Core Gaming’s Free-to-Download Formula: A Trojan Horse Strategy Fueling Rapid Growth

May 22, 2025

DENVER, Colo., May 22, 2025 (247marketnews.com)- 247marketnews.com, a pioneer in digital media dedicated to the swift distribution of financial market news and information, reports that in a mobile gaming world flooded with competition and short attention spans, Core Gaming, which is expected to close its previously announced merger with Siyata Mobile (NASDAQ:SYTA) in the second quarter of 2025, or the next 6 weeks, is proving that giving something away for free can be the most rewarding move of all.

Core Gaming’s merger model is unique. Please click here for Recent Merger Math Details, or insights from the ValueScope Report.

With over 2,100 games developed or co-developed, 790 million lifetime downloads, and 43 million monthly active users (MAUs), Core Gaming has quietly engineered one of the most effective growth engines in the mobile gaming industry. At the center of this success is a deliberate, data-driven Trojan Horse: the free-to-download model. On the surface, users enjoy full access to fast, fun, and accessible games, no upfront cost required.

Behind the scenes, Core Gaming’s AI-powered platform is increasing engagement with astonishing efficiency.

Instead of relying on a single blockbuster title, Core Gaming’s formula emphasizes scale, retention, and monetization across a vast portfolio of casual games. Once a user downloads a game, Core’s proprietary business intelligence (BI) and AI algorithms go to work—predicting behavior, optimizing ad placements, and serving up personalized content in real-time. The result? Deep monetization without the friction of up-front payments, creating a viral growth loop that continues to accelerate.

Core Gaming’s approach isn’t just clever, it’s calculated. As mobile gaming pushes past $126 billion in global market size this year and trends toward $157 billion by 2029, free-to-play titles, especially those monetized through in-app ads, are dominating the charts, particularly in emerging mobile-first markets across Southeast Asia. Core’s strategic footprint in these regions, combined with its lightning-fast onboarding and AI-fueled retention tools, could dramatically outpace the industry projections.

Siyata

Siyata Mobile filed a Form F-1 registration statement, on Tuesday, which updates the Equity Line of Credit (ELOC) agreement originally signed on January 14, 2025, and provides Siyata with “the right, but not the obligation, to direct the Investor… to purchase the ELOC Shares.” The current registration covers the remaining $12,811,735 balance of the $18 million in total available under the agreement.

Two SYTA Price Scenarios

Siyata Mobile filed a Form F-1 registration statement, on Tuesday, which updates the Equity Line of Credit (ELOC) agreement originally signed on January 14, 2025, provides Siyata with “the right, but not the obligation, to direct the Investor… to purchase the ELOC Shares.” The current registration covers the remaining $12,811,735 balance of the $18 million in total available under the agreement.

Based on recent prices and volume, Siyata should be able to raise funds with a fraction of the allowed shares and have a very positive effect on SYTA’s share price. However, the following two scenarios are based on worst case dilution.

Assuming Siyata actually reaches ~16 million fully diluted shares and ValueScope’s, one of the industry’s best, projections, which believes Core Gaming will command a 3x-4x EV/Sales range for the projected 2026 revenue of $240.8 million, implying a combined company valuation of $722.4 million (3x) to $963.2 million (4x). Peers like AppLovin (3x-5x sales) and Electronic Arts (~4x) justify this range, while Core Gaming’s consistent 50%+ year-over-year growth rates warrants a premium.

What happens if SYTA trades higher to a 10-day VWAP of about $6, on the record date?

Calculation: $160M ÷ $6 VWAP = ~27M shares to Core Gaming and SYTA’s ~16M shares would mean that legacy SYTA shareholders own ~37% of the ~43M combined shares.

Impact: $850M ÷ 49M shares (assuming 6M shares issued for future funding or acquisitions), could grow to ~$17.35 to be in line with ValueScope’s projections.

What happens if SYTA trades lower to a 10-day VWAP of about $4, on the record date?

Calculation: $160M ÷ $4 VWAP = ~40M shares to Core Gaming and SYTA’s ~16M shares would mean that legacy SYTA shareholders own ~28% of the ~56M combined shares

Impact: $850M ÷ 63M shares (assuming 7M shares issued for future funding or acquisitions), the stock could grow to ~$13.50 to be in line with ValueScope’s projections.

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