Credit Suisse profits latest to be felled by trading fall

first_img whatsapp Tags: NULL Credit Suisse profits latest to be felled by trading fall Swiss institution is the latest bulge bracket bank to report a decline in investment banking revenuesA SLUMP in investment revenues yesterday passed over from the US banks to Credit Suisse, as the Swiss bank said group income had slumped by 62 per cent over the third quarter of the year.Credit Suisse said net income fell to 609m Swiss francs (£401.3m), from 1.59bn Swiss francs in the second quarter of 2010, over a period chief executive Brady Dougan admitted was “characterised by challenging conditions with low market volumes and subdued client activity”.The bank’s performance was even worse when compared to last year, falling almost three quarters from the 2.34bn Swiss francs it posted in the third quarter of 2009.The group’s investment banking pre-tax income halved over the quarter to just 395 Swiss francs as the seasonal summer slowdown exacerbated declining client volumes. Underwriting and advisory revenue held up well, in line with Credit Suisse’s US peers, thanks to healthy levels of capital issuance and a strong M&A deal flow. Fixed income sales and trading results also strengthened from the previous quarter, though it was offset by weakness in the equity market business.The investment bank also took a 57m Swiss franc hit from net fair value losses on its debt, as well as debt valuation adjustment losses of 172m Swiss francs.Analysts also signalled concern over the bank’s underlying compensation ratio, which was up to 51 per cent in the third quarter from 46 per cent in the second quarter, despite the poor performance over the third quarter of the year.Earnings at Credit Suisse’s private banking operations outstripped the normally more lucrative investment banking segment for a second quarter running. “We believe the prospects for growth remain very attractive and our private bank is poised to capitalise as markets improve,” Dougan said.The bank gained client money from emerging markets and from the super rich in its Swiss onshore business, making up for shrinking private banking in mature European markets.Dougan also said that a resolution of Switzerland’s spat with Germany over its role as a tax shelter for wealthy Germans would be positive for Credit Suisse, whose offices were raided by German authorities after they bought client data stolen from the bank. whatsapp Share KCS-content Thursday 21 October 2010 8:56 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBrake For ItThe Most Worthless Cars Ever MadeBrake For ItBetterBe20 Stunning Female AthletesBetterBemoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comPeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople Today Show Comments ▼last_img read more

Goldman loses star trader as he leaves to start hedge fund

first_img Show Comments ▼ whatsapp Goldman loses star trader as he leaves to start hedge fund whatsapp by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeMagellan TimesThis Is Why The Roy Rogers Museum Has Been Closed For GoodMagellan TimesElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldHealthyGem”My 600-lb Life” Star Dropped 420 Pounds, See Her NowHealthyGemmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.com More From Our Partners Astounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comcenter_img KCS-content Goldman Sachs star trader Morgan Sze’s plans to raise over $1bn (£640m) for an Asia hedge fund could be a sign of things to come as traders who run own-account trading desks prepare for a Wall Street regulatory clampdown.Hong Kong-based Sze, head of Goldman’s principal strategies group, is to quit to form Azentus Capital, likely one of the biggest hedge fund launches since the onset of the credit crisis and which will have a team of close to 30. Goldman Sachs declined to comment.The move comes as Goldman and other Wall Street banks wind down their proprietary trading desks in light of the “Volcker rule”, named after the former Federal Reserve chairman who authored the regulation to limit the extent to which banks can bet with their own capital. Banks are considering options such as spinning out desks as separate hedge funds or moving them into their asset management units. Morgan Stanley is spinning out FrontPoint Capital while JPMorgan is reassigning its proprietary traders to its asset management unit. Thursday 16 December 2010 8:03 pm Share Tags: NULLlast_img read more

Earnings rise at Wells Fargo and US Bancorp

first_img Share whatsapp More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgKiller drone ‘hunted down a human target’ without being told tonypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comPuffer fish snaps a selfie with lucky divernypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com Tags: NULL WELLS Fargo and US Bancorp said despite lending profits being squeezed by low interest rates, improving credit quality helped both banks post higher-than-expected fourth-quarter earnings.The banks reported substantial improvements in nonperforming loans and reduced the funds set aside to cover bad loans. Wells Fargo posted a 21 per cent increase in fourth-quarter profit, helped by an $850m (£532m) reserve release. The bank said earnings rose to $3.4bn, or 61 cents a share, meeting analysts’ expectations.US Bancorp posted a 61 per cent jump in net income as the regional bank released $25m in loan loss reserves. The reserve release was its first since the financial crisis began in 2008. The bank’s earnings per share of 49 cents beat analysts’ average estimate by three cents. Wednesday 19 January 2011 8:23 pm Show Comments ▼ KCS-content whatsapp Earnings rise at Wells Fargo and US Bancorp last_img read more

