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Velocity grants GameLogic $3 Million

US-based gambling software provider GameLogic has received a cash boost through a $3 million loan from speciality financing company Velocity. GameLogic is best known for its 'PlayAway' concept which avoids clashes with US laws on Internet gaming by combining land and Internet action. 21 land casinos in 15 states are participants in the PlayAway system.
 
GameLogic uses popular Internet-based game content to help casinos attract new players and interact with existing players while they are off-property, materially increasing casino property visits. On average, casinos involved in the scheme report a two-fold increase in interest in their offering. Of the new web visits generated, about 10 percent register online for a new player club card, and of those, 25 percent will actually visit the casino to activate their cards. These new players are worth significantly more in Average Daily Theoretical (ADT) — in most cases as much as 3 times — as a new club member that the casino acquires through their existing channels.
 
"On average, for every 3 web visits, we are generating a new casino visit," the company boasts. "And because the games are exciting, fun to play and there is a chance to "win," we are generating significant web traffic and interest in the program."
 
GameLogic's CEO and president, John E. Taylor, Jr., says that his company's ability to raise debt financing on favourable terms in today's tough market and turbulent economic times is testament to its business model, which provides a US legal way to play casino games on the Internet.
 
PlayAway deploys a combination of land and Internet gaming, with qualified players purchasing MoneyPlay tickets at the land casino partner. These are then used in the comfort of the home environment to play online at the casino's website. The player then returns to the land casino to collect any winnings, thus avoiding any exchange of money on wagering through the Internet.
 
In commenting on the current condition of the casino industry, Taylor went on to say that "Casino marketers are experiencing unprecedented economic challenges that require a complete rethink of marketing to existing players and finding new ones. Our products provide a solution to this challenge."
 
JP Marchette, Principal at Velocity Financial Group said: "Given the current economic environment, we are extremely selective with whom we provide capital. We saw a tremendous opportunity in GameLogic with their business model, and ability to enable their customers to monetize their existing assets via a unique proprietary platform that has the potential to be adopted across an entire industry."

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Gambling News :

888sport is the latest to join sports betting integrity body ESSA - Major operator 888sport is the latest to join sports betting integrity body ESSA with the company adding its customer base and betting market platforms to ESSA’s global anti-fraud alert and reporting system.

First partypoker live event to be held in Russia - Partypoker’s new live tour will kick off in Russia on March 24, 2017 at Sochi Casino and Resort in association with Club Poker Management. Online Day 1’s will start on partypoker on March 12, 2017.

Rooster Slot Launches - “Rooster” offers 243-ways-to-win along with a big chase in the free games bonus round, where all 5-of-a-kinds are multiplied by the lucky number 5!

Scientific Games Completes DEQ Systems Corp Acquisition - Scientific Games has completed its acquisition of table games product developer DEQ Systems Corp after a deal was announced at the end of August 2016 .

Asia Gaming To Showcase Live Dealer Action - Asia Gaming will be practically demonstrating its live dealer baccarat at the ICE show next month. The Asia-facing online gambling provider is on the expansion trail and intends to make a big impact at the expo and conference in London.

25 Unlicensed Gambling Operators still in Czech Republic - Ondracka claims that the Finance Ministry has not been "resolute" in acting against the illegal operators, who he says include major companies.

2017 Aussie Millions Event 6 - Heads up, Boivin faced local pro Joel Feldman, but the Aussie proved to be no match for an on-fire Boivin who dispatched him with the runner up prize of A$78,440.

2017 Ice Totally Gaming - Next month's ICE Totally Gaming conference and expo will again be a truly international affair, following confirmation by organizers Clarion Gaming that a total of 67 jurisdictions and sovereign states will be represented on the show floor at ExCeL Centre, London.

Prince Edward Island Writes off Casino venture as Bad Debt - The debacle has resulted in stricter financial disclosure rules being introduced with which government ministers and their departments will have to comply - especially regarding loan and other write-offs of taxpayer monies.

IGT in 7 Year Deal With Svenska Spel - #IGT , as legacy #GTECH , has been providing video lottery products and support services to the state-owned monopoly Svenska Spel since 1996, the statement reminds readers.

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