Cebu’s Emerald Bay integrated casino resort reaches final stretch

Singapore, in its efforts to fight terrorism financing, is implementing stricter regulations for casinos. The updated measures, announced by the country's gambling regulatory body on the 1^st of June 2024, include a significant reduction in the threshold for conducting due diligence checks on cash deposits.

Under the new regulations, casinos in Singapore must now conduct due diligence checks for cash deposits of SGD 4,000 (approximately 2,744 euros) or more, down from the previous threshold of SGD 5,000 (3,430 euros). The Gambling Regulatory Authority (GRA) stated that this adjustment aligns Singapore’s requirements with those of the Financial Action Task Force (FATF), a global watchdog on money laundering and terrorism financing.

The revised National Strategy for Countering the Financing of Terrorism, jointly published by the Ministry of Home Affairs (MHA), the Ministry of Finance (MOF), and the Monetary Authority of Singapore (MAS), defines measures to identify, monitor, and mitigate terrorism financing risks.

Singapore's strategy focuses on key threats from terrorist groups such as ISIS, Al-Qaeda, and Jemaah Islamiyah, as well as potential impacts from conflicts. Authorities point out the risks posed by self-radicalised individuals and far-right extremism: “far-right extremism is also a growing security concern in many countries,” the authorities observed.

A few days ago, K. Shanmugam, Minister of Law and Home Affairs, declared that Singapore is "a very important target" for terrorists, citing recent attacks and arrests in the neighbouring country of Malaysia.

Lowering the due diligence threshold is a proactive step to align Singapore with the (FATF) standards. FATF, head-quartered in Paris, sets international benchmarks for combating money laundering and terrorism financing.

Singapore's adherence to these guidelines is essential to maintaining its reputation as a robust financial hub with high standards of financial integrity.

In December 2023, Singapore demonstrated its commitment by imposing a significant fine of SGD 2.25 million on Resorts World Sentosa for inadequate checks, marking the largest penalty ever imposed by GRA on a casino operator.

Singapore's updated National Strategy for Countering the Financing of Terrorism includes the Terrorism Financing National Risk Assessment, which provides a detailed analysis of current and emerging threats. This assessment identifies critical risk areas such as money remittance services, online fund-raising and new cross-border payment systems, as well as potential vulnerabilities in non-profit organisations and digital payment token services used for terrorism financing. The report stresses the need for ongoing vigilance and collaboration across sectors to effectively address these risks.

Judge Shepherd has upheld the Kentucky ban on popular "grey machines", skill games that offer cash payouts and were operating in a "grey" legal area. Some argue that these machines are games based on skill, but others declare that the element of chance present in these games ultimately makes them gambling machines or disguised slot machines.

The controversy around these machines peaked when Governor Andy Beshear signed House Bill 594 into law in 2023. This legislation ended the blurred distinction between games and gambling, making the operation of these devices illegal and imposing substantial fines on businesses and manufacturers that did not comply.

The legal battle began when Pace-O-Matic, a major operator with 2,500 machines in the state, challenged the law, arguing against its constitutionality and seeking to overturn the ban. While the company's machines across the state remain in small businesses, they are disabled, pending a final decision to remove them.

Pace-O-Matic argues that the ban is unconstitutional for several reasons, including violations of free speech, due process, equal protection, and separation of powers. It also claims the ban constitutes taking property without fair compensation.

The complaint states that skill games are a form of expression that communicates ideas through unique literary features and should be protected speech under the Kentucky Constitution.

Additionally, it contends that the ban unfairly targets certain electronic video-style skill games while allowing similar devices used in e-sports or .

Judge Shepherd's decision sided with Attorney General Russell Coleman, who vigorously defended the law as necessary to protect Kentucky's families and children from potential social harms associated with unregulated gambling. Coleman praised the bipartisan effort of the legislature in passing the bill.

The ruling addressed several key arguments from opponents of the ban, including claims that the law violated free speech rights and unfairly targeted specific industries. Judge Shepherd's comprehensive 52-page ruling dismissed these claims, affirming that the legislature had the authority to regulate gambling activities to protect public welfare.

