Cryptocurrency ban in Nigeria: A bad financial policy

BlueBet Pty Ltd faces a fine of AUD50,000 (€30,221) following an investigation by the Victorian Gambling and Casino Control Commission (VGCCC). The probe stemmed from a complaint lodged by a member of the public, resulting in 43 charges against  for displaying gambling advertisements on or above public roads, a contravention of the Gambling Regulation Act 2003.  

During a two-week period in August and September 2022, BlueBet's gambling ads adorned digital billboards at various strategic locations, including overpasses on the Princes Freeway, Western Freeway, and other key points. The positioning of these billboards was specifically tailored to target males aged 15 to 54 years old.  

Magistrate Greg Thomas, overseeing the case, expressed doubts about BlueBet's defence, particularly their claim of ignorance regarding the breaches. Thomas highlighted the calculated placement of the billboards as evidence against BlueBet's assertions. While refraining from recording a conviction, Thomas noted the repeated breaches indicated a high level of negligence on BlueBet's part.  

VGCCC CEO Annette Kimmitt AM welcomed the verdict, emphasizing the importance of safeguarding vulnerable groups from exposure to gambling advertising, especially in public spaces. Kimmitt reiterated that such ads have no place on public roads and hailed the ruling as a clear message to wagering providers flouting community protections.  

Despite contemplation of a harsher penalty, Magistrate Thomas took into account mitigating factors such as BlueBet's guilty plea, cooperation with the , and measures implemented to prevent future breaches. Ultimately, an AUD50,000 (€30,221) fine was imposed, with no conviction recorded.  

BlueBet did not immediately respond to SiGMA News' request for comment.  

The news comes after the long-anticipated merger between BlueBet and Betr has been finalized last week, marking a significant shift in the Australian wagering landscape. The merger was under negotiation for several months. 

Upcoming SiGMA event: BIS SiGMA Americas 2024, find all the details .

Few topics have dominated recent conversations in the betting and iGaming industry as much as the search for the next CEO of Entain, the FTSE-100 conglomerate that owns Ladbrokes, Coral, Gala Bingo, Bwin, and BetMGM.

The position was left vacant when Jette Nygaard-Andersen, the former CEO, unexpectedly resigned 11 days before Christmas. Since then, the role has been filled on

One of the favourites for the role, Richard Flint, (pictured above), has ruled himself out. Flint, who had a successful stint as the CEO of Sky Betting and Gaming, recently stepped down as a non-executive director of Flutter Entertainment. Despite speculation, Flint has stated that he is not seeking another executive position. He is currently Chair of the dog food subscription service Butternut Box and the premium ticket and hospitality platform Seat Unique.

The search for a new CEO comes at a pivotal time for Entain. The company is working its way through the changes in the betting and gaming industry, with increasing regulatory scrutiny and the need for innovation and digital transformation.

Entain's incoming CEO will be stepping into a chess game of strategic foresight and operational acumen. And the task would be to balance these changes and deliver shareholder value whilst maintaining as an industry lead. The gaming industry’s ever-changing rules demand a leader who can stay ahead of the curve, ensuring Entain’s success. Entain is contending with a substantial debt burden and the necessity for successful strategies in key markets such as Brazil and the US, where challenges have arisen in its joint venture with MGM. Insiders suggest that Entain may even need to streamline operations and potentially reduce headcount to enhance efficiency and performance..

This necessitates a departure from Nygaard-Andersen’s M&A-centric approach, shifting towards asset sales in mature markets like Australia to generate capital.

She was known for her deal-thirsty approach. Her leadership was marked by an insatiable appetite for Mergers and Acquisitions, reflecting a strategic vision focused on growth and expansion. However, this aggressive M&A strategy also brought its share of challenges, leaving a legacy that the new CEO will need to examine carefully. Her approach elicited mixed reactions from investors and stakeholders

Nygaard-Andersen’s departure was unexpected and left a significant gap, however it was a timely exit prior to the situation turning significantly challenging. Her tenure was marked by a 35 percent decline in the company’s market value. Despite a less-than-ideal track record during her tenure, Nygaard-Andersen's exit raises concerns about the group’s susceptibility to a takeover.

The incoming CEO of Entain must confront a substantial £3 billion debt burden, exceeding three times next year’s projected EBITDA. Stella David, who stepped in as the interim CEO, brings a wealth of experience to the role She has held senior roles in several large consumer-facing businesses and currently holds non-executive and independent director roles at several companies, including Entain. Her leadership during this transitional period has been crucial in calming the troubled waters and steering Entain towards stability and growth.

On one hand, her aggressive M&A strategy was seen as a key driver of Entain’s growth. Under her leadership, Entain acquired several brands in regulated territories, allowing the company to quickly gain a presence and scale in new or growing markets2. This strategy was in line with the company’s target of generating 100 percent of revenue from locally regulated markets. On the other hand, some investors and stakeholders expressed concerns about this approach. Criticism centred on slow revenue growth at Entain, as well as the increasing regulatory obligations. which acquired a 4.4 percent stake in Entain, labelled Nygaard-Andersen’s departure a “necessary” first step to recovery. While Nygaard-Andersen’s M&A strategy contributed to Entain’s expansion, it also raised concerns among some investors and stakeholders about the company’s growth and regulatory compliance.

