Banach Technology Raises $2.55m in Start-up

The former management at Paddy Power Company are the investors that came to the aid of Banach technology search for startup.

Banach TechnologyPatrick Kennedy, the former paddy power chief executive office, Cormac McCarthy the Paddy power former financial officer are part of the investors that have aided the €2.2m startup. Another investor s Cormac Barry who has been running the Australian division of the Paddy Power up to this year.

The Banach technology company has roots in Paddy Power in a certain way. Mark Hughes is the company’s CEO and who has previously worked as the former head of Quants as well as the Senior Quantitative Analyst at Paddy Power. There is also another executive in the company including; the managing director Rob Reck who has been a former Paddy power employee.

In his interview to the Sunday times, Reck told the media house that the funding was ‘significantly oversubscribed. The company expects to hire more staff who includes the quants mathematicians as well as the software engineers.’ He added that by the end of 2018, the company will have expanded to up to 30 workers from the current 12 workers.

Banach Technology, which is registered in Dublin offer pricing, product and customer experience systems to different gambling groups. It has offered their services to companies like the GVC holdings, owner of the Ladbrokes Coral and BWin.

Another investor that recently joined the team is Red Tiger and Nick Maugham. Nick Maughan is an industry entrepreneur who founded the Cayetano gaming that was acquired by paddy power in 201. After his service how went forth to found the red tiger going in 2014.

The seed that the company, Banach enterprises acquired, €2.2m, the Banach management intend to develop her product development services. Expansion of her staff as above stated by Reck is one of the main strategies to make this happen.

The company has developed a technology that is meant to revolutionize the game multiple processes. It will as well automate the gaming industry. It seeks to revolutionize the betting accumulator pricing and data. In so doing, this will simplify the multi-bet market complexities for the B2C customers linked to the company.

Through the technology that the firm intends to bring onboard, it will be able to empower her customers to get a structured and personalized bet. The bet will even comprise of the same and related game multiples.

Through the products that the company releases to the customers, it focuses on facilitating and strengthening greater customers experience as well as improved operator margin. This is to happen across all the channels, according to the company press release.

The company has a competent leadership of four members. The chief executive officer is the renowned Mark Hughes, the chief technology officer being Alex Zevenbergen and Handrien Lepretre who is the company’s COO.

The beneficiaries that were to benefit from the new move and the major development of the company’s move are the clients according to the company’s profile. BetBright, GVC Holdings that owns Ladbrokes Coral and BWin and also the Paddy Power Betfair which has the Paddy power brand and Betfair as well as Sportsbet will be the major beneficiaries being the first-hand clients.



Gaming Realms Intends to Sell 70% Stake to River UK Casino

On 28th of June 2018, Gaming Realms announced that it is considering a plan to sell 70% of its United Kingdom Real Money Casino B2C business to River UK Casino. Gaming Realms develops, publishes, and licenses gaming content in the United States, United Kingdom, Canada, and internationally.

gaming realmsRiver UK Casino Limited has agreed to purchase the 70% of Gaming Realms’ UK business at a cost of GBP 23.1 million. However, the deal will have to receive approval from certain third-party players as well as a majority resolution from shareholders. Gaming Realms has scheduled a meeting for its shareholders on the 18th of July 2018 and it is expected that they will deliberate on the plan and come up with a way forward on whether to accept the proposal or to decline it.

Following the press statement on the sale proposal, it was clear that Gaming Realms is implementing a plan to restructure its operation so that it can focus on content development and licensing in the international front. By selling 70% of the UK Real Money Casino business, Gaming Realms will only have 30% of the UK business and it will better focus its energies on the international market. That way, it believes it will grow and prepare for a dynamic future.

If the transaction goes through, Gaming Realms will retain 30% of its share capital while River iGaming will have 70% of the share capital issued to River UK Casino.

According to the reports released by Gaming Realms, the estimated price of the deal, GBP 23.1, will be divided and payable in parts. Specifically, Gaming Realms, on its statement, said that River UK Casino will first pay a minimum of GBP 8.4 million of which GBP 4.2 will be paid on completion of the deal (when shareholders approve the sale) and the rest GBP 4.2 will be paid together with the earn-out payment.

An additional GBP 14.7 million is estimated to be paid on an earn-out basis. However, the firm was categorical that it must be paid not later than the 31st of August 2019. Gaming Realms went ahead to explain the formula behind the GBP 14.7 and 31st August 2019 deadline by saying that it has been arrived at by considering the 70% of River UK Casino’s 5.5 times earnings before interest, taxes, depreciation, and amortization for the twelve months’ period starting 30th June 2018 to 30th June 2019. The GBP 14.7 cash amount excludes the minimum payment of GBP 8.4.

Gaming Realms and River UK Casino’s agreement indicates that Pocket Fruity, Britain’s Got Talent Games, Spin Denie, X Factor Games, and associated business will be owned by River UK Casino while and Slingo brands will remain under the ownership of Gaming Realms in addition to holding a minority stake in the enterprise.



32Red Gambling Company Hit with £2M Penalty for Failing to Safe Guard A Problem Gambler

The Swedish-owned betting firm, 32Red has been slapped with a £2 million fine. This is due to its failure to protect a problem gambler and also conferring on his VIP status.