Activist investors eye bumper 2011 as market improves

first_img Share Activist investors eye bumper 2011 as market improves whatsapp whatsapp THIS year has started well for activist investors, those outspoken stake-builders that push boards to buck up their strategy.2011 has kicked off with a spate of high profile public exchanges between funds and their targets.Activists claimed their first major scalp last month when Sherborne Investors ousted City veteran Nick MacAndrew from the chair of F&C Asset Management.Elliott Advisors is eyeing transport group National Express; Kesa Electricals is under fire from Knight Vinke, and Alliance Trust is a target of hedge fund Laxey Partners.And in January City A.M. broke the news that media group Mecom’s shareholders, including Aviva Investors and Legal & General, had followed the removal of its founder David Montgomery by dismissing the group’s chair, Alasdair Locke. But the negotiations that make it into the public arena are the tip of the iceberg. Discussions between activist investor and board can begin before shares are even bought and continue through degrees of pressure – Crystal Amber’s decision to publicly vent its concerns over film studio Pinewood Shepperton’s performance last year was the first and only time it has taken a dispute public. Activism is bouncing back from a fall-off in deals in 2008 and 2009, and investors are piling money into activist funds as risk appetite returns. About 60 pure activist hedge funds managed $47bn (£29bn) of funds globally at the end of 2010, up from to $36bn in 2009 but still a long way behind pre-crisis levels of more than $54bn in 2007.And the stock market recovery has exposed companies that still trade at a discount to their peers – making them a visible target for activists. “We find companies with good cash flows and strong asset backing that have been neglected by the market and try to engineer a re-rating,” Crystal Amber director Richard Bernstein told City A.M.Large cash piles amassed by many corporates since the recession are another factor. Shareholders are keen these are put to good use, and prepared to speak out if not.“If companies are sitting on a lot of cash and don’t deploy it to increase shareholder value they are going to attract the attention of activist investors to pressure them to engage in endeavours that will unlock that value,” Kenneth Heinz, president of Hedge Fund Research, told City A.M.But regulation is also a factor – and it is broadening the base of investors that can arguably be named activist. After a financial crisis that threw corporate governance failings into sharp relief, governments are using new regulation and guidance to involve investors more in firms’ behaviour.“There is rising investor activism – but there is a difference between it happening, and activist funds doing it,” Bernstein said. From the revamped Corporate Governance Code to the new Stewardship Code to encourage better dialogue between boards and investors, regulators are trying to force even long term, blue-chip asset managers to think like activists. “Shareholders are feeling they are being positively empowered to engage in talking to boards,” Richard Spedding of law firm Travers Smith told City A.M., adding that anecdotal evidence showed large companies increasingly putting directors up for election annually. “It provides activists with an easy target as they don’t have to call an extraordinary meeting,” he said. It means fund managers such as Neil Woodford of Invesco Perpetual, who stormed the board of Omega Insurance last year to oust chairman Walter Fiederowicz, and four directors, are just as likely as Laxey to be making noise.And with more investors acting like activists, 2011 may prove to be the best year for the phenomenon yet.TIME LINE | ACTIVIST INVESTORSFebruary 2011: F&C Asset ManagementSherborne Investors won the support of more than 65 per cent of F&C’s investors, including key shareholder Aviva Investors. Chairman Nick MacAndrew and director Brian Larcombe were ousted, replaced by Sherborne’s founder Edward Bramson and two others.September 2010 / January 2011: MecomMecom’s founder and chief executive David Montgomery said he would resign in September after more than half its shareholders applied pressure. He finally stepped down in January after investors threatened to call an extraordinary meeting to make him leave. Investors later sent chairman Alasdair Locke packing.March 2010: Omega InsuranceInvesco Perpetual led a shareholder revolt against the Omega board after founder John Robinson left the firm in 2009. Chairman Walter Fiederowicz and four directors were ousted. January 2010: Mitchells and ButlersRebel shareholders including billionaire Joe Lewis and Irish investment vehicle Elpida threw chairman Simon Laffin off the board after eight weeks. Two thirds of shareholders voted for his removal after he fired four directors. 2008 and 2005: Deutsche BoerseHedge funds Atticus and The Children’s Investment Fund Management (TCI) terrorised the exchange for four years, ousting chairman Rolf Breuer and chief executive Werner Seifert after disputing its bid for the London Stock Exchange. In 2008 chairman Kurt Viermetz resigned. 2007: ABN AmroTCI also intervened in the Dutch bank, calling for it to sell assets or merge with another bank to unlock value. ABN was eventually sold – the bidding war for the bank led to its highly-leveraged €72bn (£61.3bn) sale to RBS, Fortis and Banco Santander. This was a good deal for ABN Amro shareholders but a disaster for RBS. 1990-2004: variousArguably the leading lights of shareholder activism for more than a decade, Julian Treger and Brian Myerson tackled companies from Aquascutum to Pilkington through their Active Value fund. More From Our Partners Inside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comConnecticut man dies after crashing Harley into live bearnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comBill Gates reportedly hoped Jeffrey Epstein would help him win a Nobelnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.com KCS-content Show Comments ▼ Sunday 6 March 2011 10:20 pm Tags: NULLlast_img read more

