2ND HALF AND FULL YEAR 2018 PRESENTATION - River iGaming
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2ND HALF AND FULL YEAR 2018 PRESENTATION
CEO Kent Staahle & CFO Shawn Bezzina
DISCLAIMER
This presentation (the "Presentation") has been produced by River iGaming Plc (the "Company") solely for use at presentations to potential investors and other stakeholders. By reading this Presentation or attending any meeting or oral
presentation held in relation thereto, you (the "Recipient") agree to be bound by the following terms, conditions and limitations. The Presentation is for information purposes only and does not in itself constitute, and should not be
construed as, an offer to sell or a solicitation of an offer to buy any securities of the Company in any jurisdiction.
Information contained in this Presentation has not been independently verified. None of the Company or any of its parent or subsidiary undertakings or affiliates, or any directors, officers, employees, advisors or representatives of any of
the aforementioned (collectively the "Representatives") make any representation or warranty (express or implied) whatsoever as to the accuracy, completeness or sufficiency of any information contained herein, and nothing contained in
this Presentation is or can be relied upon as a promise or representation by the Company or any of its Representatives. None of the Company or any of its Representatives shall have any liability whatsoever (in negligence or otherwise)
arising directly or indirectly from the use of this Presentation or its contents, including but not limited to any liability for errors, inaccuracies, omissions or misleading statements in this Presentation. The Recipient will be required to
conduct its own analysis and acknowledges and accepts that it will be solely responsible for its own assessment of the Company, the market, the market position of the Company, the Company's funding position, and the potential future
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the European Economic Area which has implemented the EU Prospectus Directive 2003/71/EC.
In the event that this Presentation is distributed in the United Kingdom, it shall be directed only at persons who are either "investment professionals" for the purposes of Article 19(5) of the UK Financial Services and Markets Act 2000
(Financial Promotion) Order 2005 (the "Order") or high net worth companies and other persons to whom it may lawfully be communicated in accordance with Article 49(2)(a) to (d) of the Order (all such persons together being referred to
as "Relevant Persons"). Any person who is not a Relevant Person must not act or rely on this Presentation or any of its contents. Any investment or investment activity to which this Presentation relates will be available only to Relevant
Persons and will be engaged in only with Relevant Persons.
This Presentation does not constitute an offer of securities for sale into the United States. The securities described herein have not been and will not be registered under the U.S. Securities Act of 1933, as amended (the "Securities Act"), or
with any securities regulatory authority of any state or other jurisdiction in the United States, and may not be offered or sold within the United States, absent registration or under an exemption from, or in a transaction not subject to, the
registration requirements of the Securities Act. In the United States, the securities described herein will (if offered) be offered only to qualified institutional buyers ("QIBs") within the meaning of, and as defined in, Rule 144A under the
Securities Act. Outside the United States, the securities described herein will (if offered) be offered in accordance with Regulation S under the Securities Act to non-U.S. persons (as defined in Regulation S).
This Presentation is subject to Norwegian law, and any dispute arising in respect of this Presentation is subject to the exclusive jurisdiction of Norwegian courts.
2
DICTIONARY
B2B Business to Business
B2C Business to Client
KYC Know your client
KPI Key performance indicators
River River iGaming p.l.c. Group of Companies
River iGaming River iGaming p.l.c. Group of Companies
GMR Gaming Realms Plc
SEO Search Engine Optimisation
DMP Data management platform
MGA Malta Gaming Authority
NDC New depositing customers
GGR Gross gaming revenue (Bets less wins)
NGR Net gaming revenue (GGR less bonus cost and less jackpot contribution)
RC Recurring customer
ROI Return on investment
H1 2018 January to June 2018
H2 2018 July to December 2018
3
HIGHLIGHTS
• River iGaming awarded a Remote Gaming License by Malta Gaming Authority (MGA) in Aug 2018
• Improving KPI’s in VegasCasino and preparation for rebranding strategy and integration of game providers and
payment solutions
Operational
• Positive revenue development in Mediafusion combined with partnership with Adnuntius
• Launched Casonic in Finland in Dec 2018
• River UK Casino figures stable with pickup in revenue somewhat delayed
• Fourth acquisition announced in Feb 2019: River to acquire Bear Group, incl. the Grizzly platform, and the
Transaction and financing remaining 30% of River UK Casino
(subsequent event) • Obtained financing for the transaction and all other planned investments via a convertible loan from Mercury
Group Malta
• During the period ended 31 December 2018, the Group sustained a loss amounting to EUR 5,888,263 and had equity
amounting to EUR 11,389,191 and a working capital deficiency of EUR 6,050,268.
