Fitch upgrades outlook for SJM Holdings

The European Court of Justice (ECJ) is set to determine whether German bettors can claim refunds for their losses from operators who offered their services without valid licenses before the German sports betting regulation. This decision follows a referral from Germany's Federal Court of Justice, Bundesgerichtshof (BGH).

From 2012 to 2020, many betting operators applied for German licenses but faced a lengthy bureaucratic process that resulted in no licenses being issued for years. Despite this, operators continued their services under licenses from other EU countries, such as Malta. According to German law, operating without a valid German license is illegal, which could void any contracts issued during this period and entitle consumers to claim refunds.

The case originated when a claim for €3,719.26 worth of losses was presented in front of a German district court. The plaintiff argued that Tipico, being unlicensed during the time of the bets, should pay back the losses. The district court dismissed the case and the appeal. However, a growing number of cases involving reimbursement from operators have been presented to the courts and treated inconsistently, leading the BGH to seek a definitive ruling from the European Court of Justice.

The EU promotes the free movement of services within the union, and this principle could lead the ECJ to rule in favour of the operators. The companies argue that the flawed German licensing process should not be held against them. They believe the EU court might rule against the refunds, aligning with a previous decision that identified the German licensing process as incompatible with EU regulations. If the ECJ sides with the operators, it would validate their operations during the licensing void and potentially limit their financial liabilities.
German Sports Betting Association president Mathias Dahms declared, "We are confident that the ECJ will rule in favour of the providers and the European freedom to provide services, as it has already done in the past."

Philippine basketball icon June Mar Fajardo (pictured in centre) has cemented his status as one of Asia’s sporting legends after being named in ESPN’s Top 25 Asian Athletes of the 21st Century. The seven-times 'PBA Most Valuable Player' shares the spotlight in the 25th spot with fellow Filipino boxing icon Manny Pacquiao.

The 6-foot-10 Cebuano centre’s unparalleled dominance in the Philippine Basketball Association (PBA) has earned him global recognition. His impressive resume, highlighted by ten championships with San Miguel Beer, four Finals MVP awards, and a Defensive Player of the Year title, among others, made him a standout choice for ESPN.

“Known as ‘The Kraken,’ Fajardo has won seven MVP awards, the most in league history, and has led the San Miguel Beermen to 10 PBA championships,” ESPN lauded, accentuating Fajardo’s brilliance and hard work. The sports giant also acknowledged Fajardo’s contributions to the Philippine national team, Gilas Pilipinas, where he has been a stalwart since the 2013 FIBA Asia Championships

The ESPN recognition is yet another milestone in Fajardo’s illustrious career. Hailing from Compostela, Cebu, the “Kraken” started his basketball journey at the University of Cebu before being draughted first overall by Petron Blaze Boosters in the 2012 PBA Draft. His rookie season was marked by a silver medal with Gilas Pilipinas at the 2013 FIBA Asia Championship.

Fajardo, known for his formidable presence on the court, was born in 1989, in Compostela, Cebu, Philippines. Raised in the modest town of Pinamungajan, Fajardo’s journey to basketball stardom began in his youth, where his towering height and natural athleticism set him apart. He honed his skills at the University of Cebu, leading the Webmasters to multiple championships in the CESAFI league. Drafted first overall by the Petron Blaze Boosters in 2012,

Fajardo quickly became a dominant force in the Philippine Basketball Association (PBA). He earned seven MVP awards, the most in league history, and he has led the San Miguel Beermen to ten PBA championships. Beyond his accolades, Fajardo is celebrated for his humility and dedication, often attributing his success to hard work and perseverance. 

Despite his imposing stature, those close to him describe him as a very gentle character off the court, a quality that endears him to his fans.

Stay in the loop with the latest updates for the SiGMA East Europe Summit  in Budapest from 2-4 September powered by Soft2Bet

The Chinese Embassy in the Philippines has expressed strong approval of President Ferdinand Marcos Jr.'s decision to ban all Philippine Offshore Gaming Operators (POGOs). In a statement, the embassy highlighted that this move would benefit both Filipino and Chinese communities. 

"We have noted President Marcos’ announcement of banning all POGOs and welcome this development. We believe this decision echoes the call of the Philippine people and serves the common interests of people of both countries," the Embassy stated on Thursday. 

