Genting Singapore records €421 million net profit in 2023

In Germany, the iGaming and gambling regulator, GGL, has recently published its 2023, marking the authority's third anniversary.

Regulation of the German gambling market dates back to 2012 with the introduction of the Interstate Treaty on Gambling. In 2021, the treaty was amended to include more regulations concerning the iGaming industry. German regulations are now a complex framework of state laws and federal laws. Online gambling is regulated at the federal level, at the exception of online casino games that are regulated at the state level. Land-based gambling (casinos, gaming halls, betting shops and lottery agents) is regulated both at the state and municipal level.

One of the regulator's main missions is to fight illegal gambling by shutting down and prosecuting unlicensed operators, and by increasing efforts towards channelisation. The GGL states that in2023 only, 1,864 websites were checked, and 438 cases of suspected unauthorised gambling or advertising for unauthorised gambling were investigated. This intense monitoring eventually allowed the GGL to close down 63 illegal operators.

GGL’s primary tool for enforcing its decisions is payment blocking, ensuring that illegal operators cannot perform payment transactions via the main payment service providers. The GGL declares that this tool has been very effective. Nevertheless, it also hopes to soon implement IP blocking, although the legal framework for this measure is still not fully established.

In preparation for Euro 2024, the regulator declares that it began preparations in 2023 and intensified the monitoring of sport-related activity and advertising.

The GGL proudly announced the issuance of 39 new licenses in 2023, acknowledging that the application process is lengthy and challenging. Each licensed operator will continue to be closely monitored even after receiving their licenses, along with the 142 operators already registered and listed on the GGL .

In the future, as a way to optimise administrative processes, the GGL could be involved in the creation process of games. "One way to speed up the application process could be to directly involve the manufacturers of the games, the development studios, in the application process for the approval of the individual games," says Ronald Benter, GGL board member. "That would speed up the process considerably."

The German gambling market has increased by 2%, according to the GGL reports. It represents 13.7 billion euros, with 22% attributed to online gambling only. Conversely, the report estimates the gross gaming revenue of the black market to range between 400 and 600 million euros.

A U.S. judge in Massachusetts has rejected DraftKings’ attempt to dismiss a class action lawsuit. The lawsuit, initiated by buyers of its non-fungible tokens (NFTs), argues that these tokens are, in fact, investment contracts. This pivotal ruling paves the way for a future court trial that will scrutinize the classification of NFTs as securities.

offers sports-themed NFTs via the Polygon blockchain. The lawsuit was first filed by Justin Dufoe, an NFT buyer, on behalf of other owners in March 2023. Dufoe’s contention is that these NFTs satisfy the criteria of the Howey test, a test created by the Supreme Court to determine whether certain transactions qualify as investment contracts.

In the recent ruling, the court concurred that DraftKings’ NFTs involved an investment of money, pooled assets into a common enterprise with shared risks and profits, and created a reasonable expectation of profit from DraftKings’ efforts. As such, they could plausibly be classified as securities under the Howey test.

The court further noted that the value of the NFTs was dependent on the success of the DraftKings Marketplace. This observation aligns with findings from previous cases examining NFTs, where the value was found to move in tandem with interest in the specific marketplace.

Interestingly, this case follows a similar lawsuit faced by Dapper Labs. In June, Dapper Labs agreed to pay $4 million to settle a class action suit. The SEC had previously launched an investigation into Dapper Labs but closed it in September 2023.

A key difference between the NFTs offered by Dapper Labs and DraftKings is the blockchain they use. Dapper Labs uses its proprietary blockchain called Flow, while DraftKings issues its tokens on Polygon. The court determined that the use of Flow, a private chain, meant Dapper Labs ran a higher risk of violating securities laws. This is because its Flow blockchain created a dependency on Dapper’s managerial efforts and success, satisfying the Howey test criteria of a common enterprise and expectation of profit.

As of now, a date to continue the DraftKings class action suit has not been set. This case represents a significant step in the ongoing debate about the classification of NFTs as securities, and its outcome could have far-reaching implications for the future of digital assets.

 Summit powered by Soft2Bet, will take place in Budapest from 2-4 September 2024.

has once again seen a lucky winner in its Top Secret Cashword instant game, with an 80-year-old man having taken home the impressive $300,000 (€279,150) prize.

According to reports, the elderly winner has recently switched from playing drawing games to instant games, and it has been just a week after this change that he has struck gold. Purchasing the winning ticket at Wolf Lake Store in Baldwin, the man has described the moment he discovered his win as “the best feeling in the world.” After scratching the ticket at home, he is initially left in disbelief until he shows it to his daughter, who immediately cheers upon realising the huge prize they have won.

The lucky winner has officially collected the grand prize of $300,000 (€279,150) from the lottery headquarters. He has also shared his heartwarming plans to use the money he got to fully pay off his mortgage, highlighting the life-changing event of such a significant victory. This remarkable story serves as a powerful reminder that fortune can smile upon anyone, regardless of age.

The joyous story of this lucky individual has captured the attention of news outlets such as The State and Gambling News.

, with a remarkable 10,500 retailers across the state providing access to these thrilling gaming experiences. In 2023, players across the state of Michigan experienced a massive success with instant games, leading to a collective prize payout of $1.8 billion (€1.6 billion). This significant amount emphasises the widespread popularity and excitement surrounding these games in Michigan.

Stay in the loop with the latest updates and news for the upcoming powered by Soft2Bet. The summit is scheduled to take place in Budapest from 2-4 September.

, the parent company of the world’s largest and most well-known and iGaming brands, has strengthened its position in the industry by adding two seasoned personalities from the entertainment industry: Christine M. McCarthy and Robert R. Bennett.

Flutter has announced that Christine M. McCarthy will join the Audit Committee, while Robert (Dob) Bennett will be a Risk and Sustainability Committee member, effective 30 July 2024.

“Christine and Dob’s extensive experience in the entertainment industry will be an invaluable asset to Flutter as we continue to extend our leading position as a global online sports betting and iGaming provider.” - John Bryant, Chair of the Flutter Board.

McCarthy has had a wealth of experience as an entertainment executive and has held several significant leadership positions. Since joining Disney in 2000, she has consistently excelled in the entertainment sector. Currently, she holds the director position at The Procter & Gamble Company and serves as the Chair of the Audit Committee and Finance Committee at FM Global.

Bennett presently holds the position of managing director at Hilltop Investments, LLC. He has also previously served as the president of Discovery Holding Company and as the CEO and principal financial officer of Liberty Media Corporation. Additionally, he has assumed directorial roles at several prominent entertainment and media entities, including Warner Bros. Discovery, Inc., Sprint Corporation, and Demand Media, Inc.

Flutter Entertainment is having an outstanding year and was included in TIME magazine’s list of the 100 most influential companies of 2024 in the “pioneers” section. This recognition highlights Flutter’s continued leadership in the industry, with 12.32 million active monthly players and £2.67 billion (€3.15 billion) in revenue recorded at the end of 2023.

WHAT’S NEXT:  powered by Soft2Bet, happening in Budapest from 2 – 4 September.