Tag Archives: Gambling

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The United Kingdom Casino market is set to become more competitive after Authentic Gaming was given a license to operate in the market. The United Kingdom Gambling Commission has now allowed Authentic Gaming to operate in the UK market following an intense application and scrutiny process. Authentic Gaming was found to fulfill the set standards for casino games in the country and is hoped to bring a unique and enjoyable experience to casino players.

Authentic gaming, a live casino provider, has been granted a UK operating license. The firm is viewing it as a breakthrough as it is the first step in its expansion plan to other favorable markets across the world. The license will make it possible for Athletic Gaming’s gaming and product suites to be available to operators and plays across the United Kingdom for the first time.

According to Jonas Delin, the chief executive officer at Authentic Gaming, the United Kingdom casino industry is the largest lice casino market in Europe. Authentic Gaming, therefore, sees the approval of its license as a major milestone in its business as it will have a larger market size.

Authentic Gaming is focusing on regulated markets in the world with an aim of showing its commitment to eradicating problem gambling. With the UK license already issues, the company is not targeting to expand to other regulated markets in the world.

The UK market is not completely new to Authentic Gaming. For some time now, the firm has been had partnerships with UK-licensed operators such as LeoVegas, Mr. Green, and Kindred Group. Its entry into the market will see it cement its relationship with the already existing customers and grow its market size in the country.

While commenting on the issuance of the license, Delin argued that the UK has a strong culture for visiting casinos. Its expansion to the country is an effort to tap into the culture and build a sustainable business. Following the granting of the license, Authentic Gaming will supply its games and products in the UK market. Notable in its products is the ‘Authentic Roulette’ which is known for streaming tables from leading casinos across the world. The product allows punters to place bets on roulette tables that are located in resorts in various locations across the world such as Italy, Denmark, Georgia, Romania, and Malta.

The license by UKGC came only weeks after Authentic Gaming opened a new studio in Malta in an effort to improve its service offerings. The studio which has been dubbed Arena contains for varied game formats and six live auto roulette tables.

The firm is optimistic that its strategies in the UK market will be successful. Delin said, “With nearly half of our client base holding a UKGC license, we are eager to bring our games to market – we know they will be a huge hit with UK players.” “We believe our Authentic Roulette stream from luxury casinos around the world will be a great proposition for UK players,” he added.

Expressing the firm’s commitment to succeeding in the market, Delin said, “We are dedicated to taking the live casino experience to the next level, and making it as thrilling and authentic as possible. Out tables located in prestigious casinos all around the world are a real USP for us.”

 

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Rank Group Grosvenor Casinos registered a 6.1% drop in revenue for the financial year 2017/2018 that ended on 30th of June. The firm blamed the regulations requiring strict checking of customers as having caused a decline in the number of casino customers. The company is, however, determined to forge forward and increase its profit margin this and subsequent financial years.

Announcing the financial report for the previous financial year, Rank group said that 2017/2018 was a “challenging year” because of the disappointing performance that its Grosvenor casinos business posted. The business reported a 6.1% drop in revenues to £373 million in the financial year.

The poor performance of the casino business caused a decline in Rank group’s financial performance. Its pre-tax profit dropped by 41.4% to £46.7 million for the year ending 30th June. Subsequently, its revenue fell by 2.3% to £691 million.

Rank group has blamed a number of factors for the slowed casino business. The underperformance of some casinos in the region caused the firm to dig deeper into revenue in an effort to try and stabilize the businesses. It reported that it made “exceptional” charges following an underperformance of five of its casinos and closure of one of the casinos in Bradford.

The group also blamed the new guidelines that were published by the United Kingdom Gambling Commission in September 2017. The guidelines require that betting firms undertake due diligence when dealing with their customers and perform more stringent checks on punters. The effect of the guidelines has been a decline in casino customers. Rank group also blamed adverse weather conditions that were experienced earlier in the year.

Casino goers were forced to stay at home because the weather patterns were unpredictable and they could not go ahead and risk their lives. In the long run, low casino customers translated to reduced revenue. The firm believed that the decline in revenue could have been by higher margins were it not for its robust cost control measures.

