ReportWire

Blog

  • Aristocrat Gaming appoints Marie Hubaud as Senior Market Manager for France | Yogonet International

    Aristocrat Gaming appoints Marie Hubaud as Senior Market Manager for France | Yogonet International

    [ad_1]

    Aristocrat Gaming announced Friday that it has appointed experienced slot games specialist Marie Hubaud to the newly created role of Senior Market Manager for France. She will report to Erik van den Berg, General Manager of EMEA.

    Chris Rowe, Managing Director of LATAM & EMEA, Aristocrat Gaming, said: “France is a key market for Aristocrat Gaming. Over the last decade, we’ve established a significant footprint across French gaming floors and a loyal following among players.”

    “Marie has extensive market knowledge and will serve as a conduit of support for our longstanding SFM distributor, Société Française de Commercialisation d’Appareils Automatiques (SFC2A). We look forward to strengthening our partnership with them and the many French operators with whom we have shared much success in recent years,” Rowe added.


    Chris Rowe, Managing Director of LATAM & EMEA.

    A graduate of SKEMA Business School, Lille, and an Executive Master of Business Administration in Digital Strategies, Hubaud was most recently Sales & Marketing Director at LUDI SFM for six years and has also served in senior commercial, marketing, and management roles for a diverse range of blue chip brands in the FMCG and pharmaceutical sector.

    Earlier this month, the company confirmed its attendance at the upcoming ICE London showcase. The company will be exhibiting its For Sale Link products at stand S6-250, including Mo Mummy, Ji Cai Hao Yun, and Tian Ci Jin Lu, along with Mighty Cash Ultra and 5 Dragons Ultra. The business will also debut links on Aristocrat’s MarsX Dual cabinets.

    [ad_2]

    Source link

  • An overview of the Latin American online gambling market and opportunities | Yogonet International

    An overview of the Latin American online gambling market and opportunities | Yogonet International

    [ad_1]

    Latin America is a diverse region, and this is demonstrated well in its approach to the online gambling sector. In his latest column for Yogonet, iGaming industry consultant Ron Mendelson shares a brief analysis of the key jurisdictions in Latin America, including Brazil, Mexico, and Colombia.

    Simply put, each country takes a completely different approach, including outright bans, partial regulation, full regulation, and no regulation. This fragmented legal framework can be challenging for operators who want to work in the region, but the vast potential for growth and development means it is worth navigating. 

    The betting market across all of Latin America is set to triple between 2020 and 2025, surpassing $3 billion by the start of 2026. This unprecedented and impressive growth will be predominantly fuelled by three countries; Brazil, Mexico, and Colombia.

    Brazil

    Brazil is the most populous country in Latin America, with over 200 million inhabitants- more than half of which have mobile phones. Currently, online gambling is not allowed, but that doesn’t mean Brazilians are not gambling online.

    In 2022, more than half of Brazilians said they gamble online at least one to three times a week. As for favourite casino game, roulette tops the bill along with soccer betting. Around 80% of Brazilian adults say they bet or have bet on soccer at least once. 

    As of 2018, the Brazilian government announced it would license some online gambling sites at a hefty fee of $4.4 million for a five-year license. But by December, ex-president Jair Bolsanaro had failed to sign off on the regulations before the two-year deadline, plus an extension of two years expired, meaning the entire process must go back to square one. Currently, operators regulated elsewhere are tolerated, but there are high hopes that new regulations will be proposed to regulate the local market better.

    Furthermore, there are potential plans afoot to end certain lottery monopolies and open up the sector to other stakeholders.

    Mexico

    The online gambling sector in Mexico has been growing due to a change in Mexican lifestyles and an increase in disposable income. This, combined with more smartphones, quicker internet, and more accessibility, means the demand for online gambling and betting in the country has been rising steadily. In fact, almost 40% said they bet on sports online, while a quarter plays online lottery draws. Between now and 2026, the sector’s value is set to grow at a rate of 22.9%, far more than many of its neighbors. 

    As for preferences, Mexican players prefer casino games and sports betting, particularly soccer. As for regulation, this began back in 2016, and the country is currently served by locally regulated operators as well as those based outside of the country. The Mexican market is ripe for the picking, whether you want to get regulated locally or offshore and provide your betting and gambling services to Mexican players.

    Colombia

    As for Colombia, the regulatory system is complicated, but the great potential remains. In 2016, the government legalized some forms of online gambling but promptly brought everything under the control of the state. Private companies can only operate with special government permission, and proceeds should be used for social purposes. 

    But again, this does not mean that offshore-licensed online gambling companies cannot provide their services to those in Columbia. As of the end of 2022, there were over seven million registered iGaming accounts bringing in a revenue of $5.3 billion a year. There are many more opportunities left to unlock as the total population is over 51.5 million, with smartphone ownership rates of 72%.

    Fast Offshore

    If you want to find out more about expanding into Latin America, Fast Offshore can help. We have been working in Latin American jurisdictions for the last 26 years and have extensive experience and knowledge of local regulations, preferences, processes, and more. Not only that, but we can also help you get set up in offshore jurisdictions that allow you to offer your services throughout the region. Our team can assist with company incorporation, licensing, structuring, payments and ongoing compliance- all you have to do is ask. To find out more about online gambling in Latin America or to get set up as an operator, contact Fast Offshore today.

    [ad_2]

    Source link

  • What are the Hottest iGaming Trends for 2023? SOFTSWISS shares expert industry report | Yogonet International

    What are the Hottest iGaming Trends for 2023? SOFTSWISS shares expert industry report | Yogonet International

    [ad_1]

    Local regulation, metaverse gaming and data privacy as a priority – these are some crucial industry trends for the current year, according to the latest column by iGaming tech provider SOFTSWISS. The company, which has10+ years of expertise in the field, has analyzed the results and market changes in 2022 to share a data-driven report on the Hottest iGaming Trends for 2023.

    The report covers the trends related to payments and licensing, player behaviour, operations, gamification, and security. The insights are based on the data from 600+ SOFTSWISS clients, expertise of the key company specialists, and industry experts survey results.  

    PAYMENTS AND LICENSING 

    60% of the third-party experts surveyed by SOFTSWISS named Payments and Licensing as the most crucial category influencing the iGaming industry. 

    In 2023, more markets worldwide are expected to become locally regulated. This trend is strengthening as certain countries, including Germany, Sweden and the Netherlands, are withdrawing from their registrations with international gaming authorities.

    In terms of payments, operators need to ensure:

    • Abundance of well-established payment options

    • Localisation of financial modules 

    The integration of Apple Pay and Google Play could serve as a sound springboard to boost an online gambling business on the go.

    As for digital coins, even non-pro crypto adopters are expected to continue to offer them as a payment option to tap into new audiences and attract crypto-oriented gamblers. On the whole, cryptocurrencies see wider recognition, as many countries are beginning to recognise and integrate them into their financial systems. The latest example is Ukraine launching e-hryvnia issued by the NBU. 

