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Everi Announces Selected Preliminary Fourth Quarter 2020 Results in Connection With Opportunity to Reprice a Portion of Its Outstanding Debt
LAS VEGAS, Jan. 26, 2021 (GLOBE NEWSWIRE) — Everi Holdings Inc. (NYSE: EVRI) (“Everi” or the “Company”), a premier provider of land-based and digital casino gaming products, financial technology and player loyalty solutions, today announced selected preliminary financial results for the fourth quarter and full year ended December 31, 2020, in connection with an opportunity to take advantage of favorable market conditions to lower its cost of debt by repricing $735.5 million of its First Lien Term Loan due 2024. While the expected results demonstrate sequential improvement, the preliminary 2020 fourth quarter results reflect continued impact from the COVID-19 pandemic and related casino closures.
The Company expects 2020 fourth quarter consolidated revenues to be in a range of approximately $117 million to $121 million reflecting quarterly sequential improvement from $112.1 million in the 2020 third quarter. Revenues were $145.2 million in the 2019 fourth quarter. The Company expects its quarterly net loss to be in a range of $1.4 million to $0.3 million, inclusive of approximately $1.5 million in pre-tax charges related to the consolidation of certain facilities and the write-off of certain inventory. This compares to a net loss of $0.9 million in the 2020 third quarter and a net loss of $4.1 million in the 2019 fourth quarter, which included the impact of a $6.4 million pre-tax charge for litigation settlement and approximately $1.6 million of additional charges.
The Company further expects that Adjusted EBITDA, a non-GAAP financial measure, will be in a range of $60 million to $62 million for the 2020 fourth quarter, compared to $59.8 million in the 2020 third quarter, and $63.2 million in the 2019 fourth quarter.
Reflecting the significant impact of the pandemic’s effect on the casino and hospitality industry throughout the year, revenue for 2020 is expected to be in a range of $381 million to $385 million with net loss in a range of $85 million to $83 million compared with revenues of $533.2 million and net income of $16.5 million in 2019.
Michael Rumbolz, Chief Executive Officer of Everi, said, “Our preliminary 2020 fourth quarter results reflect quarterly sequential improvement highlighting the ongoing strength and balance of our business, as well as the benefit of our focus on consistent improvement in our operating execution. Even with increased casino closures and further restrictions on certain casino activities in the fourth quarter, the sequential progress of our expected financial and operating results demonstrate the significant improvements to our Games and FinTech product portfolios over the last several years. This includes our efforts to innovate new products that help our customers extend the connection with their guests and operate more efficiently. The combination of our improved operating performance and the ongoing benefits of our cost-enhancement initiatives is expected to result in Free Cash Flow that is approximately triple the amount we reported in last year’s fourth quarter. We expect our operating strength and momentum to continue in the 2021 first quarter, as casinos again begin to reopen and casino activities improve compared to 2020 fourth quarter levels.”
The preliminary unaudited results noted in this release are derived from preliminary internal financial reports and are subject to revision based on the Company’s procedures and controls associated with the completion of its year-end financial reporting, including all the customary reviews and approvals, and completion of the audit by the Company’s independent registered public accounting firm of its audit of such financial statements for the year ended December 31, 2020. Accordingly, actual results may differ from these preliminary results and such differences may be material. The Company currently anticipates releasing its 2020 fourth quarter and full year results on March 9, 2021 after the market close.
The Company is sharing these preliminary financial results in connection with a potential repricing transaction, in which it would take advantage of favorable market conditions to negotiate and reprice its $735.5 million of First Lien Term Loan.
Cautionary Note Regarding Forward-Looking Statements
The preliminary unaudited 2020 fourth quarter and full year results noted above are derived from preliminary internal financial reports and are subject to revision upon the completion of the Company’s customary financial reporting process, including customary reviews, internal audit procedures and approvals. Accordingly, actual results may differ from these preliminary results and such differences may be material.
