UK economy returns to growth

first_img The UK economy grew by 0.5 per cent in the first three months of the year.The Office for National Statistics’ (ONS) figures show a recovery from the 0.5 per cent contraction recorded for the last three months of 2010. whatsapp Wednesday 27 April 2011 4:39 am John Dunne Show Comments ▼ More From Our Partners Brave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMark Eaton, former NBA All-Star, dead at 64nypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comKamala Harris keeps list of reporters who don’t ‘understand’ her: reportnypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.com UK economy returns to growth Share whatsapp Tags: NULLlast_img read more

Monmouth Park suing major sports leagues

first_img Monmouth Park suing major sports leagues AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Racetrack’s owners accuse leagues of ‘wrongfully’ blocking betting legalisation Tags: Online Gambling Race Track and Racino Horse racing Monmouth Park, New Jersey’s first legal sportsbook venue, is suing US sport’s major leagues for more than $150m (€128m) over their part in the blocking of betting in the state over the last four years.Owners of the racetrack named the National Collegiate Athletic Association and professional sports leagues, including American football’s NFL, basketball’s NBA and Major League Baseball, in court papers issued in May, according to the Philadelphia Inquirer.The New Jersey Thoroughbred Horsemen’s Association Inc claims the organisations “wrongfully” blocked Monmouth Park from taking wagers since New Jersey attempted to legalise sports betting in 2014. The major sports leagues filed a suit attempting to block New Jersey from offering legalised wagering on sporting events just days after Governor Chris Christie signed a law that would have repealed the historic ban. After they gave oral evidence, a New Jersey District Court ruled that the Sports Wagering Act of 2014 violated the federal Professional and Amateur Sports Betting Act (PASPA).Monmouth Park officials said the developing relationship between the leagues and the gambling industry illustrated that the evidence they gave to the District Court was false. It estimated that it was denied $150m in revenue because of the ban.“The commissioners falsely described to this court in meticulous detail the catastrophic consequences they swore would follow from the spread of sports betting,” the racetrack’s attorney, Ronald Riccio, said in the court filing. “None of this was close to being true.“Behind this court’s back, each commissioner’s league and team owners made huge profits from the spread of sports betting, both on the outcome of their games and their players’ performances in their games.”The leagues have until July 16 to file a formal response to Monmouth Park’s claim. In a letter to the judge hearing the matter, the leagues called Monmouth’s request for compensation “meritless, if not frivolous”.Last month, New Jersey Governor Phil Murphy ceremonially placed the US state’s first legal sports wagers as betting went live at Monmouth Park.Picture credit: User:TheBluZebra Topics: Legal & compliance Sports betting Horse racing 10th July 2018 | By contenteditor Regions: US New Jersey Email Address Subscribe to the iGaming newsletterlast_img read more

New Jersey iGaming Dashboard — August 2018

first_img Topics: Casino & games Finance Poker New Jersey iGaming Dashboard — August 2018 Casino & games 21st August 2018 | By Joanne Christie Subscribe to the iGaming newsletter iGaming Business and Ficom Leisure are pleased to present the New Jersey iGaming Dashboard, providing revenue and product metrics on the state’s regulated market.The data is updated monthly following the official release of figures from New Jersey’s Division of Gaming Enforcement.The dot.nj market had its best month in history in July, with licensed intrastate operators collectively generating $25.9m. This represented a 14% rise on the previous month and a significant 25% rise on the same month last year.It was casino that boosted the market and the vertical also hit a record high with GGR of $24.0m. Poker remained flat in July, with little change from the previous month.In terms of market share, Borgata was the biggest riser last month, with its market share rising to 19% from 17.8%. New entrants Hard Rock and Ocean Resort took 1.3% and 1%, respectively, of the market with their so-far-small slice of the market appearing to have come from Tropicana, which saw its market share fall to 12.9% from 15.9% the previous month.It’s worth noting that within the five top operators by market share, there are a number of brands that sit under each licence.For Borgata these include its own brands — Borgatacasino.com and Borgatapoker.com — as well as NJ.Partypoker.com, palacasino.com, palabingousa.com, playmgmcasino.com, playmgmpoker.com and scorescasino.com. Caesars’ licence extends to CaesarsCasino.com, HarrahsCasino.com, WSOP.com and the 888 US brands: us.888.com, us.888poker.com and us.888casino.com.Golden Nugget’s includes GoldenNuggetCasino.com, nj-casino.goldennuggetcasino.com, betfaircasino.com and playsugarhouse.com, while Resorts Digital’s covers its own brand — resortscasino.com — as well as those of PokerStars (pokerstarsnj.com) and Mohegan Sun (mohegansuncasino.com). Finally, as well as tropicanacasino.com, Tropicana’s licence also includes virgincasino.com.Ficom Leisure also provides exclusive monthly estimates on the Italian online market in the Italy iGaming Dashboard, including operator market shares across casino, sports betting and poker. It also provides quarterly figures on the Spanish online market in the Spain iGaming Dashboard and on the Danish online market in the Denmark iGaming Dashboard.A European corporate advisory firm, Ficom Leisure is a specialist in all segments of the betting and gaming sector. Regions: US Tags: Card Rooms and Poker Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address The dot.nj market had its best month in history in July, with licensed intrastate operators collectively generating $25.9mlast_img read more