The announcement of a decline in revenue triggered a decline of the group’s share prices by 6.1%. Commenting on the decline, Ed Monk, an associate director at Fidelity Personal Investing shares division argued that the fact that the group’s dividend rose by 2.1% to 7.45 per share coupled with the firm’s profit warning which was issued in early April had helped prevent a sharp and bigger decline.

The firm is, however, banking on its online business which despite not growing in the pace anticipated, has maintained a positive trajectory. In the year ended 30th June, the group’s digital revenue grew by 9% to stand at £122.5 million. The group reported that the first and second half of the year saw different growth patterns in the digital revenue with the second half registering slower growth because of the new guidelines that were released during the period.

Rank Group’s Chief Executive Officer, John O’Reilly emphasized that the company will implement a turnaround plan that will cause better performance in the future. “We are taking steps to increase our focus on the customer, to accelerate growth in the digital business, to drive cost efficiencies across the business and to strengthen our organizational capabilities,” he said “This will be delivered with a transformational programme framework, which will ensure that we deliver a growing Rank Group that is fit for the future.” O’Reilly reiterated.

 

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The United Kingdom Gambling Commission has announced brand tough measures on betting for betting firms. These new rules have been necessitated by concerns over misleading advertisements that pertain to bonuses and promotions.

These new rules and regulations assure gamblers of better protection. They also empower the Gambling Commission to levy unlimited fines and fees for any breach of these rules or the associated consumer laws. Some of these possible breaches include but are not limited to misleading advertisements, those that tend to target small children, or those that make gambling appear great and normal.

Other than these, the gambling firms that send out spam marketing contents such as text messages and e-mails will also be in for trouble under the new rules. They will also be required to follow all the laid down United Kingdom advertising codes whilst putting in place a more robust conflict resolution mechanism for the gamblers.

The rules shall come into force on October 31st, 2018. The commission shall, after coming into effect of the rules, impose an eight-week window for the casino operators to resolve any complaints with their clients and customers.

These rules are expected to facilitate the process of resolving any breaches of the consumer laws. These include such aspects as unrealistic restrictions on the withdrawal process, misleading promotions, and impractical bonuses.

To help the consumers make the right purchasing decisions, websites like www.smartphonecasinos.co.uk have sprouted. It reviews the various online casino operators on a regular basis and provides independent assessments of their competence from time to time.

While commenting on these developments, Neil McArthur, the Gambling Commission’s Chief Executive, had these to say:“The Gambling Commission is intent on cracking down on the firms that tend to treat consumers unfairly. This is because consumer protection is a topmost priority for us. It subsequently has to be a priority for the gambling operators as well. The changes we have instituted will surely protect consumers from unscrupulous and misleading advertisements and promotions. They will also see to it that the consumers can withdraw their earnings faster and easier. This is not to mention that the rules shall facilitate the resolution of consumer complaints.”

The founder of Justice for Punters, Brian Chappell, on the other hand, had these to say: “It is great to note that the Gambling Commission has finally acknowledged that gambling operators have to be subjected to stricter regulatory regimes. Only time will tell whether these new powers shall be used accordingly and if the gamblers shall be able to derive their rights promptly after a mistreatment. Even though the announcements incomprehensive, it is nonetheless highly welcome.”

Way back in 2016, while in partnership with the Competition and Markets Authority (CMA), the United Kingdom Gambling Commission established formal investigations to find out whether the online gambling companies were indeed mistreating their customers.

The findings of the investigations led the authority to launch enforcement actions against several gambling operators the following year. This was after the companies were accused of breaking the consumer laws with regards to the promotions.

From the foregoing, it is clear that the United Kingdom Gambling Commission greatly benefits casino operating sites. It does so mainly by instilling confidence in the potential gamblers and encourage them to gamble more. This certainly leads to an increase in the profit margins of the said firms.

