Month: December 2022

In a city long known for bigger-than-life figures such as mobster Bugsy Siegel, reclusive tycoon Howard Hughes and casino mogul Steve Wynn, Tilman Fertitta is the newest big player on the Las Vegas Strip.

The billionaire Texas businessman and owner of Fertitta Entertainment, which owns more than 600 restaurants, hotels, casinos and other entertainment destinations across the US, has planted his flag on the Strip. 

After first venturing into Vegas through his acquisition of the former Wynn-controlled Golden Nugget downtown, Fertitta made a stir in growing his influence on the Strip.

In October, the Clark County Commission, which oversees Strip development, approved Fertitta’s plans for an upscale resort at Las Vegas Boulevard and Harmon Avenue across from MGM Resort International’s CityCenter. The 43-story hotel will have 2,400 rooms, 2,500-seat theater, suites and villas, and VIP salons.

That approval came on the same day Fertitta bought nearly seven million shares of Wynn Resorts stock for just under $400 million.

That’s sparked a lot of speculation and interest of what Fertitta is up to with his latest moves.

The owner of the NBA’s Houston Rockets already has his foot in the casino industry – and not only with his downtown Las Vegas property and nearby Laughlin resort, but also the Golden Nugget casino brand in Atlantic City, Mississippi and Louisiana. There are even expansion plans for Illinois and Colorado.

In May, Feritta sold his Golden Nugget Online business – available in New Jersey and Michigan – to DraftKings and with that transaction gained a seat on the board and received more than $700 million in DraftKings stock.

Fertitta has a Texas-sized personality that would fit in well with his growing presence in Las Vegas. He’s a cousin to the Feritta family that controls Red Rock Resorts.

Fertitta’s 6.1% stake in Wynn will make him the second largest shareholder behind Wynn’s ex-wife Elaine who has 8.9%. John DeCree, a gaming analyst with CBRE, said his stake may grow from here.

“While the filing signals a passive investment, Fertitta’s track record would suggest otherwise,” DeCree said. “We look to his prior acquisitions, including McCormick & Schmick’s and Morton’s Restaurant Group, both of which started with 13G filings that culminated in a full takeover.”

DeCree said Wynn is “a more complicated endeavor,” but he said the saga of taking Landry’s private “is a good example of Fertitta’s tenancy.”

Vegas observers give insights

Brendan Bussmann, managing partner with B Global, said Fertitta’s latest moves shows how much of a believer he is in not only the gaming industry but Las Vegas as a destination. The area of the Strip where he’s building is currently used for retail and underused for its gaming possibilities.

“It shows he thinks there’s opportunity for growth in Las Vegas,” Bussmann said. “The long-term projection is for steady growth, and you need to be ready as demand continues to push forward. 

“I think there’s an opportunity for him to fulfill his brand and put his presence on that portion of the Strip.”

Bussmann said Fertitta fits right in with a city filled historically with strong personalities – the most recent in Steve Wynn and the late Sheldon Adelson who headed the Las Vegas Sands Corp. Circa Las Vegas owner Derek Stevens and Treasure Island and Circus Circus owner Phil Ruffin are among the colorful personalities today.

The Nevada Gaming Hall of fame includes characters like the late Benny Binion, as well as Jackie Gaughn and Kirk Kerkorian who helped build MGM Resorts International into what it is today. Most of the publicly traded companies have had strong leaders over time such as Jim Murren at MGM and Gary Loveman at Caesars Entertainment, both of whom became spokespeople for the industry and showed a vision on how it’s done.

“You can go back to when the mob ruled the Strip with Bugsy Siegel and others who ran these enterprises along the way to see strong figures,” Bussmann said. “I am interested to see (what Fertitta’s) property looks like and how he does this. 

“It’s another chapter on how Vegas continues to evolve. Anybody knows what they’re walking into when they come into Vegas. This is where everybody wants to play along the way and where all the major players are – from a Wynn to MGM, Resorts World and everybody else – it’s where everyone wants to operate and obviously Tilman wants to be part of that club.”

If the Las Vegas property is modeled after the upscale Post Oak Hotel & Tower in Houston, it will challenge the likes of Wynn, the Cosmopolitan, and the Fontainebleau Las Vegas when it opens in 2023, according to Oliver Lovat, CEO of the Denstone Group.