    Andrey Starovoitov, Co-CEO at SOFTSWISS, comments on the future of crypto:

    “The SOFTSWISS Crypto Casino Solution statistics demonstrate that Bitcoin, Ethereum, and Litecoin remain the most demanded among crypto players. We also expect USDT to be an upcoming trend in the next few years. Despite the fact that the crypto market is going through turbulent times, operators recognise the importance of crypto payments and their influence on the project attractiveness for the audience and the final casino choice. That explains why in 2023 operators will seek to integrate alternative currencies and reinforce their portfolio with new digital coins.”

    PLAYER BEHAVIOUR

    When it comes to player behaviour trends, operators are predicted to shift their focus from product-centric to user-centric business models. The commitment and effort to solve players’ issues will pay off through improved player retention metrics and increased loyalty.

    Another sage move is launching mobile and smartwatch versions of casino and sports betting projects to win over new audiences seeking easy and quick access to online gaming functionality. 

    One more player trend outlined based on the SOFTSWISS Casino Platform clients’ data is the increasing popularity of live dealer games with crypto users. The market will give preference to this type of games, considering it a more valuable proposition.

    As for sports betting projects, the SOFTSWISS Sportsbook statistics demonstrate that 66% of bets are placed during live events against 34% of those placed in advance. This adds weight to the technical sustainability of platforms and drives the need for high-quality live broadcasts.

    OPERATIONS

    The data-driven decision-making approach will make operators seek ready-made software products offering real-time access to clear and transparent data on their projects.

    In 2023, operators will redirect their attention from such exclusively financial KPIs as the first deposit, GGR, and NGR towards the game session length and bet count metrics. Prudent operators will invest to diversify their game portfolio, integrate new bonuses and use free-to-play games to improve loyalty, increase conversions, and establish long-term relationships with players.

    Max Trafimovich, Chief Commercial Officer at SOFTSWISS, comments: “To run a profitable iGaming business operators need to know what their target audience is concerned about: be it integration of top-performing titles and new game mechanics to diversify their content portfolio, or availability and seamless performance of different payment methods including crypto, or technical sustainability of web and mobile project versions. At SOFTSWISS, we develop technologies allowing our clients to stay one step ahead and keep track of their project progress 24/7 in great detail. To achieve these goals, in 2022 we launched three Business Intelligence tools housed by the SOFTSWISS Casino Platform – BM3, Event Streaming and iGAP.”

    GAMIFICATION 

    In 2023, gamification, being one of the main player engagement growth directions, will continue to proliferate in the industry, bringing in a number of related trends.

    Cryptocurrency and NFT are expected to underpin the financial systems in meta-casinos to simplify withdrawing and depositing from different countries. At the same time, the market will be limited to crypto users.

    This year, operators are expected to rely more on jackpot campaigns to attract, reactivate and motivate players to engage in the desired type of gameplay. According to the SOFTSWISS Jackpot Aggregator’s clients,  49.6% of jackpot players increased their average bet sum in response to a global jackpot campaign, boosting the operator revenue.

    Besides being a player engagement booster, in 2023 bonuses will also find their use in regulating at-risk gambling activities and protecting overspending players. To achieve these, operators will opt for new innovative bonuses with flexible mechanics meeting various player needs. Overall, casino and sports betting projects will have to leverage different engagement tools to deliver outstanding results.

    Max Trafimovich, Chief Commercial Officer at SOFTSWISS, adds: “However, it is not the innovative technologies only that are capable of engaging the audience.  The inclusion of retention and reactivation practices in project operations also affects the growth of key casino metrics. By treating each player as a VIP bettor, we not only maximise the player LTV, but also increase the overall audience loyalty. For example, in 2022 the SOFTSWISS Reactivation team discovered that their outgoing interactions reduced player churn rate by 50%. ”

    SECURITY

    Following the iGaming industry growth, players want to understand what data operators are collecting about them, and how it will be used.

    In the context of GDPR and data security, the main Data Privacy as a priority trend will develop in several sub-trends further detailed in the report. 

    In 2023, the emphasis will also be laid on Responsible Gambling practices. Preventing affective behaviour, dealing with already problematic players, and managing marketing activities will allow having a healthy gaming experience free of economic and social risks or traumas. 

    In addition to the player care security trends, 2023 will see improved fraud prevention with advanced ML-powered tools. The SOFTSWISS Anti-Fraud department, which saved 15+ bln EUR for the company clients in 2022, shares that the most widespread types of fraud look like:

    • Bonus abuse – 69.9%

    • Money laundering – 9.9%

    • Payment system fraud – 5.9%

    In 2023 operators will be protecting their reputation and income by strengthening the verification quality with the help of additional analytical tools and services for checking documents and identifying destructive patterns.

    Andrey Starovoitov, Co-CEO at SOFTSWISS summarises the report trends: “The fast-growing iGaming market generates plenty of trends stemming from various business areas. And it’s rather a challenge to monitor and follow each of them. To be a leading casino or sports betting operator, we suggest leveraging all existing business opportunities. In 2023, that starts with the integration of innovative solutions for deep project analytics, and player engagement tools. Another thing is to choose a reliable software provider who offers deep data-driven market expertise, flexible products, top-level service, and is capable of ensuring security.”

    SOFTSWISS will be showcasing at ICE London 2023 on 7–9 February. Visitors are encouraged to meet with the company experts and Business Development Managers at stand N8-231, where they will be presenting SOFTSWISS technology solutions and product updates.

    [ad_2]

    Source link

  • Peru Gaming Show announces PGS Forum 2023 to explore the potential of the new regulated market | Yogonet International

    Peru Gaming Show announces PGS Forum 2023 to explore the potential of the new regulated market | Yogonet International

    [ad_1]

    The authorities of Peru Gaming Show (PGS) will kick off the year by opening a new space for debate, analysis, and exchange of ideas and knowledge, with the purpose of professionalizing the local sector in a Great Forum on March 8-9.

    The topic to be discussed on this occasion is sports betting and online gaming, whose dynamics have recently invaded most of the global markets and have seen great development, particularly in Latin America.

    In this context, Law 31.577 -approved in August 2022 by the Peruvian government, which regulates remote gaming and remote sports betting- gives the Peruvian market great potential, opening a wide range of possibilities for new investments and for those who are looking for safe and regulated markets. “Peru, after this law, will have gaming totally regulated in all its sectors, betting shops, land-based and remote gaming,” the organizers said in a press release.

    In view of this development, March 8-9 are key dates to listen to the voice of the major representatives of the sector, which in two presentations will “try to clarify the content of the regulations, and the decisions that are making it possible to regulate the markets, and to have safe and responsibly managed markets,” the organizers concluded.

    For more information, PGS invited people to contact the company by e-mail at [email protected], or by phone at +51 981 262 041.

    [ad_2]

    Source link

  • Entain and ARC’s Premier Greyhound Racing signs rights deal with major UK retail betting operators | Yogonet International

    Entain and ARC’s Premier Greyhound Racing signs rights deal with major UK retail betting operators | Yogonet International

    [ad_1]

    Media rights company Premier Greyhound Racing has announced a slate of rights deals with a number of major retail betting operators in the UK. The business, a joint venture between Entain and Arena Racing Company, will supply “the very best” of greyhound racing to Entain’s Ladbrokes and Coral, William Hill, Paddy Power and Betfred from 2024 onwards.

    The landmark commercial deals encompass the UK’s four biggest retail betting operators. The new partnerships will see Premier Greyhound Racing supply the respective land-based operations of each brand, with the greyhound racing rights holder providing pictures from its British tracks to the operators’ shops from the start of 2024.