Novus completes Balls Bros deal

first_img whatsapp Novus Leisure, the privately-owned bar and club group, has acquired the Balls Brothers and Lewis & Clarke businesses out of administration, for a fee that could eventually exceed £7.8m. Novus has acquired 17 of the 19 Balls Brothers bars, of which 14 are in the City of London with the remaining three bars in Victoria, Brook Street in the West End, and Hay’s Galleria. whatsapp Share Show Comments ▼ Novus completes Balls Bros deal Tuesday 15 March 2011 8:25 pmcenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryMoneyPailShe Was A Star, Now She Works In ScottsdaleMoneyPailTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite HeraldSenior Living | Search AdsNew Senior Apartments Coming Nearby Scottsdale (Take a Look at The Prices)Senior Living | Search AdsPeople-TodayWoman Files For Divorce After Seeing This PhotoPeople-Today KCS-content More From Our Partners Killer drone ‘hunted down a human target’ without being told tonypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Tags: NULLlast_img read more

Marriott drops revenue forecast

first_imgMonday 28 March 2011 8:57 pm Marriott International has predicted its revenue per available room rate will be at the low end of previous forecasts because rising fuel prices have hit demand for leisure travel. The hotel operator said revenue per available room, which multiplies the occupancy rate by the room rate, would be up seven per cent in the first quarter, at the low end of the seven to nine per cent range previously forecast. whatsapp More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.org Show Comments ▼ KCS-content whatsapp Share Tags: NULL Marriott drops revenue forecast last_img read more

CITY MOVES | WHO’S SWITCHING JOBS

first_img Show Comments ▼ Wednesday 13 April 2011 7:46 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailmoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.com whatsapp PricewaterhouseCoopersAmit Aggarwal has been appointed to lead the retail M&A team at PwC’s corporate finance business. Aggarwal brings more than 15 years’ experience in M&A and private equity to the role, having previously held senior positions at JP Morgan and Baugur. Aggarwal moves from the position of partner at Retail Partners, the retail-focused advisory business he co-founded that advised clients including Jacques Vert, Lloyds Banking Group and Adams.Mirae AssetThe Asian asset management company has confirmed Betina Tomi? as senior sales manager for German-speaking Europe. Based in Mirae Asset’s EMEA headquarters in London, Tomi? will be responsible for marketing the company’s SICAV fund range to investors in Germany, Austria and German-speaking Switzerland. Jones Lang LaSalleCharles Cresser is returning to Jones Lang LaSalle’s English business as leader of the occupier team in the firm’s project and development services department. Cresser returns from Russia, where he spent two years developing LaSalle’s capability in the region.Renaissance CapitalThe emerging markets investment bank has hired Yavuz Uzay as head of Turkish equity research as it starts trading on the Instanbul Stock Exchange. Uzay joins from Goldman Sachs, where he was executive director in the EMEA fundamental strategies group.Simmons & SimmonsSimon Barrett has been appointed as partner of the law firm’s projects practice. Barrett was previously a senior lawyer in the infrastructure and project finance group at Hogan Lovells Tokyo.CB Richard EllisAlex Greaves has been confirmed as the real estate corporation’s senior sales negotiator in its London residential team. A former sales consultant at Harrods Estates, Greaves will expand the prime residential sales business.MercerPatrick Race has been promoted to head of Mercer’s UK investment consulting business. Race will additionally lead the company’s UK executive team and will sit on the leadership team for Mercer UK.Stadia TrusteesThe boutique investment specialist has confirmed Gordon Banks, formerly head of investment development at Suffolk Life, as its new financial controller. whatsapp center_img Share KCS-content CITY MOVES | WHO’S SWITCHING JOBS More From Our Partners Russell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comWhy people are finding dryer sheets in their mailboxesnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.com Tags: NULLlast_img read more

