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Articles by Peter Amsel
Kindred Group reveals share of revenue from ‘high-risk’ gamblers
Online gambling operator Kindred Group has gone public with the share of revenue it derives from ‘harmful gambling’ by its high-risk players, while explaining its efforts to eventually reduce this share to zero. Last Friday, Kindred announced that while around 98% of customers of its various online brands were deemed to gamble responsibly, the company still derived 4.31% of its Q4 2020 revenue from so-called ‘high-risk’ players.
Nevada casinos suffer worst gaming revenue year since 1997
Nevada casinos took a gaming revenue gut punch in December 2020, with sportsbooks the only gaming vertical to post year-on-year growth. Figures released Thursday by the Nevada Gaming Control Board show the state’s casinos generated combined gaming revenue of $683.7m in December, a 35.3% decline from the same month last year and $87.5m below November 2020’s total. It’s the lowest monthly total the state has endured since August 1997. The figures were laid low by Gov.
Bally’s, Caesars deals add DFS to betting palette
Casino operator Bally’s Corporation has further diversified its offering by acquiring daily fantasy sports operator Monkey Knife Fight (MKF), while rival Caesars Entertainment has made its own DFS play.
South Korea casino heist suspect arrested, bulk of cash recovered
A South Korean casino heist appears to be falling apart following the recovery of most of the stolen cash and the arrest of one suspected thief. On Wednesday, authorities on the South Korean holiday island of Jeju announced the arrest of an unidentified 30-something Korean male. The suspect is believed to have played a role in the recent theft of KRW14.5b (US$13.4M) in cash from several VIP gaming room safes at Landing International Development’s Jeju Shinhwa World resort casino.
FanDuel first for legal betting in Virginia thanks to NFL club ties
Virginia’s legal sports betting market is off to a sputtering start following confusion over why FanDuel is the only brand to have received permission to launch. On Thursday afternoon, Flutter Entertainment’s FanDuel brand officially began taking online wagers from Virginia bettors. Flutter subsidiary Betfair Interactive US received its betting permit on Wednesday from the Virginia Lottery, which oversees gambling activity in the state.
Nine Michigan casinos launching online sports betting, iGaming on Friday
Michigan’s online casino and sports betting market will officially launch on Friday (22), just in time for this weekend’s NFL conference championships. On Tuesday, the Michigan Gaming Control Board (MGCB) confirmed that nine of the state’s tribal and commercial casino operators and their respective platform providers had been cleared to launch online sports betting and casino games as of noon on Friday. The launch comes 13 months after Gov.
Atlantic City casinos end three-year revenue growth streak in 2020
Atlantic City casinos snapped their three-year gaming revenue winning streak in 2020, with an uncertain future ahead in 2021. On Wednesday, the New Jersey Division of Gaming Enforcement announced that Atlantic City’s nine casinos generated combined brick-and-mortar slots and table game revenue of $147.1m in December, a 29.5% decline from the same month last year but effectively unchanged from November 2020’s $146.6m.
Michigan iGaming to the rescue as Detroit casino 2020 revenue tumbles
Detroit’s three commercial casinos saw their 2020 gaming revenue more than halved due to the pandemic, while the state’s online gambling market is now mere days away from launching. Figures released Tuesday by the Michigan Gaming Control Board (MGCB) show the city’s three casinos – MGM Resorts’ MGM Grand Detroit, MotorCity Casino and Penn National Gaming’s Greektown – generated combined revenue of $639m last year, down 56% from 2019’s record $1.45b showing.
Playtech sees 2020 earnings of “at least €300m” despite pandemic upheaval
Gambling operator/technology supplier Playtech says its full-year 2020 results will come in better than expected, as different divisions shone at different points during the pandemic-impacted year. On Tuesday, the London-listed Playtech alerted investors that its FY20 performance was “expected to be ahead of consensus,” with adjusted earnings projected to be “at least €300m.” That’s only about 78% of 2019’s total, but investors still pushed the stock up 4.3% by the end of the day.
