Mybet board signs term sheet with strategic investor

first_img Topics: Finance Mybet board signs term sheet with strategic investor Mybet keen to focus on B2B following sale AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Finance Mybet Holding’s B2C online business is set to switch to new ownership after the management board of the Berlin-based online sports betting and casino company signed a “non-exclusive term sheet” with an unnamed investor.According to the term sheet – which is not legally binding but is a precursor to a final acquisition contract – the value of the proposed 100% takeover of the company’s business under the www.mybet.com domain would be “in the high single-digit million range”.The outline agreement, which was announced at 18:30 local time on Saturday evening, led to a 15% rise in mybet’s share price on the Xetra exchange by 11:45 this (Monday) morning.However, the share price has nearly halved since mybet announced on June 12 that it had curtailed talks with a potential investor after “differences of opinion concerning the implementation of strategic and operational collaboration in the online sector” emerged during a 30-day period of exclusive talks.Under the proposed new deal, the investor would snap up 100% of mybet’s companies, Personal Exchange International and PNO Casino.“In this context, the investor will acquire the full and exclusive online rights to the ‘mybet’ brand,” mybet said.“In the process, mybet is allowed to continue to use these rights to an extent necessary for the continuation of its remaining business segments B2B services as well as for the operation of the stationary betting shops.”Mybet said that it intends to “focus on the group’s positively performing B2B service segments as well as the operation and expansion of the stationary betting shops”.The deal remains subject to sealing a binding contract and the fulfilment of additional conditions.In February, mybet said that “delays encountered” in online business in the company’s core markets, Greece and Ghana, would lead to lower-than-expected revenue and earnings for 2017.In April, mybet postponed the anticipated publication dates for submitting its annual and consolidated financial statements for 2017. As a result, it said that its annual general meeting would not take place on June 20, as previously expected, but probably in August.Calls to mybet by iGamingBusiness.com to clarify further details of the latest development were not answered. Tags: Online Gambling 16th July 2018 | By contenteditor Regions: Europe Central and Eastern Europe Germany Subscribe to the iGaming newsletter Email Addresslast_img read more

Poker, tribes and DFS to bear brunt of new Wire Act changes

first_imgCasino & games Tribal gaming groups, online poker, daily fantasy sports and iLottery operators could face years of uncertainty following the Department of Justice’s (DoJ) opinion shift on the Wire Act, gaming experts have warned.The DoJ reversed its 2011 opinion on the Wire Act on Monday, effectively ruling that its language prohibits all forms of gambling, and not just sports betting. The DoJ says it will not enforce the new interpretation for 90 days, in order to allow operators to comply.Analysts at Regulus Partners said the opinion reversal could lead to a series of long-running court challenges and potential cease and desist orders against online gaming operators. They said the DoJ’s ruling presented clear long-term risks for operators, although little is likely to change in the short term.“The courts are likely to be busy for years to come resolving these issues (which will eventually lead to the only views on the issue that really matter); at which points some outcomes may be unpleasant both for existing operations and the future progress of state legislation,” Regulus explained.While Regulus said sports betting would not be directly impacted as it was already captured by the Wire Act, there is a significant risk for DFS operators’ interstate competitions.“Breaking DFS into a state-by-state framework is likely to be practically unworkable outside the very largest states, in our view: undermining liquidity, critical commercial synergies and stakeholders’ perception of what is acceptable regulatory risk,” Regulus analysts said.While a small market and perhaps only affecting 888 and Caesars’ All-American Poker Network, liquidity poker sharing faces the biggest threat, Regulus said.“Another area that will need dumping from state legislation or testing is the ability to accept play from other authorised states where online gaming has been legalised,” analysts added. They also said shared or cloud infrastructure services in the iLottery vertical could be affected, leading to costly operational changes.Tribal gaming groups face considerable threat as their borders are arguably legal boundaries that would trigger the Wire Act, Regulus continued. It said that this could result in tribal venues withdrawing support for state legislation to allow online gambling, for example in Michigan where 24 of 27 casinos are operated by Native American tribes.“The ability of Tribal casinos to offer gaming in-state may now need testing,” Regulus said. “If a critical mass of Tribes become even less supportive of online gambling (by state), then this is likely to be the end of a number of prospective bills.”The revised opinion, issued by Assistant Attorney General for the Office of Legal Counsel Stephen Engel, was issued following a request from the DoJ’s Criminal Division to reconsider the 2011 ruling, which paved the way for the roll-out of online gambling in a number of US states. The 2011 opinion explicitly stated that only sports betting was banned across state borders.“While the Wire Act is not a model of artful drafting, we conclude that the words of the statute are sufficiently clear and that all but one of its prohibitions sweep beyond sports gambling,” Engel explained.Engel acknowledged on Monday that the 2011 opinion has been used as a basis for states and state lotteries to regulate online gaming and online sales. However, he added, having concluded that the statute’s language plainly prohibits all forms of gambling, these interests do not justify adhering to this stance on the Wire Act. Instead, he said, it was down to the US Congress to amend the law.The Wire Act, or Interstate Wire Act of 1961, was drafted on the recommendation of then-Attorney General Robert Kennedy to make interstate gambling illegal in a bid to tackle organised crime in the US. It was then signed into law by his brother, President John F. Kennedy, in September 1961.Image: Lee Davy Topics: Casino & games Legal & compliance Tribal gaming Regions: US Tags: Online Gambling Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regulus Partners analysts foresee years of legal challenges across the US following the Department of Justice’s reversal of its Wire Act opinion to conclude that the law’s prohibitions apply to all forms of gaming 16th January 2019 | By contenteditor Poker, tribes and DFS to bear brunt of new Wire Act changes Email Addresslast_img read more

