EGT Interactive pairs up with Casino Gran Madrid Online

by Charlotte Lee Last Updated
EGT Interactive pairs up with Casino Gran Madrid Online

A major player in the Spanish iGaming market has strengthened its foothold in the region thanks to a new partnership.

Yogonet reports that EGT Interactive has partnered with Casino Gran Madrid Online in a five-year collaboration between the gaming equipment manufacturer and land-based casino operator.

A new tournament will kick off the partnership at the beginning of November, where online players will have the chance to win a share of 10,000 euro through 100 cash prizes.

Casino Gran Madrid Online already released some of EGT Interactive’s top-notch content, including Amazons’ Battle, Burning Hot, Caramel Hot, 30 Spicy Fruits and Age of Troy, among others.

Managing director of EGT Interactive Todor Zahariev said: “We are very proud to set the beginning of this partnership. Casino Gran Madrid is a well known operation with a great reputation. 

“This deal is definitely a huge success for both sides.”

Casino Gran Madrid Online’s country manager Jose Felix Herreros said: “Our aim is to always offer the best product and experience to our customers.

“With this agreement with EGT, we are taking another step forward to consolidate ourselves as one of Spain’s leading online casino operators.”

Casino Gran Madrid Group’s head of retail and online product Sergio Ruperez added: “As part of the omnichannel strategy pursued by our group, we are very proud to be able to incorporate EGT’s game portfolio into our online offering.

“EGT is one of our top performance providers in our land-based casinos and we are sure that their content will thrill our online customers too.”

Jumbo Interactive extends lottery resale agreement with Tabcorp

Online lottery ticket retailer Jumbo Interactive has extended its resale agreement with gambling giant Tabcorp until 2030, but will pay new fees which will crunch its earnings in the short term.

The Sydney Morning Herald reported in June that investors in the $630 million group were bitterly disappointed by the deal announced on Monday morning following a mysterious two-week trading halt, sending Jumbo’s shares plummeting to close 13 per cent lower.

Jumbo runs the OzLotteries website, which sells tickets for Tabcorp’s Powerball, OzLotto and TattsLotto under an agreement that could have been terminated by either party in May 2020.

That looming deadline was causing anxiety for some Jumbo investors.

The group clipped $320 million worth of Tabcorp lotto tickets last financial year, which accounted for almost all its $65.2 million in revenue.

Jumbo went into a trading halt two weeks ago telling investors it was in negotiations over its resale operations in Western Australia, where Tabcorp does not have a lotteries licence.

It later updated that to say its nationwide agreement with Tabcorp was also being renegotiated.

On Monday, Jumbo said it had agreed with Tabcorp to extend their reseller agreement in all states and territories, except Western Australia and Queensland until 2030, in a deal that included a $15 million extension fee and a new annual service fee scaling of up to 4.65 per cent in 2024.

“The next 10 years will see a lot of advances in the lottery industry both in Australia and abroad,” Jumbo chief executive and founder Mike Veverka said.

“The new 10-year reseller agreements are the longest ever term in Jumbo’s history and provide a basis for continuing expansion.”

Monash Investors fund manager Simon Shields, which holds Jumbo as one of its top-five investments, said the agreement would give the company certainty about its business model but the additional fees would weigh on its earnings.

“In a sense, it’s like getting a licence from the government for a casino – you’ve got to pay for that in some way, and this is how they’re paying for it,” he said.

Macquarie analyst David Fabris said the new fees effectively halved the 9.3 per cent commission Jumbo currently receives from the $6.8 million Tabcorp, which now also sells lotto tickets online.

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