New Zealand TAB shamed after paying punter with funny money
New Zealand’s online betting monopoly’s handling of a counterfeit money incident is undercutting its own argument that it’s the only safe option for local bettors. On Monday, Kiwi media outlet Stuff reported on the difficulties a local racing bettor had in getting the New Zealand TAB to reimburse him for a couple hundred dollars the bookmaker paid out in counterfeit bank notes. The NZ$200 in funny money was issued by the TAB to Bruce Gasson as part of his NZ$680 winnings on January 3.
Tennessee sportsbook’s fintech ties raise responsible gaming concerns
Tennessee sports bettors will soon have a fifth online option while one of its current licensees’ ties to a high-interest lending firm are raising responsible gaming concerns. This week, the Tennessee Education Lottery’s Sports Wagering Committee gave conditional approval to Churchill Downs Incorporated (CDI) to launch online betting (the only kind permitted in the state) under its BetAmerica brand.
Landing Int’l casino thief had accomplices with strong backs, say police
The casino cash stolen over the holidays from South Korean operator Landing International Development was the work of more than just a single employee, according to local police. Earlier this week, the Hong Kong-listed Landing confessed to investors that an employee had apparently made off with over KRW14.5b (US$13.4m) in cash from Jeju Shinhwa World, the company’s gaming venue on South Korea’s Jeju Island.
Connecticut casinos lick wounds as 2020 took big bites out of revenue
Connecticut’s two tribal casino operators took it on their respective chins in 2020, as COVID-19 laid waste to both gaming revenue and plans for the future. Shortly before New Year’s Eve, the Mohegan Tribal Gaming Authority (MTGA) filed its fiscal 2020 report card – covering the 12 months ending September 30 – during which the company booked a net loss of $162.1m compared with a mere $2.5m loss in 2019.
South Korea’s Paradise Co 2020 casino revenue down 57.2%
South Korean casino operator Paradise Co Ltd saw its 2020 gaming revenue fall by more than half, which may be why the company chose to reopen its Seoul venue despite little improvement in the country’s COVID-19 situation. On Wednesday, Paradise announced that its December casino revenue totaled KRW42.2b (US$38.9m), a nearly 40% decline from the same month last year but more than quadruple the company’s November revenue.
Landing Int’l staffer vanishes with $13.4m in casino cash
South Korean casino operator Landing International Development is wearing egg on its face after a staffer apparently absconded with millions of dollars over the holidays.
Maryland casinos survive capacity-constrained December
Maryland’s six casinos had a disappointing December after the two largest operators saw their already limited capacity further reduced mid-month due to the state’s soaring COVID-19 infection rate. Figures released Tuesday by the Maryland Lottery & Gaming Agency show statewide casino gaming revenue of nearly $119.4m in December, down 20% from the same month last year and $11m below November 2020’s total.
IGT adding cryptocurrencies to cashless gaming options
Cryptocurrency-funded slots play may be coming to a land-based casino near you after International Game Technology (IGT) received a patent for expanding existing machine-based payment options. On Tuesday, Bloomberg reported that IGT had received a patent for a method of transferring funds from an individual’s cryptocurrency wallet to a casino loyalty/rewards account. IGT, one of the casino sector’s primary developers/manufacturers of electronic gaming machines, has yet to comment on the report.
Taiwan Sports Lottery tweaks averted pandemic disaster
Taiwan’s sports lottery suffered a sales decline in 2020 but mid-year product tweaks ensured an even greater decline didn’t come to past. The Taiwan Sports Lottery Corp (TSLC) reported sales of NT$40.5b (US$1.44b) in 2020, a decline of 11% from 2019’s NT$41.6b. However, given the pandemic disruptions to major league play, Taiwan is feeling pretty good about its result, particularly when similar products in other countries are on track to report annual declines twice as large.
South Korea casinos extend shutdown; Jeju Dream Tower gaming by March?
South Korea’s casinos have once again extended their latest pandemic shutdown, but this hasn’t deterred one operator from pursuing a new foreigner-only gambling permit on Jeju island. This weekend, South Korean authorities extended the social distancing measures currently in place for Seoul (Level 2.5, the second-highest tier) and the rest of the country (Level 2) through January 17.
