GVC boosted by £30m ‘synergies’

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Casino & games Finance Sports betting 13th September 2018 | By contenteditor GVC boosted by £30m ‘synergies’ GVC Holdings revealed today (Thursday) an unexpected £30m (€34m/$39m) financial boost as a result of the takeover of Ladbrokes Coral Group earlier this year, with the company’s online performance and European retail operations helping to lift its half-yearly financial figures.GVC had already set out anticipated cost synergies of £130m in relation to the Ladbrokes Coral acquisition, which was finalised at the end of March.However, it said in today’s trading update that a further £30m in capital expenditure synergies relating to Ladbrokes Coral had been identified.GVC’s proforma results – which for like-for-like purposes showed what the group’s performance would have been if the current structure, including Ladbrokes Coral, had been in place since the start of 2017 – revealed an 8% rise in net gaming revenue to £1.72bn.Gross profit was also up by 6% to £1.16bn, while the firm’s underlying earnings before interest and deductions improved by 11% to £314.1m and underlying profit rocketed by 17% to £277.9m.Kenneth Alexander (pictured), chief executive of GVC, said: “The performance of the GVC Group in the first half has been extremely pleasing in what has been a very busy period.“Strong momentum in online and European retail has continued, and a positive World Cup helped improve trends in UK Retail in the second quarter.“The acquisition of Ladbrokes Coral completed on March 28 and the integration of that business is progressing well. We have now identified capex synergies of at least £30m in addition to the £130m cost synergies and we are well placed to deliver those savings while driving top line growth.“We are gaining market share in all our key markets and we will look to reinvest to further strengthen our market position.”Alexander also said that the US Supreme Court’s decision to overturn a federal ban on sports betting in May had carved out new market openings for the company.“The repeal of PASPA by the US Supreme Court in May provides a significant new market opportunity and we are delighted to have announced a joint venture with MGM Resorts to provide sports-betting and online gaming services in the US,” he added.“The combination of MGM’s leading brands together with GVC’s proprietary technology, and both businesses’ combined betting and gaming expertise, puts the group in the best possible position to benefit from what could become the world’s largest regulated sports betting market.”Image: GVC Email Addresscenter_img Tags: Mobile Online Gambling OTB and Betting Shops Subscribe to the iGaming newsletter Casino & games Company notes additional savings following Ladbrokes Coral takeoverlast_img read more

PAGCOR plays down igaming industry impact on China

first_img PAGCOR plays down igaming industry impact on China A senior figure at the Philippine Amusement and Gaming Corporation (PAGCOR) has played down the impact of the country’s online gambling industry on China amid heightening tensions.Victor Padilla, senior manager of PAGCOR’s policy and offshore gaming licensing division, was speaking during the House budget hearing on the agency’s 2020 budget just days after Chinese Foreign Ministry spokesperson Geng Shuang said that the Philippines should “ban all online gambling”.Padilla claimed that Philippines-licensed sites were not active in any country that prohibits online gambling, per PAGCOR regulations. He also cast doubt on claims that Chinese employees of offshore gaming operators were being mistreated, suggesting it was an issue of “perspective”.It emerged at the start of this week that PAGCOR had opted to suspend the award of licences to offshore operators (POGOs) until at least the end of this year due to concerns about illegal operations and security.This followed a Chinese embassy spokesperson in the Philippines accusing PAGCOR of issuing licences to operators that illegally target Chinese nationals. The spokesperson warned the Philippines to adopt “concrete and effective measures to prevent and punish the Philippine casinos, POGOs and other forms of gambling entities for their illegal employment of Chinese citizens and crack down related crimes that hurt the Chinese citizens”.The Cambodian Government has also ceased awarding new online gambling licences with immediate effect in an effort to clamp down on illegal gambling activities.However, although Geng said at his regular press conference this week that he “appreciates” the steps taken by the Philippines and Cambodia, he called for the Philippines to “go further and ban all online gambling”.The budget hearing also saw PAGCOR assistant vice president Sharon Quintanilla reveal that the regulator expects total revenue for 2019 to reach P73.88bn (£1.15bn/€1.27bn/$1.41bn), down from 2018’s total of P104.12bn. Of this sum, P51.53 is expected to be allocated to “nation-building” projects, such as constructing schools and accommodation, she said. Revenue for the first six months of 2019 amounted to P38.08bn.Representatives at the hearing praised PAGCOR for being a partner in support in rebuilding efforts following natural disasters.  23rd August 2019 | By contenteditor Legal & compliance Topics: Legal & compliance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Tags: Online Gambling A senior figure at the Philippine Amusement and Gaming Corporation (PAGCOR) has played down the impact of the country’s online gambling industry on China amid heightening tensions. Regions: Asia Philippines Email Addresslast_img read more

