Mohegan and Mount Airy file PA betting applications

first_img Pennsylvania’s regulated sports betting market looks set to grow after Mohegan Sun Pocono and Mount Airy Casino Resort filed applications for sportsbook licences. Casino & games Regions: US Pennsylvania AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Mobile Online Gambling OTB and Betting Shops Race Track and Racino Email Address Pennsylvania’s regulated sports betting market looks set to grow after Mohegan Sun Pocono and Mount Airy Casino Resort filed applications for sportsbook licences.Each venue has already secured an online wagering partner, with Mohegan Sun announcing a partnership with Kindred Group in January this year, and Mount Airy striking a deal with The Stars Group in August 2018.Each agreement covers both sports betting and online gaming, with Mohegan Sun allowing Kindred to launch its Unibet brand, and Mount Airy to roll out The Stars Group’s BetStars brand.There is currently no timeline for either venue to launch, with the Pennsylvania Gaming Control Board yet to set dates for hearings to process the two licence applications.It appears that another venue preparing to enter the state’s sports betting market will has set a June launch date.Presque Isle Downs and Casino, which was acquired by Churchill Downs in January 2019 then granted conditional approval to launch sports betting in February this year, aims to launch on June 1, according to the Erie Times News.Its sports betting application, filed in December 2018, revealed it plans to open a 1,275 square foot sportsbook featuring 50 self-service betting kiosks alongside manned betting windows. Its sportsbook offering will be powered by SBTech.Pennsylvania’s sports betting licensees are required to pay a $10m (£7.7m/€8.9m) licence fee, and are then taxed at 36% of revenue. In February the state generated revenue of $1.95m, down 24.5% month-on-month, from handle of $31.5m. This generated state taxes of $661,918 from 34% of adjusted gross revenue, and a further $38,936 in taxes from a 2% local share assessment levy. Revenue was generated from six licensed venues, with a seventh, the FanDuel-powered offering at Boyd Gaming’s Valley Forge Casino, going live on March 13. Topics: Casino & games Legal & compliance Sports betting Horse racing Subscribe to the iGaming newsletter 2nd April 2019 | By contenteditor Mohegan and Mount Airy file PA betting applicationslast_img read more

IG Group braced for 17% revenue drop in FY19

first_img Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Spread betting and contracts for difference provider IG Group Holdings has forecast a 17% year-on-year decline in revenue for the 2019 financial year, primarily due to a drop in over-the-counter revenue in the European Union. Finance Tags: Binary Options and Forex Spread betting and contracts for difference (CFD) provider IG Group Holdings has forecast a 17% year-on-year decline in revenue for the 2019 financial year, primarily due to a drop in over-the-counter revenue (OTC) in the European Union.In a pre-close trading update, IG Group said that revenue for the 12 months to May 31, 2019 is likely to amount to £475m (€538.3m/$599.6m), compared to £569m in the previous year.IG Group said that this projected decline is manly due to a 26% dip in OTC leveraged revenue in the ESMA region, with OTC leveraged revenue for the rest of the world up by 2%. The provider noted both of these figures are underlying changes, adjusting for clients that previously contracted with a UK entity and are now trading with an entity outside the ESMA region.Operating costs for the year are expected to drop slightly from £290m in FY18 to £285m in 2019, including variable remuneration of around £28 million, down from £36m last year.However, IG Group has forecast that operating profit for the full year is likely to come in at £190m, some way short of the £281m in the previous year.IG Group is seeking to improve this performance, with CEO June Felix setting out a number of key strategic choices for the business, including four growth levers that will be deployed to drive growth.The four levers are based around expanded distribution channels; operating as a global business with more local focus; looking at segmented target markets; and developing multi-product offerings.For the purposes of developing and presenting its strategy, IG Group has opted to split its existing businesses into two groups: core markets and significant opportunities. This has been applied to segments previously reported, but with Asia-Pacific split into Australia, Singapore, Japan, and other Asia.“The actions that we have taken over the last two years have resulted in the company successfully navigating the introduction of the ESMA measures,” Felix said.“IG has experienced significant change and will continue to do so in the future driven by regulation, shifting patterns of wealth, and the continued evolution of financial markets around the world.“I believe that IG has the capability to adapt and thrive in these evolving markets and I am excited by the opportunities we have identified and confident that the company will return to growth after FY19.”In terms of deploying these levers, planned activity includes expanding into new products in the European Union; leveraging the combination of Nadex, the RFED and Daily FX in the US; focusing on product localisation and marketing in Japan; and developing partnerships to access these markets in other Asian markets. IG Group has also cited a potential opportunity to participate in the leveraged securities market for retail clients in Hong Kong. The provider will establish a local business development team to pursue partnerships and assess this new opportunity.Should these plans go as hoped, IG Group expects additional revenue of £60m.Meanwhile, CFO Paul Mainwaring has set out a number of medium-term financial targets from the implementation of its new strategic plan.Core market revenue is forecast to grow at a rate of 3-5% per annum over the medium term, with significant opportunities set to boost revenue by £100m to around £160 million by FY22.Assuming these targets are achieved, revenue for FY22 will be some 30% higher than in FY19.However, the provider has noted that operating expenses, excluding variable remuneration, are likely to increase by £30m in FY20, primarily as a result of additional investment in prospect acquisition to promote the IG brand, to grow the size and quality of the client base, and establish the new businesses in the EU and the USA. In the years following this, operating expenses, excluding variable remuneration, are likely to increase at a lower rate than revenue.center_img IG Group braced for 17% revenue drop in FY19 Topics: Finance 23rd May 2019 | By contenteditor Subscribe to the iGaming newsletterlast_img read more