 

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Authentic Gaming, a leading provider of live casino services, has been granted entry into the United Kingdom online gaming market. This licensure allows the company to roll out its full suite of gaming and associated products. This is a first for the company and the United Kingdom society at large.

This company is a famed world over for supplying a diverse portfolio of cutting-edge and highly-engaging live roulette games. It also accommodates a number of streaming sources. This is not to mention that it has a huge consumer base that comprises tables that are located on the floors of various casino resorts world over.

While hailing this move, Jonas Delin, the Chief Executive Officer of Authentic Gaming, had these to say: “The United Kingdom is a leading market for us. It is crucial to our expansion as we launch our invasions into the heavily-regulated jurisdiction world over. With almost half of our client base possessing a license of the United Kingdom Gambling Commission, we are more than eager to bring in our complete suite of gaming collections to the United Kingdom market.

These clients understand that this move will bring on board a huge hit.“We are also devoted to elevating the live casino experience to greater heights. We also hope to make it as thrilling as possible. To achieve this noble aim, we have placed our tables strategically in the most prestigious casino’s world over. They are real Unique Selling Propositions for us and our clientele.”

“Lastly, we look forward to servicing our first set of gamblers from the United Kingdom soon. We are also eager to demonstrate to them just how spectacular and special live casino gaming can turn out to be by leveraging our services.”

The company is to distribute its products and services through a variety of middlemen and intermediaries. These include the LeoVegas, Mr. Green, and the various Kindred Group brands like Unibet. It intends to use the latter’s state-of-the-art cut-the-ribbon live studio facilities in Malta.

All these intermediaries are holders of the United Kingdom Gambling Commission licensure. They are therefore safer and more reliable to work with. This guarantees all the gamblers the safety of their investments at all times.

Its services are entitled, ‘Arena.’ They are generally designed to deliver the most authentic live roulette experiences to the users. They feature six tables that comprise four different roulette game formats. These include the classic, VIP, speed, and the “never-seen-before” Blaze variety.

The games are set against a background of the blaze and are complete with a table that is lit with LED light and accompanied by a giant video screen on a wall that completes the theme. It waits to be seen how the company shall fair on in the United Kingdom market especially in light of the new regulations that have been put in place by the United Kingdom Gambling Commission.

 

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The popular Ladbrokes company is yet to face a 24- hour license suspension. On 3rd September 2018 Belgians, gaming commission issued a sanction to Ladbrokes over their blunt mistake of offering virtual chances games.

Virtual chances games are those lark games where customers put into hefty amounts of their finances to predict outcomes of some non-existent imaginary events. This kind of chance game was only entertained by law between 2012 to June of 2017. Afterward, it was banned and declared illegal by the countries law. In giving a blind eye to the ban, Ladbrokes further progressed to avail this kind of illegal services to their esteemed customers until the 14th of March, 2018.

The reports of the 24-hour license suspension were made on Wednesday by De Morgen dailies, Het Laatste Nieuws and La Derniere Heure. In effect to this sanction, the esteemed customers of Ladbrokes are compelled from making any online bet on that very day. In addition, its 300 agencies together with their vaguely projected 100 bookstores that are related to it and its digital operation will also face a 24-hour suspension on that same day.

As if this is not enough, its daughter companies, that is Derby SA and Tierce Ladbroke SA will also be immensely affected by this prevailing sanction.

In regard to the above, the gaming commision saw it wise to come up with a stringent sanction that will necessitate a 24-hour suspension of Ladbrokes online casino activities. This sanction is meant to punish Ladbrokes after realizing that they acted ignorantly to the law as they continued to carry out their virtual chance gaming activities despite them knowing that there was an existing ban compelling the activity from taking place in the country. Ignorance is paid with ignorance.

The I gambling business site, in addition, adds that the company had enjoyed a monopoly on virtual chance gaming activities in Belgium until the last day of June 2017. Throughout their time of monopoly, no other online casino site was granted the authority to offer the same virtual chance gaming services. The likes of Rocolus had possessed a number of challenges concerning this.

