InstrumentUnsecured Callable Bonds
ListingOfficial List
Issue Date19/07/2019

Issuer Profile

One of the subsidiaries within the Gameday Group Plc, Together Gaming Solutions (TGS) was founded in 2015 and is the owner of the internationally renowned Bethard iGaming Platform. Serving as the B2B service provider of the Group, the company is particularly adept at delivering what is known as ‘white label’ and turnkey solutions to iGaming Operators who do not have their own software platform on which to host their iGaming services.

The company also offers a number of other support features related to the iGaming Platform, such as responsive customer care via chat and email, an efficient payment services to operators’ clients, a customer relationship management system (CRM), as well as external marketing.

Together Gaming Solutions Plc’s white label partner solution includes casino and live casino, sports betting and lotto products, while it offers over 100 payment solutions, over 60 casino products and payment services.

Issuer Need

In 2018, TGS and the Group commenced a restructuring process in order to fulfil the original objective of the Issuer acting as the Group’s B2B service provider as well as, to establish the Issuer as the owner and licensor of the Group’s key intellectual property assets. The latter mainly being the iGaming Platform and the Bethard Brand or, collectively, the “iGaming Assets”.

The iGaming Platform is a highly flexible module-based system adapted to cater for the dynamic needs of today’s casino and betting market, making it simple to increase functionality as demands change without impacting its capacity or reliability. The iGaming Platform is currently provided to a wide range of iGaming Operators including casino and sportsbook operators and is generally regarded to be a premium alternative to its competitors.

Based on extensive market research and consumer insight studies conducted by Bethard, it was concluded that the new Bethard Brand would be built around a sports betting profile, while still offering casino games. To this end, Bethard appointed Zlatan Ibrahimović as the “Brand Ambassador”. the Brand Ambassador appears to have helped the Bethard Brand become one of the principal four iGaming brands in the Swedish market that customers appear willing to use. TGS required the necessary funding to settle amounts due on acquisition of the key intellectual property assets described above.


Calamatta Cuschieri structured a €20,000,000 secured callable bond. This was the first bond issue by an Igaming company to list locally. Proceeds were utilised to settle amount due on acquisition of intellectual property rights.