Month: August 2021

Better Collective secures first post-IPO acquisition

first_img Subscribe to the iGaming newsletter Better Collective is already reaping the benefits of its recent IPO after generating the funds to acquire the owner of German sports betting affiliate leader Wettbasis.The company has bolstered its position in German-speaking jurisdictions with the €36m (£32m/$42m) takeover of Bola Webinformation, which comes a year after it bought the owner of Sportwettentest and Wettfreunde, Sportfreunde. Bola Webinformation generated annual revenue of approximately €9m in 2017, with earnings at €6.5m.Better Collective floated on the Nasdaq Stockholm last month, with its prospectus valuing the company at up to $182.6m.While the company is headquartered in Denmark and traded in Sweden, Better Collective’s director of business development, Marc Frank Pedersen, told iGamingBusiness.com that Germany is a market of particular interest for Better Collective.“The predominant reason why we wanted to list on the stock exchange was to raise funds for a continued acquisition strategy,” Pedersen said. “The acquisition of Bola is a natural part of this strategy – and we will continue to acquire other quality companies in the future.“With the acquisition last year of Sportfreunde and WettPortal, we took that position a step further.“Building on the success of those two acquisitions, we have been very keen on expanding our presence in Germany. With Bola, we managed to acquire the biggest brand in sports betting affiliation in Germany, and being a market leader in the biggest market in Europe is of course very important to us.”After a series of acquisitions in the last year, CEO Jesper Søgaard (pictured) last month told iGamingBusiness.com that the company selected the IPO route as it allowed the existing management team to “remain in control”.Meanwhile, Better Collective remains bullish about the German betting market’s Fifa World Cup performance despite the holder’s early exit from Russia 2018.Better Collective said World Cup traction has remained “strong” following Joachim Low’s team’s departure in the group stage and it is “very positive” about the remainder of the tournament.“Needless to say, we would have preferred to keep Germany in the World Cup for a few more games,” Pedersen said. Better Collective secures first post-IPO acquisition Marketing & affiliates 2nd July 2018 | By contenteditor Topics: Marketing & affiliates Regions: Europe Nordics Denmark Tags: Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Better Collective has snapped up the owner of German sports betting affiliate leader Wettbasis Email Addresslast_img read more

Playtech confirms Penrose appointment

first_img Tags: Online Gambling Topics: People Penrose will join the company’s board on September 1 Playtech has this morning (Tuesday) confirmed the appointment of Ian Penrose as a non-executive director amid reports that he has been lined up to take over as chairman.Penrose served as chief executive of Sportech from 2005 to 2017, prior to which he had a spell in the same role at Arena Leisure from 2001 until 2005.In addition, Penrose is currently non-executive chairman of England’s National Football Museum in Manchester, as well as a strategic and operational adviser to Alizeti Capital on the acquisition of the UK Tote.Penrose will join the Playtech board on September 1 and become a member of the Audit, Risk and Compliance, Remuneration and Nominations committees.Playtech chairman Alan Jackson said: “Ian led the business turnaround and international repositioning at Sportech and will bring knowledge of the US gambling market in particular, having led strategic initiatives in the region over the last eight years, and has been personally licensed in several states.“His deep sector experience makes him a valuable addition and we look forward to working with Ian, who will bring a fresh and insightful perspective to board discussions.”Confirmation of the appointment comes after reports at the weekend suggested Penrose was being lined up to take over as chairman at the company.According to The Times, Penrose is viewed internally as a long-term replacement for Jackson, whose position as chairman has come under scrutiny in recent times.In May, 35.2% of investors voted against re-electing Jackson, who has been in the role since 2013.Playtech, which issued a profit warning last month, is due to post its financial results for the first half of the year on Thursday. Email Address 21st August 2018 | By contenteditorcenter_img Subscribe to the iGaming newsletter People Playtech confirms Penrose appointment AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Parx Casino targets sports licence in Pennsylvania