FSB names Andrew Bowen as new finance chief

first_img White label and gaming platform provider FSB Technology has announced the appointment of Andrew Bowen, formerly of Ladbrokes and Scientific Games, as its new chief financial officer.Bowen joins FSG after a spell as consultant CFO at human performance business EDGE10 Group, prior to which he served as finance chief for mobile gaming specialist InTouch Games.Earlier in his career, he was finance director at TelcoSwitch, Environmental Fuel Systems and gambling crowdfunding platform GamCrowd, and also held the same role for Ladbrokes’ igaming division.In addition, he spent almost six years with Scientific Games, serving as finance director for its Global Draw subsidiary, as well as well as group finance director for its SG Gaming arm and commercial finance director for SG Gaming.“FSB has cut its teeth in the UK’s ultra-competitive sports betting domain, raising the tech bar with numerous tier-one platform awards, despite being a smaller company,” Bowen said of his new employer. “That really grabbed my attention.“Specifically, the team’s combined ability to leverage leading software infrastructure as a progressive business model for the modern gaming era, while also managing to invest in front end and the next generation of retail products, spoke to my experience and enthusiasms for the future of the sector.”FSB chief executive David McDowell added: “We’re thrilled that Andy is joining the FSB team. His industry experience and contacts are second to none. We feel sure he’ll be a true asset to both FSB and all our clients, as we look to grow beyond our initial domestic horizons.”In August, it was revealed that FSB was the subject of a GB Gambling Commission licence review, as a result of regulatory concerns. The regulator said the review was launched under Section 116 of the Gambling Act, which gives it the power to launch an inquiry if it suspects that licence conditions are or have been breached.FSB said it intended to cooperate fully with the review, adding that it related to issues with a minority of its white label partners. Throughout the process there has been no indication of any wrongdoing by the supplier, which secured £23m in funding from Canadian venture capital fund Clairvest Group in July this year. 9th December 2019 | By contenteditor FSB names Andrew Bowen as new finance chief AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: People Sports betting Strategy Subscribe to the iGaming newslettercenter_img People Tags: Online Gambling White label and gaming platform provider FSB Technology has announced the appointment of Andrew Bowen, formerly of Ladbrokes and Scientific Games, as its new chief financial officer. Email Addresslast_img read more

EveryMatrix to deploy CasinoEngine for Flutter Entertainment

first_img Tags: Mobile Online Gambling Slot Machines Email Address EveryMatrix to deploy CasinoEngine for Flutter Entertainment Casino & games Topics: Casino & games Tech & innovation Slots Table games Subscribe to the iGaming newsletter iGaming solutions provider EveryMatrix has agreed a deal to launch its CasinoEngine content aggregation platform for Flutter Entertainment in a number of key regulated markets. 17th December 2019 | By contenteditor iGaming solutions provider EveryMatrix has agreed a deal to launch its CasinoEngine content aggregation platform for Flutter Entertainment in a number of key regulated markets.The deal will see Flutter gain access to a selection of market-specific suppliers for use in territories such as the Italy, Spain, Sweden and the UK. By using the CasinoEngine solution, the operator aims to offer a unified experience for players across all vendors and markets.The deployment of solution will begin with the Spanish market, before expanding to other territories.“We have spent considerable time assessing potential B2B partners who could enhance our gaming proposition across international markets,” the operator’s commercial product manager Jack Dinan explained. “We are delighted to partner with EveryMatrix who have impressed us with their experience, professionalism, and reliability.“We are incredibly excited by the imminent launch in Spain, which offers our customers a greatly enhanced portfolio of games and a seamless experience between products.”Newly appointed EveryMatrix chief commercial officer Stian Hornsletten explained that to ensure a successful roll-out, the CasinoEngine team had to meet the operator’s exacting standards for user experience and responsible gaming.“As such, our UI Communication Framework has been fully integrated with Flutter’s MARS Framework to collect the various in-game messages from different vendors and present them on the operator side in a unified way,” Hornsletten explained.“This includes real-time balance updates, toggle audio across all vendors, stake updates, game load progress or game completion, for example,” he said. “I believe that together we’ve created the most player-friendly and transparent casino experience in the industry and being their choice with our CasinoEngine Direct solution is an exceptional compliment.” AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Europe UK & Ireland Nordics Southern Europe Sweden Italy Spainlast_img read more