Kambi seals sportsbook supply deal with BetWarrior

first_img13th June 2019 | By contenteditor Email Address Sportsbook solutions provider Kambi is to launch a sports betting product for BetWarrior, a new online gaming brand launched by two PokerStars veterans.BetWarrior, which aims to launch launch its offering in the coming months, was founded by Morten Tonnesen, who serves as the company’s chief executive, and chief operating officer José del Pino.Tonnesen and del Pino previously worked together as part of the operator’s marketing team, and both held the role of director of group marketing. In February this year it was reported that they were looking to raise $100m (£78.9m/€88.7m) to fund the venture, and supporting acquisitions.Kambi was selected as its sportsbook supplier based on its experience in certain European and Latin American markets, with each region key targets for BetWarrior, and the flexibility of its solution.“At BetWarrior, we are building a unique gaming product that uses innovative technology to put the player at the centre of the action,” Tonnesen said. “This includes leveraging the latest machine learning and artificial intelligence tools to create a truly personalised experience for every customer.”“By partnering with Kambi, we gain access to flexible sportsbook technology that enables us to deliver upon our vision,” he continued. “We have been hugely impressed by both the power of Kambi’s technology and the strength of its team, and we felt this was a perfect match for BetWarrior.”Kambi chief executive Kristian Nylén added: “The Kambi sportsbook lends itself to those with the imagination and capability to innovate and deliver truly unique and personalised sports betting experiences to their players.“In BetWarrior we have partnered with a visionary operator and experienced management team with vast experience of European and LatAm markets that plans to do just that – leverage the freedom afforded by Kambi’s sophisticated technology to execute on their strategy to create a safe and engaging sportsbook product.” Regions: Europe LATAM Kambi seals sportsbook supply deal with BetWarrior Casino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Mobile Online Gambling Sportsbook solutions provider Kambi is to launch a sports betting product for BetWarrior, a new online gaming brand launched by two PokerStars veterans. Topics: Casino & games Sports betting Tech & innovation Subscribe to the iGaming newsletterlast_img read more

Portugal iGaming Dashboard – Q1 2019

first_img Subscribe to the iGaming newsletter 5th July 2019 | By contenteditor Tags: Card Rooms and Poker Mobile Online Gambling Slot Machines Casino & games Portugal iGaming Dashboard – Q1 2019 iGaming Business and Ficom Leisure are pleased to present the Portugal iGaming Dashboard, providing revenue, product and game metrics on the dot.pt regulated market.The data is updated quarterly following the official release of the figures by Portuguese regulator the Serviço de Regulação e Inspeção de Jogos (SRIJ).The Portuguese market has enjoyed a strong start to 2019, setting a new quarterly revenue record. The total of €47.3m represents a 43.8% year-on-year increase, driven by the strong performance of the sports betting and slots vertical.Sports betting accounted for €24.8m of the quarterly total, with casino revenue rising to €22.6m. Slots were the standout performer within the casino vertical, accounting for €14.4m of the total, blackack came a distant second with revenue of €3.3m.Poker cash games and tournaments are now incorporated into the casino vertical, though with cash games generating just €2.0m, and tournaments €1.8m, the product is struggling. It may receive a boost from the launch of 888poker, which will be connected to the operator’s Spanish network, per the liquidity sharing agreement signed between the jurisdictions.Scroll down and click on the drop down options to compare how Portugal’s igaming market has performed on a quarterly and annual basis.All data and figures are processed by leading European corporate advisory firm Ficom Leisure, a specialist in all segments of the betting and gaming sector.Ficom Leisure also provides monthly figures on the New Jersey online market in the New Jersey iGaming Dashboard, available on iGB North America. It also provides quarterly figures on the Spanish online market in the Spain iGaming Dashboard, on the Danish market in the Denmark iGaming Dashboard, and on the Italian market in the Italy iGaming Dashboard. Topics: Casino & games Finance Sports betting Poker Slots Table games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address iGaming Business and Ficom Leisure are pleased to present the Portugal iGaming Dashboard, providing revenue, product and game metrics on the regulated dot.pt market. Regions: Europe Western Europe Portugallast_img read more

