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SiGMA FX: European Central Banks balance risk and reward by reducing bond portfolios

As inflation concerns continue to grip economies worldwide, European central banks are exploring the possibility of accelerating the process of shrinking their vast bond portfolios. Quants experts and economists argue that this move would not only reinforce the fight against inflation but it would also create room for purchasing assets in times of future crises. Adopting quantitative tighening Rate rises have been the primary tool adopted by central banks to tackle the recent surge in inflation. Both the US Federal Reserve and the European Central Bank (ECB) are possibly expected to raise interest rates again, with the Bank of England following suit, However, central banks have also adopted a strategy known as quantitative tightening (QT), involving the reduction of bond holdings to shrink their balance sheets. According to data analysis by the Financial Times, the ECB and Bank of England still hold more than a quarter of their governments' outstanding debt, while the US Federal Reserve holds around a fifth. The QT process, initiated last year, has so far unfolded relatively smoothly. During this time there were a few signs of disruption in bond markets. Nevertheless the success of this approach has raised the confidence of economists and senior central bank officials. Discussions followed about the potential of accelerating the strategy especially in Europe. Mark Wall, chief economist at Deutsche Bank, believes that it would be reasonable for the ECB to consider gradually unwinding its expanded balance sheets. He suggests that this could serve as a strategy to reinforce the credibility of further rate hikes. Paul Hollingsworth, chief European economist at BNP Paribas, indicated that while an immediate decision is not expected, more ECB members might consider accepting a lower terminal rate if it allows for an accelerated QT process. Tomasz Wieladek, chief European economist for fixed income at T Rowe Price, views QT as a means of curbing demand in the economy. He suggests that central banks do not often openly discuss QT due to the fine line it treads between monetary and fiscal policy. However, if utilized more forcefully as an instrument, it could effectively control inflationary pressures. Selling bonds before they mature The possibility of actively selling some bonds before their maturity was a topic of discussion at the ECB's annual conference in Sintra, Portugal last month. German central bank head, Joachim Nagel, has previously hinted at a faster shrinkage of a separate €1.7 trillion bond-buying programme launched in response to the pandemic. Jens Eisenschmidt, chief Europe economist at Morgan Stanley, predicts that the ECB could begin shrinking the purchase program early next year and completely halt reinvestments by July, resulting in a reduction of €133 billion in 2024. While some central banks are contemplating the acceleration of QT, others, such as the US Federal Reserve, have shown no signs of planning to adjust their current approach. The Fed remains cautious about liquidity levels in financial markets and is mindful of the lessons learned in 2019 when it was forced to halt QT after a $750 billion reduction in its asset holdings led to a spike in short-term funding costs. Praveen Korapaty, chief global rates strategist at Goldman Sachs, suggests that the Fed could proceed with QT this year and into 2024 without any significant issues, given the current level of liquidity in the financial system. However, he highlights concerns about an uneven distribution of bank reserves, with certain institutions facing more immediate pressures than others. Quantative over-tightning could be detrimental Despite the potential benefits of accelerating QT, analysts caution against over-tightening financial conditions. The recent collapse of several lenders, including Silicon Valley Bank, serves as a warning, indicating the need for central banks to exercise prudence. Tomasz Wieladek, Chief European Economist at T. Rowe Price, argues that stepping up QT could help rebalance the distributional impacts of monetary policy tightening. While policy rates remain the primary instrument, he contends that relying solely on this tool could disproportionately impact certain actors in the economy, such as mortgage holders. However, the QT process is not without risks. As it is relatively uncharted territory for many major central banks, there are also a number of uncertainties, and the consequences of QT may be non-linear. There is a possibility that the cost of government borrowing could suddenly rise significantly, posing further challenges for monetary policymakers. Ashok Bhatia, IMF director in Europe, views the current approach as appropriate, with room for periodic reassessments of the pace of QT in the future. As central banks continue to navigate the complexities of monetary policy amid inflationary pressures, their decisions on QT will play a crucial role in shaping economic stability and growth in the years to come. The impact on forex markets could be significant, with a direct impact on interest rates and liquidity levels. However, central banks are cautious and remain open to periodic reassessments of the pace of QT to ensure the stability of the global financial system. Related content:

