iGaming Wrap-Up of CW 10-11 2024

iGaming Wrap-Up of CW 10-11 2024

#iGaming News of the week

0.?????? Entain examines possible sale of overseas gambling brands

Entain has hired advisers to oversee the possible sale of several of its overseas brands, as one of Britain’s largest gambling companies considers unwinding a multibillion-pound acquisition spree that hurt its share price.

The Ladbrokes owner is reviewing the future of businesses, including a number snapped up by former chief executive Jette Nygaard-Andersen, and this month hired Wall Street boutique advisory Moelis, according to people familiar with the matter.

Moelis is advising Entain’s board and the group’s recently formed capital allocation committee, and any disposals will be of brands that are not integrated into the company’s technology platform, which makes them easier to sell, the people said.

Among those that could be sold are Netherlands-based BetCity, which Entain bought for £398mn last year, the people added. A local offshoot of Ladbrokes in Australia, Sweden-based Enlabs and Georgia-based CrystalBet, are other brands not integrated into Entain’s main tech platform and under review.

The disposal of overseas brands would allow Entain’s management to focus on revitalising operations in its core markets, such as the UK and Germany, where it has been losing market share. It would also allow the FTSE 100 group to invest more in BetMGM, its joint venture with casino group MGM Resorts International in the US, its fastest-growing market.

https://www.ft.com/content/a7bafc2f-3e95-4e4c-bbf6-684139e921da


#Breaking News

1.?????? Jaguars’ Former Financial Exec Sentenced to $6.5 Years in Prison

The prison sentence comes after the executive embezzled some $22.2 million from his former employer and used the money to gamble and fund a lavish lifestyle.

A former financial executive of the Jacksonville Jaguars, accused of embezzling some $22.2 million, was sentenced earlier this week. The case involves Jacksonville, Florida resident, Amit Patel, 31, who was employed by the famous NFL team between 2018 and 2023.

Investigation uncovered that the embezzlement scheme started in September 2019 and continued through February 2023 when Patel was fired by the Jaguars. The recent sentencing comes after on December 14, 2023, the former financial manager pleaded guilty to wire fraud.

Overall, Patel has embezzled approximately $22.2 million. His defense attorney, Alex King, claimed that his client was pushed into the crime by his gambling addiction. King said that some 99% of the funds were used to cover massive gambling losses.

Those claims contradicted the prosecution’s stance. According to prosecutors, besides gambling, Patel used money obtained through fraudulent activity to fund a lavish lifestyle, including the purchase of a home in Ponte Vedra Beach, Florida.

https://www.gamblingnews.com/news/jaguars-former-financial-exec-sentenced-to-6-5-years-in-prison/


2.?????? IGT revenue reaches $1.1bn for Q4 2023

IGT has reported its financial results for the fourth quarter and full year of 2023, indicating an overall period of growth for the supplier, although this was limited to single-digit revenue growth.

In the fourth quarter of 2023, total revenue saw a 3% rise year-on-year to $1.1bn. While PlayDigital’s revenue saw a decrease of 10% during the quarter, global gaming saw an ever-so-slight increase, but global lottery was the main driver of overall growth, increasing 7% to $681m.

When looking at operating income, all three of those main verticals saw growth for the company, with global gaming being the most significant at 17%; total operating income thereby rose 11% to $256m.?

For total adjusted EBITDA, this also saw a positive change, going up from $419m in Q4 2022 to $454m in Q4 2023. Again, global gaming saw the highest increase, specifically by 23%.

https://www.gamblinginsider.com/news/24481/igt-revenue-reaches-11bn-for-q4-2023


3.?????? Standard General offers to buy Bally’s at $773m valuation

Bally’s shares shot up 26.18% in morning trading today (11 March) to $13.40, after the business received the acquisition offer from Standard General, currently its largest shareholder.

The New York hedge fund already owns approximately 23% of the company’s total shares.

Standard was founded by Soohyung Kim (pictured), previously Bally’s chairman, and who now serves as an independent director on the company’s board.

The $15.00 per share offer represents a 41% premium on Bally’s share price as of 8 March 2024. The offer gives the company an enterprise value of $773m.

Standard General said it expects Bally’s board to appoint a special committee composed of independent directors to consider the proposal.

