In August 2016, Atlas acquired an interest in BonanzaWin, a Nigerian-based gaming Company offering a range of online and real-play gaming experiences including sports betting, casino slot games, and lotto. The investment provides Atlas with exposure to Nigeria's burgeoning consumer market.
BonanzaWin has an established portfolio of gaming businesses. The company has a secure online gaming platform, which powers a wide range of games including sports betting, live casino and slot games, has three gaming shops where customers can play and place bets, and is a regulated lotto/ lottery provider in Nigeria, for which BonanzaWin sells tickets through a number of local sales agents.
BonanzaWin is licenced and regulated by the Lagos State Lottery Board and the Lagos State Ministry of Finance and Atlas believes the company represents a compelling investment opportunity to access Nigeria's growing gaming and entertainment sectors.
Atlas holds its interest in BonanzaWin via a 13.5% equity stake in Equatorial Partners Limited ('EPL'), a Maltese holding company which in turn holds a 60% stake in Saerimner Ltd ('Saerimner'), a Nigerian registered company operating under the trading name "BonanzaWin".
The Board has identified the gaming and entertainment sectors as a highly attractive sector with compelling growth fundamentals. The EMEA region already accounts for 24% of the global gaming market, being worth an estimated US$23.5 billion, and Africa is a core component of anticipated future growth.
In a PwC report examining the outlook for Nigeria's gambling market, it is projected that revenue from casino gambling alone will grow from US$49.1 million in 2015 to US$68.9 million in 2019, marking a substantial 40% increase in revenues. The wider gaming sector also highlights significant growth potential for companies, with a reported 536% increase in gaming revenues generated from Africa being cited as a key driver for expansion into the region.