PAGCOR reports 11.7% hike in gaming revenue for 2019

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 11th February 2020 | By contenteditor The Philippine Amusement and Gaming Corporation (PAGCOR) has reported an 11.7% year-on-year increase in gaming revenue for 2019, resulting in its total tax and corporate social responsibility contribution for the year rising above PHP56bn for the year.Total revenue from gaming amounted to PHP75.75bn (£1.16bn/€1.37bn/$1.50bn) in 2019, compared to the prior year’s PHP67.85bn total, beating the regulator’s full-year projections by PHP1.33bn.However, total PAGCOR revenue included PHP36.27bn in other income, comprised predominantly of money raised through the sale of land owned by the regulator in Entertainment City to Sureste Properties Inc, a subsidiary of Bloomberry Resorts Corporation.When the PHP32.71bn paid by Sureste Properties was stripped out, PAGCOR noted, revenue would still have been up 11.2% year-on-year.In 2019 revenue came from slot machines, electronic bingo and table games operations, as well as regulatory fees from offshore gaming sites and fees from licensed casinos. This saw PHP35.92bn generated for the National Treasury, with a further PHP3.78bn generated through the 5% franchise tax on licensees.A further PHP1.79bn was paid to the Philippine Sports Commission, the governing body for sports in the country, while the Dangerous Drugs Board, which develops policy for dealing with illegal drugs, received PHP60m. The Board of Claims, a Department of Justice agency which grants compensation to victims of unjust imprisonment and violent crimes, received PHP118.9m.PAGCOR also provided PHP123.3m in cash incentives to athletes and coaches competing in international sporting events, while cities that host casinos operated by the corporation received PHP445.7m.The year saw the Philippines face pressure from China to limit or ban online gambling, following PAGCOR’s decision to impose a temporary halt on the issuing of new Philippines Offshore Gaming Operator (POGO) licences in August 2019.However, this appears unlikely to be expanded into a full prohibition on igaming, with President Rodrigo Duterte saying that POGOs were an important source of jobs and tax for the country.China looks set to continue its efforts to crack down on igaming in 2020, warning in January that it would target countries from which operators targeting players in the country are based. Casino & games Regions: Asia Philippines Email Address Subscribe to the iGaming newsletter Tags: Mobile Online Gambling The Philippine Amusement and Gaming Corporation (PAGCOR) has reported an 11.7% year-on-year increase in gaming revenue for 2019, resulting in its total tax and corporate social responsibility contribution for the year rising above PHP56bn for the year. PAGCOR reports 11.7% hike in gaming revenue for 2019 Topics: Casino & games Finance Legal & compliance Sports bettinglast_img read more

Diamond Link™: Oasis Riches by Greentube

first_img Subscribe to the iGaming newsletter The brand-new addition to Greentube’s Home of Games Diamond Link™ Oasis Riches has arrived! This sensational expansion to the Diamond Link™ series is now available for all B2B partners, with 5-reels, 25-win lines, unique features, and a theme which takes players on an exciting adventure through the desert. Casino & games Diamond Link™: Oasis Riches by Greentube AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter More info is available for this slot here!center_img 11th February 2020 | By Aaron Noy Email Address Topics: Casino & games Slots The brand-new addition to Greentube’s Home of Games Diamond Link™ Oasis Riches has arrived! This sensational expansion to the Diamond Link™ series is now available for all B2B partners, with 5-reels, 25-win lines, unique features, and a theme which takes players on an exciting adventure through the desert.last_img read more