If approval by this committee is not secured, the fund said it would not move forward with the proposed transaction.

https://next.io/news/standard-general-ballys/


4.?????? Betsson transfers brands to new entity after Finland blocking order

With immediate effect, Rizk Nordic Limited, a Malta Gaming Authority-licensed entity, will oversee Betsson's gaming services in the EUBetsson Group's logo.Image Source: Shutterstock.com

Betsson has made a strategic move amidst regulatory challenges, transferring its brands to a new holding company entity. This maneuver comes in response to Finland’s National Police Board (NPB) decision to include Betsson’s subsidiary BML Group Ltd on its payment blocking list, compelling the company to take decisive action to continue its operations.

Betsson Hands Reins to Rizk Nordic Amid Regulatory Pressure

Effective immediately, Betsson’s gaming services for customers residing in the European Union, excluding Sweden and Ireland, will now be managed by Rizk Nordic Limited, a Malta Gaming Authority (MGA)-licensed entity.

This transition, visible on Betsson’s official website, marks a significant shift in the operator’s licensing structure, with legal experts suggesting it is a calculated step to navigate Finland’s stringent regulatory framework.

https://www.gamblingnews.com/news/betsson-brand-transfer-counters-finnish-payment-blockade/


5.?????? GeoComply reports 5M geolocation checks amid NC’s sports betting debut

GeoComply is providing evidence of North Carolina’s burgeoning sports betting market.

The geolocation solutions provider conducted over 5.3 million geolocation checks from nearly 370,000 sportsbook accounts since the Tar Heel State launched online sports betting statewide on March 11. North Carolina went live with eight online sportsbooks.

“It’s early, but North Carolina is already delivering on lawmaker expectations when they legalized online sports betting last year,” said GeoComply SVP of Compliance Lindsay Slader. “The state’s well-structured approach to mobile sports betting safeguards consumers and opens up significant revenue streams. With March Madness around the corner, we are excited to see continued growth.”

North Carolina is already emerging as a competitor to neighboring Virginia’s online sports betting market, which has been active since January 2021. Since March 11, Virginia has seen just over 2 million geolocation checks from 134,000 accounts, per GeoComply.

https://sbcamericas.com/2024/03/13/geocomply-5-million-geolocation-nc/


6.?????? BetMGM UK faces technical challenges during Cheltenham Festival debut

BetMGM UK encountered technical difficulties during its debut at the Cheltenham Festival. While the platform had garnered attention with its promising offers and advertising campaigns, users reported issues accessing the site and encountering delays in various transactions.

Complaints flooded social media platforms, with users expressing frustration over the site's frequent crashes and delays in processing bets and withdrawals.

Acknowledging the challenges faced by users, BetMGM UK assured customers that all bets, deposits and withdrawals would be honoured, albeit with potential delays due to ongoing technical difficulties.

The operator urged patience from its users and offered assistance via direct messages for those with specific concerns.

This setback comes in contrast to BetMGM UK's ambitious marketing efforts and promotions. Since its launch in the UK in August 2023, BetMGM UK has sought to establish itself as a player in the British betting market.

https://www.gamblinginsider.com/news/24496/betmgm-uk-faces-technical-challenges-during-cheltenham-festival-debut


7.?????? German regulator continues to defend gambling survey

The regulator took part in the twentieth edition of the Symposium on Gambling at the University of Hohenheim.

Controversy remains over the gambling harm survey conducted by the German gambling regulator, GGL. Board member Ronald Benter recently attended the twentieth edition of the Symposium on Gambling at the University of Hohenheim and stressed the importance of scientific findings.

He said: “Scientific findings are the basis of political and social debates. The need for further regulations must be based on facts and figures. An essential part of our tasks as a regulatory authority is therefore the promotion and initiation of gambling research. Despite the comparatively short existence of our authority, we have already achieved a lot here.”

https://focusgn.com/german-regulator-continues-to-defend-gambling-survey

#US / Canada

8.?????? Business By The Books: Will Betway Be Next Sports Betting Company To Leave US?

Six words from Super Group‘s year-end earnings presentation say everything about the environment that smaller sports betting operators are facing in the US.

“Currently assessing a range of options” is the top item under the US guidance section. That makes Betway the latest sports betting brand that could exit as its parent company thinks twice about its future investment in the country.

Everything is on the table for the US market including reconsidering current states, potentially focusing on iGaming states, or a sale of assets, President and COO Richard Hasson said on Wednesday’s earnings call.

Super Group’s US operations saw an adjusted EBITDA loss of €17.8 million in the fourth quarter. That dragged the segment, which operates nine US states, to a loss of €57.4 million for the full year.

