Month: August 2021

CEO McLoughlin leads senior departures from SKS365 Group

first_img CEO McLoughlin leads senior departures from SKS365 Group Strategy Regions: Europe Southern Europe Western Europe Italy Austria 9th January 2019 | By contenteditor Topics: Strategy AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling General counsel Angela Gemma and group financial controller Aaron Meli also depart PlanetWin365 operator Subscribe to the iGaming newsletter Email Address Ian McLoughlin has stepped down as chief executive of SKS365 Group, as one of three senior members of staff to depart the business. General counsel Angela Gemma and group financial controller Aaron Meli have also left their positions at the operator behind the Italy-facing PlanetWin365 brand.McLoughlin has left the business in order to pursue other opportunities, an SKS365 spokesperson confirmed to iGamingBusiness.com.Gemma, meanwhile, has opted to return to her law firm, while Meli will switch to an advisory role with SKS365 and continue to provide consultancy support on an ongoing project.SKS365 refused to comment on possible replacements to fill the now-vacant roles.Sports betting and gaming company SKS365 Malta was founded in Austria in 2009 but is now headquartered in the Italian capital of Rome, with PlanetWin365 established as one of the market-leading iGaming brands in the market.In December, PlanetWin365 held a 14.8% share of the country’s online betting market, second only to Bet365 on 17.3%. PlanetWin365 had ranked as the top operator in November, but saw its share slip 0.1% last month.SKS365 is currently caught up in the ‘Galassia’ investigation, an ongoing probe by Italian police into anti-money laundering in the country’s gambling market.In November, 68 people were arrested as part of the investigation, which has uncovered how Italian organised crime groups in Calabria, the ‘Ndrangheta, have been using bookmakers for money laundering purposes.The police have previously stated that SKS365’s inclusion in the probe relates to the company’s previous management, between 2015 and 2017.last_img read more

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Danish market faces uncertain future

first_img Danish market faces uncertain future 9th January 2019 | By contenteditor Subscribe to the iGaming newsletter Legal & compliance Danish Online Gaming Association chief executive Morten Rønde warns that the country’s licenses are facing a tough year In the third quarter of 2018 it became clear that Denmark’s gaming market was experiencing a slow-down, with the decline of land-based gaming slowing overall market growth.This could be seen as a natural consequence of the migration of players from offline to online gaming.It’s difficult to read how the next year will pan out from the numbers published by Spillemyndigheden. While the market did grow last year, there was a significant impact from the World Cup. In the coming year we have no major sporting events, which would suggest revenue will stagnate or even decline.However, additional factors outside licensees’ control look set to halt the growth of the Danish iGaming market in the year ahead.At the time of writing, the Danish government has just launched a consultation on new regulations for iGaming bonus promotions. However the proposals go further than simply tightening controls around bonusing, and will make it increasingly difficult for licensees to advertise in general.In addition, the government is pushing the industry to sign up to a new code of conduct. This is being presented as a voluntary measure but the implication is clear – if operators don’t agree to its terms, the government will make sure they do. Through this code operators, are expected to introduce “voluntary” limits on advertising, similar to those being brought into the UK.All of this will make life harder for operators in the Danish market, especially when a number of political parties have failed to rule out proposing increased taxes for the sector. With the bonusing and advertising restrictions, I think there is a chance that the iGaming market will fall into a decline. Should this be coupled with a tax hike, decline is almost certain.As in other markets, this ultimately comes down to an emotional agenda. A 2016 prevalence study suggested that there were virtually the same number of addicts as there had been in 2007, but it also highlighted a rise in the number of at-risk individuals. At the time the authorities said the findings were inconclusive, as there was no sign of a major increase in gambling addiction.However the state-funded treatment centres argued that this was a major problem. This, in turn, seems to have convinced politicians that they need to make action.This increased pressure from the treatment centres has been exacerbated by a push-back against iGaming advertising in general. People are annoyed by the intensive marketing campaigns carried out by iGaming operators. Some lawmakers, in turn, have reached the conclusion that increased advertising has directly contributed to the rise in at-risk gamblers, even though there’s no scientific proof for this.It’s important to note that this should not be read as an implication that the Danish regulatory model, as implemented in 2012, was the wrong fit for the market. It’s based on a pragmatic view of gambling, and has contributed to years of growth, both in Denmark and in other markets. But it’s a fine balance; Denmark is a small market, so when regulators start to adjust different parameters, the scales can be tipped against the industry. With a wave of new controls, that may just happen in 2019. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Legal & compliance Email Addresslast_img read more