first_imgCasino & games Subscribe to the iGaming newsletter Hollywood Casino at Penn National Race Course has also applied 28th August 2018 | By contenteditor Regions: US Connecticut Pennsylvania Parx Casino targets sports licence in Pennsylvania Parx Casino has submitted a formal application for a licence to offer legal sports betting in Pennsylvania, having already been successful in a bid to launch online gambling in the state. Greenwood Gaming & Entertainment, the owner of Parx, put forward the latest application on behalf of the property, which now joins the Hollywood Casino at Penn National Race Course in applying for a licence. In addition to Parx, Greenwood is seeking permission from the Pennsylvania Gaming Control Board (PGCB) to offer legal sports wagering at its South Philadelphia Turf Club off-track betting facility. Documents seen by Legal Sports Report suggest that should Greenwood succeed in its application, Parx could be offering sports betting services before the end of the year. The PGCB has already said that despite various other states having introduced regulated sports betting in recent weeks, Pennsylvania is unlikely to do so prior to the start of the NFL American football season in September. Greenwood would not obtain a licence until September at the earliest, when the PGCB will next meet to discuss all new applications. Operators that do secure a licence face a combined 36% tax rate, comprising a 34% state tax and 2% local tax. Parx has already been successful in obtaining an online gaming licence in the state, having put forward a joint application with GAN. Meanwhile, Connecticut Governor Dannel Malloy has suspended talks with two Native American tribes over sports betting regulation, with the state set to miss out on legalisation this year. Malloy is keen to push ahead with regulation and said that the two tribes were “within days” of an agreement to amend their gaming compact. However, according to the Connecticut Mirror, Malloy said that disagreements among legislators will delay the process until the next scheduled legislative session in January. “I don’t think circumstances have changed dramatically, except that the Republicans in the legislature have indicated they don’t want come to come into session on this topic,” Malloy said. “Unless that changes or unless the Democrats say they want to come in, then there wouldn’t be a session. There would be no reason to continue negotiations.”Image: VegasCasinoKid Tags: OTB and Betting Shops Topics: Casino & games Legal & compliance Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

Albanian gambling clampdown intensifies

first_img Albanian gambling clampdown intensifies Regions: Europe Baltics Albania Albania’s hostile environment for gambling is set to intensify after the country’s Prime Minister, Edi Rama, said that betting shops and casinos would not be allowed to operate in residential areas from the start of next year.Rama, who has previously supported the introduction of regulations clamping down on online gambling, said that all premises where bets can be placed should relocate to the outskirts of cities from residential areas by December 31, according to the Transitions Online news website.The order gives operators less than three months to find new bases, with many expected to struggle to find appropriate locations in such a short time period.Additionally, the Prime Minister (pictured) warned media outlets that if they fail to stop showing adverts of unregulated gambling services, they would be “closed by force”.Rama has led a campaign against gambling in Albania since his socialist party swept to power five years ago in a landslide election victory. Within five months of his triumph, some 1,300 betting premises had undergone inspections, with many being closed down due to allegations of financial mismanagement.In his latest announcement, Rama boasted that tax revenue had increased from €32m (£28m/$37m) to €47m since he came to power, even though the number of casinos in the country had halved from 40 to 20.There had been hopes of a timely boost for operators in Albania when, in July, the government submitted plans to reduce the tax rate from 15% of gross gaming revenue to 15% of gross earnings. However, President Ilir Meta vetoed the proposal, sending it back to parliament for further consideration.“The implementation of the legal changes would only benefit gambling businesses at a time when the expected effects on the state budget or household economy are negative,” Meta said at the time, according to the Tirana Times newspaper.“The gambling business model does not produce added value for society. On the contrary, the expansion of this industry brings potential risk of making Albanian households poorer whilst causing social upheaval.”Albanians reportedly spent €132m on gambling in 2017 – a 10% year-on-year increase – even though, with a population of under three million, Albania’s GDP of $12.7bn places it as one of the poorest countries in Europe.However, a report by the national audit committee said that the state had failed to collect about €395m in fines levied on operators who had failed to fulfil certain regulations between 2014 and 2016. Subscribe to the iGaming newsletter Tags: OTB and Betting Shops AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Albania intensifies hostility to gambling with Prime Minister saying betting shops and casinos will not be allowed to operate in residential areas 11th October 2018 | By contenteditor Topics: Casino & games Legal & compliance Casino & games Email Addresslast_img read more