One of those states is Ohio, where Betway launched last January along with the rest of the market. The results are bleak: of the nearly $7.6 billion bet in 2023, Betway contributed just $9.3 million in handle.

https://www.legalsportsreport.com/170273/business-by-the-books-will-betway-be-next-sports-betting-company-to-leave-us/


9.?????? EKG: March Madness to attract $2.7bn handle with 40% bet in-play

US bettors are set to wager $2.68bn on this month’s NCAA March Madness basketball tournament, according to estimates from Eilers & Krejcik Gaming (EKG).

The event is one of the most significant in the calendar for the US sports betting sector, as it sees 67 games played over just 18 days and attracts large betting volumes in the process.

Around 35-40% of the total betting handle is expected to be placed in-play, EKG estimated, which would represent an increase of around five percentage points on March Madness 2023.

EKG noted that the figure is relatively high for a US sport, explaining that basketball attracts more live wagering than other American sport due to the flowing nature of the game and because “each score is less impactful to the final outcome,” for example compared to American football, “so operators can afford to keep lines up for longer without being ‘picked off’.”

On the other hand, the proportion of betting handle expected to come from same-game parlays (SGPs) is just 5%, with EKG noting that basketball “lends itself less to SGPs than football.”

https://next.io/news/ekg-march-madness-betting-handle/


10.?? Maryland Online Casino Proposal Adjusted As Time Runs Short

While a long road still awaits Maryland online casino legislation as the clock winds down, lawmakers continue to tweak the proposals.

The Maryland House Ways & Means Committee advanced a Maryland online casino bill, House Bill 1319 on Wednesday, a day after Delegates heavily amended the legislation during a meeting of the Racing and Gaming Subcommittee. The amendments increased the licenses in the legislation from 12 to 25, as well as added stipulations to ensure a diverse and inclusive online casino industry.

Maryland legislation must pass its chamber of origin by March 18, so time is ticking for online casino bills this year. If lawmakers pass a proposal this year, Marylanders will have a say on the issue at the ballot in November.

https://www.legalsportsreport.com/171203/house-maryland-online-casino-committee-amendments/


11.?? House bill in Missouri looks to legalize sports betting and digital games

A Missouri lawmaker has introduced a measure to bring sports betting and interactive digital games to the Show-Me State.

House Bill 2835, sponsored by Rep. Crystal Quade, has been introduced in the Missouri House as a piece of legislation that aims to authorize online and retail sports betting and interactive digital games played on mechanical amusement devices.

The devices are player-activated terminals that can exchange coins and accept electronic payments. Under HB 2835, terminals must be approved by the Missouri Gaming Commission (MGC) and are required to have a license to operate. License applications to provide interactive digital games via terminals would cost operators up to $25,000. For prospective retailers, a nonrefundable application fee would cost no more than $1,000.

Licenses awarded to operators and retailers are valid for one year with four-year renewal periods. If a license is renewed, annual fees for operators would reach $10,000 annually.

https://sbcamericas.com/2024/03/11/house-missouri-sports-betting-measure/


12.?? Retail loss fails to halt February year-on-year sports betting growth in Iowa

In February sports betting revenue in Iowa increased 14.3% year-on-year to $13.6m (£10.6m/€12.4m) despite a decline in the retail market.

Revenue was comfortably higher than $11.9m in February 2023. However, the monthly total was 38.5% less than the $22.1m generated in Iowa in January of this year. Online sports betting revenue reached $13.8m in February, although the final total was dented by a $215,241 retail loss.

As for handle, players in Iowa wagered some $220.6m on sports during the month. This was 13.8% ahead of $193.9m last year but 15.0% behind $259.5m in January. Of this spend, $203.8m was bet online and $16.7m at retail sportsbooks across the state.

https://igamingbusiness.com/sports-betting/retail-loss-fails-to-halt-betting-growth-in-iowa/


13.?? Indiana sports betting handle surpasses $400m in February

Indiana reported a year-on-year increase in sports betting handle and revenue for February, although the state also posted a month-on-month decline, despite the impact of the NFL’s end-of-season Super Bowl showpiece.

Total handle for February reached $408.7m (£319.6m/€374.0m). This was 14.7% ahead of $356.2m last year, but down 14.9% from $480.3m in Indiana in January this year. While Super Bowl LVIII was the sporting highlight of the month, this did not carry over into betting activity. Of all the wagers placed, just $14.1m were specifically for American football.

