Despite efforts to get legislation passed to introduce a total ban on indoor smoking at New Jersey casinos falling short and a judge dismissing a lawsuit last week regarding the same matter, workers in Atlantic City aren’t giving up. Casino Employees Against Smoking Effects (CEASE) […]
CasinoThanks to studies of Iowa’s gaming industry, a new casino license for Cedar Rapids could advance, opening the door for new casinos and other gambling ventures. The study solidifies the state legislature’s decision to let the two-year moratorium on new gambling licenses expire. But the […]
CasinoA state senator in Ohio has proposed that the state legalize online casinos following the success of the state’s online sports betting industry. Senator Niraj Antani introduced a bill on Wednesday that would see iGaming become available to Ohioans, allowing them to enjoy casino games […]
CasinoFlutter Entertainment (NYSE: FLUT) won kudos in new coverage by Morningstar, with the research firm lauding the gaming company’s capital allocation, in-house product development, and risk management assets, among other points. The Flutter logo at a corporate office. The stock was praised by Morningstar. (Image: […]
CasinoFlutter Entertainment (NYSE: FLUT) won kudos in new coverage by Morningstar, with the research firm lauding the gaming company’s capital allocation, in-house product development, and risk management assets, among other points.
In a note out on Tuesday, analyst Dan Wasiolek initiated coverage of the FanDuel parent with a four-star rating (five is the highest) and a fair value estimate of $250. That implies potential upside of 18.4% from Tuesday’s closing price.
Flutter’s construction of a daily fantasy sports product in July 2009 provided a first-mover lead to take advantage of a 2018 Supreme Court ruling that allowed for legalized sports and iGaming wagering in the US. As a result, Flutter holds a commanding 40% digital revenue share in the US,” wrote Wasiolek.
Flutter owns 95% of FanDuel, which is half of the US online sports betting (OSB) duopoly, with DraftKings (NASDAQ: DKNG) representing the other half. While the two companies are often joined at the hip, their share price performance hasn’t been in lockstep. Year to date, shares of the FanDuel owner are up nearly 18% while DraftKings is lower by 4.54%.
The FanDuel brand is one of the most valuable in the gaming industry and highly recognizable to US daily fantasy sports (DFS) participants and sports bettors. Even so, many American bettors and some investors don’t know that Flutter has significant operations outside of this country.
In addition to FanDuel, the Dublin-based company controls well-known brands including Betfair, Paddy Power, PokerStars, and Sisal, among others. That portfolio has enabled the operator to capture significant share in mature markets outside the US.
Outside the US, Flutter’s decades of expertise in product development and risk management have also led to top revenue share. “The company holds 29% and 46% online gaming revenue share in its most mature markets of UK and Ireland (26% of 2023 sales) and Australia (12%), respectively,” added Wasiolek.
The analyst pointed out that Flutter has smartly integrated its parlay offerings and tech stack into Sisal since acquiring that firm in 2022, allowing it to increase revenue share in Italy. Italy is an important market for Flutter because it’s the Eurozone’s third-largest economy and Europe’s largest regulated gaming market after the UK.
At a time when smaller operators are frequently waving the white flag in the US OSB space, and some midsized players are failing to grab share from FanDuel and DraftKings, Flutter is asserting earnings prowess in this country and others.
It’s doing so in such a way that earnings before interest, taxes, depreciation, and amortization (EBITDA) margins are expanding at an impressive pace.
“The company’s UK and Australian segments still see over 20% EBITDA margins, despite stringent regulation and industry maturation in these regions,” concluded Wasiolek. “ESPN Bet’s aggressive entry into the US market in the past several months has not prevented share gains or expanding EBITDA margins at Flutter’s FanDuel brand.”
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Significant incident DraftKings has to pay a $19,000 fine in Connecticut after an issue with one of its online slots led to players failing to notch any wins in 20,000 spins. The “Deal or No Deal Banker’s Bonanza” game launched on the DraftKings Casino in […]
CasinoDraftKings has to pay a $19,000 fine in Connecticut after an issue with one of its online slots led to players failing to notch any wins in 20,000 spins.
The “Deal or No Deal Banker’s Bonanza” game launched on the DraftKings Casino in August 2023, with 522 users playing it during the initial release week.
prevented winners despite the slot game’s supposed average payout of 95%
Connecticut’s Department of Consumer Protection’s Gaming Division provided these details to the CT Insider after the conclusion of an official investigation that discovered a software glitch that prevented winners despite the slot game’s supposed average payout of 95%.
