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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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Betradar Launches US Sports Betting Solutions -
With only a few weeks to go until the betting and gambling world descends on ICE in London, Betradar have today announced that they will be launching a comprehensive range of tools and services to any company that will be looking to provide sports betting in a post-PASPA United States.
Final 12 For MPNPT Morocco -
Sunday on the MPN Poker Tour Morocco will see several trophies awarded at the Mazagan Beach Resort, with the largest going to the Main Event champion along with a prize of MAD 400,000 (c.€35,400).
MPNPT Morocco Updates -
Leading the 104 combined survivors from both flights is still Said El-Yousfi with 272,000 chips; visit the MPN Poker Tour blog for an end-of-day recap and full chip counts.
MPN Poker Tour Morocco Day 1A -
The MPN Poker Tour has returned to Morocco this week (January 11-14), featuring the MAD 1.5 million guaranteed Main Event, accompanying side events, and the activities and parties for which this tour has now become known on two continents.
2018 MPN Poker Classic -
The MPN announces the return of The Classic tournament series this January. The series is back following its successful €350,000 guaranteed debut in 2017. This time €500,000 is guaranteed, along with a once in a lifetime trip to Monaco for the Classic Champion.
PDC and Sportradar Renew Deal -
Following this month’s hugely successful World Championship, the Professional Darts Corporation (PDC) and long-standing partners Sportradar have renewed their multi-faceted cooperation that will see the leader in sports data and content continuing in their role as official data
Poker Yaar Joins MPN -
Available through download, instant play and mobile, Pokeryaar.com is live with Omaha, Hold’em and Five-Card poker variants, alongside MPN’s Fish Party, the industry’s only progressive jackpot SNGs.
New MPN Poker Rooms Tower Torneos -
Impressed with Microgaming, having already integrated with the Quickfire platform to gain access to some of the industry’s best gaming content, Tower Torneos has extended the relationship with poker.<
NY Rangers vs. Devils on 12/21 -
When the Devils and Rangers hit the ice on Thursday (7 PM ET on MSG), so too will two of the league’s top netminders. After a slow start to the season, Henrik Lundqvist has returned to his form of old. Through 29 games, he’s posted a 2.59 goals against average, and a .920 save percentage.
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