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Kindred acquires Relax Gaming to strengthen its focus on product differentiation and customer experience

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Kindred Group has signed an agreement to acquire the remaining outstanding shares in Relax Gaming, a leading and rapidly growing B2B iGaming supplier, at an implied valuation of up to EUR 320 million for 100 per cent of the shares on a cash free and debt free basis. Kindred has been invested in Relax Gaming since 2013 and the transaction will allow Kindred to acquire the remaining 66.6 per cent of the outstanding shares. The acquisition accelerates Kindred’s strategy to increase its focus on product and customer experience by strengthening Kindred’s product control and product differentiation capabilities.

Kindred Group plc (Kindred) has signed an agreement to acquire the remaining 66.6 per cent of the outstanding shares in Relax Gaming. The transaction values the company at up to EUR 320 million on a cash and debt free basis (Enterprise value) and a total value of the outstanding shares of approximately EUR 295 million (Equity value). Kindred will pay an initial consideration, settled in cash upon completion, of approximately EUR 80 million (on a cash and debt free basis). In addition to the initial consideration, the maximum earn-out payments amount to EUR 113 million and may become payable in 2022 and 2023, subject to Relax Gaming achieving certain earnings thresholds. The transaction will be financed through Kindred’s existing cash and credit facilities.

Relax Gaming is a market leading B2B iGaming software supplier that designs and develops online casino games, supported by an open distribution platform for third party aggregation as well as proprietary poker and bingo products. The company was founded in 2010 and has today c. 240 full-time employees with four main hubs in Malta, Estonia, Sweden and Serbia. Kindred has been invested in Relax Gaming since 2013 and was prior to the transaction the largest owner with 33.4 per cent of the outstanding shares.

“Through this acquisition we add a rapidly growing and profitable B2B business with a world-class product portfolio, giving us greater control over our casino, poker and bingo offering, putting Kindred in a significantly better position to achieve our long-term strategy to increase our focus on product differentiation and customer experience”, says Henrik Tjärnström, CEO at Kindred Group.

“Joining Kindred Group comes as a natural next step in our long-standing cooperation with Kindred across all our product verticals. Kindred’s strengthened presence will allow Relax Gaming to further invest in and accelerate the expansion of our B2B offering across the globe. We will continue the Relax Gaming journey as a separate B2B entity with unchanged product portfolio and overall strategy, staying true to our values and respecting the hard-earned trust of our customers. Our continued independence is a key element of the transaction, and I am happy to remain on the board of Relax Gaming”, comments Patrik Österåker, Co-founder and Chairman of the Board at the Relax Gaming.

Relax Gaming currently supplies poker and bingo content on an exclusive basis to Kindred along with high quality casino content. The acquisition is expected to generate annual run-rate synergies of EUR 8 million within the next three years for the Group driven especially by lower investment needs and reduced cost of sales. With Relax Gaming as an important addition to the Group, Kindred will be able to further develop its own proprietary product portfolio, and thereby secure unique content differentiation in line with the Group’s strategic direction.

In order to secure continued integrity of Relax Gaming’s B2B customers, Kindred’s intention is to keep Relax Gaming as an independent entity within the Group with a separate Board of Directors and management team. Kindred’s ambition is to continue to invest in Relax Gaming to cement its position as a leading B2B iGaming supplier by further strengthening Relax Gaming’s product offering and by broadening their B2B customer base. In conjunction with the completion of the transaction, all existing employee share option programs in Relax Gaming will be exercised, and Relax Gaming’s management, who is committed to the future success of the company, will retain an ownership of c. seven per cent of total fully diluted shares in the company and Kindred’s ownership in Relax Gaming will be c. 93 per cent after the completion of the transaction and the exercise of the options.

In the last twelve months leading up to May 2021, Relax Gaming generated revenues of approximately EUR 25 million with an EBITDA of approximately EUR 10 million.

The transaction is conditional to customary regulatory approvals and is expected to be completed in the fourth quarter of 2021.

J.P. Morgan has acted as financial advisor and Cirio Advokatbyrå has acted as legal advisor to Kindred in connection with the transaction.

Roschier Attorneys Ltd acted as the legal advisor to the shareholders of Relax Holding Limited in the transaction.

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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ELA Games Announces New Slot Game – Big Wave Delight

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ELA Games, an innovative slot provider in the iGaming industry, is thrilled to announce the release of its latest slot machine game, Big Wave Delight. This new game features an advanced design, original mechanics, and a unique “Bonus Purchase” feature, setting a new standard in the gaming industry.

“Dive into the ultimate Hawaiian surf adventure with Big Wave Delight,” says Mike Cini, Business Owner of ELA Games. “Our latest slot machine offers players a thrilling gaming experience with every spin. The unique ‘Bonus Purchase’ feature and the ‘Wild Wave Respin’ feature, where every Wild landing triggers a respin and summons a massive surfing board as a Wild symbol on the reel, are sure to keep players engaged and entertained.”

Players can also hit the waves with Free Spins, scoring 10 thrilling spins with random multipliers (up to 10x) on each whirl. With up to 3 Wild Surfboards on every spin, players can expect epic wins!