NDC growth sees Better Collective revenue soar in Q1

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Europe UK & Ireland US Central and Eastern Europe Nordics Poland Sweden Pennsylvania 8th May 2019 | By contenteditor Tags: Mobile Online Gambling NDC growth sees Better Collective revenue soar in Q1 Casino & games Subscribe to the iGaming newsletter Topics: Casino & games Finance Marketing & affiliates Sports betting Email Address Affiliate marketing giant Better Collective has seen revenue almost double in the first quarter of 2019, driven by record numbers of new depositing customers (NDC) in the period. Affiliate marketing giant Better Collective has seen revenue almost double in the first quarter of 2019, driven by record numbers of new depositing customers (NDC) in the period.Revenue was up 97% year-on-year to €14.9m (£12.8m/$16.7m), beating company expectations and performing particularly well compared to Q1 2018, which Better Collective noted was an especially weak quarter.Revenue share deals accounted for 72% of total revenue, with 18% coming from cost per acquisition, and 10% from other sources. More than 116,000 NDCs were signed up over the period, a 147% year-on-year rise, and setting a new quarterly record.Unlike many of its competitors, Better Collective said the performance of its Swedish business had been satisfactory in the first quarter, aided by the €30m acquisition of Ribacka Group in December 2018.“We expect that the market will continue to find a new balance, and in the long run, we expect Sweden to be an important and valuable market for online sports betting,” Better Collective chief executive Jesper Søgaard (pictured) said.During Q1, Better Collective allocated significant resources to the development of new markets such as the US, as well as establishing new subsidiaries in the UK and Poland to support increased activities in each market. This, it noted, had led to an increase in expenses for the period.Costs for the quarter rose 53% to €8.4m, driven by increases in revenue-related expenses to €1.4m, with staff costs rising to €4.2m and other external expenses to €2.7m. This left an operating profit before amortisation and special items of €6.5m, a 212% year-on-year rise.Once amortisation and impairment charges of €1.2m and special items of €87,000 – related to M&A activity – were stripped out, the operating profit stood at €5.2m, up 230% from Q1 2018. After financial income and expenses and income tax, Better Collective’s net profit for the quarter was €3.7m, up 225%.Looking ahead to the rest of 2019, Søgaard said Better Collective would look to shore up its US position by developing new products and adjusting current offerings for the US market.“While the pace of regulation is uncertain, we see progress and we are preparing for the next states to regulate online sports betting and casino,” he said. “On this note, Pennsylvania has decided to open for online casino as from July 15, 2019, and possibly online sports betting as soon as May.“We continue the efforts to find new business from the organic approach as well as through possible collaborations and acquisitions.”Yesterday the company also announced that it would pay the final deferred payment of €6m for its Ribacka acquisition would be paid in 896,727 ordinary shares in Better Collective.Its short term growth targets, for the 2018-20 period remain unchanged, with Better Collective aiming for annual growth of 30-50%, driven by M&A and double-digit organic growth. However it noted that 2019 results were likely to beat this target, driven by strong underlying organic growth in key performance indicators such as NDCs, player deposits and gross gaming activity.last_img read more

