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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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PartyPoker Rakebak -
Partypoker brings back rake back for players. All new ‘partypoker weekly Cashback’ launches.
NHL Odds: Lone Canadian Team Plays on Friday -
“Stingy” is a word that many have used to describe the Ottawa Senators in Round Three. The Sens know that they’re overmatched against a Pens lineup that features the likes of Sidney Crosby, Evengi Malkin and Phil Kessel, but with determined defensive play, Ottawa managed to frustrate the Penguins on their home ice, stealing one of two games.
NBA Odds: Will Cavaliers Be Rusty in Game 1? -
The Boston Celtics needed seven games to get past the Washington Wizards, but they got the job done Monday night, winning 115-105 as 5.5-point home favourites. Next up: the defending champion Cleveland Cavaliers, who visit the Garden Wednesday night at 8:30 PM ET on TNT.
4 New Microgaming Releases in May 2017 -
Candy Dreams is a 720 ways to win, variable reel game. Players spin on a colorful reel area filled with candy treats, as they play towards enticing bonus triggers.
PKR Company Statement Update -
Microgaming can confirm that David R Taylor and Matthew R M Wild of RSM Restructuring Advisory LLP were appointed Joint Administrators of PKR Ltd and PKR Technologies Limited on 11 May 2017 by the High Court, Chancery Division.
Microgaming Wins The Spark Award 2017 -
The Spark Award celebrates organisations that experiment with ways of working differently. Previous winners include GCHQ and Places for People. It’s a part of Spark the Change, a global movement dedicated to empowering people and building happier workplaces.
NHL Predators First Ever Conference Finals Appearance -
With three of the team’s top four point scorers residing on the blueline, the Nashville Predators have found a strategy that frustrates even the best in the West. After qualifying as the lowest-seeded Western Conference team, the Predators made quick work of the Chicago Blackhawks (4-0) and St. Louis Blues (4-1) in the first two rounds.
NBA Odds: Wizards-Celtics at the Garden -
The Washington Wizards are making this a series. They’ve won back-to-back games against the Boston Celtics to knot this second-round matchup at 2-2 with Game 5 at the Garden on Wednesday. TNT has the coverage starting at 8 PM ET.
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