Social casino: Q2 2018 update

first_img Subscribe to the iGaming newsletter Company highlights Playtika, which is owned by Shanghai Giant Technologies, saw revenues increase 7.0% q/q and 31.0% y/y. Despite being two times the size of its nearest competitor, the company continues to gain market share and execute in an exceptional fashion.The company’s entire portfolio of games saw healthy growth with a standout performance from Slotomania and Bingo Blitz. In terms of KPIs, we believe Playtika was able to drive modest DAU growth this quarter, though the majority of its revenue growth was through improved monetization.Aristocrat (Product Madness and Big Fish) remains the #2 publisher worldwide with 12.2% market share, which assumes a full quarter contribution from Big Fish (social casino only).Pro-forma gross revenues were up 1.7% q/q and 33.1% y/y. In terms of breakdown, we believe Product Madness was up 2% q/q or 45% y/y million with sequential growth driven by FaFaFa (now wholly owned by Aristocrat) and the launch of its latest standalone game Lightning Link.Big Fish social casino revenues were up an estimated 1.7% q/q and 17% y/y largely driven by growth from Jackpot City Slots (we est. 20% q/q) and partially offset by a small sequential decline from its franchise game-Big Fish Casino.Looking ahead we believe the majority of growth in CY18 will be driven by newer games such as Cashman Casino, Lightning Link, FaFaFa, and Jackpot City Slots.DoubleU Games, which owns DoubleDown Interactive (deal closed on 1 June, 2017), is the third largest social casino publisher worldwide with total gross revenues up 2.6% q/q (note: all of our numbers in this report are on pro-forma basis).Overall it was a relatively healthy quarter for both Double Down and DoubleU Games, as they were able to grow revenues on a sequential basis. We estimate DoubleDown Interactive revenues on a standalone basis were up 2.5% q/q, largely driven by its franchise game-Double Down Casino.We estimate DoubleU Games grew revenues 2.9% q/q and 27% y/y on a standalone basis, largely due to DoubleU Casino. This marks the third consecutive quarter that pro-forma revenues have grown on a sequential and y/y basis, and it appears the recent round of strategic changes at Double Down is starting to pay dividends.SciGames Interactive saw total social revenues (B2C only) increase 2.1% q/q or 9.1% y/y. In terms of individual game performance, we believe Jackpot Party Casino was up mid-single digits on a sequential basis, while Gold Fish Casino and Bingo Showdown also grew on a sequential basis.The company’s newest title-Monopoly Slots-only contributed a nominal amount in the quarter. Looking ahead we believe the majority of growth in CY18 will likely be from scaling some of its newer titles: 88Forutnes, Bingo Showdown, and Monopoly Slots. We also believe the company has further room to improve monetisation. Zynga’s social casino bookings declined 1.6% q/q but grew approx. +1.6% on a year-over-year basis. Zynga Poker, which had been the primary growth driver over the past few quarters, saw a modest low single digit sequential decline likely due to Facebook Connect issues.The company’s slot portfolio was essentially flat q/q as the product team continues to focus on ways of improving conversion and monetisation rates.While social casino still represents roughly half of Zynga’s total bookings, it has not represented a major growth driver as of late and we believe management is increasingly looking towards other segments. Hyper-casual, specialty card & puzzle games etc. would be among the primary growth drivers.  Huuuge Games continued its impressive growth trajectory with revenues increasing 8.6% q/q or 63.8% y/y resulting in market share of 4.5%. Growth in Q2 was largely driven by Billionaire Casino (we estimate +33% q/q), and to a lesser extent Huuuge Casino (we estimate +3% q/q).The company continues to dominate on Android/Google Play; it’s now the fourth largest standalone social casino publisher on this platform (putting it ahead of SG Digital and just slightly behind Zynga).The company recently unveiled the launch of Tap Tap Games-a new publishing label focused on publishing hyper-casual mobile games. Tap Tap Games is Huuuge’s attempt to break into the broader casual market.The company stated that the new brand is part of its mission to become ‘the global leader in real-time free-to-play casual gaming.’PlayStudios’ revenues were flat on sequential basis, but up 12% y/y. POP Slots remains the company’s top grossing game and once again saw healthy sequential growth in the period. That, however, was offset by declines from