While DraftKings subsequently refunded the stakes totaling $23,909 to the impacted users, the operator didn’t tell them the reason. Neither DraftKings nor White Hat Gaming, the creator of the game, reported the issue until the state’s gambling regulator got in touch after receiving complaints from customers.
In addition to the $19,000 penalty for DraftKings, White Hat Gaming has to pay a $3,500 fine. The former has to pay a bigger sum because of how it initially responded to users’ complaints about the error.
spokesperson for DraftKings said the issue was contained to Connecticut
Responding to the CT Insider’s comment request, a spokesperson for DraftKings said the issue was contained to Connecticut and it found no problems with any other games from White Hat.
Off the back of the penalties, the two companies also agreed to implement more stringent internal controls, such as more extensively testing new games before they go live to ensure payouts are accurate.
DraftKings also needs to regularly inform the regulator about new games and prove their payout rates are greater than zero, while immediately reporting any issues that arise.
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A man filed a lawsuit last week against The Venetian Resort Las Vegas after he was allegedly bitten by a scorpion on his testicles when lying in bed. Michael Farchi claims the incident ruined his sex life with his wife and left him with PTSD. […]
CasinoA man filed a lawsuit last week against The Venetian Resort Las Vegas after he was allegedly bitten by a scorpion on his testicles when lying in bed. Michael Farchi claims the incident ruined his sex life with his wife and left him with PTSD.
The incident took place at the end of 2023; the 62-year-old described the sensation of the sting as getting stabbed by “sharp glass or a knife.”
Farchi saw a scorpion on his underwear upon running into the bathroom. After reporting the matter to staff, he claims they laughed about it and didn’t take him seriously. He underwent treatment at both the Summerlin Hospital in Las Vegas and the UCLA Medical Center in Los Angeles.
contends that The Venetian was aware of a scorpion infestation
The California resident’s complaint alleges that it is the property’s duty to ensure that their rooms are clean and safe from any types of bugs or creatures. He also contends that The Venetian was aware of a scorpion infestation following some construction work.
Farchi wants damages for the suffering he has experienced since the incident on December 26.
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Australia’s Gambling Debate The Australian Labor government will implement an immediate ban on online gambling advertising and a partial television ban within two years, according to a Sky News report. a parliamentary committee recommended a blanket ban on advertising last year Australia has been in […]
CasinoThe Australian Labor government will implement an immediate ban on online gambling advertising and a partial television ban within two years, according to a Sky News report.
a parliamentary committee recommended a blanket ban on advertising last year
Australia has been in the throes of a national debate for several months over banning gambling advertising, with fierce arguments taking place between the two sides after a parliamentary committee recommended a blanket ban on advertising last year.
So far, the government has not stated its position, with several members of parliament from the ruling Labor administration breaking the party line to demand the committee’s recommendations are upheld.
However, the report indicates that the new regulations will be a watered-down version of the committee’s proposals.
Prime Minister Anthony Albanese’s administration was expected to opt for a compromise position, and if the report is accurate, it seems that will indeed be the case. The partial TV ban will come into place after two years, due to TV networks’ contractual obligations.
Reportedly, the government did not consider a blanket ban on all gambling advertising, which was advocated by several former Prime Ministers as well as the parliamentary committee which was set up to examine the issue.
Instead, the new laws will target three areas of concern: the number of gambling ads, the exposure of children to them, and ads appearing during sporting events.
What we’ve been doing is having a consultation to make sure that we get the reforms right.”
make sure that we get the reforms right”
The Prime Minister, however, has denied that a full framework has been decided. Speaking today, Albanese said: “We have not come to a conclusion, we’re in discussions. I’ve seen reports that allege that they know what the position is. Well, they don’t. What we’ve been doing is having a consultation to make sure that we get the reforms right.”
“We know that problem gambling is an issue, and we want to deal with those issues in a constructive way.”
Amanda Rishworth, the Social Services Minister, will implement most of the recommendations from the report, although she has also told the media she will stop short of introducing a nationwide gambling regulator.
The move is likely to cause significant controversy, as the implementation of a unified regulator across all Australian territories was a key recommendation of the parliamentary committee report.
“At this point that is not in the discussions with states and territories,” said Rishworth. “What is in the discussion with states and territories is around how we better coordinate and move forward a unified effort when it comes to online gaming.”
