MGM China’s net revenue up in Q4 of 2023

England has not found the formula to bring the EUROs home yet. Coming so close to winning in EURO 2020 but losing on penalties in the final against Italy, now England aspires to go all the way and lift the cup in this next match. But first they have to overcome the well-organised Swiss team in the highly anticipated quarter-final tomorrow at 6pm CET.

So far, the overall performance of the English team throughout this tournament has been sloppy and frustrating. Jude Bellingham has rescued England from a premature exit against Slovakia. With an amazing bicycle kick in the final moments he has given a new energy to the England team. Will Bellingham manage to score his third goal of the tournament in tomorrow's match against Switzerland?

Switzerland on the other hand will enter this quarter final with great confidence. They passed the Italian test with flying colours. Players like Freuler, Xhaka and Vargas defined an identity for the Swiss team which is disciplined, precise in ball movement and very effective in attack. Midfielder Remo Freuler has already scored once and assisted twice in this tournament. William Hill is offering odds of 4.33 for Freuler to take more than one shot.

Historically Switzerland have only won three times against England, while England has emerged victorious 18 times with six matches ending in a draw. John Stones said that the late comeback against Slovakia has improved the team’s self-belief. But self-belief alone is not enough to win matches.

Gareth Southgate has to strategize to guide England to the semi finals. In fact it has been reported that the manager is considering a significant change to the formation with both Jude Bellingham and Phil Foden starting in a number ten role. Will Phil Foden score his first goal of the tournament? William Hill is offering a bet builder with Foden to score and Tripper to be carded at 26.00.

This match promises to be very exciting. Both teams excel in their attack strategy. England's defence can be erratic and an early goal could set the stage for the enjoyment of football fans. William Hill has odds of 5.50 for Vargas to score at any time. Switzerland made 16 attempts in the last match against Italy which could pose a threat to England's defence.

We anticipate a a fiercely contested match between two evenly matched teams. A goal-filled draw seems a likely outcome. The odds for England to win in extra time are 10.00 with William Hill. All eyes are on this match, and we can only wait to see if England can finally bring it home. We will have a more clear picture tomorrow night.

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

In the UK, the player safety platform Department of Trust and the Vulnerability Registration Service, VRS, have signed a long-term partnership.

Department of Trust is a company that helps gambling operators conduct Enhanced Due Diligence (EDD) by assessing players' financial data for them. The idea is to ensure that both operators and players are safe by mitigating financial risks.

The Vulnerability Registration Service is a non-profit independent organisation. It keeps a central register of people deemed vulnerable and shares it with companies, lenders, creditors as a way to keep people safe. Individuals can register themselves and also decide whenever they want to remove themselves from the list if they judge that their circumstances have improved. Individuals can also be registered by the NHS (UK National Health Service), local authorities, banks, or other trusted solicitors or debt charities. The register includes around 700,000 individuals.

Charles Cohen, CEO of Department of Trust, said: “This is a great development for us and the gambling sector as it rises to the challenge of the new regulations coming in just a few weeks. Operators have a very clear obligation to identify vulnerable customers, but extremely limited means to do so early and without intrusive questioning or document sharing.”

He added: “By incorporating the incredible Vulnerability Registration Service into DoTrust Complete, operators using our platform have the most effective means to meet their new obligations with the highest possible standard of data – and without exposing themselves to extraneous data points which can often raise more questions than they answer.”

Helen Lord, CEO of the Vulnerability Registration Service, commented: “The core function of the Vulnerability Registration Service is to provide a central, independent register of vulnerable people. This helps companies identify them, engage accordingly and treat them more appropriately. This partnership with the Department of Trust is a vital development in protecting people from potential gambling harm at a time when the issue has never been more in focus.”

The Department of Veterans Affairs has declared that the number of active or retired members of the US army showing signs of problem gambling is rising significantly. In some regions of the US, more than 10 percent of military members are problem gamblers.

Concerned about the surge in gambling addiction within the US army, the Department of Veterans Affairs initiated research on the issue. Currently, the army is conducting a large survey, with results expected by the end of 2024. Preliminary findings indicate that military members are not only more vulnerable to gambling-related disorders compared to civilians, but are also less likely to report them and seek help.

Heather Chapman, a clinical psychologist and director of the national gambling treatment programme for the Department of Veterans Affairs, told CNBC: “All of a sudden, we started to see a lot of people with gambling problems calling and asking for some help.”

A 2017 report revealed that over 3,100 slot machines were installed in US military bases abroad. These slot machines are viewed as a recreational activity that boosts troop morale - and generate more than $100 million in revenue per year for the army. Soldiers as young as 18 can gamble in some of these foreign countries. Meanwhile, slot machines are not permitted on military installations within the US.

Many gambling operators actively target the military. In Washington state, seven casinos opened less than 20 minutes away from one of the largest military bases in the US. Additionally, casinos and sportsbooks often send targeted promotions to military members, especially around Independence Day. Some casinos even offer free-play to soldiers.

However, as awareness of the issue grows, some operators have stopped targeting military members altogether. Others have gone further by funding programmes to address the problem.