Lea Hogg

Betsson reports record-breaking second quarter results

Betsson has reported another record-breaking quarter with strong financial performance and high customer activity. The company's success is attributed to its diversified revenues in various products and markets, leading to robust cash flows and a strong balance sheet supported by continuous growth initiatives. Geographically, all regions experienced revenue growth, with Central and Eastern Europe and Central Asia showing notable progress. Recent strategic moves, including the acquisition of leading Belgian sports betting operator betFIRST and a partnership with French casino operator Groupe Partouche to offer online casino games in regulated markets, position Betsson competitively in the Belgian market. The company's sponsorship of the renowned Argentine football club Boca Juniors, featuring the Betsson logo on the team's iconic match shirt, has boosted brand visibility and accelerates expansion in Argentina and Latin America. EBIT soared dramatically In Q2 2023, the company's revenue surged by 27 percent, and operating profit (EBIT) showed signficiant growth, increasing by 82 percent compared to the same period last year to EUR 43.0 million (19.4 percent margin), and organically, it rose by 145 percent to EUR 57.8 million. Net income was EUR 36.6 million, corresponding to EUR 0.28 per share.. Both B2C and B2B sectors achieved new revenue records, and the EBIT margin increased to an impressive 23 percent. The reported corporate tax for the quarter was EUR -4.3 million, representing 10.5 percent of profit before taxes, with the effective tax rate subject to fluctuations depending on the tax base in the countries where Betsson has subsidiaries. [caption id="attachment_41693" align="alignnone" width="977"] Betsson Q2 2023 Comparison of EBIT QOQ. (Source - SiGMA)[/caption] Dividend, trading update and customer deposits Dividend: At the AGM a dividend was approved of EUR 59.7 million, EUR 0.436 (0.367) per share, with the first installment paid in June, while the remaining half will be distributed through a redemption program concluding in October. Trading Update: The average daily revenue until 16 July 2023 is up 20.2 percent from the full third quarter of 2022, and adjusted for currency effects and acquisitions, it is 30.5 percent higher; the sportsbook margin has also been above the average margin during this period, with betFIRST included for the entire period from 1-16 July 2023. Customer Deposits: During the quarter, customer deposits in all operational subsidiaries' gaming solutions increased by 46.7 percent to reach EUR 1,240.6 million, while the number of registered customers grew by 12.6 percent to reach 28.1 million by the end of the second quarter; however, the number of active customers decreased by 10.2 percent to a total of 1,119,803 during the same period. [caption id="attachment_41724" align="alignnone" width="790"] Comparison of Betsson customer deposits QOQ 2022/2023. (Source SiGMA)[/caption] Market development and revenue by region The financial report highlights revenue growth and performance in various regions: Nordics, Western Europe, CEECA (Central & Eastern Europe and Central Asia), Latin America, and ROW (Rest of the World). Notably, the acquisition of betFIRST in Belgium and strategic partnerships in France strengthen Betsson's market presence. The sponsorship agreement with Boca Juniors enhances brand recognition in Argentina and the region. The report also mentions the growth in Nigerian operations, contributing to the positive revenue in the 'rest of the world'. [caption id="attachment_41711" align="alignnone" width="915"] Betsson Q2 2023 Revenue by region. (Source - SiGMA)[/caption] Casino, sportsbook, poker and bingo Casino products expanded significantly, with 305 new games, 21 of which were exclusive to Betsson's brands. There was a strong focus on the live casino segment with continuous investment made to improve customer experience and solidify market position. The casino product achieved remarkable milestones in the second quarter, witnessing all-time highs in gross turnover and revenue. With a 47.4 percent increase in gross turnover and 35.1 percent increase in revenue, the casino segment contributed significantly, accounting for 70 percent of the Group's revenue. Mobile casino revenue played a pivotal role, amounting to EUR 138.0 million and comprising 84 percent of the total casino revenue. Sportsbook recorded significant growth, with a substantial increase of 32.4 percent in gross turnover, amounting to EUR 1,312.3 million compared to the second quarter of the previous year. The sportsbook revenue also saw a commendable rise of 12.7 percent, reaching EUR 69.5 million. Although sportsbook contributed 29 percent of the Group's revenue, there was a slight decrease from the previous year's 33 percent. The sportsbook margin remained stable at 8.2 percent (compared to 8.3 percent in the previous year), with the eight-quarter rolling average margin standing at 7.8 percent. Notably, mobile sportsbook revenue played a dominant role, accounting for 85 percent of the total sportsbook revenue, amounting to EUR 58.5 million. Poker, bingo and other products recorded revenues of EUR 2.3 millon, a downturn of 8.9 percent. This represents 1 percent of total revenues. [caption id="attachment_41735" align="alignnone" width="947"] Betsson 2023 revenue by product. (Source – SiGMA)[/caption] Group revenue, expenses and looking ahead Group Revenue saw an increase of 27.2 percent to EUR 236.8 million. Revenue growth was reported at 42.6 percent.Significant growth in revenue from locally regulated markets amounted to an increase of 32 percent to EUR 85.9 million, contributing to 36.3 percent of the total Group revenue. License revenue from system delivery to B2B-customers rose to EUR 65.0 million, accounting for 27 percent of Group revenue, primarily driven by improved performance in casino and sportsbook products and the acquisition of KickerTech Malta Ltd, which added new customers and enhanced sportsbook capabilities. Mobile revenue accounted for a substantial portion of the total revenue, reaching EUR 196.4 million, making up 83 percent of the overall revenue. Expenses decreased, resulting in a gross profit of EUR 147.5 million (66.5 percent margin). Operating expenses were EUR 104.5 million, with marketing expenses focused on Latin America. Personnel expenses increased due to salary revisions and geographic expansion, while other external expenses rose due to investments in product development and technology. Costs related to new market entries, including the US, amounted to EUR 12.5 million. Amortization and depreciation totaled EUR 11.3 million, and other operating expenses increased mainly due to foreign currency effects. Looking ahead to the second half of the year, CEO Pontus Lindwall said that he is very confident going forward this year. The company will carry on focussing on geographic expansion to ensure long-term profitable growth and sustain competitiveness in the dynamic online gambling industry. Betsson will announce Q3 2023 on 26 October and the year-end report will be released on 15 February 2024. Betsson AB (publ) (BETS-B.ST) is trading at SEK121.04 (0.27%) Related topics: !

Lea Hogg

2 months ago

FunderPro and SiGMA Group to pioneer a new era in forex

Katy Micallef

3 months ago

M&A: Better Collective pays $54 million for acquisition of Playmaker

Leading digital sports media group, Better Collective, will increase its content production with the acquisition of American sports media company Playmaker HQ. The acquisition, valued at (US) $54 million, of which (US) $15 million will be settled upfront, marks a significant move in Better Collective's strategy to become the leading player in the digital sports media space. Playmaker reaches more than 500 million users Headquartered in South Florida, Playmaker HQ is a renowned sports and entertainment media platform. Its expertise lies in delivering original sports and entertainment content, collaborating with athletes and creators to target the US market. The company currently distributes over two thousand monthly pieces of sports content across popular platforms such as Instagram, TikTok, Twitter, Snapchat, and YouTube. With a massive base of more than 20 million followers, Playmaker HQ's content reaches over 500 million users each month. The company has also secured partnerships with top brands in the sports accessories and fast-moving consumer goods industries, earning recognition through prestigious awards and film festivals. [caption id="attachment_867811" align="aligncenter" width="666"] (Source: SiGMA)[/caption] The acquisition will be classed as an asset purchase, which is expected to yield favourable tax deductions for Better Collective's acquisition. Cash will be the primary funding source, with the option to allocate a portion of the earn-out payments in Better Collective shares. The consolidation of Playmaker HQ into Better Collective's accounts will take effect from July 3, 2023. The group's financial targets for 2023 remain as expected. Marc Pedersen, CEO of Better Collective North America, expressed enthusiasm about the transaction, highlighting Playmaker HQ's access to millions of sports fans in the US, a majority of whom are new to Better Collective's user base. Pedersen emphasized the company's commitment to enhancing the betting experience for fans' sports and leveraging Playmaker HQ's expertise to expand product offerings and revenue streams across Better Collective's global portfolio. Transaction details Playmaker HQ is experiencing rapid growth, with a revenue target exceeding (US) $10 million in 2023 and an EBITDA margin of 20-25 percent. Under the terms, Better Collective will pay (US) $54 million on a cash and debt-free basis. This includes an upfront cash consideration of (US) $15 million, with an additional (US) $1 million in deferred payments, and performance-based earnout payments of up to (US) $38 million over a three-year period. Playmaker HQ must generate accumulated revenues exceeding (US) $75 million with operational earnings (EBITDA) exceeding (US) $25 million during the first three years post-acquisition to unlock the full earn-out payment. [caption id="attachment_868018" align="aligncenter" width="602"] Better Collective's ongoing M&A strategy has made a significant impact on revenues and performance (Source: SiGMA)[/caption] Better Collective solidifies its position in digital sports media Brandon Harris, CEO of Playmaker HQ, said that the deal with Better Collective is 'a significant milestone'. Harris emphasized the potential to create exceptional content, experiences and opportunities with the support of Better Collective's world-class team. This will enable the company to reach a broader global audience of sports fans, aiming to build the world's leading sports media group. In 2018, Better Collective went public on the Nasdaq Stockholm Stock Exchange and was the first iGaming company to get a main market listing without external investment.