“It would be a challenger to the high-end Las Vegas properties,” Lovat said. “The Las Vegas Strip has gone very corporate and (that’s created an opportunity) for an entrepreneurial vision. Tilman Fertitta has an entrepreneurial vision and clearly is a very smart and competent person, and I think the customers who come to Las Vegas welcome that. 

“If you go back 20 years on the Strip you have Steve Wynn and Sheldon Adelson and strong leadership with Caesars and MGM,  but a lot of them are gone now. Effective owner-managers have disappeared and there’s a gap in Las Vegas for that. Fertitta would come in as a challenger, and if it means everybody else has to up their game, then that can only be a good thing for the city.”

Josh Swissman, founder of The Strategy Organization, said Feritta “is doubling down on the Strip” given his planned new project and investment in Wynn Resorts. He called him a “bold character who’s had his fair share of notoriety in the media” and who hosted a show on CNBC called the “Billion Dollar Buyer.”

“I think he’ll fight right in,” Swissman said. “Vegas is a different beast that operates at a different scale, particularly when you’re talking about the Strip, even when compared to Atlantic City. 

“I think he’ll find his way in the Vegas market and on the Strip relatively quickly. He’s pretty savvy when it comes to putting management teams together. I don’t think he’ll miss a beat. (His investment) is great for the city and great for the Strip. He’s obviously a pretty shrewd investor when it comes to other investments he’s made not only in gaming but other areas like the restaurant holdings he has.”

Swissman said the interesting part is what happens next with the Wynn stock investment. 

The filing says it’s a passive investment, but “but I don’t know if Tilman Fertitta has ever done a passive investment in his life”, he says. Fertitta’s previous investments ultimately led to takeovers, Swissman noted.

“I don’t know if that’s the same thing that is going to happen to Wynn, but if history is any indicator that doesn’t seem like it’s off the table,” Swissman said.

Macau value

The Wynn deal is a fascinating investment because it has four pockets of its operation, Swissman said. There’s two Strip properties, a regional investment in Encore Boston Harbor and overseas with its Macau properties and a planned casino resort in the United Arab Emirates. The fourth is in online gaming with WynnBet.

“All of them, save their Vegas operations, are priced at a pretty good value,” Swissman said. “Their share prices have been beat up, mostly because of Macau. It’s a great value time to buy an investment in a company like Wynn. Maybe all four of those areas Tilman is interested in, but he has great value. 

“The one thing he doesn’t have is an international piece. Maybe he saw a gap in his portfolio, and he saw this as a way to fill that in. We can speculate for hours why he did it but for me the interesting thing will be what happens next with him.”

Wynn stock hit $96 in February and dropped to $54 in late October and has since rebounded since Fertitta acquired shares. 

It closed just below $75 on Nov. 25th just ahead of the announcement out of Macau last weekend that Wynn, MGM Resorts and Las Vegas Sands Corp. would keep their existing concessions and that Genting Malaysia would be left out of the mix to enter the marketplace.

That should give a further boost to the stock price because there were fears one of the US operators could be displaced as Macau deals with lockdowns in China that have delayed its recovery.

“Although it would seem like Fertitta had his future on the Strip ready to go, the opportunity to make a play for Wynn was likely too tempting with the shares so dislocated from fundamentals in the US,” DeCree said.

Potential buyers of Wynn stock have long struggled over how to deal with Macau with seven bidders for six concessions, DeCree said.

“Fertitta could remain passive, but that would be uncharacteristic,” DeCree said. “It’s hard to predict exactly how this plays out, but if Fertitta does make a move, it would likely be an outright bid given the complexities of the Wynn board that make a proxy fight unlikely. 

“At the very least, one more savvy investor recognizes the underlying value of Wynn, giving us confidence in our favorable call on the shares.”

Speculation-driven enthusiasm

DeCree cited how Wynn stock has rallied since Fertitta disclosed his stake in the company. Some of the recent enthusiasm in the shares is based on broader speculation of further activity from Fertitta, he added.

Lovat agrees that Fertitta saw how undervalued Wynn stock was and that presented him with two opportunities –  Wynn gets its concession renewed and stock ultimately goes higher – or Wynn’s concession was denied and that would have given him a prime opportunity to take over the company as the stock tumbled.

“It was purely opportunistic,” Lovat said. “Whatever it was, it was a good investment decision. He’s a smart man.”

