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Former Sportingbet CEO Nigel Payne Taking Stride Gaming Public
Tuesday May 5,2015 : ONLINE GAMBLING INDUSTRY VETERAN TAKING STRIDE GAMING PUBLIC
Former Sportingbet CEO Nigel Payne has big plans for online bingo operation.
Industry veteran and former Sportingbet CEO Nigel Payne is to float the multi-branded online bingo business Stride Gaming on London’s Alternative Investment Market this week to assemble the financial clout required for growth through acquisitions.
Payne is CEO of Stride, and hopes to raise around GBP 10 million in order to capitalise on the changing UK industry and its potential for consolidation.
He says Stride is profitable and managed by an experienced team with ambitions to become the market leader in online bingo.
The regulatory and tax changes in the UK market have made it difficult for a fragmented online bingo industry to survive, leading to the failure of small operators, reduced competition and opportunities for cost-effective acquisitions.
Stride Gaming, Payne says, offers clearly differentiated multi-branded bingo experiences to target different categories of players.
The company’s online bingo brands include Kitty Bingo, Lucky Pants Bingo, Bingo Extra, Jackpot Liner and King Jackpot, together with the online casino brands Spin and Win and Magical Vegas.
Stride claims that its NGR has surged 40 percent between the first quarter and final quarter of 2014, a period in which it also bought Table Top Entertainment, which included the Jackpot Cafe, Jackpot Liner and King Jackpot brands.
The company says that a key advantage is that it owns its proprietary software and does not need to relay on third party software providers.
In addition, it focuses solely on regulated markets, primarily the UK, where the time and cost of getting gaming licenses gives it higher barriers to entry for potential rivals.
In today’s flotation announcement, the group said that the UK online gaming market is estimated to add GBP 1.6 billion of net gaming revenue by 2016, with bingo-led online gaming estimated to account for just under a third of that market.
Cantor Fitzgerald Europe is acting as nominated adviser and broker to the company.
Danske Spil Bingo Moves to Microgaming -
The national lottery of Denmark, Danske Spil, is live on the Microgaming Bingo Network. Danske Spil, the Danish national lottery, is live on the Microgaming Bingo Network following a change to its licence conditions.
Quickfire live on Strendus -
Quickfire powered by Microgaming is extending its reach in the LatAm region with the signing of Strendus. Strendus is the online division of Logrand Entertainment Group. The group comprises several companies that operate gaming and entertainment establishments in Mexico, running 14 land-based casinos in total.
Quickfire content live on BetatHome -
Online gaming and sports betting company bet-at-home was founded in 1999. Today the company has 4.8 million registered customers around the world, offering sports betting, casino, live casino, Vegas games, poker and virtual sports.
Microgaming has donated £30,000 between four charities -
Gift of Giving provides Microgamingís customers the opportunity to vote for one of several charities in their region. In lieu of Christmas gifts, £30,000 is split equally between four global regions: Isle of Man, UK and Europe, Africa, and Rest of the World.
Entertainment Betting Odds: 90th Academy Awards -
The Shape of Water leads Sundayís 90th Academy Awards (8 PM ET, ABC) with 13 Oscar nominations, but when it comes to Best Picture, this highly-acclaimed film is a +140 second-favorite behind Three Billboards Outside Ebbing, Missouri at Ė115.
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