Better Collective trades on the Nasdaq Stockholm as XSTO:BETCO
Short-term indicator – Neutral
Medium-term – Buy
Long term indicator – BUY

Related topics:

Lea Hogg

3 months ago

US Private Equity transactions face enhanced compliance

Delays in private equity transactions may result due to the new merger rules proposed by US antitrust agencies. The proposal is subject to a 60-day discussion before it is approved for implementation. The changes to the Hart-Scott-Rodino (HSR) , the disclosure document filed by companies to notify the Federal Trade Commission and Department of Justice of deals exceeding a certain threshold, are expected to introduce stricter reporting requirements, potentially leading to deal delays and even blocked transactions. More detailed information about the parties involved in the transactions, their respective markets, and how the businesses operate, right from the early stages of a deal will need to be disclosed. 2021-2022 were record-breaking years for private equity investors and deals became more complex - 'it was not a question about buyout any more' according to a report by Bain & Co. Previously, this level of scrutiny was typically required only in the second stage of the approval process. The additional burden of compliance is anticipated to increase the time and resources needed to complete the required forms, creating further obstacles for private equity dealmakers. The potential impact to private equity deals may be damaging to the sector as a result of the new process. Merger review results in more scrutiny Private equity firms, known for their extensive deal-making activities, are expected to be affected by the rules. The requirement to disclose previous transactions over a 10-year period and provide detailed workforce reports to identify potential conflicts between the involved parties is likely to pose challenges for large private equity buyers with diverse holdings across various industries. The increased scrutiny on private equity is part of an effort for regulators to focus on the sector due its growing influence and impact on the economy. Regulators such as the Federal Trade Commission (FTC) and the Department of Justice (DoJ) have expressed their intentions to scale up their supervision on private equity dealmaking. Recent actions, such as requiring divestitures in large acquisitions and thoroughly examining board directorships, demonstrate a more vigilant approach to concerns arising from private equity activities. This will be the first review in more than 40 years. Sector specialists say that it was expected. Negative impact on smaller companies While compliance lawyers may benefit from increased demand for their services as a result of the revised regulations, concerns are growing over the potential impact on deal volume. The prolonged slowdown in dealmaking, coupled with a more challenging financing and regulatory environment, could discourage acquirers and have a negative impact on small companies that rely on private equity investment. It is believed that the increased reporting requirements are not solely about transparency but rather an attempt to create a less favourable environment for private equity firms as acquirers. The proposed overhaul rules mark a significant development in the regulation of private equity in the US. If implemented, it will create delays in the closure of deals, increase costs to businesses, and change the landscape of dealmaking. Striking a balance between regulatory oversight and a healthy environment for private equity investments will be crucial to ensure fairness of the market. The 10-year period reporting will include detailed information about the workforce

In 2021 and 2022 alone, buyout firms accounted for about a fifth of global transactions.

The fact that private equity firms are able to impact a large proportion of the economy has motivated regulators to demand more information. As opposed to large public companies, it is sometimes difficult to work out the ownership of private equity firms. There is an element of mystery associated with details of ownership of private equity firms 'being shrouded in secrecy'.

Regulators will also be focusing on “interlocking” board directors. This can happen when directors from one private equity firm sit on numerous boards in a single sector. Supervision will be increased on how boards can influence buyout firms to identify key dealmakers to monitor investments and deals.

[caption id="attachment_866371" align="aligncenter" width="304"] 5 Top Equity Firms 2023[/caption] Acquisitions tougher to close In summary, the proposed merger review rules will subject US private equity to heightened scrutiny and stricter reporting requirements, resulting in a tougher landscape for dealmaking.

The real beneficiaries will be the antitrust lawyers specialising in HSR. Their billings will increase very substantially especially in the first year as law firms learn the ropes.”
Professor George Hay, Cornell University

Balancing regulatory oversight with the adoption of a favorable investment environment will be vital to maintain equity and fairness in the market. Related content:

Lea Hogg

3 months ago

Fintech startup raises $90 million for stock trading app

Fintech startup Shares has successfully raised US $90 million in funding for its stock trading app, further solidifying its position in the market. Currently only available to residents in the UK, Shares is set to expand its services across Europe following the receipt of authorization from the regulator in France. Leveraging from the EU passporting rules, Shares aims to tap into new markets in various European countries. Unique social twist for stockmarket trading Shares distinguishes itself from other mobile trading apps by incorporating a social aspect into its platform. Users can follow their friends, comment on their trades, participate in private chats and join communities of seasoned investors. This unique social twist has contributed to the startup's success, attracting a substantial user base of 150,000 individuals in the UK.

Most of our users are quite new to investing so they haven’t lost money – 60% are below 25 years old,” Ben Chemla, Co-Founder and CEO - Shares

The company recently obtained accreditation from the ACPR (Autorité de Contrôle Prudentiel et de Résolution), the financial regulator in France, allowing Shares to operate as an investment service provider in the country. With plans to launch in France next month, Shares will initially require an invitation for users to create an account. In addition to the ACPR accreditation, Shares has also been granted the PSAN (Prestataire de Services sur Actifs Numériques) status by France's financial markets regulator, the Autorité des Marchés Financiers. This designation officially recognizes Shares as a digital assets service provider, enabling the startup to facilitate cryptocurrency trades. Significance of regulation for social trading Expressing his satisfaction with the recent progress of the company, Benjamin Chemla, co-founder and CEO of Shares, acknowledged the tremendous effort of the team and emphasized the significance of the regulatory milestones. Chemla further announced the upcoming EU launch in July, initially limited to invitation-only access for the first members of the platform. These developments mark a pivotal moment for Shares, as it sets out its strategic development for its expansion throughout the European Union. With its innovative social trading features and commitment to accessibility, Shares is poised to make a significant mark on traditional investment practices and bring stock trading to a broader audience across Europe. Related content:

Lea Hogg

3 months ago

Downturn in US futures on fears over China chip restrictions

In early trading today, Nasdaq futures led the market decline following a report in The Wall Street Journal indicating that the Biden administration is contemplating a ban on the sale of artificial intelligence (AI) chips to China. This potential ban has caused a setback in the recent market rally. According to Deutsche Bank, the rebound has been curtailed due to concerns over the AI chip ban. The report suggests that even lower-end chips, which do not require an external export license, may be included in the ban going forward. As a result, shares of Nvidia, which generates 20 percent of its revenue from China, fell by 4.8 percent while Advanced Micro Devices dropped 3.6 percent. S&P 500 recoups nearly 50 percent Investors are also closely monitoring the European Central Bank (ECB) forum in Portugal, where Jerome Powell, the Chairman of the US Federal Reserve, is set to speak alongside the heads of the UK, eurozone, and Japanese central banks. The market will pay particular attention to any comments regarding the prospects of higher borrowing costs as central banks continue to grapple with persistent inflationary pressures. Despite these concerns, market research firm Fundstrat believes that recent market trends indicate further gains. The rebound seen on Tuesday, which brought the S&P 500 back to multi-day highs, is viewed as a positive development that halted the recent decline. Fundstrat noted that the S&P 500 managed to recoup nearly 50 percent of its previous pullback since mid-June highs, suggesting a potentially bullish outlook. Europe and Nikkei indexes rise Overseas indexes mostly rose, with Europe's Stoxx 600 gaining 0.5 percent and the Nikkei 225 in Asia rising by 2 percent. However, Chinese stocks were more subdued as fears of US AI chip restrictions dampened sentiment. The Shanghai Composite Index remained flat, while the Hang Seng edged up by 0.1 percent. In pre-market trading, AeroVironment's stock rose by 5.2 percent after the company reported a better-than-expected 40 percent increase in fourth-quarter revenue and issued guidance for the current fiscal year that surpassed Wall Street expectations. On the other hand, AST SpaceMobile's shares fell by 24 percent following the announcement of a sale of 12 million class A common shares. Micron Technology stock declines by 1.5% Micron Technology, scheduled to report quarterly earnings after the closing bell today, saw a decline of 1.5 percent in its stock price. Other chip makers, including Intel and Qualcomm, also traded lower. In other news, the US Food and Drug Administration rejected an application from Regeneron Pharmaceuticals for approval of a new, higher-dose version of its eye disease treatment Eylea, resulting in a 1 percent decline in the company's stock. Looking ahead, Astrotech received an unsolicited, non-binding proposal from BML Investment Partners to acquire the company for $17.25 per share, leading to a 7.7 percent increase in its shares. Dollar strengthens On the economic front, JPMorgan expects the second half of 2023 to see a continuation of tightening policies by most developed market central banks. However, differentiation across jurisdictions will emerge as the end of the tightening cycle approaches. The bank believes that resilient growth and persistent inflation will prevent an imminent recession. In the currency markets, the dollar strengthened slightly, building on its gains from the previous day following a set of stronger-than-expected economic data. UBS said that the dollar is "significantly overvalued" against several other relevant currencies but expects it to weaken in the coming months. Related content:

Lea Hogg

3 months ago

News By Topic

Articles

Entain shares plummet as a result of disappointing Q3

Entain is responding swiftly to its disappointing Q3 2023 financial results. The company reported a less-than-stellar performance in its online Net Gaming Revenue (NGR) following the summer season. With Q3 2023 online NGR growth expectations in the high single digits and proforma NGR facing a similar decline, Entain is challenged with multiple factors contributing to this setback. These include adverse sporting results, the ongoing implementation of safer gambling measures, regulatory hurdles and slower-than-expected growth in Australia and Italy. As a result of these challenges, Entain's shares plunged by over 8 percent this week.

Bright outlook for acquisitions and retail segments

Despite the hurdles, Entain's recent acquisitions have resulted in a positive impact, particularly SuperSport in Croatia. The retail segment also delivered robust performance, with BetMGM in the US staying on course to deliver positive EBITDA in H2 2023.

Long-term growth

Over the past three years, Entain has been actively reshaping its strategic approach to enhance earnings quality and deliver long-term shareholder value. With a shift from a brand-focused approach to a regional strategy, Entain is prepared for potential senior position eliminations and organizational restructuring. To accelerate performance and delivery, the company plans a comprehensive market review with an emphasis on sustainable organic growth. Additionally, Entain aims to streamline its group structures, migrate acquired businesses to its advanced technology platform, optimize capital allocation and move closer to achieving a 30 percent online EBITDA margin target.

Resilience and adaptive strategies

Research Analyst Neil Shah, director at Edison Group, acknowledged Entain's challenges but also recognized the company's resilience and adaptive strategies in navigating the ever-evolving online gaming landscape. In H1 2023, Entain demonstrated impressive growth, with an 11 percent rise in overall NGR and significant surges in online revenue. The operator's commitment to cost-cutting, efficiency and optimized capital allocation positions it for future success.

While Entain faces uncertainties, investors and analysts like Peel Hunt maintain a positive outlook, highlighting the company's leading position in the US market through BetMGM and its untapped potential from recent acquisitions. Peel Hunt reiterated its Buy rating for Entain stock with a slightly adjusted target price.

Entain Plc (ENT.L) is currently trading at GBp929.00 (-1.20 percent).

A national controversy – no end in sight for Okada Manila

Lea Hogg 2 days ago

Corporate Moves: Betfred Group’s COO Mark Stebbings announces resignation

Mark Stebbings, the Chief Operating Officer (COO) of Betfred Group, has announced his resignation, which will take effect later this week. Stebbings confirmed that he will be leaving his position at the end of the month via his social media posts. After nearly three decades with Betfred, Stebbings expressed that it is the right time for him to depart, highlighting his pride in being part of the company's remarkable growth journey.

Tribute to Fred Done

He expressed gratitude to Betfred founder Fred Done for his mentorship and unwavering belief in him as he rose from a trainee betting shop manager to group COO. Stebbings acknowledged that his last week in the role would be emotional as he bids farewell to many colleagues he has worked with for years. He expressed confidence in Betfred's continued growth and wished Fred Done and the team ongoing success.

Following his resignation, Stebbings intends to take a brief break to spend time with his family before considering his next career steps, according to his LinkedIn post.

Industry stakeholders, including Avenue H principal Benjie Cherniak and Stephen Crystal, who collaborated with Stebbings on Betfred's expansion into the US market, extended their well wishes.

Betfred searches for new Group COO

Betfred is expected to begin the search for a new group COO following Stebbings' departure, although the company has yet to issue an official statement on this matter.

In a related development, Bryan Bennett, COO of Betfred USA, also announced his departure from the company, He described his time with the operator as both challenging and rewarding, and referred to the experience as beinng exciting.

Betfred's online operations are currently active in seven US states: Arizona, Colorado, Iowa, Ohio, Pennsylvania, Virginia, and Maryland. Additionally, the company operates retail sportsbooks in Louisiana, Nevada, and Washington.

A national controversy – no end in sight for Okada Manila

Lea Hogg 2 days ago

Chris Rock’s bring Hollywood gold to BetMGM UK

BetMGM, the newly launched UK iGaming and online sports betting brand from MGM Resorts International, has kicked off its first advertising campaign, featuring stand-up comedian and actor Chris Rock.

Having recently launched the brand, the fully integrated campaign reflects how BetMGM provides the best Las Vegas has to offer, bringing entertainment to the UK betting industry and promising to introduce a new golden era in sports and online casino.

As its ambassador, globally recognised entertainer, Chris Rock will appear in a number of marketing initiatives to advertise BetMGM's UK launch. The first of these campaigns has been rolled out, with the actor promoting the launch by sharing information about numerous special deals. The first advert showcases Chris Rock, travelling in a gold speedboat from the Bellagio Fountains to the Thames with a lion in tow. A responsible gambling advert has also been launched. Entitled “Stay Golden”, the ad features Chris Rock listing tools available to players to “keep things golden with responsible play.”

Chris Rock, BetMGM UK — *Chris Rock talks responsible play in BetMGM UK ad*.