Basketball was the single most popular sport, drawing $117.6m of bets, with baseball at just $2.1m. Parlay wagering amounted to $191.0m and betting on other sports totalled $83.6m. As for revenue, this reached $38.0m in February. The monthly total was 37.2% higher than $27.7m in February 2023 but 29.0% behind January’s record $53.5m.

https://igamingbusiness.com/sports-betting/indiana-betting-handle-surpasses-400m-in-february/


14.?? NFL playoffs drives Arizona to $706M January sports betting handle

The Arizona Department of Gaming reported a $706.3 million sports betting handle in January, marking the second-highest handle since the state authorized wagering in 2021. The state benefited from the end of the NFL regular season and the start of the playoffs.

By comparison, Arizona operators posted a $591 million handle in January 2023. The Grand Canyon State’s highest handle came in November 2023 at a record $713.5 million.

Arizona’s handle in January generated $69.3 million in revenue with mobile wagering making up $68.9 million of that figure. FanDuel posted the highest mobile revenue during the month at $31.2 million. The operator, which partners with the Phoenix Suns, had a $258 million mobile handle.

TPC Scottsdale partner DraftKings generated the second-highest mobile revenue in January at $22.5 million behind a $228.2 million handle. The operator also emerged as the top retail sportsbook in Arizona for both revenue and handle. DraftKings posted a $3.2 million retail handle in January, which generated $144,519 in revenue. In comparison, FanDuel saw its retail handle reach $1.7 million during the month with revenue closing at $62,810.

https://sbcamericas.com/2024/03/12/arizona-706m-january-handle/


15.?? Online New York handle drops to $1.77bn in February despite Super Bowl

Players in New York spent $1.77bn (£1.38bn/€1.62bn) betting on sports online in February, while revenue in the Empire State amounted to $131.4m.

The February total was 20.4% higher than the $1.47bn bet in New York in the same month in 2023. However, it was 9.7% behind January’s $1.96bn and the lowest monthly amount since $1.76bn was spent in September 2023.? As for gross gaming revenue, this increased by 21.3% year-on-year to $131.4m, up from $108.3m in 2023. The February total was 37.9% less than $211.5m in January and also the lowest since $98.5m in August last year.

Flutter Entertainment-owned FanDuel remains the market leader in New York. For February, it reported $63.4m in revenue from $720.1m, both of which were higher than any other operator.

https://igamingbusiness.com/sports-betting/new-york-online-betting-handle-1-77bn-february/

#M&A & Finance

16.?? Groupe Partouche revenue edges up to €171.9m in Q1

Groupe Partouche European leader in gaming, published this day its consolidated turnover for the 1st quarter of fiscal year 2024 (November 2023 to January 2024).

The Gross Gaming Revenue (GGR) totals € 173.2M for the 1st quarter 2024 compared to € 171.9M a year earlier, up by +0.7%. In France, the GGR for 1st quarter 2024 remains stable at € 153.8M. The performance of the different forms of games is contrasted. Thus, the GGR of slot machines increases by +1.4% (to € 121.2M, i.e. 79% of the GGR in France), while that of table games, electronic and non-electronic, decreases by -5.2% (at € 32.5M).

Abroad, the GGR increases by +7.3% compared to 1st quarter 2023, at € 19.4M. The GGR of online Swiss games continues its progress (+52.8% for the year) while that of the slot machines decreases by -7.5%.

Globally, after levies, the Net Gaming Revenue (NGR) increases by +1.4% at € 98.1M during the 1st quarter 2024.

https://ca.finance.yahoo.com/news/groupe-partouche-turnover-1st-quarter-170000628.html


17.?? Q4 2023: GAN revenue drops 17% ahead of Sega Sammy merger

GAN generated $30.7m in revenue during Q4 2023, a 16.9% decrease compared to Q4 2022, according to its full-year 2023 earnings release.

Q4 revenue consisted of $11.8m from the firm’s B2B segment, down 16.5%, and $18.9m from the B2C segment, down 17.1%.

By geographical region, GAN saw growth in Europe, its largest region by revenue, as it generated $12.1m during the quarter, up 3.1% year-on-year.