    Mark Kingston, Director of Premier Greyhound Racing, said: “As important as greyhound racing is to the betting industry as a whole, greyhounds have always been a fundamental part of the betting shop service. Signing up all major retail bookmakers to take the Premier Greyhound Racing service is therefore the biggest endorsement we could have for the content we will be providing from January 2024.”

    “This commitment from retail bookmakers also underpins the viability of the service as we look to drive a competitive betting product allied to the very highest welfare standards for the greyhounds racing at our tracks,” Kingston further commented on the partnerships.

    According to Premier Greyhound Racing, its vision is “to unite stakeholders and become the global home of greyhound racing entertainment,” providing a seven-day-a-week schedule of greyhound racing on-screen. It also pledges to deliver “the market-leading greyhound racing product,” with increased welfare standards and investment to best serve racegoers, owners and trainers, with the ultimate goal of “revitalizing the sport in the process.” 

    Premier Greyhound Racing is a joint venture between Arena Racing Company (ARC), which owns horse racing courses; and major sports betting and gaming group Entain. Between them, the two companies own nine of the 20 licensed British greyhound tracks – Crayford, Hove, Monmore, Romford, Central Park, Perry Barr, Newcastle, Sunderland and Nottingham – and the media rights for five independent tracks (Kinsley, Pelaw Grange, Sheffield, Swindon and Yarmouth). 

    The new venture was launched in December 2021, “and is already in action.” Its parent companies have committed to invest in Open Racing prize money, across their nine stadia, exceeding a combined £2.5 million ($3 million). This includes sponsorship of a series of current £20,000-to-the-winner Open Races, including the Premier Greyhound Racing Regency, St Leger, Oaks and Eclipse competitions.

    In addition to boosting prize money, Premier Greyhound Racing says it remains committed to delivering “industry-leading standards” for welfare. It has committed to contribute £100,000 ($123,173) towards research identified in the sport’s governing body, The Greyhound Board of Great Britain’s Welfare Strategy: A Good Life for Every Greyhound. 

    “Premier Greyhound Racing supports the GBGB’s welfare strategies to ensure the long-term care of greyhounds both during, and after, their racing careers and has recently appointed leading animal welfare campaigner Clarissa Baldwin CBE to its Board,” the business noted.

    [ad_2]

    Source link

  • Liechtenstein to vote on a referendum to ban casinos on January 29 | Yogonet International

    Liechtenstein to vote on a referendum to ban casinos on January 29 | Yogonet International

    [ad_1]

    Liechtenstein, deemed by punters as the “Las Vegas of the Alps,” currently has six active operators dotted across a microstate a tenth the size of London and with a population of just 40,000. However, a casino ban is being put to a referendum on January 29, and if it passes, the casinos will have to close within five years.  

    The referendum, and the signatures needed to activate it, were brought about by the pressure group IG VolksMeinung, formed to fight the “casino flood.” They argue that the gaming industry risks damaging a reputation that the country, on an international blacklist of tax havens until it began easing bank secrecy laws more than a decade ago, has worked hard to regain.

    “We don’t want to establish ourselves as a casino and poker hotspot in the middle of Europe,” one of its members, Guido Meier, said at a discussion on the upcoming vote, as reported by Reuters. “It’s a big reputation problem.”

    However, this push is against the interests of the local gambling industry, including Gryphon Invest AG, which indirectly owns majority stakes in half of Liechtenstein’s gambling houses.

    “We hope that the voters will follow the advice of the two major parties, as well as the economic chamber and further institutions, and recognize that a well-regulated market is better than an outright ban,” Gryphon told Reuters in a statement.

    All six operators have opened since 2017, when a change in the law made gambling legal, welcoming crowds from Germany and neighboring Switzerland and Austria. 

    Reinhard Fischer, president of Liechtenstein’s casino association and director of the country’s Grand Casino, believes that irrespective of the referendum’s outcome, natural attrition within a limited market will reduce the number nationally anyway, to a maximum of four.

    He does not accept the argument that the industry represents a reputational threat. “What we do is in accordance with the law and in some cases even above the level required by law,” he said.

    It should be noted that last year, taxes brought by the trips made by mainly foreign visitors to Liechtenstein’s casinos generated 50 million Swiss francs ($54.51 million). “This is certainly revenue that is also relevant for our budget,” Deputy Prime Minister Sabine Monauni said.

    The government has been encouraging the population to vote against the proposed ban, which Monauni describes as “too radical, too excessive” and as not solving the problem of gambling addiction.

    “We want to continue to allow gambling in Liechtenstein and that’s why we now have to find a balance between measures that reduce activity but at the same time don’t totally destroy the market,” she concluded.

    [ad_2]

    Source link

  • Macau: Hotel occupancy rate expected to reach 90%, casino revenue to rise during Lunar New Year | Yogonet International

    Macau: Hotel occupancy rate expected to reach 90%, casino revenue to rise during Lunar New Year | Yogonet International

    [ad_1]

    While Macau posted its worst year for gambling in 2022, there are now high expectations that things might just turn around for the gaming hub during this coming year – and that rebound might start this month. Cheung Kin Chung, President of the Macau Hoteliers & Innkeepers Association, said he expects most of the city’s hotels to be fully occupied during Lunar New Year, to be celebrated on January 22.

    Cheung, an appointed lawmaker, said in a conversation with public broadcaster Radio Macau he expects that, during the holiday period, local hotels will be at 90% capacity, which is the same level as the pre-Covid Lunar New Year holidays.

    Cheung Kin Chung, President of the Macau Hoteliers & Innkeepers Association.

    As reported by the Macau Daily Times, Cheung expects the peak of booking activities would occur five to seven days before Lunar New Year. The executive said that the peak of hotel occupancy and casino revenue will occur between January 23 and 26. Most incoming tourists will be individual or family travelers, and there might be some small groups as well, although group tours from mainland China have not yet resumed.

    For his part, Wilfred Wong, President and Executive Director of Sands China, told Hong Kong media he expected the hotel occupancy rate will reach 90% during the holiday period, echoing Cheung’s forecast.

    This Lunar New Year holiday period is the first major holiday season in mainland China after the cessation of Covid-19 travel restrictions. Wong said casino revenue will also rise during this coming holiday season because, traditionally, Chinese people are eager to try their luck during Lunar New Year. 

    Wilfred Wong, President, and Executive Director of Sands China

    As reported last week, tourists are flocking to Macau after the gambling hub moved to lift its Covid-19 restrictions earlier this month. Visitation to the Chinese city and its gaming revenue for the first 10 days of January are the best they have been in two years, according to reports by government officials, while JP Morgan Securities points out GGR reached 40% of the Q4 level in just 15 days.

    [ad_2]

    Source link

  • PointsBet approved for Responsible Gambling Council accreditation in Canada and USA | Yogonet International

    PointsBet approved for Responsible Gambling Council accreditation in Canada and USA | Yogonet International

    [ad_1]

    PointsBet USA and PointsBet Canada announced they have been approved for accreditation under the RG Check program, provided by the Responsible Gambling Council. Accreditation is granted for three years after a review by responsible gaming specialists and an independent Accreditation Panel.

