State of the union: West Virginia, New York and more

first_img4th April 2019 | By contenteditor This week’s State of the Union, in partnership with Segev LLP, reports on West Virginia Governor Jim Justice allowing igaming regulation to pass into law, an update on the New York budget, and new bills in Indiana and Louisiana. Subscribe to the iGaming newsletter Regions: US Indiana Louisiana Nevada New Jersey Rhode Island West Virginia State of the union: West Virginia, New York and more Casino & games Tags: Mobile Online Gambling OTB and Betting Shops Race Track and Racino This week’s State of the Union, in partnership with Segev LLP, reports on West Virginia Governor Jim Justice allowing igaming regulation to pass into law, an update on the New York budget, and new bills in Indiana and Louisiana.Justice allows WV gaming bill to pass into law West Virginia Governor Jim Justice has let a bill allowing the state’s land-based casinos to launch online gaming to pass into law without signing the legislation.While the West Virginia legislature has marked House Bill 2934 as ‘pending’, the bill’s lead sponsor Delegate Jason Barrett has announced that it has completed the process, with the state becoming the fourth to legalise igaming in the US.With the bill ratified by both chambers of the state legislature by March 9 – the final day of the 2019 regular session – it then passed to Justice to be signed into law. The Governor had 15 days to ratify the bill, veto it or allow it to pass into law without his approval.As with West Virginia’s sports betting legislation, he took no action, allowing it to become law.HB2934, or the West Virginia Lottery Interactive Wagering Act, will make five-year licences available to the state’s five land-based casinos. It sets out a licence fee of $250,000 (£190,088/$220,140), with a $100,000 renewal fee to extend approval for a further five years.Mobile wagering fails to make NY budget
 New York lawmakers have opted to omit mobile sports betting from the state’s FY 2020 budget, but have included a number of reforms and initiatives for other forms of gambling.Agreed upon by Governor Andrew Cuomo and legislative leaders in the state, the budget sets out spending plans for $175.5bn (£134.6bn/€156.7bn) for the next 12 months.However, the approved budget does not include any language related to mobile sports betting, despite Senator Joseph Addabbo’s efforts to have it included in the final document. The state will still move ahead with plans to regulate in-person wagering, with preliminary talks on sports betting regulations held in January and an initial list of regulations for the market published later that month.Lawmakers in the state now have until the end of the legislative session in June to push through online and mobile wagering legislation. Addabbo has already filed S00017, which sets out an 8.5% gross revenue tax rate, with the bill currently being scrutinised by the Senate Racing, Gaming and Wagering Committee.Mobile and league data elements removed from Indiana bill Indiana’s House Public Policy Committee has approved a bill that would legalise sports betting in the state, though only after amending the legislation to remove language permitting mobile wagering.Senate Bill 552 passed the Committee by an unanimous vote of 12-0 and will now move forward to the House Ways and Means Committee for further discussions.However, the Public Policy Committee only gave its approval to the bill having made a series of amendments, including the removal of language that would have permitted mobile sports betting in Indiana.The Committee also agreed to remove a requirement for casinos in the state to use official league data for in-play wagering.Louisiana bill proposes parish-by-parish approach Lawmakers in Louisiana are to consider a new bill that would allow for the legalisation of mobile and land-based sports betting on a parish-by-parish basis.SB153, also known as the Louisiana Sports Wagering Control Act, would permit sports wagering at horse racing tracks, casinos and riverboats in the US state.All facilities would first need to obtain a sports betting certificate in order to offer such services to consumers, with the Louisiana Gaming Control Board to oversee the market.However, the bill does not go into detail as to how much these licences would cost or the level of tax licensees would have to pay.The bill would permit land-based wagering via machines, kiosks and designated windows as well as mobile betting on site at a licensed facility. Consumers would first be required to register in-person at the site in order to play on mobile.Sports betting bill filed in Alabama An Alabama lawmaker has filed a new bill that would legalise sports betting at licensed land-based facilities in the state, as well as on approved mobile and digital platforms.Introduced by Representatives Mike Rogers and Mary Moore, HB315 sets out proposals to permit betting on professional and collegiate sports events, as well as create the Alabama Sports Wagering Commission to regulate the market.The bill, also known as the Alabama Sports Wagering Act, would enable the new Commission to award up to seven sports betting licences to venues where pari-mutuel wagering is authorised.Operators would be required to pay a $100,000 (£75,800/€89,100) fee for the licence, which would each run for a period of five years.Delaware North drops Miomni
