Month: May 2023

As part of the acquisition, GeoComply‘s customers will be able to use OneComply’s set of tools to complete the entire licensing process from start to finish, from initial applications for licences to continuous compliance management.

OneComply offers a centralised and automated licensing compliance service, which simplifies the licensing process for those operating in regulated markets.

The terms of the acquisition were not disclosed.

Anna Sainsbury, co-founder and CEO of GeoComply said that she was pleased to have completed the acquisition process, particularly as GeoComply is an existing OneComply customer.

“From our first interactions with OneComply, we have been excited about the opportunity to welcome them into the GeoComply family, and it gives me great pleasure to have completed that process,” said Sainsbury.

“Licensing organisations and key individuals is necessary but can be a painful process for any entity working in regulated industries such as gaming or fintech.”

“As an existing OneComply customer, we know just how much OneComply eases that pain, not just for us but also for the regulators administering the process.”

Deal gives GeoComply “unparalleled” compliance capabilities

Sainsbury added that this will greatly benefit those operating in the gambling industry, by offering a high standard of compliance.

“Adding their licensing platform and expertise to our portfolio of solutions will materially and cost-effectively help our existing and new customers in the gaming and other regulated industries achieve and maintain a new gold standard in compliance and risk services,” she continued.

“Together, we will have unparalleled capabilities to support the mission-critical compliance needs of the gaming industry, including AML, KYC, licensing, geolocation, sanctions compliance, and fraud prevention technology.”

“GeoComply has always been an inspiration”

Cameron Conn, CEO and co-founder of OneComply, said that the acquisition held the opportunity to offer OneComply’s services to more regulated industries abroad.

“As fellow Vancouver-based entrepreneurs, GeoComply has always been an inspiration,” said Conn. “Our co-founder Aaron Gould and I are super excited about continuing our journey as part of the broader GeoComply team.”

“I am sure that together we will amplify and enhance our world-class compliance and licensing solutions for regulated industries around the globe.”

The operator said efficient acquisition of new customers, product innovation driving higher hold percentage, decreased promotional intensity in more mature states and continued healthy customer retention helped drive revenue up year-on-year in the three months to March 31.

DraftKings was also helped by the launch of its online sports betting product in the states of Massachusetts and Ohio, bringing the total number of states in which it is live with wagering to 21. The operator also runs igaming in five states and has a presence with both offerings in Ontario in Canada.

Read the full story on iGB North America.

Q1 marked the start of a new chapter for Penn, which completed the acquisition of Barstool Sports part-way through the quarter. At the time, the operator said this would strengthen the customer acquisition and cross-selling opportunities in its interactive division.

While the full impact of the acquisition is yet to be felt, Penn said the deal would lead to long-term growth for the group, and in turn raised its full-year revenue guidance to reflect these expectations.

Read the full story on iGB North America.

The Swedish government said collaboration between the two bodies could help strengthen efforts to ensure greater control over monetary transactions related to gambling.

In making the call, the government referenced new regulatory powers that were issued to Spelinspektionen earlier this year, while additional powers will also be introduced over the next six months.

Among the new laws introduced in Sweden to combat illegal gambling was that payment providers in the country must provide information about the payments they process to authorities in order to help facilitate payment blocking for unlicensed operators.

Authorities may block payments to operators that are found to be targeting the Swedish market without a licence, while Spelinspektionen may conduct “test purchases” of gambling products to ensure operators are following Swedish laws and not targeting Sweden without a licence.

“The strengthened cooperation with the Financial Supervisory Authority will provide good conditions for all tools to be used efficiently, which we see as positive,” Spelinspektionen director general Camilla Rosenberg said.

Last month, the government also confirmed a funding boost for Spelinspektionen as part of a pledge to give the regulator more powers to clamp down on unlicensed operators.

The additional SEK2.4m was secured as part of the spring 2023 amendment budget, which is expected to be passed in June.

Spelinspektionen remains in a period of reform following the passage of the Enhanced Gambling Regulations Bill in November. 

The letter’s signatories included representatives from some of the largest gaming states by revenue such as New Jersey, Illinois and Nevada, as well as Michigan, Louisiana, Mississippi and Colorado. The states asked the DoJ to address the “significant threats” that the spread of unlicensed gambling poses that the regulators are unable to tackle by themselves.

Michigan Gaming Control Board (MGCB) executive director Henry Williams personally put his name to the letter, as Nevada Gaming Control Board (NGCB) chairman Kirk D. Hendrick. The coalition sent the letter to attorney general Garland.

“In Michigan, strict laws and rules govern internet gaming and sports betting and provide consumer protections, promote confidence and ensure fair and honest gaming,” Williams said.

“We are willing to help the US Department of Justice in any way we can as it pursues enforcement of US laws against offshore illegal gaming enterprises that take advantage of our citizens.”

State regulators highlight risks of illegal gambling

In the letter the regulators noted the dangers that offshore gambling represents, highlighting the lack of investment in responsible gaming programs, the absence of age verification requirements and the money laundering risk.

