SBTech enters Georgia with Adjarabet launch

first_img SBTech has expanded its services into Georgia after rolling out its sportsbook solution with online sports betting operator Adjarabet. The new site includes a number of in-play products such as ‘Pulse Bet’, ‘Action Betting’ and ‘Add2Bet’, as well as various mobile functionalities. SBTech said that it will soon build on the Georgia launch by also introducing its services in the regulated market of Armenia. “SBTech is delighted to go live with another market-leading regulated operator, and we’re looking forward to providing Adjarabet with our best-in-class mobile betting features as well as the widest range of in-play markets and responsible gambling controls,” SBTech chief commercial officer Andrew Cochrane said. “Georgia and Armenia are both enormously promising markets and we look forward to working closely with Adjarabet to supply the most powerful, localised sports betting product possible.” Koba Davarashvili, chief executive of Adjarabet, added: “We’re sure our thousands of existing customers will love the best range of unique markets and in-play features among Georgian operators. “The platform will enable us to consolidate our market-leading position in Georgia and satisfy our international aspirations beyond this year’s World Cup.”Related article: SBTech powers Get’s Bet in Romania Topics: Sports betting Tech & innovation SBTech has expanded its services into Georgia after rolling out its sportsbook solution with online sports betting operator Adjarabet SBTech enters Georgia with Adjarabet launch Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Sports betting 15th May 2018 | By contenteditor Email Address Tags: Online Gambling Regions: Europelast_img read more

Better Collective to ramp up M&A after float

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Marketing & affiliates Better Collective to ramp up M&A after float Email Address The Danish affiliate company is looking to accelerate its buying spree after trading begins on Nasdaq Stockholm in Sweden on Friday After making eight acquisitions last year, Denmark-based affiliate company Better Collective is looking to accelerate its buying spree after trading in its shares begins on Nasdaq Stockholm in Sweden on Friday.Already this year, the group has acquired Finnish affiliate Premium Administration OU and Danish brand SpilXperten.com, as well as entered into letters of intent to acquire two other European igaming affiliates.It also recently launched a US facing site, us-bookies.com, to establish a position in the US market following the decision to repeal PASPA.However, as CEO Jesper Søgaard tells iGaming Business, there are a lot more M&A opportunities for the company and that’s why it has opted for an IPO.iGaming Business: Why have you decided on a float over other money raising options? It would seem to introduce a lot of extra red tape for a business of your scale?Jesper Søgaard: One big benefit of opting for the float rather than other manners of fund raising is that Christian Kirk Rasmussen and I can remain in control of Better Collective, rather than simply having private equity with veto rights. We love Better Collective, and know the amazing road we have ahead of us, and we are excited to remain in the driver’s seat. Additionally, from a corporate branding perspective, we believe it is quite attractive for us to be a listed company.iGB: Why now? Was the confirmation of Sweden re-regulating a factor and/or are there any other external factors?JS: There are multiple factors that have played into our decision to list right now — but one of the main reasons is that we have a strong pipeline of M&A targets right now, and the injection of capital we will receive will help us meet these goals.iGB: Will your criteria for acquisitions change after listing and what will it be? Is there a starting point in terms of revenues/scale and are you looking to diversify outside of your main sector of sports betting?JS: As it stands right now, we will continue to target sports betting, as our strength in this area is one of our biggest competitive advantages within our industry. On top of that, we are looking to continue building strong market positions in regulated and taxed markets. These markets are much more stable and predictable, making them appealing for ourselves and our investors.iGB: Apart from acquisitions, is there anything else in particular you’re intending to spend the funds on?JS: No, not really. The M&A strategy is what led us to our decision in the first place, and it remains our priority after the listing.iGB: Will you be cutting out or perhaps phasing out activity in unregulated markets after the float as was the case for XL Media?JS: Better Collective is in a fortunate position in that we already have a high degree of our revenue coming from regulated markets, and these markets are where we are focusing our continuing M&A efforts — so the need to phase out activity in unregulated markets is not big worry of ours at the moment.iGB: You’ve mentioned the repeal of PASPA in the prospectus as something that will create new opportunities for affiliates. What plans do you have for the US market?JS: The repeal of PASPA is great news for our industry. We have plans for the further development of own products (for example, us-bookies.com) and are interested in M&A opportunities in the USA.Related articles: Better Collective plans Nasdaq Stockholm listingBetter Collective details Finnish acquisitionBetter Collective confirms Danish acquisitionPASPA ruling: the market responds Topics: Marketing & affiliates Subscribe to the iGaming newsletter 6th June 2018 | By Hannah Gannage-Stewartlast_img read more

iGB Diary: CEOs get their hands dirty, NSW spreads confusion, Playtech squeezed in Asia