Sam Behar, UK Director BetMGM, said: “We are incredibly excited to launch BetMGM in the UK and give customers something new. This campaign leverages the heritage of MGM Resorts’ best-in-class Las Vegas entertainment to deliver a unique proposition to the UK market. Alongside standout promotions and our A-list ambassador Chris Rock, this campaign clearly demonstrates BetMGM’s commitment to bringing a fresh and entertaining approach to the market. It’s showtime!”

The move to the UK reflects MGM’s commitment to expanding in the European market.

The UK BetMGM Sportsbook is using the platform provided by the partnership between the Kambi Group and LeoVegas. BetMGM continues to operate in the US and Canada using the technology and platform provided by Entain. The UK BetMGM casino and sports betting operations would be handled by LeoVegas, the brand having been acquired by MGM Resorts International in late 2022.

Join us in Malta between the 13 - 17 November for SiGMA Europe 2023

SiGMA Europe’s Malta Week festival brings together a diverse and international group of industry leaders for a convergence of expo, conference, and networking. The event will be held at the Mediterranean Maritime Hub (MMH), a larger, more dynamic venue that promises a raw, industrial, and unconventional space unlike anything ever used before.

In the words of SiGMA Group founder Eman Pulis, “We’re redesigning your entire experience, from the minute you land in Malta until the very last moment. I look forward to welcoming you with open arms to this iGaming festival.”

Find all the details here.

https://youtu.be/74qQqvlVmy0

Shirley Pulis Xerxen 2 days ago

Is self-regulation of UK gambling ads working?

The answer is no, at least based on findings from a study of media coverage during the kick-off weekend of Premier League football (11-14 August). The coverage included TV and radio broadcasts and social media. Perhaps the most significant conclusion reached by the study is that gambling ads and messages “were omnipresent and virtually unavoidable” and “saturated the media landscape”.

One of the more significant findings of the study is that 92% of content marketing ads on social media were in breach of regulations “by not being clearly identifiable as advertising, representing a serious violation of consumer rights.” During the televised 6 Premier League matches included in the study only 14.5% included gambling harm reduction messages, while 11.1% included age warnings.

UK-report-gambling-ads-Table1 — *Some of the study findings in numbers.*

The study concluded with three main recommendations. The first was the introduction of legislation to comprehensively regulate gambling messages during football matches. The second recommendation called for legislation that clearly bans sponsorship on football shirts. Finally, the study recommended a clarification and strengthening of regulations pertaining to social media content marketing.

The Betting and Gaming Council challenged the research, saying it “fundamentally misunderstands advertising and how it is regulated”.

“Betting advertising and sponsorship must comply with strict guidelines and safer gambling messaging, which promotes safer gambling tools and signposts to help those concerned about their betting, is regularly and prominently displayed,” a spokesperson said.

Earlier this month, the UK Advertising Standards Authority (ASA) banned an ad for the People’s Postcode Lottery. The ad seemed to suggest that playing the lottery could help solve financial troubles. The ad showed a couple who had to call of their wedding after one of them was made redundant. Wedding bells were back when they won a five-figure sum on the lottery.

The study was carried out between the University of Bristol and ITN, an independent production company.

Join us in Malta between the 13 - 17 November for SiGMA Europe 2023

In the words of SiGMA Group founder Eman Pulis, ““We’re redesigning your entire experience, from the minute you land in Malta until the very last moment. I look forward to welcoming you with open arms to this iGaming festival.”

Find all the details here.

https://youtu.be/74qQqvlVmy0

Shirley Pulis Xerxen 3 days ago

SOFTSWISS shares 54 vital KPIs for online casinos and sportsbooks

SOFTSWISS experts have compiled a comprehensive guide containing 54 essential metrics, a curated list of valuable analytical tools, and insights into global trends in the casino and sports betting industry. The guide is readily available for free download.

The document helps increase understanding of the most important iGaming key performance indicators (KPIs), covering top-level, derivative, and operational metrics. This authoritative glossary delves into the often-overlooked complexities of KPIs, dividing the content into four core parts:

The Financial Metrics section highlights not only Gross Gaming Revenue (GGR) and Net Gaming Revenue (NGR), but also the importance of Average Revenue Per User (ARPU), Conversion Rate, and Customer Acquisition Cost (CAC).
The Player Engagement Metrics section draws attention to key engagement indicators such as Active Players, Depositing Players Count, and Total Deposits Sum.
The Operational Metrics section explores player acquisition and retention strategies, with a specific focus on their role amidst major sporting events.
The Analytical Tools and Trends section focuses on the usage of real-time dashboards, data warehouses, and the evolving significance of Artificial Intelligence and Machine Learning.

Each KPI on the list includes a definition, formula, type, and keynote regarding its impact on the iGaming business. For example, NGR is categorised as a top-level KPI, providing a clear snapshot of the casino’s financial health. Monitoring NGR closely allows operators to evaluate their operational efficiencies and make informed decisions about scaling their offerings or optimising existing operations.

Max Trafimovich, CCO at SOFTSWISS, comments: “By launching this useful glossary, SOFTSWISS is continuing its commitment to help operators develop their businesses in the most efficient way. Listed KPIs are the essential metrics that measure the overall performance of a casino or sportsbook. By classifying them into strategic, tactical, and operational categories, operators can gain a comprehensive view of business beyond just financial metrics, including brand resonance and player experience. By aligning KPIs with unique business goals, our partners can develop a robust and adaptable strategy that sets them apart in the highly-competitive iGaming landscape.”

SOFTSWISS has recently published another helpful overview of the iGaming business – the market report ‘iGaming in Brazil’. This exclusive report provides a comprehensive overview of the Brazilian iGaming landscape, equipping operators with the essential information to launch an online casino or sportsbook in the region.

Join us in Malta between the 13 - 17 November for SiGMA Europe 2023

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Antoine Thomas 3 days ago

Full House Q2 reports high growth and innovation

As the gaming industry continues to evolve, Full House Resorts remains at the forefront, capitalizing on opportunities, expanding its reach and delivering compelling experiences to its patrons.

In the second quarter of 2023, Full House Resorts reported consolidated revenues of US$59.4 million, a 33.8 percent increase from the previous year. However, it also incurred a net loss of US $5.6 million, including preopening costs for the Chamonix project and significant depreciation charges for The Temporary. Adjusted EBITDA was US $10.5 million, down from US $12.1 million in the previous year, due to various factors including marketing and training expenses for The Temporary.

Full House Resorts had US$113.6 million in cash and cash equivalents as of end of June 2023. Their debt primarily consists of US$450 million in outstanding senior secured notes due 2028 and US$27.0 million under a revolving credit facility.

Comments from President and CEO

“As with last quarter, our financial results continue to benefit from structural changes throughout the company,” said Daniel Lee, President and CEO of Full House Resorts (in photo above).

“These operating results are significantly above not only the 2020 period, but also meaningfully above any second quarter or first-half results in at least the past five years. These strong continued results have allowed us to continue to re-invest in, and improve, our properties. For example, with the ramp-up of our new marketing systems at Bronco Billy’s and Rising Star largely complete, we now look forward to upgrading the casino marketing systems at our two Nevada properties, scheduled for this year’s fourth quarter.”