 Casino operator Delaware North has terminated its sports betting contract with Miomni Gaming in West Virginia after a disruption to land-based, online and mobile wagering services in the state.Delaware North’s BetLucky brand has been offline since March 6, while the land-based sportsbooks at its properties in Nitro and Wheeling have both been closed.Miomni had been overseeing the running these operations under a management services deal agreed with Delaware North in October. However, an infringement dispute with fellow sports betting technology supplier Enterg Software Solutions has hit the services.West Virginia Lottery director John Myers confirmed that Delaware North will now seek a new partner, but warned that it may be some time before the sports betting services return to normal.Delaware betting and gaming market struggles in February Delaware’s legal sports wagering market suffered further setbacks in February as licensed operators generated total revenue of just $22,152 (£16,809/€19,696) for the month.The figure is significantly down from the $1.4m in revenue posted in January, with stakes also dropping from $11.9m to $8.49m in the month ended February 24, according to the figures from the Delaware Lottery. Meanwhile, the Delaware Lottery has also reported a month-on-month drop in online revenue for February, falling from $279,541 in January to $274,692.This decline comes despite higher spend by consumers, with the total of $9.02m significantly up on $7.42m in January. However, punters won more in February, taking home $8.77m compared to $7.17m in the previous month.Nevada sees February handle hit $458.6m The Nevada Gaming Control Board has reported an 11.5% year-on-year rise in sports betting handle for February, though the state also saw gaming revenue across all verticals decline marginally for the month.For the sports betting vertical, February win soared 235.1% to $35.8m (£27.5m/€31.9m), with operator win percentage for the month standing at 7.8%. This suggests that total amounts wagered reached $458.6m, a significant improvement on February 2018’s $411.2m handle and the state’s highest February total to date.William Hill seals NHL deal
 The William Hill US arm of bookmaker William Hill has agreed a new partnership with North America’s NHL ice hockey league.Terms of the strategic partnership agreement were not disclosed, but it has been confirmed that William Hill will serve as an official sports betting partner of the NHL.William Hill will receive promotional media in relevant NHL markets and also be able to leverage branding opportunities in connection with the league’s major events.NHL commissioner Gary Bettman said the new deal further demonstrates the league’s “innovative yet practical approach” to the expanding, regulated sports betting market in the US.RI sportsbook market posts loss for February Rhode Island has posted a loss of $890,623 (£682,455/€795,218) on legal sports betting for February, with an increase in handle offset by higher player winnings.Consumers wagered $20.7m (£15.8m/€18.5m) on sports during the month – an increase on January’s $19.1m handle – but enjoyed a higher win rate, taking home $21.6m in winnings.As a result the state posted a loss for February, the first time it has posted a negative result since legal sports betting launched in November last year.The Twin River casinos in Lincoln and Tiverton are the only facilities licensed to accept legal sports wagers in the state, with betting limited to land-based only in the first four months of full market regulation under laws passed last June.Twin River’s Lincoln casino took $16.6m in wagers during February. However, a win rate of $17.6m saw the venue make a loss of $908,264 for the month.In contrast, the Tiverton property only took $4.03m in sports wagers during the course of the month, but as customers only won $4.02m, the property was able to post revenue of $17,641.Gambling.com Group cleared for revenue share application Affiliate marketing giant Gambling.com Group has been cleared to apply for an Ancillary Casino Service Industry Enterprise License in New Jersey, allowing it to strike revenue share partnerships with operators in the state.With the business approved to apply for the licence by the New Jersey Division of Gaming Enforcement, it can now move forward with plans to expand the range of partnerships it can offer licensed betting and gaming operators.Previously, as a licensed vendor in the state, the business could strike deals through which it was paid a flat fee for driving traffic to operator sites, such as cost per click (CPC) and cost per view (CPV) agreements. Topics: Casino & games Legal & compliance Sports betting Horse racing AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

