CasinoBeats delves into the statistics behind the most interesting stories in the gambling industry every week. The latest headlines reflect the continued growth of Macau and the UKGC’s reprimand.
582,120
The UK Gambling Commission agreed to a settlement with Bet365 in for a fine of PS582,120, after it was determined that the operator had shortcomings regarding the requirements related to anti-money laundering as well as social responsibility of its casino and bingo business.
In March of last year the Commission conducted a compliance evaluation, and found bet365’s failings.
Kay Roberts is the Executive Director for Operations of the UKGC. She stressed that these failures were not as serious as those experienced by other gambling companies in the past. She did say that these breaches were not up to the standards expected by the regulator.
She stated: “We demand high standards of operators to ensure gambling is safe, fair, and free from crime. We will correct any failures.” The operator knows that repeating these failures could lead to escalating regulation.
The firm failed to meet customer expectations because its interactions with them were not tailored for the particular journey of customers or the spectrum of damage they faced. As a result, the interactions were considered ‘not significant’.
The Early Risk Detection System of bet365 was deemed ‘not demonstrably efficient’ for determining the effect that individual customer interactions have on their behaviour, and if further actions are required.
The investigation also focused on the approach taken by the company to evaluate customer service, since it could not determine with certainty whether the customer understood or read the advice and information provided during its interactions.
As part of the settlement, the operator has provided public statements accepting the evaluation. It stated that it will donate PS582,120 to socially-responsible causes.
4
After four years as the Chair, Entainhas now announced that Barry Gibsonwill be retiring at the end September 2024 from both his role and the board of the company.
The FTSE100 firm has also announced that Stella David , current interim CEO, will replace Gibson as chair.
Gibson may also step down earlier than planned, depending on when a permanent CEO is appointed, which Entain reports is “ongoing” and progressing.
Gibson said: “It’s been an honor to serve as the chairman of Entain over the last four years. I thoroughly enjoy my work in this innovative, dynamic and exciting business. I decided a few months ago that I would retire around 2024.
I am pleased that Entain now has in Stella a successor with exceptional skills who is familiar with the company and has shown herself as a strong hand at the wheel in her interim role.
Gibson joined Entain’s board of directors in November 2019, and became chair in February 2020.
He has overseen the renewal of the board, the move to only operate on regulated markets or those that are regulated, and the conclusion of HMRC’s investigation into former Turkish operations.
David will replace Gibson in the Chair position later this year. He was previously an independent director, senior non-executive, and non-executive from March 20,21. David became interim CEO last December.
David continued: “Barry was a great mentor to many during his tenure as chair of Entain, and I personally want to thank him for the unwavering support he has shown.
53.1
Macau’s gaming sector continues to surpass expectations as the region experienced a growth of 53,1% compared with the same time last year.
This totaled 19.5bn Patacas (US$2.4bn) and was boosted by the growing tourism in the area.
Growth was driven by a recovery in markets across the region following the end of pandemic restrictions.
The casino industry in Macau may be in for a difficult time despite the positive outlook, due to the tightening of regulatory standards around VIPs.
The region’s gross gaming revenues in 2023 will be $22,7bn. This is a 334 percent increase over the previous year.
A stipulation was triggered as a result. This will require the six largest operators to increase their non-gaming investment spending by 20%.
225
Fanatics Betting and Gaming closed its previously announced PointsBet USbusiness acquisition of its final state, Illinois.
PointsBet has confirmed that it received the final payment of $225m for the purchase of all the entities and transferred them to Fanatics.
The deal includes the PointsBet US Sports Betting, Advance Deposit Wagering, and Igaming Operations, Banach Technology and the PointsBet Platform, as well as a license to use the proprietary technology.
Fanatics stated that this transaction accelerated their growth plans. The Fanatics Sportsbook is now available in 95 percent of the US online sports betting markets.
PointsBet’s Mark Hughes, and Aonghus Mullvihill join the executive leadership team of the company. They will be joining more than 200 PointsBet staff in various roles. It has taken over leases for PointsBet’s offices in Denver (CO) and Dublin (Ireland).
The acquisition of PointsBet’s US business has accelerated our expansion plans, commented Matt King CEO of Fanatics Betting and Gaming.
The team is made up of talented and passionate individuals who have come from PointsBet USA and have had a positive impact on the business.
5
The opening of the economic corridors that could bring about a change in Thailand casino laws has been boosted after it was announced for 2029, five years from now.
The bidding process for casinos is expected to end this year. If they are approved and subject to approval by the regulatory authorities, they may open within five years.
The House of Representatives of Thailand has approved what can be considered a progress in terms of the bill. A study will examine the advantages of casinos throughout the region. This will then be presented to the Government as discussions and developments continue.
Samuel Yin Shao, Maybank IB’s analyst said that improving transport connections and a variety of benefits to tourism will be a part of the new corridors.
If Prime Minister Srettha Tavisin wants to keep her promises on the economy, it is important that she taps into this sector.
Recent developments have seen the removal of one of the main obstacles with an agreement to a tax rate of 17 percent in the area.
The bill, and its tax rate, are also vital to combating the black market, halting the growth of it, and to enable the region to compete in the casino industry with Singapore and Macau.
The report was compiled by the former government, which considered the economic and social impact that the casino market could have.
1.12
Groupe Francaise des Jeux announced that it had acquired 1,12 percent of the outstanding shares in Kindred from Veralda Investment. This equates to 2.4 millions shares, at SEK 122.5 each.
Kindred, a Swedish financial supervisory authority and French gaming operator, approved the offer in February.
This offer was launched initially on February 20, and it will run for a maximum 39 weeks. It expires on or about November 19, 2024.
FDJ obtained irrevocable commitments from Kindred to purchase 27,9% of the outstanding shares for SEK 130 each. Veralda has been allowed to dispose of 50% of its shares. This represents a 2.3% stake.
Kindred changed its bylaws at its general meeting on March 15, “to include squeeze-out rights for an offeror.” Kindred could not sell shares to FDJ for more than SEK 130 per stock, as stated in the offer.
Veralda notified FDJ on March 18 that it was selling 49 percent of its shares and 1.12 percent of the outstanding shares of Kindred at SEK 122.5 each. FDJ purchased the 2.4 millions shares.
After the purchase, FDJ now holds 1,12 percent of Kindred’s outstanding shares. The remaining irrevocable commitments between FDJ and Corvex Management LP (formerly Premier Investissement SAS), Eminence Capital SAS (formerly Nordea) and Veralda represent a total of 26,82 percent of Kindred’s outstanding shares.