Houst to depart as financial chief at OPAP

first_img Topics: Lottery People Strategy Subscribe to the iGaming newsletter 16th July 2019 | By contenteditor Greek gaming operator OPAP has confirmed that Michal Houst is to step down as chief financial officer and deputy chief executive by the end of September. Regions: Europe Southern Europe Greece AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Lottery Tags: Online Gambling Houst to depart as financial chief at OPAP Email Address Greek gaming operator OPAP has confirmed that Michal Houst is to step down as chief financial officer and deputy chief executive by the end of September.Houst, who will also leave his role as an executive board member with OPAP, is exiting the operator in order to pursue other opportunities.He has served as CFO at OPAP since 2013, shortly after joining EMMA Group as an investment director and playing a key role in the privatisation of OPAP.In January of this year, Houst expanded his responsibilities by becoming deputy CEO of OPAP.“I have genuinely enjoyed the last six years at OPAP and feel really proud to have had the opportunity to impact the radical transformation that the company has undergone over this period,” Houst said.“I am confident that the already set foundations will allow OPAP to continue its successful path, adding value and further solidifying its unique position in the gaming spectrum in Greece and in general.”OPAP’s CEO, Damian Cope, added: “I want to thank Michal for his major contribution to OPAP Group during the past six years. His relentless focus and personal dedication have played a critical part in OPAP’s development during this time.”Houst began his professional career as a financial manager at JM Engineering before moving to PPF Group as a financial analyst. In 2010, he became chief banking analyst at PPF Russia, with a focus on Nomos Bank, and later went on to serve as project manager for the bank.OPAP has already commenced the search to identify and appoint a successor to Houst and expects to provide further details in the near future.Confirmation of Houst’s departure comes after it was revealed last week that Czech gaming and lottery giant Sazka Group has put forward an offer of €2.06bn (£1.86bn/$2.31bn) to gain full control of OPAP.Sazka is seeking to acquire 67% of the shares in OPAP as it already indirectly holds a 33% stake in OPAP via Emma Delta, a business of which it is the majority shareholder, with a 66.7% stake.In its offer, Sazka has set out how it would not intend to change OPAP’s current strategy and would continue to focus on maintaining the operator’s presence in the Greek market.Sazka has said that should the deal go through the acquisition would represent the largest all-cash voluntary offer in Greece for more than a decade.last_img read more

New York casinos generate $349,468 from betting launch

first_img Email Address Tags: Race Track and Racino 19th August 2019 | By contenteditor Finance Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter New York casinos generate $349,468 from betting launch The first 16 days of legal wagering in New York have seen revenue of $349,468 generated across two licensed venues.With Rush Street Gaming’s Schenectady-based Rivers Casino & Resort launching in-person wagering on 16 July, the operator was responsible for the vast majority of revenue accounting for $294,249 of the total.Tioga Downs Casino, which has selected FanDuel as its sports betting partner, soft launched its sportsbook a day later, on 17 July, ahead of an official launch on 19 July. Despite launching so soon after Rivers, it only brought in revenue of $55,219 to 31 July.From 1 August, the number of casinos offering sports betting has already doubled, following the launch of wagering at the Oneida Nation’s Turning Stone Resort and Casino and Point Place Casino. Through the tribal operator’s partnership with Caesars Entertainment, each hosts a Caesars-branded sports lounge.Read the full story on iGB North America. Topics: Finance Sports betting Horse racing The first 16 days of legal wagering in New York have seen revenue of $349,468 generated across two licensed venues. The bulk of revenue was generated from the Schenectady-based Rivers Casino & Resort, which opened its sportsbook on 16 July. Regions: US New Yorklast_img read more

Delaware iGaming stakes reach $12.5m in August

first_img Topics: Finance Revenue from Delaware’s online gambling market increased 30.4% year-on-year in August, with player spend rising to $12.5m. Delaware iGaming stakes reach $12.5m in August Finance Regions: US Delaware AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Revenue from Delaware’s online gambling market increased 30.4% year-on-year in August, with player spend rising to $12.5m.Revenue for August came in at $290,199.64, compared to $222,504.45 last year, making it the highest monthly total since the $313,648.40 generated in May 2019.Consumer spending also increased from $8.8m to $12.5m, the highest monthly amount since players spent $14.6m on igaming in March of this year. Players winnings also rose, climbing to $12.3m, compared to $8.6m last year.Dover Downs generated the most revenue in August, despite taking less in bets than rival venue Delaware Park. Revenue at Dover Downs hit $142,237.19 in the month, from total stakes of $5.69m.Read the full story on iGB North America.Image: Bobby Hidy 11th September 2019 | By contenteditor Tags: Online Gambling Email Address Subscribe to the iGaming newsletterlast_img read more