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Indiana lawmakers prepare final mobile wagering push

first_img Topics: Sports betting DFS Subscribe to the iGaming newsletter Indiana lawmakers prepare final mobile wagering push Regions: US Indiana Tags: Fantasy Sports Online Gambling The midwestern state is closing in on passing sports betting legislation as the end of the state legislative session nears. One of the bill’s sponsors, Senator Jon Ford, tells iGamingBusiness.com what changes are needed to ensure its success.Indiana’s House of Representatives this week approved a sports betting bill that had already been passed by the Senate.But with Senate Bill 552 significantly different from the bill that made it through the upper house in February, the pressure is on to restore a number of key elements before it heads to Governor Eric Holcomb.The legislation returning to the Senate has undergone wholesale changes, with licence fees for operators slashed from $100,000 to $10,000, and a 9.5% gross revenue tax added by the House Ways and Means Committee.These changes may appeal to operators looking to launch legal wagering in the state. The decision by the House Public Policy Committee to strip out language that would have allowed mobile wagering, on the other hand, will not.SB552 now moves to a Conference Committee, at which representatives and senators will look to reach a compromise on key points of contention. With the Indiana legislative session coming to an end on April 29, there are less than two weeks to finalise the bill.Mobile missing “I’m okay, I won’t say I’m ecstatic,” Senator Jon Ford, co-sponsor of the bill alongside Senator Mark Messmer, says of the current state of the bill, explaining that he believes the mobile component is crucial to the success of legal sports betting in Indiana.“Our goal has been to make it as easy as possible for people to engage in sports wagering, because it’s very easy to use the illegal products,” Ford explains. “The lower the barriers are, the more we can bring in to a regulated market.“[From] a generational aspect, younger folks are using mobile to do more and more in their everyday lives, and obviously the illegal market has made [sports betting] product very easy to use.”He points out that the New Jersey market, where mobile is permitted, is significantly outperforming Mississippi, where punters are restricted to in-person betting.“And now you see states like Mississippi going back to the legislature to allow mobile,” Ford adds.Ford has form in terms of gaming expansion. In 2016 he was co-sponsor of SB339, which saw Indiana become one of the first states to regulate daily fantasy sports.“Since then we have been engaged in watching that market, and when the Professional and Amateur Sports Protection Act [PASPA] was overruled it was a green light [to lawmakers],” he explains. “Everybody buckled down and came up with a pretty good product, trying to bring in some of the illegal market, give our casinos some competitive advantages over neighbouring states, and also protecting consumers.”This includes allocating 3.3% of tax revenue to the state’s addiction services fund, with such a high rate “unique” among sports betting proposals filed in the wake of PASPA’s repeal.Conservative state While it was a something of a pioneer in daily fantasy regulation, Indiana remains a conservative state – after all, its governor at the time, Mike Pence, deliberated for seven days before signing Ford’s bill into law.Ford suggests this conservatism may have resulted in the mobile component being removed from SB552 by House Public Policy Committee chair Ben Smaltz.“He doesn’t seem to buy into the argument that mobile would capture a lot of the illegal sports wagering market,” Ford says.While the House Ways and Means Committee did not push to restore the mobile component, Ford argues that there is enough support in the legislature to include mobile wagering at the Conference Committee stage.He says that it was more a case of shepherding the bill through the House, confirming support in each legislative chamber, rather than thrashing out the details in committee.“We have been talking through the whole process, and we basically did what we needed to do to keep the ball moving,” he says.Furthermore, Ford will also push to lower the fees required for two riverboat casinos on Lake Michigan to move onshore. Plans are underway to move one facility to Gary, with significant support to establish the second in Terre Haute.Each riverboat casino, owned by Majestic Star Casino, will have to pay a $50m fee to do so, and while this is a significant improvement on the original $100m mooted, Ford believes it can come down further.Despite having two major changes to push through, and little time to do so, he remains confident a satisfactory conclusion is within reach.He adds there is significant bipartisan support for each measure. The bill itself is a bipartisan effort, with Ford (a Republican) drafting it alongside Messmer, a Democrat.“We’ve worked with both parties [on this],” he says. “This is a piece of legislation that a lot of folks in Indiana have studied, and have engaged with the process.”However, the pressure is on to make the changes, with the Conference Committee set to begin its work later this week with a hearing, before a series of closed-door meetings.“I think we have plenty of time to get this done,” Ford says. 18th April 2019 | By Joanne Christie Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter DFS The midwestern state is closing in on passing sports betting legislation as the end of the state legislative session nears. One of the bill’s sponsors, Senator Jon Ford, tells iGamingBusiness.com what changes are needed to ensure its success.last_img read more

