Philippines sets €5.5 billion GGR target for 2024

SkyCity Adelaide and the Australian Transaction Reports and Analysis Centre (AUSTRAC) have jointly proposed a penalty of AU$67 million (€41.2 million) to the Federal Court of Australia. This proposal comes in response to allegations of significant and systemic non-compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws, initially brought against SkyCity Adelaide by AUSTRAC in 2022. 

This development follows a legislative last month that seeks to not only raise penalties for criminal offences but also cover past and future conduct, enabling retrospective fines. 

SkyCity Adelaide has admitted to breaching the AML/CTF Act 2006. The breaches include deficiencies in its AML/CTF programs, failing to meet required standards, and not conducting adequate ongoing due diligence for higher-risk customers and transactions. This agreement with includes an acknowledgment of these violations and a proposed penalty, pending court approval. A hearing to review the proposed settlement is scheduled for June 7. 

AUSTRAC CEO Brendan Thomas highlighted the necessity of the action due to concerns that SkyCity’s practices allowed high-risk activities and customer relationships to continue unchecked. Thomas emphasized the importance of casinos and the broader gaming sector adhering to AML/CTF obligations to prevent money laundering and terrorism financing risks. 

SkyCity’s executive chairman, Julian Cook, issued a public apology, acknowledging the company's failure to meet required standards. "We acknowledge that, as a casino operator, we play a key role in combating money laundering and terrorism financing and safeguarding the community against these risks. While we take this responsibility seriously, we accept we have failed to live up to the standard required of us and for this, on behalf of the SkyCity and SkyCity Adelaide Boards and management teams, I apologize.” 

SkyCity has committed to enhancing its AML/CTF practices. The company plans to appoint an independent expert to review its AML/CTF program, develop a comprehensive enhancement program, and implement governance changes to focus on compliance. The company has also invested in AML/CTF resourcing and capability, strengthened relationships with law enforcement, and adopted revised AML/CTF programs. 

SkyCity Entertainment Group recently appointed former Aristocrat executive Jason Walbridge as its new Chief Executive Officer. The company reiterated its commitment to ongoing enhancement activities in both New Zealand and Australia, aiming to fully comply with regulatory expectations and safeguard against financial crimes. 

The dates of the 4th - 8th of May marked the SiGMA Foundation’s memorable journey of the Camino de Santiago. Starting from Sarria, we covered around 25 km a day until we arrived at the Cathedral in Santiago de Compostela in high spirits.

Leading up to this journey, our 24 participants had been training together each weekend, all in unison of this special cause, to fundraise through various means for the women empowerment project, set to be inaugurated this coming October in Bonga, Ethiopia. 

Construction of the women empowerment project as of May, 2024

This project seeks to provide tailored educational programmes and skills development opportunities to women in Bonga, Ethiopia, providing a breeding ground for the development of this community's future.

Amidst the breathtaking landscapes and camaraderie, our diverse group who were once strangers, have now forged lasting friendships, sharing laughter, overcoming challenges and embracing this powerful feat together. 

Camino 6 group on the Camino Frances trail.

 “Buildup of this was great, the training in Malta, coming together as a group and walking all this way which was really fun and challenging, but most important of all is the fact that we are also here to help those less fortunate than us, and the SiGMA Foundation has allowed us to do this”, one expedition participant shared.

Camino 6 group on the Camino Frances trail.

Our journey was faced with all seasons of weather, from heavy rain to glorious sunshine, each element further contributing to the wonder of this world-renowned Camino Frances trail. Upon reaching the Cathedral, we cherished moments of celebration as well as reflection on the journey that has brought us here, recognising the collective achievements that we’ve made for those in need in Ethiopia. 

About the SiGMA Foundation

With the world in dire need of philanthropy, the SiGMA Foundation is leading the charge. As the philanthropic arm of the SiGMA Group, the Foundation is dedicated to supporting those who are most in need.

The SiGMA Foundation was founded in 2019 by Keith Marshall, Austin Cachia and Eman Pulis, Founder of SiGMA Group, with a mission to make philanthropy more participatory and engaging. Keith, who is known for his boundless energy, has dedicated his life to making a difference in the lives of thousands of people through various expeditions across the globe. With a fun and engaging approach to fundraising, the Foundation prioritises supporting underprivileged communities through active giving and aims to create meaningful impact in the world.

If you would like to get involved in any of the Foundation’s upcoming projects visit the for more information.