The Chinese government has been actively cracking down on its citizens involved in gambling businesses abroad, including POGOs. The embassy underscored that these operations are linked to serious crimes such as kidnapping, human trafficking, and murder. It was emphasised that POGO activities harm the interests and images of both nations and negatively affect China-Philippines relations. 

"The Chinese law prohibits all forms of gambling," the statement added. "The Chinese government strictly cracks down on Chinese citizens engaging in overseas gambling businesses including POGO."

The embassy reiterated China's readiness to continue its strong law enforcement cooperation with the Philippines to protect the safety and well-being of their citizens. They emphasised that many Chinese citizens involved in POGO-related crimes were victims of the industry. 

"POGO breeds serious crimes and gravely undermines the interests of both Philippine and Chinese people," the statement said. "In line with this commitment, China is ready to continue its strong law enforcement cooperation with the Philippines and better protect the safety and well-being of the two peoples." 

The Associated Press reported that Marcos’ order targets over 400 online gambling operations employing tens of thousands of Chinese and Southeast Asian nationals. These operations have often been linked to illegal activities and poor working conditions. 

Marcos emphasised the need for strict enforcement of this ban, citing the severe abuse and disregard for Philippine laws by these operators. The Philippine Amusement and Gaming Corporation (PAGCOR) has been tasked with winding down these operations by the end of the year, with labour officials working to find alternative employment for displaced Filipino workers. 

In a joint House committee hearing, PAGCOR Chairman and CEO Alejandro Tengco clarified that the President’s order encompasses all offshore gaming operations, including the licenced Internet Gaming Licensees (IGLs). Speaking with local reporters, Tengco also shared that around 20,000 Filipino workers are set to be displaced. 

The Philippines' relationship with China remains complex, balancing significant trade engagements and cooperation against crime with ongoing territorial disputes in the South China Sea. While Marcos’ predecessor, Rodrigo Duterte, fostered closer ties with China, Marcos has shifted towards strengthening defence ties with the U.S. and other allies. 

Upcoming SiGMA event: Click here to find out all about SiGMA East Europe powered by Soft2Bet happening in Budapest, September 2024.

Renowned sports bettor Gadoon "Spanky" Kyrollos, who is facing extortion allegations and has admitted to illegal proxy betting, has launched a charity, American Bettors' Voice (ABV), to "eliminate friction" in withdrawal processes for gamblers.

American Bettors’ Voice

Kyrollos, alongside sports bettor Billy Walters, has now announced the formation of a non-profit organisation named American Bettors’ Voice (ABV). Based in Nevada, USA, the organisation aims to advocate for sports bettors and address several pressing issues within the industry - including the withdrawal process.

Kyrollos will serve as ABV's chairman, with industry professional Richard Schuetz as CEO.

One of ABV’s key focuses is the delay in fund withdrawals—a major complaint among gamblers, according to the UK Gambling Commission. The commission has criticised operators for introducing unnecessary friction during the withdrawal process, often requesting additional documentation at the point of withdrawal rather than during the deposit stage. Operators “should not continue to accept deposits indefinitely and then seek to rely on their AML procedures to frustrate a withdrawal request”, the commission declared.

The controversy began in March 2023 when an anonymous New York resident alleged that his personal information had been leaked by DraftKings employees. According to the plaintiff, this breach of privacy led to an unpleasant experience in which he was confronted and threatened with extortion for $500,000 by an assailant. The assailant allegedly demanded that the money be sent to the well-known sports bettor Gadoon "Spanky" Kyrollos.

In response to the lawsuit, "Spanky" Kyrollos publicly addressed the situation, arguing that the legal action stemmed from his past disputes with Steve Jacobs. Jacobs, recruited by Kyrollos to place illegal proxy bets, allegedly refused to share the winnings, claiming that operators would not allow him to withdraw the money.

The partnership recorded around $350,000 in winning bets and $14,000 in bonuses. Kyrollos expected payment once Jacobs withdrew $200,000 from his DraftKings account. However, Jacobs faced delays because DraftKings required him to sign an "affidavit of eligibility" before processing the withdrawal. Kyrollos suggested that Jacobs file a claim with the New York State Gaming Commission, which Jacobs reportedly did on February 6, 2023.

None of the winnings ever made their way back to Kyrollos. The famous sports bettor posted documents and theories on Twitter, speculating that Jacobs might have gambled away the funds, stolen them, or used another betting site. Kyrollos also claims that Jacobs anonymously sued him for extortion to avoid sharing the winnings.