CasinoBeats delves into the statistics behind the most interesting stories in the gambling industry every week. In our latest reflection, we have an update on Brazil’s gambling regulations. GamCare has also provided research.
The Brazilian bill on sports betting has finally made the long-awaited breakthrough.
The Bill3626/2023 was approved by the Senate of Brazil after a series of delays. However, it will still be subjected to further analyses.
The Senate has affirmed that it will not include online gambling modalities in the proposed legislation. This was the request of Senator Carlos Portinho (RJ), a member of the Liberal Party.
The region continued to be indecisive when it comes to online casino, with the industry not making the same strides as sports betting.
GamCareresearch shows a link between gambling and cryptocurrency investments, with people who suffer from the same problems in both verticals.
In the last two years, the UK gambling charity received 200 calls from individuals who were having difficulty with the online financial markets including cryptocurrency.
The calls included: “Accounts of individuals who lost over PS50,000 in their cryptocurrency trading and of young adults that spent the mortgage deposit on crypto but ended up losing large amounts of cash to it”.
Raminta Diliso is the Financial Harm Manager for GamCare. She commented that: “For many investors, purchasing cryptocurrency can be a great way to diversify your investment portfolio.
The National Gambling Helpline has shown us over the last few years that it can cause serious damage if you take it too far. It’s also not the quick-win opportunity many people think it to be.
The volatility and unpredictable nature of the currencies creates an environment that is similar to gambling. People are more inclined to gamble in order to get a rush, rather than to feel like they’re engaging in financial activities.
XLMediahas released a trading update before the close of 2023. It notes that they have explored selling their entire company, but were unable to get a fair price for it.
The company is also expected to have a strong North American revenue for this year, but it will be below the previous estimates. Group revenues are estimated to range between $50m and 52m while the adjusted EBITDA should be around $12m- $14m.
XLMedia reported that the board of the company is currently exploring other asset sales and early discussions with prospective purchasers. This follows the July sale of three European Casino assets.
The board did state that “no sales are guaranteed”.
XLMedia also investigated the possibility of selling its entire business over the last couple of months. “Demand for assets” has existed, but a company-wide sale is unlikely to generate the greatest value for investors.
It added that there are no ongoing discussions about a possible sale. Therefore, the company “doesn’t plan to sell the entire company at this point”.
The Colombian Federal Gambling Authority Coljuegos has announced plans to change the laws on the ownership and operation of electronic slot machines.
Coljuegos will implement the change in 2024 via the “regulatory project”. This is a critical move, as Coljuegos aims to curb illicit activities in the form unauthorised ESMs in all 32 federal territories.
The Colombian regulatory reform for slot machines will be accompanied by an ‘public comments period’ that runs until the 14th of December. This is to give industry players and other interested parties a chance to provide feedback.
The authority claims that the project will “promote territorial development by replacing illegal economies with legal economics, taking into account the production capacities of the intervened area.”
Scott Benton , a Blackpool MP who was accused of corruption in a report by the Standards Committee has been suspended for 35 days from parliament.
Benton is now an independent, after the Tory whip was withdrawn due to a scandal in which two journalists posed as investors from the gambling industry, and Benton accepted their invitations to ask questions of the industry.
This decision could lead to by-elections in a region that is host to many casinos, and attracts a lot of tourists every year.
AGCOM has sanctioned Google and Twitch with respective fines of EUR 2,25m and EUR 900,000 for violating the advertising laws of Dignity Decree.
AGCOM issued the fines after receiving numerous complaints.
In its investigations, the Authority found that there were more than 80 YouTube channels and Twitch streams with over 20,000 videos advertising slot machines, betting on sports, scratch-offs, and gambling.
These channels violated the Dignity Decree that was enacted in July 2018. The Dignity Decree, passed into law by the Lega-5Star coalition in 2019, banned all gambling advertisements (both traditional and online), and all Italian sports.