Nevada’s sportsbooks enjoy record revenue in November despite casino slump
Nevada casino gaming revenue took a major hit in November, despite a record performance by the state’s licensed sports betting operators. Figures released Tuesday by the Nevada Gaming Control Board show statewide casino gaming revenue of just under $771.2m in November, a nearly 17.8% decline from the same month last year and around $50m below October 2020’s result. The decline was largely expected, following Gov.
South Korea casinos extend shutdown; Mohegan Incheon project delay
South Korea’s casinos are struggling as the country struggles to flatten its pandemic infection curve, while the global gaming slowdown has pushed back the opening of an in-development integrated resort. On Monday, Grand Korea Leisure (GKL) informed investors that its three Seven Luck-branded foreigner-only casinos wouldn’t reopen as scheduled on Tuesday (29).
Tennessee sports betting market charges out of the gate
Tennessee’s online-only sports betting market proved a winner in its first full month of operations, while FanDuel plants its retail sportsbook flag in Atlantic City. Figures released Wednesday by the Tennessee Education Lottery (TEL) showed that the state’s four sports betting licensees – BetMGM, DraftKings, FanDuel and local outfit Action 24/7 – generated combined wagering handle of $131.4m in November. Betting revenue totaled $13.2m, of which the state’s share came to slightly less than $2.4m.
FanDuel inks Caribbean, LatAm sports betting deal with CAGE Cos
Sports betting operator FanDuel Group has struck a Caribbean and South American market access deal with a company controlled by America’s first black billionaire.
Illinois sport betting surges in October, DraftKings dethrones BetRivers
Illinois bettors pushed their state’s sportsbooks to new heights in October, with both handle and revenue setting new records. Figures released Thursday by the Illinois Gaming Board (IGB) show the state’s eight licensed sportsbooks handled wagers worth $434.6m in October, 42.4% higher than September’s previous record. Revenue was up over six-fold from September to a record $42.2m, with the state’s share coming to $6.3m.
Trump Plaza casino to blow up real good days after Donald’s White House exit
Donald Trump’s Atlantic City casino failures will soon be but a memory as the crumbling Trump Plaza is slated to be blown up real good just days after Orange Julius is forced to exit the White House. On Wednesday, the Associated Press reported that Atlantic City’s municipal government will hold an auction for the right to press the button that lights the fuse that sets off the dynamite that brings down the crumbling remnants of the casino that Don built.
Spain sees fewer problem gamblers, more cocaine users
Fewer Spaniards are reporting gambling problems although more of them are drinking alcohol and snorting cocaine. On Monday, Spain’s Ministry of Health published the XIII Survey on Alcohol and other Drugs in Spain (EDADES) 2019/2020, as well as the first study of addictions prevalent among residents aged 64 years or older. The survey queried nearly 18,000 respondents aged 15-64 between February and March, plus another 1,443 seniors for the 64+ portion.
MGM Springfield casino has worst month ever amid pandemic limits
Massachusetts’ three casinos took it on the chin in November as re-imposed pandemic restrictions kept gamblers – and revenue – at bay. Figures released Tuesday by the Massachusetts Gaming Commission (MGC) show the state’s three gaming venues generated combined gaming revenue of around $45m in November, more than one-third below its October total. MGM Resorts’ MGM Springfield generated a mere $10.5m, barely half its November 2019 total and a $7m decline from October.
Jealous online gamers contributing to DDoS attack surge
Online video game portals are increasingly finding themselves under malicious cyber-attack as COVID-19 forces individuals – not all of them honourable – to seek out digital forms of entertainment.
US sports betting handle November growth, unless you’re a state lottery
US sports betting states continue to report solid growth despite ongoing pandemic restrictions, proving once and forever that where there’s a will, there’s a wager. Last week, the Indiana Gaming Commission reported that the state’s licensed sportsbooks handled a record $251.4m in November, a decent premium on October’s $231m and the third straight month of record activity. Mobile betting accounted for 85% of that sum, only slightly higher than October’s digital share.