Intralot hit by Argentina and Bulgaria B2C declines in H1

first_img Subscribe to the iGaming newsletter Intralot hit by Argentina and Bulgaria B2C declines in H1 Greek lotteries and gaming solutions provider Intralot has put a 7.6% year-on-year drop in reported consolidated revenue primarily down to declines within its B2C division, specifically in the Argentina and Bulgaria markets. Topics: Casino & games Finance Lottery Sports betting Slots Tags: Online Gambling Slot Machines Greek lotteries and gaming solutions provider Intralot has put a 7.6% year-on-year drop in reported consolidated revenue primarily down to declines within its B2C division, specifically in the Argentina and Bulgaria markets.Reported consolidated revenue for the six months to June 30, 2019 amounted to €378.1m (£343.0m/$415.2m), down from €409.1m in the same period last year.Sports betting was the main source of income for Intralot, accounting for 44.9% of total revenue for the half, just ahead of lottery with a 42.6% share. Racing was responsible for the remaining 2.5% of revenue.Although worldwide wagers were up 16.4% year-on-year to €10.5bn, this did not stop Intralot posting a decline in revenue, mainly attributed to a €25.5m drop in revenue from its licensed operations (B2C) activity line.In Bulgaria, revenue fell €17.8m, mainly due to its sports betting performance as a result of a conservative pay-out strategy, although its numerical and racing performance in the country was on par with last year.Meanwhile, in Argentina, while revenue was down by €8.7m, Intralot noted that in local currency terms, revenue was up 24.9%. Intralot put this down to the results being heavily affected the hyper-inflationary economy reporting standard, which in turn impacted the foreign exchange currency translation.Intralot also reported an 8.5% drop in management B2B/B2G contracts during the first half, primarily due to unfavourable exchanged rates in Turkey, as well as a discontinued contract in Russia and a drop in sales in Morocco.Technology and support services B2B and B2G revenue was down by 1.3%, as Intralot was impacted by lower sales in Greece and Argentina. However, the provider did note that this was partially offset by positive performances in various other regions.In the US, technology and support services revenue climbed by €11.2m, boosted by a new contract in Illinois and a Powerball jackpot in Q1, while revenue in both the Netherlands and Chile was up year-on-year.On a global basis, Europe remains Intralot’s core market, with revenue standing at €240.7m for the period, although this is down by 12.6% on last year, mainly due to the Belgium struggles. Americas revenue was up 1.6% to €102.2m, but other regions saw revenue slip 5.0% to €54.8m.Although Intralot did not set out details of its costs and expenses for the half, it did says spending had an impact on earnings before interest, tax, depreciation and amortisation (EBITDA), which fell 15.9% year-on-year to €58.7m.Intralot noted increased selling and administrative expenses in the US as part of its preparations for the launch of the Illinois contract in February, coupled with a minimum state guarantee settlement in Morocco and higher marketing expenses related to online sports betting activity in Turkey.Earnings before tax plummeted from €23.3m to €2m, while gross profit also fell 15,7% from €90.5m to €76.3m. However, Intralot did see its operating cash flow climb €12.3m to €49.0m.Reflecting on the results, Sokratis Kokkalis, group chairman and chief executive of Intralot, said the business is still absorbing the impact of last year’s negative developments, in which the business lost a number of key contracts and saw sales dip in a number of key regions.However, he added: “[The H1 results] reflect improvement in operating cash flows and liquidity by successfully implementing our three-pillar strategy for operational improvements, new business, and non-core asset disposals.“We successfully completed the delivery and transition to the Lotos X new central system for our historic client OPAP in July, and came to an agreement with OPAP for the disposal of our 16.5% participation in Hellenic Lotteries for a consideration of €20.0m,” he said. “The renewal of our contract with the DC Lottery to include sports betting and the award of a new sports betting contract in Morocco demonstrate Intralot’s readiness to tap fresh opportunities with cutting-edge new technological solutions.”The results come after Intralot in June set out plans to focus its efforts on pursuing opportunities in the US market to help drive growth in 2019-20. At the time, Kokkalis cited the growing legal sports betting market as the primary focus for Intralot in the US.center_img Email Address 2nd September 2019 | By contenteditor Casino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