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Welcome igamers to this week’s instalment of the Diary, which features company CEOs doing some weird and wonderful things in the name of promoting their brands. Elsewhere, we ruminate on Playtech’s travails in Asia, while wondering if the NSW regulator should look up the definition of the word ‘clarity’ in the dictionary.Opportunist? Moi? As journalists we always like a good hook for a story, something newsworthy to make an article relevant. It seems we aren’t the only ones — apparently those looking to recruit are also keeping an eye out for something to peg their ads to, although perhaps not quite in the same way we’re doing it. Hot on the heels of the announcement that Bet365 was looking for 100 new tech staff in Manchester, one company CEO posted the following on LinkedIn: “Bet365: Looking for 100 technical staff in Manchester to work on addictive gambling products, indiscriminately advertise at kids and extract money from society’s most vulnerable. If you want to build a product that matters – one that will change the world – and solve complex problems for the smartest companies out there, then come and work at Peak. Hit us up at jobs @peak.ai #artificialintelligence  #machinelearning  #datascience.” But Richard Potter, the CEO in question, may be missing a trick given his company seems to specialise in artificial intelligence and data science, technology and disciplines the igaming industry is increasingly leveraging. “Guess your [sic] not looking to work with anyone in the gambling sector, huh?” commented one poster? Indeed.Land of confusion Following on from our story about the racing exemption to NSW’s harsh new laws against advertising inducements causing some outrage Down Under, it seems the exemption is also causing some confusion in the industry. Last Friday local regulator Liquor & Gaming NSW issued some further guidance on the matter following a number of enquiries. Previously it had said that it did not intend to take enforcement action where “the advertisement has been published or communicated on an existing platform which solely and exclusively provides racing content”. Last week it added that “L&GNSW’s position is that this should also currently extend to and include websites such as www. punters.com.au and www. racenet.com.au, television channels such as Sky Racing 1, written publications such as Winning Post, and radio stations such as Sky Sports Radio, provided that the content on such platforms is and remains predominantly and substantially dedicated to and concerned with racing”. So from exclusively racing, the requirement has become “predominantly” racing, with the regulator further adding, “to the extent that the content on such platforms also includes other sports, then such content is permissible provided that it is only ancillary and substantially insignificant to racing content”. Operators may rightly be concerned about whether or not their additional content qualifies as insignificant, but rather unhelpfully the regulator says it is unable to provide any legal advice or legal view on specific websites. Equally unhelpfully, it then goes on to say: “As noted in the guidelines, if there is doubt as to whether or not a platform ‘exclusively’ publishes racing content, it is better to adopt the position that it does not.” Glad we’ve cleared that up then!The big drop? Playtech received a bruising response from the markets on Monday after it was forced to issue its second profit warning in just eight months, the share price dropping nearly 30% by midday. The culprit was a projected €70m shortfall in FY revenue from Asia, where the industry’s largest supplier has fallen victim to a price war wagered by a raft of new local and international entrants. In an accompanying trading update Playtech made clear its belief that the ructions in Asia vindicated its efforts in recent years to increase its focus on regulated markets, highlighting the deals with Snaitech in Italy, Gala in the UK, SAS in Portugal and with the Polish national lottery. The lack of regulation in Asia and the availability of newer and cheaper tech has clearly opened the way for these new entrants to flood into the market and undercut PT. But internal concerns that the years of strong growth and margins in the wider igaming industry were coming to an end – Playtech having ridden the wave from 2010-16 fuelled by a series of savvy bolt-on acquisitions including Teddy Sagi’s related party assets –  have been circulating within the company for a number of years now, iGB understands. Which as Paul Leyland pointed out in a note later that day, begs the question if the industry’s leading supplier can now manage to “organically develop the quality of its products and services to stay there, in a rapidly changing environment”.  CEO Mor Weizer remained bullish that regulatory developments in the US and organic growth in the non-Asian gaming business “would materially improve the quality and diversification” of performance. But the M&A options that helped power it to the top of the supplier food chain now also look v limited, and it has also failed to execute to date in the sportsbook vertical now so well served by the likes of SBTech, Kambi and FSB. But if any company has the tenacity and drive to pull this off and retain its position at the head of the market, it’s Playtech. Much to lose, but still all to play for.G’wan, you will In a start-up or small company, it’s not unusual for staff to have to step out of the confines of their defined role now and then and get their hands dirty on one-off projects. That said, Red Tiger CEO Gavin Hamilton probably wasn’t expecting to add ‘voice over artist’ to his CV when he was promoted earlier this year. Nonetheless, Red Tiger has a proud tradition of producing all the music and sound effects for its games in-house. A team of three musicians occupy a corner office and while away the days writing, and often singing, the theme tunes to all the company’s games. So who should be in the right place at the right time (depending on how you look at it) when the soundtrack for leprechaun themed game, Rainbow Jackpots was being devised? You guessed it. Only the company’s Irish CEO. Hamilton is clearly a good sport, as he took to the sound booth to record the voice of the game’s cheeky leprechaun character. Have a spin here to hear the little fella encourage you to g’wan! iGB Diary 6th July 2018 | By Joanne Christie Subscribe to the iGaming newsletter Email Address This week we look at CEOs who go above and beyond, and also try to decipher new laws Down Under Topics: iGB Diary iGB Diary: CEOs get their hands dirty, NSW spreads confusion, Playtech squeezed in Asialast_img read more

