Welcome to the Weekend Report, where iGB covers the news you may have missed over the weekend. This week, JPMorgan Chase offloads its Star Entertainment Group stake and Betsson’s BMO Manx pays a hefty fine.
Star Entertainment hit by JPMorgan Chase withdrawal
In this edition of Weekend Report, investment banking giant JPMorgan Chase has dropped its shareholding in troubled Australian casino operator Star Entertainment Group.
JPMorgan Chase’s stake accounted for 5.09% of Star’s voting power, according to a Star filing on the Australian Securities Exchange (ASX).
The announcement comes days after the resignation of The Star Gold Coast chief executive Mark Mackay. He was only appointed to the role in September. Star Entertainment was suspended from trading by the ASX in September following a series of financial and governance failures.
Isle of Man fine for Betsson subsidiary
A Betsson subsidiary has been hit with a discounted penalty of £700,000 for a series of compliance breaches in the Isle of Man.
BMO Manx Limited was ordered to pay £700,000 as a settlement had been agreed at an early stage.
It was found to be in contravention of the Anti-Money Laundering and Countering the Financing of Terrorism Act. Breaches included a failure to carry out enhanced due diligence on customers deemed to be a risk.
BMO held an online gambling licence issued by the Gambling Supervision Commission (GSC) from November 2021 until it surrendered it in August last year. Betsson first mentioned the potential of a fine in its Q3 results.
The operator said it was in discussions with the GSC for a potential regulatory settlement. This was in regard to certain issues identified in an inspection report on BMO Manx.
XLMedia has announced plans for its final months ahead of its scheduled liquidation in the middle of 2025.
The group sold its remaining assets to Sportradar in October and will return capital in the first half of 2025. The group’s shares are expected to be suspended from trading on AIM on 13 May 2025, the six-month anniversary of completion of the disposal of its North America assets.
XL Media announced plans to appoint company secretary Peter McCall to its board to help oversee the final months of liquidation. Current board members will remain in place until 30 June 2025. They will oversee the return of capital to shareholders and prepare the company for the subsequent liquidation process.
$270m Louisiana casino opening confirmed
The Cordish Companies has announced its Live! Casino & Hotel Louisiana grand opening will take place on 13 February 2025.
The $270 million Live! Casino & Hotel Louisiana is awaiting approval from the Louisiana Gaming Control Board.
As the region’s first-ever land-side casino, Live! Casino & Hotel Louisiana will span over 47,000 square feet, including 1,000+ slots and electronic table games.
German volleyball hails betting change
The Volleyball Bundesliga (VBL) welcomed the German regulator’s (GGL) decision to allow betting on the women’s and men’s 1st league in Germany.
The group believes it is a boost for sports integrity and fan experience.
The GGL added volleyball to the list of permitted bets on its website with effect from November 2024.
VBL said that the change will ensure fans can bet on their favourite sport via licensed sites. It also said sports betting is a significant factor in the reach and added value of professional leagues.
Daniel Sattler, managing director of the VBL, said: “Legal sports betting weakens the illegal sports betting market. The VBL sees the legalisation of sports betting as an important step that prevents negative effects on the sport. It is in our interest that volleyball can now be offered in Germany by licensed and state-supervised betting providers.”
Also in the Weekend Report this Monday, H2Bet is reportedly set to become the new sponsor of Brazilian football club Atlético Mineiro. The group will take the sponsorship over over from Betano.
Itatiaia Sport reports the sponsorship will last for three years from 2025 and is worth BRL60 million (£7.9 million/€9.5 million/$9.9 million). This marks the fourth largest sponsorship in Brazil and the highest in the club’s history.
“H2 has always wanted to be on the jersey of a major soccer club and our relationship goes beyond sponsorship and investment,” group CEO Ueltom Lima said.
Meanwhile, Kaizen Gaming-owned Betano sponsored this summer’s Copa América football tournament. It is also the current sponsor of the top-flight league in Brazil.
Casinos and bingo halls contribute COP348 billion in tax over 2024
Coljuegos, the gambling regulator in Colombia, has revealed legal casinos and bingo halls have contributed over COP348 billion (£62.9 million/€75.9 million/$79 million) to the health system in 2024.
Described by Coljuegos as “one of the pillars” of the Colombian gambling industry in 2024, over 3,546 local gaming establishments and 111,000 electronic slot machines were active during the year.
Coljuegos estimates this state contribution between January and November 2024 rose 1.5% compared to the same period last year.
The total gambling sector has transferred over COP1 billion to the Colombian health system in 2024. Coljuegos president Marco Emilio Hincapié noted: “The resources generated not only benefit the health system, but also reflect the consolidation of a regulated and reliable sector.”
Study shows 20% of French people will gift scratchcards to children this Christmas
A study from Toluna-Harris Interactive has revealed 20% of France’s population will gift scratchcards to children this Christmas. The study was carried out at the request of France’s National Gaming Authority (ANJ).
Over half of respondents stated it was “inconceivable” to give scratchcards to children, although a quarter of French people have already done so.