New sports betting bill filed in Ohio

first_imgLegal & compliance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Two lawmakers have introduced a new bill in Ohio that could lead to the legalisation and regulation of sports betting in the US state. 10th April 2019 | By contenteditor Topics: Legal & compliance Sports betting New sports betting bill filed in Ohiocenter_img Subscribe to the iGaming newsletter Two lawmakers have introduced a new bill in Ohio that would lead to the legalisation and regulation of sports betting in the US state.The submission by State Representatives Dave Greenspan and Brigid Kelly has come less than a month after another sports betting bill, Senate Bill 111, was put forward by Senators John Eklund and Sean O’Brien.However, SB111, which would permit the state’s 11 casinos and racinos to offer sports wagering, has not been put before any committees so far, raising concerns that the bill is already running out of oxygen.House Bill 194, the new proposal from Greenspan and Kelly, would allow the Ohio Lottery Commission to regulate sports betting in Ohio. Among the requirements would be the addition of two individuals to the commission, bringing the total number to 11, and ensuring that at least three members have specific experience in the sports wagering industry.A new Sports Gaming Advisory Board would also be created to research and develop recommendations for the commission over a three-year period. The board would consist of 11 members, seven of whom would be appointed by the Governor, two by the Senate and two by the House.The Casino Control Commission would also play a central operational role in sports wagering across the state, the bill adds, with the body having the authority to regulate and investigate sports betting activities at the direction of the Ohio Lottery Commission.The bill has proposed a 10% tax on sports betting, with one-fifth of the money raised being ploughed into a fund to tackle problem gambling.“At its core, this bill is intended to provide additional funding for public education in Ohio by making sports betting legal,” Greenspan said. “The format and structure of the bill provides clarity as to the authority overseeing sport betting in Ohio while providing flexibility to address opportunities and challenges facing this newly legalised industry.”SB111, the first sports betting bill to be introduced in the Ohio Senate in the current legislative session, outlined a licence fee of $100,000 (£76,000/€88,000) for venues that would like to offer sportsbooks. Licensees would then be able to enter partnerships with operators in order to offer sports wagering.Casinos and racinos that secure a licence would be subject to a tax rate of 6.25% on gross sports betting revenue.Ohio had been one of the only northwest states not to consider sports betting since the repeal of PASPA last year, with neighbouring Pennsylvania and West Virginia having already legalised sportsbooks.Kentucky to the south is also considering a bill that would allow for legal sports wagering in the state, while Indiana’s House Ways and Means Committee has just advanced a sports betting bill to the House floor following a number of amendments. Regions: US Ohio Email Addresslast_img read more

UK Government mulls raising minimum scratchcard and digital games age

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Legal & compliance The UK Government is to launch a consultation over proposals to increase the minimum age consumers must be to purchase a National Lottery scratchcard and play online instant win games from 16 to 18. Regions: UK & Ireland Tags: Online Gambling OTB and Betting Shops The UK Government is to launch a new consultation over proposals to increase the minimum age consumers must be to purchase a National Lottery scratchcard and play online instant win games from 16 to 18.Minister for Sport and Civil Society, Mims Davies, said that the idea behind the move is to help protect young people from the potential risks of gambling-related harm.The level of problem gambling remains low across all National Lottery games, but Davies said the changes are required if vulnerable young people are to be better protected against such threats.“The National Lottery raises vast sums for good causes, and society lotteries play a vital role in supporting local charities and grassroots organisations,” Davis said. “These measures will ensure we create the best landscape so people across our communities can continue to benefit.“But we also need to make sure that the National Lottery is fair and safe. That is why we are looking to raise the minimum age for instant win games so children and young people are protected.“We are open to all feedback on changes to this and all of the various lottery products.”The Government is also set to raise the society lotteries’ annual sales limit to £50m (€55.3m/$62.0m), thus increasing the money they can raise for good causes, and increasing the maximum per draw prize to £500,000. Such limits have not been changed for a decade.The move comes in response to a detailed consultation on social lotteries, with the idea of supporting society lotteries to grow, removing the need for lotteries to slow down fundraising, and allow them to remove bureaucracy designed to stop them breaching the current limits.The social lotteries consultation ran from June until September 2018, with the Department for Culture, Media and Report receiving over 1,600 responses from various sectors, including the public, society lotteries, beneficiaries of society lottery funding, local authorities, the National Lottery sector, beneficiaries of National Lottery funding, public bodies and retailers.Last month, current UK National Lottery operator Camelot UK Lotteries reported a record £1.83bn in digital sales for the Lottery in the 12 months to March 31, 2019. Overall ticket sales were also up to £7.21bn for the year.Image: pittaya UK Government mulls raising minimum scratchcard and digital games age Subscribe to the iGaming newsletter 17th July 2019 | By contenteditor Topics: Legal & compliance Lottery Email Addresslast_img read more

