Tag: Sports Betting

World-class platform provider welcomes experienced hire into key role

Playbook Engineering, a leading global betting platform provider, has bolstered its executive team with the appointment of Luke Cousins as Commercial Director.

Following on from the recruitment of Ivo Doroteia to the role of Chief Executive Officer in June, Cousins has landed a crucial job at Playbook Engineering, bringing with him a wealth of experience from 14 years within the iGaming industry.

Prior to joining Playbook Engineering, Cousins has worked at a variety of different businesses, he launched the first United States office in New York for Pentasia before moving to head up business development for Conexus Group in North America. Cousins returned to the United Kingdom in 2019 and formed his own consultancy, building and growing Unikrn’s new B2B division before its sale to Entain whilst assisting the growth of Hypometer and Moja Group.

This latest hire strengthens Playbook Engineering’s reputation as a global player within sports and casino, thanks to its development of cutting-edge technology whilst providing the best and most innovative user experience.

Commenting on his appointment, Luke Cousins, Commercial Director at Playbook Engineering, said: “I was looking for a quality product to represent as I still see a lot of opportunity in the global market.

“What drew me to Playbook Engineering was the strength of the platform. Speaking with affiliates and operators on the platform already, they confirmed that it is very strong in terms of customer experience, retention rates and KPIs. The platform supports multiple UKGC-licensed operators, which gives us the ability to look at emerging and existing regulated markets, so as Commercial Director it provides a lot of opportunities to look at different ways into those markets.

“I am excited about the regulations currently happening and the opportunities these provide in new markets, whether that be developing markets such as Africa or Latin America where there is mass market potential, but also looking at maturing regulated markets such as in the United States or Ontario, which can be difficult markets to penetrate but ultimately very valuable.

“Playbook Engineering has proven that it has quality technology, along with the people we have in place, so we will be well positioned to take advantage in those markets.”

Cousins was speaking at iGB Live in Amsterdam, his first expo as Playbook Engineering’s new Commercial Director and he will be active at other events throughout 2023.

Financial summary

• Revenue amounted to €42.9 (Q2 2022: 34.7) million for the second quarter of 2023 and €86.9 (H1 2022: 71.5) million for the first half of 2023

• Operating profit (EBIT) for the second quarter of 2023 was €3.7 (4.9) million, at a margin of 8.6% (14.1%), and €8.2 (12.2) million, at a margin of 9.4% (17.1%) for the first half of 2023

• EBITA (acq)* for the second quarter of 2023 was €5.0 (5.2) million, at a margin of 11.7% (15.1%), and €10.8 (12.9) million, at a margin of 12.4% (18.1%), for the first half of 2023

• Cash flow (excluding working capital and M&A) amounted to €0.1 (0.1) million for the second quarter of 2023 and €3.4 (5.6) million for the first half of 2023

• Earnings per share for the second quarter of 2023 were €0.083 (0.109) and €0.190 (0.286) for the first half of 2023

*EBITA (acq) = Earnings before interest, taxation and amortisation on acquired intangible assets

Key Q2 highlights

• Revenue growth of 24% year-on-year driven by an operator trading margin of 9.9% and the addition of Shape Games

• Entered into exclusive global sportsbook partnership agreement with Bally’s Corporation, replacing the global operator’s proprietary sports betting technology

• Significant progress in incubation of cutting-edge AI pricing division which will deliver the next evolution of sports trading to the wider industry

• Signed contract extensions with key partners BetPlay, LeoVegas and Paf

• Repaid the €7.5 million convertible bond previously held by Kindred Group and repurchased 381,476 shares for a total of €7.2 million

“The second quarter of the year was another encouraging period for Kambi as we made significant strategic progress towards executing our long-term growth strategy, including a tier-one partner signing, key partner renewals and the continued development of our AI trading capability.

During the quarter we delivered strong revenue growth of 24% year-on-year, driven by new customers, the addition of Shape Games and a high operator trading margin. Operator turnover growth of 4% was not as strong as revenue, impacted by rising foreign exchange headwinds, the dampening effect of a high trading margin and PENN Entertainment’s year-on-year decline in US market share. Excluding the impact of foreign exchange movements, EBITA (acq) increased by €2.8 million year-on-year.

From a commercial perspective, we were delighted to welcome Bally’s Corporation to the Kambi network in Q2. As we further solidify our market leadership position, this partner win is a major milestone for the business and comes on the back of our flexible product strategy. As one of the world’s leading gaming operators, Bally’s commands strong brand recognition, a large customer database and expansive global footprint that has the potential to open up significant opportunities for Kambi in both the US and beyond.

Bally’s decision to replace its proprietary sportsbook with Kambi Complete underlines the current pressures facing many in-house sports betting operations. Indeed, demand for our Complete sportsbook service remains high, further evidenced by our sales pipeline and the Q2 renewals of key partners BetPlay, LeoVegas Group and Paf.

Kambi’s offering is only getting stronger as we pioneer next generation betting entertainment, highlighted by the success of our award-winning AI-powered trading. Recognising the powerful benefits this unique method of pricing delivers for our partners, we also see an exciting future for this service as a module, powering odds for those outside of the Kambi network. In Q2, we made significant progress in incubating the unit with a view to it operating as a distinct division in the future, similar to Abios and Shape Games. We are confident our AI-driven pricing is uniquely positioned to meet the growing demand for trading services.

