Who's built a Stake in PointsBet? ??

Sweepstakes get swept out

An article in the Australian Financial Review (AFR) this week shone a spotlight on the online gaming empire of Perth-based billionaire Laurence Escalante.

Escalante’s online gambling business, Virtual Gaming Worlds (VGW), “is facing a concerted push to have its products declared illegal in the United States, its most lucrative market,” according to the piece.

VGW operates the Chumba Casino and Luckyland Slots brands, which are focused on North American markets.

Two legal cases in Alabama and Massachusetts, however, allege that the company is operating in those markets illegally.

For VGW’s part, the operator argues that it complies with US law by using a sweepstakes model, while it also holds a gaming licence in Malta.

Rather than play with real currency, VGW users buy virtual gold coins that allow them to play online but hold no value outside the games.

However, customers can also receive bonus “sweeps coins,” which are redeemable for cash in most parts of the US and Canada.

Plaintiffs in the Alabama and Massachusetts cases argue that this constitutes online gambling under their respective state laws, while VGW is still yet to file a defence.

The company told the AFR, however, that it had operated in North America for more than a decade, “complying with the laws where we operate our online social games, which are free to play and offer sweepstakes promotions. These are a form of trade promotion commonly used in the US.”

The firm has already seen off similar legal cases in Georgia and Florida, but settled a Kentucky lawsuit for around $12m.

It also decided to exit the Michigan market after one of its competitors, Golden Heart Games, was ordered to cease operating by the state’s attorney general.

The legal precedence in such cases is therefore something of a mixed bag, and the outcome of legal action in Alabama and Massachusetts remains to be seen.

Building a Stake in PointsBet

The Australian Financial Review makes a special double appearance in this week’s Hot Copy, as it also published the story of Stake.com co-founders Ed Craven and Bijan Tehrani building a “secret position” in PointsBet.

The pair have “quietly” built a stake in the business, the story explains, “in an attempt to establish a foothold on the local wagering market.”

The Stake co-founders had previously suggested that they planned to diversify their assets, with an entry into Australia’s regulated gambling market among their primary goals.

Sources told the AFR that Craven and Tehrani have built a stake equal to about 4.2% of PointsBet’s shareholder register over the past month, with shares acquired through Stake parent company EasyGo Gaming.

“It is unclear if the billionaire businessmen plan to keep increasing their position, but their interest in the ASX-listed wagering operator is a clear sign that Mr Craven and Mr Tehrani are interested in investing in more traditional forms of gambling,” the AFR reported.

Tehrani previously told The Australian that Stake was interested in applying for an Australian betting licence, as the crypto-focused operator is not currently permitted for use Down Under.

Instead, it seems, the pair are now making their way into the regulated Australian gambling sector by buying up shares in established operators.

Perhaps their shareholding in PointsBet will increase to the point where they can lean on management for more influence over its operations, or perhaps they simply believe in the future of the business.

Whatever happens, it’s always worth keeping an eye on the next move of this billionaire duo.

Party like it’s 2020

A more festive story hit the headlines of the Financial Times this week, as it pointed to a new trend of employees and managers alike opting out of the traditional office Christmas party.

“Is the big festive bash a thing of the past?” the article asked, as new trends in the way we work such as remote company structures make it increasingly difficult to get everyone together to enjoy the merriment.

“Lockdowns forced companies to find creative ways for staff to meet virtually and reward them for working through challenging times,” the article said.?

“Online wine tasting, wreath making and quizzes replaced festive gatherings. But even with restrictions lifted, some employers have continued to eschew the all-company party.”

One can hardly blame them with offers as tantalising as online wreath making workshops up for grabs, but does this really spell the end of the Christmas knees-up?

One company, Toucan Telemarketing, opted to drop it’s festive party in favour of vouchers given out to staff “to help pay for their Christmas lunch at home.”

After more than 20 years of annual parties in the company’s local pub, “Covid put a stop to it, and it hasn’t happened since,” said managing director Paula Bates.

The company does still hold some events for the holiday season, however, with Secret Santa and baking days still going strong. It also expects to have a summer party, which Bates suggested is a more appropriate time of year for people to get together and celebrate.

While the Christmas party may be slowly slipping out of favour, the value of staff get-togethers should not be underestimated, the article argues.

But with the cost of living going up at an unprecedented rate and the pressure to deliver at Christmas, many staff are in no doubt that they’d rather have the money.

Ultimately, perhaps democracy is the best way forward in this case and staff should be given the option to choose for themselves.

After all, not everyone likes parties, but who doesn’t love having a bit of extra cash?

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