First full quarter for The Temporary by American Place

A new casino, The Temporary by American Place reported its first full quarter of operations with US$20.3 million in revenue and US$4.1 million in Adjusted Property EBITDA. Visitor numbers initially surged, and win per admission increased since opening. However, expenses were higher due to personnel training and marketing. The property currently operates 30 out of 48 planned table games due to staffing challenges. The high-end restaurant is set to open later in the year, and an on-site sportsbook partnership with Circa Sports is expected to launch soon.

Hiring dealers in Waukegan, Illinois

The Temporary casino in Waukegan, Illinois, opened in February 2023 with limited services and hours. It now operates 24/7 on weekends and extended hours during the week. The property has increased table game betting limits and is hiring and training more dealers to expand its gaming offerings. An on-site sportsbook in partnership with Circa Sports is also anticipated to open soon.

Chamonix project, Colorado to open in December

Construction continues at the Chamonix project in Colorado, with the main hotel tower nearing completion. Furniture installation is set to begin, and the casino and high-end restaurant millwork is in progress. Hotel reservations for Chamonix will open soon, with a planned opening date of December 26, 2023, aiming to be one of the best casino hotels in the Midwest.

Second quarter highlights and subsequent Events

In the second quarter of 2023, the Midwest & South segment, which includes Silver Slipper Casino and Hotel, Rising Star Casino Resort, and The Temporary by American Place, reported revenues of US $49.9 million. This marked a substantial 51.5 percent increase compared to the prior-year period when it generated US $32.9 million. Additionally, Adjusted Segment EBITDA increased to US$9.4 million, reflecting a 2.6 percent rise from the previous year's US$9.1 million.

The significant growth in revenue and Adjusted Segment EBITDA can be attributed to the opening of The Temporary in February 2023. During the second quarter of 2023, The Temporary contributed US$20.3 million in revenue and US$4.1 million in Adjusted Property EBITDA. The company anticipates further improvement in The Temporary's results in the upcoming quarters as its customer database expands, and early expenses related to marketing and labor normalize. It's worth noting that in the same quarter of the previous year, Rising Star's sale of "free play" contributed US$2.1 million in revenue and income.

Excluding the results from The Temporary, same-store revenues decreased to US$29.6 million from US$32.9 million. This decline is primarily attributed to the sale of "free play" at Rising Star, along with increased labor expenses and insurance costs at Silver Slipper, which led to a decline in Same-store Adjusted Segment EBITDA to $US5.3 million fromUS $9.1 million.

Bad weather in Lake Tahoe impacts results

West Segment: The West segment includes Grand Lodge Casino, Stockman's Casino, Bronco Billy's Casino and Hotel, and the expected Chamonix Casino Hotel opening in December 2023. In the second quarter of 2023, this segment reported revenues of US$8.1 million, a decrease from the prior-year period when it generated US$9.3 million. Adjusted Segment EBITDA for the current quarter was US$0.2 million, significantly lower than the previous year's US$1.7 million.

The decline in revenue and Adjusted Segment EBITDA can be attributed to the temporary loss of all on-site parking and on-site hotel rooms at Bronco Billy's due to the construction of Chamonix. Additionally, heavy winter snowfall in the Lake Tahoe region delayed the return of seasonal residents to Incline Village during the current period.

Growth in sports wagering

The Contracted Sports Wagering segment encompasses on-site and online sports wagering "skins" in Colorado, Indiana, and, upon launch, Illinois. In the second quarter of 2023, both revenues and Adjusted Segment EBITDA were $1.4 million. This reflects the activation of all three permitted skins in Colorado and two of the three skins in Indiana. In the prior-year period, both revenues and Adjusted EBITDA were US $2.2 million. This decrease is primarily due to an acceleration of deferred revenue for two agreements that ceased operations in May 2022 when one of the contracted parties terminated its online operations.

It's important to note that the results from the Illinois sports skin are not yet included in this segment. For the Illinois sports skin, the company will receive a percentage of revenues as defined in the contract, subject to a minimum amount of $5 million per year. Revenue payments for the Illinois sports skin are expected to commence in August 2023, irrespective of whether online sports wagering operations have begun. The total annualized minimum amount for all six of the company's current sports wagering agreements will reach $10 million once the Illinois skin is live.

Revolving credit facility

As of June 30, 2023, the company had a total of US$113.6 million in cash and cash equivalents. This amount includes US$78.1 million held in reserve under their bond indentures, allocated for the completion of the Chamonix construction project. The company's debt primarily consists of US$450.0 million in outstanding senior secured notes due in 2028, which can be called at specified premiums starting in February 2024. Additionally, there is US$27.0 million outstanding under the company's revolving credit facility.

Pioneering growth

Full House Resorts is a dynamic player in the gaming industry, with a diverse portfolio of owned, leased and operated gaming facilities across the United States. These properties include The Temporary by American Place in Waukegan, Illinois; Silver Slipper Casino and Hotel in Hancock County, Mississippi; Bronco Billy’s Casino and Hotel in Cripple Creek, Colorado; Rising Star Casino Resort in Rising Sun, Indiana; Stockman’s Casino in Fallon, Nevada; and Grand Lodge Casino, located within the Hyatt Regency Lake Tahoe Resort, Spa, and Casino in Incline Village, Nevada.

Full House Resorts has consistently demonstrated its commitment to growth and innovation, as exemplified by the recent opening of The Temporary. This new addition to their portfolio reported impressive revenue and EBITDA figures within its first quarter of operation. The company is poised for further success with the upcoming launch of Chamonix Casino Hotel in Cripple Creek, Colorado, projected for December 2023.

Expansion in the gaming industry

Full House Resorts' strategic vision and dedication to growth in the gaming industry are evident in its expanding portfolio of properties and the impressive performance of recent additions like The Temporary. With the imminent opening of Chamonix Casino Hotel, Full House Resorts is well-positioned to continue its success and provide exceptional gaming and entertainment experiences to a broad audience.

Lea Hogg 5 days ago

M&A: UK regulator provisionally approves Microsoft’s $75 billion Actvision deal

Microsoft's ambitious bid to acquire gaming giant Activision Blizzard has taken a significant stride towards completion of this signficant M&A deal. The UK's Competition and Markets Authority (CMA) has provisionally accepted the proposed amendments to its US $75 billion takeover of the renowned "Call of Duty" developer. This development comes after a series of regulatory obstacles that have loomed over the world's largest video game deal.

Addressing Regulatory Concerns

The CMA, which previously blocked the merger in April, had expressed concerns about the potential adverse impact of the takeover on competition. In response, both Microsoft and Activision Blizzard submitted a revised merger agreement aimed at addressing the CMA's apprehensions. The primary concern was whether the merger would harm competition in the industry.