Veikkaus executive defends monopoly status

first_img Veikkaus executive vice-president Velipekka Nummikoski has launched a robust defence of the operator’s Finnish gambling monopoly, warning that a change to a licensing regime would lead to a decline in funding for social causes and put players at risk. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Charitable Gaming Mobile Online Gambling Subscribe to the iGaming newsletter Regions: Europe Nordics Finland 21st August 2019 | By contenteditor Veikkaus executive defends monopoly status Veikkaus executive vice-president Velipekka Nummikoski has launched a robust defence of the operator’s Finnish gambling monopoly, warning that a change to a licensing regime would lead to a decline in funding for social causes and put players at risk.Nummikoski weighed in on the ongoing debate about the operator’s future by pointing out that the business currently allocates 72% of profits to social causes in the country.This, he said, would likely decline should foreign operators be allowed into the market. Nummikoski pointed to Denmark, where he said the percentage of profits returned to society from gambling had declined from 62% prior to opening of the country’s regulated igaming market in 2012, to around 44% today.In addition, he said, the operator paid out around €160m to partners in its retail network each year, with this funding “of great importance”, especially in sparsely populated areas.Nummikoski was responding to an article by Finnish journalist Senja Larsen, for the business newspaper Kauppalehti, in which she argued strongly in favour of abolishing the monopoly in favour of a licensing regime. Larsen wrote that Veikkaus was ultimately an “inverse Robin Hood” that was taking money from the poorest in society to pay its executives, without providing enough effective player protection controls.However, Nummikoski disputed her claims by stating: “In Denmark, after the regime change, according to reports from the local authorities the volume of gaming has increased dramatically, especially in the most harmful, fast-paced online casino and sports betting products.“Only Veikkaus requires a Finnish player to set daily and monthly gambling limits for fast-paced games. So Veikkaus isn’t chasing players’ last euro at all costs.”While the operator’s advertising strategy has come in for criticism in recent weeks, prompting a total shut-down of marketing for non-lottery products, Nummikoski added that Veikkaus advertised much less than competitors.“Veikkaus’ advertising budget is less than 1.5% of turnover and certainly one of, if not the smallest, in the industry,” he said. “Our advertising budget this year is less than €40m, and has fallen well over €10m in recent years.”He contrasted this with Sweden, where advertising by gambling operators has been a key point of contention since the country’s igaming market launched in January.“[In Sweden] media spend by gambling operators is estimated to be 15 times higher than in Finland. Indeed, the [Swedish Gaming Authority] has already had to deal with excessive advertising,” he said. “In a competitive market, you have to be after the last euro at all costs. It will be interesting to see how this is affecting the disadvantaged.”In conclusion, Nummikoski said the current Finnish system is as far from an “inverse Robin Hood” as gambling could be.“The proceeds of gambling are always used for something, and in Finland profits are earmarked for good causes,” he said. “Of course, the returns could also go to venture capitalists.” Topics: Casino & games Legal & compliance Lottery People Social responsibility CSR Casino & games Email Addresslast_img read more

