iGaming This Week - 2024 Week 32 - Wednesday Edition
John ross C.
?? iGaming Consultant | Helping Start-ups & Established Companies Thrive in the Asia ?? Market Insights and Operational Support
This Wednesday issue of iGaming This Week is packed with exciting news and updates from the world of online gaming. From record-breaking quarterly reports to major partnerships and acquisitions, we've got you covered.
Expert analysis this week focuses on the importance of responsible gaming practices and the need for lawmakers to prioritize proper licensing and regulation. Let's explore the potential consequences of unregulated gaming operations and the importance of maintaining public trust in the industry.
Read more below.
Hungrybear Makes Chilling YGG Masters Debut with Big Top Terror
Hungrybear has launched its first slot game under Yggdrasil's YGG Masters program, "Big Top Terror", a thrilling and chilling circus-themed game that brings the chills and thrills across 5 reels and 243 winning ways.
The game features a rich feature set, including multipliers during Free Spins, sticky wilds, and a Final Act Free Spins round that can reward up to 50,000x.
The game is available in both classic slot and multiplayer Slot Masters variants, powered by Yggdrasil's GATI technology. Read more.
The Venetian Resort's New Poker Room: A Game-Changer in Las Vegas
The Venetian Resort has opened a new 14,000 sq. ft. poker room on the second floor of the Grand Canal Shoppes at Palazzo, boasting 50 tables and convenient access to dining options and parking.
The room features complimentary amenities such as self-serve coffee and soda, USB charging ports, and table-side restaurant ordering.
The opening was attended by notable poker pros and celebrities, and the room will offer $3 per hour comps for cash game players until December 31. Read more.
SisterSites.co.uk Launches to Connect UK Gamblers with Sister Sites
SisterSites.co.uk , a new online aggregate platform, has launched to help UK gamblers easily find and connect with casino and sports betting operators, as well as their sister sites. The platform provides detailed information on operator connections, empowering users to make informed decisions about where to place their bets.
By understanding which sites are managed by the same parent company, gamblers can enhance their trust and safety, maximize promotional offers and bonuses, and access a wider variety of gaming options. Read more.
DraftKings Imposes Surcharge on Winning Bets in High-Tax States
DraftKings has announced a new surcharge on winning bets in high-tax states, starting from January 2025, to offset its high tax burden in states like New York and Illinois. The surcharge will be added to the bettor's winnings, effectively reducing the payout they receive, with an illustrative example being a 3.2% surcharge in Illinois. The move is aimed at maintaining financial stability and consistency in promotional and marketing efforts across different regions, but has sparked concerns among bettors and investors, with some seeing it as a way for DraftKings to offload part of its tax responsibility onto its customers. Read more.
Rush Street Interactive Confirms Commitment to Customer-Centric Policies
Rush Street Interactive, a leading online casino and sports betting company, has announced that it has no plans to implement a customer surcharge, reaffirming its dedication to providing exceptional value to its players. This commitment is reflected in the company's recent accolade of being named the EGR North America Customer Services Operator of the Year for the fifth consecutive year.
The company's focus on customer satisfaction, coupled with its innovative rewards and loyalty programs, sets a benchmark for excellence in the online gaming industry. RSI's CEO, Richard Schwartz, states that the company's decision to not implement a customer surcharge was an easy one, as they prioritize putting their customers first. Read more.
Play'n GO Launches in South Africa with Betway, Unveils Mafia Gold Slot
Play'n GO has launched its online gaming platform in South Africa through a partnership with Betway, one of the region's top betting brands.The partnership allows Betway South Africa to exclusively host a selection of Play'n GO's most iconic games, including Book of Dead, Reactoonz, and Rise of Olympus.
In addition to the expansion, Play'n GO has also launched its new slot game, Mafia Gold, which immerses players in a world of crime and intrigue. The game features a unique feature reel and drive-by feature, as well as the potential for big wins with a maximum win potential of 6,000x. Read more
Endorphina Partners with Stanleybet Group to Deliver Unparalleled Gaming Experience
Endorphina, a leading casino game developer, has announced a significant partnership with Stanleybet Group, a major player in the European iGaming industry.