Interview with SiGMA Group Founder, Eman Pulis on the SiGMA Foundation

for bookmaker information, iGaming communities, and betting tips, has recently acquired AceOdds, a prominent UK sports betting media brand. The acquisition, valued at €42 million on a net cash/debt-free basis, is set to enhance Better Collective’s presence in the UK market.

AceOdds, established in 2008, began with a mission to provide UK sports enthusiasts with an easy-to-use betting calculator. Over the years, it has broadened its services to include a variety of betting tools, odds comparison, reviews, and streaming schedules, catering to its users through both web and app platforms.

Despite , this acquisition further solidifies its position in one of the world’s largest markets for sports and sports fans. Ian Bowden, Better Collective’s Senior Director for UK & Ireland, expressed his enthusiasm for the strategic acquisition, stating that it brings a robust owned and operated sports betting media brand to the UK market, poised for global scalability.

The acquisition aligns perfectly with Better Collective’s overarching strategy of acquiring leading sports media brands across various niches. The AceOdds brand fills a crucial gap by offering a vital sports betting affiliation brand in a pivotal growth market for the Better Collective group. The AceOdds app, benefiting from hundreds of thousands of installs, will further increase the reach Better Collective can provide its partners.

Better Collective sees this acquisition as a strategic step to leverage local expertise and scale the AceOdds brand globally. The acquisition will bring significant synergies for Better Collective. AceOdds comes with substantial recurring revenue, and its integration will enable Better Collective to expand its global network of sportsbooks, including those in the US.

The company plans to leverage AceOdds’ SEO capabilities and invest heavily in product enhancements to grow the brand’s audience further. Additionally, the AceOdds app will provide zero and first-party data for market segmentation and targeting through Better Collective’s AdTech platform, AdVantage.

The €42 million purchase price will be financed with €40 million in cash and the remainder in Better Collective shares, based on the firm’s volume-weighted average share price on Nasdaq Copenhagen. Over the past 12 months, AceOdds achieved operational earnings (EBIT) of approximately €10 million, with the purchase price implying a last 12-month EBITDA multiple of 4x.

Better Collective plans to reinvest part of this profitability into enhancing the product and user experience, which may moderately reduce short to mid-term profitability. Earlier this year, Better Collective raised €145 million to prepare for future acquisition opportunities.

Following the acquisition, Better Collective has updated its 2024 financial targets, now projecting revenue in the range of €395 million to €425 million, implying 21 percent to 30 percent year-on-year growth. The affiliate previously expected full-year 2024 revenue to reach between €390 and €420 million.

The company’s EBITDA, excluding special items, is now projected to fall within the range of €130 million to €140 million. This is an upward revision from the previous forecast of €125 million to €135 million, indicating a growth rate of 17 percent to 26 percent.

Better Collective A/S is committed to keeping its net debt to EBITDA ratio below 3x, demonstrating its strong financial management.

Currently, the shares of Better Collective A/S (BETCO-DKK.CO) are being traded at kr192.80, marking a 4.78 percent increase.

 Following the conclusion of its last race, the 's land has been reclaimed by the Macau government. The Secretary for Transport and Public Works issued an order published in the Government Gazette, nullifying the concession held by Macau Horse Race Co for the 362,000 square-meter plot, with no compensation to the former concessionaire. 

The Macau Jockey Club ceased operations on April 1st, marking the end of over four decades of horse racing. Despite a turnout of approximately 3,000 spectators for its final races, the club's longstanding financial difficulties prompted the government's decision to terminate the concession contract, announced in January. 

The government attributed the closure to a significant decline in attendance and betting revenue. The development signals a major shift in the economic landscape that once supported horse racing in Macau. 

A recent government dispatch declared the immediate reversion of the land plot to Macau's state public domain, with no compensation provided to the former concessionaire due to the concession's expiry. 

Despite financial struggles, the Macau Jockey Club had its concession extended until August 2042, committing to substantial investments in upgrading racetrack facilities amounting to MOP3.4 billion patacas (€389.5 million). 

Initial plans by the Macau Jockey Club included a tourism project slated for 2026, encompassing hotels, leisure areas, sports facilities, dining establishments, retail outlets, a museum, and a riding school. 

However, citing financial difficulties and losses surpassing MOP2.5 billion (€236.4 million), the concessionaire requested termination of the contract, leading to the government's decision earlier this year. 

Chief Executive Ho Iat Seng reiterated that the reclaimed land will not be allocated for gaming purposes in the future, signalling a shift in land use and development priorities for Macau.