Buenos Aires Governor signs off on new igaming laws

first_img Subscribe to the iGaming newsletter Regions: LATAM Argentina Buenos Aires Governor María Eugenia Vidal has signed a regulatory decree to make online gambling legal in Argentina’s capital province for the first time.Passed by the provincial government in December last year, Decree 181 has now been published in Boletín Oficial, Argentina’s government gazette, setting out regulations for online casino games including slots, sports betting, poker and betting on horse racing.The Buenos Aires government will be able to award up to seven igaming licences under the new regime, but these will be limited to one per operator. The Buenos Aires Provincial Institute of Lottery and Casinos will oversee regulation of the new market.In order to secure a licence in Buenos Aires, operators will need to meet a list of 20 requirements, with an appointed committee to pass judgment on all permit applications. Criteria include industry experience, financial capacity and data security.Operators that are awarded a licence will be subject to a tax of 25% on revenue generated from gambling activities in the province. This is higher than the 15% set out under the original legislation published last year.Licensees will also be subject to advertising measures whereby the regulator will monitor all outgoing marketing materials to ensure that it is carried out in good practice. Gambling will be limited to players over the age of 18 and ads should reflect this by not targeting minors in any way.Operators must also ensure they have a responsible gambling strategy in place, including integrating their systems with a new self-exclusion scheme and having a facility in place to enable players to register formal complaints.Those that do not comply with such requirements could face financial penalties and, if they continue to breach regulations or commit a particularly serious offence, could face having their licence revoked.It is hoped that the introduction of the new laws in Buenos Aires will encourage other provinces across Argentina to also adopt gambling regulation.Image: Deensel Casino & games Tags: Card Rooms and Poker Online Gambling Buenos Aires Governor signs off on new igaming laws Topics: Casino & games Legal & compliance Sports betting Poker 1st April 2019 | By contenteditor Buenos Aires Governor María Eugenia Vidal has signed a regulatory decree to make online gambling legal in Argentina’s capital province. Decree 181 sets out regulations for online casino games including slots, sports betting, poker and betting on horse racing. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

500.com CEO stands aside over bribery claims in Japan

first_img Chinese sports betting operator 500.com has announced that its chief executive has stood aside over accusations of bribery in Japan.The sports lottery provider said Zhengming Pan, its director and chief executive officer, requested to temporarily step away from his positions until the conclusion of an internal investigation into alleged illegal money transfers related to the development of integrated resorts in Japan.500.com has formed a special investigation committee to consider its conduct in Japan and the role played by consultants following the arrest of one consultant, who was also a former director of the company’s subsidiary in Japan, and two former consultants by the Tokyo District Public Prosecutors Office. They are suspected of bribing a member of Japanese Prime Minister Shinzo Abe’s ruling party to gain a favourable position for a bid to run one of the country’s upcoming casino resorts.500.com also announced that its chairman, Xudong Chen, has resigned with immediate effect. Shengwu Wu has been elected to replace Chen as chairman, and Zhaofu Tian, 500.com’s current chief technology officer, has been appointed as interim CEO.Reports in Japan claim that 500.com’s local subsidiary, which was formed in 2017, is believed to have syphoned a bribe of around $30,000 to Japanese lawmaker Tsukasa Akimoto in relation to a planned casino on the northern island of Hokkaido. Akimoto was arrested in December and has denied the charges.Laws passed in 2018 allow for three casino resorts to be built in Japan, with further projects only to be allowed seven years after the initial batch open.Okinawa, Osaka, Yokohama, Wakayama, Sasebo and the capital of Tokyo are among the other sites being considered for a casino resort. Hokkaido’s governor announced in November 2019 that it will no longer seek an immediate bid to construct an integrated casino resort due to concerns about the impact the project could have on the local environment.The Japanese government is set to formally establish a regulatory body to oversee the country’s land-based casino industry by the end of this month. Chinese sports betting operator 500.com has announced that its chief executive has stood aside over accusations of bribery in Japan. 500.com CEO stands aside over bribery claims in Japan Topics: Casino & games Casino & games Regions: Asia Japancenter_img 6th January 2020 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Email Addresslast_img read more

