Gaming Report: Bombay Play Raises $1.5 Million in Leo Capital-Led Pre-Series Funding & More

Gaming startup Bombay Play has raised $1.5 Million in a Pre-series A round led by Leo Capital, and Ramakant Sharma, the co-founder of Livespace. The company has announced plans to use the funds for expanding its team and reach.

Casino behemoth Evolution Gaming may acquire gaming developer NetEnt in a deal estimated at $2.3 Billion. If the latest reports are anything to go by, NetEnt shareholders are likely to approve the offer.

Caesars Entertainment has launched a universal indoor mark policy, making it mandatory for guests to wear masks at all its casino properties. The company also ran a limited-time promotion for its four Vegas properties, where guests were offered free slot machine play worth $20 for wearing masks.

Legal sports betting in California has been delayed again, this time for a year at least. In the times of the COVID-19 crisis, stiff opposition from the Native American tribes and a tight deadline forced the bill’s sponsor, Senator Bill Todd, to pull out SCA 6 from discussion.

In the U.K. the majority of cinemas and pubs will be reopening on July 4, but casinos will not. The government has made public a list of public establishments like cinemas and pubs that can start functioning again but has not given any dateline as to when casinos will be allowed to resume operations.

Gaming Firm Bombay Play Raises $1.5 Million in Pre-Series Funding Led by Leo Capital

Gaming startup Bombay Play has raised $1.5 Million in a Pre-series A round led by Leo Capital and Ramakant Sharma, the co-founder of Livespace. The fresh funds will be utilized by the firm for hiring new talent and expanding its reach.

A venture partner of Leo Capital, Dinesh Singh, said, “In a young country with half of the population below the age of 25, a company like Bombay Play has the potential to bring in fresh and exciting gaming content.”

Founded in 2018 by the duo Abhas Saroha and Oliver Jones, the company develops online multiplayer games.

Saroha has earlier led engineering teams at Moonfrog Labs, Makemytrip, and Zynga, while Jones had co-founded Moonfrog Labs.

In his official statement, Jones said, “India is on a rocket ship trajectory to becoming one of the top game development hubs of the world. We are building a team that has the vision and energy to deliver world-class titles that will compete with the best. We are happy to have raised this funding from Leo Capital and Ramakant Sharma.”

Saroha added, “We have had a front-row seat to the growth of mobile gaming around the world for around 10 years, and the excitement has still not diminished. India today has the tech and creative talent to produce world-class content for global audiences.”

Some of Bombay Play’s popular games include Card Party, 29 Card Games, and Pokemon Tower Battle. Last December, it had reached an agreement with Pokemon Company to publish games on Facebook, and is on the anvil of launching its new Battle Royale Game’ Lockdown Brawl.’

Evolution Gaming Looking to Acquire NetEnt For $2.3 Billion

Casino giant, Evolution Gaming has proposed to acquire all the shares of rival online gaming developer NetEnt for $2.3 Billion. The proposal involves Evolution Gaming shareholders exchanging 0.1306 of their shares for each NetEnt share. This marks a 43% premium to NetEnt’s share price at the close on June 23.

Evolution has clarified that it would not make a higher bid, and NetEnt has from August 17 until October 26 to accept the offer. Like in any merger, the two companies will have to get regulatory approval to complete the deal.

After perusing the offer, the NetEnt board has recommended to its shareholders to accept the offer.

What’s in it For Evolution Gaming?

Evolution Gaming has already charted a strong growth trajectory this year, reporting an 89% jump in net profit in the first quarter. It has estimated that acquiring NetEnt will help Evolution Gaming save $33.81 Million (€30 Million) each year. However, the company will primarily benefit through revenue synergies that have been pegged at $34 Million per year.

The deal is expected to be closed by November 2 and will for Evolution Gaming bring on board a wide array of popular online games.

The company co-founder and Chairman of Evolution Gaming, Jens von Bahr, underlining this fact said, “The combination of Evolution’s strong offering in live casino with NetEnt’s leading position in online slots will result in a world-class portfolio of online games that will enable us to serve a growing customer base.”

