JackpotJoy performance helping boost Intertain's figures

JackpotJoy performance helping boost Intertain's figures

Monday, August 15, 2016 Posted by Andy McCarron
John Fitzgerald was paid off £6.3m by UK-focused Intertain

The performance of online bingo brand JackpotJoy in the UK has underlined the desire for parent company Intertain’s move to London. Intertain, which only purchased JackpotJoy early last year, also owns the Vera&John and Mandalay Gaming groups, and intends to seek out a listing on the London Stock Exchange to complement its Toronto-listing.

JackpotJoy saw a 10% increase in its real money revenues quarter over quarter, representing 72% of the company’s revenues in the first half of the year.

Intertain’s anglophile conversion saw the company install UK-gambling industry stalwarts Andrew McIver and Neil Goulden as CEO and chairman but the latest set of results also showed the cost of the change in management.

John FitzGerald, the outgoing CEO was granted a final severance payment of approximately CA$10.5 million (£6.3m) under the terms of his employment agreement. The payoff could have been even higher had FitzGerald not voluntarily agreed to reduce his severance entitlements by 25% in February 2016 and to forego any right to any future payment under the management incentive plan.

The company is now pressing on implementing ‘comprehensive UK-centered strategic initiatives’ – which are helped by the performance of its UK-based business.

At JackpotJoy revenues further increased as a result of triple digit growth quarter over quarter and year over year in both the Starspins and Botemania brands. The company said that the sharp increase in Starspins and Botemania brands is a result of Starspins mobile launches in Q3 2015 and Botemania slots launch in Q2 2016. 

Totally Gaming Says: Interain is making some big moves, which is necessary as it looks to arrest its net loss performance. The company had net losses of CA$17.5m for the six months of 2016, much lower than 2015's figure at the same point of $75m. The re-launch of the InterCasino brand on its proprietary Plain Gaming Platform should help reduce transaction costs and bring the figures down further. 

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