IGT signs multi-state sports betting deal with Delaware North

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: US Arkansas West Virginia Tags: Mobile Online Gambling IGT signs multi-state sports betting deal with Delaware North Subscribe to the iGaming newsletter International Game Technology (IGT) has agreed a deal with Delaware North Gaming & Entertainment to power sports betting at its venues in West Virginia and Arkansas. 28th January 2020 | By contenteditor Topics: Sports betting Email Address Sports betting International Game Technology (IGT) has agreed a deal with Delaware North Gaming & Entertainment to power sports betting at its venues in West Virginia and Arkansas.Under the agreement, IGT will provide its retail and mobile betting PlaySports technology to Delaware North’s West Virginia casinos Mardi Gras Casino & Resort in Cross Lanes and Wheeling Island Casino-Hotel-Racetrack in Wheeling Island.The deal also covers the supply of retail sports betting services at the Southland Casino Racing in West Memphis, Arkansas.IGT’s PlaySports division already powers sports wagering across 11 US states, including Oregon, Arkansas, Indiana, Iowa, New York, Pennsylvania, Mississippi, West Virginia, Rhode Island, New Jersey, and Nevada.Read the full story on iGB North America.last_img read more

Thundering Buffalo Jackpot Dash by High5Games

first_img Thundering Buffalo Jackpot Dash by High5Games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Email Address Topics: Casino & games Slots Anticipation rises as the rumbling herd approach the reels in High 5 Games’ Thundering Buffalo Jackpot Dash. The Jackpot Dash feature sees players on a mission to collect 10 or more symbols including a Trophy, Crown, Gold Star, Gold Medal, and Eagle, which pays out a jackpot determined by a win multiplier of up to x1,500. Casino & games Anticipation rises as the rumbling herd approach the reels in High 5 Games’ Thundering Buffalo Jackpot Dash. The Jackpot Dash feature sees players on a mission to collect 10 or more symbols including a Trophy, Crown, Gold Star, Gold Medal, and Eagle, which pays out a jackpot determined by a win multiplier of up to x1,500.You can play a demo of this slot here! 28th January 2020 | By Aaron Noylast_img read more

GVC expects £25m earnings decline from racing suspension

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling Race Track and Racino Finance Email Address Ladbrokes Coral and bwin.party operator GVC Holdings has estimated that the suspension of all horse racing in the UK until the end of April will lead to an earnings decline of £20m-£25m, on top of yesterday’s (16 March) reduced earnings guidance. Subscribe to the iGaming newsletter GVC expects £25m earnings decline from racing suspension 17th March 2020 | By Daniel O’Boyle Regions: UK & Ireland Topics: Finance Sports betting Horse racing Ladbrokes Coral and bwin.party operator GVC Holdings has estimated that the suspension of all horse racing in the UK until the end of April will lead to an earnings decline of £20m (€21.9m/$24.1m) to £25m, on top of yesterday’s (16 March) reduced earnings guidance.Yesterday, GVC revealed that its earnings before interest, tax, deprecation and amortisation (EBITDA) for the current year could be reduced by £130m-£150m due to widespread sporting suspensions across the globe from the outbreak of the novel coronavirus disease (Covid-19), with a further EBITDA loss of between £45m and £50m per month if its UK retail betting shops were forced to close.However, this figure was based on the assumption that only major horse racing meets such as Aintree and Royal Ascot would be cancelled, while the rest of the season would take place without spectators.Although the British Horseracing Association said yesterday that all races would occur behind closed doors, it announced today that all horse racing in Great Britain will be suspended until the end of April.The suspension will come into effect from tomorrow (18 March), with meetings behind closed doors at Wetherby and Taunton to go ahead today as scheduled.“This is a national emergency the like of which most of us have never seen before,” BHA chief executive Nick Rust said. “We’re a sport that is proud of its connection to rural communities and to the local businesses that support our industry.”GVC said it continues to retain a “strong balance sheet,” including accessible cash of £260m, despite the reduced earnings guidances.Earlier today, the Betting and Gaming Council (BGC) urged the UK Chancellor to provide emergency help to save thousands of jobs across the gambling industry after fresh concerns were raised over the impact of the pandemic on the sector.Having consulted its members on the impact of the restrictions, the BGC said the immediate priority for emergency assistance is with employment costs. As such, the BGC has urged the Chancellor to allow additional time to pay on Pay As You Earn (PAYE) and National Insurance Contributions (NIC) liabilities.GVC’s share price has falled more than 15% from closing yesterday to the time of writing, after falling more than 20% yesterday in a tumultous day for stock markets.In unrelated news, a GVC spokesperson also confirmed to iGaming Business that it has put a “low double-digit” number of jobs in the finance and payment processing sectors of its Gibraltar office out for consultation, as it plans to make an as-yet undetermined number of redundancies.The decision is part of a “planned integration process” following the operator’s acquisition of Ladbrokes Coral in 2018 and is not connected to the impact of Covid-19.“We expect to redeploy the vast majority of those affected within the business and expect the ultimate number of redundancies to be minimal,” the spokesperson said.last_img read more