Andrew Klebanow, a principal with C3 Gaming, said Fertitta’s stock acquisition could be viewed as shrewd “short–to-mid-term investment” since it was trading at historic lows given concerns over the business climate in Macau over Covid.

Ultimately, Macau will come roaring back and Wynn stock will soar, but the question is predicting when, he noted.  

“Strategically, Tilman Fertitta might continue to acquire Wynn stock at its current fire-sale price and move to take over the company,” Klebanow said. 

“Tilman has demonstrated his ability to acquire and operate two Wynn casinos without dulling the brand’s luster. His acquisition of Golden Nugget clearly demonstrated his ability to understand that brand’s DNA, developed and nurtured by Steve Wynn himself, and grow it into a successful national brand.

“He might be one of the few gaming entrepreneurs that could successfully acquire, operate, and grow the Wynn Resorts brand without diluting its intrinsic value.” 

DraftKings outlook

Swissman said sports betting is in an interesting place, especially with the publicly-held companies. There’s long-term viability with online sports betting, but it’s going through “a bit of a change in operating model.” There’s been a lot of discussion about a path to profitability for the companies, and it’s something that’s further out on the time horizon than investors are willing to wait, he added.

“He strikes me as someone who has interest in any space that’s cutting edge, particularly in areas that are familiar to him like food and beverage, hospitality and gaming,” Swissman said. “I’d imagine unless there’s something I’m missing that’s a little close to the vest that long term he likes his investment in DraftKIngs.”

Swissman added, however, there are other businesses in other corners of the industry that Fertitta’s involved with and knows better that could add immediate value than online sports betting.

“The more terrestrial plays are areas he might see himself and the management team adding more value,” Swissman said. “He built Golden Nugget online into a pretty formidable online casino in New Jersey. It’s not that he’s not capable, but I think there’s other areas he’s probably more focused on.”

Welcome to the final episode of our five-part consumer insight series designed to outline and challenge the status quo of customer experience, acquisition, retention and development efforts across the leading sportsbook operators and affiliates in North America. 

In the first two episodes, we explored the potential impact on customer loyalty due to the challenges encountered by consumers when attempting to register for a new account, as well as the day-to-day frustrations faced by consumers following their initial account setup.

In episode three and four we dove deeper on the actual needs and wants of consumers when selecting their app of choice and the actionable steps that can be taken by operators and affiliates to drive better engagement and ultimately loyalty.

In this week’s episode, we will outline several examples of innovative product and service development from both operators and affiliates that have been successful in increasing customer satisfaction and overall loyalty.

The insights

As we have illustrated in the previous episodes in this series, the average bettor in North America does not consider themselves loyal to one specific operator or brand. 

In fact, 77% of bettors claim that they would leave their current app of choice for an enhanced experience elsewhere.

Number of jurisdictions: 3 US States + 1 Canadian Province 
Number of respondents: 720 
Number of total accounts registered for: 2,520 (average of 3.5 per respondent) 
Frequency of bets: 32% bet on sports at least once per day
Online casino: 46% bet using the online casino in legal states

As shown in the graphic below, these consumer frustrations are broad, meaning a one-size-fits-all approach is unlikely to be successful for any operator. Instead, our hypothesis is that for every consumer persona, there is likely to be one or two products best suited for most frequent use and one or two products that bettors use for specific purposes, such as accessing obscure markets or tracking bets.

Based on our extensive consumer research, as well as analysing the developments of operator and affiliate products over time, we have identified several examples of innovation in the industry that contribute to better customer loyalty today.

Payments 

Although most operators have a long way to go until they and their customers are fully satisfied with their products, it’s encouraging to now see almost continuous product and feature development in certain areas of frustration.

For example, we know that deposit and withdrawal options are frequently cited as an opportunity for improvement and that the lack of a competitive payment option lineup can result in abandonment.

FanDuel and BetMGM have both invested heavily in this area in recent months, adding two of the more innovative payment options to their wallets. 

FanDuel was the first operator to add Venmo as a payment option, which remains in high demand by bettors industry-wide. BetMGM, which consistently ranks highly against its competitors in terms of payment options, was the first operator to deploy Apple Pay (which also serves as a quick registration option).

Payments in general is an area that will continue to be in need of development as far as consumers are concerned.