Financial • 2018 was characterised with the set up of various subsidiaries and the completion of business combinations.
• Revenue generating operations increased following the completion of the acquisitions and will provide a
foundation for growth and sustainability throughout 2019.
4
AGENDA
MILESTONES 2018
STRATEGY
THE TRANSACTION AND THE CONVERTIBLE LOAN
FINANCE
APPENDIX
5
MILESTONES 2018
First acquisition Awarded a Remote
01.01.2018 06.08.2018 01.12.2018 H2 2018
VegasCasino Gaming License by CASONIC launch
Malta Gaming
Authority (MGA)
“The Engine”
Partnership with
January 2018 December 2018 2019
Second acquisition: Fourth acquisition: Bear Group, incl.
Listed on the Third acquisition: 70% of Gaming the Grizzly platform, and the
Mediafusion
Merkur Market Realms’ B2C assets → named River remaining 30% of River UK Casino,
UK Casino financed by a convertible loan from
Mercury Group Malta
15.02.2018 26.03.18 16.08.2018 21.02.2019
6
RIGGED FOR GROWTH THROUGHOUT THE VALUE CHAIN
100% 100% 100%
River Game Operations River Game Intelligence River Game Technology
Project X*
From 70% to
100% as part of
the transaction
announced
21.02.19
Part of the acquisition
announced 21.02.19
* Note: Project X is a 50%/50% joint venture with Bridge Holdings Ltd. 7
AGENDA
MILESTONES 2018
STRATEGY
THE TRANSACTION AND THE CONVERTIBLE LOAN
FINANCE
APPENDIX
8
RIVER IGAMING’S VALUE CHAIN FOLLOWING THE ACQUISITION
Game providers / content
Operations Affiliates / online
marketing
Gaming technology
7c
Customers
Payment solutions
River iGaming has successfully positioned itself throughout the value chain
9
RIVER iGAMING B2C
Comments
• Vegas Casino continues its global brand
strategy:
• Has gone from 97% of revenues from
the Norwegian market to diversified
* revenues from Finland, Sweden and
Germany
• Work in progress towards testing
phase in Canada and New Zealand
• Casonic launched successfully in Finland,
ready to enter into new markets/Sweden
in 2019
• River is still in the process of obtaining a
licence in Sweden, ready to push
marketing for Vegas Casino and Casonic
once license is obtained
Testing phase in selected
markets outside Europe
* Note: No current operations (i.e. so far in 2019) in Sweden due to pending license application 10CASONIC
• River Game Operations (RGO) launched a new casino in the Finnish Market
called Casonic in December 2018
• Casonic is an Instant Cashout Casino developed to meet our players'
demand for a leaner experience
• With no registration, instant deposits and withdrawals, a super-fast
desktop and mobile interface, and introducing the innovative Slingo games
for the first time in the Nordic markets, casonic.com is a great addition to
the River brand portfolio
• Casonic is hosted on the recently acquired Grizzly platform, and is available
on desktop and mobile.
• Casonic accept and pay out in several different currencies, through
payments provided by Entercash (To be changed to Trustly following
acquisition). Not only does this allow players to log in and play directly from
their bank accounts through BankID, but it means that they will benefit from
instant deposits and withdrawals.
11RIVER iGAMING B2B - MEDIAFUSION
Mediafusion The «Engine» Technology output Result
Content drivers
Personalisation
Obtain customers at
Content capabilities Big data
the lowest possible
NEWS customer acquisition
AFFILIATION Automation cost and increase
DOCUMENTARIES retention rates.