New NSW gaming regulations set to come into effect

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Slot Machines The New South Wales Gaming Machines Regulation 2019 and Casino Control Regulation 2019 will both come into effect on 1 September, bringing in changes predominantly related to harm minimisation measures.The new legislation sees a levy of at least 5% of gaming machine lease payments or $1,000 per gaming machine lease per year (whichever is higher) to the Responsible Gambling Fund introduced, while gaming-related application and licence fees will be automatically adjusted in line with inflation.Also updated are requirements around responsible gaming information. Under the Gaming Machines Regulation, Sign 4G, which consists of the word “Think” and three pieces of information about problem gambling, must be displayed in all licensed venues.However, the amended regulations clarify that failure to do so will now be treated as only one offence, after the Liquor and Gaming Board said the previous regulation was “unclear” over whether it was one breach of regulations, or three.Both regulations now no longer describe specific player information and harm minimisation messages. Instead, the Independent Liquor & Gaming Authority (ILGA) will have the authority to change and approve the content of messages in signs, notices and player information brochures, a move the NSW Liquor and Gaming Board believes will “ensure messages are fit for purpose and based on current research, industry best practice and player behaviour”.Venues will also no longer be required to hang clocks in gaming areas, due to evidence that clocks hung in gaming areas have little impact on harm minimisation.The Casino Control Regulation 2019 will introduce new responsible service of alcohol framework requirements, including that liquor licensees and approved managers regulated under the Casino Control Regulation 2019 need to complete Licensee and/or Advanced Licensee training. Casino & games Email Address The New South Wales Gaming Machines Regulation 2019 and Casino Control Regulation 2019 will both come into effect on 1 September, bringing in changes predominantly related to harm minimisation measures.center_img 30th August 2019 | By Daniel O’Boyle New NSW gaming regulations set to come into effect Topics: Casino & games Legal & compliance Slots Subscribe to the iGaming newsletterlast_img read more

GAN files with SEC for US listing

first_img Gambling software provider GAN has submitted a draft registration statement to the Securities and Exchange Committee (SEC) to publicly list its stock on an American exchange.The supplier said that it intends to list its stock after the SEC completes its review process.GAN is currently listed on the London stock exchange, with its stock opening at 173.00 pence per share today (February 3). GAN has not yet announced on which US exchange the business intends to be listed.In January, GAN said it was working towards a public listing in the US when it announced the hire of Karen Flores as chief financial officer.Read more on iGB North America. Regions: US Tags: Online Gambling 3rd February 2020 | By Daniel O’Boyle Finance Gambling software provider GAN has submitted a draft registration statement to the Securities and Exchange Committee (SEC) to publicly list its stock on an American exchange. Topics: Finance GAN files with SEC for US listing AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Email Addresslast_img read more

Swedish regulated gambling revenue reaches SEK24.8bn in 2019

first_img Swedish regulated gambling revenue reaches SEK24.8bn in 2019 Bingo Email Address The Swedish Gaming Authority (Spelinspektionen) has revealed that licensed operators in the country generated revenue of SEK24.8bn (£2.03bn/€2.34bn/$2.62bn) in 2019. Topics: Casino & games Finance Lottery Sports betting Bingo Slots Tags: Online Gambling Slot Machines The Swedish Gaming Authority (Spelinspektionen) has revealed that licensed operators in the country generated revenue of SEK24.8bn (£2.03bn/€2.34bn/$2.62bn) in 2019.Online casino games and gambling on ships was the main source of income for licensees during the 12 months to 31 December 2019, with revenue totalling SEK14.0bn for the year, according to figures jointly published by the regulator and the Swedish Tax Agency.Revenue from state lottery and gambling machines amounted to SEK5.91bn in 2019, while national lottery games generated a total of SEK3.4m in revenue. Elsewhere, revenue from Casino Cosmopol, the only licenced land-based casino operator in Sweden, came in at SEK975m, while bingo hall revenue amounted to SEK234m and restaurant casinos SEK229m.In terms of quarterly performance, the final quarter of 2019 was the busiest for operators, with overall regulated revenue amounting to SEK6.65bn in the three-month period.Spelinspektionen also noted the impact of unlicensed operators in the country. It said that while there was no official information as to how much Swedish players spend on unregulated websites, industry analysts H2 Gambling Capital estimated offshore revenue to be between SEK1.8bn and SEK2.2bn for the year.H2 Gambling Capital also said that unregulated revenue in the final quarter of the year was likely to have been between SEK580m and SEK690m.At present, some 96 operators hold a licence to offer gambling in Sweden, not including licences for non-profit purposes. Of these operators, 70 are licensed for online betting and casino games.By the end of 2019, Spelinspektionen said that more than 8,000 people in the country had opted into Spelpaus.se, its self-exclusion scheme that launched when new regulations came into effect in January 2019. The regulator said this figure had increased to over 49,000 people by the start of March 2020.The opening of the Swedish regulated market in January of last year makes year-on-year comparisons difficult. Regulated market revenue in 2018 amounted to SEK16.7bn, but when including operators that were at the time not licensed, total market revenue was SEK23.4bn.However, since the launch of the regulated market in Sweden, some operators that had been offering gambling without a licence, and were therefore last year classed as unregulated, have since secured a permit to operate in the country and in 2019 contributed to regulated revenue – hence a 48.5% year-on-year rise in regulated revenue. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Europe Nordics Sweden Subscribe to the iGaming newsletter 5th March 2020 | By contenteditorlast_img read more