The issues most cited among bettors are related to the time it can take to withdraw funds rather than the methods used to deposit and withdraw. 

With companies like Sightline, Global Payments, Paysafe and Prizeout continuing to improve their products and services, this will remain an area of focus for operators and vendors alike.

Having the right mix of payment options is not enough to generate consumer loyalty alone, but not having the right mix is definitely enough to ensure customers remain unloyal.

Live betting customer experience

While live betting is nothing new, this is an area we have seen significant development and disruption recently as consumers continue to demand easy-to-understand betting options that provide instant gratification. 

We know that 23% of bettors cite a lack of betting options or the inability to find the right bet as one of their top three frustrations with existing products.

With the pending launch of Jake Paul and Joey Levy’s micro-betting operator Betr (powered by Simplebet) in Ohio, there is a clear shift in focus from the traditional betting options available to a more personalised experience that allows for increased engagement in otherwise unengaging events.

We have seen this theme continue throughout the industry, with Pointsbet’s launch of Lightning Bets in October and Caesars’ launch of live in-app streaming for certain NFL matchups earlier this month.

Both hefty product developments are undoubtedly designed to better engage customers with ongoing live events, encouraging more in-game activity and therefore resulting in a better customer experience and ultimately loyalty.

Personalisation

While one-to-one personalisation is unattainable for most operators and affiliates today, bettors continue to seek improved products in this area as they decide where to spend their time and money. 

As shown below, we found customers that used Action Network’s BetSync product via BetMGM and Pointsbet were more likely to remain loyal to their respective app of choice than those that did not use the tool. 

While 77% of all bettors would consider leaving their app choice, only 33% of BetSync users would do so.

In addition to the work being done by operators and affiliates to create unique features that encourage engagement and loyalty, much is being done to enhance the customer experience at a holistic level. 

Take Betting Hero’s very own Hero Hotline for example: it lessens the burden on overwhelmed operator customer service and VIP teams while providing customers with a concierge experience as they interact with their operator of choice.

When asked whether or not they would be interested in such a dedicated account manager/concierge representative on-demand, 59% of bettors said that they would be very interested or interested in the service. 

Hero Hotline can be used by operators in a fully integrated capacity, or as a supplemental tool to improve overall conversion as well as long-term customer retention and development. 

For end users, gone are the days of waiting weeks for support in resolving commonly faced issues such as promotion redemption, funding/withdrawal failure and failed KYC checks.

To learn more about any of the topics covered in this consumer insight series please reach out to me directly via jm@bettinghero.com or LinkedIn.

*Insights referenced collected by Betting Hero Research between March – September 2022 

About Betting Hero 

We are widely known as the number-one live activation company in sports betting and igaming and have delivered more than 300,000 new depositing customers to our strategic partners since inception. Uniquely as an affiliate, we engage, educate and activate customers via in-person interactions. We help sportsbook operators achieve their most critical goals across customer acquisition (Hero Activation), customer retention (Hero Research) and customer development (Hero Hotline). 

Unlike online affiliates that largely convert customers using digital content and promotional comparisons, our in-person teams educate hard-to-reach, high-value consumers on the unique benefits of respective sports betting products before guiding them through their registration, funding and betting journeys. As a result of our expert activation teams and concierge approach to customer education and acquisition, we are proud to boast an app-download-to-bet-placed conversion rate of over 80%, which happens to outperform the industry average (~50%) by more than half. Here is an example of one of our How-To tutorials.

On 13 December, the decision-making body for the German states in establishing federal gambling regulation, the Gambling College, met for the last time. The members of the body symbolically handed over files to the GGL, delegating the task of regulating the online gaming market to the Saalestadt-based authority.

“With this step, an important milestone of the State Treaty on Gaming 2021 has been reached,” said GGL board member Ronald Benter. “The bundling of competencies in the GGL raises the regulation of the online gambling market to a new level.”

Federal handover

Previously federal gambling regulation had been the responsibility of multiple state level departments. As a result, the newly empowered regulator will take various remits from different states.

The federal state of Sachsen-Anhalt will hand over its online poker and virtual slot machines brief, Hessen will give over powers over sports and horse race betting, Rheinland-Pfalz charitable lotteries, Hamburg commercial lotteries and Niedersachsen lottery brokerage.