BRAND BUILDING
Maximising RC
Content customers
Gamification
12AGENDA
MILESTONES 2018
STRATEGY
THE TRANSACTION AND THE CONVERTIBLE LOAN
FINANCE
APPENDIX
13RIVER ACQUIRES BEAR GROUP, INCL THE GRIZZLY PLATFORM,
AND THE REMAINING 30% OF RIVER UK CASINO
River takes full control of River UK Casino through the acquisition of
GMR’s 30% stake
01
02 River acquires the Grizzly gaming technology platform from GMR
Total combined purchase price of GBP 11.5m, of which 10m to be settled at closing and GBP 1.5
payable in Dec 2020
River is fully funded through a EUR 15m convertible loan
03
→ The transaction is a huge leap for River, becoming a true 360 iGaming company
→ River has secured funding for all planned investments
14GRIZZLY PLATFORM
• Bear Group Limited is an Alderney registered real-money gambling company which owns Content providers available on Grizzly
and operates a number of gambling products powered by its proprietary gambling platform,
Grizzly
• The Grizzly platform:
• Holds Category 1 and Category 2 eGaming licence issued by the Alderney Gambling
Control Commission
• Focuses on the mobile playing experience
• The deployment pipeline allows new online casinos to be built and deployed from
scratch within weeks
• Originally built for Social Gaming, the stack is hardware agnostic and will deploy to any
hosted or cloud environment
• Unique bonus technology, built on self learning algorithms, targets the users with
personalised offers – minimising POC and maximising player revenue
• KYC – enhancing manual KYC with web technologies allows the platform to streamline
the process and provide the best experience
• Using the latest data collection and analysis tools, the GMR platform can provide the
operator with the best visualisation tools
• The platform supports both SMS and card payments
15• The acquisition of the Grizzly platform will complete and add additional B2B capabilities to the engine
and River combined offering.
• The full control of all the brands in River UK will further strengthen Rivers ability to optimize and
capitalize the combined portfolio of brands and technology assets.
The “Engine”
PREFERRED
CONSUMER PERSONALI GAMIFI
BUSINESS
BEHAVIOUR -SATION -CATION
PARTNER
By capturing the entire client journey, River is able to lower customer acquisition cost and increase customer value
16Engine Structure
SEO
Other
Sportsbook
Verticals
Gametech
«Engine» DMP
Platform
Payment Affiliation
Gateway Platform
17AGENDA
MILESTONES 2018
STRATEGY
THE TRANSACTION AND THE CONVERTIBLE LOAN
FINANCE
APPENDIX
18RIVER GAME OPERATIONS – VEGAS CASINO
Comments
Deposits (EUR 000) GGR vs NGR (EUR 000)
3 500 1 800 • All KPI’s related to Vegas Casino
3 000 1 600 continued to improve following
1 400 acquisition of MGA license
2 500
1 200
2 000 • Vegas Casino sees strong increase in
1 000
800
deposits after switching from white
1 500
600 label agreement to MGA license on 6th
1 000
400 of August
500 200
GGR NGR GGR NGR GGR NGR GGR NGR • NGR in Q3 was negatively affected by
- -
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
large bonus campaigns
NDC (#) Bets (EUR 000) Quarter 4 vs Quarter 3 Key Performance
6 000 45 000 Indicators
40 000
5 000 • Deposits +20%
35 000
4 000 30 000 • NDC’s +16%
25 000
3 000
20 000 • GGR +14%
2 000 15 000
• NGR +65%
10 000
1 000
5 000
- -
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
19RIVER UK CASINO
Deposits (GBP 000) GGR vs NGR (GBP 000) Comments
7 000 3 000
• NDC was down from Q3 to Q4, but
Thousands
6 000
2 500 retention rate was significantly up,
5 000 leading to increased deposits from Q3
2 000
4 000 to Q4
1 500
3 000 • Signed agreement to obtain 100%
2 000 1 000 control over the River UK brands on
1 000 500 21th of February 2019. We expect to see
GGR NGR GGR NGR GGR NGR GGR NGR higher ROI on marketing and focus on
- -
Q1 Q2 Q3 Q4 Q1 Q2 Q3 Q4
new markets as well
NDC (#) Bets (GBP 000) Quarter 4 vs Quarter 3 Key Performance
12 000 70 000 Indicators
Thousands
10 000 60 000 • Deposits +7%
