciting!”

Speaking about the collaboration, EPIC Risk Management’s Director of Educational Programmes, Patrick Foster said: “RecoverMe share many of EPIC’s values and approaches to reducing gambling-related harm. They share EPIC’s belief of how integral education is to provide a holistic approach to support individuals who may be at risk of developing a gambling addiction, or those who are already experiencing one.

“Furthermore, EPIC recognise and believe that everyone who is struggling with issues with gambling addiction is able to access support and treatment, and RecoverMe allows individuals who may not have a recognised support pathway to immediate, accessible and effective treatment.

“We are looking forward to collaborating with them moving forward in selected programmes”


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: EPIC team-up with mobile health app RecoverMe

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Genius Sports Group secures exclusive 10-year official data and streaming partnership with Polish basketball

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Genius Sports Group secures exclusive 10-year official data and streaming partnership with Polish basketball
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Genius Sports Group granted the exclusive rights to distribute live data and video from Polish basketball to its global network of sportsbook partners

The Polish Basketball League (PLK) and Polish Basketball Association (PZK) have selected Genius Sports Group as their Official Data & Streaming Partner in a 10-year exclusive partnership.

As the premier technology partner in world basketball, Genius Sports Group will continue to provide Polish basketball with its leading data collection, management and distribution solutions. FIBA LiveStats will capture advanced play-by-play statistics including shot, four and turnover locations at eight competitions and more than 1,800 games per season.

FIBA LiveStats GameCentres will help both the PLK and PZK connect with their fans at each stage of hundreds of games per year. Fans will be brought closer to the action, analysing head-to-head records, full box score statistics and team and player shot charts.

From the 2021/22 season onwards, both the PLK and PZK will be able to implement Genius Sports’ cutting-edge live streaming solutions, delivering live broadcasts, data-driven graphics and highlights to fans worldwide. GeniusLive and GeniusLive+ are powering live streaming solutions for leagues and federations at all levels of world sport, delivering vital visibility and new revenue opportunities.

Radosław Piesiewicz, President of the Polish Basketball Association and Polish Basketball League, said: “Signing a long-term contract with such an important partner as Genius Sports will allow us to take another big step forward for the development of Polish basketball. Apart from cooperation with other basketball federations, Genius Sports cooperates with the NBA and the World Basketball Federation (FIBA).

“For the first time, Genius Sports will have the exclusive rights to distribute live date and video from all Polish basketball games. I am convinced that such 10-year cooperation will allow us to promote our leagues outside Poland, providing a platform for faster and even better development of our leagues.”

Jonny Katanchian, Head of Commercial Partnerships – EMEA at Genius Sports, said: “Long-term, trusted partnerships like this are pivotal to driving the development and global expansion of basketball leagues and federations. FIBA LiveStats will continue to power a world-class data ecosystem while our streaming solutions and global distribution networks will transform how Polish basketball engages new audiences around the world.”

On October 27, 2020, GSG entered into a business combination agreement with dMY Technology Group II, Inc. (NYSE: DMYD.U, DMYD and DMYD.TS) to drive its expansion as a leading provider of official data and technology powering the global sports, betting and media ecosystem. Upon the closing of the transaction, the combined company expects its ordinary shares and warrants to trade on the NYSE under the symbols “GENI” and “GENI WS”, respectively.


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: Genius Sports Group secures exclusive 10-year official data and streaming partnership with Polish basketball

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