Europe NEWS

888 reports losses and eyes regulated markets

888 Holdings PLC is strategically pivoting away from dotcom markets to prioritize regulated markets, a move designed to cultivate higher quality revenue streams. This shift is evident in their financial performance for 2023, which, despite a widened pretax loss, saw a significant increase in revenue and EBITDA. The growth is attributed to the incorporation of William Hill’s revenue post-acquisition and a deliberate adaptation of customer mixes in the UK, prompted by enhanced safer gambling measures. Operational changes, including an operating model reset, are projected to yield annual cost savings.

Swedish Gambling Authority fines Svenska Spel for responsible gambling failures

The Swedish Gambling Authority (SGA) has imposed a significant fine of SEK100 million (€8.7 million) on the state-owned gambling operator Svenska Spel lfor not fulfilling its responsible gambling obligations. An audit revealed that Svenska Spel inadequately protected customers showing signs of excessive gambling, despite the company’s claims of taking gambling problems seriously.

New EU legislation prohibits unidentified cryptocurrency transactions

In a decisive move to combat money laundering, the European Union has enacted robust new laws that focus on the anonymity of both cash and cryptocurrency transactions. These laws aim to eliminate the loopholes that have historically enabled illicit financial activities by imposing restrictions on cash transactions. The legislation sets a limit on cash payments, forbidding any transaction over €10,000 and effectively making anonymous cash transactions above €3,000 illegal.

Malta Gaming Authority revokes BTM Entertainment’s licence, sets deadline for settlement

The Malta Gaming Authority (MGA) has revoked BTM Entertainment Group Limited’s authorization to operate within the jurisdiction. The move follows a prior suspension announced in 2019. BTM Entertainment’s non-compliance   Last week, the MGA cited non-compliance with various regulatory provisions outlined in the Gaming Compliance and Enforcement Regulations. The cancellation of BTM Entertainment’s license, effective…

Entain’s €104 million counterclaim drama

The case of legal drama unfolds between Entain Plc and Sports Entertainment Media BV, a saga of disputed valuations and contested compliance that has found its way to the esteemed High Court of Justice of England and Wales.

XLMedia divests European and Canadian assets to Gambling.com Group

XLMedia, a leading affiliate group, has announced its decision to sell its European and Canadian sports betting and gaming assets to Gambling.com Group. The deal, worth up to $42.5 million, is part of XLMedia’s strategic shift to focus more on the US market.

888 Holdings emerges unscathed following review by Gambling Commission

The UK Gambling Commission has finalized its review of 888 Holdings, opting for no regulatory intervention post concerns regarding a potential management takeover by FS Gaming, the investment entity associated with Kenny Alexander, former CEO of Entain.

Svenska Spel’s FY 23 results, stability in economic uncertainty

In the face of global economic turbulence, Svenska Spel has emerged as a paragon of resilience, as detailed in its 2023 annual report. The Swedish gambling operator has navigated a year fraught with challenges, yet managed to maintain a stable position and achieve commendable outcomes. The report delineates a period characterized by significant vo

iMoon’s Darrin Ramsey shares insights on company’s success

SiGMA News had an exclusive opportunity to chat with Darrin Ramsey, Head of Business Development at iMoon, during the recent ICE London event. Ramsey provided valuable insights into iMoon’s operations, market strategies, and the factors driving the company’s success. Organic market expansion: iMoon’s presence in emerging markets Ramsey revealed that iMoon’s market expansion has been…

ASA rules Bet MGM TV Ad featuring Chris Rock did not breach code

Bet MGM’s recent TV ad, which was broadcast in October of last year, starring comedian Chris Rock, came under scrutiny following complaints that Rock’s presence could strongly appeal to individuals under the age of 18, potentially breaching advertising codes. In response, Bet MGM asserted that they rigorously assessed Rock’s suitability for the campaign, highlighting his…