Race for Yokohama IR licence heats up as five operators go head-to-head

CoinGames has emerged as a game-changer in the iGaming industry. The company has launched a decentralized gambling platform that leverages the power of blockchain and smart contract technology. This innovative approach has allowed CoinGames to create a Web3 casino that offers instant withdrawals, access to daily promotions, 24/7 live support, and a staggering array of over 10,000 games.

The CoinGames platform addresses what it identifies as the “largest challenge” in the online gambling industry: conversion rates. Traditional online casinos require users to deposit funds upfront, creating a barrier to entry for many potential players. CoinGames eliminates this hurdle by operating as a Web3 casino, where all gaming transactions are facilitated through smart contracts. This streamlines the process, enhances accessibility, and has led to a reported 380 percent improvement in conversion rates and a 200 percent increase in customer Lifetime Value. User-Centric Approach CoinGames has prioritized the user experience, ensuring that players enjoy shorter wait times for registration and deposit. The company has eliminated the need for third parties that often complicate and slow down processes.

As a result, players maintain full autonomy over their funds,using their non-custodial wallets. All transactions are recorded on the CoinGames framework, which is built upon the Binance Chain and Polygon Chain, with plans to soon incorporate Solana and Ethereum. The implementation of these decentralized technologies contributes to a user experience that is both fully secure and streamlined. Setting a New Industry Standard Edoardo Narduzzi, President of CoinGames, has expressed his excitement about the launch of the platform. He believes that CoinGames, as the world’s first fully decentralized gambling platform, marks a pivotal moment not just for the company, but for the entire online gaming ecosystem.

By integrating blockchain and smart contract technology, CoinGames is setting a new industry standard for transparency and user control. CoinGames, which already boasts a user base of 20,000 individuals, has ambitious plans to expand its reach to one million users by the end of the year. The platform operates under a specialized gambling license, ensuring compliance with regulatory standards and bolstering user trust and security. Future Developments In addition to its current offerings, CoinGames is set to introduce its native token, the CoinGames Token.

This will be done through private investor rounds followed by pre-sale and public sale phases. This move is expected to further enhance the platform’s offerings and solidify its position as a leader.

CoinGames is one of the leaders in the charge in revolutionizing the online gambling industry. By leveraging blockchain technology and prioritizing user experience, the company is setting a new standard for online casinos and paving the way for the future of gaming.

MGM Resorts has escalated its battle with the United States Federal Trade Commission (FTC) by filing a lawsuit challenging the agency's investigation into a  that targeted the gaming giant last September. The lawsuit, filed in the US capital on Monday, alleges that the FTC's actions represent an overreach and infringe upon MGM's rights.  

According to the lawsuit, the  left MGM Resorts grappling with operational disruptions, forcing the company to temporarily operate its business without access to crucial IT systems essential for maintaining its renowned standards across its casinos and resorts.  

MGM contends that it should not be subjected to FTC regulations about consumer financial data, as it is not a financial institution. The lawsuit underscores the company's objection to the FTC's involvement, particularly given the personal connection of FTC Commissioner Lina Khan to the incident. Bloomberg reported that Khan was present at an MGM hotel during the cyber-attack, prompting MGM to call for her recusal from the proceedings.  

The lawsuit highlights MGM's objection to the extensive demands made by the FTC, including the production of over 100 categories of information. MGM argues that certain enforcement actions pursued by the FTC have never been targeted at a casino operator of its stature. Moreover, the company challenges the 11-day deadline imposed by the FTC to comply with a Civil Investigative Demand (CID), labeling it as "plainly unreasonable" and arguing that the CID was based on rules that are irrelevant to MGM's operations.  

The aftermath of the cyber-attack has inflicted significant financial losses upon MGM Resorts, with reported costs exceeding $100 million (€94.2 million) in lost revenue and damages. Additionally, the company is contending with over a dozen consumer class action lawsuits stemming from the incident.   

The attack disrupted IT systems at MGM's US-based hotels and casinos, resulting in operational chaos such as slot machine shutdowns, malfunctioning mobile and door keys, and resorting to manual room check-ins.  

, the parent company of MGM China, operates two integrated resorts in Macau through its subsidiary. The legal dispute with the FTC underscores the complexities and challenges faced by multinational corporations operating in the gaming industry.  

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

Belle Corp, a prominent player in the gaming industry in the Philippines, witnessed an uptick in its consolidated revenues for 2023, reaching PHP5.6 billion (€92.5 million). This marks a notable 3 percent increase from the PHP5.4 billion (€89.2 million) recorded in the previous year.  

The surge in revenue was largely propelled by the company's other gaming-related sources, including gaming revenue share and online betting equipment rental. 

The company's strategic alliances, notably with City of Dreams Manila (CODM) and Melco Resorts and Entertainment Corporation (MRP), have been instrumental in driving its revenue growth trajectory. As an investor in CODM and operating in collaboration with MRP, Belle Corp has solidified its position in the competitive gaming landscape. 

Belle Corp's annual report, disclosed to the Philippine Stock Exchange, highlighted a significant boost in casino revenue attributed to its share in the gaming operations at City of Dreams Manila. The revenue surged by an impressive 50 percent year-on-year, reaching nearly PHP2.34 billion (€38.7 million) in 2023.  

Jackson Ongsip, President and CEO of Belle Corp, attributed this growth to improvements across both mass and VIP segments at CODM. Efforts to expand the client base, coupled with rising local and international tourist arrivals, have contributed to CODM's success amidst stiff competition from other integrated resorts in Entertainment City Manila. 

The robust revenue growth translated into substantial gains for in terms of consolidated net income. The company witnessed a remarkable 42 percent surge, with consolidated net income reaching PHP2.4 billion (€39.6 million) in 2023, compared to PHP1.7 billion (€28 million) recorded in the previous year. 

Furthermore, Belle Corp's subsidiary, Pacific Online Systems Corporation (Pacific Online), also experienced a surge in revenues in 2023. Engaged in the national gaming lottery sector, Pacific Online leases online betting equipment and systems to the Philippine Charity Sweepstakes Office (PCSO) for its lottery operations nationwide.  

The company reported revenues of PHP599.2 million (€9.9 million) in 2023, marking a notable 15 percent increase from PHP519.1 million (€8.6 million) realized in 2022. This growth underscores Pacific Online's integral role in contributing to Belle Corp's overall revenue stream. 

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

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 .