2019: The overview down under

first_img Regions: Oceania Australia Subscribe to the iGaming newsletter Email Address Casino & games Last year was a busy year for the Australian gambling sector, with numerous regulatory developments occurring that will have a significant impact in 2019 and beyond. Some of these changes will come into effect in 2019, while others will be subject to further consideration and review throughout the year.The most significant developments include the ban on lottery betting services, implementation of further point of consumption taxes, establishment of the National Consumer Protection Framework and the Australian government’s proposal to block illegal offshore wagering websites.Lottery betting services On 28 June last year, Australia’s federal parliament passed the Interactive Gambling (Lottery Betting) Act 2018, which bans the supply of lottery betting services to Australians. This came into force on 9 January 2019 and prohibits the provision of services that allow Australian customers to bet on the outcome of Australian and overseas lottery draws (including keno-type lotteries).Under the amended Interactive Gambling Act (IGA), lottery betting services are now classified as a prohibited interactive gambling service, the provision of which can attract both civil and criminal penalties, and fines per day up to AU$5.25m for a criminal offence and AU$7.875m for a civil offence.Those Australian licensed sports betting operators who provided lottery betting services are re-assessing their position in Australia. Some have chosen to exit the Australian market entirely, while others are conducting business using different models.Point of consumption tax In July 2017, the South Australian government introduced Australia’s first point of consumption (PoC) tax, which targets interstate wagering operators. During 2018, Queensland, Victoria, New South Wales, Western Australia and the Australian Capital Territory also passed legislation to introduce PoC taxes. The Northern Territory has expressed opposition to the introduction of a PoC tax and Tasmania has remained silent on the topic.The PoC tax requires betting operators to pay a levy on revenue generated from the location in which bets are placed. This is separate from any tax imposed in the state in which the operator is licensed – the PoC tax is payable in addition to existing taxes imposed on wagering operators (such as gambling taxes, GST and product fees).While the introduction of a PoC tax in the majority of Australian states and territories seeks to harmonise the tax regime for wagering operators, the framework in each state and territory varies in respect of the tax-free threshold, tax rate and – notably – the calculation of taxable revenue. Therefore, it is crucial that licensed wagering operators understand their obligations in each state and territory (see box, right).“It is crucial that licensed wagering operators understand their obligations in each state and territory.”National consumer protection framework The National Consumer Protection Framework (NCPF), announced on 16 December, reflects the agreement reached between relevant ministers of the Australian federal government and all state and territory governments relating to measures affecting the Australian licensed wagering sector.The NCPF will apply to all Australian licensed online wagering operators and, to a degree, third-party service providers. At this stage, it won’t apply to land-based wagering operators, save to the extent that relevant services are provided online, nor will it apply to offshore wagering operators (due to the consideration of other specific enforcement measures).The NCPF is a regulatory framework that sets out 10 measures intended to minimise gambling-related harm by providing greater protection for Australian consumers. The measures are viewed as a minimum standard only, as scope exists for additional (or more onerous) measures to be introduced at the state/territory level. The NCPF measures will address:– the prohibition on the supply of lines of credit by wagering providers – the discouragement of the use of payday lending for online wagering – a reduction in the customer verification period – prohibitions on specified inducements – greater and clearer accessibility and availability of accountclosure mechanisms – the implementation of a voluntary optout pre-commitment scheme – the provision of activity statements to customers – consistent messaging about responsible gambling – training of staff in the responsible conduct of gambling – development and implementation of a national self-exclusion registerHowever, there are also differences in the legislation and careful consideration is required by each wagering operator as to the extent to which they may be liable to pay the PoC tax.These measures, some of which are already in place, come into effect gradually over the 18 months from 26 November 2018. It is likely that they will be implemented through a variety of methods, including through further amendments to the IGA and other federal legislation (for example, Australia’s anti-money laundering legislation) or by virtue of state or territory legislation and licensing conditions.Blocking illegal offshore wagering operators The Australian government is also in the early stages of considering the introduction of an internet filtering scheme, which would result in participating internet service providers (ISPs) being required to block illegal offshore wagering websites once they have been referred to the ISPs by the Australian Communications and Media Authority.The proposed scheme is part of a set of measures intended to minimise the provision of illegal offshore wagering to Australian residents and to deter Australian consumers from accessing these websites.A confidential consultation on the scheme is underway and a consultation paper has been released to selected communications-industry and online-gambling stakeholders, but it has not been made available for public consultation.What does this mean for 2019? With all of these developments in the mix, it is likely that 2019 will give rise to significant regulatory movement affecting the whole gambling sector in Australia.Gambling operators, both in Australia and overseas, will need to be aware of, and understand their obligations to comply with the changing regulatory framework in Australia and (when relevant) address any enforcement action taken by Australian gambling regulators as a result of increased powers granted to them.About the authors: Karina Chong is a senior associate at Addisons and a member of the NSW Young Lawyers Communications, Entertainment & Technology Law Committee.Jamie Nettleton is is a partner at Addisons and head of its Gambling Law Group. He is also the President of the International Masters of Gaming Law and a senior fellow of the University of Melbourne, lecturing in gambling law. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 2019: The overview down under 20th February 2019 | By contenteditor Tags: Mobile Online Gambling OTB and Betting Shops Race Track and Racino Slot Machines Key developments in 2018 come to fruition this year, with point of consumption tax and consumer protection issues set to ring big changes in the Australian gambling industry, according to Addisons senior Associate Karina Chong and partner Jamie Nettleton. Topics: Casino & games Legal & compliance Lottery Sports betting Strategy Slots Horse racinglast_img read more