This press release contains “forward-looking statements” as defined in the U.S. Private Securities Litigation Reform Act of 1995. In this context, forward-looking statements often address our expected future business and financial performance, and often contain words such as “goal,” “target,” “future,” “estimate,” “expect,” “anticipate,” “intend,” “plan,” “believe,” “seek,” “project,” “may,” “should,” or “will” and similar expressions to identify forward-looking statements. Examples of forward-looking statements include, among others, statements the Company makes regarding its ability to reprice its outstanding $735.5 million aggregate principal First Lien Term Loan that matures in 2024, its expectation that the proposed repricing transaction will lower its annual cash interest expense and enhance its financial flexibility, its expectations regarding its 2020 fourth quarter and annual results of operations.
The forward-looking statements in this press release are subject to additional risks and uncertainties, including those set forth under the heading “Risk Factors” and “Management’s Discussion and Analysis of Financial Condition and Results of Operations” in our filings with the Securities and Exchange Commission (the “SEC”), including, without limitation, our Annual Report on Form 10‑K for the fiscal year ended December 31, 2019 filed with the SEC on March 2, 2020 and subsequent periodic reports, and are based on information available to us on the date hereof.
These cautionary statements qualify our forward-looking statements and you are cautioned not to place undue reliance on these forward-looking statements. Any forward-looking statement contained herein speaks only as of the date on which it is made, and we do not intend, and assume no obligation, to update or revise any forward-looking statements, whether as a result of new information, future events or otherwise.
This press release should be read in conjunction with our most recent reports on Form 10‑K and Form 10‑Q, and the information included in our other press releases, reports and other filings with the SEC. Understanding the information contained in these filings is important in order to fully understand our reported financial results and our business outlook for future periods.
Non-GAAP Financial Information
In order to enhance investor understanding of the underlying trends in our business, our cash balance and cash available for our operating needs, and to provide for better comparability between periods in different years, we are providing in this press release Adjusted EBITDA, and Free Cash Flow, which are not measures of our financial performance or position under United States Generally Accepted Accounting Principles (“GAAP”). Accordingly, Adjusted EBITDA, and Free Cash Flow should not be considered in isolation or as a substitute for measures prepared in accordance with GAAP and should be read in conjunction with our net earnings (loss), operating income (loss), basic or diluted earnings (loss) per share and cash flow data prepared in accordance with GAAP.
We define Adjusted EBITDA as earnings (loss) before interest, taxes, depreciation and amortization, non-cash stock compensation expense, accretion of contract rights, the write-off of inventory, property and equipment and intangible assets, the adjustment of certain purchase accounting liabilities, non-recurring professional fees, value added tax refunds net of related professional fees, a litigation settlement charge, certain non-cash inventory write-off charges and certain office consolidation gains and expenses. We present Adjusted EBITDA as we use this measure to manage our business and consider this measure to be supplemental to our operating performance. We also make certain compensation decisions based, in part, on our operating performance, as measured by Adjusted EBITDA; and our credit facility, senior secured notes and senior unsecured notes require us to comply with a consolidated secured leverage ratio that includes performance metrics substantially similar to Adjusted EBITDA.
A reconciliation of the Company’s expected net loss per GAAP to Adjusted EBITDA for the fourth quarter of 2020 and the actual net loss per GAAP to Adjusted EBITDA for the fourth quarter of 2019 is provided at the end of this release.
We define Free Cash Flow as Adjusted EBITDA less cash paid for interest, cash paid for capital expenditures, cash paid for placement fees, and cash paid for taxes net of refunds. We present Free Cash Flow as a measure of performance and believe it provides investors with another indicator of our operating performance. It should not be inferred that the entire Free Cash Flow amount is available for discretionary expenditures.
A reconciliation of the Company’s net income per GAAP to Adjusted EBITDA and Free Cash Flow is included in the Unaudited Reconciliation of Net Income to EBITDA and Adjusted EBITDA and to Free Cash Flow provided at the end of this release. Additionally, a reconciliation of each segment’s operating income to EBITDA and Adjusted EBITDA is also included. On a segment level, operating income per GAAP, rather than net earnings per GAAP, is reconciled to EBITDA and Adjusted EBITDA as the Company does not report net earnings by segment. Management believes that this presentation is meaningful to investors in evaluating the performance of the Company’s segments.