theScore names Sidsworth as new compliance chief

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter The Score Media and Gaming arm of Canadian media business theScore has announced the appointment of Josh Sidsworth as its new general counsel and chief compliance officer. theScore names Sidsworth as new compliance chief Topics: People Sports betting Strategy People Regions: UScenter_img Subscribe to the iGaming newsletter The Score Media and Gaming arm of Canadian media business theScore has announced the appointment of Josh Sidsworth as its new general counsel and chief compliance officer.Based at theScore’s head office in Toronto, Canada, Sidsworth will lead all legal, regulatory and compliance matters for the business, supporting the multi-state rollout of its theScore Bet mobile sportsbook offering.Sidsworth joins theScore having most recently served as executive vice president corporate development and general counsel for the NRT Group of Companies, a supplier of payment kiosk solutions to casino operators around the world.“I’ve always been a huge fan of theScore and their authentic way of connecting with sports fans,” Sidsworth said. “Building on this connection by offering users an integrated sports media and betting experience is truly unique, and I’m thrilled to be joining the team to help them deliver on this vision.”Read the full story on iGB North America. 10th December 2019 | By contenteditor Email Addresslast_img read more

Sportnco renews NetBet.fr deal

first_img Subscribe to the iGaming newsletter Sportsbook solutions provider Sportnco has renewed its sports betting partnership with French operator NetBet.fr for five more years.Under the new agreement, Sportnco will continue to provide services such as its betting platform, player account management, front-end UI design, iOS and Android apps and risk and trading management services until February 2025.Sportnco originally agreed a deal to provide sportsbook solutions for NetBet.fr in 2010, when the regulated online gaming and betting markets first opened up in France.“I’m delighted to confirm the renewal of our partnership with NetBet.fr, the first operator we launched our B2B network with in 2010,” Hervé Schlosser, founder and chief executive of Sportnco, said.“The continued development of the Sportnco and NetBet.fr brands is testament to the hard work we have accomplished over the past decade, with attention to detail and expertise in trading and risk management enabling us to generate strong margins for our sportsbook partners.”Sportnco is the business-to-business arm of French betting operator France Pari Group. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Sports betting Sportnco renews NetBet.fr deal Topics: Sports betting Tech & innovation Tags: Online Gambling 10th February 2020 | By Daniel O’Boyle Regions: Europe Western Europe France Sportsbook solutions provider Sportnco has renewed its sports betting partnership with French operator NetBet.fr for five more years.last_img read more