The pivotal change proposed by Microsoft and Activision Blizzard in their revised pitch to the CMA involved a deal to sell Activision's cloud streaming rights to the French-based gaming rival, Ubisoft. Under these terms, Microsoft would be restricted from exclusively releasing Activision's games, including popular titles like "World of Warcraft" and "Diablo," on its own cloud streaming service, Xbox Cloud Gaming. Instead, these games would continue to be available on Xbox Cloud Gaming alongside offerings from competitors.

On the way to final approval

The CMA expressed cautious optimism regarding these amendments, stating that they substantially addressed their initial concerns. However, some "limited residual concerns" remain, which could potentially be circumvented, terminated, or not enforced.

The CMA's new consultation period will extend until October 6, setting the stage for the final approval process before the extended deadline for completing the deal on October 18.

Despite the hurdles and delays, Microsoft remains optimistic about the deal's eventual approval and completion. The company's President, Brad Smith, expressed encouragement over the positive developments in the CMA's review process and reaffirmed their commitment to addressing any remaining concerns.

This provisional approval marks a significant milestone in the long and complex journey towards finalizing the merger between Microsoft and Activision Blizzard.

Lea Hogg 6 days ago

Political betting contracts blocked

The Commodity Futures Trading Commission (CFTC) has rejected an application by KalshiEX LLC to offer "event contracts" related to betting on the outcomes of the 2024 federal elections. These contracts would have allowed investors to bet on which political party would control the House and Senate.

Controversial decision by CFTC

This decision has stirred controversy in the financial and political realms. KalshiEX LLC, a futures exchange, is therefore prohibited from allowing investors to place bets on which political party would control the House and Senate following the elections.

Chairman raises concerns

CFTC Chair Rostin Behnam, (pictured above), in a statement released today, highlighted his concerns regarding this specific type of financial contract. He pointed out that federal law obliges the CFTC to thoroughly evaluate such proposals to determine whether they violate any state laws and whether they serve the public interest. According to Behnam, the event contracts proposed by KalshiEX failed to meet both criteria.

Behnam expressed his apprehensions, stating that approving these political event contracts would essentially transform the CFTC into an "election cop." This role would require the agency to actively monitor elections, candidates, and the various participants involved in political activities, both in traditional media and the digital space. The primary goal would be to prevent manipulation and the spread of false information within the political system—a responsibility that the CFTC currently lacks the mandate to assume.

Precedents and dissent

KalshiEX is not the first company to venture into regulated event contracts for U.S. investors. PredictIt, a platform based in New Zealand, previously offered such contracts under a "no action" letter granted in 2014 to Victoria University of Wellington. This arrangement aimed to facilitate research into the effectiveness of prediction markets in forecasting events.

However, the CFTC took a significant step last year by revoking the "no action" letter, resulting in PredictIt discontinuing its political contracts in the U.S. in February. Additionally, in January of the previous year, the agency settled charges with New York-based Polymarket for offering event contracts without registering with the CFTC. The settlement involved a hefty $1.4 million fine. Although Polymarket ceased offering contracts to U.S. customers, it continued its operations in other global jurisdictions.

CFTC commissioner Summer Mersinger, a Republican, expressed dissent regarding the decision on KalshiEX. Mersinger argued that the agency might be exceeding the authority granted to it by Congress. She suggested that a formal rulemaking process, involving public input, should be initiated to determine the extent to which political event contracts may violate existing laws.

This decision by the CFTC has sparked a debate on the regulatory boundaries surrounding financial contracts linked to political events, raising questions about the agency's role in overseeing such markets and its implications for the broader political landscape.

Lea Hogg 6 days ago

Swedish government faces push back on GGR increase

Sweden’s government has announced plans to raise the gambling tax from 18 percent to 22 percent applicable to Gross Gaming Revenue (GGR).

This proposal is set to take effect on July 1st 2024 with a projected SEK 540m annual increase expected in addition to Sweden’s current tax revenue.

This decision is based on the belief that the Swedish gambling market has stabilised since the re-regulation inaugurated in 2019 which saw licensed operators authorised to offer services to Sweden.

Government concerns

The Swedish government is attempting to address increasing concerns regarding channelisation rates in Sweden and has forecast that a tax rate exceeding 20 percent will be a step in achieving upwards of 90 percent channelisation.

Swedish government faces push back on GGR increase. — Rikstag, Stockholm, Sweden.

Additionally, the current tax rate will have been in place for almost 5 years when it is replaced, with the government seeing the need to increase in order to support government activities without overly impacting companies or the tax base.

Criticisms

The Online Gaming Industry Association ( BOS) has criticised this new tax proposal expressing disappointment as well as concern with regard to the government’s understanding of the market’s vulnerabilities as well as its projected dynamics.

Contrary to the government’s predictions, BOS has emphasised that an increase in tax would in actual fact decrease the channelisation rates.

In actual fact, BOS’ own research has shown that 77 percent of Sweden’s online gaming market is channelised, considered critically low.

The new tax rate is seen as a massive step back, perhaps prompting a return to the 2019 rates that caused the incited the initial re-regulation, with the BOS stating:

“Sweden’s government must perform much better than this. There is still time to withdraw the proposal.”

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Shirley Pulis Xerxen 6 days ago

TikTok under fire for gambling hypocrisy

TikTok has been heavily criticised for hypocrisy in its removal of a video on its platform heavily criticising gambling advertising.

Kate Susabu has had a video in which she criticises gambling advertisements on broadcast TV removed from TikTok’s platform.

In the video, Susabu mentions her grandfather’s addiction and also links her viewership to an anti-gambling petition asking broadcasters to stop using advertising funds from gambling companies as a source of funding.

Susabu also referenced research from the Australian Institute of Family Studies showing more than 70 percent of male gamblers between 18 and 35 years of age are at risk of problem gambling behaviours.

Citing an infringement on community guidelines at the time, TikTok removed Susabu’s video, as any content that specifically mentions gambling is prohibited by the social media giant. A measure that has since been removed from the guidelines.

Accusation of hypocrisy

However, advertisements may be exempt from this prohibition if they are subject to an authorised agreement with four gambling companies.

What’s more, after signing an agreement with Australia’s largest gambling operator, Sportsbet last year, TikTok chose to remove its ban on gambling content altogether.

This move came with heavy backlash, with public health professionals accusing the firms of utilising the deal to attract a new generation of gamblers.

This opposition would continue to grow but in spite of this, TikTok expanded its betting partnerships once again to include companies Neds and Dabble.

Another concern is that the content now being produced by these partnerships regularly features former athletes and personalities and is at times native and not clearly identifiable as advertising material.

Beyond disappointing

Commenting on the removal of her videos, Susabu was overwhelmingly disappointed stating:

TikTok under fire for gambling hypocrisy.

“My focus is on positive social change and considering how gambling is shown to exacerbate social problems, it is mind-boggling that TikTok removed the video promoting my anti-gambling petition and not once but twice.”