Talking about the offer, Chairman of NetEnt, Mathias Hedlund, said, “With this deal, there are unique possibilities to shape a leading global B2B provider of online casino, taking advantage of the market development with continued digitalization and strong growth, especially in North America.”

Market analysts like Regulus Partners have pointed out that the deal could dilute Evolution’s chief focus on live casino; however, if NetEnt shareholders give the go-ahead, the deal could likely come through.

Caesars Entertainment Makes Masks Compulsory Inside Casino

Caesars Entertainment has announced a universal indoor mark policy making it mandatory for all guests to wear a mask at all its casinos located worldwide. Guests will be required to wear a mask at all times while inside any Caesars property, except for when they’re drinking or eating.

The announcement came hot on the heels of a COVID review meeting convened by Nevada governor Steve Sisolak and was announced by Caesars on Twitter.

Effective today, June 24, Caesars announces universal indoor mask policy in all properties. Learn more here: https://t.co/9DzpAY3zaj pic.twitter.com/Sr7MIGpECG

— Caesars Entertainment (@CaesarsEnt) June 24, 2020

Earlier, Caesars Entertainment had made the use of mask compulsory only for its employees and those players who were not separated by a physical barrier. With this announcement, it has become the first gambling company in the U.S. to bring in a compulsory mask policy for its staffers and clients.

Earlier, the company ran a limited-time promotion at its reopened Vegas properties, namely, Caesars Palace, Paris, The Linq, Harrah’s Las Vegas, and Flamingo. All loyalty cardholders and new signup members wearing masks were offered $20 in free slot machine play. Caesars handed out $7,500 to 375 customers in free play in this promotion last weekend.

Caesars’ policy applies to all Caesars casinos in Arizona, California, and North Carolina. The rule will also be implemented across the company’s casinos in Maryland, Pennsylvania, New Jersey, Illinois, Ontario, and Canada as and when they reopen.

California Sports Betting Bill Pulled From Vote

California was marching along fast to legalize sports betting, but legislation for the same has been pulled out days before being taken up for discussion.

The legislation in question, SCA 6, was withdrawn from discussion by sponsor Bill Todd on Monday. Apart from the fact that native gaming tribes had vehemently opposed the bill, the deadline for the legislation for a 2020 referendum was Thursday, but the assembly is not in session till next Friday.

In his statement on the latest development, Senator Todd said, “Given the deadlines for getting a measure on the November ballot and the impact of COVID-19 on the public’s ability to weigh in, we were not able to get the bill across the finish line this year. It remains important that we lift this widespread practice out of the shadows to make it safer and to generate money for the people of California.”

The bill envisages legal sports betting for land-based and online sportsbooks across native American casinos. However, the native tribes are working on their own bill, which they want to get through on the 2020 ballot.

Senator Todd is not giving up, though, and has said that he will try to get the bill approved again next year.

U.K. Casinos to Remain Closed as Country Prepares to Reopen Hospitality & Leisure Venues

The U.K. government has brought out a list of hospitality and leisure venues that can reopen on July 4. Much to the dismay of the gambling sector, casinos across the country that have been closed since March 23 are not included in the list.

Announcing the same in the House of Commons on Tuesday, Britain’s PM Boris Johnson said that public establishments like pubs, cinemas, and hairdressers would be allowed to reopen with social distancing norms in place.

Johnson labeled July 4 as a “new Independence Day” but the country’s gambling operators are far from amused. Shortly after Johnson’s announcement, the Betting and Gaming Council (BGC) issued a statement calling the decision to keep casinos closed as “inconsistent and nonsensical.”

The BGC, which is an industry group for gambling operators, underlined that all casinos in the U.K. are adhering to the mandated public health protocols. “Casino operators have worked round the clock to ensure their premises, and the way they operate, adhere to the Government’s strict anti-Covid guidelines.”

The BGC had earlier communicated to the gambling operators that they might be able to resume operations July 4 onwards. Operators are also expected to initiate a discussion with the government and get clarity on the reopening issue.