In addition, the company was found guilty by the commision over not having contested for facts of materiality on the same. iGamblingBusiness.com request for publication clarification was not responded to by Ladbrokes betting company.

The gambling insider site has a lot to share concerning the 24-hour license suspension of Ladbrokes. It adds that the 24- hour sanction not only applies to Ladbrokes online casino company but also any other high profile street shop that is located in Belgium. Shifting our focus from this thud slap to Ladbrokes company, there is some recent better news for their branches located in Australia. Ladbrokes as a general has another reason to smile as their Australian branches are set to launch a brand new betting accumulator product. This will be as a result of them working hand in hand with suppliers Sportscast.

 

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Chief executive Producer of the giant Paddy Power Betfair betting firm Peter Jackson claims that the firm’s winning streak is back after a well-done performance of the world cup despite facing harsh challenges in the U.S and Australia markets.

Most of their investors got disappointed after they missed to meet their 9.9% expectations on their returns growth. The half-year returns on revenues reached 5% of which it cuts down the full year earnings to approximately £470m from the expected value of £482.5m. Despite the lagging in returns growth, the company had gross profits of 4pc higher at £106m for the past six months before the world cup. The CEO defended the firm against the negative performance indicated in the stock share markets arguing that the changes were as a result of a change in tax regime imposed by the Australian government to sport gambling firms as well as mixed reactions about whether U.S Supreme courts will legitimize sports gambling casinos.

The company management, therefore, decided to beef up on their marketing strategies to ensure they boost their market share prices. They agreed on a World Cup campaign that was meant to pledge donations of £10,000 for each goal scored by the Russian team in the entire tournament which was to go to an LGBT charity. Thanks to their world cup strategy it worked perfectly well and boosted their profit margin to give back glory to the company’s reputation. During the world cup, the company netted more than £22m as revenues that comes with a £8m in profit.

It was in 2009 when Betfair owned TVG, the largest U.S. horse racing firm with members in more than thirty-five states as well as broadcasting TV channel viewed in more than 45 million homes. Paddy Power which later merged terms with Betfair owns an online gambling casino, and they are still they are the biggest horse racing bookmakers in New Jersey. In 2017 they also owned a daily fantasy sports (DFS) company. Recently in June they also took over FanDuel (a U.S fantasy game site) after paying the firm $770m.

Despite deploying the key strategies in sports gambling, with all these sister companies to Paddy Power Betfair earns about $2 billion annually from the U.S casino gambling markets. According to revenues earned from other countries, this value seems that Paddy Power Betfair is not maximizing on these U.S markets. It is an undeniable fact that the U.S has a higher population of people interested in sports. After its merger with FanDuel and a contractual agreement with Boyd Gaming(another major online sports gambling casino company), the betting company is promising it’s investors to expect positive growth in the emerging U.S sports wagering market.

As of now, there are high hopes emerged after the U.S Supreme Court in May declared the legalization of sports betting and casino operations and should still pose reasonable taxes for the sports betting sites. The U.S CEO Kip Levin urges that they are already doing markets for all U.S. sports because it’s growing in popularity, especially in Australia. At the same time, they are ensuring their betting offers are more tailored to the U.S market. He also added that if more taxes are imposed on them, there may not be any probability of having promising rewards as well as it will remain a big challenge to eradicate illegal markets. Additionally, he suggested it could be better if all states in the U.S will have a constant rate so as to enable them to offer the same bets countrywide. Ed Monk who is an associate director at Fidelity personal Investing said “before the World Cup the bookmaker share value was up at almost 9% and therefore Paddy Power Betfair stands to gain from the opening up of US betting markets, confirmed earlier this year, and has moved quickly to expand its FanDuel site to capitalise. That benefit, though, now appears to be priced into the shares and investors will want to see the improved operational performance and a return to growing market share from here.”

The company has an optimistic approach to their strategies in increasing market share in the U.S markets. The management is focusing on brand recognition, market accessibility and operational capabilities and substantial investments to increase their customer base across the U.S wagering market. A strong coverage by their very own racing channel TVG will be their key advantage in increasing their customer base and brand recognition.