About Everi
Everi (NYSE: EVRI) is a leading supplier of imaginative entertainment and trusted technology solutions for the casino and digital gaming industry. Everi’s mission is to transform the casino floor through innovative gaming and financial technology and loyalty solutions. With a focus on both land-based and digital gaming operators and players, the Company develops entertaining games and gaming machines, gaming systems and services that facilitate memorable player experiences, and is a preeminent and comprehensive provider of financial products and services that offer convenient and secure cash and cashless-based financial transactions, self-service player loyalty tools and applications, and intelligence software and other intuitive solutions that improve casino operational efficiencies and fulfill regulatory compliance requirements. Everi provides these products and services in its effort to help make customers even more successful. For more information, please visit www.everi.com, which is updated regularly with financial and other information about the Company.
| CONTACTS Investor Relations | |
| Everi Holdings Inc. William Pfund SVP, Investor Relations 702-676-9513 or [email protected] | JCIR Richard Land, James Leahy 212-835-8500 or [email protected] | 
| EVERI HOLDINGS INC. AND SUBSIDIARIES UNAUDITED RECONCILIATION OF NET LOSS TO EBITDA AND ADJUSTED EBITDA AND FREE CASH FLOW ($ in thousands) | |||||||||||
| Three Months Ended December 31, | |||||||||||
| 2020 | 2019 | ||||||||||
| Expected Range | Actual Reported | ||||||||||
| Net loss | $ | (1,400 | ) | $ | (300 | ) | $ | (4,144 | ) | ||
| Income tax provision (benefit) | 800 | (500 | ) | 2,224 | |||||||
| Loss on extinguishment of debt | — | — | 179 | ||||||||
| Interest expense, net of interest income | 18,300 | 18,400 | 17,714 | ||||||||
| Operating income | $ | 17,700 | $ | 17,600 | $ | 15,973 | |||||
| Plus: depreciation and amortization | 35,700 | 37,000 | 34,930 | ||||||||
| EBITDA | $ | 53,400 | $ | 54,600 | $ | 50,903 | |||||
| Non-cash stock compensation expense | 2,800 | 3,000 | 3,716 | ||||||||
| Accretion of contract rights | 2,300 | 2,500 | 2,170 | ||||||||
| Write-off of inventory, property and equipment and intangible assets | 700 | 900 | 425 | ||||||||
| Adjustment to certain purchase accounting liabilities | — | — | (129 | ) | |||||||
| Non-recurring professional fees and other, net | — | — | (281 | ) | |||||||
| Litigation settlement accrual | — | — | 6,350 | ||||||||
| Office and warehouse consolidation, net | 800 | 1,000 | — | ||||||||
| Adjusted EBITDA | $ | 60,000 | $ | 62,000 | $ | 63,154 | |||||
| Cash paid for interest | (22,100 | ) | (22,400 | ) | (25,274 | ) | |||||
| Cash paid for capital expenditures | (24,600 | ) | (23,500 | ) | (32,649 | ) | |||||
| Cash paid for placement fees | — | (100 | ) | — | |||||||
| Cash paid for income taxes, net of refunds | (800 | ) | — | (763 | ) | ||||||
| Free Cash Flow | $ | 12,500 | $ | 16,000 | $ | 4,468 | |||||
 
																	
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GR8 Tech’s Bet It Drives Season 2 Finale: Kelly Kehn on Opening iGaming to New Founders
Reading Time: 2 minutes
Lisbon’s streets set the pace for Season 2 of GR8 Tech’s Bet It Drives—the drive-time podcast where iGaming’s most interesting voices speak freely. Hosted by Yevhen Krazhan, Chief Sales Officer at GR8 Tech, each episode captures raw insight, candid stories, and the energy you can only find on the road.
Episode 4 of the Season 2 finale puts the spotlight on Kelly Kehn, founder, board member, and startup advisor in gaming. As co-founder of Defy the Odds (DTO), she’s building a launchpad and community connecting startups, investors, and operators—with a focus on female and minority founders. Previously, she co-founded the All-In Diversity Project, held ecosystem roles at happyhour.io and SBC, and serves on boards including FUNNZ.
During the ride, Kelly opens up about:
- Why iGaming events matter: the community, access, and acceleration you only get in the room.
- Defy the Odds (DTO): why she and her co-founders built it, what it is, and how founders plug in.