myVegas and KONAMI slots (partly related to the Facebook Connect issues).The company also launched Royal Charm, a game developed in partnership with King Studios (owned by Activision-Blizzard), but it only contributed a nominal amount in the period. The company is still optimising the game and expects a larger contribution in 2H18 when it begins paid marketing.Additionally, PlayStudios has made a number of new strategic hires in the recent months and is realigning its studio structure, which it hopes will lead to further efficiencies and growth opportunities. GSN/Bash Gaming (majority owned by Sony) saw its social casino revenues decline 2.3% q/q, or 5.4% y/y. The company’s two biggest titles, Bingo Bash and GSN Casino, both declined by low-to-mid single digits on a sequential basis. Other titles, namely Fresh Deck, Mirrorball, and Wheel of Fortune, made modest revenue contributions. Murka saw its revenues decline 12.5% q/q or 6.9% y/y this period. The company has significantly reduced UA spending in recent months, which has negatively impacted top-line results.Despite this, the company continues to enjoy strong profitability and is seeing some of its best EBITDA margin levels (e.g. 20%+). We also believe the company will introduce new content & features in future periods that should help reinvigorate revenue growth in 2H18.KamaGames, which entered our top-15 rankings last period, continued to enjoy strong momentum with revenues up 12.1% q/q or 40.5% y/y.Growth this quarter was attributed to new product releases with Split Bet Poker, new Slots games being added, a number of other new features being added to the company’s portfolio of games (including Multi Table Tournaments) and an a new “Party” mode.Other: it was a challenging quarter for Boyaa (-8.6% q/q and -36.9% y/y), while High 5 Games was able to grow 4.1% q/q or 17.7% y/y and moved to the #12 position (now ahead of Boyaa).Additionally, DGN Games moved back into the top 15 after a long hiatus, with revenues growing 20.3% q/q or 84.7% y/y thanks to the strong performance of Lucky Time. Meanwhile, Super Lucky and Penn Interactive (owns Rocket Speed) are now both out of our top-15 rankings.Eilers & Krejcik Gaming, LLC is an independent research firm and is neither a registered broker dealer nor a registered investment advisor.  No information contained in this report shall constitute as a recommendation or solicitation to buy or sell a security.  Individuals receiving this report should consult with an investment advisor or registered representative before making an investment decision related to any information contained in this report.  In addition, Eilers & Krejcik Gaming, LLC either does, or may seek to do business with any company mentioned in this report.  Eilers & Krejcik Gaming, LLC is a boutique research & advisory firm focused on servicing the gaming equipment, technology, and interactive gaming sectors within the global gaming industry. For more information about our firm and services please visit www.ekgamingllc.com Social casino: Q2 2018 update Standout performers in the last quarter included Playtika, Huuuge Games, KamaGames and DGN Games as the social casino market grew 19.1% year-on-year, according to Adam Krejcik of Eilers & Krejcik GamingWe estimate the global social casino game market grew 2.5% quarter-over-quarter or 19.1% year-on-year in Q2 of 2018. We estimate social casino revenues generated on Facebook were down 1.9% q/q, while mobile was up 3.6% q/q. For the trailing 12 months to 30 June 2018 we estimate a total market size of $4.92bn or +20.7% y/y.Given the stronger-than-expected growth in 1H of the year we are raising our CY18 market sizing estimate and now expect the social casino industry will reach $5.24bn or +15.8% y/y vs. our previous estimate that called for +14.6% growth. Furthermore, we are now projecting the market to grow at a five-year CAGR of +9% and reach $6.9bn by CY22 (previously $6.6bn).Performance among the top-15 social casino publishers was mixed this period. Key standout performers this quarter included Playtika, Huuuge Games, KamaGames and DGN Games.From last quarter there was some key movement in the ranking charts: High 5 Games moved up to #12 position (previously #13). DGN Games moved again into the top-15, while Super Lucky fell out of our rankings. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 24th July 2018 | By Stephen Cartercenter_img Standout performers in the last quarter included Playtika, Huuuge Games, KamaGames and DGN Games as the market grew 19.1% year-on-year Topics: Casino & games Finance Social gaming Casino & games Email Addresslast_img read more