8 000 50 000
• NDC’s -24%
40 000
6 000
30 000
• GGR -8%
4 000
20 000 • NGR -1%
2 000
10 000
-
-
Q1 Q2 Q3 Q4
Q1 Q2 Q3 Q4
Pre-acquisition Post-acquisition
Note: River UK Casino completed the acquisition of UK brands on the 16 August 2018. Between Completion and reporting date, the Company was under joint control between River and
20
GMRMEDIAFUSION
Comments
• River Game Intelligence Holding completed the
acquisition of Mediafusion on the 28th of September
2018 Revenue 2018
400 000 • Revenue and related costs for Q4 are included within
River iGaming Consolidated financial statements
350 000
• Revenue also includes services provided to other River
300 000 Group Companies
250 000 • Following the completion of the acquisition, the client
base was consolidated in order to continue to improve
EUR
200 000
on the services provided
150 000
• New revenue streams are being developed to continue
100 000 to grow the business
50 000 • The Company is also seeking to enter into new B2B
agreements with new potential clients
0
Q1 Q2 Q3 Q4
2018
21CONSOLIDATED STATEMENT OF COMPREHENSIVE INCOME FOR THE PERIOD
8 NOVEMBER 2017 TO 31 DECEMBER 2018
River iGaming PLC
Consolidated Statement of Other Comprehesive Income as on 31 December 2018
Comments
8 Nov 2017 H1 H2
• Obtained MGA license for Vegas Casino on
31 Dec 2018 2018 2018
(audited) (proforma) (proforma) 6th of August2018, and acquired control
Eur Eur Eur over Vegas Casino on the 8th of August
Net Revenue from iGaming Operations 1,190,642 - 1,190,642 2018
Revenue from Whitelable arrangements and advertising 900,496 582,966 317,530
Total Revenue 2,091,138 582,966 1,508,172 • Acquired 70% of River UK on 16th of
Direct Costs (579,678) (182,103) (397,575)
August 2018
Gross Profit 1,511,460 400,863 1,110,597
Operating Costs (3,093,623) (1,297,204) (1,662,498) • Acquired Mediafusion on 28th of
Personnel Costs (1,831,679) (709,686) (1,075,561)
Marketing Costs (2,179,231) (885,323) (1,293,908) September 2018
Depreciation and amortization (112,726) (6,858) (105,868)
Results from Operating Activities (5,705,799) (2,498,208) (3,027,238)
• Operating costs include one off costs
related to listing, acquisitions
FV Movement - - - professional fees amounting to 1.42m EUR
Finance Cost 266,320 (4,177) 270,427 in H1 18 and 845k EUR in H2 18
Share of loss of equity accounted investees, net of tax (453,768) - (453,768)
Loss before Taxation (5,893,247) (2,502,385) (3,210,579)
Tax Expense - - -
Loss for the Period (5,893,247) (2,502,385) (3,210,579)
Other comprehensive income
Items that are or may be reclassified subsequently to profit or loss
Foreign operations - foreign currency translation differnces 4,984 (0) 4,984
Other comprehensive income 4,984 (0) 4,984
Total comprehensive income for the period (5,888,263) (2,502,385) (3,205,595)
22CONSOLIDATED STATEMENT OF FINANCIAL POSITION AS AT 31 DECEMBER 2018
December 2017 June 2018 December 2018 Comments
Audited Unaudited Audited
EUR EUR EUR • December 2018 audited statement of
Assets
financial position includes a number
Non-Current Assets
Plant and equipment - 99,268 191,166
of accounting entries to reflect the
Intangible assets and goodwill - - 8,243,896 business combinations completed in
Investment in joint venture - - 10,346,075 H2 of 2018
Total Non-Current Assets - 99,268 18,781,137
• Intangible assets and goodwill
Current Assets include the valuation of Vegas Casino
Trade and other receivables - 3,111,506 2,291,090
and goodwill related to the brand as
Cash and cash equivalents 138,342 1,087,923 2,294,666
Total Current Assets 138,342 4,199,429 4,585,756 well as goodwill derived from the
acquisition of Mediafusion
Total Assets 138,342 4,298,697 23,366,893
• Vegas Casino’s fair value was
Total Equity 9,608 (655,115) 11,389,191 determined using the relief from
royalty method
Liabilities
Non-Current Liabilities • River UK Casino is accounted for as a
Deferred tax payable - - 1,341,678 joint venture as River Group does not