 

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The National Casino Industry Forum (NCIF) is on the spot for allegedly influencing the findings of the Institute of Economic Affairs (IEA). This forum confirmed having donated a whopping £8,000 to the said institution. This move has been hailed by many as having been done to skew its research findings.

IEAAs per the conclusions of the Institute of Economic Affairs (IEA), there is no longer need for the current restrictions on the number of casinos to be in force. This report has further urged the various authorities and municipalities to allow the mid-sized cities and towns to allow more casinos to be opened within their jurisdictions.

These allegations were brought to the fore by the Guardian newspaper. This newspaper unearthed a more or less similar incident earlier on. This particular incident concerned pitted a group of US investors who had farming interests.

It is stated that the Institute of Economic Affairs (IEA) organized a meeting between these investors and the then Brexit Minister Steve Baker. This meeting lasted an hour and supposedly resulted in the said investors having their way.

The members of the public and the various stakeholders in the gambling industry did not take these revelations kindly. They questioned the validity of the research findings and even went ahead to demand that appropriate investigatory measures be taken.

These calls have indeed yielded fruit. Two agencies have stepped in to unearth the scandals. The Charity Commission and the government’s lobbying watchdog have particularly stepped in. The former is currently investigating whether the said institution breached any charity’s codes of conduct whereas the latter wants to know whether the Institute of Economic Affairs (IEA) overstepped its mandate as an educational charity.

Even with these stern measures, the Institute of Economic Affairs (IEA) remains undeterred. It insists that its activities have been above board. It further states that many people did indeed have access to its research and that no such access had any bearing on the final draft. It delivered these responses via its director, Mark Littlewood.

Several institutions and leading figures have voiced their concerns in response to these developments. The local Labour Party has accused the Institute of Economic Affairs (IEA) of engaging in underhand deals. In particular, the party has revealed that the body had been engaged in extensive lobbying and other political campaigns activities. These, the party started, overstepped its mandate as ‘educational charity.’

UK’s leading multinational, BP, reiterated its commitments to quality research work. It defended its engagements with the Institute of Economic Affairs (IEA). It further stated that it is merely interested in furthering its viewpoints of various issues at hand. It denied any culpability in the report’s findings.

Lastly, the National Casino Industry Forum (NCIF) has also denied any attempt to skew the final outcomes of the just-released research findings. It also defended its opposition to the planned extensions of the areas that are eligible for increasing the numbers of their casinos from 53 to 56. It also expressed concerns that the exchequer could be losing around £30 million a year in the form of gaming duty due to unused or underutilized licenses.

 

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The United Kingdom has moved in to rein in on the gambling menace in the country. This is to make the activity and the industry more secure to the consumers. To achieve this aim, the commission has instituted a raft of stringent measures.

UK GamingThese include imposing an 8-week ultimatum for gambling companies that violate the stated rules to resolve any disputes. The gamblers will also be capable of withdrawing their outstanding balances much easier than they can at the moment.

Other than these regulations, the Gambling Commission shall also fine any betting firm that breaches the stated codes of conducts. These include deliberately targeting small children, exaggerating facts, furnishing half-truths to the potential consumers, and making gambling look less critical than it truly is.

All these new regulations shall begin operational officially from the 31st October 2018. The gambling operators shall further witness more proactive measures governing the failures of any advertisements by third parties and for bombarding consumers with unsolicited messages.

These crackdowns follow an open consultative forum that brought together the Gambling Commission and the Competitions and Markets Authority. This joint consultative forum was put in place to come up with a methodology that will see to it that the gamblers receive fair, safer, and more transparent treatments from the gambling businesses.

This was put in place way back in 2016 and completed its mandate in June in 2017. As soon as the committee came up with its findings, it started cracking down on errant gambling operators. These are those that were suspected to have violated the gambling advertising policies.