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Gaming bans in Uganda and Kenya: a sign of things to come?

first_img12th July 2019 | By contenteditor Regions: Africa East Africa Kenya Uganda Subscribe to the iGaming newsletter Email Address Topics: Casino & games Legal & compliance Lottery Sports betting Strategy Casino & games Gaming bans in Uganda and Kenya: a sign of things to come? The spread of betting and gaming across Africa is in danger of being halted by politicians and authorities taking a tougher stance towards operators, says Clarion Gaming’s Dan Tyler.The growth in the African gaming market has been spearheaded by a number of countries in recent years, with South Africa, Nigeria, Kenya, Uganda and Tanzania the leading markets on the continent.Thanks to a concoction of budding technological hubs, increasing online access and digital penetrations rates, as well as viable payment solutions being in place for a mostly unbanked population, the conditions have been ripe to support an online market. In Kenya, mobile operators cover almost 90% of the population with over 46 million people having access to the digital spaceThese conditions, intertwined with a youthful and growing middle class that has a ferocious passion for sports, has made the 2nd most populous continent on the globe an attractive opportunity for gaming operators looking to expand beyond existing mainstream and, often, saturated markets.However, after consistent year-on-year growth in a number of markets in the sub-Saharan region, the problems affecting their European counterparts have emerged in the promising marketTougher stance With betting activity sweeping across the continent, and East Africa in particular, Uganda was the first nation to act in 2019. According to local media, State Minister for Finance David Bahati received a directive from President [Yoweri] Museveni ordering a moratorium on licences for sports betting, gaming and gambling companies.In addition, for those already certified, there would be no renewal of licenses when they expire. As well as wanting to divert the attention of the youth away from sports betting and its harmful social impact, President Museveni specifically referenced foreign-owned companies repatriating profits rather than reinvesting them in Uganda as a reason for the ban – a cause that has resonated with neighbouring jurisdictions.Gaming powerhouse Kenya was the next significant market to act, initially mirroring similar moves being made in Europe, most notably in Italy, by focusing on the widespread levels of advertising. According the Kenyan Betting Control and Licensing Board (BCLB), “outdoor advertising of gambling, advertising of gambling on all social media platforms, advertising gambling between 6am and 10pm, [and] endorsement of gambling operations by celebrities” would be banned.While the advertising ban was temporarily suspended, the BCLB have since demonstrated moves to streamline the sector in an attempt to further regulate the availability, accessibility, and affordability of all forms of gambling.The first signs of this were seen in early July 2019 with the BCLB postponing the renewal of operations licenses for 13 casinos, six lotteries and eight betting firms while long-term regulation measures are being considered. Included in the list of operators whose licenses have been cancelled or deferred to a later date are big hitters SportPesa and Betin, two of the largest betting companies in Kenya controlling around 85% of the market. This demonstrates that the authorities are prepared to be ruthless in their efforts to reform the industry.With these actions, both jurisdictions have set a precedent that threatens to spread across and bring to a halt the great signs of promise demonstrated by the continents gaming industry. Fade to grey However, the moves from two of the significant sub-Saharan markets have led to many in the industry questioning both the severity and, more importantly, the effectiveness of the rulings. With regulated gaming prohibited, there is a high risk that white markets will be replaced by grey and black jurisdictions, threatening even greater risks to the punter.While this is a trend that has potential to catch on, with player demand increasing and regulated markets offering significant economic benefits for local economies, can countries afford to lose such high revenue potential to the black market?While this remains unclear, one thing is for certain. For a sustainable and investment friendly gaming ecosystem to develop in Africa, the industry must learn from the tough lessons that more mature markets in Europe and the rest of the world are already experienced. Amongst the others issues that need tackling, problem gaming and excessive advertising must be made a high priority. More effective Know Your Customer (KYC) checks, age restriction procedures and education should be in place to prevent youthful punters from chasing unrealistic high yield accumulators. And lastly, regulation and tax frameworks should be clearer, modernised and more consistent to benefit both local economies and the foreign-companies operating in African jurisdictions.With the ICE brand having already made its mark in Africa in 2018, October 2019 will see gaming’s only B2B pan-African event return at a critical time for the industry. With issues surrounding regulation, operation and perception of gaming, ICE Africa 2019 will once again provide a forum for the industry to tackle these challenges and set a path for future stability and success that is capable of fulfilling the exciting markets massive potential.Dan Tyler joined Clarion Gaming at the start of 2019 as a conference producer and specialises in both the African and North American markets. He is currently working on the 2019 edition of ICE Africa taking place in Sandton, South Africa this October. Visit the website for more information and to register for free The spread of betting and gaming across Africa is in danger of being halted by politicians and authorities taking a tougher stance towards operators, says Clarion Gaming’s Dan Tyler. Tags: Mobile Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