Hard Rock Int’l taps Stars Group execs for new iGaming, betting JV
Casino operator Hard Rock International (HRI) has launched a new iGaming and sports betting joint venture with a trio of former The Stars Group (TSG) execs.
Atlantic City casinos lean hard on betting, iGaming as land-based ops slide
Atlantic City casinos managed to hold their November losses to single-digit territory, but only because their online casino and sports betting operations are shouldering more of the load. On Monday, the New Jersey Division of Gaming Enforcement reported that AC’s nine casinos generated combined brick-and-mortar slots and table game revenue of nearly $146.6m in November, a 34.6% fall from November 2019 and 21.2% below October 2020’s total.
Delta Corp to build Goa integrated resort casino
India’s largest casino operator Delta Corp says it’s won approval to build the first land-based integrated resort in the state of Goa. On Saturday, Delta informed investors that it had received in-principle approval from the Goa Investment Promotion and Facilitation Board to set up an integrated resort in the city of Pernem in the northern portion of the state.
Pennsylvania casinos face second lockdown, Maryland capacity halved
Pennsylvania’s casinos are going back under pandemic lockdown, while Maryland’s venues will see their capacity halved (again). On Thursday, Pennsylvania Gov. Tom Wolf announced new pandemic lockdown rules that will see 12 state casinos shut their doors effective 12:01am on Saturday (12). The state’s one other casino, Rivers Casino Philadelphia, was shut on November 20 under that city’s new ‘Safer at Home’ restrictions.
Michigan okays first 15 sports betting/iGaming ops, but no Xmas bets
Michigan’s new online gambling/sports betting sites may not launch until the new year, but the first 15 horses have officially entered the starting gate. On Thursday, the Michigan Gaming Control Board (MGCB) announced it had issued the first 15 provisional licenses for the online gambling and sports betting partners of the state’s commercial and tribal casino operators.
Japan gov’t admits casinos won’t open until ‘late-2020s’
Japan has admitted that its long-delayed casinos won’t likely open until the latter half of the decade, and that’s if nothing else goes wrong. On Wednesday, Japan’s ruling Liberal Democratic Party (LDP) agreed on a revised draft of the country’s basic policy on developing integrated resorts (IR). The formal policy is expected to be finalized by the end of December.
Casino, crypto and triad figure ‘Broken Tooth’ sanctioned by US feds
Casino junket operator, cryptocurrency investor and reputed triad bigwig Wan ‘Broken Tooth’ Kuok-koi has been targeted for sanctions by the US federal government. On Wednesday, the US Department of the Treasury’s Office of Foreign Assets Control (OFAC) announced sanctions against a series of “corrupt actors and their networks across several countries in Africa and Asia.” The OFAC claimed the move was to mark International Anti-Corruption Day, which was established by the United Nations in 2003.
US tribal casinos saw record gaming revenue in 2019
US tribal casino operators set another gaming revenue record in 2019, with nearly every geographic region reporting annual growth. Figures released Tuesday by the National Indian Gaming Commission (NIGC) show the country’s 245 federally recognized tribal gaming operators reported casino gaming revenue of $34.58b in fiscal 2019, up 2.5% from 2018’s $33.72b. There were 522 tribal-controlled casinos at the end of FY19, up from 501 at the end of FY18.
UK suspends Capen lottery license; Camelot cool with ditching 16-year-olds
The UK gambling regulator has suspended a charity lottery operator’s license while National Lottery operator Camelot is taking heat over its 16-year-old customers. On Tuesday, the UK Gambling Commission (UKGC) announced that it had suspended with immediate effect the operating license of charity lottery firm Capen Ltd, which trades online under four domains: lotteryforkids.com, thelittlelottery.com, thesportslotto.com and zaffo.com.
South Africa’s National Lottery offices raided in corruption probe
South Africa’s national lottery operator/regulator is reeling after its offices were raided by law enforcement agencies probing allegations of rampant fraud involving lottery bigwigs. On Tuesday, the Pretoria offices of South Africa’s National Lottery Commission (NLC) were raided by members of the Special Investigating Unit (SIU), the government’s top body for investigating serious financial malpractice in the administration of the state.