    Based in Toronto, the Council is an international authority that operates independently from the gaming industry, offering insights and services for land-based and online gaming providers.

    RG Check, developed by RGC’s Centre of the Advancement of Best Practices, is the “most comprehensive and rigorous responsible gambling accreditation program in the world,” according to PointsBet.

    It is designed to meet or exceed “all existing responsible gambling regulatory requirements” while also providing “a concrete roadmap for implementing broadly stated industry-responsible gambling codes of practice.”

    Teresa Fiore, Responsible Gambling & CSR Manager at PointsBet USA, commented: “At PointsBet, we strive to deliver a product that enhances the sports viewing experience which seamlessly integrates responsible gambling best practice.”

    “Since our entry into the North American market, we’ve focused our efforts on understanding the complexities of responsible gambling safeguards and implementing a responsible gambling strategy that educates, protects, and supports players,” she added.

    Chantal Cipriano, Vice President of Legal, Compliance & Government Relations at PointsBet Canada, said: “It is a tremendous honor to receive this recognition and validation of our commitment to player protection from the Responsible Gambling Council.”

    “Our promise is to continue prioritizing best responsible gambling practices while always striving to provide an unrivalled experience to sports bettors and gaming enthusiasts,” Cipriano added.

    As part of the accreditation process, program staff thoroughly reviewed PointsBet.com and PointsBet.ca based on the nine RG Check standards and undertook a comprehensive review of documentation and training, employee interviews, employee surveys, and testing of the websites.

    Shelley White, Responsible Gambling Council CEO, added: “Congratulations to PointsBet on successfully completing and achieving Responsible Gambling Council’s RG Check iGaming Accreditation for its sites, PointsBet.ca and PointsBet.com. This achievement is a strong demonstration of PointsBet’s commitment to prioritizing player protection, education and harm minimization throughout its operations.”

    “RG Check is an invaluable tool for managing risk and monitoring the overall effectiveness of RG programming, and provides a roadmap for continuous improvement,” White added. “RGC is proud to provide PointsBet with ongoing support in its responsible gambling journey.”

    The accreditation comes as PointsBet expands its presence in the North American market. This week, the Massachusetts Gaming Commission voted unanimously to approve temporary licensure for the operator, among other companies.

    [ad_2]

    Source link

  • Endorphina inks 10 new partnership deals within two months | Yogonet International

    Endorphina inks 10 new partnership deals within two months | Yogonet International

    [ad_1]

    B2B online slots provider Endorphina has announced the closure of 10 new partnerships within the past two months. The company sealed 7 agreements in December alone and kicked off 2023 with three new deals in January.

    “Endorphina saw the last remaining days of the year as an opportunity for partnerships, doing business, and moving steps closer to achieving their goals,” says the supplier. In December, the business partnered with FilsGames, StarCasino, SuperBet, Timeless Tech, Staryes, Bitville Gaming, and InBet.

    Meanwhile, in the first month of 2023, Endorphina has already partnered with FavBet, AdmiralBet, and Betn1. Following the news, Endorphina said it remains committed to further pushing forward “with the same energy this year.”

    All in all, 2022 was a highly positive year for the gaming provider, which gained licenses and certifications in more than 20 countries within the past 12 months. And looking toward 2023, the business plans to keep on bringing new content and entering new jurisdictions.

    Attendees of ICE London 2023, to be held February 7 – 9 at ExCel London, will have the chance to check out the latest Endorphina’s offerings at stand N7-230. There, the supplier will have team professionals at hand to meet and greet the public, providing insights on the business, game creation and more.

    “As one of the few events that really gets us excited, we’re eagerly looking to bring extraordinary endorphins to you all at the upcoming ICE London,” said the company in a statement. “Whether you’ve just started following us or have been with us since the beginning, you can bet that we have something special planned for you at our stand N7-230.”

    [ad_2]

    Source link

  • Slotegrator analysis: Market ratings by online gambling development in 2023 | Yogonet International

    Slotegrator analysis: Market ratings by online gambling development in 2023 | Yogonet International

    [ad_1]

    The online gambling market is continuing to grow: analysts predict that the global iGaming market will have an estimated value of $113.12 billion by 2025. The largest markets are the UK, the USA, Australia, Japan, and China, but experts see impressive potential and great prospects for expansion in emerging markets. Ayvar Gabidullin, Business Development Manager at Slotegrator, ranked the markets worth betting on in 2023 according to experts.

    This review presents the top five emerging markets:

    Latin America

    Latin American countries such as Brazil, Peru, Mexico, Argentina, Columbia, and Chile have grabbed plenty of headlines throughout the iGaming sector in the past few years. Brazil in particular often referred to as the “sleeping giant” of Latin America, is one of the largest markets in the region. Brazil’s online gambling GGR is expected to grow significantly and will reach about $1.6 billion by 2026.

    Among the countries actively working towards regulatory reform are Bolivia, Mexico, and Brazil. In the latter two, legislation is pending. Meanwhile, Colombia is updating legal provisions to better adapt to the digital age.

    Latin Americans prefer online gambling because not everyone has access to land-based casinos. The most popular games are sports betting, slots, bingo, and poker.

    Asia

    Asia is a very diverse and promising region, densely populated, and with a rapidly growing economy. As for gambling control in Asian countries, this market is considered one of the most tightly regulated. However, there is a drive to liberalize the market: Thailand is discussing the details of market regulation, Vietnam is testing a pilot program to allow locals to play in casinos that previously only admitted tourists and some states in India are considering regulating online gambling. In Japan, the gambling market is very limited, but players spend an impressive amount of money on foreign sportsbooks — roughly $40 billion each year. For their part, Chinese gambling enthusiasts spend ¥1 trillion ($145.5 billion) annually on online gambling, much of it in cryptocurrency.

    Chinese players are known for their frequent visits to offshore casinos, chiefly live dealer games based in the Philippines. Within China itself, the special administrative regions of Macau and Hong Kong are famous for their gambling and betting sectors, but gambling is prohibited throughout the rest of the country (aside from the national lottery).

    The Indian market is full of potential, despite its complicated regulatory landscape (laws vary from state to state, though the country recently established a national regulator). In 2022, total revenue in the casino gaming segment was projected to reach $1 billion within a few years. With a population of 1.3 billion, increasing internet connectivity, and spreading mobile usage, India has plenty of potential for operators who successfully localize their offerings (including rummy, cricket betting, and other local favorites).

    As for the CIS, Georgia and Armenia are both promising regions. These countries are very attractive to tourists with their gambling sector, which is growing rapidly every year. In Georgia, operators can offer online casino games and sportsbooks only if they have a license for a land-based project. Neighboring Armenia has gambling participation rates roughly six times those of the UK, one of the strongest markets in the world.

    Africa

    Africa’s most attractive iGaming markets are Nigeria, Kenya, Tanzania, Uganda, and South Africa (the continent’s largest market, with a GGR, projected to reach $2.3 billion by 2023).

    Africans like a range of online casino games, and this trend is growing rapidly, but their main passion remains betting on sports. If we study the economic potential of countries such as South Africa, Nigeria, Uganda, Kenya, and Ghana, namely their passion for sports betting, we can see the prospects of this continent.