- Women in iGaming: real challenges and how to lower the barrier to entry; inclusion as a growth strategy.
- Pitch ideas that paid off and common startup pitch mistakes.
- The next possible unicorn in iGaming and what makes it possible.
- Soundtrack to success: the song for a win, the pre-coaching track, and the one that sums up her career.
- The boldest ideas: intention, asking for help, and doing the homework.
- The unwritten rule of iGaming.
- Halloween rubric: the scariest moments in life and career, and why saying the hard thing out loud matters.
- Kelly’s Champion Rule: Be kind to yourself and to others.
“As Kelly said, ‘When we open the space to more people and more perspectives, we all win and the pie gets bigger.’ This episode was the perfect finish of our Season 2 in Lisbon,” said Krazhan.
Watch or listen to Season 2, Episode 4 with Kelly Kehn on:
Season 2 of Bet It Drives launched with Rasmus Sojmark, kept pace with Tiago Pereira and Kyrylo Korobka, and now crosses the line with Kelly Kehn in the finale. But still, don’t unbuckle yet: Season 3 is coming soon with more interesting conversations and more reasons to hit play. Follow GR8 Tech to stay in the loop.
The next chapter of iGaming belongs to champions who play smart and bold. Join GR8 Tech at SiGMA Central Europe 2025, Rome, November 3–6, booth 5028-2, and discover the Heavyweight Rulebook—built for operators ready to scale, localize, and win.
The post GR8 Tech’s Bet It Drives Season 2 Finale: Kelly Kehn on Opening iGaming to New Founders appeared first on European Gaming Industry News.
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GambleAware Warns Outdated Gambling Advertising and Marketing Regulations are Leaving Children at Risk of Gambling Harm
Reading Time: 2 minutes
Regulations for online gambling marketing must urgently be brought into the digital age, a new report from the charity GambleAware has warned.
The report reveals that despite gambling being an age-restricted product, children are being exposed to gambling marketing online, before they reach an age at which they can critically evaluate it. This is leading to gambling being normalised and portrayed as “risk-free”, which increases the risk of them experiencing gambling harm.
Gambling harms are becoming an increasing part of children’s lives, with previous research finding that in 2024, around 85,000 children in Britain were experiencing harm from their own gambling, a figure which has doubled since 20233. GambleAware’s new report highlights how seeing gambling marketing and content, online and via social and streaming platforms, could be encouraging children to gamble and contributing to the number experiencing harm.
The new report calls out poor regulation of gambling marketing online, highlighting how more needs to be done to ensure the rules reflect the unique challenges presented by the digital age and urges a reduction in self-regulation to protect children from being exposed to age-restricted gambling content. Alongside this, GambleAware is also calling for mandatory health warnings to be put on all gambling marketing so people are aware of the risks and support available.
Specific changes to help protect children could include moves to hold online platforms to greater account and ensuring existing government programmes, such as the Online Safety Act and Online Advertising Programme, more directly address gambling marketing and content online. Alongside this, other recommendations include the alignment and strengthening of online safety regulatory powers and programmes.
GambleAware research also found strong public support from children and adults for changes to gambling marketing and advertising regulation. Around four in five children (79%) say they want more rules around gambling content and advertising on social media. Alongside this, over seven in ten adults also agree, saying they want more regulation around gambling advertising on social media (74%) and gambling related content on social media (70%).
Anna Hargrave, GambleAware Transition CEO, said: “Gambling operators invest significant resources into online marketing because it works at getting people to gamble more. This has resulted in children and young people being exposed to gambling content online before an age at which they can critically evaluate it and understand the risks that come with it.
“The current regulations covering gambling marketing and advertising online were designed before most children had easy access to the internet. Urgent action is needed to update these rules and bring them into the digital age to help keep children and young people safe from gambling harm.”
The post GambleAware Warns Outdated Gambling Advertising and Marketing Regulations are Leaving Children at Risk of Gambling Harm appeared first on European Gaming Industry News.
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Betbazar’s AI Revolution: Where Algorithms Play and Humans Watch
 Max Sevostianov, CCO at Betbazar, reveals how AI Cricket blurs the line between sport, tech and entertainment — creating a 24/7 AI sports universe — where every match feels alive and every second counts.