Total Non-Current Liabilities - - 1,341,678
yet have operational control. Pending
Current Liabilities liabilities in relation to the
Financial liabilities at fair value through profit or loss - - 1,371,970 transaction signed in August 2018 are
Deferred consideration - - 4,441,829
under Current Liabilities
Interest-bearing borrowings - 3,618,467
Trade and other payables 128,734 1,335,345 4,822,225 • Equity has increased following the
Total Current Liabilities 128,734 4,953,812 10,636,024
successful listing on the Merkur
Total Liabilities 128,734 4,953,812 11,977,702 Market in March and the private
placement completed in August 2018
Total Equity and Liabilities 138,342 4,298,697 23,366,893
23Financial calendar
• Annual General Meeting: May 2019
www.riverigaming.com/investor-relations
• Reporting 2H 2019 September
• Investor Event: September 24AGENDA
MILESTONES 2018
STRATEGY
THE TRANSACTION AND THE CONVERTIBLE LOAN
FINANCE
APPENDIX
25TRANSACTION DETAILS (SUBSEQUENT EVENT)
• River iGaming P.l.c ("River" or the "Company") acquires the remaining 30% of River UK Casino Limited ("River UK") plus the B2B platform business of Gaming
Realms P.l.c. ("GMR") (the "Grizzly Platform") and the outstanding share capital in Bear Group Limited ("Bear Group") from GMR and settles all remaining delayed
payments and earn-outs for a total consideration of GBP 11.5 million (the "Transaction").
• a total payment of GBP 7.0 million under the terms of the Share Purchase Agreement entered into today in relation to the Transaction pursuant to which the
Company shall acquire both the entire issued share capital of Bear Group. Of such total payment, GBP 5.5 million is payable on completion and GBP 1.5
million is payable without set-off on or before 31 December 2020;
• a payment of GBP 4,497,000 million in respect of the sole perpetual licence of the Grizzly Platform;
• GBP 3,000 in respect of the 30% stake in River UK.
• The agreements for the Transaction and the convertible loan (as further described below) require approval from the shareholders in River. Notice to the
extraordinary general meeting expected to be held on or about 22 March 2019 will be announced separately, and within 27 February 2019.
• Klein Invest AS, Middelborg Invest AS and Tigerstaden AS have provided an undertaking to procure that their voting rights to be voted in favour of the Transaction
and the convertible loan, Completion of the Transaction is inter alia subject to the following conditions: 1) GMR and River shareholder approval; 2) the entering into
of a deed of termination with respect to the former agreements entered into between River (and companies controlled by it) and GMR (and companies controlled
by it); 3) final approval of change of control applications with respect to the shares in Bear Group from the UK Gambling Commissions and the Alderney Gambling
Commissions; and 4) third party consents.
• It is expected that the Transaction will be completed in Q2 2019.
26CONVERTIBLE LOAN DETAILS (SUBSEQUENT EVENT)
River has entered into a EUR 15,000,000 convertible loan agreement Spinola Ventures Ltd (C31211) (the "Lender") a wholly owned subsidiary of Mercury p.l.c. (C27497)
(the "Guarantor") (the "Loan") on the terms set out below. The Lender's financial obligations and liabilities under the loan agreement are guaranteed by the Guarantor.
The Loan is subject to customary closing conditions, including EGM approval and completion of the transactions with GMR.
The following main terms apply to The Loan:
• The Loan is subject to a 8% interest rate p.a.
• EUR 3,000,000 of the Loan shall be disbursed to the Company as soon as possible after the shareholder approval and the remaining amount of EUR
12,000,000 shall be distributed to the Company as soon as possible after fulfilment of all conditions precedent,
• The convertible loan agreement may be terminated by either party at any time after 30 April 2019 if the first EUR 3,000,000 of the Loan has not been disbursed.
