Jackpotjoy, the largest online bingo-led operator in the world, has entered into a 10-year framework services agreement with Gaming Realms.
Under the agreement, the Jackpotjoy Group will receive various real money services on favoured terms, including ‘Slingo Originals’ content.
As services are requested by the Jackpotjoy Group, the parties will negotiate and enter into relevant call-off contracts.
In addition, the parties have entered into a separate agreement for the provision of JackpotHappy.com, a white label site on the Gaming Realms proprietary platform. The Jackpotjoy Group has also entered into a secured convertible loan agreement with Gaming Realms totalling £3.5 million.
The convertible loan has a duration of five years and will carry interest at 3 month LIBOR plus 5.5%, and will be secured over Gaming Realms’ Slingo assets and business.
At any time after the first year, the Jackpotjoy Group may elect to convert all or part of the principal amount of the convertible loan into ordinary shares of Gaming Realms.