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Billionaires lining up The removal of Thailand’s Prime Minister Srettha Thavisin in mid-August because of a bribery scandal has done little to affect the optimism of major investors hoping to cash in on the national plan to establish IR casino resorts in the country by […]
CasinoThe removal of Thailand’s Prime Minister Srettha Thavisin in mid-August because of a bribery scandal has done little to affect the optimism of major investors hoping to cash in on the national plan to establish IR casino resorts in the country by 2027.
emboldened the interest of would-be IR casino suitors
Instead, an in-depth column in Asia Gaming Brief on Tuesday by former Genting and Hard Rock International executive Daniel Cheng, revealed the opposite to be true. The appointment to Prime Minister of Paetongtarn Shinawatra, daughter of casino-supporting former PM Thaksin Shinawatra has, over the past two weeks, emboldened the interest of would-be IR casino suitors.
Thaksin’s first public speech last week, in which he stressed the importance of the government prioritizing casino legislation, has opened the floodgates of interest. As Cheng noted, following the ex-PM’s dinner event speech, “a veritable row of Thai billionaires quickly formed as major conglomerates lined up for the lucrative entertainment complex licenses.”
Cheng stated that each suitor was on the Forbes list of Thailand’s richest people and that they are preparing IR projects from Bangkok to Phuket. One of the plans was unveiled last week by The Royal Turf Club of Thailand (RTCT) for a THB200bn ($5.8bn) IR casino project in the Thai capital, a move allegedly backed by the Thai royal family.
An RTCT spokesperson told the media that its proposed The Royal Siam Haven complex will “cover a vast area” and include horse racing in addition to casinos. The spokesperson added that an investment partner has already signed a memo of understanding “with five foreign and four Thai partners.”
Five major international firms, namely Caesars Entertainment, Hard Rock International, Las Vegas Sands Corporation, MGM China Holdings Limited, and Wynn Resorts have all expressed interest in entering the IR race.
One of the Thai names recently linked to the IR project is Supaluck Umpujh. The business matriarch owns the Mall Group and hosted the ex-PM’s dinner talk at her firm’s flagship mall Siam Paragon.
reportedly mulling repurposing an existing mixed-use real estate project in the tourist hub of Phuket
Cheng cited Thai media reports stating Umpujh’s Mall Group plans to revamp a $1.5bn development currently going up in Bangkok’s Bang Na suburb to secure an IR license. The Mall Group is also reportedly mulling repurposing an existing mixed-use real estate project in the tourist hub of Phuket as an IR.
One of the first locations suggested for a Thai IR is the U-Tapao Airport and Eastern Airport City Project, an $8.5bn development awarded in 2020 to U-Tapao International Aviation Company (UTA). With 45% stock, Bangkok Airways is the largest shareholder in UTA, which is owned by business tycoon Prasert Prasarttong-Osoth, who ranks sixth on Thailand’s Forbes list.
According to Cheng, the Prasarttong-Osoth family’s holdings include Thailand’s biggest private hospital operator, BDMS. Ownership of the hospital business opens up the potential of a medical tourism-focused IR if UTA secures a license.
The third Thai entity making moves is led by two brothers who hold second spot on the Forbes list, after they built up a vast telecoms and food empire. The Chearavanont siblings’ Charoen Pokphand Group is eyeing an IR in Makkasan, which is in the heart of Bangkok.
Makkasan will be a major station on the high-speed rail link between U-Tapao, Don Mueang, and Suvarnabhumi Airports. Charoen Pokphand is building the project with the State Railway of Thailand as part of a $6.5bn “public-private partnership deal.”
The interest shown by Thai billionaires in the IR opportunity stands in stark contrast to Japan, where private investors were cautious about casino investments. Japan’s caution means its first IR in Osaka is expected to open by fall 2030, whereas Thailand expects to open its first IRs in 2029, or by 2027 as ex-PM Thavisin had hoped for.
There is a huge appetite for gambling in Asia, with the success of Macau inspiring the likes of Thailand and Japan to enter the IR market. According to analysts, Macau’s GGR for August hit 81% of 2019s, its best performance since the COVID-19 closures.
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Belgium has introduced new laws that equalize the minimum age for almost all forms of gambling to 21 years old. Previously, the country had a discrepancy where players were required to be 21 to gamble in land-based casinos, but not for sports betting, arcades, or […]
CasinoBelgium has introduced new laws that equalize the minimum age for almost all forms of gambling to 21 years old.