    Slotegrator’s experts have a few reasons to believe that the gambling industry in Africa will continue to grow rapidly:

    • Increasing incomes are leading to a growing middle class.

    • The spread of internet access and the low price of computers and smartphones allow more people to go online.

    • There is a general improvement in gambling taxation and legislation.

    Europe

    Europe is a fertile market for the iGaming industry, offering investment opportunities of all kinds. Some of the key advantages of the market are growing economies, established leaders, and promising new markets

    The European Gaming and Betting Associate (EGBA) estimated that in 2022, total GGR in Europe grew by 23% to €108.5 billion. For their part, online gambling revenues grew by 8% compared to 2021, to €38.2 billion.

    Scandinavian countries have very strong economies, but each country has different regulations. Denmark and Sweden are regulated, growing, and prosperous countries, and both online casinos and sports betting are popular here.

    The UK and Ireland have a preference for sports betting, with horse racing remaining a perennial favorite. Online betting is regulated, as are online casinos, but sportsbooks are more popular among players. They are also popular in France, as is poker. Belgian players enjoy a variety of casino games, especially dice games. In Germany, gambling used to be allowed only in land-based casinos but recently approved regulation allows online casinos and betting.

    The Baltic countries have seen economic growth and good regulatory development — Latvia, Lithuania, and Estonia offer licenses for both online casinos and sportsbooks. Players there prefer the online versions of traditional games like poker, blackjack, and baccarat. Bingo will always be welcome — in short, everything players are used to seeing in land-based casinos will be well-received on online platforms as well. As for sports, basketball, hockey, and ice cricket are very much in demand.

    Switzerland and Poland have huge potential and offer outstanding opportunities.  Switzerland is one of the world’s most developed countries in terms of nominal GDP per capita, though regulation for online gambling has been introduced relatively recently. Poland is the sixth largest economy in the European Union, and with a population comparable to its western neighbors, it is likely that its iGaming market will continue to strengthen in the coming years.

    “Each market has its own demand, and it is a combination of several factors: regulation, economy, culture, and habits,” says Ayvar Gabidullin, Business Development Manager at Slotegrator. “Our team studied the specifics of each market, and we are focused on these regions and confidently recommend them to our clients and partners. The market prospects are impressive — according to forecasts, the online gambling and betting market will reach about $150 billion by 2030. The game is definitely worth the candle.”

    [ad_2]

    Source link

  • Sportingtech: “In 2022, we had exponential growth, especially in LatAm and Africa” | Yogonet International

    Sportingtech: “In 2022, we had exponential growth, especially in LatAm and Africa” | Yogonet International

    [ad_1]

    As we leave behind a year marked by the return to in-person industry events, the rise of online gaming, and the rebound in land-based casinos, iGaming platform provider Sportingtech prepares for the year ahead. 

    Expansion across new markets has been the key to the provider’s successful year in 2022 and the company expects to continue in that line for the year that just started. Colin McDonagh, Chief Sales Officer at Sportingtech, shares his assessment of the work done throughout the year as well as his thoughts on the challenges to come.

    What assessment do you make of 2022?

    It’s been a hugely positive year for Sportingtech, which has seen a great deal of internal change, especially over the past few months, with a number of new additions creating a solid bedrock that has fuelled aggressive growth. Bobby Longhurst, our Managing Director, took the reins earlier in the year with the ambition to extend the company’s reach in emerging and regulated markets worldwide, as well as lotteries, with our comprehensive sports betting and casino product offering, and has done so to great effect.

    Which was the highlight of 2022 for Sportingtech?

    One of the mainstays of Sportingtech’s success this year has been its exponential growth, especially in LatAm and Africa. Notably, we have seen a number of high-profile operator deals in numerous markets across Africa, best evidenced in our partnerships with operators 888AFRICA and SunBet.

    It has been hugely rewarding to see that our vibrant, knowledgeable leadership team drives the business forward, accurately displaying the technological expertise that Sportingtech has to offer, and this has proved invaluable, especially this year when presented with the sporting behemoth that is the World Cup.


    Sportingtech at ICE 2019

    What are the most challenging aspects of compliance that the igaming sector faces today?

    The word ‘uncertainty’ sums up the industry’s compliance issues aptly. This is evident if we look at UK-facing operators that are sometimes reliant on an uncertain approach to updating regulation, largely because of an outcomes-based regulation model and a hostile press that heavily scrutinizes the industry’s every move.

    Further afield, it’s been suggested that Curaçao will introduce wide-ranging changes to its licensing regime at the end of 2022. Here, we see the same problem – operators being told about changes in regulation, but with little detail to help update processes and controls. Appropriate changes are welcome, but hopefully, Curaçao doesn’t follow a model that irreparably damages its economy and gaming sector.

    How have sportsbook features become increasingly important to attract and retain bettors? And what can Sportingtech offer?

    This year’s World Cup is the perfect example of how sportsbooks have had to step up and provide next-level solutions, and we have delivered on that front. Features like Bet Assist have tackled any challenges head-on, generating automated betting tips based on historical data, live-score, and AI analysis, covering both pre-match and in-play markets with complete bet slip integration, user engagement has increased, as well as retention and turnover rates.

    In addition, bet builders have given newcomers to sports betting an efficient and engaging way to get involved, while FastBet, the only feature of its kind on the market, has enabled users to wager across all sports at the touch of a button without creating a betslip.

    What’s next for your award-winning Quantum platform?

    Next year will herald an even greater focus on personalization for the industry, which Quantum will be on hand to address. Customers all over the world are coming to expect a more personalized betting experience, and we foresee a greater necessity for personalization in 2023. We’re long past the point where a cut-and-paste offering is enough.

    Now, end-users actively expect a product that feels specifically catered to them. An operation has to stand out from the crowd in its own right and feel fresh when compared to the competition. This is yet another way that our Quantum platform enables businesses to thrive, by being customisable to the point of meeting the individual needs of each operator we work with.

    The Latin American market is growing rapidly, what’s your business plan for Latin America?

    From our extensive presence in Latin America, we have seen a surge of sportsbooks and casinos embrace the online market following changes in regulation.

    Quantum’s customizable nature makes it the ideal platform for these markets allowing operators to tailor the product to their own specific needs – by offering such a versatile platform, operators looking to establish themselves in emerging markets and create a player-centric betting experience can do so. We’ll also continue to roll out the lite versions of our offering for jurisdictions that don’t yet have robust bandwidth.

    You have also announced partnerships in Africa, what can you tell us about the African market?

    Our recent partnerships are indicative of the iGaming industry’s thoroughly bright future on the continent of Africa – not only sports are a pillar of many countries there, with sports betting growing stronger every year, but online casino entertainment is gradually becoming more familiar to a variety of markets across the region.

    Regulation, payment options, and myriad other player preferences vary massively across Africa and, as a result, an increasing number of tier-one operators are realizing that flexible platform solutions like Quantum are necessary to cater to audiences across such regions. Through our modular offering that is backed by local people providing excellent customer support on the ground, we’ve successfully proved we can build a tailored product for each of these markets.

    In regard to your roadmap for future development, how is Sportingtech planning to capitalize on recent operator deals going forward?