Pennsylvania sports betting market hits new heights in March

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Casino & games Finance Sports betting Horse racing Casino & games Pennsylvania’s regulated sports betting market has posted its strongest revenue and handle figures since its opening, boosted by additional properties launching sportsbooks in March.Total market revenue grew 183.5% month-on-month to $5.5m (£4.2m/€4.9m), with handle up 41% from February’s $31.5m to $44.5m.The market benefitted from full-month contributions from six properties, supplemented by the launch of sports betting at Boyd Gaming’s Valley Forge Casino in King of Prussia (on March 13) and Greenwood Gaming’s Valley Forge Race & Sportsbook (on March 14).The Rush Street-operated, Kambi-powered Rivers Casino in Pittsburgh led the market for the month, accounting for $11.9m (26.7%) of handle, and $1.3m (24.4%) of Pennsylvania’s sports betting revenue in March.It was followed by another Rush Street property, Philadelphia’s SugarHouse Casino, which generated revenue of $1.2m from $9.2m of handle.Greenwood Gaming’s Parx Casino, meanwhile, came in a close third, with revenue reaching $984,339 – a significant jump on February’s $369,996 total – from handle of $8.0m.Parx Casino is one of three licensed Greenwood Gaming properties in Pennsylvania to have launched sports betting, alongside the South Philadelphia Race and Sportsbook and Valley Forge Race & Sportsbook. The South Philadelphia venue generated revenue of $534,253, while the Valley Forge property generated $120,836 in its first 18 days open.The FanDuel-powered Valley Forge Casino sportsbook accounted for a further $449,597 of revneue, from $2.0m in stakes, over 19 days live.Penn National Gaming’s William Hill-powered sportsbook at Hollywood Casino at Penn National Race Course – the first venue to launch legal wagering in the state – reported revenue of $521,864 from $5.3m in stakes. Caesars Entertainment’s Harrah’s Philadelphia added stakes of $3.8m, and revenue of $326,752.This saw regulated sports betting generate tax revenue of $2.0m for Pennsylvania in March. Of this sum, $1.9m went to the state, via a 34% tax, with the final $110,386 generated through the 2% local share assessment tax, which is allocated to the local authorities where each venue is based. Pennsylvania sports betting market hits new heights in March 16th April 2019 | By contenteditor Pennsylvania’s regulated sports betting market has posted its strongest revenue and handle figures since its opening, boosted by additional properties launching sportsbooks in March. Subscribe to the iGaming newsletter Tags: Mobile Online Gambling OTB and Betting Shops Race Track and Racino Regions: US Pennsylvania Email Addresslast_img read more