Previously, the country had a discrepancy where players were required to be 21 to gamble in land-based casinos, but not for sports betting, arcades, or bingo.
Belgium has introduced several restrictions on online gambling companies in recent years. In 2023, virtually all forms of advertising were banned, and since 2020, bonuses and free bets have also been prohibited. There is also a weekly deposit limit of €200 ($220.81).
the Belgian national lottery was the most prominent operator to evade the new restrictions
The bill will now tighten those restrictions even further, although there are some notable exceptions. The Belgian national lottery was the most prominent operator to evade the new restrictions and will still be eligible to play for those aged 18 or older.
However, the restrictions may have some unintended consequences for regulators. A report released in April of this year showed that after the 2023 advertising ban, there was an increase in Belgians accessing illegal offshore gambling platforms.
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Franke The first time I met Martin Franke von Zweigbergk was at a Unibet Open in Bucharest. Franke, as he is generally known, was the loudest and most inebriated man in the room, as he often is. He was on his umpteenth bullet in the […]
CasinoThe first time I met Martin Franke von Zweigbergk was at a Unibet Open in Bucharest. Franke, as he is generally known, was the loudest and most inebriated man in the room, as he often is. He was on his umpteenth bullet in the side event we were playing, as he often is. After busting it just before re-entry closed, he was more than keen to reenter, as he always is. There was one problem, though: he was out of liquid funds, and his cards were maxed out, as they often are after a long day of drinking and poker.
he shrewdly surmised me to be the most likely mark
Looking around the table, he shrewdly surmised me to be the most likely mark to be able to lend him the few hundred euros needed to continue his day. I quickly agreed and handed over the cash. Franke was grateful, but then had a realization.
“You don’t really know me, and I probably won’t remember this tomorrow, so I give you collateral”
Rummaging in his pockets, he located and handed over his passport. He scurried off to re-enter, busting it with his trademark efficiency, just after re-entry closed. When I told a friend I was holding Franke’s passport as collateral, she laughed.
“You’re not holding his passport. You’re holding one of his many passports”
When I located Franke the following day and told him I had his passport, he asked how much I owed him.
Franke is a man not only with many passports, but many fingers in many pies. He is probably best known as the man behind the very popular The Festival Series.
the secret sauce of The Festival Series is how they cater to lovers of mixed games
Last year, The Festival Series Malta smashed records on the Mediterranean archipelago with 50 champions crowned during a jam-packed eight days at the Portomaso Casino. The €550 ($608) Main Event was won by Oystein Brenden of Norway for €60,700 ($67,127), but the secret sauce of The Festival Series is how they cater to lovers of mixed games, embracing a cross-over with the casino games and putting a lot of thought into fun off-the-felt activities.
The Festival Series returns to Malta September 8-15 this year, having already had a stop in Rozvadov and with another on the horizon in Bratislava in November. Unibet is proud to be partnered with the event, offering package and seat satellites every week on UnibetPoker.
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Star Entertainment Group is in the news for the wrong reasons once again, this time for a suspension on investors trading the company’s shares after the Brisbane-based company failed to report its most recent financial year results on time. Australia’s largest listed casino company was […]
CasinoStar Entertainment Group is in the news for the wrong reasons once again, this time for a suspension on investors trading the company’s shares after the Brisbane-based company failed to report its most recent financial year results on time.
Australia’s largest listed casino company was initially planning to release these figures on Friday before the publication of a report in New South Wales that concluded it is unfit to hold a casino license led to the company pushing back the earnings announcement.
failed to meet its regulatory requirement to release its report on time
As it failed to meet its regulatory requirement to release its report on time, the Australian Securities Exchange (ASX) suspended trading on the company’s shares on Monday until further notice. Before the trading halt, Star’s share price fell to AU$0.45 (US$0.30), a 50% drop over the past year.
The report on Friday came on the back of a second inquiry into the company, with the person leading the inquiry, SC Adam Bell, deeming that Star Entertainment has failed to do enough to address extensive cultural and governance concerns over the past two years.
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UKGC delays rule change The UK Gambling Commission (UKGC) has delayed the introduction of new rules for gambling operators regarding direct marketing after concerns that the wording was unclear. The new rules, intended to be active from January 17, 2025, stated that operators would require […]
CasinoThe UK Gambling Commission (UKGC) has delayed the introduction of new rules for gambling operators regarding direct marketing after concerns that the wording was unclear.