“We’re ready to go,” Benter’s colleague Benjamin Schwanke added. “We have set up the appropriate structures and processes to regulate the online gaming market effectively from January 1st, 2023. In doing so, we can build on the experience of the Gambling College and the expertise in the countries, for which we are very grateful.”

Creation of authority

The GGL was created by the country’s Fourth State Treaty on Gambling, which went into effect in July 2021, on the same date as the launch of the regulated igaming market.

In July 2022, the regulator took over national enforcement, assuming responsibility for combating the illegal gambling market from its predecessor, Saxony-Anhalt. The GGL is based in the same state – and as such – there are overlaps in personnel.

“We are particularly looking forward to taking on around 20 very well trained employees at the beginning of the year from the Saxony-Anhalt State Administration Office, which has been temporarily responsible for the licensing and supervisory procedures for virtual slot machines and online poker,” said the board of directors.

At the beginning of 2023, it is expected that further experts will be hired.

The four-year project titled, ‘A Safe Bet: design and evaluation of a player-tailored online responsible gambling promotion framework’, will be led by the Erasmus University Rotterdam in collaboration with the University of Amsterdam. It will use data from Holland Casino’s Playtech-powered online product.

The project will examine how to tailor industry tools to players’ individual needs, risk levels and behaviour patterns. 

“While there are already tools to help customers gamble safely, we want to significantly improve the effectiveness and use of these tools amongst customers,” said Playtech COO Shimon Akad.

“We believe the best way to achieve this goal is to work collaboratively with academic experts who can identify and evaluate new approaches based on scientific theory.”

Holland Casino CEO Petra de Ruiter said the company wants to ensure it continues to set an example when it comes to safe and responsible gaming.

 “In our casinos, we ensure that our guests play fairly and responsibly in a reliable environment,” she said.

“That social responsibility is of paramount importance to us. Also at Holland Casino Online, which has now existed for more than a year, it is crucial that we continue to learn from experts in order to strengthen our prevention policy.”

Playtech and Holland Casino Partnership

Playtech and Holland Casino already have a strong working relationship, with Playtech having first agreed to provide its technology to the Netherlands’ state-owned Holland Casino back in 2014, in anticipation of the launch of online gambling in the country.

However, a series of delays to the implementation of the Remote Gambling Act (KOA) meant the market only launched for igaming in October 2021. 

iGB spoke to Tatyana Kaminskaya, head of game aggregator at Softswiss, about what the biggest challenge is for her as a woman in power, and how her nomination for iGB’s Most Influential Women awards is the first step on the journey to change.

While gender is irrelevant to what makes a good leader, Kaminskaya says it is so important to recognise the vast opportunities within the igaming sector to champion the next generation.

Women are excelling in the corporate world and now the spotlight is finally on them which paves the way for recognition in the gaming business. 

Kaminskaya is passionate about the topic. “Recognition for women in this industry is so important, to me and in general,” she says. “In my view, there can never be enough of it and there can never be too much of it.”

Big ideas, big change

Working at one of the most recognised online casino software providers, Tatyana Kaminskaya is leading the pack when it comes to women in positions of power. Having been at the helm since day one, her role has become integral at Softswiss. She’s currently serving as an intermediary between operator and game vendor, helping to move initial ideas from the drawing board to the show floor. So why is this role and this product so imperative to the success of Softswiss?

The game aggregator platform is an innovative new content hub that unites 13,000+ games and 270+ international clients in the igaming market, which is no mean feat for a head of department. With a product portfolio which boasts 24/7 customer service, singular API integration, a multitude of games and contemporary currencies including crypto, it’s clearly been hugely successful to date and this is very much down to Tatyana.

“The game aggregator is very important, it helps businesses’ processes become more streamlined, which is one of the biggest challenges they were facing before using Softswiss. Ultimately, you can’t start your business if you spend too much time preparing everything and trying to work with a messy process.”

The workings of this new side of the business are very much behind the scenes and Kaminskaya says it’s in this that problems lie and getting the industry to understand what they do has been an ongoing pain point. “We’ve always struggled a bit to explain our role to operators and providers,” she adds. “Being the mediator between those roles is hard to explain.”

Despite this, the team has started to make a case for itself and the game aggregator platform has become Softswiss’ most in-demand product in its portfolio.

The role at hand

Inevitably, the role of head of game aggregator has had to develop to keep up with the company’s quick successes, many of which came unexpectedly for the team.