32REDThe commission that is charged with the responsibility of regulating gambling found the company complicit in facilitating excessive gambling by one of its clients. In total, the commission noted, there were 22 incidents in which the behaviors of the said client should have been questioned and investigated but never happened.

32Red, it is alleged, allowed the said problem gambler to deposit a whopping £758,000 between 2014 and 2017. This amounted to an average of around £45,000 per month notwithstanding the fact that the said client had a monthly salary of just £2,150!

The betting firm did attempt to defend itself though. It gave evidence to the effect that the problem gambler in question had a monthly income of around £13,000. This evidence was however refuted by the regulatory agencies on the grounds that it was incredible.

Moreover, 32Red it is said only reviewed the account of the said problem gambler after he won a 7-digit amount which he quickly gambled yet again. This served to prove beyond reasonable doubts that the betting firm was, in fact, encouraging the person to gamble more, rather than abetting the practice, as should have been the case.

In light of these, the betting firm was slapped with a further £709,046 fine for the divestment of the financial gain, £1.3m payment to the National Responsible Gambling Strategy, and a further £15,000 to cover the overall costs of the investigation.

While justifying these moves, the commission’s executive director Mr. Richard Watson, had this to say, ‘Operators have to see to it that they take appropriate steps whenever they spot any signs of problem gambling. As such, they have to promptly review all the customers that they do have a high level of contacts with.’

The betting firm did admit its culpability when confronted. Furthermore, an independent third party did also audit the procedures, controls, and policies of the Anti-money Laundering commission. The recommendations made were also accepted and adopted.

There were concerns as to whether the problem gambler may have stolen the money. The commission was swift to respond though that there have been no signs or credible evidence to that effect as of now. Here is what the commission’s spokesman had to say:

‘We are not aware of the source of the gamblers wealth as of now. This is because the operator did not fulfill its mandate to the commission in conformity to the existing anti-money laundering obligations. We, therefore, are unable to comment further on the issue.’

To prevent a recurrence of the same issue in future, a complete review of all the existing active customers was effected. The affected company decided to put in place a behavior monitoring system. This is to detect and respond promptly to any such suspicious activities in future.

An independent third-party audit of AML policies, procedures, and controls with recommendations accepted and implemented. The affected company also ordered a full review of all its active customers against the revised policies.

The regulatory authority also decided to implement a raft of measures to forestall the recurrence of these problems in future. These include the introduction of a group Anti-Money Laundering or Counter-Terrorist Financing (AML/CTF) policy and the integration of the various betting firms to a single platform across companies, among others.

These measures will make it easier for the various operators in the field of gambling to monitor the behaviors of their clients. They will find it easier to share data and investigate any suspicious activities as well. With these measures in place, the likelihood of similar incidents taking place later is very minimal.



35-year Old High Controller Wins £50,000 Jackpot

Steven Bray, a 35-year old man, won the £50,000 National Bingo Game Jackpot at Mecca Bingo Oldham on Tuesday, 5th of June 2018. He was overjoyed to be announced as the winner as he expressed his love for bingo.

Steven joined the Oldham club seven years ago after he was introduced to bingo, as a pastime activity, by his now late parents. They were both ardent lovers and players of the game. His mother died of a heart attack in July 2011 when she was 55 years of age, while his father died in September 2017 due to the same condition.

He goes to Mecca bingo once or twice a week for the past seven years. During this time, he spends the night there having fun and playing the game. He said, “I have won a few times but this is the first time that I have won such a big amount of money.” It was a breakthrough after years in the game.

Winning the jackpot shocked him. Immediately after being announced as the winner, he said that he was still getting used to winning such a big amount. He attributed his win to his parents by saying “my mum and dad never won such a large amount of money when they were alive, so maybe the win is a gift and bit of luck from them.”

He has a busy lifestyle in which he has taken two jobs to better sustain himself. He works as a high controller for a fire station. He spends most of his time working and the only way for him to relax is by playing bingo. Coming to Mecca Bingo for him amounts to a relaxing break. He said that engaging in bingo is a thrilling experience and he loves the moment when players are waiting for the last number to be called. Steven also enjoys meeting new people at the game and this keeps his life at a balance.

At his announcement as the winner, the whole club marveled to be one of the £50,000 Jackpot winning clubs in the National Bingo game. The at the club went into cheers and jeers when they heard that Steven had won the huge amount of money as they came to him hugging and congratulating him.

According to Alastair Stewart, the business development manager at the national bingo game, the new game in which Steven won started on the 30th of April and will have lucky players winning varied monetary prizes. He narrated that the game offers a house price in every club and jackpot prices of £100, £1,000, and £50,000 on every game. He was glad that Steven was the eleventh winner of the £50,000 jackpot since the game was started.

Steven had come to Mecca Bingo that evening to enjoy himself and take a break from work. He hoped to relax with his colleagues who are bingo players and lovers participate in the game to derive fulfillment. When the moment for the last numbers to be announced, Steven could not hold his joy that his seven years in the game had yielded a mega win.

