Month: June 2022

Gross gaming revenue (GGR) for the three months to 31 March 2022 reached DKK1.123bn (£129.2m/€151.0m/$158.2m), up marginally from DKK1.122bn in the corresponding period last year.

This small increase, Danske Spil said, was mainly due to the return of its Elite Gaming halls, which were closed for the entirety of Q1 2021 due to novel coronavirus (Covid-19) restrictions in Denmark. Elite Gaming revenue amounted to DKK61.0m for the quarter.

However, lottery revenue from the Danske Lotteri Spil lottery business was down by 3.0% to DKK637.0m and revenue from Danske Licens Spil, which offers licensed products such as sports betting and gaming, fell 8.4% to DKK423.0m. 

The other DKK2.0m in revenue came from the Swush fantasy sports platform.

Turning to costs, state taxes were 12.0% higher at DKK149.0m and dealer commission also edged up to DKK105.0m, though other game-related costs in Q1 were marginally lower at DKK65.0m.

Other external costs increased 2.1% to DKK148.0m and personnel expenses were 2.5% up to DKK81.0m. Though depreciation and write-ups spend was 25.6% lower at DKK58.0m, financial costs jumped 188.9% to DKK26.0m.

This left a pre-tax profit of DKK502.0m, which was 2.5% lower than in 2022. After including the DKK110.0m paid in tax, this left a net profit of DKK392.0m, down from DKK402.0m last year.

Danske Spil added it remains on track to achieve its full-year revenue guidance of between DKK4.8bn and DKK5.0bn, as well as net profit in a range of DKK1.6bn to DKK1.7bn.

Okada Manila is to be listed on the stock exchange through a merger with special purpose acquisition company 26 Capital Acquisition Corp, which was announced in October 2021.

26 Capital is led by “activist investor” Jason Ader. The company was listed on the Nasdaq stock exchange in January 2021.

Okada Manila was initially supposed to merge with 26 Capital, allowing it to list on the exchange, on 30 June 2022.

Earlier this month, TRLEI announced that it would file criminal charges after a number of people – led by Okada founder Kazou Okada – “violently entered and occupied” its Okada Manila resort.

Before this, TRLEI filed a motion for the Second Division of the Supreme Court of the Philippines to reconsider a “status quo” order, which saw Kazou Okada removed from his roles within the company in 2017 due to what the business called a “misappropriation” of funds.

The Alcohol and Gaming Commission of Ontario (AGCO) issued the approval to PokerStars parent company TSG Interactive Canada; detailing that the licence is effective from 8 June 2022, expiring on 7 June 2024.

The decision will make PokerStars the latest business cleared to operate in the province following on from the launch of Ontario’s regulated online market on 4 April.

On the same day, the AGCO also issued a licence to online Malta-based online casino and sports book Casumo through its parent company Pret Play – with the licence set to expire a year earlier than PokerStars’, on 7 June 2023.

The launch of the province’s regulated market was the culmination of three years of planning, after plans were set out for the abolition of Ontario Lottery and Gaming Corporation’s (OLG) legal monopoly on igaming in 2019.  

Many operators secured licences before the launch day, such as Unibet, theScore, BetRivers, 888, PointsBet, LeoVegas, Bwin, Bet365, FanDuel, BetMGM and Caesars – while other brands such as DraftKings, Betway and BetVictor entered later.

AGCO published comprehensive final standards in September 2021: which included regulations on advertisements, minimum age requirements and outlines of integrity-related roles. The standards for igaming involved a number of game-design related rules, while those for betting require operators to join an integrity body.

Total handle for the month was $308.4m (£251.0m/€294.0m), 21.2% higher than in May of 2022, but down 14.3% from $360.0m in April this year, marking the second consecutive month of decline.

Basketball again drew the most bets, with consumers spending $84.4m during the month, while baseball bets reached $69.1m and football $2.3m. Some $73.1m was spent on parlay betting and $77.2m across other sports.

Taxable adjusted gross revenue in May amounted to $30.7m, up 62.4% from $18.9m in the same month last year and 7.0 % higher than $28.7m in April 2022.

Looking at individual operator performance and FanDuel partner Blue Chip Casino remained in top spot in terms of both revenue and handle, posting $12.6m in revenue of a $92.0m in players wagers.

DraftKings-partnered Ameristar Casino was second with $7.3m in revenue and a $87.6m handle then Belterra Casino and its FanDuel-operated sportsbook with $4.1m in revenue off $41.2m in bets.

The state of Indiana also collected $2.9m in sports betting tax during May.

Revenue reached $12.6m (£10.3m/€12.0m), more than double $6.1m in May of last year and also marginally higher than $12.4m in April of this year.

Of this total, $11.6m was attributed to online sports betting activity, while the remaining $1.0m came from retail sportsbooks in Iowa.

In terms of handle, players wagered a total of $147.9m in sports during the month, which was 28.7% higher than $114.9m in May 2021, but 16.6% lower than $177.4m in April this year.

Consumers staked $134.3m online in May, in addition to $13.6m at retail locations, winning a total of $135.3m across the two channels in the process.

Diamond Jo in Dubuque and its FanDuel sportsbook retained top spot in the market with ease, posting $3.8m in revenue off a $31.6m handle.

DraftKings partner Diamond Jo in Worth placed second with $1.8m and a $20.2m handle, then Wild Rose in Jefferson, also a DraftKings partner, with $1.4m in revenue from $18.8m in player bets.

The Iowa Racing and Gaming Commission also revealed that regulated sports betting activity in May generated $850,598 in tax revenue for the state.

The tech provider also received a licence from the Malta Gaming Authority earlier this year.

