Spelinspektionen backs credit gambling ban, seeks clarity

In the fast-paced world of the iGaming industry, maintaining a competitive edge requires not just expertise and experience, but also a deep understanding of this unique sector.

Staying ahead means staying informed, and one of the most effective ways to stay updated is by learning from others. Everyone has something valuable to share, and for this reason SiGMA constantly engages with industry professionals, bringing their insights directly to our readers. is delighted to feature a conversation with Glenn Debattista, Chief Operating Officer at Revpanda.

LH: Can you share your journey in the iGaming industry and how it led you to your current role as the COO of Revpanda?

Glenn Debattista: I’ve been in this industry for over 19 years now, and I would describe this journey like the Beatles’ song, “The Long and Winding Road.” I started out working as a trader in a German sportsbook right when iGaming companies started coming to Malta. From there, I climbed my way up to eventually become a Trading Manager with Operators in my first 15 years within this industry.

Then, I moved on to Affiliation to work more on the product side. As Head of Product, I discovered I always had an inclination for understanding and building the products themselves. Eventually, a great opportunity came up and I took on the role of Chief Operating Officer at Revpanda, a digital marketing agency. This meant that I gained experience with most verticals in this industry, from Operators to Affiliates to Service Providers.

LH: As the COO of Revpanda, what are some of the biggest challenges you face in overseeing the day-to-day operations and how do you overcome them?

Glenn Debattista: Some of the biggest challenges include making sure that we are delivering a quality service to our clients in a timely fashion. This means dealing with people who need to follow processes that are dynamic and constantly updating in order to improve on a daily basis. Nothing can be perfect, but having the right mindset, ideas, and contingency plans for any eventuality is imperative.

LH: Can you share more about the company’s mission and the key services it provides to help businesses dominate their industry?

Glenn Debattista: What makes us special is that we are dedicated digital marketing enthusiasts, where we accept the client’s mission as our own. We do so through up-to-date SEO support to cutting-edge development services, providing our clients with everything they need to dominate their industry.

LH: You have your skills influenced your approach to your role at Revpanda?

Glenn Debattista: I think that the fact I worked with both operators and affiliates has helped me understand the other side of the fence, that is, put myself in the shoes of the client. I can therefore understand what the client needs, why they need it, and also anticipate what they need. I think that being able to understand your client is fundamental in order to provide the right service.

LH: Could you elaborate on your experience with odds compilation, risk management, and trading? How have these competencies helped you in the iGaming industry?

Glenn Debattista: I still enjoy playing around with mathematical algorithms for odds compilation, and this is something that my previous roles, along with a fancy for playing with numbers on Excel sheets, allowed me to acquire new skills that helped me during my Sportsbook days.

Reflecting back to our beginnings nearly two decades ago, most sportsbooks’ trading departments manually handled odds compilation, risk management, and trading. However, the landscape has significantly evolved since then. Today, these processes are largely automated or managed through third-party services. This shift in approach means that newcomers might not have the same opportunities we had to learn this role from a theoretical perspective.

Indeed, these experiences have been invaluable not only to me but also to others from my generation in our iGaming journey.

LH: What strategies do you employ to ensure the highest standards of quality and performance at Revpanda?

Glenn Debattista: As mentioned earlier, it’s about having the right processes in place. Ensuring the highest standards of quality and performance is imperative for any successful company, let alone for a service provider who needs to make sure that their clients are getting over and above the results they expected from an agency.

LH: How do you balance the execution of the company’s vision and goals with the ever-changing needs and expectations of the iGaming market and customers?

Glenn Debattista: It’s all about adapting and anticipating the market. Adapting by making sure that any new needs are catered for, whereas anticipating is about predicting what the next trend or demand in the market is. If you do these two things right, then you have the perfect recipe to succeed in the ever-changing iGaming market.

LH: Looking ahead, what are some of the trends or innovations in the iGaming industry that you believe will have the most impact on Revpanda’s operations?

Glenn Debattista: I think over the past year people have realised that AI content does not seem to work too well with Google. Therefore, services like ours have become much more important to drive traffic via SEO to the clients’ websites, and in some cases even fix issues generated by AI content. It’s probably a case of like the French writer Jean-Baptiste Alphonse Karr said, “plus ça change, plus c’est la même chose” – the more things change, the more they stay the same, which means that digital marketing services like ours will always be in demand.

With 19 years of experience spanning operators, affiliates, and agencies, Glenn Debattista honed his skills as a problem solver, networker, and connector of people and companies. From his early days as a sports writer for European football websites to his current role at Revpanda, Glenn’s career has been marked by a relentless pursuit for excellence.

A certified Professional Scrum Product Owner (PSPO), Glenn is not just an iGaming expert; he’s a passionate board game player and holds much admiration for football legend Zinedine Zidane. If not for his role as at the helm of operations at Revpanda, Glenn says would have pursued his entrepreneurial dream of starting his own business in iGaming.