    We’re deeply excited about the possibilities the new iFrame product has to offer. Our iFrame integration allows us to add a sportsbook to a partner’s website without any real change to their existing UI. This is perfect for operators who want to explore whether a sportsbook offering is right for their business, without investing a significant sum and overhauling their current front end in order to find out.

    We’ve already taken this live with several partners to great effect, so we think this new string to our bow will prove incredibly popular in 2023. As well as that, we have big plans for our continued growth in LatAm and African jurisdictions with the help of our ever-evolving Quantum platform.

    What surprises are you preparing for 2023?

    We’re very much looking forward to meeting delegates at ICE 2023, where we will be discussing all of our solutions for operators designed to give them the confidence to keep their players engaged and satisfied in the new year. With purse strings tightening due to international cost-of-living woes, it is more pertinent than ever for operators to offer a best-in-class entertainment experience, as gaming becomes more of a luxury for many customers.

    We’re also looking forward to doubling down on our continued expansion efforts – by the end of 2023, we expect to have rolled out in several other markets as more African countries begin to see the advantages of common-sense regulation. We can also expect to see our Quantum platform grow and add more strings to its bow as we encounter challenges and manipulate the platform to adjust and overcome them.

    [ad_2]

    Source link

  • Aruze opens its first European office to support EMEA expansion plans | Yogonet International

    Aruze opens its first European office to support EMEA expansion plans | Yogonet International

    [ad_1]

    Gambling solutions developer Aruze Gaming Europe announced Wednesday its first office in Europe, providing dedicated sales and service support to Aruze’s European, Middle Eastern and North African market bases. 

    David Meacher, Director of Business Operations at Aruze Gaming Europe, commented: “Aruze’s presence is expanding rapidly in European, Middle Eastern, and North African markets and the establishment of our independent office demonstrates our continued commitment to the players and operators of these regions.”

    “Our customers are invaluable to us, and bringing ourselves that much closer to them will strengthen our relationship and understanding of these specific markets, as well as provide more in-depth and personalized service and sales support,” he added.

    The office operates out of the Netherlands and will serve as Aruze’s European headquarters moving forward. The move comes as Aruze sees “noticeable growth” in sales and installations in Europe, as well as the Middle East and Northern Africa.

    “As new markets continue to arise in these regions, Aruze Gaming Europe will look to capitalize through a dedicated and focused regional approach,” the company said in a press statement.

    The expansion of Aruze’s offices to Europe furthers the company’s mission to be “a global provider of casino solutions.” Aruze provides “a gaming solution for everyone,” from classics such as Lucky Roulette and ETGs like BlackJack and more, all the way to iGaming.

    Aruze also provides casino-arcade hybrid games based on the company’s Activ-Play technology. These games are based on the same RNM technology of a slot, but have the engaging play-style of an arcade game.

    With the expansion, Aruze will also continue to bring its flagship luxury cabinets to Europe. These include Muso Curve 43 and 55, and Muso Triple 27 and 32, which provide “a comfortable and captivating gaming experience.”

    Four Aruze team members will kick off the European office, with the company planning to expand throughout 2023. The direct regional support office announced operations ahead of ICE 2023, where Aruze’s products will be on display at booth S9-330.

    [ad_2]

    Source link

  • BetConstruct announces public sale of its Fasttoken cryptocurrency | Yogonet International

    BetConstruct announces public sale of its Fasttoken cryptocurrency | Yogonet International

    [ad_1]

    Gaming technology and services provider BetConstruct has announced the official public sale of its Fasttoken, the native cryptocurrency of the Fastex ecosystem. From January 18-20, everyone will get the chance to purchase FTNs at a fixed price of EUR 0.35, “a great opportunity to purchase FTNs early on and get it at an estimated price.”

    Before being available to the public, FTN has already had a number of updates. First and foremost, Fasttoken is going to be on the list of official cryptocurrencies on BetConstruct’s network. More than 70 iGaming developers have already included FTN as one of the accepted cryptocurrencies on their platforms, notes the company. The token has also recently passed an ERC-20 and smart-contract distribution audit from CertiK, a blockchain security pioneer; and Hexens, a cybersecurity solutions company.

    “Fasttoken plans to partner with even more providers in the future, so each player can use their FTNs on their preferred platform,” the company said. “Make sure to use the greatest opportunity to be one of the firsts to jump on the train and get your FTNs at a very beneficial rate.”

    “FTN is the official cryptocurrency of Fastex ecosystem and the native token of the Fastex Chain developed and curated by leading tech giant SoftConstruct,” Fasttoken’s website describes. “With SoftConstruct’s vast network, over 1 million active users, and 700 partners all over the globe, FTN will have numerous real-world use cases from day 1 implying high organic growth.”

    The past week, BetConstruct also confirmed that gaming solutions provider Zeus Play is planning to add FTN to its list of supported cryptocurrencies. The company will adopt the coin during Q1, 2023. It joins other companies such as BETER Live, BGaming, and Fugaso in adopting Fasttoken.

    This week, the company launched its brand new Content Management System Pro, which offers improved digital content management options and “simple, flexible and scalable solutions for the iGaming world.”

    Managed via a single tool, the operations demand fewer resources, making the process cost-effective and more efficient, says the company. It provides an entirely adjustable Configs module with functional settings such as global or skin configs, all based on the partners’ preferences and individual requirements. 

    [ad_2]

    Source link

  • Boyd’s Fremont Casino debuts new FanDuel Sportsbook, additional gaming space amid multi-million dollar renovation | Yogonet International

    Boyd’s Fremont Casino debuts new FanDuel Sportsbook, additional gaming space amid multi-million dollar renovation | Yogonet International

    [ad_1]

    Las Vegas-based Boyd Gaming celebrated Thursday the grand opening of the rebranded FanDuel Sportsbook at its Fremont Casino, plus the debut of 10,000 square feet of additional gaming space. It is one of the first unveilings of a $50 million property-wide renovation and expansion project. 

    A new six-stall food hall, built on a former parking lot on Third Street, also made its debut last week, along with the new gaming options. An entrance and a patio were added along Third Street, which the city recently rebuilt as a pedestrian mall that creates access to the Fremont Street Experience from Ogden Avenue. 

    The 2,900-square-foot FanDuel Sportsbook is near the food hall and Third Street entrance. The area has 12 bartop gaming machines, 12 65-inch TVs, four transaction windows and seven self-service kiosks. Meanwhile, the additional casino space features about 120 more games, taking over the former buffet section of the property.

    Boyd, which has a 5% stake in FanDuel, still operates the Fremont book. But the FanDuel brand may pull in customers familiar with it in their home state. The company said it has 42% of the market share by gross gaming revenue in 2022’s third quarter.

    Boyd also recently renovated the property’s hotel rooms, and it plans to renovate the entire casino floor a section at a time. Officials expect that work to finish before the end of the year, according to Las Vegas Review-Journal.

    Steve Thompson, Executive Vice President of Operations, said at the opening: “Once we’re done, the entire Fremont casino will have the look and feel of this expanded casino space that you see — a modern, exciting new design for one of downtown’s most legendary properties.”

    The rebranding of Fremont Casino’s sportsbook to FanDuel was greenlit back in August by the Nevada Gaming Commission. FanDuel’s parent company, Ireland-based Flutter Entertainment, along with several of its subsidiaries –including FanDuel itself–, were then allowed to collaborate in the operation of the Fremont Casino property in downtown Las Vegas. 