Neil McArthur, the Chief Executive Officer of the United Kingdom Gambling Commission, argues that protecting the interests of consumers is a sacred goal that has to be achieved at all costs. He further insists that the gambling operators have also to follow suit to see this become a reality.

He also held the view that the new alterations in the regulatory framework are designed to enhance the security and protection of the customers. These are mainly from misleading promos to irresponsible advertising campaigns that many a dishonest operator utilize.

Shortly thereafter, a number of gambling companies came out to state their stand on the new regulations. William Hill, PT Entertainment, Ladbrokes, and BGO Entertainment issued their stands at various times. They were unanimous in stating that they shall alter their bonus regimes and regulations to make them as realistic as possible. This is to forestall the likelihoods of misleading clients.

These issues it is hoped shall quell the discontent that has arisen from the British public. Most have complained of the high number of adverts that bombard the airwaves and the cyberspace. Other than these, most local Members of Parliament have also expressed dissatisfaction with the increased rates of gambling in the nation.

According to this group, gambling addiction is a disease, just like any other. It is thus to be treated as a public health issue. The gambling operators thus, according to them, ought to be slapped with stern restrictions on the manner in which they present gambling to the masses and potential consumers.

 

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As part of the UK’s departure from the European Union, companies, residents, and citizens of the United Kingdom are set to forfeit several privileges. Businesses will particularly be hardest hit given the numerous benefits and incentives that the EU currently provide.

BrexitFor instance, the EU has a very large population. Firms that operate in or have access to the trading bloc, therefore, enjoy huge revenue inflows and market. It also has a uniform tax regime and payment processing options. This is why UK-based firms are currently bracing themselves for tough times ahead.

Perhaps no other industry shall be as hardest hit as Gibraltar’s gambling industry. This is because it is one of Europe’s if not the world’s most developed and sophisticated gambling industry. The departure of the UK from the EU is, therefore, going to severely impact the betting firms that set up base there.

The two most likely negative impacts are the dip in revenue, sophisticated operational environments, and the shrinking of the market base. This has sent many firms panicking. Both the operational firms as well as the government of Gibraltar have decided to put in a raft of measures that are geared towards mitigating these dangers.

As part of forestalling the adverse negative consequences of this imminent departure, the government of Gibraltar has stepped in to reduce the operational expenses of the gambling firms that are based within its borders. It has decided to lower the tax that is levied on the income which is derived from gambling. At the same time, it has also decided to raise the license fees.

Before the Brexit deal started taking shape, firms used to part with 1% of their betting revenue in form of tax. As things stand, this figure was reduced by a whopping 85%! Right now, the betting firms will part with only 0.15% of their revenue from gambling.

Given that proceeds from gambling constitute a huge portion of the income of Gibraltar, a way out has to be sought. The government has decided to increase the license fees as part of the strategy to make up for that shortfall. The B2B firms shall now pay $112,000 (£85,000) while the B2C shall pay $132,000 (£100,000).

This means that it will be more expensive for firms to enter the market. However, license fees are a one-time expense. This increase will not impact the profit margins of such firms in the future.

During these Brexit talks, the service industry has largely been overlooked. Since gambling is part of the service industry, it will not be given the necessary attention it ought to during such talks. This has prompted some players within Gibraltar’s gambling industry to consider lodging an official complaint with the World Trade Organization.

This is because both the UK and the EU are members of this global trade body. They also draw their inspiration from a case that once pitied the US and the tiny Caribbean nation of Antigua. In that dispute, the WTO mediated and ruled in favour of Antigua.

Some firms have however opted to relocate to other bases that are still within the purview of the European Union. The Bet365 and the 888 Holdings are two of the most outstanding firms of this kind. They have decided to relocate to Malta and Ireland respectively.

These impending disasters notwithstanding, the Government of Gibraltar has remained upbeat and undeterred. The Minister for Financial Services of the nation-state, one Mr. Albert Isola, has insisted that the nation shall withstand the dangers and remain strong.

He has further stated that the alterations of the license fees and tax regime are all geared towards solidifying the stature of Gibraltar as Europe’s top betting hotspot.