The ELA Games team has just returned from SIGMA Americas in Sao Paulo, which took place from 22-24 April. The team is now preparing for the CasinoBeats Summit 2024 in Malta, where Mike Cini will be participating in a discussion panel titled “Navigating niche – mainstream opinion on alternative games“ on 22nd May.

The post ELA Games Announces New Slot Game – Big Wave Delight appeared first on European Gaming Industry News.

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CasinoBeats Summit, Headlined by ‘Doom Guy’ John Romero, to Draw 4,500 Delegates to Malta

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From May 21st to 23rd, 2024, InterContinental Malta will host the highly anticipated CasinoBeats Summit. With 4,500 delegates expected, the event will once again be the hub for all things casino, featuring insightful discussions on innovation and providing a firsthand look at the hottest products in the casino world.

A highlight of the event is the keynote address by John Romero, renowned game programmer and designer behind classics like ‘Doom,’ ‘Wolfenstein 3D,’ and ‘Quake.’ Romero will also join returning host Trudy Kerr to co-host the Game Developer Awards on Thursday evening.

The educational component of the event, featuring over 150 experts, will provide in-depth insights into various aspects of the gaming industry, ranging from slot games and live casino experiences to alternative game types. Special attention will be given to areas such as game design, mechanics, creativity, and innovation. Additionally, stages will cover advancements in the industry, leadership topics, marketing, and affiliation.

Notably, SEO will be a focal point across multiple sessions, including the return of the three-part SEO chatshow led by Ivana Flynn, SEO Director at Betinia and Campobet. These sessions will explore the intersection of SEO with AI and the latest updates from Google, among other relevant topics.

SEO will also be highlighted in a workshop led by International SEO Consultant Aleyda Solis, tackling the audience’s ongoing challenges in the SEO field. Another workshop will focus on grey hat SEO tactics. Additionally, SEO will be a key feature in a hackathon led by technical SEO experts Batuhan Sasi (Medier) and Héctor Izurrategui (888/William Hill). They will demonstrate how tools like ChatGPT can enhance the efficiency of SEO professionals, offering a practical overview of their capabilities.

Workshops and hackathons will be key features of this year’s event, offering more intimate and practical settings for learning about various topics. Workshops will cover areas such as the impact of brand design, led by Philip Sultana (Head of Design/Brand & UX/UI, PressEnter Group), building successful VIP programs with Gali Hartuv (CEO, WarriorLab), ESG with Floris Assies (CEO, Better World Casinos) and harnessing HR technology for strategic excellence. Additionally, hackathon-style sessions will provide opportunities to engage with regulators, including representatives from Curaçao and the UKGC.

Over 50 exhibitors will enliven the exhibition floor, creating a dynamic environment filled with product showcases. The show floor will also host various networking activities, including the Women in Gaming Breakfast and IMGL meet-ups. Special features will include a slot tournament led by casino streamers testing new game releases from the studios debuting their games at the event, as well as a dedicated women in gaming poker tournament.

The poker tournament is just one of the many activities at the event tailored for women in gaming. Female attendees can expect a variety of sessions, including yoga and meditation classes for stress relief, empowerment and leadership workshops, and sessions where real-life experiences of women in the industry will be shared by industry leaders.

Another exciting event highlight will be the abundance of roundtable discussions to join, totalling 19 on Day 1. These intimate discussions, lasting for one and a half hours each, will delve into the regulatory landscape and explore challenges and opportunities in various markets, including the UK, Italy, Malta, Spain, Brazil, and more.

During the evenings, attendees can enjoy networking in relaxed settings at the networking events. These include the CasinoBeats Malta Opening Party at SKYBEACH on Tuesday, 21st of May, the Official Networking Party at Infinity by Hugo’s on Wednesday, 22nd of May, and the Official Closing Party at Sky Club on Thursday, 23rd of May.

Additional evening networking events comprise the Game Developer Awards, a celebration honouring successful teams and individuals in the casino industry at Hilton (a separate ticket is required) on Thursday, 23rd of May. There are also invite-only VIP Dinners for C-level SBC Leaders at Caviar & Bull on Wednesday, 22nd of May, and for Affiliate Leaders at Sole by Tarragon on the same day.

The post CasinoBeats Summit, Headlined by ‘Doom Guy’ John Romero, to Draw 4,500 Delegates to Malta appeared first on European Gaming Industry News.

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BOS: “Of course the minister is right when stating that the state should not operate casinos”

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The Swedish Trade Association for Online Gambling (BOS) expresses itself in an op-ed, published today in Sweden’s largest newspaper Aftonbladet, about financial market minister Niklas Wykman’s statement that “It should not be a politically ordered task for a state company to operate casinos”. The minister made the statement in an op-ed in Aftonbladet due to his announcement that the government intends to close Sweden’s last land-based casino, located in central Stockholm.

In a response from BOS, Secretary General Gustaf Hoffstedt welcomes the minister’s principled statement about the inappropriateness of running state casinos. Hoffstedt also reminds the minister that the state continues to do exactly that online and that the same principled stance should also apply online.

-We welcome this principled firm stance on the part of the minister and foresee that a winding down of the state as a commercial operator in the casino market can take place during the mandate period, which extends until 2026, says Gustaf Hoffstedt.

The post BOS: “Of course the minister is right when stating that the state should not operate casinos” appeared first on European Gaming Industry News.

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