Month: April 2023

The scholarship will be endowed through a multi-year $50,000 spend, which the company frames as supporting the Berks County community, which is where Penn’s corporate headquarters are located. The business said that the initiative was part of Penn’s ongoing commitment to support veterans and active-duty military.

The scholarship will be available to veterans, activity duty reservists or National Guard members with a “demonstrated financial need.” At present, close to 50 student veterans are enrolled at the campus.

“We are thrilled to partner with Penn State Berks on the creation of this scholarship, which further strengthens our support for the military and our local community,” said Penn senior vice president of public affairs Eric Schippers. “Penn is passionate about honoring and empowering our nation’s heroes and this scholarship adds to our overall military recruitment and recognition efforts.”

[Read full story on iGB North America]

In October 2022, the Gambling Commission released its latest gambling participation and prevalence survey, in which it said the overall problem gambling rate was 0.3%, the same as it had been in September 2021.

However, new research from the National Institute of Economic and Social Research, funded by the Gambling Commission, suggested this figure was higher.

Fiscal burden of problem gambling rate

Focusing on the fiscal burden to the Exchequer associated with harms arising from problem gambling, “The Fiscal Costs and Benefits of Problem Gambling: Towards Better Estimates” study looked at a number of key areas related to the issue.

The central estimate was that the number of people experiencing problem gambling is 0.7% of the total population of 16 years and older living in private accommodation, which the study said corresponded to approximately 380,000 people. 

On that basis, the report said the total fiscal cost associated with harms from problematic gambling is £1.40bn (€1.58bn/$1.74bn) per year.

The study also estimated that the fiscal cost per person experiencing problem gambling is approximately £3,700 per year compared with people experiencing ‘at-risk’ gambling. The bulk of the fiscal cost relates to higher welfare support, in addition to increased healthcare, criminal justice costs and the costs of homelessness.

However, the report also noted that calculations were likely an under-estimate of the true fiscal burden, and actual figures could be higher.

“Due to a lack of publicly available data, it has not been possible to include the costs to “affected others”, which arise from the links between gambling, debt and family breakdown, or the costs of suicide linked to problem gambling,” the study said.

Proposed reforms

In response to the findings, the research team put forward a number of potential reforms, including the recognition of the fiscal costs of problem gambling in the government’s proposed regulatory changes as part of the delayed review of the 2005 Gambling Act in the white paper.

The team also called for the inclusion of clear screening diagnostics for people experiencing problem gambling in the next rounds of the Wealth and Assets Survey (WAS), adding that it would update of its fiscal estimates once data from the 2022 Adult Psychiatric Morbidity Survey (APMS) is made are available.

In addition, researchers said large-scale data collection should form part of the remit of the Gambling Commission, especially in relation to the association between problem gambling and affected others and between problem gambling and suicide.

Angry Birds creator Rovio confirmed the Sega Sammy tender talks in a statement but said there is no certainty as to when the possible tender offer would take place or whether it would take place at all.

Rovio also said it would not discuss the terms of such potential tender offer, nor valuation estimates reported in the media, with both businesses to release more information at an “appropriate time”.

The latest talks come after Rovio in February launched a strategic review of its business and announced that it would holds preliminary non-binding discussions with certain parties in relation to a potential tender offer for its shares.

Sega Sammy tender

This followed Playtika putting forward an all-cash acquisition offer of €8.50 (£7.52/$9.34) in November last year, while the social gaming developer returned with an improved offer of €9.05 per share in January.

While talks took place with Rovio, and Playtika chief executive Robert Anokol said the deal would be valuable for Rovio’s shareholders, Playtika pulled out of discussions last month.

Neither Playtika nor Rovio went into detail about the termination of talks, though Rovio at the time said discussions were ongoing with other parties.

Rovio’s Angry Birds franchise launched in 2009 and has spawned a host of spin-off games, books, comics, films and animated series, as well as a number of theme park rides.

The deal will be paid with £25m upfront with up to £20m in earn-outs, which are based on financial performances in the 12 months post-closing period.

The acquisition will be funded by cash and any earn-out is estimated to be at least 50% funded by the existing revenue share database.

British company, Skycon, specialises in display advertising and paid advertising on channels that include sports media.

Better Collective will integrate Skycon into its existing paid media department and will take over the advertising company’s recurring revenue share database.