“We didn’t expect to grow as fast as we did – being the biggest project in Softswiss’ portfolio wasn’t anticipated initially. However, I understand why the platform is in high demand as we constantly reach out to our leads and any new clients that need this solution.”

So what are Tatyana Kaminskaya and her team doing differently from others in the market?

The key is a customer-first approach. “Customer service has always been our focus. You can have an idea, and you can have the opportunity, but neither things work on their own and that’s why we put time and effort into making sure that we always put the customer first,” she says. This point is elevated by the fact that more than 50% of her diverse team is focused on customer care.

“Due to our customer care and customer success, our retention is extremely high. This enables us to have the flexibility to provide above and beyond what is in the original agreement. We are there for our customers all the time, and that’s what strives us. It’s what pushes us forward and this is my primary focus as head of this product.”

While many businesses are streamlining internally, Tatyana suggests focusing on the outputs where Softswiss are head and shoulders above the rest.

“A lot of competitors are trying to mix business development and account management – not separating those branches. I think it is so, so important to focus on all the different parts individually as there are so many that need specific focus.”

The positives outweigh the negatives

Of course, with any new business venture come learning curves. As head of this product, it’s clear Kaminskaya is keen to identify potential blockers and find solutions quickly and efficiently.

She has highlighted these blockers at Softswiss, she explains. “We don’t have the most resource-efficient business strategy. We hire more and more employees to cater for a certain level of personalisation but the positive to this is that our clients feel that they’re always getting a more tailored and personalised solution.

“They can come to us with a unique problem and trust us to resolve it. Other companies are prioritising effectiveness, but we prioritise our customers.”

Taking on the world

Tatyana Kaminskaya focuses on the bigger picture and doesn’t see challenges as a bad thing, that’s why her two-year plan is not only about growth but the speed of that growth.

“The next stop for my role is focusing on the global market. Maybe that’s why I’m highlighting the speed – I think we need to be quicker.

“There are a lot of game providers and a lot of games. But we’ve been focusing on Europe. We are starting to enter LatAm, Asia and those markets are so unique. Even with our huge portfolio, we don’t have enough solutions, so that’s definitely what we are trying to focus on next.”

The secret sauce for success

The exponential growth that the gaming and gambling sector boasts shows clear opportunities, and while innovation is growing all across the vertical, those in the decision-making process are paramount to long-term successes. And more often than not, that’s down to the person rather than the skillset.

“I’d say consistency and transparency have been the keys to my success,” Kaminskaya explains. “It’s really important for me to do as I promise. I’ve learnt a lot along the way. I think working with people is essential, and to recognise people’s strengths and weaknesses and people’s general competence is so important to me.”

As a woman who has carved out a successful career in igaming, and being named among iGB’s list of the Most Influential Women of 2022, Kaminskaya couldn’t be prouder of the recognition she and her fellow female leaders in the industry are receiving.

“It’s important for campaigns like this. And being part of this inspirational campaign makes me very happy because if I can motivate someone, or help inspire someone, then it brings me joy and more sense to my life.”

The gaming industry is forever evolving, and with this constant change, comes opportunity. One of the greatest opportunities? For more women to come into gaming and take the realms, following in the footsteps of these great influential women like Tatyana Kaminskaya.

Located at the intersection of Wagner Road and Interstate I-95, the Live! Casino & Hotel Virginia development will feature a casino with more than 2,000 slots and electronic table games, 60 live action table games and a sportsbook.

Other amenities at the facility will include a 200-room on-site hotel with a resort pool and a fitness center, as well as an event center, dining and entertainment options and free surface parking.

Cordish Companies said the project will create more than 4,000 new jobs including 2,500 new construction jobs and 1,500 new permanent jobs including hotel operations, finance, marketing, human resources, information technologies, food and beverage, security and surveillance, and casino operations.

Read the full story on iGB North America

Total revenue from the MGM Grand Detroit, MotorCity Casino and Hollywood Casino at Greektown was down from the $108.2m reported in November 2022 and 1.0% lower than the $102.8m in October of this year.

Slots and table games revenue for the month reached $99.9m, down 3.8% from last year, while qualified adjusted gross receipts (QAGR) from retail sports betting accounted for the remaining $1.9m in revenue, down 57.0% year-on-year.