Flint to depart Sky Betting & Gaming

first_img Subscribe to the iGaming newsletter People 16th May 2019 | By contenteditor Regions: UK & Ireland Richard Flint is to step down from his role as executive chairman of Sky Betting & Gaming, its parent company The Stars Group has confirmed. Flint has been with the online gaming operator since 2001. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: People Strategy Email Address Tags: Mobile Online Gambling Flint to depart Sky Betting & Gaming Richard Flint is to step down from his role as executive chairman of Sky Betting & Gaming, its parent company The Stars Group (TSG) has revealed.Flint has been with Sky Bet since 2001, first serving as managing director before going on to become chief executive of the online gaming operator.He played a major role in its $4.7bn (£3.66bn/€4.19bn) acquisition by TSG last year, after which he stepped aside as CEO to become executive chairman.Ian Proctor switched from his role as finance director to replace Flint as CEO after the acquisition was granted approval by the UK’s competitions regulator in October 2018.TSG CEO, Rafi Ashkenazi, confirmed Flint’s exit in a conference call following the publication of TSG’s first-quarter results. Ashkenazi said as the integration of Sky Betting & Gaming has progressed well, Flint has decided to “take the opportunity move on and pursue other opportunities”.“I’d like to thank Richard for his great work and assistance with the transition of the business,” Ashkenazi said. “Richard leaves SBG in a great state in its new home under the management of Ian Proctor (CEO) and Connor Grant (COO), who were both promoted from within following CMA approval last October.“I’m confident that this will allow us to maintain our unique culture that has delivered success over the years.”Ashkenazi did not state when Flint would be leaving the group.TSG revealed a 47.7% year-on-year increase in revenue to $580.4m for the first three months of the current year, with gross profit also up 33.6% to $417.8m and adjusted earnings before interest, tax, depreciation and amortisation up by 11.6% to $195.6m.However, operating income slipped 46.0% from $113.9m to $61.5m, while net earnings fell 62.8% to $27.7m and adjusted net earnings also dropped 23.9% to $105.6m.last_img read more

Aristocrat accuses Ainsworth of IP infringement in lawsuit

first_img Tags: Slot Machines Casino & games Australia’s Aristocrat Technologies has launched legal action against rival Ainsworth Game Technology, accusing the gaming machines and content provider of infringing on its intellectual property rights. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Oceania Australia Aristocrat accuses Ainsworth of IP infringement in lawsuit 5th July 2019 | By contenteditor Australia’s Aristocrat Technologies has launched legal action against rival Ainsworth Game Technology, accusing the gaming machines and content provider of infringing on its intellectual property rights.Aristocrat lodged legal proceedings in Federal Court earlier this week, citing a breach of Australian Consumer law.Ainsworth has denied the accusations and said it will be “vigorously defending the claims made by Aristocrat in these proceedings”.Court papers on the filing were not available, but according to the Sydney Morning Herald, the case is in relation to technology that Aristocrat has developed for its Lightning Link slot machine.Aristocrat has alleged that Ainsworth has used this technology in its own gaming machines.The first hearing on the case has been scheduled for July 17. Email Address Subscribe to the iGaming newsletter Topics: Casino & games Legal & compliance Slotslast_img read more