Skycon will also have its sportsbook outlook expanded, having previously only worked with one provider as well as broadening the scope of its operations for a US launch.

Through the deal, the Denmark-based affiliate will aim to redirect future new depositing customers (NDCs) to its global sportsbook agreements. The company also announced that it will utilise Skycon on the AdTech platform that it is currently building.

Jesper Søgaard, Better Collective co-founder & CEO, believes the deal is a perfect fit for the company. “We have invested heavily in growing our paid media division to reach its current significant scale, while we also have invested in moving revenues to recurring revenue share contracts,” said Søgaard.

“During the past year, our efforts have proven successful and acquiring Skycon will be highly synergistic to this journey. Skycon is a great business, which is built on Better Collective’s favoured revenue share model.

“It is a perfect fit as we can leverage our leading skill set within media buying to grow Skycon’s revenues,” the Better Collective CEO went on to add.

“We also see a clear path to further growth as the asset can be scaled across more of our business partners, into new territories, and optimised with our unrivaled first party data in sports media. This acquisition will further deepen our moat.”

Upgraded financial targets

In light of the Skycon acquisition, Better Collective also updated its expected financial targets for 2023.

It now expects revenue of €305m to €315m, whereas before it sat at €290 to €300m. The affiliate also aims to achieve an EBITDA before special items of €95m to €105m, an increase of €5m from before.

The target of <2.0x for net debt to EBITDA before special items remain unchanged.

As Brendan Bussmann says, gaming tends to be the last issue for lawmakers to consider in the session, and this year is no different. Earlier in the session Kentucky looked like a ‘sleeper state’, Brandt Iden says, making it a great win for the session. 

Kentucky sports betting’s passage was “a classic case of bipartisanship”, he adds, with the governor, Republicans and Democrats coming together to make it happen. 

Missouri and North Carolina sports betting set for photo finish?

Next up is North Carolina, a state with tribal sports betting already live, where a bill to expand the market is working its way through the legislature. 

Brendan is increasingly bullish on the Tar Heel State. He says attitudes on gaming are changing  as more southern states look at legislation, with more efforts to tackle illegal gambling and introduce consumer protections. 

He’s especially hopeful on Missouri, but Brandt points out the Senate remains a key hurdle in legal sports betting’s passage. Could it finally be the year that we have a breakthrough?

“The Show Me State needs to show us it’s ready for sports betting,” Brendan adds. 

Sports betting in Texas not such a long shot?

It was an historic day for Texas, where sports betting and casino bills have moved out of committee. 

Governor Rick Perry was bullish on the prospect of mobile betting passing in 2023, but in Brendan’s view “all roads lead to the Senate”. If it is able to work its way through the upper house, and garner support from Lieutenant Governor Dan Patrick, we may have a major state legalise. 

Listen on Apple Podcasts

2024 for mobile betting in Mississippi and expanded betting in Kansas?

Mississippi was quick to pass in-person betting legislation following the repeal of PASPA, but there are signs that a study launched in 2023 may lead to legal mobile betting next year. 

There’s also movement in Vermont, so we’ve gone from searching for wins to dealing with a potential wave of new states. There was even a positive change of policy by the National Football League, to have in-stadium sportsbooks open on gamedays. Listen on for the full breakdown of what’s happening.

The ban will first undergo engagement discussions with a range of stakeholders, who the AGCO say it will listen to until May 8 2023, before announcing a decision.

The proposed change to the standards will force operators and suppliers to cease advertising activities that use athletes, active or retired, in gaming marketing and advertising.

It will also prohibit the use of cartoons, symbols, role models, social media influencers, celebrities or entertainers who may be reasonably expected to appeal to minors – under the age of 18.

Following the publication of the final standard after the period of stakeholder engagement, the ACGO will allow affected operators and suppliers three months to adhere to the new rules.

Anniversary changes

The AGCO, it states as part of its mandate, monitors and identifies emerging risks. The regulator said that it “has identified advertising and marketing approaches that strongly appeal to persons who are under the legal gaming age through the use of celebrities and/or athletes”.

The statement went on to say that “concern regarding the potential harmful impact on the most vulnerable population, underage persons, remains high.”

The proposed change in the standards comes at the first anniversary of the launch of Ontario’s igaming market.

The Italian operator hopes that the IPO will generate €425m (£376m/$467m), most of which will be used to finance debt.