Max Sevostianov, CCO at Betbazar, reveals how AI Cricket blurs the line between sport, tech and entertainment — creating a 24/7 AI sports universe — where every match feels alive and every second counts.
- How did the idea of creating AI-driven Cricket come about?
It started from our roots in Live Data Feed and Live Content. We constantly saw the same demand from operators worldwide — they needed fast, round-the-clock sports content that actually feels alive. Traditional virtuals didn’t cut it anymore; they were too static, too predictable.
Cricket, with its global fanbase and built-in drama, became the perfect playground for something new. We wanted to merge sports logic, AI, and entertainment to create a product that doesn’t just simulate a match — it lives one. That’s how AI Cricket was born: a fast, emotional, and unpredictable experience built for the next generation who expect energy, not repetition.
- What market gap does this product fill – and which Operators or regions is it most relevant for?The biggest gap we saw was the “dead zone” between traditional virtuals and real sports. Virtual games looked repetitive and lifeless, while real matches were limited by schedules and logistics. Bettors were stuck between predictability and waiting.
AI Cricket closes that gap completely. It runs 24/7, behaves like a real sport with live odds movement, and keeps the unpredictability that makes real competition exciting. It’s already resonating strongly in cricket-driven regions — India, Bangladesh, Australia, and across Africa — where players crave constant, authentic action that never sleeps.
- AI Cricket offers a short dynamic format (3–6 minutes). How does it align with the behavior trends of the Next Generation of bettors?Today’s bettors live in a scroll culture. They want action, not waiting. The next generation grew up on TikTok clips, Reels, and esports rounds that last minutes, not hours. That shift completely changed attention patterns — and we built AI Cricket for that world.
Each match lasts just 3 to 6 minutes — quick, intense and rewarding. It’s snackable entertainment with real IGaming logic behind it. Players can jump in, experience the thrill, and move on — or stay for hours of back-to-back action that never loses momentum.
- How exactly does the AI model work to make every match unpredictable and “alive”?Behind every match is a living algorithm. Our AI engine processes thousands of variables — team stats, player behavior, pitch and weather conditions, even dynamic momentum shifts. It learns from real cricket patterns but never repeats itself.
That’s what makes it unpredictable — no scripted loops, no recycled outcomes. Every delivery, every wicket, carries its own story. You can literally feel the rhythm of the game changing, just like in live sports. That’s where the emotion comes from — not from animation, but from intelligence.
- How customisable is the product for each Operator’s brand?
We built AI Cricket to be more than a plug-and-play product — it’s a canvas for each Operator’s brand. Our customisation layer lets partners design branded tournaments with their own visuals, logos, and atmosphere.
That means every sportsbook can offer something that feels exclusive — not “another virtual,” but their cricket universe. It’s a powerful way to build loyalty and keep players coming back, because the experience looks, sounds and plays like it truly belongs to that Operator.
- Does Betbazar plan to expand the AI-driven approach to other sports as well?
Absolutely — Cricket was just the opening chapter. The core AI engine we’ve built is flexible enough to adapt to any sport with a short, dynamic format. We’re already experimenting with new disciplines that share the same DNA: fast action, unpredictability, and constant engagement. Our goal is to create a full AI-driven sports universe.
- How do you see AI-powered Content evolving in the iGaming industry over the next 2-3 years?
AI-powered content transforms iGaming by making it faster to test ideas, launch products, and measure results. It turns IGaming into a form of entertainment — offering new, immersive experiences rather than just odds and outcomes. It’s a powerful way for Operators to experiment with different hypotheses, understand player behaviour, and adapt their sportsbook in real time. The line between sports, gaming, and entertainment is fading — and we want Betbazar to lead that evolution.
About Betbazar
Betbazar is a product-first iGaming technology company that empowers Operators with profitable solutions. From low-latency Live Data Feed and AI-driven products to a Turnkey Platform and Sportsbook Solutions, the company delivers performance, reliability and growth Operators need to stay ahead. Betbazar is a long-term technology partner, helping Operators integrate faster, operate smarter and scale stronger.
Website: https://betbazar.com
LinkedIn: https://www.linkedin.com/company/betbazar
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