iGaming drives revenue growth for Norsk Tipping in 2019

first_img28th April 2020 | By Daniel O’Boyle Tags: Online Gambling Finance Subscribe to the iGaming newsletter iGaming drives revenue growth for Norsk Tipping in 2019 Norway’s lottery and gaming monopoly Norsk Tipping put marginal growth in revenue for 2019 down to the strong performance of its online gaming offering, though admitted that tighter player protection controls had cut the full year total by around NOK200m. Full year turnover grew 5.6% year-on-year to NOK40.27bn, aided by customer numbers growing to a record 2.0m, of which 28% were aged under 40, according to chief executive Åsne Havnelid.Online gaming turnover was up 29.8% to NOK18.03bn, above lottery, which contributed NOK10.56bn. Sports betting turnover also grew, rising 4.8% to NOK3.80bn.Gaming terminals, meanwhile, saw turnover decline 24.4% to NOK6.82bn, while instant win was down 6.3% at NOK1.05bn.After paying out NOK32.11bn in winnings – a 7.1% increase – revenue amounted to NOK8.16bn, up 0.1%, despite the impact of new social responsibility controls. After seeing the number of customers classed as at risk of developing problems grow to 10,000 in 2018, it brought in a measure that stopped online customers from gambling with winnings over NOK20,000 and now automatically displays an overview of a player’s gambling history upon login.Despite this, revenue from online gaming grew 17.5% to NOK981m, with sports betting revenue across online and retail channels up 4.5% to NOK947m. However, lottery continued to generate the majority of Norsk Tipping’s revenue in 2019, with its contribution rising marginally to NOK5.27bn.“From a social responsibility perspective, it’s important that the games with the lowest correlation to gambling problems is our market leader,” Havnelid said.Scratchcard revenue declined 7.7% to NOK458m while gaming terminal revenue fell 37.6% to NOK503m.Norsk Tipping took in an additional NOK11m in revenue from other sources.The operator paid NOK620m in commissions, down 12.2%, and NOK440m in personnel costs, up 6.3%. Of these personnel costs, NOK323m came in the form of salaries and fees, NOK51m in employer taxes, NOK60m in pensions and NOK6m in other costs.In addition, it incurred depreciation and write-down charges of NOK189m, a 2.9% increase, and other operating expenses of NOK1.32bn, down 4.6%.Of these other operating costs, plants and machinery were the largest expenses, at NOK435m, down 7.9%. Advertising costs declined 8.3% to NOK297m while costs relating to player identification and payment solutions fell 4.9% to NOK175m.Also listed among other costs, collaboration agreements came to NOK100m, consultancy fees came to NOK83m, while payments to the Lottery and Foundation Authority (Lotteri- og stiftelsestilsynet) and distribution and shipping costs both totalled NOK39m. Telecommunications costs were NOK27m, printed supply costs came to NOK36m and TV production expenses totalled NOK25m.These costs, totalling NOK2.56bn, resulted in an operating profit of NO5.60bn, up 2.4%. Norsk Tipping’s financial income rose 61.1% to NOK86m, with interest income the largest contribution at NOK57m, while financial expenses almost tripled to NOK14m.As a result, the operator’s net profit for the year came to NOK5.68bn, up 2.8% year-on-year.Havnelid added that the Norwegian government is still working on a new Gambling Act, but has already decided that Norsk Risktoto should not merge with Norsk Tipping to jointly run the country’s horse racing betting monopoly as previously proposed.“The Government is finalizing the draft new Gambling Act, which will replace both the previous Gambling Act, the Totalizator Act and the Lottery Act,” Havnelid said. “In this process, the Ministry of Culture and Agriculture considered moving horse racing from Norwegian Rikstoto to Norsk Tipping, but decided in April 2020 to continue the current system.”Last week, the operator revealed that it distributed over NOK5.5bn from its profits to good causes across the country during 2019. Norwegian lottery operator Norsk Tipping’s revenue grew slightly to NOK8.16bn in 2019, while profits grew 2.8% to NOK5.68bn thanks to growth in online sales. Topics: Finance Lottery Regions: Europe Nordics Norway Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Delaware igaming stakes top $100m so far in 2020

first_img Delaware saw a third consecutive month where online gaming handle topped $20m in June, although figures were slightly down on April and May. Subscribe to the iGaming newsletter Tags: Online Gambling Regions: US Delaware AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Finance Topics: Finance Delaware igaming stakes top $100m so far in 2020 Delaware saw a third consecutive month where online gaming handle topped $20m in June, although figures were slightly down on April and May.Online gaming stakes amounted to $23.8m, which was down on the record $29.5m put down in May, but three times the $8.2m for the same month last year.Revenue of $964,600 was down 15.0% on the previous month, but up 275.0% year-on-year from $257,300.Players won $22.9m, which was down 19.4% on May but up 163.2% on June 2019.Read more on iGB North America 15th July 2020 | By contenteditor Email Addresslast_img read more

