GameAccount Network to Participate in Morgan Stanley US Online Gambling Forum
- 23 Mar 2015
London & Dublin | 23 March, 2015
GameAccount Network plc (“GameAccount Network” or the “Company”), a leading developer and supplier of enterprise-level B2B gaming software and online gaming content, announces that CEO Dermot Smurfit will be speaking at the Morgan Stanley US Online Gambling Forum in New York on 24 March 2015.
GameAccount Network will announce results for the year ended 31 December, 2014 on 16 April, 2015.
2014 Key Developments | Simulated Gaming
2014 marked a period of progress and development for GameAccount Network as the Company continued to roll out its offering to capitalise on the opportunities presented by Simulated Gaming™. Simulated Gaming™ is proven to monetize Internet traffic to existing websites operated by land-based US casinos with average revenue per daily active user (ARPDAU) of $2.75, as against an original estimate of $0.60. Supported by 20 months’ operating data, Simulated Gaming™ is now proven to drive increased visitation on-property and has delivered on average a 28% uplift in on-property theoretical win from increased visitation by existing patrons who also engage with Simulated Gaming online.
In September 2014, GameAccount Network announced the extension of Simulated Gaming™ into Australia in a partnership with a consortium of major land-based Australian community clubs.
2015 Key Developments | Parx Casino launches Simulated Gaming™
Parx Casino, the leading casino property in Pennsylvania announced the signing of a definitive agreement in November 2014. Parx operates over 3,200 machine slots and 150 table games, generating $478m in gaming revenues in FY 2013/2014, which represents an estimated 30% market share in the Eastern Pennsylvania market.
The Simulated Gaming™ website for Parx Casino located at www.ParxOnline.com launched on March 20, 2015 with marketing commencing during April 2015.
Throughout the multi-year term of the agreement, Parx Casino will rely exclusively on GameAccount Network’s Internet gaming system, deployed on-property in Pennsylvania, for all forms of real money Internet gaming (including poker, for the avoidance of doubt) in the event the State of Pennsylvania enacts legislation to regulate real money Internet gaming.
In March 2015 an additional undisclosed US casino operator of material size chose GameAccount Network’s Simulated Gaming™ launching in 2015.
2015 | Performance Year to Date
In the period since 31 December 2014, overall trading has been broadly in-line with expectations with Simulated Gaming™ out-performing initial expectations.
Progress in Simulated Gaming™ continues into 2015. On 9 March 2015, the Company announced a deal with Maryland Live! Casino to launch a Simulated Gaming™ online experience for new customers and existing patrons. The commercial launch of the previously announced Australian partnership with a consortium of Queensland-based RSL clubs took place on 20 March 2015 located at www.Club8Casino.com.au simultaneously with the launch of Parx Casino’s Simulated Gaming™ website on www.ParxOnline.com.
Activity in the real money gaming market has been encouraging year to date. As reported by The New Jersey Department of Gaming Enforcement, figures for February saw a year-on-year increase with a strong performance from Casino revenues, up 16% in the State. Golden Nugget Atlantic City, which permits Betfair (supplied by GameAccount Network) access to the New Jersey market via its land-based casino licence, reported a combined market share of 24.9% in New Jersey, up from 21.3% in January. Pennsylvania presents itself as a potential opportunity in real money gaming as it is widely expected to pass legislation to regulate intra-State Internet gaming in the coming months. In the last month a bill to legalise and regulate online gambling in the State was introduced. This is encouraging for GameAccount Network as GameSTACK™, deployed in Atlantic City and powering a New Jersey regulated Internet gaming business, offers Parx Casino a proven upgrade path from Simulated Gaming™ to regulated real money Internet gaming should legislation pass.
Discussions with a number of parties regarding system sale(s) are continuing and an announcement will be made as and when appropriate.
GameAccount Network is confident in the prospects for the business in 2015 and beyond. To date, consistent with the objectives set out at the time of the Company’s 2013 public offering, we have progressed our capability to deliver both Simulated Gaming™ and regulated real money Internet gaming in the United States.
We are excited by the opportunity presented by Simulated Gaming™, the underlying player metrics of which have materially surpassed our expectations. The activity in the New Jersey market and the advancements in the regulation of Pennsylvania present excellent opportunities for growth in real money gaming in 2015 and 2016.
For further information please contact:
Chief Executive Officer
+44 (0) 20 7292 626
Mark Kenny/Jonathan Neilan
+353 1 6633686
John Frain / Roland French
+353 1 679 6363