Supporters of the ban, including House Speaker David Osborne, celebrated the decision as validation of the legislature's intent to fight illegal gambling practices. They argued that allowing these machines to operate without oversight could have led to expanded gambling across the state, potentially undermining existing regulatory frameworks.

In contrast, opponents of the ban, such as Pace-O-Matic and its legal representatives, expressed disappointment with the court's decision and indicated they were considering an appeal. They argued that the law unfairly targeted their industry and advocated for recognising these machines as legal "skill games" rather than gambling devices.

Earlier this year, in March, Virginia legislatures voted to unban skill games machines and regulate the market, stating that the tax revenue was much needed (grey machines are taxed at 25%) and that many small businesses depended on these machines to survive.

On July 1, 2024, Sweden implemented an increase in its gambling tax, raising it to 22% of gross gaming revenue. In 2019, the country had introduced an 18% tax on gambling profits as part of a broader regulatory reform on iGaming.

The decision to increase the tax rate has received within the industry. Stakeholders such as the Swedish Trade Association for Online Gambling (BOS) and major gaming companies have voiced concerns. They argue that higher taxes could lead players to seek out unlicensed operators, potentially undoing progress made in reducing the influence of the illegal gambling market.

Gustaf Hoffstedt, Secretary General of , has predicted that the unlicensed market would thrive under the new tax regime as licensed operators face increased financial pressures.

Within the gambling industry, more traditional operators like ATG, specialising in racetracks and horse-racing, are opposing the fact that the tax affects all gambling operators uniformly. They argue that online gaming, which has seen substantial revenue growth, should bear the brunt of the new government policy instead.

However, not only industry stakeholders have opposed the new tax regime. The Swedish Professional Football Leagues Association declared that clubs across the country depend on partnerships with sports betting operators. They expressed worries about potential income loss from sponsorships and the financial strain it could place on clubs. “Football cannot live solely on the commitment and voluntary efforts of players, managers and supporters – money is also needed,” the association stated.

In defence of the tax hike, the Swedish government anticipates an increase in tax revenues, estimating an annual boost of SEK 540 million (approximately 47 million euros).

Additionally, the government has worked tirelessly to fight the black market. The goal is to achieve a channelisation rate of 90% or higher, ensuring that the majority of gambling in Sweden occurs through licensed operators.

The government conducted research before the 2019 market regulation, which suggested that a tax rate slightly above 20% would be most suitable for gross gaming revenue. However, at that time, the government opted to set the tax rate at 18% as a measure to prioritise market stabilisation and channelisation efforts. Five years later, the government deemed it appropriate to implement the originally recommended tax rate.

(SGHC), the company behind and Spin casinos, announced on 27 June 2024 that they will start paying cash dividends to their shareholders. 

The company plans to pay at least $0.10 per share on 17 July 2024. To qualify for this first distribution, shareholders must have held stock as of the close of business on 8 July. 

“Declaring a dividend shows our confidence in the company and our ongoing strength. We are especially pleased to be able to return capital to our shareholders, while looking to maintain our opportunities for growth.” - Super Group's CEO Neal Menashe.

Super Group committed to shareholder returns by pledging a minimum annual dividend of $0.10 per share from this year forward. However, the board of directors may approve higher payouts based on the company’s performance. This approach allows Super Group to balance rewarding shareholders and allocating resources for other strategic growth activities.  

Super Group is actively considering an upgrade to its dividend programme. The company is evaluating the transition to a quarterly dividend structure by the beginning of 2025 (subject to final board approval). This potential shift would allow investors to receive dividend payments four times a year, significantly increasing the frequency of payouts.  

A move to quarterly dividends could significantly enhance the attractiveness of Super Group stock, particularly for income-oriented investors seeking a steady flow of returns. This potential change emphasises Super Group’s long-term commitment to maximising shareholder value and confidence in generating consistent profitability.  

The launch of this dividend programme shows a significant event for Super Group. This strategic decision strengthens investor relations by demonstrating a commitment to sharing the company’s success with their shareholders. Additionally, the potential shift to quarterly payouts could attract new stakeholders to participate in Super Group’s ongoing growth. Overall, this announcement marks a positive development for Super Group and their stakeholders. 

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