Ukraine regulator issues first licence to Cosmolot operator Spaceiks

first_img Tags: Kosmolot Spacex Licensing Topics: Casino & games Legal & compliance Online casino Licensing Regulation “I really do appreciate the team’s effort: the guys prepared for this day for several months. We should also pay tribute to the Commission – it’s great when a government authority works quickly and accurately.” The operator must now pay the UAH39m online licence fee, after which it may be awarded a five-year licence. In June, Oleg Marusyak – who introduced the Gambling Act – filed a new tax bill, 2713-D. This would set a 5% GGR tax on bookmaking, 10% for online gambling and for lotteries and 12.5% for slot machines. However, it is unclear if this proposal will be put into place as four earlier tax bills had been introduced, and the Rada may choose to pass another new one. Spaceiks applied for a licence in December 2020, and though the Commission initially required further information on Spaceiks’ ownership structure in order to ensure it met the requirement that licensees are based in Ukraine, it nonetheless became the first operator to be approved. According to reports in Ukraine, Spaceiks LLC operates the Cosmolot brand, which was once owned by the country’s National Lottery but was discontinued in 2019. “Obtaining a license is an important step,” he said. “The road to legalization has been long, but the creation of a white market is totally worth it. The act includes certain location restrictions on operators. As well as needing to form a Ukraine-based business to receive a licence, operators must not have a Russian resident or citizen act as a shareholder or Ultimate Beneficial Owner (UBO). “Yesterday at the KRAIL meeting the application of Spaceiks LLC to obtain a license to organise and conduct gambling casinos on the Internet was considered,” the regulator said. “After reviewing the documents, the application was approved.” Ukraine regulator issues first licence to Cosmolot operator Spaceiks AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Cosmolot chief executive Sergey Potapov said he was excited to finally see the start of Ukraine’s regulated market after a long journey to legalisation. Ukraine’s Commission for the Regulation of Gambling and Lotteries (KRAIL) has approved the first licence under the country’s 2020 Gambling Act, an online casino licence for operator Spaceiks. Bookmakers’ licence fees will be UAH70.8m while the fee for casinos in hotels in Kyiv will be UAH141.6m, while elsewhere this fee is UAH70.8m. The licence fee for online poker is UAH23.7m. Tax rates have still not been finalised, however, despite several different tax bills all being introduced.In June 2020, Regions: Ukraine Subscribe to the iGaming newsletter Ukraine’s gambling act – which allowed online gambling, bookmaking, slot halls and land-based casinos located in hotels – was signed into law in August 2020 after Ukraine’s parliament, the Verkhovna Rada, passed it in a 248-95 vote at the second reading the previous month. 3rd February 2021 | By Daniel O’Boyle Email Addresslast_img read more

KY court rejects Flutter bid for new hearing on $870m judgement

first_imgIn 2015, then PokerStars operator Amaya was ordered to pay $290m by Franklin Circuit Court Judge Thomas Wingate. This total was then tripled following a request from the state. Amaya later rebranded as The Stars Group and was acquired by Flutter. Legal 25th March 2021 | By Daniel O’Boyle Read the full story on iGB North America AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Flutter Entertainment The case originated with a claim that PokerStars offered online gambling to 34,000 Kentucky players between October 2006 – when the Unlawful Internet Gambling Enforcement Act (UIGEA) was introduced – and April 2011, when its US operations were shut down by authorities. Regions: US Kentuckycenter_img Email Address The Kentucky Supreme Court has denied Flutter Entertainment’s request for a new hearing on a decision that could see the operator ordered to pay $870m to the state over the activity of its PokerStars brand in the state from 2006 to 2011. Topics: Casino & games Legal & compliance Poker Legal KY court rejects Flutter bid for new hearing on $870m judgement Subscribe to the iGaming newsletter Flutter said PokerStars made $18m from Kentucky customers during this time period.last_img read more

Betfred acquires Betting World from Phumelela in business rescue

first_imgIn September, Phumelela rejected a ZAR925m (£41.9m/€46.7/$55.0m) acquisition bid from BetFred that would’ve acted as an alternative to the business rescue plan to accept a deal from Mary Oppenheimer Daughters instead. Phumelela made moves to cease business in December after it delisted from the Johannesburg Stock Exchange, a decision that would see the business broken up to repay creditors. Betting World, Phumelela’s sports betting subsidiary, allows customers to bet on a variety of sports including cricket, rugby and football. 2nd June 2021 | By Marese O’Hagan According to an update released as part of Phumelela’s ongoing business rescue, the transaction took place on 31 May 2021 at a sale price of ZAR120m (£6.1m/€7.1m/$8.7m). Phumelela noted that this price was subject to final adjustments, and that the final price will be published in a future business rescue plan update. Betfred acquires Betting World from Phumelela in business rescue The company’s business rescue plan outlined debts of up to ZAR1.17bn (£236.0m/€261.3m/$312.0m). Subscribe to the iGaming newsletter Tags: Phumelela Gaming and Leisure Group Betfred Phumelela was placed in a state of business rescue – a type of bankruptcy arrangement – last May after the novel coronavirus (Covid-19) lockdowns in South Africa affected business. In its statement, Phumelela noted that all creditors who had submitted claims against the company had been paid or would be paid in due course. The deadline for submissions was 30 November 2020, while claims submitted late would be processed in a longer timeframe. Bookmaker Betfred has purchased sports betting brand Betting World from struggling Phumelela Gaming, after Phumelela rejected Betfred’s offer to acquire the whole Phumelela business last year. Topics: Casino & games Sports betting Casino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Africa Southern Africa Email Addresslast_img read more