She would go on to call into question TikTok’s hypocritical moves, as an app that markets itself as something enjoyable for teens and young people while using incredibly significant advertisements to make enormous sums of money.

Other marketers have also accused gambling companies of using TikTok to advertise to young women in an effort to diversify the gambling customer base.

TikTok’s dispute

The world’s 6th largest social media platform replied to this criticism stating that any advertisements featuring gambling content are strictly targeted towards adults 21 and over and there are limits in place for how many times these may be shown.

Further to this point, a spokesperson from TikTok added:

“There is an opt-out feature for those who do not wish to see the ads. We are also continuing to monitor the ads to ensure that all users have a safe experience.”

Australia’s gambling advertising

All gambling advertising is set to be banned in Australia in the next three years, subsequent to a parliamentary inquiry, in order to prevent the manipulation of what was described as an “impressionable and vulnerable” audience.

This action would follow suit with several European countries that already adhere to similar legislation such as Poland and Moldova.

Added pressure is also being mounted on the federal government from gambling companies and multiple other proponents of harm reduction. This has already resulted in TikTok requiring content related to gambling including phrases aimed at minimising gambling harm.

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Jake Graves 6 days ago

£690,947 regulatory action against Lindar Media Ltd.

Lindar Media Ltd. Is facing regulatory action to the tune of £690,947. During the compliance assessment conducted in September 22 and the subsequent regulatory review, officials from the UK Gambling Commission found failings relating to social responsibility and anti-money laundering (AML).

The regulatory settlement consists of a payment of £690,947 in lieu of a financial penalty, including a divestment of £50,947. The money will be directed for socially responsible purposes. The settlement includes an agreement to the publication of a statement of facts and payment of the Commission’s investigation costs.

The company has been fully co-operative throughout its dealings with the Gambling Commission. It took immediate steps to rectify the breaches and, in some cases, had implemented changes prior to the compliance assessment. It also made early disclosure of all relevant facts, accepted the failings at the earliest opportunity and made an early regulatory settlement proposal.

AML failings

A number of failings related to Lindar Media Limited’s implementation of its AML policies, procedures and controls. The Licensee failed to have an appropriate ML and TF risk assessment, as it had adequately assessed risk relating to customers, means of payment, additional inherent risks and emerging risks operator control. One of the key risk factors that the company failed to adhere to is obtaining information about customers’ financial resources to determine whether customers’ spending is proportionate to their income or wealth. Additionally, at the point of registration all customers were automatically assigned a money laundering (ML) risk rating of low. This resulted in insufficient information about the customer at the start of the business relationship to adequately profile the customer and assess the risk of ML or Terrorist Financing (TF).

Responsible gaming failings

The Commission identified failings relating to the customer interaction processes, specifically identifying customers who may be at risk of or experiencing gambling harm. The series of safer gambling triggers used to proactively identify when customers may be experiencing harms were not always effective. Indeed, new customers were able to deposit at high velocity. Furthermore, the Licensee did not have processes in place to identify customers at risk of gambling related harm, or implement early and quick interactions.

Additional failings outline by the Gambling Commission in its findings include:

weaknesses in its reporting arrangements in respect of key events;
the Head of Regulatory Compliance occupied other management posts without the Commission’s approval;
failure to advertise its marketing products in a socially responsible manner;
failure to make an annual financial contribution to an organisation which supports research, prevention and treatment for those harmed by gambling.

Lindar Media Ltd. trades as Mr Q and runs MrQ.com

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Shirley Pulis Xerxen 6 days ago

Durango Casino receives official green light from Nevada Gaming Commission

Nevada's gaming commissioners have granted the green light to Red Rock Resorts for the upcoming launch of Durango Casino. This eagerly awaited property is set to welcome its first guests on November 20th, nestled in the southwest corner of the valley.

Excitement builds for Durango Casino opening

David Horn, the General Manager of Durango Casino, shared insights with the commissioners, emphasising the resort's standing as one of the company's luxury venues. The anticipation is palpable.

"We will have 209 rooms as well as 28 suites. We will have a fabulous pit with 63 table games and about 2,300 slot machines. We will have a high-limit area," Horn said. "We anticipate room rates to be on par with Red Rock Resort rates. However, it's due to activity around the city."

Horn also shed light on the culinary delights awaiting visitors. The resort is poised to house its own steakhouse, seafood restaurant, an oyster house, and collaborate with multiple culinary partners.

Community excitement is mounting, with a surge of job applications indicating the widespread enthusiasm for the potential employment opportunities associated with Durango Casino's opening.

"We've had 25,000 applicants. We plan on employing 1,450 people ourselves in the building and there will be an additional 400 to 500 people hired by tenant partners," Horn said. "There's lots of competition in this city and we couldn't be happier with the results. As of Wednesday, about 55% of the workforce has been hired and accepted roles with us. We expect that to ramp up over the next couple of weeks as we get closer to opening."

Horn mentioned that approximately 30% to 40% of the current hires are relocating from other Station Casinos properties, while the remaining workforce consists of newcomers to the company.

"There's stress and anxiety at different levels throughout this process with bringing everything together at the same time," Horn told commissioners. "The building getting finished, people getting hired, transferring those people in, training them to what our level and standards are, making sure they're comfortable, making sure they get everything they expect when coming into the building and making sure their areas are functioning and working. I think that the people we've hired and the people that are part of my executive team have been through several openings and I think that adaptability allows them to create a team that can have a fantastic opening for us."

*Nevada boasts a rich history of legal gambling, anchored by the iconic Las Vegas, often dubbed the 'Entertainment Capital of the World.'*

The long shadow cast by persistent labour dispute

As the property prepares for its grand opening, a labour dispute persists between Station Casinos properties and members of Culinary Workers Local 226. At the hearing's public comment session, several employees voiced their opinions both in favour of and against Station Casinos. Nonetheless, gaming commissioners opted not to take a stance, citing ongoing litigation with the National Labor Relations Board, which is currently overseeing the matter.

"With respect to the labour disputes, it's not my intent to get in the middle of them but they do concern me," commissioner Rosa Solis-Rainey said. "I've seen both sides of Station. These allegations are a side that hasn't been defined or found so I'm not holding that against anybody. They've done a tremendous amount of good in the community so to see these disputes is troubling to me and hopefully, you can work them out. Family doesn't always see eye-to-eye on things but they're still family and they still have to take care of each other."

Chairwoman Jennifer Togliatti reiterated the commission's stance.

"There is active litigation going on before the NLRB. It's very protracted and it's very complicated and it's very prolonged," Togliatti said. "When you're a judge, you treat similarly situated persons and situations the same so people can come into a court system and rely on consistency and expectation. I believe our board does the same thing."

According to Station Casinos, Durango is one of seven properties they're looking to open over the next decade. However, since 2009, Red Rock Resorts has closed Texas Station in North Las Vegas as well as the Fiesta properties in North Las Vegas and in Henderson.

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Matthew Calleja 6 days ago

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The long shadow cast by persistent labour dispute