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Casino promotions drive rise in German gambling advertising

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 23rd August 2019 | By Daniel O’Boyle Casino promotions drive rise in German gambling advertising Marketing & affiliates A new report claims gambling advertising volume has increased threefold over the past five years, with much of this down to operators heavily promoting online casino sites.The study by market research consultancy Research Tools, based on digital records from independent media observer AdVision, found that gambling operators spent €401m on advertising in Germany for the year ended 31 May, 2019.This was driven predominantly by online casino advertising, for which spend has increased by more than €70m year-on-year. Sports betting, meanwhile, is growing from a lower base, and accounted for around 20% of total advertising volume over the year, Research Tools said.This means private operators’ advertising spend is much higher than those of state lottery companies. These entities, and their televised lottery draws, accoutned for around 10% of all advertising spend, while class lotteries – where draws are divided into a number of game phases – accounted for less thatn 5% of total volume. Over the year, an average of 64 brands promoted gambling each month, up from 47 for the previous year, with 12 operators’ ad spend above €10m. However, Research Tools added, five brands accounted for around half of all spending. The survey picked out Kindred Group’s Unibet and Malta-based casino operator Wunderino as two that had significantly increased ad spend during the year, while the newly-launched BildungsChancen Lotterie, which looks to raise funding for education, was also highlighted as having advertised heavily.Television was by far the most popular medium through which operators advertised, accounting for 80% of total spend, with advertising focusing on ““fun and excitement, the chances of winning and the attractiveness of the winnings”. The use of famous sportspeople to promote sportsbook offerings was also noted, with the likes of former German national team goalkeeper Oliver Kahn and Argentinean legend Diego Maradona among those featured.The study looked at advertisements in 65 daily newspapers, 500 consumer magazines, 190 specialist journals, 71 radio and 45 television channels, as well as 500 internet website pages.In March, Germany’s 16 federal states ratified the Third State Treaty on Gambling, which would allow operators to apply for sports betting licences in the market, while the state of Schleswig-Holstein will be allowed to run its own, liberal regulatory regime. The treaty will come into effect on 1 January, 2020 and last until 30 June, 2021.The terms of the Treaty, which bans online casino and in-play betting, as well as imposing a 5% turnover tax and €1,000 monthly spending limit for players, look set to be strictly enforced. The body reponsible for issuing sportsbook licences, the Regional Council of Darmstadt in the state of Hesse, has already warned applicants that they must shut down any casino offering upon receipt of a licence.  Payment blocking measures have been implemented by Niedersachsen, while PayPal has amended its terms and conditions to ensure it is not used to process payments to unlicensed casino sites. Subscribe to the iGaming newsletter Regions: Europe Central and Eastern Europe Germany Topics: Marketing & affiliates A new report claims gambling advertising volume has tripled over the past five years, with much of this down to operators heavily promoting online casino sites. Tags: Online Gambling Email Addresslast_img read more

