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Ninja collapse sees Global Gaming move to redefine business

first_img StumbleUpon Soft2Bet continues new market drive with Irokobet launch August 26, 2020 Share Share Global Gaming adds sportsbook extension to Ninja property August 25, 2020 Submit Winning Post: Swedish regulator pushes back on ‘Storebror’ approach to deposit limits August 24, 2020 Related Articles Publishing its Q3 trading statement, Embattled Global Gaming AB records period operating losses of SEK 40 million (€3.7m), as the Stockholm-listed enterprise continues to suffer from the consequences of its home licence revoke by regulator Spelinspektionen.Recording declines across all core metrics, Global Gaming sees its Q3 corporate revenues fall by 78% to SEK 60 million (Q32018: SEK253m), as year-to-date revenue is halved to SEK 354 million (2018: SEK 680m).Sharp declines are attributed to Global Gaming flagship property NinjaCasino, which accounts for 90% of group revenues, being forced to withdraw its services from the Swedish marketplace.Despite implementing a series of cost reductions measures supporting the firm through turbulent times, Global Gaming  2019 operating losses currently stand at SEK 92 million (€8.6m).Global Gaming legislative woes continued during Q3 trading as anappeal for injunctive relief from Spelinspektionen decision was rejected by the Administrative Court of Appeal. Review permit was not granted by the Supreme Administrative Court.In its trading statement, Global Gaming Chief Executive Tobias Fagerlund has issued a letter to investors, detailing corporate developments seeking to overturn Spelinspektionen ‘wrong and disproportionate’ judgement.In addition, Fagerlund specifies action taken by corporate governance to mitigate the firm’s embattled circumstances., which include organisational restructure lowering headcount of its Malta offices and significantly reducing the firms fixed cost base.Fagerlund and governance are ‘extensively working’ on transformation strategy to redefine Global Gaming’s future outside of Sweden, focusing on growing new market ventures, which will be presented in 2020.“Like many of our shareholders, I am frustrated and disappointed by how 2019 turned out. For what it’s worth, I’d like to reassure all those who are interested that we are by no means out for the count. Granted, we have a lot of hard work ahead of us and it will take time, but we still have a lot to give and you can expect to see results even short term.” Fagerlund states in his address to Global Gaming investors“We are working relentlessly and the processes we can affect ourselves are moving forward according to our high expectations. Of course, we’d like to see quicker results and our patience may be stretched at times, but the future appears brighter now than it has for many months. We are in the process of building a long-term, flexible and high-quality business with the only aim to deliver positive financial results and ​return on investment to our shareholders.last_img read more

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Feds looking at former USC star, AD Pat Haden in college admissions scandal, report says

first_imgFederal investigators are looking into any alleged involvement Pat Haden, former Southern California athletics director and star quarterback, had in the national college admissions scandal, according to The Wall Street Journal.Investigators are questioning ties Haden had with William Singer, who was the alleged organizer of a cheating scheme that altered test scores that helped students get into universities. Athletic officials were accused of collecting hundreds of thousands of dollars to help students get into schools like USC, Stanford, UCLA, Georgetown and Wake Forest, disguising them as recruits.  North Carolina coach Mack Brown has knee surgery done by former player The WSJ noted, citing an unidentified source, that Haden introduced Singer to former USC senior associate athletics director Donna Heinel and said Singer would be “someone Ms. Heinel should work with” because of his connections.In response to the report, USC released a statement (via USA Today) acknowledging the school is still conducting an internal investigation and it “will continue to cooperate fully with all law enforcement and regulatory investigations. Ensuring the integrity of the admissions process remains a top priority of university leadership.”According to court documents released in March, the scheme centered around a California-based non-profit called the Key Worldwide Foundation (KWF) founded by Singer. Vikings COO Kevin Warren becomes Big Ten’s first African American commissioner Officials said parents, including several celebrities such as actresses Felicity Huffman and Lori Loughlin, paid Singer “approximately $25 million” from 2011 to February 2019 “to bribe coaches and university administrators to designate their children as recruited athletes, or other favored admissions categories, in violation of the duty of honest services the coaches and administrators owed to their employers, thereby facilitating the children’s admission to the universities.” Singer has pleaded guilty to racketeering conspiracy, money laundering conspiracy, conspiracy to defraud and obstruction of justice.After news of the scandal broke, USC parted ways with four members of its athletics department: Heinel, women’s soccer coaches Ali Khosroshahin and Laura Janke, and men’s and women’s water polo coach Jovan Vavic. Haden hasn’t been charged for any part of the scandal and just recently become a person of interest in the case, the WSJ reported. Haden wrote in a statement provided to the Journal through his son-in-law: “Like many people, I was introduced to Mr. Singer several years ago by a friend. I was unaware of his illegal activities and had no ongoing relationship with him whatsoever.” Related News SEC will allow stadiums, arenas to sell alcohol beginning this seasonlast_img read more

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