Africa-focused mobile games publisher Carry1st has raised an additional USD $2.5m in its latest funding round, bringing its total capital raised to $4m. 

Investment was led by CRE Venture Capital, with participation from Perivoli Innovations, Chandaria Capital, Lateral Capital, Transsion’s Future Hub, and Kam Kronenberg III among others. Pardon Makumbe, Managing Partner at CRE, and Henry Lowenfels, Chief Product Officer of One Team Partners (formerly Scopely SVP) will also join the company’s board. 

The publisher, which launched in 2019 and has offices in New York, Cape Town and Lagos, and serves the first generation of African smartphone users, says it plans to use the new capital to recruit more top-tier talent, develop its platform technology, and publish new content. 

Carry1st Trivia was ranked the #1 free-to-play Android game in Nigeria and Kenya, and the company says it has now reached over 1.5 million users across the region. It now plans to partner with international studios to launch multiple new games in 2020 and scale its audience to over a million monthly active users. 

Discussing developments Carry1st CEO and former Carlyle dealmaker, Cordel Robbin-Coker, said:

“Social gaming is the largest and fastest-growing form of mobile media, grossing more than three times all other app categories combined. Our mission is to bring this world of interactive content to Africa and likewise to connect Africa to the world.

“Our belief is that building a local publisher, with differentiated tech and operating capabilities across marketing, distribution, and monetization is the way to be this bridge. We are pleased to partner with CRE and our investor group to accelerate this vision.”

While CRE Partner, Pardon Makumbe, added:

“We are excited to partner with the world-class team at Carry1st to take the pain out of distributing and monetizing games across Africa. 

“The continent is young, vibrant, and mobile-first — by focusing on the building blocks, we believe Carry1st is well-positioned to define the category, and catalyse the development of the industry for Africa’s over 1.3 billion consumers.”

And, Carry1st VO of Operations, Lucy Hoffman, said:

“It’s really exciting to be part of developing a new industry in an emerging region. In doing so, we will stimulate thousands of jobs and drive digital inclusion. When people come online for the first time, they want to connect with people and have fun. In these unusual times we are reminded of the power of games to delight, to educate, and ultimately to unite.”

By 2025 it is estimated that Africa will have added more than 350 million smartphone users and increased data consumption by 17 times. 

AYO.NEWS says:

Despite its clear potential, the African market is still sadly neglected by many international publishers, so companies like Carry1st are very well placed to capitalise on the potential, and this extra funding should go a long way to enabling them to do just that. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Flutter Entertainment has released a Q2 trading update showing a significant boost from The Stars Group and 10% year-on-year rise in pro forma group revenue.

However, despite The Stars Group seeing a dramatic 92% rise revenue, Sky Betting and Gaming registered a 28% drop, and Paddy Power Betfair revenue plunged 54% overall (down 41% online and 100% in retail), having being hit particularly hard by sports cancellations resulting from the COVID-19 crisis. 

The Group’s international operations managed to lift things considerably, with Australian revenue growing 61% and US revenue surging 61%. 

Reflecting on the quarter, CEO of Flutter Entertainment, Peter Jackson, said:

“Businesses around the world are navigating through extraordinary change as a result of the COVID-19 pandemic.

“As with many other sectors, in betting and gaming there have been stark impacts as much of the world has gone into lockdown, with some parts of the sector struggling and others thriving as consumers change their purchasing habits.

“Today we are starting to look more directly to the future in terms of planning for growth, while we continue to benefit from our product and geographical diversification as the unpredictable situation unfolds”.

AYO.NEWS says:

Merging with The Stars Group, which is far less exposed to sports betting than Flutter’s other big brands, like Paddy Power Betfair, is starting to look very timely indeed! 

Considering the second quarter is likely to be the worst affected by the COVID-19 crisis (assuming lockdowns don’t return with fresh waves of the pandemic), it seems Flutter has weathered the storm pretty well all things considered. 

Flutter’s heavy online presence, increasing diversification, and substantial operations in relatively stable economies like the UK, US and Australia, stand in stark contrast to some other groups, exemplified by Spain-based Codere which, as we reported yesterday, is sinking under mountains of debt, and is struggling to find access to finance after being pummelled by the COVID-19 crisis and unfavourable currency exchange rates in some of its key Latin American markets. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Spanish multinational gambling operator Codere has reported losses of €97m for the first quarter of 2020, as the group struggles to access funding. 

Codere SA, which operates online gambling, retail betting shops, gaming halls, gaming machines and racetracks across Spain, Italy, and Latin America, has seen losses grow tenfold compared to the same period last year. 

The company has been hit hard by the COVID-19 crisis and resulting cancellation of sports across the world, especially in Europe and South America. Significant fluctuations of South American currencies against the US dollar and euro have also hurt performance. 

Group operating revenues for Q1 2020 tumbled 21% year-on-year to €278m, with serious declines across all core operating markets. The group reported an adjusted EBITDA of €40m for the quarter. 

Like other betting operators, the group has striving to reduce operating expenses, and managed to save €42m in the period, but it was too little to offset the major decline in revenue. The company says it has been maintaining operations using an extended €130m credit facility, and its corporate debt has reached €976m, while debt-net equivalents of €826m are held. 

Earlier this month, Codere failed to negotiate an extension of its debt repayment terms with US bondholders Silver Point and Abrams Capital, and there is some speculation that the company will be forced to sell some business units to survive. 

