CasinoBeats delves into the statistics behind the most interesting stories in the gambling industry every week. This week, the roundup includes the latest Brazilian regulatory updates and the announcement of a new Kindred investor. It also features the US launch of the multi-state self exclusion program.
14
As Bill No. Bill No. 2,234/2022 was approved by 14 of the 12 senators voting in favor.
The bill has been approved after a series of delays by the Senate Constitution and Justice Committee, securing 14 votes for it in a move that is seen as a key step in the evolution of the sector.
The bill’s progress was spearheaded by Senator Iraja Abreu, who took the project out of the shadows. He stated: “After studying the issue in detail, it is not possible that the world is incorrect and Brazil is the only one right for not addressing this important and necessary project, which is present in all Brazilians lives.
Abreu, the CCJ Rapporteur stated that Brazilian legislators could not ignore a “project that would generate R$100bn in revenue and about 1.5million direct and indirect employment” within Brazil.
The project, which focuses on casinos located in land-based locations, aims to overturn the Decree Law passed by President Gaspar Dutra in 1946 that prohibited casinos from being operated within municipalities or districts.
The Bill, as such, contains the original specifications provided by former Renato VIANN (MDB – SC) in order to “enable the establishment of land-based casino in tourist destinations or integrated leisure facilities in the country with a maximum of one casino in each state, and the Federal District.”
There will also be two exceptions to the rule for land-based casinos in Rio de Janeiro and Minas Gerais. Sao Paulo will have three.
$3.2m
As a result of this case, the Supreme Court of Queensland ordered Marley Wynter to pay AU$4.8m ($3.2m US) in compensation for a ponzi-scheme that targeted Australian poker players.
Reports have stated that many plaintiffs’ withdrawal requests were not met with success. In fact, they only received payment after warning authorities they might take their case to court.
Wynter is the man behind Marley’s House of Sport, and Marley’s House of Investment, which according to PokerMedia Australia did not contest the claim. These two companies allegedly increased the profitability of their significant investor portfolio.
Sites were closed at the beginning of 2023 after a reported profit of AU$30m (19.8m US$) was made through a significant increase in subscriber numbers.
Wynter is a well-known figure in Australian poker. He was part of the first WPT Australia Series and he has sponsored local tournaments, as well as key events.
4
US-based responsible gambling advocates’ outcry for a multi-jurisdictional, self-exclusion program may have been answered in four states by idPair‘s National Voluntary Self-Exclusion Program.
The tech company announced on June 18 that it had taken the first step towards making self-exclusion across borders a reality. The company announced that the NHVSEP would be available in four states. Tennessee Michigan Iowa Colorado.
Jonathan Aiwazian , CEO of idPair said: “For the very first time in history, people seeking a higher level protection are able to self-exclude themselves from several states.”
Each of the states listed above has its own process for self-exclusion, which can be difficult to implement, as it may require in-person meetings or notarization.
The NVSEP allows users to take advantage of a notary online for free and complete a self-exclusion form from four different states. idPair will ensure that in the future, more states will join the program.
Aiwazian said: “We are accelerating our efforts to remove barriers that prevent people from seeking protection in all gaming jurisdictions, products, and jurisdictions. We will be adding more jurisdictions as we continue our journey toward our goal.
5.4%
Goldman Sachs is now the third-largest shareholder of Kindred Group after a successful 5.4 percent share purchase.
It is a move which will attract the attention of Francaise Des Jeux, who are looking to acquire Kindred in its entirety.
The FDJ bid is still being evaluated, but the Goldman Sachs trade last week that was notified to Kindred by Kindred does not seem out of the ordinary. According to reports, the FDJ’s bid is around EUR2.6bn.
SBCNews quoted a source as saying: “Kindred is trading very near the price of the deal, which indicates the market believes there’s a good chance that it will close”.
360
New Jersey Governor Phil Murphy signed a bill to establish a Task Force on Responsible Gaming.
Executive Order No. The task force, which is a part of Executive Order No. 360 will give advice and make recommendations to both the Governor’s Office as well as the Attorney General in regards to safer gambling issues.
The report, 2023 from Rutgers University Center for Gambling Studies, shows that problem gambling has increased in the last few years.
Governor Murphysaid that New Jersey was known as a gambling destination, with historical locations such as Atlantic City and amusement games at the Jersey Shore. This Task Force ensures that New Jersey maintains its global leadership in the gaming industry by providing the necessary tools to combat problem gaming among our residents.
The Responsible Gaming Task Force is a group of experts who will examine the impact of gambling on vulnerable groups and minorities, develop strategies for responsible gaming and recommend policy changes that address problem gambling.
Attorney general Platkin said: “I applaud the Governor Murphy’s leadership for elevating responsibility gaming initiatives by establishing a statewide Task Force. New Jersey is a leader nationally in sports betting and casino gambling for years. We owe our residents to expand and review our efforts to combat problem gambling ..
92%
Codere Sa announced today that its creditors had agreed to lower the corporate debt of by 92% as part a new financial reorganization programme.
Codere will reduce its corporate debt by $1.7bn, to $140m approximately in June 2024.
Codere’s debt reduction plan has been approved by 60 percent of its creditors. They have until the 9th July to negotiate terms for a locking-up contract that is required to ensure a new restructuring program.
The debt reduction also helps Codere to stabilise their financial situation and to focus on strategic growth plans, which will return them to profitability before the end of the year 2025. This is detailed in the corporate recovery strategy.
Codere, at the beginning of this year, announced it would recapitalise the business, as well as secure additional funds to maintain the South American unit in Argentina, Colombia and Mexico.
Codere also receives EUR60m of additional liquidity. Of this, it receives EUR20m each month.