Nygaard-Andersen is currently on the board of several companies, including Coloplast A/S, a Danish multinational company that develops, manufactures and markets medical devices and services related to ostomy, urology, continence, and wound care. Nordic Entertainment Group Denmark A/S, an investment company with interests in trading and marketing of goods, financing of satellite receivers, leasing, and distribution of TV programmes. In addition, she was the Chief Executive Officer for MTG Broadcasting AB, a part of Modern Times Group MTG AB, which is a Swedish pure-play gaming entertainment investment company.

The search for Entain’s new CEO is more than just a game of chance. It’s a strategic move that will not only shape the future of the company but that of the betting and gaming industry. Whoever steps into the role will have a significant task ahead, steering Entain through a period of change and uncertainty. Establishing a path for the company's successful future has now become a prerequisite.

The hunt for an exceptional CEO is far from over.

Sandeep Singh, the project head of the David Group Fiji casino, recently unveiled plans for a FJ$2 billion (AU$1.3B) development. This ambitious project includes a casino and a grand hotel, among other features. The development is planned in two phases, each costing $1 billion. The first phase will see the construction of a stand-alone casino and a 1000-room luxury integrated 7-star hotel. This hotel will be equipped with restaurants, conference rooms, a business centre, a shopping mall, a marina, and the necessary infrastructure to support this multifaceted development. The second phase of the project will introduce a Disney-style amusement park, an indoor rugby stadium, an entertainment complex, and a luxury subdivision. Denarau Island in Fiji has been suggested as a potential location for this massive development. The David Group, aligns its vision with Fiji’s goal of private sector-led economic growth, which includes increasing exports in the services industry. This project also aims to expand the capacity and scope of Fiji’s tourism industry.

Unlike its neighbours Vanuatu and Samoa, which already have casino resorts, Fiji is yet to explore this avenue. Singh believes that a casino could boost Fiji’s tourism industry and. The casino could potentially be located in Southern Denarau or Wailoaloa in Nadi. However, the final decision is pending as land cannot be purchased without a license. If approved, the project development is set to commence in 2026.

Prime Minister Sitiveni Rabuka has stated that the government still has a long way to go before issuing any casino permits. A clear set of rules for granting gambling licenses is required before any progress can be made. Interestingly, while the project aims to benefit the communities, local residents will not be permitted to enter the casino. Singh explained that this measure is to prevent the local community from being exposed to gambling. This decision aligns with the ethos of the Government and stakeholders such as the Methodist Church of Fiji. In other news, travel from Australia to the island nation is booming. According to Tourism Fiji, Australian visitor arrivals have exceeded pre-pandemic levels for 14 consecutive months, up to October 2023.

The latest news about the David Group Fiji casino project is as follows: The David Group, a junket operator and investment firm based in Macau, has announced plans to invest FJ$2 billion (approximately US$900 million) in a casino and hotel resort development project in Fiji1. The project, led by businessman Sandeep Singh, is working with the Fiji government. The initial blueprint calls for a two-phased construction plan. The first phase includes an investment of $450 million to build a standalone casino and a 1000-room luxury hotel. A second phase of roughly a similar investment would bring an amusement park, entertainment venue, and luxury residential subdivision to the destination.

Fiji Prime Minister Sitiveni Rabuka is reportedly receptive to the country issuing its first commercial resort casino license. But he says the concession will not be approved until many more details are solidified. Singh says his David Group is willing to wait until the government gets its house in order. He says regulatory conditions must first be disclosed before his firm might acquire property to build the resort. Singh hinted that the casino could be built in Southern Denarau or in Nadi’s Wailoaloa Beach. The project is expected to launch sometime in the year 2026, pending approval from concerned authorities.

The Marina Bay Sands, is on the brink of a significant transformation. The expansion project, which has been in the pipeline for some time, has now entered its final phase of design enhancements. As per the latest statement released by the company, full-scale construction is expected to commence by July 2025, with a targeted completion date set for July 2029. The expansion project, designed by Safdie Architects, the same team behind the existing property, promises to bring a host of new features.

These include a luxury hotel tower topped with a sky roof, a state-of-the-art 15,000-seat entertainment arena, and additional premium MICE (meetings, incentives, conferences & exhibitions) space. The project will also introduce new food and beverage options and nightlife offerings.

The new arena is set to become Asia’s leading live entertainment venue, offering world-class premium hospitality experiences. The company emphasizes that the expansion will significantly contribute to attracting more inbound travel to Singapore. The arena is expected to draw top entertainers from Asia and around the globe, many of whom may not have The additional MICE space will also help attract more new-to-Singapore events. Financial estimates from Deutsche Bank suggest that Las Vegas Sands, the parent company of Marina Bay Sands, may revise the expected expansion costs for the property’s revamp in Singapore.

“The expansion project aims to relieve both Marina Bay Sands’ and market constraints,” said George Tanasijevich, President & Chief Executive Officer, Marina Bay Sands. “Our annual hotel occupancy levels have ranged from 94 to 99 percent. Our exhibition halls have been at full capacity for years and our grand ballroom is unable to accommodate current demand. Given the 5,000 seat capacity of our ballroom and outdoor event plaza for concerts, we are limited in the number of events we can stage.”

The planned budget could potentially increase to $4 billion, up from the original estimate of $3 billion, which included a $900 million land premium paid several years ago. Until now, there was no clear timeline for the project’s completion. However, with the latest statement, the future of Marina Bay Sands seems to be taking shape, marking the dawn of a new era in 2025.