AYO.NEWS says:

Despite online gambling as a whole holding up well so far during the COVID-19 crisis, those operators with large retail and sports betting exposure, and existing debt, have found themselves in a very tricky situation, as revenues dry up and lenders become very risk averse. 

Last month we reported that Gibraltar-based online casino supplier Nektan had appointed administrators, confirming it had failed to secure the funds it needed to keep operating. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Gibraltar-based online lotto betting operator, Lottoland, has launched its first charity lotto in the UK. 

20p from every pound bet will be donated to four charities; The British Red Cross, Hospice UK, Keep Britain Tidy, and The Marine Conservation Society. Tickets will cost £1 each, and the jackpot will be fixed at £250,000 for each draw. 

The game format and draw will be based on the French Lotto, with draws taking place each Monday, Wednesday, and Saturday. Five balls will be drawn from a total of 49, with 10 bonus balls. 

Commenting on the launch Lottoland CEO, Nigel Birrell, said:

“We are delighted to be able to launch our charity lotto betting game here in the UK and are delighted to have these four fantastic charities on board, all of whom support amazing causes.

“The whole team at Lottoland are excited to see the launch of the Win-Win Charity Lotto, it’s something we’ve been working on for some time and absolutely feels like the right step for the business. We believe we’ve found a good balance, as the respective charities will all appeal to a different audience and yet are all equally, immeasurably important in what they do.”

While Head of Corporate Partnerships at the British Red Cross, Katherine Ross, added:

“The British Red Cross has been supporting people at every stage of crisis for over 150 years, both in the UK and around the world. In the aftermath of crisis, we are there to help people rebuild their lives and create a more sustainable future. 

WIn the UK, we respond to an emergency on average every four hours, from fires and floods to power outages and terror attacks. Through the kindness of our supporters, we can continue our vital work to protect the most vulnerable people.”

And, Director of Fundraising and Marketing at the Marine Conservation Society, Mike Crossley, said:

“At what is such a challenging time for charities across every sector, it’s fantastic to have the support of Lottoland. The money raised by players of Lottoland will be immensely valuable to our ongoing work fighting for our ocean, working towards a cleaner, better-protected, healthier future where both nature and people thrive.”

AYO.NEWS says:

Anything that benefits good causes is great, but we predict this will receive some backlash from those concerned it will divert customers away from the National Lottery – which has long funded good causes across the UK. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

iGaming platform provider BtoBet is expanding its African footprint through a partnership with WinPrincess in Tanzania. 

The partnership will see WinPrincess diversify its operations, incorporating BtoBet’s digital channels into its existing retail business strategy.  

WinPrincess currently operates 32 casinos, in 15 countries across 4 continents, and the integration of an omnichannel approach to its retail casino operations in Tanzania is the first step for the group as it seeks to expand its global digital presence. 

The group says it plans to incorporate online casino and sportsbook verticals as it expands into digital channels. 

Discussing the news Executive Coordinator of the WinPrincess Group, Guven Eraslan, said:

“Like any other company we need to grow to continue to exist. Therefore, we cannot afford to miss any of the opportunities that lie ahead of us. Moreover three of the fastest growing cities in the world are in Tanzania, and thus we firmly believe that Africa is a safe bet if you need a good start in the iGaming industry.”

Wile BtoBet’s Chief Executive Officer, Alessandro Fried, added:

“The brand and the reputation that WinPrincess have built in the land-based casino sector across a multitude of countries speaks for itself. Just like BtoBet, they continuously pursue innovation, placing utmost importance on their player experience.”

AYO.NEWS says:

With online access rapidly growing across Africa thanks to the proliferation of smartphones, operators in the region clearly can’t afford to neglect online gaming and betting, so it represents a potentially huge market for platform providers like BtoBet. 

At the end of September 2019, we reported that BtoBet had partnered with iLotto Solutions to launch a new lightweight lottery solution specifically designed for emerging markets like Africa. 

‘AYO.NEWS says’ features the opinion of the author and does not necessarily reflect the views of Pentagon Digital Limited or its affiliates or associates. 

All original content featured on this site is © Pentagon Digital Limited, 2020

Crypto sportsbook and casino Cloudbet has added USD Tether to the portfolio of cryptocurrencies it supports. 

After a month of testing with a small group of players, Tether has become the first stablecoin to be accepted by the operator. All customers can now deposit, withdraw and bet with USDT – which is pegged to the US dollar. 

New players depositing with USDT at Cloudbet are also eligible for a welcome bonus of up to 1,000 USDT, and customers can buy Tether directly on the site using credit cards or Apple Pay. 

Cloudbet launched in 2013 as a Bitcoin (BTC) casino. In early 2018 it added Bitcoin Cash (BCH), and earlier this year it added Ether (ETH). In April this year the operator launched a new improved website. 

The new site also added UFC in-play betting, new language options, and a comprehensive selection of esports. 

Discussing the news a Cloudbet spokesperson said:

“We’ve accelerated our feature rollouts tremendously, thanks to the systems and processes we put in place to build the new website. The market can look forward to many more new features and new coins in the coming months.”

“Since launch, a fundamental part of our philosophy has been about empowering players with technologies that solve their problems. USDT and stablecoins are an extension of that.”

All original content featured on this site is © Pentagon Digital Limited, 2020