    It was established early on that existing Boyd personnel would continue to run the sports betting operation, and FanDuel would not supply any technology. Under the agreement, FanDuel will provide advice on odds and risk management through Boyd’s existing IGT sports betting system.

    [ad_2]

    Source link

  • MGM CEO Bill Hornbuckle reappointed to US Travel and Tourism Advisory Board | Yogonet International

    MGM CEO Bill Hornbuckle reappointed to US Travel and Tourism Advisory Board | Yogonet International

    [ad_1]

    Secretary of Commerce Gina Raimondo announced Thursday the appointment of 32 leaders from businesses and organizations in the domestic travel and tourism industry to the US Travel And Tourism Advisory Board. Representing the gaming industry, President and CEO of MGM Resorts International Bill Hornbuckle is one of them. 

    TTAB members advise the Secretary of Commerce on how government policies and programs affect the travel and tourism industry and offer counsel on current and emerging issues to support the sustainable growth of the travel and tourism industry as the nation’s economic engine. 

    “Travel and tourism returned with force in 2022 as we opened up our country once again to visitors from around the globe. Since day one of the Biden Administration, the Commerce Department has taken decisive actions to support this industry’s recovery,” Raimondo stated. 

    “The US Travel and Tourism Advisory Board plays a vital role in providing expert recommendations and industry insight to optimize the American travel experience. I look forward to working with new and returning members,” she added. 

    TTAB was first chartered in 2003 and has been re-chartered nine times. Past boards have provided advice on a wide range of policies and issues, including travel facilitation, visa policy, infrastructure, aviation security, tourism research, climate and economic sustainability.

    The membership for the 2023-2024 term of TTAB includes representatives of state and regional economic development teams, businesses, and organizations such as Airbnb, Marriott International, Carnival Cruise Line, Tripadvisor, Booking, and more. 

    [ad_2]

    Source link

  • Massachusetts regulator appoints Bruce Band to oversee sports wagering division | Yogonet International

    Massachusetts regulator appoints Bruce Band to oversee sports wagering division | Yogonet International

    [ad_1]

    The Massachusetts Gaming Commission (MGC) has appointed Bruce Band to lead its new sports betting division. The MGC intends to launch retail sports betting at category 1 licensees on January 31, with online and mobile wagering scheduled to follow in March.

    In addition to overseeing the new sports wagering division, Band will coordinate with other divisions within the MGC including research and responsible gaming, IT, legal, and the Investigations and Enforcement Bureau.

    The appointment took place at the regulator’s latest meeting, in which Fanatics was also granted a sports betting license. Commissioners voted unanimously to approve the sports apparel giant for a category 3 sports betting operator license, which will be tethered to Plainridge Park Casino‘s Category 1 sports wagering license.

    Cathy Judd-Stein, MGC chair, said: “Bruce has been an essential member of the Massachusetts Gaming Commission team for nearly a decade, and on behalf of my fellow commissioners, I am thrilled he will be taking on this new role leading our sports wagering division.”

    “Because Bruce has been working closely on the implementation of sports wagering already, he won’t miss a beat as he begins his new responsibilities and prioritizes the integrity of sports wagering and the safety of patrons here in the Commonwealth,” she added.


    Executive Director Karen Wells

    The Massachusetts State Legislature passed, and former Governor Charlie Baker signed legislation legalizing sports wagering in August 2022. As he works to stand up sports wagering in the Commonwealth, Band will report to Executive Director Karen Wells and the Commissioners.

    “Bruce is someone who gets the work done and I think his past track record of opening the three casinos here on time with integrity demonstrates his ability to do this role,” Wells added.

    Band has worked in the gambling industry for over 40 years and has served as assistant director of the MGC investigations and Enforcement Bureau and Gaming Agents Division chief since 2014. Prior to this, he worked in various roles at the New Jersey Casino Control Commission.

    [ad_2]

    Source link

  • Massachussetts regulator approves Fanatics sports betting license, tethered to Plainridge Park Casino | Yogonet International

    Massachussetts regulator approves Fanatics sports betting license, tethered to Plainridge Park Casino | Yogonet International

    [ad_1]

    The Massachusetts Gaming Commission has voted to approve Fanatics‘ request for a temporary sports betting operator license. Commissioners voted unanimously to approve Fanatics for a category 3 sports betting operator license, which will be tethered to Plainridge Park Casino’s Category 1 sports wagering license.

    Nonetheless, the company will need to undergo a full suitability review by the MGC’s Investigations and Enforcement Bureau, after which it will also be requested to present an operations certificate and meet additional conditions to begin accepting sports wagers. 

    Approval followed “multiple public meetings” of the MGC where Fanatics presented and Commissioners reviewed the entity’s application. Fanatics also agreed to approve an internal responsible gaming plan and provide that plan to the MGC.

    The preliminary approval comes after the company announced earlier this month it will use Amelco’s source code to power its sports betting product in the state. The MGC intends to launch retail sports betting at Category 1 licensees on January 31, with online and mobile wagering scheduled to follow in March.

    “FBG will launch its online wagering platform in Q1 2023, and will deploy that product to the majority of legal online wagering states before September 2023, including the Commonwealth of Massachusetts in partnership with Plainridge Park Casino,” the company said in a statement earlier this month.  

    Launches have been anticipated in Ohio and Maryland. Fanatics previously secured initial approval in both jurisdictions, thus meaning that one of the two markets may mark its debut in Q1 this year.

    In parallel, the MGC announced the appointment of Bruce Band to lead its new sports wagering division, in a role in which he will oversee the new division and coordinate with other divisions within the MGC including research and responsible gaming, IT, legal, and the Investigations and Enforcement Bureau.

    [ad_2]

    Source link

  • IGT’s Wheel of Fortune awards three million-dollar-plus jackpots in North America during December | Yogonet International

    IGT’s Wheel of Fortune awards three million-dollar-plus jackpots in North America during December | Yogonet International

    [ad_1]

    International Game Technology (IGT) announced Wednesday that its Wheel of Fortune and Powerbucks slots awarded three million-dollar-plus jackpots in the month of December. 

    • On December 8, an online Powerbucks slots player won CAD 1 million playing Wheel of Fortune Latin Getaways in Ontario, Canada.

    • On December 15, an online Powerbucks slots player won CAD 2.1 million, the second-largest jackpot in the history of the product, playing Wheel of Fortune Shimmering Sapphires in British Columbia, Canada. 

    • Finally, on December 31, a Wheel of Fortune slots player won $1.1 million playing Wheel of Fortune 4D at the Three Rivers Casino Resort in Florence, Oregon. 

    IGT Powerbucks slots have paid 44 jackpots of $1 million or more since their Canadian debut in 2016, says the company. Wheel of Fortune slots have minted over 1,100 millionaires and awarded over $3.4 billion in jackpots since their launch in 1996. IGT’s Wheel of Fortune awarded two $1 million+ jackpots in November.

    The Wheel of Fortune slot is inspired by the popular Wheel of Fortune TV program, which reaches more than 25 million weekly viewers. Trademarked as America’s Game, it has earned seven Emmy Awards including a Daytime Emmy for Outstanding Game/Audience Participation Show.