Sweden: Covid-19 impact on problem gambling yet to be felt

first_img Regions: Europe Nordics Sweden The Swedish Gaming Inspectorate’s (Spelinspektionen) latest report on gambling amid the novel coronavirus (Covid-19) pandemic warns that the impact of the crisis on problem gambling figures will not be apparent until later in 2020 at the earliest. Subscribe to the iGaming newsletter Topics: Casino & games Legal & compliance Lottery People Sports betting Poker Horse racing Sweden: Covid-19 impact on problem gambling yet to be felt 20th July 2020 | By contenteditor Tags: Card Rooms and Poker Online Gambling Race Track and Racino AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Casino & games The Swedish Gaming Inspectorate’s (Spelinspektionen) latest report on gambling amid the novel coronavirus (Covid-19) pandemic warns that the impact of the crisis on problem gambling figures will not be apparent until later in 2020 at the earliest.Citing input from Sweden’s National Association of Gambling Addicts (Spelberoendes Riksforbund), it said it would not be until Autumn of this year, or by Spring 2021, that it will be apparent whether the crisis has caused an increase in gambling addiction or unhealthy behaviour among players.The association explained that it had seen evidence of players dedicating more spend to a broader range of gambling products.Those that previously only bet on sports, it said, had shifted to other products when events were suspended as a result of the pandemic. Since sports had begun to return, these players had continued to gamble across multiple verticals.Stödlinjen, Sweden’s national problem gambling helpline, said it received fewer calls from players in May, though noted that those that called did so having developed problems with products such as online casino, betting on racing and poker. The number calling for issues with sports betting and gaming machines, on the other hand, had declined.However, it added, based on its self-test for assessing gambling behaviour, median scores on the Problem Gambling Severity Index, were “basically the same” as before the pandemic hit.Spelberoendes Riksforbund also warned that more needed to be done to block access to unlicensed sites, with players that have self-excluded from licensed sites via Spelpaus.se telling local problem gambling support networks they were being targeted by offshore operators.The number of people signed up to Spelpaus amounted to 53,122 people as of 13 July, compared to 52,026 on 14 June. This, Spelinspektionen said, showed a slowing in the rate of new registrations.The report also provided the latest monthly update on the market’s performance, based on licensees’ tax returns. The figures reveal that the country’s regulated igaming market returned to growth in May, though this was entirely down to former horse racing monopoly AB Trav och Galopp (ATG).Spelinspektionen reported that online gaming revenue was up 6% year-on-year for May, after April’s revenue fell 3% below the prior year’s total. However, it added, without ATG’s contribution, online betting and gaming revenue would have been down 14% from May 2019.ATG, the regulator said, mainly derived revenue from horse race betting, which continued largely unaffected by the pandemic.The online growth was driven by a small number of operators, with 21 licensees reporting year-on-year revenue growth, compared to 32 that saw a decline for the month.The report also showed a decline in the lottery and gaming machine verticals, both of which are operated through Svenska Spel’s monopoly. After a 50% decline in revenue for March, this narrowed to 9% in April, before once again increasing in May, when revenue came in 23% below the prior year.Spelinspektionen warned against interpreting this decline as a direct result of Covid-19, however, explaining that larger payouts resulted in significant fluctuations in the figures.It added that casino revenue, comprising income from restaurant casinos and Svenska Spel’s Casino Cosmopol chain (which were closed during the month), was also down. However, as restaurant casinos had not yet paid gaming tax – which is used to calculate the market performance – for May, it did not provide figures on the decline. Email Addresslast_img read more

AGA marketing code for betting comes into effect

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter 14th September 2020 | By Aaron Noy Legal & compliance Topics: Legal & compliance Marketing AGA marketing code for betting comes into effect The American Gaming Association (AGA)’s has introduced a new code of conduct to prevent irresponsible advertising by its members for their sportsbook products.The code, titled the Responsible Marketing Code for Sports Wagering, states that “messages will not promote irresponsible or excessive participation in sports wagering” and that “each message will contain a responsible gaming message, along with a toll-free help line number where practical”.In addition, advertisements may not suggest “ social, financial or personal success is guaranteed by engaging in sports wagering”.The code also includes a series of rules specifically around protecting minors, including that gambling ads should not feature “entertainers or music that appeal primarily to audiences below the legal age within the jurisdiction”, nor should they be placed on social media outlets that appeal primarily to these groups.Read more on iGB North America Regions: US Email Addresslast_img read more