Sports wagering handle for the month reached $18.1m, which was also down 32.2% from $26.7m in November 2021.

Read the full story on iGB North America

Brazil had spent years attempting to regulate sports betting, with the senate passing Federal Law No. 13,756/2018 to legalise fixed-odds sports betting, both land-based and online, four years ago.

When this law passed, the government was given two years to create and sign off on regulations, plus the option of an extension for a further two years.

With the extensions, this meant that the final deadline was 12 December, 2022.

The regulations were ultimately published by the Secretariat of Evaluation, Planning, Energy and Lottery (SECAP) in May, and included a BRL22.2m (£3.6m/€4.2m/$4.4m) licence fee.

Back to square one in Brazil

However, with this date having now passed, the outgoing president has opted not to sign these regulations into law.

As a result, plans for regulated sports betting in Brazil appear to be set back to square one.

While international operators licensed elsewhere are likely to continue to be tolerated, there would not be a path to operation for Brazil-based businesses.

Private lotteries and sports betting

However, Brazil-based businesses may ultimately be able to  be involved in the fixed-odds sports betting market through a plan to end Caixa’s lottery monopoly in the country.

A law passed by both houses of Brazil’s legislature would create a Health Lottery and Tourism Lottery, which could take both retail and online bets and raise funding for the National Health Fund (FNS) and the Brazilian Agency of International Tourism Promotion (Embratur).

If the private lottery is permitted to offer betting, it remains to be seen what impact this will have on internationally regulated operators also offering sports betting in Brazil.

Elsewhere, Brazil also still appears set to regulate a wide range of gaming products, including online casino.

House of Representatives Bill No. 442/1991 was approved in February of this year and would would bring casino, online gaming, horse racing, slot machines, bingo and jogo de bicho operations to Brazil.

While licensed online gambling would be permitted, unlicensed foreign websites would be blocked, and servers for locally licensed igaming operators must be located in Brazil.

The post in question appeared on the Commission’s official Twitter feed on 9 December and was in relation to how consumers should only place bets with operators that hold a licence in Britain, amid an increase in wagering activity during the 2022 Fifa World Cup.

The tweet included a link to the Commission’s online register of licensed operators, along with a gif – a moving image file widely used on social media – of a child celebrating at a football game.

After the tweet was posted, it was criticised by some gambling reform campaigners.

The Commission said it had been using social media to promote how consumers can protect themselves when gambling online but admitted that the use of a gif featuring a child was an “error” and issued the apology in a statement on its Twitter feed.

Great Britain gambling minimum age

The minimum age to gamble in Great Britain, including purchasing a National Lottery ticket or scratchcard, is 18.

“We realise this was an oversight and undermined an important consumer protection message,” the Commission said. “We apologise to anyone who may have been offended by unintended association and have now deleted the tweet.”

The Commission followed up by posting another tweet featuring a similar message about how consumers should only bet with licenced betting operators and the link to its approved list.  However, the gif of the child had been removed and replaced with a short video produced by the Commission, stating, ‘Our online register lists officially licensed betting companies’, and an animation of the Fifa World Cup trophy being lifted.

Financial terms of the deal were not disclosed, but Elray – which was founded earlier this year as a public company with shares traded over the counter – said that the technology would enable it to build and supply crypto technology systems to online crypto gaming operators.

The crypto platform, named as Elray Blockchain System (EBS), is expected to launch in the coming months.

Golden Matrix deal

Elray added that it had also reached an exclusive distribution agreement with virtuals supplier Golden Matrix Group, wherein it will acquire all gaming content for crypto operators from Golden Matrix.

B2B online crypto casino systems and technology from the Elray Gaming division will now feature content provided exclusively by Golden Matrix.

Golden Matrix chief financial officer Cathy Feng spoke highly of the future of crypto gambling, despite the company agreeing to sell the arm of the business dealing with this sector.

“Bitcoin casinos are now one of the latest trends in the online gambling industry and they will shape the future of online gambling as we know it,” Feng said. “Crypto Casinos have many advantages over traditional casinos, such as faster payments, improved security, and better transparency. 

“Some of the best Bitcoin casinos on the market already have hundreds of thousands of active players hailing from all corners of the world. “The latest Bitcoin gambling statistics show that the interest in crypto gambling is on the rise as players continue to choose cryptocurrencies for the many advantages that they offer.”