KSA launches tender for national problem gambling helpline

first_img22nd June 2020 | By contenteditor Strategy Regions: Europe Western Europe Netherlands Subscribe to the iGaming newsletter Topics: Strategy Tech & innovation Tags: Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address KSA launches tender for national problem gambling helpline Dutch gambling regulator the Kansspelautoriteit (KSA) has launched a tender process seeking to appoint a provider to operate a new national problem gambling helpline.Announced in February, the service will provide treatment, advice and support to players and their relatives, via a website, chat service, email and over the phone.The KSA has been tasked with operating the service under the Netherlands’ Remote Gaming Act, but will outsource its development.A new problem gambling funding body, which will also be established under the Act, will bankroll the service, with support from a levy to be paid by licensees.The tender states that the service would need to be operational from 1 April, ahead of when consumers would be legally allowed to gamble online in the Netherlands.The projected go-live date for the regulated Dutch market is 1 July 2021, six months after the original 1 January start date. This may be subject to further delays, with the KSA refusing to rule out a later start date following the disruption casued by novel coronavirus (Covid-19)Interested parties would need to submit their bid by 1 September this year, though providers are able to request further information until 16 July.The KSA said it received a total of seven responses from providers interested in helping to develop the new service during an initial consultation on the tender conducted in February. Parties have until 13 March to submit their comments. Dutch gambling regulator the Kansspelautoriteit (KSA) has launched a tender process seeking to appoint a provider to operate a new national problem gambling helpline.last_img read more

GVC adds senior gaming executives Satz and Hoskin to board

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter “Robert has made an outstanding contribution to GVC in his 15 years at the Group, and his promotion is richly deserved,” Gibson said. “His knowledge and insight will be hugely additive in helping us to achieve our ambition of being the leading operator in the US through BetMGM, our fast-growing joint venture with MGM Resorts.” 22nd October 2020 | By Robert Fletcher GVC adds senior gaming executives Satz and Hoskin to board Satz takes on his role with immediate effect, having most recently served as senior vice president of government relations and development for Caesars Entertainment from 2002 to 2019. Subscribe to the iGaming newsletter GVC Holdings has announced the appointment of David Satz as an independent non-executive director, and also given Robert Hoskin a seat on the board alongside a promotion to the role of chief governance officer. Earlier this month, GVC also raised its earnings guidance for 2020 after seeing a 12% year-on-year rise in net gaming revenue for the third quarter of 2020, with full-year earnings are now set to reach £50m. Topics: Management “The fact that regulation, legal and governance are now represented at board level will give us even greater oversight of these critically important areas, all of which are central to our long-term growth plans.” Prior to this, he spent 16 years at US law firm Saiber Schlesinger Satz Goldstein LLC, where he had a particular focus on the gambling industry. Hoskin, who has been at GVC since 2005 and is currently group director of legal, regulatory and secretariat, will begin his new role and take his place on the GVC board from 1 January next year. The double appointment comes after GVC last week announced that it had been able to retain its position in the FTSE4Good Index Series, and also secured independent verification of its carbon emissions data from the Carbon Trust. “David has unrivalled regulatory and legislative expertise in the all-important US gaming market,” GVC chairman Barry Gibson said. Tags: GVC Holdings Board Before joining PartyGaming, Hoskin headed the investment company secretariat at Aberdeen Asset Management.  Management Email Addresslast_img read more

Revenue and profit down at Danske Spil amid Covid-19 impact

first_imgRevenue from the Swush fantasy sports operation also fell 37.5% to DKK5.5m. Other external costs reached DKK508.2m, while staff spending in Q3 amounted to DKK211.m and depreciation and write-downs DKK238.7m. As such, profit before financial items was DKK1.53bn, a drop of 21.1% on the previous year. 6th November 2020 | By Robert Fletcher GGR for the three months through to 30 September amounted to DKK3.44bn (£417.4m/€461.5m/$548.4m), down from DKK3.69bn in the same period last year. Regions: Denmark Finance Financial costs amounted to DKK29.7, resulting in a profit before tax that totalled DKK1.50bn, down 22.3% from DKK1.93bn in 2019. Danske Spil paid DKK330.8m in tax, which left it with a DKK1.17bn profit for the quarter, a fall of 28.2% on last year. Topics: Finance Q3 results 2020 Email Address Danish gaming operator Danske Spil has reported a 7.0% year-on-year decrease in gross gaming revenue (GGR) for its third quarter, due to the impact of the novel coronavirus (Covid-19) on its land-based outlets.center_img However, the impact of the Covid-19 crisis led to declines in other areas of the business, which in turn resulted in an overall drop in GGR. GGR from the online betting and gaming division Danske Licens Spil was down 14.0% to DKK1.33bn, while GGR from the Elite Gaming gaming hall arm dropped 32.5% to DKK188.3m. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Lottery games GGR increased by 2.8% year-on-year to DKK1.92bn, with the operator saying the Danske Lotteri Spil division was helped by large jackpots on offer during the period. Revenue and profit down at Danske Spil amid Covid-19 impact Danske Spil paid DKK359.9m in state tax during Q3, as well as DKK417.6m in dealer commission and DKK193.6 in other game-related costs, which left a gross profit of DKK2.47bn, down 0.8% from last year. Subscribe to the iGaming newsletter Tags: Danske Spillast_img read more

Candyways Bonanza Megaways by Stakelogic

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