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New Jersey horse racing group claims victory in betting legal case

first_img25th September 2019 | By contenteditor New Jersey horse racing group claims victory in betting legal case The New Jersey Thoroughbred Horsemen’s Association (NJTHA) has claimed victory in a long-running legal dispute with the leading US professional sports leagues over sports betting. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: US Email Address The New Jersey Thoroughbred Horsemen’s Association (NJTHA) has claimed victory in a long-running legal dispute with the leading US professional sports leagues over sports betting.The decision by a three-judge panel of the US Third Circuit Court of Appeals clears the way for the NJTHA to claim damages from the professional sports leagues, though it remains to be seen exactly how much they may be liable to receive.The judges ruled ruled 2-1 in favour of the NJTHA, which was appealing an earlier US District Court ruling that blocked the group from claiming financial damages from the leagues that halted New Jersey’s efforts to legalise sports wagering.Read the full story on iGB North America. Horse racing Subscribe to the iGaming newsletter Tags: Race Track and Racino Topics: Legal & compliance Sports betting Horse racinglast_img read more

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Newgioco enters D.C. sports betting market with Handle 19

first_img Betting technology supplier Newgioco is to enter the Washington, D.C. sports betting market through a new partnership with Handle19, a sports bar chain planned by entrepreneur Shane August’s August Holding Corp.Under the agreement, Newgioco will supply Handle19 with its ELYS platform to power online and land-based sports betting in D.C.According to the Washington Business Journal, Handle19 will apply for a Class B licence when the D.C. Lottery opens the licensing process.“After an exhaustive competitive analysis of several betting platform providers, we are very pleased to have selected Newgioco to partner with for our planned sports betting operations,” August said.“A key factor in our decision came down to the fact that the ELYS platform was developed in a fully regulated market and has both online and land-based functionality, giving us a comprehensive tool and the know-how of the Newgioco team to work closely with regulators to help shape the D.C. sports betting market for years to come.”Read the full story on iGB North America. Subscribe to the iGaming newsletter Newgioco enters D.C. sports betting market with Handle 19 Email Address Betting technology supplier Newgioco is to enter the Washington, D.C. sports betting market through a new partnership with Handle19, a sports bar chain planned by entrepreneur Shane August’s August Holding Corp. Topics: Sports bettingcenter_img Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: US Washington DC 8th October 2019 | By contenteditorlast_img read more

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Betsson offloads Global Gaming stake

first_img Gambling operator Betsson AB has confirmed that it has sold its stake in Global Gaming for an undisclosed amount.Reports in the Swedish media state that Betsson acquired 726,000 shares, which represents 1.8% of Global Gaming, in a non-publicised transaction in June of this year. However, it is understood that Betsson then sold the shares a few weeks later.Speaking to iGamingBusiness.com, Betsson confirmed that it has sold its stake in Global Gaming, but did not go into further detail about the transaction.Betsson shares closed yesterday (October 9) at SEK47.90, up 4% on the opening price, while Global Gaming shares were down 9.3% to SEK6.70.The initial share purchase came just a matter of weeks after Global Gaming had its Swedish operating licence revoked by national regulator Spelinspektionen. At the time, the regulator said it had discovered “serious deficiencies” in business practices at the operator.Global Gaming has appealed the decision on a number of occasions, but is yet to succeed in its efforts to reclaim the licence.However, Global Gaming in August recommenced activities in Sweden by rolling out the white label brand NanoCasino through its partnership with igaming technology and platform provider Finnplay Group.The operator also transferred its NinjaCasino.se domain to Finnplay subsidiary Viral Interactive last month, with a view to relaunching in the brand in the market.The licence loss hit Global Gaming in the second quarter, with revenue falling by 42% year-on-year to SEK132.2m (£11.0m/€12.2m/$13.4m). The operator said the ruling cost it an estimated SEK20m over the final 13 days of June.Meanwhile, Betsson last month announced that it had placed SEK1bn senior unsecured bonds, attracting interest from a number of large institutional investors throughout the Nordic region.Confirmation of the placement came after Betsson set out plans to issue a new senior unsecured bond with an expected initial minimum volume of SEK500m to support its ongoing growth and expansion strategy. Topics: Finance Strategy 10th October 2019 | By contenteditor Finance Email Address Gambling operator Betsson AB has confirmed that it has sold its stake in Global Gaming. Betsson acquired the minor shareholding in June, but offloaded the stake a matter of weeks later.center_img Subscribe to the iGaming newsletter Tags: Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Betsson offloads Global Gaming stakelast_img read more