RITA fails to hit profit targets for 2018-19 fiscal year

first_img13th November 2019 | By Daniel O’Boyle New Zealand’s Racing Industry Transition Agency (RITA) reported revenue of NZD$348.0m (£123.6m/€144.2m/$158.7m) for the fiscal year ending July 31, down 3.1% year-on-year, as it missed its target for pre-distribution profit.RITA’s total turnover for the 12-month period amounted to $2.77bn. That turnover figure was 1.2% above the prior year, but unfavourable results led to a lower betting margin of 12.1%, compared to 12.7% in 2017-18, meaning that revenue declined slightly.RITA said that launch of its new Fixed Odds Betting (FOB) platform in January 2019 helped contribute to the rise in turnover. However, lower betting activity from some “high value elite customers” partially offset this increase.The agency’s revenue of $348m was made up primarily of net betting revenue, which contributed $273.3m, down 5.0% from 2017-18. Net gaming revenue made up a further $29.0m, up 7.5%.New Zealand racing shown overseas added a further $21.8m in revenue, 6.4% more than in 2017-18, while other revenue declined 1.2% to $23.8m.RITA’s chief executive officer John Allen said that the decline in revenue was partially due to measures that would ensure greater long-term profit.“The 2019 year saw significant investment that will set the business up for the future,” Allen said. “We invested heavily to ensure our betting and broadcasting businesses provide customers with a world-class experience and as a result, increase funding for New Zealand racing and sport.”“It was always going to be a challenge to ensure that the investment required to deliver growth had minimal impact on our profitability in the short-term. The delay in the launch of the Fixed Odds Betting platform including reduced turnover due to customer disruption and anticipated revenue from offshore charges along with lower betting activity from elite customers and lower sports margins adversely impacted our overall profit result.”RITA’s turnover-related expenses came to $69.1m, up 0.2% year-on-year. RITA said this was driven by higher overseas racing rights costs as well as revenue share fees from the new FOB platform. However, these increases were largely offset by lower marketing and sponsorship expenditure.RITA’s operating expenses came to $142.2m, 2.5% less than in 2017-18. Of these, staff expenses were the largest cost at $61.5m, 2% less than the prior year. Communication and technology expenses increased 25.2% to $26.1m. Depreciation and amortisation costs fell 16.5% to $16.5m.Premises and equipment expenses also declined, by 4.4% to $14.3m, as did broadcasting expenses, which declined 2.9% to $9.2m. RITA’s foreign exchange loss totalled $226,000, more than six times last year’s figure, but other expenses declined 13.1% to $14.3m.Combined expenses from both turnover and operating costs came to $211.3m, down 0.9% from 2017-18. This resulted in a net profit before distributions of $136.7m, down 6.3% year-on-year.While the agency missed its net profit before distributions target of $173.5m, Allen said he was confident that this would not become a trend.“We are optimistic this result will be a one-off and we will deliver on our forecasted net profit in 2019/20 of $165.8 million,” Allen said.RITA distributes at least 80% of net proceeds in order to “encourage active participation in New Zealand amateur sport,” and in 2018-19 it distributed a total of NZD $162.0m for this purpose, opting not to lower distributions despite lower-than-expected revenue.The agency paid out $151.5m in distributions from betting — 0.5% more than last year — of which $148.9m was paid to racing codes. A further $2.6m was paid to The Races Limited Partnership (TRLP).RITA paid a $17.3m in distributions from gaming, though this included $6.6m to the Racing Integrity Unit, which is part of the RITA Group. When this is excluded, distributions from gaming totalled $10.7m, up 25.8%. In total, $13.0m was paid to the racing industry, while $3.8m was paid to external sporting bodies.RITA also paid a $3.0m provision for undistributed gaming net profit, bringing its total earnings to a loss of $28.3m, 72.1% up on the prior year.An additional $330,000 expense came from a decline in value of hedge investments intended to offset potential losses elsewhere, resulting in a total loss of $28.6m, up 80.4% from 2017-18.The end of the fiscal year saw a drastic change to racing in New Zealand with the Racing Reform Act, which came into effect on 1 July. The reform act sets out a range of new taxes, including new point of consumption and race field fees, as well as allowing for the creation of RITA, which replaced the New Zealand Racing Board (NZRB).Allen — who announced in September that he would stand down at the end of the year — said this new regime would bring great benefits by allowing more revenue to be distributed to good causes.“Collectively these outcomes will annually deliver tens of millions of extra dollars to racing and sport when fully realised,” Allen said.Following the release of RITA’s annual report, New Zealand’s Racing Minister Winston Peters said the figures show that the country’s racing industry is set to begin a turnaround and is poised for future growth.“RITA has made serious progress implementing reforms with more measures still to come,” Peters said. “The government will soon introduce a second racing bill which focuses on the post-transition governance structure as well as measures for property consolidation.“This industry is undergoing a period of transition. We welcome the support of all those investing in the future to ensure the racing industry is turned around from a state of decline.” RITA fails to hit profit targets for 2018-19 fiscal year Regions: Oceania New Zealand New Zealand’s Racing Industry Transition Agency (RITA) reported revenue of NZD $348.0m (£123.6m/€144.2m/$158.7m) for the fiscal year ending July 31, down 3.1% year-on-year, as it missed its target for pre-distribution profit. Finance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Topics: Finance Sports betting Horse racing Tags: Race Track and Racino Email Addresslast_img read more