Cautious optimism at RITA as profit beats early expectations

first_img New Zealand’s Racing Industry Transition Agency (RITA) has revealed that turnover and profit for the year-to-date are both ahead of initial expectations, while the organisation remains hopeful that a second Racing Bill will be passed to come into force by June 2020.In an update to the industry, RITA chair Dean McKenzie said he expects the bill to be introduced in the New Zealand parliament next month, with a Select Committee process to allow industry stakeholders to give their opinions on proposed reforms.Key measures that feature in the bill include RITA being able to charge offshore bookmakers for offering odds on New Zealand racing and sports, as well as a point of consumption tax, to be levied on operators taking bets from New Zealanders.McKenzie noted the bill is scheduled to be passed into law before the end of June next year, as it is due to be enacted from 1 July.“We have two focuses for these charges: the first is doing whatever we can to support the Department of Internal Affairs and Parliamentary Council Office to draft and implement them as soon as possible; the second is signing up as many offshore bookmakers to voluntary agreements in the meantime,” McKenzie said.“We have already secured voluntary agreements with Tabcorp, Betfair, Sportsbet and Ladbrokes – with negotiations underway with others. This means we have about 80% of the Australian online bookmaker market now contributing back to the industry.”Other proposed regulations include payment of the betting duty savings, which are being held separately by RITA, as well as the formula for payments to racing codes and the formula for minimum payments to national sport organisations.“We expect the Racing Minister will outline Cabinet’s decisions on the content of Bill 2 in due course and that will provide further context to the proposed legislative changes ahead,” McKenzie said.Meanwhile, McKenzie said that turnover, gross betting margin and customers numbers were all ahead of budget in the year-to-date period beginning August 1. McKenzie also noted a positive performance in terms of profit, saying that, for the year-to-date, profit stood at NZD$2.9m (£1.4m/€1.7m/US$1.9m) ahead of budget. Though McKenzie said RITA is “not getting ahead” of itself, this figure provides some “cautious optimism to the board that we are tracking in the right direction”.RITA was boosted by the 2019 Rugby World Cup, which McKenzie said was the TAB’s most successful sports event of all time with revenue amounting to $7.5m. Consumers wagered $32.9m on the tournament, with more than 1m bets taken from around 90,000 customers.McKenzie said the Melbourne Cup and the NZ Cup and Show week also delivered strong returns for the TAB. In addition, the new TAB betting platform performed well, with 148,000 active customers now registered.The better-than-expected performance comes after RITA this month reported a 3.1% year-on-year decline in revenue to $348.0m for the fiscal year ending 31 July.Combined expenses from both turnover and operating costs came to $211.3m, down 0.9% from 2017-18. This resulted in a net profit before distributions of $136.7m, down 6.3% year-on-year.The end of the fiscal year saw major changes to racing in New Zealand with the Racing Reform Act, which came into effect on 1 July. The act sets out various new taxes, including point of consumption and race field fees, as well as allowing for the creation of RITA, which replaced the New Zealand Racing Board.Image: Tākuta Finance Subscribe to the iGaming newsletter Topics: Finance Legal & compliance Sports betting Cautious optimism at RITA as profit beats early expectations Regions: Oceania New Zealandcenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 26th November 2019 | By contenteditor New Zealand’s Racing Industry Transition Agency (RITA) has revealed that turnover and profit for the year-to-date are both ahead of initial expectations, while the organisation remains hopeful that a second Racing Bill will be passed to come into force by June 2020. Email Addresslast_img read more