    The monthly Wheel of Fortune report marks one of IGT’s first announcements in the new year. This January, IGT also reported that its IGT PlaySports technology is now live in Ohio.

    Through an agreement with Green Bear Gaming Development, operating as UBetOhio, IGT’s PlaySports QuickBet Kiosks have been deployed at restaurants and bars across the state. The company also plans to deliver its PlaySports Pads in the coming months.

    [ad_2]

    Source link

  • Cambodia implements new revenue-based taxation system for land-based casinos | Yogonet International

    Cambodia implements new revenue-based taxation system for land-based casinos | Yogonet International

    [ad_1]

    Cambodia is implementing a new taxation system for casinos, according to local media reports. The Ministry of Economy and Finance (MEF) officially adopted a new tax on gross gaming revenues model on December 30, replacing the country’s previous “lump sum” system, which had been in place for several decades and called for casinos to pay a flat rate on their revenue

    Commercial gambling businesses are now also required to follow the International Financial Reporting Standards. These are a set of accounting standards that govern how particular types of transactions and events should be reported in financial statements, and were developed by the International Accounting Standards Board (IASB).

    Mey Vann, Secretary of State of MEF, told Khmer Times that the new rules and procedures of taxation would enable the government “to improve transparency and accountability” in tax collection from Cambodia’s commercial gambling industry. They are also expected to help the government in the implementation of anti-money laundering and anti-corruption measures.

    “There would no longer be cases of hiding cash to be paid to the authority even by the casino owners and tax officials as the rules and procedures determine check-and-balance practices for the balanced power among operators, regulators, inspectors and other relevant stakeholders involved in the implementation of the new proclamation,” Vann explained to the cited source.

    “Check-and-balance practices mean all relevant parties are required to check or examine one another. None of them can exploit anything in the gambling business operations, while the casino party would not be able to cheat the gamblers and the gamblers would not be able to cheat the casino. Gamblers at casinos can file complaints if they have evidence,” Vann said.

    The revenue-based tax model comes more than two years after Cambodia’s long-awaited casino bill, the Law on the Management of Integrated Resorts and Commercial Gambling (LMCG), was passed into law. Vann also unveiled plans to force casino owners to change the word “casino” to “commercial gambling” on all signage once a five-year grace period expires, in an effort to market Cambodia’s casinos as “entertainment centers” instead of gambling hubs.

    “We cannot ask them to change immediately and so we have to give them some time and they are related to many factors such as their internal agreements and other legal aspects,” Vann told Khmer Times. The LMCG sets the tax rate on mass gaming at 7% and on VIP at 4%, as well as outlining a raft of other new regulatory controls. However, the MEF has noted that these controls will be gradually implemented over the course of the aforementioned five-year period.

    The new guidelines and procedures to implement tax obligations on the commercial gambling industry are divided into two folds that would enable the General Department of Taxation (GDT) to properly regulate the industry, Khun Darith of auditing firm K Professional Accountants (KPA) told Khmer Times. The regime calls for monthly and annual tax collections.

    “To me, this is a very good step for Cambodia to have such guidelines and procedures to properly regulate the industry. It is a very excellent step to have clear procedures and mechanisms for this gambling industry to implement their tax obligations, as there were no clear procedures before,” said Darith, noting there are more than 100 licensed casinos in operation.

    The new guidelines instruct all gambling businesses to register with GDT, declare all gambling income and other incomes from non-gambling activities, which will contribute to additional tax incomes, and maintain proper accounting records and retain the supporting documents and records for 10 years. Non-compliant casinos could face legal and regulatory action.

    The novel taxation system follows a previous call for a crackdown on illegal gambling establishments by Cambodian Prime Minister Hun Sen, amid a rise in kidnapping cases linked to illicit operations. The policies also make it clear that only licensed casinos can continue to operate in the country.

    [ad_2]

    Source link

  • Arkansas: Mobile sports betting sees its best month yet in November as market takes off | Yogonet International

    Arkansas: Mobile sports betting sees its best month yet in November as market takes off | Yogonet International

    [ad_1]

    Mobile sports betting is nothing but incipient in Arkansas. However, early market figures show the appetite for this form of wagering seems to be growing. Sportsbooks posted their best month yet in November with more than $30.5 million bet on sports, and handle-to-date reports show mobile is beating in-person sports gaming.

    The Arkansas Legislature’s Joint Budget Committee approved mobile sports betting through the state’s three existing casinos in February 2022. Southland Casino Hotel in West Memphis launched its mobile betting app, Betly, in March. Saracen Casino Resort joined the market in May, with its Bet Saracen app; and Oaklawn Racing Casino Resort went live with Oaklawn Sports in September.

    Thus far, Saracen has seen the most mobile success, handling more than $52 million in bets between May and November, according to the state Department of Finance & Administration. That is $42 million more than its on-site sports betting handle from January through November (sports betting on-site at Arkansas casinos had been approved by voters in 2018).

    Southland, which had the state’s first mobile betting app, handled $39 million between March and November, $13 million more than its on-site handle for the year. And Oaklawn’s mobile sports handle was $5 million for its first three months of operations, while it handled $20 million onsite through November.  

    As reported by Arkansas Business, Osi Imomoh, president and general manager of Southland, said: “We are very pleased with the performance of our Betly online and mobile sportsbook offerings. After about nine months under our belt, we are seeing positive growth – growth that is sustainable and doesn’t inflate the market with loss-leading promotions and bonuses that oftentimes come with the out-of-state national brands.”

    The Arkansas mobile sports betting model is rather unique in the US, as it requires 51% of the net revenue to be reserved for the casino, much higher than the average national rater. National sportsbook giants such as FanDuel and DraftKings had argued against that rule before the Arkansas Legislature adopted it in February.

    Carlton Saffa, chief market officer for Saracen, told the cited source that the state cut “its own path” in terms of regulating mobile sports betting, and that he believes the Arkansas scheme will prove to be “the right model.”

    Saffa notes that the usual agreement between casinos and sportsbooks in other states has the sportsbooks keeping up to 90% of the revenue. That makes the casino a silent, minority partner, according to the executive.  

    By keeping more money local, the Arkansas model will result in more jobs and more tax revenue for the state, Saffa argues. He also remarked there are three public policy reasons for gambling: jobs, taxes, and keeping revenue local.  

    Arkansas legislature

    “If you have created an environment where you have outsourced sports betting to a third party, very few jobs are created,” Saffa told the cited source. “If you’re giving away so much in promotions that the business is not sustainable, there are no taxes created.”

    While early results are positive, Oaklawn General Manager Wayne Smith told Arkansas Business that he believes there is “room for growth” as mobile sports betting has only been introduced for four to six months in the state. “As we found with our Oaklawn Anywhere horse racing app, it will take two to four years for the state to hit its peak,” he stated.

    But for now, operators have much to celebrate. November’s handle of more than $30.5 million made the month the most significant in the state’s history for sports betting thus far, reports Ozarks First. Previously, October had been the largest month, with $26.87 million in wagers. The state Department of Finance and Administration reports that more than $124 million has been wagered on sports since January 1. 

    [ad_2]

    Source link