GC backs new research into problem gambling

first_img Subscribe to the iGaming newsletter Topics: Legal & compliance Gambling Commission will team up with the Responsible Gambling Strategy Board The Gambling Commission has thrown its support behind a new research project that will look into whether some gambling products and environments are more harmful than others.Working in partnership with the Responsible Gambling Strategy Board (RGSB), the commission will carry out the research by seeking out information and opinions from betting industry companies across the UK, with an initial focus on online.Operators will be asked to provide data related to products, environments and characteristics.Commissioned by the GambleAware charity, the aim of the research will be to reuse collected data for further studies to help address problem gambling in the UK.“Our strategy sets out our commitment to preventing harm to consumers from the risks gambling can pose,” the commission’s programme director, Ben Haden, said.“Success of this relies on growing our evidence base to better understand the types of gambling products and services that present more of a risk of harm to consumers than others.“Gambling firms have an important role to play in achieving this as they hold comprehensive data that is vital to this research. It goes beyond simply analysing the data which is already reported to us by operators and we will be encouraging the industry to get involved.”Clare Wyllie, director of research commissioning at GambleAware, added: “GambleAware is pleased to be working with the Gambling Commission and the RGB on a project that will help us to better understand gambling behaviour across different products and to know what characteristics are most strongly associated with harm – focusing on the online sector in the first phase and moving onto other sectors in subsequent phases.“For the first time, we will be able to look comprehensively across the gambling industry to understand where the risk of harm lies and by making data available to researchers, industry can gain new insights to prevent harm and to ensure customers gamble safely.”The commission has been busy in recent months ramping up its efforts to tackle issues related to problem gambling.Earlier this month, the commission published updated rules on advertising, pledging to take “tougher action” against gambling firms that breach regulations in the UK.The move comes after the commission issued a call in July for the UK industry to “step up” to help the regulator improve standards across the sector. Tags: Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Legal & compliance 9th August 2018 | By contenteditor Regions: UK & Ireland GC backs new research into problem gambling Email Addresslast_img read more