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US expansion costs push profit down at Kambi in Q3

first_img Topics: Finance Sports betting Finance Sports betting solutions provider Kambi Group has reported a year-on-year rise in revenue for the third quarter, but saw its operating profit decline as a result of higher spending related to its US expansion efforts.Total revenue for the three months to 30 September 2019 amounted to €23.0m (£19.9m/$25.5m), up 12.3% from €20.8m in the corresponding period last year.Kambi put this increase primarily down to a 23% year-on-year rise in operator turnover, with a margin of 8.5% for the quarter. The share of revenue derived from regulated markets was up from 53% in Q3 of last year to 73% for the recent quarter.The provider said this revenue growth was all the more impressive considering that the quarter did not contain a major international football team tournament, whereas the comparable period last year featured the latter stages of the 2018 Fifa World Cup.However, this increase in revenue was accompanied by a rise in operating costs for the quarter, with Kambi spending a total of €19.6m, up 20.2% from €16.3m in the same three months in 2018.Kambi said this was mainly the result of higher staffing costs, which were up 36% from €7.5 to €10.2m as the provider added to its workforce to support ongoing growth plans in the US.Amortisation costs were slightly up from €2.1m to €2.5m, while Kambi also saw a slight increase in other operating expenses, which climbed from €6.7m in Q3 of 2018 to €6.9m this year.Revenue growth in the period was not enough to offset higher costs, with Kambi seeing operating profit dip 19.1% from €4.2m to €3.4m, The provider again cited investment costs related to its US expansion as of for the key reasons for this, as well as the absence of a major international football event.Profit before tax in the third quarter dipped from €4.1m to €3.3 and after paying €991,000 in tax, profit after tax stood at €2.9m, compared to €3.3m last year.Reflecting on the results, chief executive Kristian Nylén said that he was pleased with the Q3 performance, highlighting multiple customer launches, new product releases and major commercial agreements.Nylén also noted that the third quarter is traditionally challenging for the sports betting industry, particularly in a year with no major summer football event, but added that activity began to pick up with then US major league season began in September.“I also pleased to see momentum increase throughout the quarter, culminating in September’s operator turnover, which was up significantly year-on-year and surpassed the previous highest monthly total,” he said.“This encouraging performance was due to the combination of multiple customer launches, enhancements to the Kambi sportsbook, and a busier sporting calendar, which gives me confidence for the rest of the year.”Nylén picked out the deals with Penn National Gaming and JACK Entertainment as agreements that Kambi signed in Q3, saying these will help the business grow in the US.“Overall, there were multiple US customer launches to mention in Q3, with online or on-property launches taking place across the states of New York, Iowa, Indiana, Pennsylvania, New Jersey and West Virginia,” he said. “Among those launches was Unibet, who made its US sports betting debut in New Jersey and then launched retail in Pennsylvania.“In general, Kambi remains well positioned for the future and I look forward to building on our successes in Q4 and beyond.” Tags: Online Gambling Sports betting solutions provider Kambi Group has reported a year-on-year rise in revenue for the third quarter, but saw its operating profit decline as a result of higher spending related to its US expansion efforts. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img Email Address US expansion costs push profit down at Kambi in Q3 Subscribe to the iGaming newsletter 25th October 2019 | By contenteditorlast_img read more

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Digital turnover drop leads to Newgioco revenue decline

first_img Subscribe to the iGaming newsletter Casino & games Digital turnover drop leads to Newgioco revenue decline 20th November 2019 | By Daniel O’Boyle Topics: Casino & games Finance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Europe US Southern Europe Italy Tags: Online Gambling Significant declines in web-based turnover led to revenue of $6.7m for Newgioco in the third quarter of 2019, a 14.7% decline, though the company narrowed its net loss for the period. Significant declines in web-based turnover led to revenue of $6.7m for Newgioco in the third quarter of 2019, a 14.7% decline, though the company narrowed its net loss for the period.The business’s revenue came on a turnover of $115.9m, up 31.9% year-on-year, of which $46.5m was web-based (down 10.8%) and $69.5m land-based (up 94.0%).Newgioco said the significant decline of web-based turnover was due to the fact that the third quarter of 2018 included the FIFA World Cup. Its increase in land-based turnover came due to efforts to grow that sector “aggressively”, it added.After paying out $46.1m in land-based winnings and $62.1m in online winnings for a total of $108.2m, up 36.5%, Newgioco was left with gross gaming revenues of $7.7m, a 10.4% decline.Read more on iGB North America. Email Addresslast_img read more

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