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

EBet says that the upcoming auction for the sale of EBet’s assets is a significant event and therefore warrants a detailed explanation. A spokesperson for the company said that its crucial to understand that this auction is not a signal of business disruption or discontinuity. On the contrary, it’s a strategic move designed to ensure the smooth and uninterrupted operation of the business.

once again reached out to EBet, and this time, EBet provided an in-depth explanation about the rationale behind its impending auction of assets.

EBet, Inc. engages in the provision of online gambling platforms focusing on internet gaming including casino, sportsbook, and electronic sports events. It operates under the following brands: Dansk777, Hopa.com, Karamba, Griffon Casino, Scratch2Cash, and BetTarget. The company was founded by Aaron Speech (pictured above) in September, 2020 who is also the CEO. It is headquartered in Las Vegas, NV.

SiGMA News was assured that EBet’s operations are projected to continue seamlessly, without any interruption, right up to the auction date. The primary objective of this auction process is to close a sale immediately at the auction, thereby ensuring the continuity of business operations without any changes or interruptions thereafter.

Assuming a successful of substantial value. This implies that the corporate operations of EBet, Inc. are likely to cease.

According to EBet, the auction is a strategic move to sell its assets and certain subsidiary equity as a collective, ensuring the continuation of business operations under new ownership. Despite the cessation of EBet, Inc.'s corporate functions, the business operations are expected to continue seamlessly. This auction signifies a change in ownership, not a disruption of business operations.

The anticipated outcome of the pending auction is the continuation of business operations under new ownership. This means that the new owner will replace EBet, Inc. Therefore, any operations following the auction will occur independently and separately from EBet, Inc.

In essence, this auction is a strategic manoeuvre aimed at ensuring the continuity and stability of the business operations while transitioning the ownership from EBet, Inc. to a new entity. It’s a process designed to facilitate a smooth transition, ensuring that the business continues to operate effectively and efficiently under new ownership. This auction is not an end, but rather a new beginning for the business operations, marking a new chapter in its journey.

The route that Ebet has chosen is a more efficient alternative to any bankruptcy. Chapter 11 bankruptcies are typically expensive, take many months to finalize and are uncertain in terms of outcomes. While Chapter 7 bankruptcies typically lead to the cessation of business operations, the situation is different in this case. "Here, we’re dealing with an Article 9 process. This process is characterized by a swift timeline and is under the control of our Lender," said EBet, further explaining that the anticipated outcome will be a smooth transition around 1 August, 2024, with minimal disruptions or alterations to the business operations to ensure continuity of the business during the change in ownership

The auction that EBet, Inc. is holding is not a fragmented sale of inactive or disparate segments of the company’s assets. Instead, it involves the sale of a collective of the company’s assets and certain subsidiary equity. These components together constitute the company’s business operations. The aim is to sell these as an ongoing business concern, ensuring the continuity of operations.

Upon the successful closing of the auction sale, EBet, Inc., as a corporation, will no longer hold or control any assets of significant value. This is due to the sale of its assets. Consequently, the corporate functions of EBet, Inc. are likely to cease. However, this does not imply a cessation of the business operations.

The current business operations, particularly those involving the company’s sites, are expected to continue without interruption. This continuity is anticipated despite the change in ownership. The new ownership will replace EBet, Inc., ensuring the smooth transition and uninterrupted operation of the business.

On 1 July, 2024, a public announcement was made by Hilco Streambank regarding the auction of certain assets associated with EBet, Inc. The auction is scheduled to take place on 1 August, 2024. The assets up for auction include the equity and business operations housed within EBET’s subsidiary, Karamba Limited. This notably includes several websites such as karamba.com, generationvip.com, hopa.com, scratch2cash.com, griffoncasino.com, bettarget.com, and dansk777.com.

The auction is being conducted by EBet’s lender, with whom the company has cooperated to the extent required under the defined Loan Agreements. The auction is the culmination under the Loan Agreements by their senior secured lender, CPBF Lending, LLC.

After many months of extensions, the lender decided to commence an orderly foreclosure on EBet’s assets. This decision came after 17 June, 2024, when EBET exhausted the last forbearance period with the lender. The foreclosure process is being carried out through an Article 9 sale, a statutory procedure under the Uniform Commercial Code in the United States. This procedure allows a creditor to foreclose on a borrower’s loan default, take control of the borrower’s collateral assets, and sell them. The creditor can also use its debt as credit to bid for and purchase collateral assets.

The Article 9 process is more efficient and less costly than bankruptcy and occurs on a much faster timeline. The auction process does not intend to shut down EBET’s websites or cease its i-gaming business operations. Instead, the real value of EBet’s assets lies in the continuous operation of its sites. EBET has sufficient liquidity to continue operations through the pending auction date. All of EBets gaming websites will continue to operate without change, and player deposits and withdrawals will be taken and made in the ordinary course up to the sale.

The objective of the sale, as positioned by EBet’s lender and its advisors, is to ensure a seamless transition occurs on or about 1 August, 2024, without any disruption of operations after that. This marks a major transition for EBet, Inc., but one that is designed to ensure the continuity and stability of its operations.

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

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.