It has not been confirmed how many existing and new shares will be put on the market by Apollo Global Management. The private equity giant struck a deal to acquire Lottomatica nearly two years ago.

Barclays, Deutsche Bank, Goldman Sachs, JP Morgan and UniCredit are acting as joint global coordinators and bookrunners on the flotation.

In a preliminary trading update for the first quarter of 2023, Lottomatica also said today (Friday) that its revenues will fall between €421m and €423m in the three months ended 31 March. This represents a year-on-year increase of between 19% and 20%.

A 40% increase in online revenues raised adjusted earnings before interest and deductions (EBITDA) to between €155m and €156m. This represents a 15 to 16% increase on a proforma basis, including the takeover of online casino and sports betting operator Betflag in November.

Lottomatica reiterated its full-year EBITDA expectations of between €550m and €570m, based on online EBITDA of at least €275m and turnover of between €1.57bn and €1.67bn.

Last month, Lottomatica reported a net profit of €79.3m for its 2022 financial year following a 72.8% increase in revenue.

Last year was the operator’s first full 12 months of operations as a standalone business after Apollo completed a deal to acquire the Lottomatica-branded B2C operations from IGT in June 2021.

The multi-year partnership makes tonybet the presenting partner of CPL’s Match of the Week broadcast on OneSoccer.  

Mark Noonan, the commissioner of the CPL, expressed his excitement at signing up tonybet as a sponsor.

“We look forward to working with them on experiences that engage our fans and enhance what it means to be a supporter of the CPL and Canadian soccer in general,” he said.    

Additionally, the company will become the presenting partner of the CPL’s Predictor contest. 

Alex Haig, country manager for Canada at tonybet, added that the company is “delighted to get behind the CPL and to take our brand to a growing and passionate fan base.” 

He added: “With the CPL being one of the fastest-growing leagues in Canada, tonybet is excited to build and enhance the fan experience.” 

The exact length of the multi-year deal has not been disclosed.

The green light for Japan’s first integrated hotel casino entertainment complex represents the culmination of years of work. In 2018, the Diet – the Japanese parliament – enacted legislation allowing for the construction of such facilities. Following a number of delays, the law eventually went into effect in July 2021.

The development was authorised following a meeting today of Headquarters for the Promotion of Integrated Resort, led by Kishida. The project is to be undertaken by a number of contractors, including MGM Resorts – who previously won the contract the develop the site – as well as Japanese business Orix Corporation, who will be working in partnership with the US-based casino operator.

The JPY1.8tn (£10.85bn/ $13.49bn/ €12.26bn) project will be built on Yumeshima, an artificial island near Osaka which will host the World Expo in 2025. Governor Ichirō Matsui of the Osaka prefecture first proposed the site as a possible location of IR development in 2014.

At the meeting, the Prime Minister called the construction of IRs an “important initiative” in promoting the development of both domestic and international tourism.

 “[The IR] is expected to contribute to the development of the Kansai region and the growth of Japan after the Osaka-Kansai Expo in 2025, and to become a tourist base that spreads the charm of Japan to the world,” said Prime Minister Kishida.

“Based on the IR Development Law, examinations of casino licences will be conducted. We ask that relevant organisations work to improve the environment, including measures to prevent addiction.”

Sports broadcaster iGameMedia and THEO – which has developed High Efficiency Streaming Protocol (HESP) – will deliver ultra-low latency sports streaming to the sportsbook market as standard, phasing out HTTP Live Streaming (HLS). The two have combined with rights agency partner Infront Bettor and will deliver the service through the iGame One Platform from May 2023.

The platform is a single API that is integrated with all leading sports rights holders which maps multiple vendor event IDs into one singular ID in One integration. The service will be delivered with a fixed latency of two seconds from source – compared to the 7-8 seconds that is standard from HLS – aligning the data and the video for an enhanced user experience.

A Bet365 spokesperson said: “We’re thrilled that in collaboration with our partners at iGameMedia, we can continue to provide the best in-play customer experience on our industry-leading product.”

Mike Cobain, iGameMedia’s chief executive, said: “We are absolutely delighted to have partnered with THEO Technologies, who’s HESP protocol is in our view, the only viable solution to ultra-low latency at the required scale and at the required cost acceptable to the industry.

“Given the extensive levels of control that we have, along with the work that we have done together with the incredible THEO team, we are now ready along with Infront and bet365 to go live with the first viable B2C solution for the industry.”