Dave Yeager, a former Army Staff Sergeant, published a book to help other military personnel facing problem gambling: Fall In: A Veteran with a Gambling Addiction. In this book, he explains how his addiction cost him his family and his position in the army, detailing incidents such as stealing petty cash and bankrupting his family to fuel his addiction. Yeager shares how some counsellors and commanders in the army failed to understand the severity of his illness.

His book also covers his journey toward recovery. Kevin Wensing, a retired US Navy Captain and Veterans Advocate, said, "Dave is an inspiration for millions who have become collateral damage from gambling and continue to be tempted by the massive advance of online sites that feed addictive behaviour. His story is a beacon of hope and the lessons he offers will help all who are committed to raising problem gambling awareness and providing the needed tools to avoid harm."

The Department of Veterans Affairs operates two treatment centres and collaborates with many civilian-run programmes across the country. To encourage soldiers to seek help for gambling addiction, the military has reiterated that no soldier will be penalised for coming forward and seeking treatment. Additionally, the Department of Defence now uses the annual health physical to look for signs of gambling addiction.

The rapid expansion of the online gambling industry, particularly in the U.S., raises critical questions about the uniformity and adequacy of regulatory frameworks across different jurisdictions. The discrepancy in the regulatory landscape between the U.S., UK, and Europe is stark. Companies like Flutter and Entain, which have acknowledged and rectified potentially harmful practices in the UK, continue to employ these same practices in the U.S., where the market is less mature and regulatory scrutiny is less intense.

This situation prompts many grey areas: Should there be a global, uniform standard for responsible gambling? While this idea might seem appealing, it opens up a minefield of challenges, given the varying degrees of regulation enforcement across different countries and states. However, the need to tackle problem gambling from a corporate viewpoint is undeniable. The recent Reuters report highlights several thought-provoking issues, including the use of practices deemed too risky for the UK market but used in the booming U.S. online gambling industry.

The question remains: How can the industry ensure that the race to capitalize on this rapidly growing sector does not overshadow the need for robust, uniform, and effective regulations that prioritize customer protection? The answer to this question will require careful consideration, collaboration among stakeholders, and a commitment to prioritizing the well-being of customers over profits. The stakes are high, and the time for action is now.

The special Reuters report brought to light that Flutter and Entain are using aggressive tactics in the US market that have abandoned in the UK due to regulatory concerns.

The focus of the report is on the differences in regulatory environments between the US and the UK, highlighting how these companies have not implemented the same safeguards in the US that they have in the UK. This includes practices like VIP programmes and high betting limits that can lead to problem gambling.

In the UK, stricter regulations have led to the curtailment of certain practices to protect gamblers, which are still being used in the U.S. The report points to some case studies with examples of individuals who lost large sums of embezzled money through gambling on platforms like FanDuel. It also examines how these companies justify their different approaches in the US and Britain, and the potential harm it is bringing to US gamblers.

For example reference is made to a case in 2018, when the UK branch of the online gambling giant Flutter was penalized by British regulators due to an extraordinary oversight. The director of an animal shelter had been misappropriating funds from his workplace to finance his compulsive betting habits, resulting in losses exceeding half a million dollars over a four-year period, as reported by the charity where he worked. The gambling regulatory authority compelled Flutter to pay approximately $2.8 million for failing to safeguard customers from evident unregulated gambling and for failing to prevent the use of pilfered money.

Peter Jackson, the Chief Executive of Flutter, publicly expressed regret for not stepping in, stating that the company had an obligation to intervene “when our customers exhibit signs of problem gambling.”

It is also interesting to note that FanDuel and BetMGM, two major players in the U.S. online gambling industry, collectively account for approximately 50 percent of the country’s net revenues from this sector. Flutter, the parent company of FanDuel, has been questioned about its practices in the U.S., which have been identified as potentially harmful in the UK. In response, Peter Jackson, the CEO of Flutter, stated that the company is dedicated to maintaining high customer protection standards across all its operational markets. He gave his reassurance that Flutter’s role was to lead the industry towards higher standards.

He explained how Flutter operates in strict compliance with the rules and regulations of the jurisdictions it is licensed in and tailors its strategies to the local markets it serves, taking into account their maturity and competitive landscape. The U.S. is Flutter’s largest and fastest-growing market in terms of revenue, with its FanDuel brand recording over $40 billion in online bets last year.

BetMGM’s co-owner, Entain, operates in numerous markets and believes that a ‘one size fits all’ approach would not be feasible or commercially viable. Rob Wood, Entain’s CFO, acknowledged that the U.S. market is still in its early stages and lacks the level of protections seen in the UK. However, he defended BetMGM’s practices, asserting that the company does not compromise on standards.

BetMGM, the third-largest online gambling company in the U.S. by revenue, is a joint venture with casino operator MGM Resorts International. The company is committed to providing a safe environment for customers and exceeding its regulatory obligations to ensure a positive player experience. MGM Resorts did not respond to requests for comment.

A customer of Jackson’s, this time in the United States, fell into an even deeper spiral of uncontrolled gambling, wagering millions of dollars of stolen money through Flutter’s U.S. brand, FanDuel. Amit Patel, who was then a mid-tier finance manager at the Jacksonville Jaguars football team, transferred $20 million of his employer’s money into his FanDuel account between 2019 and early 2023. He subsequently lost the majority of these embezzled funds, according to court records. Both Patel and the head of the British animal shelter admitted to committing fraud.

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