Tag online casino guide

A triple threat in June, Relax Gaming has signed yet another key agreement, this time adding to its Powerd By partners with independent casino content provider, High 5 Games.

What is its third platform-to-platform deal this month will see the Malta-based B2B supplier’s platform integrated with High 5 Games’ portfolio of more than 120 licensed slot titles including Silver Enchantress, The Green Machine Deluxe, Midnight Eclipse and Way Out Wilds.

“the Powered By program ticks all the boxes for us”

According to the official press release…

The partnership is one that benefits both businesses, enabling the New York-based developer of content for the land-based, mobile, online and social markets, to expand into new territories via Relax’s rapidly growing operator network. Meanwhile, the platform provider will possess an expanded variety of games to offer its partners.

Growing offering::

Commenting on its latest collaboration, Chief Product Officer for Relax, Simon Hammon, said…

“There is an insatiable demand for new and exciting content in this industry, and we are thrilled to be enhancing our offer to our partners with High 5 Games’ excellent array of video slots.

“This partnership is a natural move for Relax Gaming as we continue to build on our global reach.”

Forward progress:

Explaining the significance of the agreement, High 5 Games‘ Founder and Chief Executive Officer, Anthony Singer, added…

“We are very pleased to have signed this agreement with Relax Gaming, extending our footprint in the igaming industry with a truly innovative provider. The first half of 2019 has been very successful for us with our games going live with several tier operators, and this latest partnership will allow us to further build on our momentum.

“The Powered By program ticks all the boxes for us when it comes to open collaboration and smooth access to an unparalleled range of operators.”

“Relax Gaming is a next-generation supplier, offering fresh content and over 570 games. It has significantly grown its global commercial footprint in recent months, signing more than 50 agreements in a matter of months with some of the industry’s most recognisable names.

Stellar month:

After kicking off the month of June with the launch of the summer that never ends with its latest video slot, Ignite the Night, which immediately followed its platform-to-platform agreement with Gaming Realms, Relax inked yet another Powered By agreement with Isle of Man-headquartered global entertainment technology solution provider, Skywind Group, just last week.

The “industry’s largest independent casino games provider,” boasts players across a half-dozen continents and in over 150 countries, who currently enjoy High 5 Games’ fast-growing portfolio.

Henrik Tjärnström, CEO of Kindred Group, announced the company’s plans for the US markets. He stated that the company might not be capable of keeping up with the high costs of the market after releasing its sportsbook platform.

A decrease in revenue:

The company’s revenue in Q4 last year hasn’t met expectations in many markets worldwide, but in North America, the loss was the most significant. EBITDA losses were about $18 million during the quarter, and marketing costs alone were $11.1 million. The gross win revenue was $5.3 million, which is 38 percent less than the last year’s. However, one of the reasons for that was the record payout – Jim “Mattress Mack” McIngvale has won $5.3m with the Unibet brand sportsbook. So, if that didn’t happen, the company would increase by 24%, with the revenue reaching $10.6m.

The company has already left Iowa’s market. It was the first one to leave because of the high marketing costs and lack of regulation of the iGaming market in the state. Tjärnström said that more markets are about to be left, but the company wanted to give its new sportsbook a chance to try and increase the profit before making any final decision. 

He spoke with the investors and said: “We have always been clear that we are looking at things on an ongoing basis. As we said before, we have refocused our investments from across all states in our footprint to focus on the multiproduct states. 

“We exited Iowa in December, and we have chosen not to pick up one of the unnamed market access opportunities we had in our portfolio, and for sure, (more exits) could be an outcome going forward as well that we do further refinements on that.”

The new platform will be released in New Jersey, Pennsylvania, and Ontario later this year, and after careful analysis, the next steps will be determined. The company will continue to analyze the various markets and reduce its costs. The goal is to focus on multiproduct markets where they can be among the top ten operators. 

The tough year for the company:

Last year’s revenue was $1.2 billion, 16.7% less than in 2021. The fourth quarter did note an increase of 20%, but it wasn’t unexpected since that’s when the FIFA World Cup was held. However, even from this quarter, the company expected more, and the results haven’t met the expectations. 

There is still hope – in some markets, the increase has been recorded. E.g. in the Netherlands, the increase was 12% compared to the previous year. 

Closing his remarks, Tjärnström concluded: “2022 has been a difficult year in many ways, not only for Kindred. However, while the geopolitical uncertainty and cost-of-living challenges remain, the actions now taken and a large customer database from the fourth quarter will strengthen our path towards our 2025 financial targets.”