Catena Media’s share decline in Q4 2023 results

In times where digital platforms have become the new marketplace, against the promotion of offshore online betting and gambling platforms by influencers. This move comes in response to the growing concerns over the adverse impacts of online gambling, particularly on the youth.

The Ministry’s advisory is a clear message to social media influencers who have a significant impact on their followers’ behaviours and choices. The advisory warns them against promoting or advertising offshore online betting and gambling platforms. The ministry has highlighted the significant financial and socioeconomic implications of online betting, emphasizing the potential harm it can cause, especially to the younger generation.

The advisory also extends to online advertisement intermediaries, urging them not to target Indian audiences with promotional content related to gambling. In addition, social media intermediaries have been called upon to conduct sensitisation efforts among users, discouraging them from publishing such content.

Non-compliance with the advisory could lead to stringent actions under the provisions of the Consumer Protection Act, 2019. This includes the removal or disabling of social media posts or accounts, along with penal action under applicable statutes.

The advisory draws attention to section 79 of the IT Act, 2000, which exempts intermediaries from liability for third-party information. However, it underscores that this exemption does not apply if intermediaries fail to expeditiously remove or disable access to unlawful material on receiving actual knowledge or notification from the appropriate government or its agency.

Furthermore, the Ministry reiterated the concerns expressed by the Central Consumer Protection Authority (CCPA) regarding endorsements of betting/gambling platforms by celebrities and influencers. The CCPA had previously cautioned against any direct or indirect advertisement or endorsement of such activities, subjecting them to rigorous scrutiny.

This move by the ministry is a significant step It focuses on responsibility that influencers and intermediaries hold in shaping the digital landscape and the need for them to exercise their influence responsibly. The fight against online gambling is far from over, but with measures like these, we are moving in the right direction.

has announced its decision to divest its B2C Italian brand, Newgioco This strategic move was disclosed in an SEC filing dated 30 April, revealing that the parent company of Newgioco, Multigioco Srl, is set to be acquired by an undisclosed buyer.

The completion of this transaction is contingent upon obtaining regulatory approvals from the Agenzia delle Doganee dei Monopoli (ADM), and clearance from the Italian antitrust competition agency, Autorità Garante della Concorrenzae del Mercato. Once these conditions are met and the sale is approved by an Italian notary, Elys will detail the sale in a future 8-K SEC filing¹.

Newgioco, although not a dominant player in the Italian gaming market, has been operating since 2015 when it first received trademark approval from the Italian authorities. The brand is part of Elys BMG Group’s journey, which saw a rebranding from Newgioco Group to Elys Game Technology in 2020 to better penetrate the burgeoning US sports betting market.

In January 2024, the company underwent another rebranding to become Elys BMG Group. However, in October 2023, Elys was de-listed from the Nasdaq stock exchange due to its share price falling below the $1.00 minimum required by listing rules. Despite this setback, Elys announced its entry into the US B2C space through its newly created SportsBet.com brand in the same month.

Elys’ strategic divestment of Newgioco marks a new chapter in its corporate narrative, reflecting its focus on expanding its footprint in the lucrative US market. This move follows Elys’ market access deal with Caesars in November, which paved the way for the brand to launch in Colorado, its first state.

Elys BMG Group, originally incorporated in 1998, has a rich history in the gaming industry. The company was formerly known as Elys Game Technology, Corp. and changed its name to Elys BMG Group, Inc. in January 2024. The company is based in Toronto, Canada, with its headquarters in Las Vegas, NV.

Elys BMG Group offers a full suite of gaming products and services to clients in Italy, where it processes nearly $1-billion in handle, producing annual revenue of roughly $50 million. The company is developing a rapidly-growing footprint in the U.S., with operations in five states already and new jurisdictions expected, as more states authorize wagering.

The company’s stock price history shows a journey of ups and downs. The latest closing stock price for Elys BMG as of October 2023, was $0.41. Despite being de-listed from the Nasdaq stock exchange in October 2023, the company continues to innovate and expand, particularly in the U.S. market.

The Ohio Casino Control Commission (OCCC) is contemplating a major change to its licensing rules that could have far-reaching implications for the state’s burgeoning sports betting industry. The proposed amendment would grant the r the discretion to extend the one-year launch deadline for licensees on a case-by-case basis.