Covid-19 pushes Ainsworth to Aus$39.6m full-year loss

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Covid-19 pushes Ainsworth to Aus$39.6m full-year loss Australian gaming machines and content provider Ainsworth Game Technology (AGT) has posted an Aus$39.6m (£21.8m/€24.3m/US$29.0m) comprehensive loss for its 2020 financial year, after the group’s operations were hit by the novel coronavirus (Covid-19) pandemic.Revenue for the 12 months to 30 June amounted to $149.4m, down 36.2% from $234.3m in the corresponding period last year.North America was the main source of income for AGT, with revenue totalling $72.0m, though this was 36.8% lower than $114.0m in 2019.AGT said this drop was primarily due to reduced unit sales as a result of Covid-19, but also noted that orders for its machine are likely to be deferred to FY21 and as such it should see improvement next year.Latin America revenue was also down by 42.5% to $42.0m, mainly as a result of land-based closures across Argentina, Mexico and Peru due to the pandemic, as well as the delayed launch of its new AStar gaming hardware.Revenue from Australia and the rest of the world slipped 27.1% year-on-year to $35.0m, as AGT noted declines across all of its core markets in the segment.However, AGT did see some growth within its online and digital operations, with revenue here rising from $4.2m to $4.6m. This area of the business was boosted by the launch of its technology with several operators in New Jersey in the US, while AGT and extended deal with Zynga will help drive further growth in FY21.During the latter part of the financial year, AGT implemented a series of cost-saving measures to help mitigate the impact of Covid-19 on its business. This included eliminating 107 roles across the group, which it said would help save approximately $10m.Looking more closely at spending, cost of sales was down by 37.5% to $59.0m, while sales, services and marketing expenses were reduced by 8.6% to $59.3m, and administrative costs 11.6% to $22.2m.However, research and development spend during the year edged up to $41.2m, while impairment trade expenses rocketed by 289.7% to $3.4m and other costs increased 244.4% to $15.5m.As costs were higher than revenue, this left AGT with a $50.3m operating loss, compared to a $5.4m operating profit at the end of FY19. When including $1.5m in finance income, loss before tax was $48.8m, a stark contrast to $10.9m in profit last year.AGT received $5.4m in tax benefits, and when also including $3.9m in income directed from foreign current translation, this resulted in a comprehensive loss of $39.6m, compared to a $19.2m profit in FY19.Chief executive Lawrence Levy said that while Covid-19 hit the business and the industry hard, the group was able to move quickly to protect its operations.“We took proactive measures to streamline our overheads and restructure previous financing arrangements to ensure we can endure the current downturn,” he said. “AGT is well positioned as customers across our major markets look to recover from the effects of the pandemic.” Topics: Casino & games Finance Slots 28th August 2020 | By contenteditor Australian gaming machines and content provider Ainsworth Game Technology (AGT) has posted an Aus$39.6m (£21.8m/€24.3m/US$29.0m) comprehensive loss for its 2020 financial year, after the group’s operations were hit by the novel coronavirus (Covid-19) pandemic.center_img Casino & games Tags: OTB and Betting Shops Slot Machines Subscribe to the iGaming newsletter Email Addresslast_img read more