The collaboration aims to improve the gaming experience for players in Italy and beyond, combining Endorphina's innovative spirit with Stanleybet's trusted excellence.
This partnership marks a major milestone in Endorphina's expansion into the Italian market, with the company's Business Developer Manager, Luca Richter, expressing his enthusiasm for the partnership. Read more.
Genius Sports Extends Football DataCo Partnership, Adds New In-Play Markets
Genius Sports has extended its exclusive live betting data partnership with Football DataCo, UK football rights holder, to 2029. The deal includes the addition of new pre-game and in-play player markets from the 2025/26 season.
Genius Sports will provide sportsbook partners with data on shots on target, assists, and pass completions to enhance their in-play betting offerings. The company has also expanded its technology partnership with the Premier League and EFL, providing AI-powered data and intelligence to help teams improve their performance.
The partnership is expected to drive further innovation and value for Genius Sports' sportsbook partners. Read more.
SCCG Management Announces Strategic Partnership with DFS Platform Bettor Together
SCCG Management, a leading advisory firm in the global gaming industry, has announced a strategic partnership with Bettor Together, a cooperative fantasy sports platform.
The partnership aims to support Bettor Together's growth and operations by leveraging SCCG's extensive industry expertise and global gaming network. The partnership will focus on developing and executing comprehensive marketing strategies to enhance both B2C and B2B growth, as well as analyzing market trends, conducting operational reviews, and executing targeted marketing and advertising campaigns. Read more.
Atlaslive Teams Up with MiFinity to Boost Payment Innovation in the iGaming Industry
Atlaslive, a leading B2B provider of software solutions for the iGaming industry, has announced a strategic partnership with MiFinity, a global payments provider. The partnership aims to integrate MiFinity's advanced payment solutions with Atlaslive's software offerings, enhancing payment capabilities for iGaming operators worldwide.
MiFinity's dual licensing from the UK and Malta Financial Services Authorities ensures regulatory compliance and operational excellence. The partnership aims to empower iGaming operators with seamless payment solutions that meet the highest standards of security, reliability, and customer satisfaction. Read more.
GoldenRace Renews Partnership with Lottomatica to Strengthen Market Leadership in Italy
GoldenRace, a global provider of virtual sports and betting solutions, has renewed its partnership with Lottomatica, Italy's leading gaming operator. The partnership will continue to offer GoldenRace's products across Lottomatica's 3,000 points of sale in Italy, ensuring a high-quality gaming experience for players.
The agreement aims to strengthen GoldenRace's and Lottomatica's leadership positions in the Italian betting industry, offering a range of virtual games, including GoldenRace's 4K virtual football. Read more.
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Betsson Group Acquires Sporting Solutions' Trading and Pricing Services
Betsson Group, a leading global sports betting and gaming operator, has announced the acquisition of Sporting Solutions' trading, pricing, and sports betting risk-management services verticals from the FDJ Group.
This strategic move aims to enhance Betsson's B2C and B2B sportsbook offerings by integrating Sporting Solutions' advanced pricing feeds and technology.
The acquisition brings a talented team of professionals with expertise in cutting-edge sports betting technology, primarily based in the UK, Canada, and South Africa.
The deal is subject to regulatory approvals and other agreed conditions, and is expected to strengthen Betsson's position as a leader in the global sports betting industry.
With plans to invest in the business and drive growth, the integration of Sporting Solutions is expected to enhance revenue streams and create valuable business prospects. Read more.
Nuvei to Acquire Licensed Payment Institution in Brazil
Nuvei Corporation has agreed to acquire a licensed Payment Institution in Brazil, allowing it to expand its capabilities in the Brazilian market and strengthen its presence in Latin America.
The acquisition will enable Nuvei to offer comprehensive payment services, including payment acceptance, e-wallet management, and betting account management, as well as participate in Brazil's local payment systems
The deal is expected to be completed pending regulatory approvals. Read more.