The new rules, intended to be active from January 17, 2025, stated that operators would require the express consent of all customers before sending them any direct marketing materials.
the rule suggested they may be forced to deny direct marketing to customers who had already opted in
However, operators claimed that section 5.1.12 of the Social Responsibility Code was too vague. The rule suggested they may be forced to deny direct marketing to customers who had already opted in, until they updated their preferences again.
As a result, the proposed rule changes have now been pushed back almost five months, and will come into force on May 1, 2025.
The original wording of the section stated: “All customers logging into their account for the first time after the commencement date of this provision are required to have confirmed their marketing preferences in line with this condition before they are permitted to gamble.”
There were also concerns over whether operators would be allowed to transfer customers’ existing preferences around advertising.
The planned reforms come as a result of the Gambling Act Review, a government white paper which was issued in 2023. A consultation process followed, before the UKGC announced in May this year that direct marketing had an effect on problem gambling, and proposed new rules to govern its use.
Elsewhere, the UKGC is busy implementing a new pilot scheme for affordability checks, which has just launched this week.
The scheme, which will involve operators sharing data with credit reference agencies, will not be acted upon, but is being run as a pilot scheme to ascertain the feasibility of proposed new regulations.
Under the scheme, users spending more than £500 per week on gambling could potentially be flagged, with the figure set to drop to £150 next year.
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September is Responsible Gaming Education Month and BetMGM and 50% owner MGM Resorts International are again with working with the American Gaming Association (AGA) to promote accountable wagering practices. A BetMGM Sportsbook advertisement. The gaming company and MGM Resorts are increasing responsible betting ads at […]
CasinoSeptember is Responsible Gaming Education Month and BetMGM and 50% owner MGM Resorts International are again with working with the American Gaming Association (AGA) to promote accountable wagering practices.
The casino giant and the online sportsbook operator will increase exposure of the GameSense platform at nine NFL stadiums in jurisdictions in which sports wagering is legal. GameSense was developed by the British Columbia Lottery Corporation (BCLC) and originally licensed to MGM in 2017.
The program focuses on positive, transparent, and proactive engagements with guests and customers about how to gamble responsibly. With this development, GameSense marketing will appear more often and in more prominent venue locations during each game,” according to a statement.
Last year, BetMGM and MGM were among the first gaming operators to actively promote responsible wagering habits at NFL stadiums. The other half of BetMGM is controlled by UK-based Entain Plc.
The plan by BetMGM and MGM to increase awareness and visibility of GameSense at NFL stadiums is practical on multiple. Not only does the 2024 season start Thursday, but bettors are expected to wager more than ever before on NFL games this year.
The news from the gaming companies arrived about a week after the NFL said it’s extending its partnership with the National Council on Problem Gambling (NCPG), which included a $6.4 million to the organization. Additionally, the league recently took steps to clarify betting policies to players and league and team personnel in an effort to avoid betting scandals.
NFL players are prohibited from wagering on any NFL event and they cannot use proxies to do so on their behalves. They also cannot wager in any form at team facilities, while traveling to a road game or at a team hotel.
As part of Responsible Gaming Education Month, “MGM Resorts is announcing a $440,000 contribution to fund responsible gaming research through the International Center for Responsible Gaming and Kindbridge Research Institute.”
The stadiums that will see increased responsible betting ads this year are Acrisure Stadium, Allegiant Stadium, Empower Field at Mile High, Ford Field, GHEA Field at Arrowhead Stadium, M&T Bank Stadium, MetLife Stadium, Nissan Stadium, and State Farm Stadium.
Those are the homes of the Pittsburgh Steelers, Las Vegas Raiders, Denver Broncos, Detroit Lions, Kansas City Chiefs, Baltimore Ravens, New York Giants and New York Jets, Tennessee Titans, and the Arizona Cardinals. Online sports betting is legal in all of the states in which those stadiums are located with the exception of the Chiefs’ home field.
“BetMGM will also add to its catalogue of advertisements in the coming months that highlight its comprehensive responsible gaming resources. The spots will feature brand ambassadors sharing engaging messaging, similar to its highly regarded responsible gaming commercial featuring NHL MVP Connor McDavid,” concluded the gaming company.
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