DraftKings inks Connecticut betting deal with Foxwoods casino parent
Sports betting operator DraftKings has secured a market access deal in Connecticut via one of the state’s two tribal casino operators, putting pressure on rivals to secure a similar pact pronto. On Monday, DraftKings announced a deal with the Mashantucket Pequot Tribal Nation (MPTN), which operates the Foxwoods Resorts Casino in Connecticut. The deal envisions a prospective online sports betting partnership and a more immediate official daily fantasy sports partnership.
South Korea’s casinos shut again, likely through end of 2020
South Korea’s major casinos may be off-limits for the rest of the year as the country tries to deal with an unprecedented surge in COVID-19 cases. On Monday, South Korea’s President Moon Jae-in issued a public call for more pandemic testing and better tracing as the latest batch of tests indicated a 4.2% positivity rate, up sharply from 1.2% average to date this year. New cases hit 631 on Sunday, the highest total since the pandemic’s initial wave this spring.
UK Tote Group to expand into betting on human sports
The pari-mutuel betting group behind the UK Tote are planning to start taking wagers on human sports in a bid to lessen their reliance on bob-tailed nags. On Friday, Sky News reported that the UK Tote Group had raised £20m in new equity from existing investors. The money will be used in part to fund a diversification strategy that will see the race betting operator establish a new football betting division sometime next year.
Veikkaus laying off hundreds as COVID shuts slots network
Finland’s Veikkaus gambling monopoly is negotiating layoffs with hundreds of staff as the pandemic’s latest wave shuts the company’s retail slots operations. On Friday, Veikkaus announced that it was launching ‘cooperation negotiations’ with its retail staff regarding “potential temporary layoffs, rather than permanent personnel cuts.” The layoffs would affect around 800 staff, many of whom could face an idle period of up to three months.
Japan to ditch casino winnings tax for int’l gamblers
Japan’s casino aspirations got a boost on Thursday after the government indicated it would scrap controversial plans to tax the winnings of international gambling tourists.
South Korea casinos sink as COVID cases rise
South Korea’s casino operators can’t seem to get their engines out of reverse as the country struggles with its pandemic third wave. This week, Grand Korea Leisure (GKL) announced that it was closing its Seven Luck Casino in Busan due to a local surge in COVID-19 infections. The shutdown took effect on Tuesday (2) and will extend until the morning of Monday, December 15.
Colorado sports betting sets new records for handle, revenue
Colorado’s sports betting market keeps setting new records while the state’s tax take continues to underwhelm, forcing gambling regulators to offer insights into how math works.
Michigan’s online casino, sports betting launch inches ever closer
Michigan’s online gamblers might find both sports betting and casino products in their digital stockings this Christmas, although odds appear better that Santa might get waylaid and they’ll have to wait until January. On Tuesday, the Michigan state legislature’s Joint Committee on Administrative Rules (JCAR) waived its right to subject the final draft of the state’s online gambling regulations to further (unnecessary) review.
Danish gamblers spend less than Nordic neighbors, prefer sports betting
Denmark’s gamblers spend far less than gamblers in neighboring Nordic countries and put far greater emphasis on sports betting than other gambling options. On Tuesday, Denmark’s Spillemyndigheden regulatory agency released the results of a new survey of gambling activity across 10 European markets. The survey, which relied on 2019 data provided by H2 Gambling Capital, compared Europe’s top-10 per-capita gambling spending markets.
Tabcorp fined (again) for violating NSW gambling ad rules
Australian lottery and betting operator Tabcorp Holdings has been fined (again) for breaking New South Wales rules on inducing state residents to gamble.
Malta online gambling ops reported record suspicious transactions in 2019
Malta-licensed online gambling operators broke a record for suspicious transaction reports (STR) in 2019 and are well on pace to break that record this year. Malta’s Financial Intelligence Action Unit (FIAU) recently released its report on STRs issued last year by remote gaming licensees of the Malta Gaming Authority (MGA). The reports were submitted to the FIAU’s Compliance and Supervision Platform for Assessing Risk (CASPAR), with which all MGA remote licensees are required to register.
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