Yokozuna Clash by Yggdrasil

first_imgCasino & games Yokozuna Clash by Yggdrasil 27th August 2019 | By Aaron Noy The Grand Sumo Tournament begins in the Base Game, two fighters stand in their corners, one brings a Random Wilds Feature, the other Random Multipliers; and together they offer a Combo worth their body weight in gold! Will your players stomp their feet and rise to the challenge? AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter The Grand Sumo Tournament begins in the Base Game, two fighters stand in their corners, one brings a Random Wilds Feature, the other Random Multipliers; and together they offer a Combo worth their body weight in gold! Will your players stomp their feet and rise to the challenge?You can play a demo of the slot here! (non-UK only)center_img Companies: Yggdrasil Subscribe to the iGaming newsletter Topics: Casino & games Slots Email Addresslast_img read more

Malaysian budget increases gambling penalties

first_img Tags: Online Gambling Casino & games Subscribe to the iGaming newsletter 15th October 2019 | By Daniel O’Boyle Email Address Topics: Casino & games Legal & compliance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Malaysia’s Minister of Finance, Lim Guan Eng, has announced that punishments for both gamblers and gambling operators will increase as part of the country’s 2020 budget.The budget, introduced on Friday (11 October), also sets out that the number of four-digit lottery draws per year run by the Number Forecast Operators (NFO) will be reduced from 11 to eight.The maximum penalty for those who gamble illegally will be increased 20-fold from RM5,000 (£943/$1,084/$1,193) to RM100,000. In addition, where previously there was no minimum sentence for gambling under the Common Gaming Houses Act of 1953, it will now carry a jail term of no less than six months.For illegal gambling operators, the minimum penalty of RM1m replaces the former minimum penalty of RM5,000. Operating illegal gambling previously carried a maximum penalty of RM50,000, but no maximum penalty is mentioned in the new budget.With the exception of the NFO four-digit games, Gambling is against the law for all Malaysian citizens, but the country does permit foreigners to gamble at the Genting Highlight Resort.The increase in punishments comes soon after Malaysian police announced the arrests of 247 people in connection with illegal China-facing online gambling operations that authorities say took in RM24.8 (£4.8m/€5.4m/$5.9m) per month. The authorities seized RM 3.12bn worth of assets in the raids, which occurred between 25 September and 3 October.The crackdown was the latest in a wave of moves against China-facing online gambling across South-East Asia after similar crackdowns in Cambodia and the Philippines.The budget did not detail any changes to the upper limit on prison sentences for online gamblers, which is also set at six months for players, or for illegal operators, for whom the maximum sentence is three years.The budget will need to be passed by Parliament to become law, but with budgets in the country treated as a matter of confidence, it is not expected to face difficulty in passing. Malaysian budget increases gambling penalties Regions: Asia Malaysia Malaysia’s Minister of Finance, Lim Guan Eng, has announced that punishments for both gamblers and gambling operators will increase as part of the country’s 2020 budget.last_img read more

BetConstruct to launch new sportsbook with South Africa’s Gbets

first_img Tags: Online Gambling Topics: Sports betting Tech & innovation AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Sports betting Companies: BetConstruct BetConstruct to launch new sportsbook with South Africa’s Gbets Subscribe to the iGaming newslettercenter_img Online gaming solutions provider BetConstruct has secured approval to roll out a new sportsbook product with South African online operator Gbets. Online gaming solutions provider BetConstruct has secured approval to roll out a new sportsbook product with South African online operator Gbets.The Western Cape Gambling and Racing Board agreed for BetConstruct to develop the new offering under its South Africa National Gambling Board national manufacturer licence.Gbets, part of the Goldrush Group, will work with BetConstruct to implement the new sportsbook, with the aim of launching the service in November.Features on the sportsbook will include BetConstruct’s Hoory voice activated betting assistant technology, as well as a range of live multi-play betting options.“Towards the end of November this year, South African betting consumers can look forward to an innovative, world class betting experience with product features new to the South African sports betting landscape,” BetConstruct’s managing director of online gaming, Dhrupal Amin, said.BetConstruct already runs certain online gambling services in South Africa, and is also active in Lesotho and Mozambique in the wider African region.“In September this year, we relaunched our online business in Lesotho on the BetConstruct solution, which includes sports betting online casino and live casino products,” Amin said.“The market response has exceeded our expectations, and we are seeing strong growth in new customer acquisition.”The move comes after BetConstruct last week launched its new Spring Pro technology platform, with the aim of allowing operators to choose, adjust and customise products to suit their specifications. Regions: Africa Southern Africa South Africa Email Address 25th October 2019 | By contenteditorlast_img read more