The regulators also emphasised that the unlicensed sector has no assurances of fair play and does not pay any state taxes. Offshore operations also are not subject to licensing requirements unlike legal operators.

“State regulators like the MGCB ensure operators offer products that pass technical standards and testing, and we also require operators to comply with reporting requirements,” added Williams. “Offshore operators flaunt state regulations and offer products that do not protect the public, which greatly concerns me and my fellow state regulators.”

[Read full story on iGB North America]

Edeen will succeed Peter Messner, who Catena revealed in February was to step down from the role to pursue a career outside of the sports betting and casino industry.

Messner, who became CFO of the group in March 2020, will leave the business in early June after a handover period.

Edeen will bring with him more than 16 years of experience, having served in roles within financial management in private and public corporations including at ICA Gruppen AB and Investor AB.

He most recently worked as a strategic advisor to a global media corporation, while Edeen also previously had a spell as interim CFO of Catena before Messner took on the role full time.

“I’m excited to welcome Erik as our interim CFO,” Catena Media chief executive Michael Daly said. “His long professional career and past experience of Catena Media will make him a valuable member of the executive management team.”

The appointment comes after Catena last month announced a long-term partnership with newspaper publisher Lee Enterprises to provide online sports betting and casino content. 

The collaboration involves the affiliate becoming Lee Enterprises’ exclusive partner for online sports betting and casino gaming content for three years. 

The deal also includes Catena working with Lee Enterprises’ Frontpagebets.com betting brand to publish editorial and advertorial content, which will be supported through the US publisher’s social media channels.

A bipartisan coalition of 10 State House representatives introduced the proposed law to the House in January. Its sponsors include Democrat Rep. Matt Birong and Republican Rep. William Canfield.

Governor Phil Scott has in the past expressed his support for the online-only bill and so it is expected to pass if it ends up on his desk.

If passed, Vermont consumers can expect to be able to access up to six online and mobile sportsbooks, depending on the number of contracts negotiated by the Department of Liquor and Lottery.

The Senate made a number of amendments to the House-passed version of the proposed law, including adding in an additional license fee on top of the 20% gross gaming tax.

Under the law, operators would be required to pay a $500,000 fee in their first year, as well as make additional contributions for up to three years, depending on the number of operators active in the state.

Another amendment removed the elaborated limit on advertising spend, with the regulator to decide each limit based on the operator.

According to a regulatory schedule laid out in the bill, residents of the State will be able to access online offerings by January 2024.

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Sega Sammy announced today that it has commenced the voluntary recommended public cash offer to the shareholders of Angry Birds franchise creator Rovio.

The €706.0m deal – which was announced last month – will see the Japanese gaming business acquire all outstanding shares and options in Rovio, at a price of €9.25 per share and €1.48 per option.

The offer period will begin 8 May and expire on 3 July 2023. Sega Sammy said the deal is currently expected to be completed during the third quarter of this year, but could be extended subject to the applicable law and regulations “in order to satisfy” the completion of the offer.

The business said it would announce via stock exchange releases any possible extension of the offer period “as soon as practically”.

The Finnish Financial Supervisory Authority has approved a Finnish language version of the tender offer.

The company said that it determined the price based on 76,179,063 shares and 742,300. If Rovio were to increase the number of shares with a dilutive effect, then Sega Sammy said it would reduce its offered price on a euro-for-euro basis.

Playtika acquisition

Prior to the announced Sega Sammy acquisition deal, social media developer Playtika bid to purchase the business.

In January, the company announced that it had made an all cash offer to acquire the business at a price of €9.05 per share.

In March, Rovio said that it had exited the talks.

Under the agreement, Paf will continue to leverage Kambi’s technology to power its online sports betting offering. 

Paf, which began working with Kambi back in 2011, is licensed and controlled by the local government of Åland in Finland. The operator’s Paf brand is live in Finland, Sweden, Spain, Latvia and Estonia.

Swedish focused sub-brands No Account Bet and Speedy Bet have also been added to the Paf group of brands.

“Kambi has played an important role in our journey as we have continued to establish Paf in regulated European markets,” Paf chief gaming officer Kim Johansson said. “The Kambi betting client, combined with a broad suite of great products have helped us to deliver an excellent experience for our customers, and we are excited at the prospect of building on this in 2023 and beyond.”

Kambi co-founder and chief exectuive Kristian Nylén added “I am delighted to extend our partnership with Paf which has been a valued partner of Kambi for more than a decade.

“Paf was the first partner we signed when Kambi was founded and the fact they remain a Kambi partner to this day is a testament to the strength of our leading sportsbook technology.”

The extension comes after Kambi last week reported revenue of €44.0m in the first quarter of 2023, a 19.2% rise year-on-year supported by market expansions.

The company said the quarter benefitted from it launching in North and South America, as well as a return to a complete sports calendar following the Covid-19 pandemic. Kambi completed 20 partner launches during the quarter, all of which occurred in the Americas.