• The Lender may once, and for a minimum amount of EUR 3,000,000, at any time during the conversion period (beginning on the date of the agreement and
ending on the date falling 18 months after the date of the last loan drawdown, the "Conversion Period") convert the Loan into in the Company. The fixed
conversion price is NOK 21 equal to EUR 2.12 based on a fixed exchange, which will give the Lender a 27.367% holding in the Company.
• The agreement include certain tag-along rights if Klein Group AS, Tigerstaden AS and Middelborg AS sells above 10% of their current shareholding.
• The Company may at any time after the Conversion Period repay the Loan, plus a repayment fee on market terms.
• Interest is due for payment quarterly from 1 January 2020 onwards. Interest due for the period between drawdown and 31 December 2019 will be settled at the
end of the period. The Loan shall constitute senior debt obligations of the Company.
• The loan agreement includes customary event of default provisions, including change of control. The agreement also include restrictive covenants on asset
sales, equity issues, and new debt.
• If minimum EUR 10m of the Loan is converted, the Lender shall be entitled to appoint the chairman and one additional director to the Rivers board of directors.
If less than EUR 10m of the Loan is converted, the Lender shall be entitled to one director to the Company's board of directors.
27ABOUT RIVER UK CASINO
Brief introduction Selected brands
• River UK Casino features well-recognized UK casino brands* Four brands offering online and mobile casino games. The brands
including Pocket Fruity, Britain’s Got Talent (“BGT”), Spin Genie are individually positioned to appeal to different player
and X Factor Games (“X Factor”) demographics:
• River UK Casino was established by selling the vast majority of • Spin Genie: Strategy to appeal to a younger Facebook
the B2C online casino business of the UK-based company audience and convert players via compelling offers
Gaming Realms P.l.c. into a new Maltese company which was
named River UK Casino Ltd and owned by River iGaming P.l.c • Pocket Fruity: More mature affiliate focus and benefits from
Pay-Per-Click advertising and a loyal player base
• Annual ARPU growth of 20% 2015-2017
• X Factor and BGT: The two sites work in tandem –with the
• More than 80% of 2017 revenue generated on mobile devices, a promotion of BGT in H1 and X Factor in H2 in line with TV
key growth driver within the sector scheduling. The traditional media mix has been TV and Digital
• Young player base: Approx. 60% of 2017 FTD’s under 35
BGT
• Proven management team, strong ROI track record 24 %
Spin Genie
• More than 50% female players 33 %
NGR
2017
X Factor
22 % Pocket Fruity
21 %
*Britain's Got Talent and X Factor Games are brands licenced by the Seller Group from third parties. Target Business will acquire the right to promote and market such brands. 28SELECTION OF BRANDS IN RIVER UK CASINO
Pocket Fruity X Factor Games
• Pocket Fruity was launched in May 2012 • Launched in September 2016 to fit with the TV show’s audience
• Acquired by GMR in July 2013 and aimed at an older, pub fruit demographics, leveraging one of the biggest shows on ITV(an
machine audience average of 6 million viewers per episode in 2017)
• Benefits from Pay-Per-Click advertising and a loyal player • Aimed at a younger, mobile, casual gambling market in the UK
base • Pays 20% of net profit per month after all costs (including
marketing) to Fremantle Media (owner of X Factor brand)
• Brand owned by Freemantle Media and licenced to the sellers
until own licence is obtained. Seller will subcontract
marketing rights to River UK Casino
Spin Genie Britain’s Got Talent
• Spin Genie was launched in October 2014 as the first site on • Launched in April 2016 to fit with the TV show’s audience
GMRs’ platform Grizzly demographics, leveraging one of the biggest shows on ITV (an
• Spin Genie offers a wide selection of different casino games average of 8.2 million viewers per episode in 2017).
as well as card and table games • Aimed at older, mobile, casual gambling market in the UK
• Aimed at young mobile casual gambling market in the UK • Pays 20% of net profit per month after all costs (including
marketing) to Fremantle Media (owner of BGT brand)
• Brand owned by Freemantle Media and licenced to the sellers
until own licence is obtained. Seller will subcontract
marketing rights to River UK Casino
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