Metric Gaming obtains Malta licence

first_img16th December 2019 | By contenteditor Legal & compliance Topics: Legal & compliance Metric Gaming is to announce a series of new European partners in the coming days after it obtained a Maltese licence.The B2B sports betting software provider, which is already licensed in the UK, has been awarded a Class 4 licence from the Malta Gaming Authority (MGA).After signing deals with the likes of Betfred, Bethard and Sports IQ in the last year, Metric is now to unveil a number of new partnerships.“Securing this licence from the MGA is an important step in Metric’s evolution from a start-up to becoming the disruptors-in-chief of an industry ripe for disruption,” said Martin de Knijff (pictured), Metric Gaming’s chief executive.“We have been thrilled by the market’s reaction to our multi-tenant sportsbook proposition, particularly from Malta-based operators. In the coming days we will announce the first Malta-based sportsbook brands that will be launched using our Modulus platform over the next few weeks.”The licence awarded allows Metric Gaming to distribute its products and services to customers operating from the Mediterranean jurisdiction.De Knijff explained that the Maltese licence and new products have come about thanks to a period of investment, with Metric having sealed a $10m (€8.5m/£7.6m) funding round in October 2018.“We’ve spent the last three years and significant capital developing an organisation and product proposition capable of solving the biggest challenges facing the B2B sector of our industry,” said De Knijff.“We are excited to be showcasing the modern capabilities of our multi-tenant platform and each customer will benefit from near total product autonomy from the rest.“We are confident this unrivalled degree of customisation paired with our superior sports betting products and features will deliver real leapfrog ability for our customers over their rivals.” Email Address Subscribe to the iGaming newsletter Tags: Online Gambling Metric Gaming obtains Malta licence AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Europe Southern Europe Malta Metric Gaming is to announce a series of new European partners in the coming days after it obtained a Maltese licence.last_img read more

LeoVegas migrates RocketX brands in cost-cutting measure

first_imgFinance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Stockholm-listed gaming operator LeoVegas Group has taken a series of cost-cutting measures including migrating its Rocket X-managed brands to its own platform.The brands that LeoVegas-owned supplier RocketX provide services for will be migrated to the Group’s own multi-brand platform Rhino, where all technology is owned and run by LeoVegas.These brands include 21.co.uk, Pink Casino, Slot Boss, BetUK, Legs Eleven and Slotto.Currently, RocketX is hosted on the Bede Gaming platform, through a deal announced in April 2018.Gustaf Hagman, LeoVegas group chief executive, said moving the brands from this platform to Rhino will result in savings of around €2m (£1.7m/$2.2m) through economies of scale.“The consolidation of brands into one and the same platform will contribute to large economies of scale in the group – both by allowing us to fully utilise our multibrand technology and through a more efficient organisation,” Hagman said.“Already during the second half of last year, the LeoVegas and Rocket X managed brands in the UK began to perform favourably, and the new structure gives us a good starting point to increase both growth and profitability in the UK market during 2020.”In addition, the company have called off a planned relocation to new offices in Malta.The moves follow the decision to withdraw the Royal Panda brand from the UK market, announced earlier this month (8 January).LeoVegas said that Royal Panda had sales of approximately €1.1 m in the UK during the fourth quarter of 2019, though incurred losses. As the brand was not expected to generate significant revenue during the first quarter of 2020, the decision was taken to pull it from the market.However, revenue for the remaining operations in the UK, including LeoVegas and the Rocket X brands, grew 15% during the fourth quarter compared to the third quarter.Overall, Leovegas said its cost-cutting initiatives – including Royal Panda leaving the UK market – will lead to annual savings of approximately €3.7 m. However, one-off restructuring costs of €6.1m will be applied to the company’s fourth quarter accounts, while the business says it will incur an impairment loss of approximately €10 m on its investment in Royal Panda due to loss of value from leaving the UK market.For the third quarter of 2019, LeoVegas reported a year-on-year increase in both revenue and operating profit after experiencing growth across most of its core markets. LeoVegas said organic revenue growth in local currencies stood at 13.0% for the quarter, but, if it were to exclude the UK, organic growth would have been 27%. LeoVegas migrates RocketX brands in cost-cutting measure Tags: Online Gambling 31st January 2020 | By Daniel O’Boyle Topics: Finance Tech & innovation Subscribe to the iGaming newsletter Stockholm-listed gaming operator LeoVegas Group has taken a series of cost-cutting measures including migrating its Rocket X-managed brands to its own platform. Regions: UK & Ireland Email Addresslast_img read more