Getting ahead of the game

first_img Getting ahead of the game Topics: Strategy 17th February 2020 | By Stephen Carter Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Having watched the backlash against the industry develop in other jurisdictions throughout the world, India’s rummy industry is taking proactive steps to self-regulate, discovers Joanne ChristieWhen it comes to the potential of emerging igaming destinations, India and Africa have much in common. Both have huge populations and strong sporting cultures, but both also come with big challenges in terms of the lack of regulation.However, one key difference among the jurisdictions has emerged of late: the attitude to responsible gambling.In recent times Africa has been plagued by tales of the irresponsible behaviour of operators in various countries, with claims that bookies accept bets from children making it as far as the mainstream British press. At the recent KPMG Malta Gaming eSummit, Gaming Intelligence director John Kamara lamented the fact that many of the operators that had entered the African market were “cowboy operators” that had influenced naive regulators into setting insufficient regulation that failed to adequately stipulate player protection measures. “That then creates a situation where you expect some of the operators who come into the market to self-regulate, but as we know, that never happens,” he told the audience at a panel entitled Spotlight on Africa. The sentiment is a familiar one; even in mature jurisdictions many have claimed regulators must adopt stronger regulations as operators themselves can only be relied on to do exactly what’s required and no more. But the recent efforts of the small sector of India’s igaming market that operates legally would seem to disprove this theory. While games of chance are mostly illegal in Indian states, games of skill are mostly permitted. However, this is due to various courts ruling such games are not illegal rather than any regulatory system overseeing operators.In the absence of regulation, there’s nothing to dictate how operators should behave in terms of responsible gambling.But rather than take advantage of this by behaving irresponsibly, a group of the main rummy operators active in India decided instead to come up with a system of self-regulation.Setting standards In late 2017 non-profit The Rummy Federation (TRF) was set up to develop a framework of standards for the growing industry. The goal, according to Sameer Barde, CEO of TRF, was to legitimise the industry. “We thought it was very important to actually be very fair, be very transparent and be able to very clearly say to our external stakeholders that we will be proactive. “Even if there is no regulation, we will self-regulate and we will ensure that we do it in a way that is stringent, that is fair and that ensures that the player gets a fair deal, that everything is safe and secure in terms of data, and similarly that the player has full control in terms of how much time or how much money he wants to play with.” In February 2019 the TRF’s code of conduct was finalised, following which a Big Four accounting firm was engaged to carry out an audit on a number of its operator members.Seven operators signed up for the audit, which required six months of data to be available, with four found compliant with all elements of the code.Those that didn’t make the grade this time around have been given detailed feedback to allow them to improve prior to the next audit, says Barde. In December the four operators that passed the audit –  Ace2three, Junglee Rummy, Rummy Passion and RummyCircle – were awarded the TRF Dynamic Seal, with an advertising campaign set to launch in the early months of 2020 to educate players on what this means.“The idea is to tell players about the seal itself,” says Barde. “We won’t be saying ‘XYZ operator has the seal, play with this operator’, because the operators will keep changing in the sense that more might get added.”As well as telling players to look for the seal when choosing where to play, Barde says the campaign will focus on explaining all the responsible gambling tools available to players to help them remain within their limits. The prudent approach Seal holder RummyCircle, India’s largest real-money gaming operator with more than 500,000 monthly active players, has taken the commitment to responsible gambling a step further by setting up the Game Prudence initiative.Avinash Agrawal, head of risk, payments and responsible play at Games24x7, which runs RummyCircle, says the free counselling service came about after the company started looking at regulations in other jurisdictions for best practice. “I have been part of quite a few forums where gaming operators from across the world were and we definitely had certain learnings from them. At the same time, I was in touch with GamCare and the whole idea of Game Prudence came from there.”On its own platform, RummyCircle uses data science and artificial intelligence to identify players who may be at risk and requires these players to take a survey. “That journey is very well-crafted in a way that if the player does not take the survey within 14 days, then his limits are drastically reduced, so that way he is incentivised to take the survey. That survey uptake rate is close to 90%,” says Agrawal. Those who the survey identifies as demonstrating risky behaviour are then referred to counselling at Game Prudence, which is provided free of charge and by psychologists trained in responsible gambling.Agrawal concedes that as the operator was the first to bring in such strict responsible gaming measures and mandatory surveys, some pushback from players was to be expected.