Online Casino News From Around the Globe

Camelot Under Fire From Government Watchdog As Good Causes Revenues Fall

UK National Lottery Operator Camelot is coming under fire from government watchdogs due to the disparity between profits in the last seven years and money given to good causes. The National Auditor Office (NAO) reports indicates that income fell to £1.63 billion while at the same time three of the largest Lottery distributors increased their grant commitments by a total of £88 million. This latest drop came as Lottery sales fell by 9% to £6.93 billion compared to the previous year. To make matters worse Camelot have said they expect a further decrease in money for good causes in 2017-2018. Chairperson of Westminster’s public accounts committee Meg Hillier even voiced her suspicion that Camelot may not be operating under the National Lottery Act due to the 15 percent drop in income for good causes. She went on to point out that the drop in income for good causes comes at a time when Camelot’s profits increased by 122% in the last seven years. Another factor in the lower revenues was the fact that there was drop in draw-based games where return ranges from 34p for each pound spent. This is in contrast to scratch cards who showed an increase in sales and where only around 10p of every pound went to good...

Read More

FanDuel Lays Off Employers Following Eccles Departure

Last month we reported on Founder and former CEO of FanDuel Nigel Eccles departing the daily fantasy giant. The company which is mainly based in New York but still maintains a presence in Scotland where it was founded has reportedly laid off personnel amid growing concerns regarding their financial viability. According to the latest reports that were filed FanDuel has lost £140m which a large portion went into legal bills which they faced in the U.S. from various authorities including the most high profile in New York. The exact number of layoffs is not known but it is believed to be on the product side of things in the company and comes amidst the background of new CEO Matt King who is being forced to make major changes to the company structure following the failed merger with DraftKings. DraftKings is now clearly the market leader in the daily fantasy sports market and FanDuel have without a doubt lost a lot of their appeal to investors due to poor financial results. FanDuel in a statement themselves seemed to blame the courts which to some will be seen as evading responsibility. The statement said, ”With the Supreme Court hearing oral arguments regarding PASPA and audiences increasingly watching sports through alternative platforms like ours, FanDuel restructured the operational functions within its core business yesterday to enable employees to maximize product innovation and delivery, and capitalize on the momentum across the sports tech industry.” It is worth remembering Eccles words of optimism when he departed and the praise he gave to his successor. At the time he painted what seems to be an over the top rosy picture when he said,’ With his strategic vision, range of experiences, and broad skillset, I cannot imagine a better individual to steer FanDuel...

Read More

Report Released By UKGC Shows Less Young People Gambling

The dangers of underage children being exposed to gambling is a major point of contention for the UKGC. Under sustained pressure for the government the UKGC is continuously looking to crackdown on shady methods employed by operators in exposing underage children to gambling problems. Today the UKGC released findings of a survey conducted by Ipsos Mori that explored the gambling activity of individuals aged 11-16 in Scotland, England and Wales. It was find that 12%of those surveyed had gambled in some form in the last week. This is an improvement from the previous year which was 16% and way less that the 23% surveyed in 2011. Those who admitted gambling were found to have wagered around £10. This latest survey was conducted in Wales, Scotland and England while the previous study was only in England and Wales and was for players between ages of 12-15. This could explain the figure of 0.9% of respondents who were considered problem gamblers which is twice more than the 0.4% reported in 2016. Most common form of gambling were fruit machines found in pubs and arcades where 4% of youth were found to be participating with. This was followed by scratchcards, playing card and the lotto. When it came to online gambling only 1% of respondents did this. About 7% of respondents used their parents or guardians account to gamble online but a 88% of these were actually given permission to so by their parents or guardians. Around 11% of respondents engage in free-to-play casino games which have often been blamed for luring future players into the gambling world. The media had a lot to answer for when it came to exposing gambling as 80% of respondents admitted to having seen gambling ads on television. Social media also featured prominently with 70% of respondents being exposes to gambling ads. Executive director of the UKGC Tim Miller pointed out the fact that most of the unwarranted exposure for gambling to underage players was not coming from operators but “ many children’s experiences of gambling-style activities are coming from the playground, the games console or social media rather than the bookmaker, the casino or the gambling...

