Online casino Archives

November 9, 2022

Flutter CEO: Gambling Act white paper likely pushed back to 2023

Flutter chief executive Peter Jackson said that he thinks that the Gambling Act white paper is most likely to be delayed until next year, as he suspects new ministers will wish to “make their mark” on the document.

Speaking at Flutter’s Q3 earnings call, Jackson said he could not predict the the Gambling Act white paper timeline with any confidence, given that its release had repeatedly been pushed back by personnel changes in government and at the Gambling Commission. However, he said he would think its release was more likely to be in 2023 than this year.

“I don’t know if I can really comment on timing because I’ve tried to comment for the last two years and keep getting it wrong, so I might have lost some credibility there,” he said. “But I suspect it’ll end up coming out after Christmas as there isn’t much time now before Christmas.

“The new ministers I think will want to make their mark on it.”

Gambling Act review delays

The white paper is the next phase in the Gambling Act r..

November 9, 2022

Flutter revenue up 31% in Q3 as US becomes largest market

Flutter Entertainment forecast a 31% year-on-year increase in revenue for the third quarter of its 2022 financial year, primarily due to growth within its US and international businesses.

In a trading update, Flutter said that revenue for the three months to the end of September is expected to amount to £1.89bn (€2.17bn/$2.18bn), which would be a significant increase from £1.44bn in the corresponding period last year.

On a constant currency basis, revenue is forecast to increase by 82%.

Flutter said it expects this to be driven by growth within the US, where its revenue is forecast to rise 114% year-on-year, or 82% on a constant currency basis, to $598m, making it Flutter’s largest market.

This, the group said, was down to a 106% rise in sports revenue – comprising sportsbook, exchange, daily fantasy sports, advance deposit wagering and B2B product verticals – driven by customer acquisition across existing states as the new NFL season began.

US igaming revenue is also expected t..

November 7, 2022

Laila Mintas announces new venture, PlayEngine

Former PlayUp US chief executive Laila Mintas has co-founded a new venture, PlayEngine, and joined as chief executive.

The new business is a “microservices-based” B2B sports betting and igaming platform. The business said that it will “provide its customers with a tailor-made, individual solution that is reliable, scalable, fast and secure”.

Its sportsbook offering will allow clients to accept payments from cryptocurrency as well as fiat money and will include a “travelling wallet” to allow players to use the same wallet in different jurisdictions.

PlayEngine was initially created through the Berkeley Skydeck startup incubator.

“I am very excited about being a co-founder and the CEO of PlayEngine,” Laila Mintas said. “The sports betting and igaming market is just too competitive to work off legacy tech.

“There is a huge need for agile and modern technology and I truly believe that we have the most automated and data-driven product in the market, which will enable the sportsbettin..

November 7, 2022

Analysts divided on potential value of FanDuel IPO after court ruling

Analysts are divided on the value that may come from a potential FanDuel IPO, after a court ruling left the hopes of a potential spin-off for the US market leader up in the air.

The reactions come following a New York court ruling that media giant Fox must pay $4.16bn if it wishes to acquire a 18.6% stake in FanDuel, which is owned by Flutter Entertainment

While the court ruling settled the question of the value of the stake that Fox had the option to buy, it left the question of a FanDuel spin-off up in the air until next year. The tribunal will determine early next year the conditions under which Fox may be able to participate in a FanDuel IPO, which Flutter had raised the prospect of before the legal dispute began.

Analysts at Barclays said that this factor was “dampening the enthusiasm” of the main ruling.

“The path to a FanDuel IPO is not yet clear with Fox stating that ‘Flutter cannot pursue an IPO for FanDuel without Fox’s consent or approval from the arbitrator’,” Barclays ..

November 3, 2022

World Series of Politics episode 7: Election preview special

The World Series of Politics returns just in time for the 2022 US midterm elections, with analysis of a number of key races across the US.

Ahead of the elections, Brendan and Brandt take a look across the US, including a final examination of whether there’s any hope of the people of California voting to legalise sports betting.

In Texas, there may be less clarity as the industry may have to consider whether to prioritise betting or casinos, while Brandt is “optimistic” that sports betting legislation could be passed in Georgia once a new legislature is elected.

There’s also a look at Washington DC’s efforts to fix what has been a struggling sports wagering regime, and at efforts to get legal betting up and running in Massachusetts.

The pair look further afield as well, pondering the impact of Lula da Silva defeating Jair Bolsonaro in Brazil’s presidential election while, in the UK, Brandt throws his name into the ring as a prime ministerial candidate, but Brendan has other ideas.
..

November 2, 2022

EU ups money laundering risk from online gambling to highest level

The European Commission has raised the threat level for money laundering in online gambling to its highest possible rating, and called for lower thresholds for due diligence checks to prevent criminal activity.

The European Commission carries out periodic supra-national risk assessments, determining the risk of money laundering and terrorist financing across the European Union in various sectors. The 2022 edition is the third such risk assessment, after previous versions in 2017 and 2019.

“As with the previous reports, this third edition analyses the present ML/TF risks and proposes comprehensive action to address them,” the European Commission said. “It also assesses the degree to which the Commission’s recommendations for mitigating measures in the 2019 report have been implemented and evaluates the remaining risks.”

One area of particular focus in the report was gambling, with each gambling vertical receiving its own risk assessment.

Online gambling was found to be especially vu..