Lithuanian authorities agree new sports integrity pact

first_img Lithuanian authorities agree new sports integrity pact Regions: Europe Baltics Lithuania AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 5th March 2020 | By Daniel O’Boyle Topics: Legal & compliance Sports betting Leading government bodies in Lithuania have signed a new cooperation agreement to help fight match-fixing and move towards ratification of the Macolin Convention.The agreement was signed by Minister of Education, Science and Sport Algirdas Monkevičius, Minister of the Interior Rita Tamašunienė, Attorney General Evaldas Pašilis and Renatas Požėla, Commissioner General of the Police Department. The organisations that each of the four represent have been cooperating to help prevent match-fixing since 2015.In addition, Special Investigation Service (STT) director Žydrūnas Bartkus and director of the Ministry of the Interior’s Financial Crime Investigation Unit (FNTT) Antoni Mikulski signed the agreement as new parties in Lithuania’s anti manipulation efforts.“We hope that the renewed agreement, joined by two new institutions, namely the Financial Crime Investigation Unit (FNTT) and the Special Investigation Service (STT), will help to protect gamblers from match-fixing and help licensed betting companies in Lithuania, ensuring fair competition in sports, ” Daukšys said.The country’s Gambling Supervisory Authority said that each organisation involved has agreed to take specific actions within its own scope to fight match-fixing.The move is a step towards ratification of the Council of Europe’s (CoE) Convention on the Manipulation of Sports Competitions, better known as the Macolin Convention. Lithuania signed the Convention in September 2014.“Today’s agreement is a continuation of what we have been doing for many years,” Monkevičius said. “Lithuania has already signed the International Convention against Manipulation of Sporting Events, but in order for it to come into force, we must cooperate more closely and closely, not be afraid to criminalize sporting manipulation and work together to ensure transparent organization of competitions.“In the near future, we intend to develop a concrete plan of measures to combat the manipulation of sports competitions.”The Macolin Convention officially came into force in September 2019.In October 2019, the Global Lottery Monitoring System (GLMS) urged more countries to ratify the convention, emphasising how it will help with education and prevention activities related to manipulation in sport.In January, Lithuania’s Gambling Supervisory Authority announced that 24 football matches in Lithuania were suspected of having been affected by match-fixing in 2019. The Gambling Supervisory Authority also reminded operators that under the country’s Gambling Act, it is illegal – and punishable with up to four years’ imprisonment – for individuals to place bets on events in which they participate.center_img Email Address Leading government bodies in Lithuania have signed a new cooperation agreement to help fight match-fixing and move towards ratification of the Macolin Convention. Subscribe to the iGaming newsletter Legal & compliancelast_img read more

