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Scout shareholders to vote on 90% share dilution next month
August 2, 2022

Scout shareholders to vote on 90% share dilution next month

Bookiecity

Scout Gaming Group shareholders will vote next month on a share issue that would dilute existing holdings in the business by 90%.

Fantasy provider Scout announced that it would conduct a share issue in order to save the business in June, after it identified a SEK17m ($1.7m/£1.4m/€1.6m) commitment in its finances which it said it was previously unaware of.

The commitment will impact cash flow for third quarter of this year and have a negative effect on profit and loss in the quarter of around SEK5.5m.

As a result of the new cost, Scout leadership took drastic action to save the business, including laying off 68 employees, between its offices in Bergen in Norway and Lviv in Ukraine.

As well as the layoffs, Scout said it would issue 202.7 million new shares, diluting existing shares by 90%.

The board has now revealed more details of the share issue. Each shareholder will be offered the opportunity to buy nine more shares in the business, at SEK0.50 per share.

Scout said that the iss..

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FanDuel withdraws daily fantasy product from Ontario
March 29, 2022

FanDuel withdraws daily fantasy product from Ontario

Bookiecity

FanDuel will withdraw its daily fantasy sports product from Ontario from 1 April, in line with the Canadian province’s regulations for when its online betting and gaming market opens to licensed operators.

Ontario is set to launch licensed sports betting and igaming on 4 April, ending a state monopoly. Earlier this month, the Alcohol and Gaming Commission of Ontario (AGCO) released a guide for operators that revealed that businesses which apply for registration before the 4 April launch must cease operations in Ontario from the moment their registration is approved by AGCO.

FanDuel is among the operators that has received a licence, and as a result it has opted to withdraw its daily fantasy sports brand, including both free and paid games, as this vertical is not permitted under the new regime.

The operator did note, however, that its daily fantasy sports brand would still be available in other provinces.

All entries submitted prior to April 1 will run as normal, with all winnings ..

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Inside The Pocket links up with ESPNcricinfo for fantasy offering
March 18, 2022

Inside The Pocket links up with ESPNcricinfo for fantasy offering

Bookiecity

Cricket website ESPNcricinfo is linking up with white-label free-to-play sports games aggregator Inside The Pocket (ITP) to launch a new daily fantasy offering for India and the Indian subcontinent.

The free-to-play game will be launched via ITP’s WonderWins brand to coincide with the start of the 2022 Indian Premier League twenty20 cricket competition on March 26.

WonderWins, which will also house match coverage, news, information and analysis, will be ESPNcricinfo’s exclusive daily fantasy provider in India.

ITP, which launched in November 2020, said that WonderWins would be able to connect with “over 85 million discerning cricket fans on the ESPNcricinfo platform and further drive conversations with over 15 million highly engaged fans across its social media channels”.

According to a study by the Federation of Indian Chambers of Commerce and Industry (FICCI) in association with knowledge provider EY, the value of the Indian fantasy sports market is expected to reach $2.5bn (£1.9..

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Scout CEO orders cost review after “unsatisfactory” Q4
March 11, 2022

Scout CEO orders cost review after “unsatisfactory” Q4

Bookiecity

Andreas Ternström, chief executive of fantasy gaming provider Scout Gaming Group, said the business would initiate a cost review after he was “not at all satisfied” with the supplier’s slow growth and rising expenses in Q4.

Revenue ticked slightly upward to SEK17.1m, after revenue of SEK16.9m in Q4 of 2020.

Expenses, meanwhile, more than doubled to SEK51.0m.

Personnel expenses grew to SEK13.7m, but most of the growth was in other external expenses, which were up 148.5% to SEK34.3m. Ternström said the increase in other costs was mostly related to marketing, plus a one-off SEK18m cost after expenses for tournament participation tickets had been “wrongly accounted for” in prior periods.

If the errors had been attributed to these previous quarters instead, expenses would have come to SEK33.1m.

Depreciation and amortisation also grew, by 50.2% to SEK3.1m.

As a result, the business made an operating loss of SEK33.9m, which was more than five times its operating loss in 2020.

After a ..

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