November 1, 2022

888’s Howard Mittman on Betting 2.0

Sports betting 1.0 was all about acquisition and, as it moves into sports betting 2.0, product is the key differentiator for sportsbook operators, according to 888 Holdings’ US president Howard Mittman. Robin Harrison hears how Mittman is developing a media-led, content-driven offering that leverages the power of the Sports Illustrated brand.

888 Holdings’ Howard Mittman sees sports betting as a “cultural phenomenon” in the US, sitting at the centre of sports, media technology and betting.

For Mittman, this makes his role at the operator, where he has served as president of US operations since April, a perfect fit.

“Throughout my career, the experiences I have enjoyed the most are ones where I found myself at interesting cross-sections,” he says. “Whether it was technology and culture, fashion and culture, or sports and culture.

Howard Mittman has served as president, US for 888 Holdings since April 2022

“This creates an interesting opportunity to have a perch and a purview tha..

October 31, 2022

Nigeria introduces new permit for offshore-licensed operators

Nigeria is set to introduce a new remote operator permit for offshore-licensed operators, allowing businesses to offer online gambling in Nigeria without a local presence.

Businesses will be eligible for a remote operator permit if they already hold a licence in another jurisdiction and wish to offer their services to Nigerian players.

It will allow operators to offer casino games, bingo, slots, sports betting and poker.

The permit will be valid for five years. Operators will pay an initial $100,000 to receive the permit, followed by fees of $50,000 in each of the next four years.

The Nigerian National Lottery Regulatory Commission will issue terms and conditions which permit-holders must adhere to.

Holders of the new permit will be allowed to offer their services in Nigeria and to advertise within the country in print media or via affiliate programmes.

Key to the new regime will be an updated tax collection system, powered by UK-based fintech company E-Technologies Global Limite..

October 27, 2022

Kindred still committed to US, but won’t break even until at least 2026

Kindred chief executive Henrik Tjärnström said the operator does not expect to break even in the US states where it is currently active until 2026, but that it would nonetheless remain committed to the market.

During an earnings call following Kindred’s Q3 results, Tjärnström offered an update on Kindred’s performance in the US market. Here, he said the business hoped to break even by 2026.

“We are now live in seven states,” he said. “We’re going to reduce that to six when we leave Iowa and then increase it again to seven with Washington.

“We have been in an investment position across our state footprint and it will take some time, a few years to achieve profitability.

“We’re expecting the contribution from 2022 to be negative from 2021, but then in 2023 we’re reducing those losses and by 2026 we’ll be breakeven across our current state footprint.”

Last week, FuboTV became one of the highest-profile operators to exit the US market, highlighting the difficulty in turning a profit ..

October 27, 2022

Kindred set for strong Q4 as Netherlands “exceeds expectations” in Q3

Kindred said it is “exceeding expectations” in the Netherlands and expects rapid revenue growth in the final months of the year, after reporting its first quarter of revenue since reentering the market.

In Q3 of 2021, Kindred reported revenue of £277.8m, which was down by 6.9% year-on-year. Almost all of this revenue came from B2C operations, at £271.9m, while B2B revenue – from Relax Gaming – was £5.9m.

The decline in revenue continued to be down to the operator withdrawing from the Netherlands at the start of Q4 2021. While the operator returned to the country during the quarter, generating revenue again, the amount Kindred took in was less than before the country regulated, as was expected.

Kindred said it was “exceeding expectations” with 137,000 active Dutch customers, and brought in around £400,000 per day since launching on 11 July. Chief executive Henrik Tjärnström added that the business had around a 15% market share in the country.

“Thanks to our strong brand awareness, u..

October 26, 2022

Ontario report

iGB’s new report on Ontario offers exclusive insight into Canada’s most populous province – the first to regulate betting and igaming.

When the Ontario market opened in April this year, it wasn’t quite brand new ground.

Anyone in the industry could tell you that the grey market in Canada’s largest province had been thriving for quite some time.

Still, bringing the province from grey to white offers certainty and new opportunities for many.

Six months on, we have a sense of the spoils available. Operators – excluding the lottery – brought in a combined CA$267m in the three months ended 30 September.

The biggest challenge in the province, however, may be marketing rules. Operators can offer bonuses, but may not promote them. As Marese O’Hagan writes in our progress report, that’s been difficult, but it hasn’t seriously dampened excitement about the jurisdiction.

And for now, those complying with the rules still need to compete with some unlicensed brands, which continue to do busin..

October 26, 2022

Saskatchewan to launch legal online gambling on 3 November

The Saskatchewan Indian Gaming Authority (SIGA) will launch its new online gambling and sports betting website on 3 November, marking the launch of legal igaming in the Canadian province.

PlayNow.com will be operated by the Saskatchewan Gaming Corporation (SaskGaming) as the only legal igaming website in Saskatchewan, offering licensed gambling to players on an exclusive basis.

This is in line with an arrangement announced last September, which was agreed by the Federation of Sovereign Indigenous Nations (FSIN) and the provincial government.

The PlayNow.com platform will be delivered by the British Columbia Lottery Corporation (BCLC) and based on a website of the same name that is operated by the BCLC in British Columbia.

Saskatchewan will become only the third province in which PlayNow.com is active, after its initial launch in British Columbia and also in Manitoba.

To support the launch, PlayNow.com has agreed a sponsorship deal with local Canadian Football League team the Saska..

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Tag: Online casino