Intralot sees net loss widen in “transitional” 2019

first_img Subscribe to the iGaming newsletter Tags: Mobile Online Gambling Intralot sees net loss widen in “transitional” 2019 Greek gaming and lotteries giant Intralot has seen its net loss from continuing operations grow to €111.9m (£97.8m/$121.8m) in 2019, after what the business described as a “transition year” in which group turnover and gross revenue both fell.While amounts wagered through Intralot’s platforms and brands grew 21.0% year-on-year to €18.3bn, reported consolidated revenue (or turnover) was down 8.1% at €720.6m for the calendar year.The business blamed this on declines from its licensed operations (B2C) and management (B2B/B2G) reporting segments, mitigated in part by an increase in revenue from its technology and support services (B2B/B2G) division.Turnover from licensed operations fell 9.9% to €442.8m, which Intralot blamed predominately on the poor performance of the Eurofootball sportsbook brand in Bulgaria.Argentinean operations, meanwhile, were impacted by foreign exchange fluctuations, which resulted in turnover declining by €9.0m, though the market’s contribution would have been up 22.7% year-over-year in local currency.The turnover decline steeper for Intralot’s management division, falling 23.0% to €69.5m. This, it said, was largely down to a weaker performance in Turkey, after its Inteltek joint venture lost the contract to power the national Iddaa sports betting monopoly to a Scientific Games-backed consortium in March 2019, and the end of contracts in Morocco and Russia.The sports betting sales agency Bilyoner saw its market share decline, while revised commercial terms in the wake of the Iddaa contract loss also contributed to an overall €16.0m decline in Turkish turnover.Moroccan turnover was down 11.3%, due to a decline in numerical game sales, and the discontinuation of a contract with Société de gestion de la loterie nationale marocaine (SGLN). Another discontinued contract in Russia also contributed to the division’s struggles.The technology and support services segment, on the other hand, saw revenue grow 2.7% to €208.3m. The division benefitted from a new contract signed with the Illinois Lottery in 2018, which launched in February 2019, as well as an equipment sale in Arkansas, and a large Powerball jackpot in Q1 2019.Technology and services was also boosted by a strong performance in the Netherlands, especially in sports betting, and a marginal increase from Chile. This mitigated lower sales in Greece, following the transition to a new contract with OPAP, and the impact of Argentinean currency fluctuations.Gross gaming revenue, or turnover minus payout, was down 6.0% year-over-year at €409.1m, with the biggest decline reported for licensed (B2C) operations. GGR for that segment declined 7.4% to €128.6m, while management and technology (B2B) operations’ contribution fell 5.2% to €280.5m.“2019 has been a transition year for Intralot,” chairman Sokratis Kokkalis, who spent much of 2019 as the business’ interim chief executive, commented.During the year, Intralot carried out large-scale restructuring of the business’ product portfolio, as well as divesting stakes in assets such as Gamenet in Italy, Totolotek in Poland and Greece’s Hellenic Lotteries.It also refocused attention on North America, where it will power the DC Lottery’s sportsbook product and launched in Montana in March 2020. March also saw Christos Dimitriadis named chief executive of the business.These developments, Kokkalis said, “set the cornerstones” for the business’ transformation.“With the appointment of Mr Christos Dimitriadis as Group CEO in 2020, Intralot is enabled towards technology-driven evolution, leveraging his long experience and global expertise to achieve growth and value creation,” he added.Turning to expenses for the year, cost of sales fell 5.1% to €594.6m, leaving a gross profit of €126.0m, down 20.2%. While other operating income, thanks to an increased contribution from equipment leasing in the US, rose to €19.5m, operating expenses climbed 16.4% to €140.4m.Earnings before interest, tax, depreciation and amortisation fell 25.4% to €87.8m for the year, while earnings before interest and tax were down 90.4% to €5.1m.Increased income from investments of €16.8m was then wiped out by losses from asset disposals, impairments and write-offs totalling €30.7m, while interest expenses grew to €52.7m. After all finance-related costs, Intralot’s pre-tax loss amounted to €70.6m, compared to €14.6m in the prior year.Tax paid by the operator rose to €19.2m, up 44.5%, after which the operating loss grew to €89.8m. While this was offset by a €7.7m profit from discontinued operations, the net loss after tax and minority interests from continuing operations widened to €111.9m, for a total loss of €104.2m.For the fourth quarter of Intralot’s fiscal year, turnover was down 12.1% to €165.0m, with gross revenue declining 14.1% to €91.1m. EBTIDA for the quarter fell 54.1% to €9.0m, with net loss for the quarter rising from €14.7m in Q4 2018 to €72.4m. Greek gaming and lotteries giant Intralot has seen its net loss from continuing operations grow to €111.9m in 2019, after what the business described as a “transition year” in which group turnover and gross revenue both fell. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address 5th May 2020 | By contenteditor Casino & games Regions: Africa Europe US North Africa & Middle East Morocco Central and Eastern Europe Southern Europe Turkey Greece Illinois Montana Washington DC Topics: Casino & games Finance Lottery Sports bettinglast_img read more