Svenska Spel reveals decline in major prizes in 2019

first_img Subscribe to the iGaming newsletter Lottery Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Svenska Spel lotteries and scratchcards distributed 255 prizes of SEK1m or more, a 9.9% decrease from 2018, for combined winnings of SEK 1.28bn (£103.4m/€121.3m/$134.4m)  an 8.5% year-on-year decline. 20th January 2020 | By Daniel O’Boylecenter_img Topics: Lottery Svenska Spel lotteries and scratchcards distributed 255 prizes of SEK1m (£80,867/€94,787/$105,071) or more, a 9.9% decrease from 2018, for combined winnings of SEK 1.28bn (£103.4m/€121.3m/$134.4m)  an 8.5% year-on-year decline.Pierre Jonsson, winning ambassador at Svenska Spel, said the decline in winnings is largely because 2018 featured two wins of the Drömvinsten (dream win), in which a player matches seven numbers on the Lotto and two on the Joker lottery.When the Dream Win is achieved, players who match 6 Lotto numbers each win SEK1m, which Jonsson said boosted 2018’s number of millionaires figure by around 50.Lotteries made up the majority of prizes and winners, generating 144 prizes of SEK1m or more for a combined SEK1.03bn.The Lotto 1 lottery produced the most prizes of SEK1m or more, with 75, with jackpots coming to a combined SEK257.6m. However, the Euro Jackpot, despite only 19 prizes of at least SEK1m, produced much more prize money among these players, with combined jackpots of SEK647.7m.The Joker lottery distributed SEK60m among six winners, while Lotto 2 gave out 27.4m worth of prizes worth SEK1m-plus to 19 players. The Andra Chansen (second chance) Lotto gave out SEK15m worth of prizes, each worth SEK1m, to 15 winners, while the Keno lottery gave out 25.5m and created 10 millionaires.Svenska Spel distributed 111 prizes of SEK1m-plus on scratchards, giving these players combined SEK247.7m worth of prizes.The Klöver-Triss scratchcard distributed the most winnings, at SEK152.7m, and created the most millionaires, at 50. The Triss scratchard distributed SEK55m among 43 players who won SEK1m or more.TV-Triss and Skrapspel each created nine millionaires, but TV-Triss distributed a combined SEK31m to these players, whereas Skrapspel distributed SEK9m.Of these 255 prizes, 150 went to men, 104 to women and one to a syndicate. The average age of all million winners (excluding the one syndicate) in 2019 was 56.2 years. The average age of lottery million winners was 58.1, while for scratchcards it was 53.8.The Euro Jackpot prizes included SEK562m in a single jackpot, awarded to a couple from Örebro after the 15 March draw. The next largest prize was SEK25.6m on 30 August, also a Euro Jackpot prize. The largest prize from another lottery was SEK21.5m, from Lotto 1 on 30 March.The largest scratchcard prize was SEK12m from Klöver-Triss, which was won five times.“It is a nice year of winning that we can now sum up for our number games and lotteries. Last year’s jewel in the crown was obviously Sweden’s biggest game win of all time,” Jonsson said. Svenska Spel reveals decline in major prizes in 2019 Regions: Europe Nordics Swedenlast_img read more

GB regulator issues £58.9m in penalties to Dec 2019

first_img Tags: Online Gambling Regions: UK & Ireland Email Address GB regulator issues £58.9m in penalties to Dec 2019 Topics: Legal & compliance Subscribe to the iGaming newsletter The British Gambling Commission has collected £58.5m in financial sanctions and voluntary settlements over a five and a half year period between June 2014 and December 2019, according to the results of a public records request from the Gambling Business Group (GBG). The British Gambling Commission has collected £58.9m in financial sanctions and voluntary settlements over a five and a half year period between June 2014 and December 2019, according to the results of a public records request from the Gambling Business Group (GBG).Of these funds, the Gambling Commission has spent £756,997 covering their own costs in carrying out the investigations. A further £24m was repatriated to those who fell victim to illegal gambling activity and £34.8m was spent on “socially responsible purposes”.Peter Hannibal, chief executive of the Gambling Business Group (pictured), said the industry trade body made the public records request after not receiving a response from the Commission through other channels.“When we first wrote to the then Minister, Tracey Crouch and subsequently requested the information from the Commission, we were informed [by the Gambling Commission] that they did not consider it to be a priority,” Hannibal explained.The £58.9m was collected across 39 fines and settlements. The largest of these was a £7.8m penalty package paid by 888 in 2017 for significant flaws in its social responsibility processes. This included the repayment of £3m in deposits made by self-excluded customers.Hannibal added he was disappointed to see that the Gambling Commission does not appear to have carried out measures to evaluate the effectiveness of their spending.“Apart from the straightforward issue of why did it take an FOI request to get this information in the first place, it appears that the Commission does not have an independent process in place for checking whether the funds they have allocated to socially responsible purposes have been spent effectively and have delivered the impact intended,” he pointed out.“This is despite the fact that within the Commission’s own Statement of Principles there is an obligation to meaningfully evaluate the effectiveness of the spend on socially responsible purposes.”“One of the few things that all stakeholders in UK Gambling can agree on is that all RET [research, education and treatment] financial resources are vitally important and should be spent where they are most effective in reducing and preventing harm. Whether these funds are raised through donations, or via a levy, or as in this case through financial penalties, all funds are equally valuable and should as a result be subject to effective valuation.”The GBG chief’s comments echo those of the National Audit Office (NAO), which queried whether the regulator carried out proper evaluation of its efforts to raise consumer protection standards in February. The NAO also questioned whether the Commission’s enforcement actions were truly effective, noting that it was unclear if they were succeeding in deterring operators from breaking rules and regulations. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 6th March 2020 | By Daniel O’Boyle Legal & compliancelast_img read more