Slots Masterclass: Red Tiger

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Slots Masterclass: Red Tiger Casino & games Four years after launching, Red Tiger’s games are live across 36 operators. With 85 more in the integration pipeline, Hannah Gannagé-Stewart reports on the studio’s novel solution to the integration issue.Red Tiger Gaming knows it’s not enough just to make good slots in today’s market. Operators’ demands are many and varied, which is why the ambitious supplier is ploughing its resources into efficiency and automation.Four years after launching in Sofia, Red Tiger has added offices in Malta and the Isle of Man with Gibraltar opening soon. It has grown from a team of three led by industry veteran Nick Morn, to a team of over 200 across the three offices.Since last year the business has been overseen by CEO Gavin Hamilton, formerly director of gaming at Paddy Power Betfair, who now manages Red Tiger’s growing commercial opportunities. The last 18 months to two years has seen a boom in demand for Red Tiger’s games and other software products, creating an unwieldy pipeline of operators wanting to integrate.Hamilton says that having grown the revenue base by 800% in 2017 and being on course for 300% in 2018, the company’s biggest problem has become how to scale the communication-intensive process of integrating new clients onto the platform.Having started life as a simple RGS, it now offers features including a proprietary bonus engine (known as Smart Spins), a daily jackpots product and slots tournaments, which while great for operators have the potential to add to the integration burden.As a result the supplier has been ploughing the bulk of its resources for the last six months into creating an automated backend platform to enable new customers to integrate themselves. Red Tiger then does its own QA, meaning launch times are considerably reduced while consecutive integrations are increased from two at a time to as many as they have clients ready to go.“Speed is the most important thing because we are growing like crazy and we need to keep up with all the new business that is coming in,” Hamilton says. “Everything that the RGS does is automated, so our team doesn’t need to do anything twice, they do it once and if it’s okay they automate the whole process so the next time we make a change we just run the tests again and it works.”This means that any game or platform feature can be tested once but deployed to numerous operators simultaneously. All the testing is automated using bots that simulate play. “It can simulate a whole week’s play in under an hour. If it’s all fine, we deploy it to the operators,” he continues.Red Tiger’s tech team comes predominantly from outside the gambling industry. Some are from social gaming but many hail from other disciplines altogether, something Hamilton says stops them being constrained by “how it’s always been done”.He explains that the company has always pushed for quick integrations, not just because it’s good for operators to be up and running as quickly as possible, but because it’s bad for a new supplier to be bogged down in protracted integrations.“The problem [with integration] isn’t technical, it’s that there are lots of stakeholders involved from the operators’ side – technical guys, business guys, marketing guys – and they all have priorities that can make it take three months when it could be three hours,” he says.“But automating integration so that they lead it from their side means it takes one or two days whenever they want to do it. We don’t have to be involved at all and the developer at their end just does his work.”Red Tiger had 15 integrations in progress as we discussed the new system, which shows how much more efficient self-integration is when you consider it took three years to integrate the first 30. “It’s important to bear in mind that we have two different types of users, the operators and the players, and we have to look after both of them,” Hamilton says.The emphasis on getting the infrastructure right before all else appears to have been a lynchpin of the Red Tiger way of doing things from the beginning. It didn’t release a single game for the first nine months it was operational, concentrating instead on creating a framework, or ‘base game’, that all future games would be built on, perfecting the mechanics but also making it easier to adapt and release games at scale. New game features are first built into the base game application, such that all games require a subset of that functional code library.The suppliers’ first game, Dragon’s Luck, went live in 2015 and remains the studio’s most popular release to date. Its first European client was Betfair. At that time Red Tiger had only produced a range of Asian-themed games, so Betfair put them all on an exclusive Macau tab on the site, considerably enhancing their visibility. Today the UK makes up 40% of Red Tiger’s overall revenue, with Scandinavia and other European countries making up the remainder.After a recent refurb, it’s hard to walk round the Sofia hub without forgetting you’re in the poorest country in the EU. From the big red jeep that greets you at the entrance to the state-of-the-art games rooms, kitchens and other amenities, it’s more Silicon Valley than South Eastern Europe. But the emphasis on process and efficiency is palpable.Unusually for a modern business the office is not open plan. There are designated offices for each team, one of which comprises three in-house musicians who write and perform the music and voices for all the games. Apart from the musicians, the office is silent. Curtains are drawn in the developers’ offices to avoid being distracted by the view of Sofia’s surrounding mountains, while the graphic designers, mathematicians and others seem to prefer the daylight. Everyone is hyper-focused on their part of the process.The making of…1. Idea Could start with a client request or a brainstorm. The high-level idea is kept loose for the design team to reduce limitations during brainstorming. Successful ideas are considered in this order: strategic goals, demand from users and operators, effort/impact index, risk/impact index.2. Prototype Create a dummy of the game as fast as possible without focusing on graphical details. The idea is shown to different people inside the company (usually not involved in the process) and reworked based on feedback.3. Concepts and designs Visuals are experimented with in order to pinpoint the right feel for the prototype and idea. Our goal is to mix maths, graphics, animations and sounds into one definable product. This is when it really starts to take shape.4. Animation Depending on the game there may be 2D or 3D characters, CGI effects and animations.5. Sounds Sounds are theme-dependent. Everything except generic and hard to generate sounds (shots, explosions, birds tweeting) is created in-house. Characters feel more real if they make sounds.6. Maths A proprietary Monte Carlo simulator is used to rapidly build new maths around game features. The end result is the game configuration and the par sheet, which Red Tiger sends in step 10.7. Coding In other words, putting everything together in a working playable game.8. Reviews and sign off Reviews are made throughout the process but this is a final comprehensive one. The game is prepared for finalisation.9. QA and performance After final reviews, the game is tested, fixed and cleaned up. Loading speeds and performance on different devices is tested at this stage.10. Certification and finish All files are prepared and sent for regulatory certification in each jurisdiction. Topics: Casino & games Strategy Slots Tags: Online Gambling Slot Machines Subscribe to the iGaming newsletter 24th September 2018 | By Hannah Gannage-Stewart Hannah Gannagé-Stewart reports on the studio’s novel solution to the integration issue Regions: Europelast_img read more