This potential change comes in response to the challenges faced by local and retail entities in transitioning from concept to launch within the existing 12-month timeframe. Phantom Fireworks, a Type B operator licensed for brick-and-mortar operations only, is among those finding the current deadline restrictive. Despite not having a definitive location for its sportsbook, the company is making progress, albeit slower than anticipated due to administrative issues.

The OCCC’s consideration of this rule change underscores its commitment to fostering a thriving and competitive sports betting market in Ohio. The state regulator initiated legal sports betting on 1 January 2022, with a deadline for licensees to go live by 31 December 2022. This deadline was subsequently extended by six months, and a second extension is now under consideration.

Several other Type B licensees, including the Pro Football Hall of Fame, Muirfield Village Golf Club, the SPIRE Institute, and Lori’s Roadhouse, have yet to commence wagering operations. Phantom Fireworks, owner of the United State Hockey League Youngstown Phantoms, is also navigating administrative hurdles as it works towards launch.

In a recent interview with the Business Journal Daily, Michael Podolsky, deputy general counsel for Phantom Fireworks, revealed that the company is collaborating with consultants to finalize financial projections. He expressed optimism about the company’s progress but acknowledged that meeting the current deadline would be unfeasible without an extension.

Meanwhile, in Arkansas, the Racing Commission has opened a 30-day application window for a fourth casino licence. The window, which opens on 13 May, is specifically for those interested in establishing a casino in Pope County. The commission has scheduled a meeting for 12 June to close the application window.

This development follows the state’s approval of legal sports betting in November 2018, which also greenlit casinos at two existing racetracks – Oak Lawn and Southlawn – and two future casinos in Jefferson and Pope counties. The Saracen Casino, located in Jefferson County, is one of the beneficiaries of this legislation.

These regulatory developments in Ohio and Arkansas highlight the dynamic and evolving landscape of the . As regulators and operators navigate these changes, the focus remains on creating a balanced and sustainable market that benefits all stakeholders.

Kangwon Land Inc., the exclusive operator of the only casino resort in has released its unaudited financial results for the first quarter of 2024. Despite a year-on-year decline of 8.5 percent in net profit, the company has shown resilience with a sequential increase of 26.0 percent from the final quarter of 2023, bringing the net profit to KRW92.9 billion (US$68.1 million).

The company’s gaming sales, primarily driven by mass-market table play and slot machines, have shown a promising increase. The first quarter of 2024 saw gaming sales rise to KRW316.2 billion, a 3.3 percent increase year-on-year and a 10.7 percent increase sequentially.of the company’s overall sales, which totaled KRW368.4 billion.

In addition to its gaming operations, Kangwon Land Inc. also reported non-gaming sales from its hotel, condominium, and skiing businesses. These non-gaming sales reached KRW52.2 billion, remaining steady from the previous year but showing a substantial 31 percent increase from the previous quarter.

The company’s operating profit for the first quarter was KRW75.9 billion, marking an 8.9 percent increase year-on-year and a remarkable 95.8 percent increase sequentially. This robust performance demonstrates the company’s ability to navigate the challenging business environment and deliver solid results.

Looking ahead, Kangwon Land Inc. has earmarked KRW116.8 billion for capital expenditure in 2024, aimed at enhancing resort attractions and other operational aspects. Of this budget, KRW81.9 billion is allocated for operating investment, including casino floor expansion, resort facility renovation and improvements, and gaming equipment. An additional KRW26.6 billion is set aside for the development of a water treatment facility and employee dormitories.

In a recent announcement, Kangwon Land Inc. released a KRW2.5-trillion new phase for its property, which will triple the size of its casino space by 2032. The expansion plan includes a significant increase in gaming space, a hotel expansion, a new villa with a swimming pool, and other facilities. This ambitious plan underscores the company’s commitment to growth and its strategic vision for the future.

Kangwon Land Inc.'s first-quarter performance in 2024 reflects a resilient and robust business model. With strategic investments and expansion plans in place, the company is well-positioned to navigate the future and continue delivering value to its stakeholders.