Thailand's Draft Casino Bill Now Ready for Public Scrutiny
Thailand has taken a significant step towards potentially legalizing casinos in the country by releasing a draft bill for public feedback. The 22-page document outlines the framework for establishing large-scale entertainment complexes that include casinos, which would be subject to strict regulations and oversight.
The proposed legislation, known as the Complete Entertainment Business Act B.E., requires private companies interested in operating casinos to demonstrate significant financial backing and allocate no more than 5% of the total project area to gaming facilities.
The draft also suggests that the government and private entities could partner through joint ventures, similar to the model used in Macau. The public is invited to provide feedback on the draft bill until August 18. Read more.
Philippines to Allow Online Number Games, But Not Like PCSO
The Philippine Amusement and Gaming Corporation (PAGCOR) has announced that electronic gaming operators will be allowed to offer online number games, including lottery, in the country.
However, the new format will be different from that offered by the Philippines Charity Sweepstake Office (PCSO). The minimum bet will be PHP5, and operators will need to pay a PHP200,000 application fee and a PHP200,000 cash deposit per gaming venue.
PAGCOR will receive a 15% share of the gross gaming revenue of live-streamed games and an initial 35% share of RNG-based games from July to December, with the rate decreasing to 30% starting from January 2025.
The move is expected to boost the onshore market and provide better oversight, while also generating tax revenue for the government. Read more.
Cura?ao Gaming Control Board Faces Surge in Licensing Applications
The Cura?ao Gaming Control Board (GCB) is facing a surge in licensing applications after reopening its online license portal. The GCB has received 740 applications in the first half of the year, and expects to receive 300 more after the portal reopens.
To manage the influx, the board is upgrading its infrastructure and improving its internal processes to increase its capacity to process applications from 10 to 20-30 per week. The transition to a new national ordinance for games of chance has also caused delays and challenges, with many applications being of "suboptimal" quality due to incomplete documentation. Read more.
Gaming Licenses: A Privilege, Not a Right
Gaming licenses should never be considered a right, but rather a privilege granted to those who have demonstrated good character, honesty, and integrity. As the gaming industry continues to expand rapidly, it's crucial for lawmakers to remember that proper licensing and regulation are essential for maintaining public trust.
A licensing system based on these principles is what has led to the success of the industry, with over 1,000 casinos now authorized in the United States. However, with the emergence of unregulated gaming operations, such as distributed gaming, lawmakers are faced with a challenge.
They must consider whether to grant licenses to these unregulated operators or take a more stringent approach.
Michael Pollock, a renowned gaming industry expert, emphasizes that a lack of proper licensing can have far-reaching consequences. Unregulated gaming operations can undermine public trust in the regulation of gaming, potentially harming the industry and impacting other forms of gaming, such as brick-and-mortar casinos. Moreover, it can lead to unfair competition and affect future capital investment decisions.
Pollock highlights the importance of ensuring that gaming operators meet certain standards, including fair games, proper accounting and auditing, and effective controls to prevent underage gambling.
He also stresses the need for responsible gaming and harm minimization.
In conclusion, lawmakers should prioritize responsible gaming practices and maintain a system that rewards good character, honesty, and integrity. By doing so, they can ensure a healthy gaming industry that benefits both the public and the industry itself. Read more.
DraftKings Reports Record Quarter and Announces Major Stock Buyback
DraftKings has reported a record-breaking quarter, with a net income of $63.8 million for the first time. The company's revenue surged 26% to $1.1 billion, driven by new customer acquisition, market expansion, and the impact of the Jackpocket Inc. acquisition.
The company has also announced a major stock buyback program, authorizing the repurchase of up to $1 billion worth of its Class A common shares. DraftKings has adjusted its revenue guidance for 2024, expecting a 38% to 43% year-over-year growth, and has revised its adjusted EBITDA forecast for the full fiscal year to between $340 million and $420 million.
That's all for the first part of our iGaming This Week newsletter! We hope you found the updates informative and insightful.
Stay tuned for our next week issue, where we'll continue to bring you the latest news and trends from iGaming Industry. Don't miss it!
If you have any questions or feedback, please don't hesitate to reach out.