“Initially we saw some revenue dip, but we have realised over a period of time that players realise we are doing it for their wellbeing and the entire player base takes that as a positive thing.“If you do anything like this, the kind of revenue you are losing versus the kind of comfort level you are creating with players balances out in the long run.”Though at present RummyCircle is the only operator using Game Prudence, there’s a clear demarcation between RummyCircle and Game Prudence.This is not only because Agrawal says it helps players feel more comfortable discussing their issues, but also because it is hoped that other Indian operators will also integrate with the system in the near term.“Now that we are able to demonstrate the success we are driving out of this programme without much impact on the revenue, we find there are operators who see value in it and are keen on adopting it,” he says. Though the online rummy market isn’t new in India, with RummyCircle having been running for about nine years, it is still quite concentrated, with Agrawal estimating that the leading four operators account for about 95% of rummy play in India.He says this means they have a unique opportunity to avoid the problems faced in other jurisdictions.“In the West, initially most of the operators did not care about caring about players and ensuring they don’t turn out to be irresponsible players or risky and we have learned a lesson from them. “It is pretty easy to adopt responsible play practices when the industry is very small versus when the industry is very competitive.“The Indian market is growing exponentially and the margins are very good. It is more like an oligopoly, with a few players dominating the market, so it is a lot easier right now to adopt these practices.“If you don’t do that, there will be a government body or regulations will be forced upon you just like happened in the West. Those regulations at times are not very rational in themselves.“Most of the time they do not actually solve the responsible play problem and are more operational in nature.”Barde says that if the Indian states do eventually begin to allow other verticals – the possible legalisation of sports betting has been discussed at length in recent years – the rummy industry’s responsible gaming efforts could be used to apply standards across other areas.“By that time, we would have not only already implemented this, but we would also have gotten a lot of learnings from it.We would be very happy to collaborate with the government and we could contribute in a big way by saying, ‘here is a standard that is already there’,” he says.Whether or not India is going to open up the chance-based verticals to legal operators remains to be seen.But if it does, it seems the skill-based industry will have provided a useful blueprint to help ensure it doesn’t face the same type of backlash that has been seen in other emerging regions in recent times. Regions: Asia India Strategy Tags: Online Gambling Skill Games Having watched the backlash against the industry develop in other jurisdictions throughout the world, India’s rummy industry is taking proactive steps to self-regulate, discovers Joanne Christie Email Addresslast_img read more

Pointsbet receives Illinois betting permit

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Legal & compliance Australia-based sports betting operator PointsBet has received a temporary operating permit from the Illinois Gaming Board. 16th July 2020 | By Daniel O’Boyle Topics: Legal & compliance Sports betting Australia-based sports betting operator PointsBet has received a temporary operating permit from the Illinois Gaming Board.The certification will allow to operator to roll out retail and online wagering in the state, once its partner, the Hawthorne Racecourse in the Southwest Chicago suburbs, receives a master licence.After Governor J.B. Pritzker signed sports betting legislation into law in June 2019, sports betting launched in Illinois on 9 March this year, when the BetRivers sportsbook at Rivers Casino Des Plaines took the first legal sports bets in the state. However, the novel coronavirus (Covid-19), quickly led to a suspension of all retail gambling activity.BetRivers took the first online sports bets in the state last month, via its Kambi-powered platform.Read more on iGB North America.center_img Pointsbet receives Illinois betting permit Subscribe to the iGaming newsletter Email Address Regions: US Illinoislast_img read more