In summary, I am pleased with the strategic progress made in Q2 and believe Kambi is in a fantastic position moving forward. Having repaid the convertible bond held by Kindred during the quarter, we are in complete control over our strategic direction as we continue to execute our ambitious long-term strategy that I am confident will deliver value for both partners and shareholders.” said Kambi Group plc’s CEO, Kristian Nylén.

Rivalry Corp. (the “Company” or “Rivalry”) (TSXV: RVLY) (OTCQX: RVLCF) (FSE: 9VK), an internationally regulated sports betting and media company, today announced that, subject to the receipt of approval by the TSX Venture Exchange (“TSXV”), it has retained Generation IACP Inc. (“Generation“) to provide market making services with the objective of maintaining a reasonable market and improving the liquidity of Rivalry’s subordinate voting shares (the “Shares”).

Under the issuer trading services agreement between Generation and Rivalry (the “Agreement”), the Company has agreed to pay Generation a monthly fee of CAD $7,500 plus applicable taxes. The initial term of the Agreement is six months, and such term will be automatically renewed for subsequent six-month periods unless terminated earlier by 30 days prior written notice. Commencing on the first anniversary of the Agreement, the fee payable to Generation will automatically increase annually by 3.0%. Notwithstanding the foregoing, Generation shall have the right to terminate the Agreement at any time upon prior written notice. Generation will not receive any Shares or options as compensation.

Rivalry and Generation are unrelated and unaffiliated entities. Generation has informed the Company that it does not currently own any securities of Rivalry; however, Generation and its clients may acquire a direct interest in the securities of the Company.

Generation is a Toronto-based, independently owned investment dealer providing innovative solutions for institutional, corporate and individual clients in Canada and abroad. Established in 1998, Generation is a member of the Investment Industry Regulation Organization of Canada and a member firm of the Toronto Stock Exchange and the TSXV.

World Pool, the largest globally commingled horse racing pools created and powered by the Hong Kong Jockey Club (HKJC), got off to a great start at the Curragh and Hamburg on Sunday with total turnover of HK$246.9 million (€28.9m/£24.9m) across the eight-race card in Ireland and the Deutsches Derby, the first ever World Pool race in Germany.

History was made in the Irish Derby with Auguste Rodin giving his trainer Aidan O’Brien an incredible 100^th success in a European Classic, while Fantastic Moon emulated his sire Sea The Moon by winning the Deutsches Derby for Arc-winning jockey Rene Piechulek and his partner and trainer Sarah Steinberg.

There was yet more fantastic value for racing fans with Tote+ Win beating SP in six of the eight races on Irish Derby Day and Tote+ Win overround as 107% compared to industry SP overround of 125%.

There were three large overpays with Harry’s Hill (Race 3 – Rockingham Handicap) paying 20.63 on the Tote compared with 14/1 (+38%), Bold Discovery (Race 7 – Celebration Stakes) paying 27.89 compared with 18/1 (+47%) and Safecracker (Race 8 – Ragusa Handicap) paying 11.99 versus 15/2 (41%).

The World Pool Moment of the Day was a truly family affair with the €4,000 prize going to Megan Hassett, groom of Harry’s Hill, who won the Rockingham Handicap in the tightest of finishes. Trained by her father Martin and ridden by her cousin Wayne, Megan will also be entered into the World Pool Moment of the Year where she could win a VIP trip to Hong Kong next year.

Michael Fitzsimons, Executive Director, Wagering Products, at the Hong Kong Jockey Club, said: “It was a really pleasing start to our first ever World Pool race in Germany with the Deutsches Derby and our first ever meeting at the Curragh on Irish Derby Day.

“The racing was fantastic, with a really strong mix of Group races and competitive handicaps, and there were lots of interesting stories throughout the day. We would like to thank all of our partners who really got behind it and we look forward to growing this day even further in the future.”

Brian Kavanagh, Chief Executive Officer, The Curragh Racecourse, said: “The Curragh Racecourse was delighted to participate in the Tote World Pool for the first time for the Dubai Duty Free Irish Derby meeting last Sunday and we were delighted with the response of World Pool patrons.

“Good field sizes and competitive racing were the order of the day and history was made as Auguste Rodin completed the Epsom Derby/Irish Derby double, providing trainer Aidan O’Brien with his 100^th European Classic winner and jockey Ryan Moore with his very first success in the Irish Derby.

“World Pool betting proved popular with both Irish and international punters, delivering turnover on the day of €25.8m across eight races and online Win dividends exceeding SP in six races, and matching on the remaining two with Tote Guarantee in place.”

Jason Morris, HRI Director of Racing and Strategic Projects, said: “Horse Racing Ireland and Tote Ireland were extremely pleased with the very strong results produced by the first Tote World Pool at the Curragh Racecourse, both in terms of the winning dividends and the overall turnover levels on and off course.

“We look forward to building on this successful start and growing future international interest levels further through our excellent relationship with the Hong Kong Jockey Club team.”

Gerhard Schoeningh, Chairman of German Racecourse Association (BGG GmbH), said: “The German Derby was the first World Pool event for us and we are delighted to be able to showcase our top staying horses to a worldwide audience. The much-enhanced pool size also boosted German stakes by a gratifying 33% compared to last year.

“World Pool customers can look forward to seeing the proven 2400 metre Derby horses competing in the Grand Prix races in the summer and autumn, next in the Grosser Preis von Berlin on 13 August.”