Read More

Christmas Comes Early For Malta Bookies With Planned Vat Exemption

In an effort to get more with the times, the Maltese Government has announced plans to modify a law that dates back to 1998 when Malta was not a well-known gambling hub. According to a notice published in the Government Gazette, as of January 1 the placing of bets and wagers including the services of bookmakers, betting exchanges and ‘equivalent services’ will be exempt from VAT. In addition events on which betting and placing wagers will also be exempt and these include real life and virtual competitions, lotteries, performance of and index and a natural phenomenon. The exemption will not cover any casino games or game of chance where the outcome is determined by a random generator. Also excluded from the new guideline is any gambling that uses remote gaming equipment. Currently gambling services are already exempt from Vat but are subject to a gaming tax. These new regulations are set to be in line with the current gambling market and not like in 1998 where online gambling and the Malta Gaming Authority were not present. These new guidelines will fall under the Value Added Tax Act and will comply with the EU’s Vat directive that obliges member states to exempt gambling services from...

Read More

GVC Holdings and Ladbrokes Coral Back In Merger Talks

The merge talks between GVC Holdings and Ladbrokes Coral have been going on for at least a year according to reports. However it now seems that GVC is aggressively seeking to acquire Ladbroke Coral after failing to do so earlier this year. The unloading of GVC’s Turkish business was reportedly mainly aimed at ensuring possible merger would go ahead. Thursday saw CEO of GVC Kenny Alexander declare that the proposed takeover of Ladbrokes Coral by them could be a “fantastic opportunity”. Many commentators are labeling the proposed deal that could be worth as much as £3.9 billion as opportunistic by GVC who are well aware of the uncertainty Ladbrokes is facing regarding the outcome of the Government probe into Fixed Odds Betting Terminals that make up a sizable portion of Ladbroke’s revenues. Alexander said he was relishing the prospect and would be “very, very aggressive” in growing their market share and business. Should the deal go thorough it could create one of the largest gambling companies around with an estimated market capitalization of around £5.3 billion. Alexander in a conference call said,” It would be a very, very brave man or woman that would bet against us delivering shareholder returns based on our historical performance. I think we have done it before and I think we are definitely going to do it again.” GVC have reportedly covered themselves in the event of the maximum stakes on FOBTs being slashed  from the current £100. Alexander also said that both brands would remain untouched and no rebranding was planned. He said,” The enlarged group would be an online-led, globally positioned betting and gaming business that would benefit from a multi-brand, multi-channel strategy applied across some of the strongest brands in the sector. The enlarged group would be geographically diversified with a large portfolio of businesses across both regulated and developing markets, with the scale and resources to address the dynamics of a rapidly changing global industry.” In terms of regulations GVC is required to announce a firm intention to make a formal bid by January 4. On the heels of Alexander’s comments,  theshare price in Ladbrokes soared 29 percent while GVC shares price rise over five...

Read More

Portugal’s Online Gambling Regulation Not Working

The current trend for regulating online gambling in almost every county is proving not effective in many cases. While some governments genuinely are interested in protecting and regulating the online gambling industry in their country, many are adopting new licensing regimes mainly for the revenues generated from issuing licenses. One such case where regulation seems to be failing is that of Portugal. The Remote Gambling Association (RGA) has urged the Portuguese Government to look into their current regulation as the system is “failing”. Figures from the RGA show that up to 68% of online punters gambling in Portugal are doing so from unlicensed offshore operators. The main online gambling vertical in Portugal is from Sports betting and currently this is the most restricted at the current time. Most punters are opting for offshore operators as the odds given are much more favorable. The study by Eurogroup Consulting and RGA also found that 38% of Portuguese Punters solely gamble via unlicenced websites while 30% opted to gamble on unlicensed and licensed operators. In light of these findings the RGA has suggested that the government change their taxation systems to be based on gross gaming revenue for all online products that should have as its main aim “  the best possible outcome for consumers, the industry and the government.” Director of Government relations to the RGA, Pierre Tournier commented on the pending overhaul planned by the government. He said,” The legal regime for online gambling that was adopted in 2015 is clearly failing to combat the unregulated market and change is much needed to make the regulation work.We strongly believe that the Portuguese government should follow examples of other European countries that have successfully regulated the sector by adopting a GGR-based tax and waiving some of the restrictions such as the sports catalogue, which would attract more operators in...

Read More
Page 20 of 244« First...10...1819202122...3040...Last »