When asked what he was going to do with the money, Steven said that he would first hold a celebration party in his house and all expenditure would be on him. He would host his family members and friends and have them celebrate his win.

Steven also said he would use part of the money to pay off his mortgage. He has also wanted to go for a holiday in the Maldives since he was young and with the win, he will comfortably fund the trip.

Alastair Stewart was glad to hear that Steven was using the money for a good cause which he called “the true bingo style.” He wished him the best.



A Whopping £13.4 Million Annual Breakdown by Betfred Company

The yearly loss has hit the Betfred Company despite the tireless effort to increase the revenue. The loss amounts to a total of  £13.4 million.

Analysts had earlier estimated GBP 90 million and a 3% improvement annually of the player base that is growing. Despite all the expected value, the Betfred made incredible loses.

Revenues as at September 24, 2017, at the privately –held bookmaker, had risen to a total of £634.5m in twelve months. The earning also improved by 3% per year to £83.3m. The Betfred retail business achieved a 17.5% turnover for the total gambling. This amounted to a total of £12.7bn.

Regulus partners reported that revenue earned online by the Betfred company increases on a yearly basis by 3% to a total of £90 while that of Tote hiked by  £12 to £329m.

Moreover, the Betfred enjoyed a profit of £32.4 m in the last year. However, despite the great success achieved in the fiscal year, Betfred is hit by an eight-figure loss. The company, therefore, blames the reduction of the goodwill on the digital assets that were impaired, higher duties of gaming, as well as rising costs for the, losses they made.

The improvements on the revenues came through the company’s efforts to add betting shops, the Totepoool business of signing a blending deal with the Jockey Club of Hong Kong and the rise of the online customer base that is unspecified. Furthermore, the anti-gambling suspects found in the United Kingdom media reported that the founder of the Betfred Company has chosen to take £10.2m dividend per year just like the divided he took up last year.

Regulus partners who are analysts predicted some of the challenges that are to face the Betfred Company as a result of the government’s plan. They suggested that the regulation changes that are to be implemented FOBTs will significantly affect the company’s revenues.

Therefore, the media notes that the Betfred Company reported that it is going to shut down nearly 900 betting shops and also fire around 4500 employees if the government implements its plan to cut the final Fixed Odds Betting Terminal stakes (FOBTs) from £100 to £2. The proposal by the UK government is meant to solve the problem of gambling.

The managing director of Betfred Company, Mark Stebbing however, urged the government to make changes to its plan because it would lead to massive loss of the job. Moreover, that would reduce the government’s tax that is generated through the gambling taxes. Stebbing further says that the government should have evidence before taking any action. Therefore, responsible gambling will remain the priority in the industry and the government should realize that the stakes take the first position when it comes to jobs.

Regulus Analysts reported that 83% of the company’s earnings are generated at the retail operations where the FOBTs reside. If the government’s plan will be executed, the FOBTs has to exert pressure on the Betfred Company. Out of this report, the Regulus Partners suggested that

Betfred core business is most likely to undergo necessary structural changes.

Despite the underlaid plans by the government to reduce the maximum stake on the Fixed Odds Betting Terminals (FOBTs), it has announced that the stake cut will not take place until the year 2020.

Fred Done the founder of the Betfred Company, during the last year in September, he announced of a broken association with the racing industries because of the many years of continuous disagreement between the betting company and the racing industries. During the last month, Fred declared a deal with the Alizeti Capital to be the initial stage in depriving its Tote holdings.



Sky Bet Announce Partnership With IWG

Sky Bet have announced that they have teamed up with IWG to offer their full portfolio of games on their Sky Bingo site.

IWGRobert Proctor of Sky Bet has spoken of the admiration that he has had for IWG for a while. The fact that they have taken on all of the instants wins that IWG has to offer proves just how impressed Sky was. Cash Buster is one of the most popular games that IWG offer and this will be available on the Sky platform as well as a wide range of others.

The CEO of IWG Rhydian Fisher has expressed his delight at entering into a partnership with one of the leading online gambling sites. He said the partnership is proof that there is a real demand for instant win games online and that it is something that complements the games perfectly.

Games, where players are able to win immediately, have become very popular in recent years. IWG is one of the leading companies that provide these types of games. They have been growing their profile steadily since the business was started and the partnership with Sky Bet has helped to cement their reputation.

The partnership is also good news for consumers as it will increase their enjoyment of the site. It gives them access to the latest games that perform seamlessly on the site and Sky Bingo is one of the only places in the UK that you can access these games online.

This move comes after Sky Bet have announced record revenues and profits for the half year ending December 2017. They now have over 2 million customers and this is a rise of 19% compared to previous years. They attribute some of this success to the fact that they are continuing to offer new products to consumers that enhance the experience they have when they use the site. The partnership with IWG is something that is going to help them do this.

Sky Gaming have also made changes to the home screen that people see when they log into their accounts. Richard Flint, CEO of Sky Bet and Gaming has spoken of the improvements that have been made to the interface that people see when they log in. Homepages are now more personalized and give people suggestions for games that they may be interested in. This makes for a better experience for the player and is also the perfect way for IWG games to be introduced to players that may not have come across them before.