Rohini Sardana, business development director at Pinnacle Solution, reflected on the effects of the Covid-19 pandemic on live events and said that iGB Live! offers much opportunity for growth.

“It’s great to be back in full swing with regards to industry events and iGB Live! is always one that’s not-to-miss,” said Sardana. “Not being able to attend live events represented a major loss at the time [of the pandemic].”

“But it also meant that we were able to reassess our service and analyse how we can best help our operator partners. Coming back to events such as iGB Live! with a more targeted offer makes business development easier, particularly in the booming esports vertical where we continue to be a game-changing partner with what is a truly market-leading product.”

Sardana believes that iGB Live! holds a different atmosphere to ICE London, and that the networking opportunities in particular set it apart.

“With a less frantic atmosphere than ICE, it allows for constructive, in-depth and value-building product conversation,” continues Sardana. “Gaming shows don’t always have to be flashy to be successful; as long as you can get the right people in the right rooms sharing information and innovation, it’s going to be a successful event and that’s how I see iGB Live! going.”

“The networking events in Amsterdam are always first class and it’s no surprise that iGB Live! is regarded as being right up there as a major industry event.”

In addition Sardana says Pinnacle Solution and its sportsbook offering will benefit from iGB Live!’s set up at the RAI in Amsterdam.

“Our sportsbook offering is proven to drive revenue, including on esports, and our ability to generate above market hold is clear, but it’s always useful at these events to explain in more detail how we can work to each partner’s specific needs, and that’s what we’ll be looking to push at the RAI,” says Sardana.

“Having seen a lot of our early success out in Asia, we now have the foundation and enlarged team to grow into new territories. We’ll particularly be looking at speaking with central and eastern European partners at iGB Live!”

This year’s edition of iGB Live! will take place between 5-8 of July at the RAI in Amsterdam. You can register here.

The newly-created trade association, named the Aussie Fair Play Coalition (AFPC), will push for other states to follow Queensland’s lead in harmonising the tax paid by online and land-based operators.

The group pointed to the fact that online operators are principally foreign-owned, and therefore argue that the inequitable tax rates unfairly penalise domestic businesses. While some online operators are from Australia, the majority are not based in Australian territory.  

This argument is not a novel one – Victoria introduced the first point-of-consumption tax (POCT) in 2019, in the wake of fears that foreign-owned bookies were not paying Australian taxes.

Currently, the POCT stands at 10% in New South Wales and Victoria, 15% in the Australian Capital Territory, Tasmania, Western Australia and South Australia. Meanwhile, land-based operations vary: The totalizator tax is set at 19.11%, while poker machines (Pokies) are taxed at 65%.

Following the Queensland ruling Adam Rytenskild, TAB chief executive officer said: “Online betting has changed the market substantially since TAB’s licences were issued. On a relative basis, TAB currently pays double the fees to the local racing industries compared to other wagering operators.”

“Going forward we will all pay the same in Queensland. I commend the Queensland Government for delivering fair and much needed reforms that bring the wagering market into line with the modern economy.”

Under the terms of securities purchase agreements brokered with certain institutional and accredited investors, Ebet will issue 977,657 shares of common stock and warrants to purchase up to a further 977,657 shares of common stock.

Shares will be priced at purchase price of $3.58 per share of common stock and associated warrant, for expected gross proceeds of approximately $3.5m before fees and other offering expenses in line with Nasdaq rules.

The warrants will have an exercise price of $5.00 per share of common stock and will be exercisable six months from the closing of the offering for a period of five years from the closing date.

The closing of the private placement is expected to occur on or before 15 June, subject to the satisfaction of customary closing conditions, with net proceeds to be used for general corporate purposes.

The placing comes after Ebet last month reported a 166% quarter-on-quarter increase in revenue for the second quarter of its 2022 financial year. Revenue for the three months to 31 March 2022 was $19m.

Ebet last month also completed its rebrand from Esports Technologies to better reflect its business and focus on providing technology and wagering services.

This comes seven months after the departure of former CEO Richard Carter, who left the role amid a strategic review of the company in November 2021.

Before joining Bragg, Sherman was SVP and head of US for 888 from 2018 to 2021. During this time he spearheaded a 15-year joint venture that allows 888 access to the Sports Illustrated brand across the US. He also led partnerships with Caesars and the Delaware Lottery.

Before this he was head of commercial development at the operator, where he oversaw corporate development, B2B and market research.

“We’re delighted to welcome Yaniv Sherman to Bragg Gaming Group as our new chief executive officer,” said Paul Godfrey, chairman of Bragg’s board. “His extensive industry experience and strong record of success, including many years of senior management leadership and accomplishments for a leading global igaming operator, makes him ideally suited to lead the company’s ongoing execution of our successful growth initiatives.”

“Yaniv’s appointment brings to a close our strategic review process and signals our intention to leverage our deep array of assets to drive long-term organic growth and build value for our shareholders.”

Sherman’s new appointment will take effect on 1 July.

“I am honored and excited to join Bragg’s strong and deep leadership team and help drive the company’s ongoing growth,” said Sherman.

“I am very much looking forward to working with Bragg’s board, management and partners in pursuit of these exciting opportunities to deliver ongoing revenue and cash flow growth.”

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Go Live Date (expected):21/06/2022Game special features:GambleNumber of paylines:10 FixedNumber of reels:5RTP% (recorded/theoretical):96.41%Variance/volatility:2Stacked or expanding wilds in normal play?:Yes, wild symbol expands on the whole reel if it’s part of winningsStacked or expanding wilds in feature play?:N/ANumber of jackpot tiers?:4Auto-play function?:Available