Malta-headquartered River iGaming has suspended its B2C operations, including their affiliate program opting instead for a B2B approach in 2020 resulting in the redundancy of all individuals in the operation just before the start of the festive season
The Casino brands that are part of Rivers iGaming group included Vegas Casino, Casonic, Spin Genie and Pocket Fruity amongst others. The company also held a licence to offer games for X Factor and Britain’s Got Talent brands.
A shift in focus
During the company’s Q3 presentation in December 2019, CEO Kent Staahle suggested that change was on its way. He said that the iGaming industry had taken some “significant turns”, which was having an “adverse effect on River iGaming’s operations”. At the time, Staahle also said: “The demand for River’s B2B solutions is above expectation, with a swift implementation of the first client in September and a backlog of new clients quickly growing.”
The group also mentioned that both River Technologies and Mediafusion were “seeing strong interest in their business offerings”.
The search for long-term stability
For the immediate future, Rivers iGaming has secured loans totalling €1.6 million from Klein Group – one of its shareholders. Back in December, the company also said: “River does not expect the market position in the B2C vertical to improve in the short to medium term, and the group’s liquidity situation has become challenging.
“Notwithstanding the significant cost cuts announced in the Q3 report, the company considers that it is not in the best interest of the group to maintain the B2C vertical.”
At the moment, the future of River Affiliates programme is uncertain. Affiliate Guard Dog has a thread announcement which was received by affiliates late last week with no further update being received as yet.