Revenue in the US, meanwhile, fell by 29.8% to $8.5m, while Latin American revenue dropped 36% to $7.1m. The Rest of the World segment generated a further $3m of the firm’s total revenue, amid a year-on-year increase of 52.6%.

https://next.io/news/q4-2023-gan-revenue-drops/

#Legal & Regulation:

18.?? X (formerly Twitter) fined €1.35m for Italy gambling ad ban breach

The Italian communications regulator has struck X with a €1.35m fine for violating the country’s gambling ad ban.

AGCOM, the national regulatory authority for communications in Italy, unearthed nine violations, including one for each blue check-verified account found to be advertising games of chance.

The regulator also found that only seven of these accounts were eventually blocked by the social media giant. As such, it ordered X to ban the remaining two accounts.

Italy’s government signed off on new regulations last June that included requirements for social media businesses to take stronger action to safeguard children online.

The new rules built on top of prior advertising restrictions, notably the country’s 2018 Dignity Decree, which banned all forms of gambling advertising.

https://next.io/news/x-fined-italy-gambling-ads-agcom/


19.?? New Zealand to Introduce Regulatory Regime for Online Gambling

Currently, New Zealand offers a wide range of gambling activities. Gamblers in the country can enjoy pokies, lotteries, instant games and prize competitions. While there’s plenty of legal action for Kiwis, some gambling activities do not require a license. Ultimately this laxed licensing regime results in losses for the government which may otherwise benefit from additional tax revenue.

However, efforts of lawmakers seek to close this gap, implementing changes to the regulations and establishing taxes for online gambling, including offshore operators. According to the Inland Revenue Department (IRD), the country’s revenue regulator, the implementation of rules of taxation for online gambling would bring some NZ$35 million ($21.6 million) per year. This figure is in case a tax rate of 12% is implemented on gross betting revenue. The agency predicts that revenue will grow by 5% annually, meaning that over the next four years, the country will benefit from NZ$155 million ($95.6 million).

On the other hand, New Zealand’s National Party has more optimistic expectations about the generated tax revenue. It estimated that online gambling would rake in some NZ$176 million ($108.5 million) per year. If National’s expectation turns out to be true, in the next four years, the country would benefit from a whopping NZ$716 million ($441.6 million).

https://www.gamblingnews.com/news/new-zealand-to-introduce-regulatory-regime-for-online-gambling/


20.?? Dutch football club cancels campaign after KSA fires ad breach warning

A Dutch football club will not go ahead with a proposed outdoor advertisement after being warned against it by the Netherlands Gambling Authority (KSA).

According to the regulator, the team wanted to display a life-sized image of its captain on the outside of a prominent building in a Dutch city. But because the team in question holds a front-of-shirt sponsorship agreement with a gambling operator, the KSA ruled that displaying the captain’s image in public would constitute a violation of the Netherlands’ ban on untargeted advertising for gambling companies.

“Sports sponsorship involves a neutral mention by the sponsor of the logo or name of the licence holder, for example on sports clothing of professional athletes,” the regulator said in a statement. “Furthermore, in sports sponsorship it is important that there is a direct relationship between the neutral mention of the logo or name of the licence holder, the practice of the sport and the place where this sport is practiced.”

https://next.io/news/football-club-cancels-campaign-ksa-warning/


21.?? British and Swedish gambling regulators extend agreement on exchange of information

The British Gambling Commission and the Swedish gambling regulator Spelinspektionen have signed an extension of their Memorandum of Understanding (MoU) on information exchange.

The regulators said they would provide operational assistance to each other, promote a common understanding of legitimate interests and engage on matters of policy and operational interest.

Spelinspektionen director general Camilla Rosenberg said: “The gambling market is global and it is important to have good relations in order to cooperate with other gambling authorities. Although our markets differ, we have many common areas where we can learn from each other and exchange experiences. By working together, we can achieve our common goals of a healthy and safe gambling market.”

The original MoU was signed in 2019. Spelinspektionen also has agreements with Kansspelautoriteit in the Netherlands as well as the Maltese and Gibraltarian gambling regulators.

https://focusgn.com/british-and-swedish-gambling-regulators-extend-agreement-on-exchange-of-information

Love seeing the industry evolve ?? As one great thinker recently put it - innovation and adaptability fuel our progress. Let's keep pushing boundaries! #Innovation #Adaptability

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Great insights! ?? Success in our industry demands adaptability and innovation - something all businesses can learn from. As Marie Forleo says, everything is figureoutable, which resonates here too! #iGaming #Innovation #Adaptability ??

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