Month: August 2023

Members of Greece’s gambling market are asked to give their opinions on the new proposed measures.

The consultation will close on 15 September. The suggested new measures will be implemented if they are accepted by Greece’s Ministry of National Economy and Finance.

In a release on its website, EEEP said the draft legislation focuses “on the regulation of matters of administrative control and operation of casino businesses”, with the consultation put in place to “formulate the views of each interested part”.

The regulator hailed the proposed changes as “key innovations”.

Improved player protection

One new proposal is the overhaul of Greece’s existing player protection laws. This includes the creation of a self-exclusion register.

The register will be maintained by EEEP. The regulator must note certain information about the banned player, such as the duration of the ban and the licensee that received the ban request.

If passed into law, the draft regulation would allow players to choose the duration of their self-exclusion period. This would range from one week to 10 months.

Self-exclusion can only be lifted if the time period has passed and the self-excluded player has submitted a request to lift the ban.

Player cards and staff training

The draft law also outlines the possibility of an individual player card. This would allow players to participate in games in casinos while being linked to their online account.

Licensees will also be obligated to train staff on the contents of Greece’s gambling regulations. This will involve providing specialised education and training programmes.

A training manager must also be appointed, who must provide information about relevant education and training to EEEP upon request.

Further proposals

The draft law would also require a studio space to be located in every licensed casino.

Live dealer games would be operated from this space. Casinos would also be required to install specialised equipment in this space.

EEEP also outlined a number of optimisation proposals. This would see a financial security reserve made mandatory, along with more obvious notifications of opening hours.

Greek gambling history

Greece’s gambling market was regulated in 2011 with the passage of its original Gambling Act.

The following year, the government issued 24 transitional licences to operators as part of a transition period.

In January 2020, the Greek Ministry of Finance submitted draft gaming regulations to the European Commission. These draft regulations had been passed by the Greek parliament in October 2019.

The original 24 licensees were allowed to continue operating until 31 March 2020, after which they had to reapply under the new licence provisions.

The data, technology and broadcast business experienced growth across all its businesses in the period. However, it was its betting arm that witnessed the most significant increase, with revenue rising 26.8%.

Genius put this down to higher customer utilisation of event content and growth in business with existing clients. 

The provider also noted that renewed partnerships with a number of major clients will help drive further growth. 

In recent months, Genius has extended a partnership with Football DataCo (FDC), which manages data rights for the English Premier League. It has also renewed deals with the National Football League and indoor American football’s XFL.

“We enter H2 having reached a significant inflection point in our business,“ Genius co-founder and CEO Mark Locke said. “Following the financial outperformance in the first half of the year and the recently renewed partnerships with FDC and the NFL, we have validated our core strategy, differentiated our technology stack and proven our sustainable business model. 

“The ongoing success through the second quarter perfectly demonstrates our balanced approach in delivering near-term results. It is also accelerating Genius towards long-term growth and profit targets.”

Genius Sports results – growth across all divisions

Group revenue for the three months to 30 June hit $86.8m (£68.1m/€79.0m). This was up from $71.1m in the same quarter last year. 

Betting-related business generated $56.9m of Q2 revenue. Elsewhere, media technology, content and services revenue climbed 22.4% to $18.4m, driven by growth in the Americas.

Genius also reported a 3.0% rise in sports technology and services revenue to $11.6m. This, Genius said, was primarily the result of higher revenue from non-cash consideration contracts.

Turning to spending in Q2, cost of revenue edged up 0.7% to $62.2m. However, operating expenses were 33.7% lower at $32.5m mainly due a 39.3% reduction in general and administrative spend.

Genius also noted some finance costs but these were more than offset by a $1.5m gain on foreign currency. As such, finance income reached $907,000 for the quarter.

Net loss widens despite revenue hike

However, amid higher revenue and lower operating costs, pre-tax loss widened from $5.3m to $6.9m. This was due to Genius last year registering a much higher – $30.1m – gain on foreign currency.

The provider paid $4.0m and also noted a $588,000 gain from equity investment. This left a net loss of $10.3m, wider than $4.8m in the previous year. Genius was, however, able to post an 87.2% rise in adjusted EBITDA to $15.7m.

Lower net loss in H1

Switching to Genius Sports’ results for the first half and, while revenue and cost patterns were similar, there was better news for net loss.

Revenue in the six months to 30 June was $184.1m, a 17.2% increase from 2022’s H1 figure. Of this total, $121.6m came from betting activity, up 28.6% year-on-year.

Elsewhere, revenue from the media business edged up 2.5% to $40.1m, but sports revenue fell 4.3% to $22.4m.

Revenue costs were 8.2% lower at $149.9m while operating expenses fell 31.7% to $65.5m. Finance expenses amounted to $852,000, in contrast to a $59.8m gain in 2022 due to higher foreign currency gain.

Genius paid $4.6m and also drew $857,000 from equity investment. As such, net loss was $35.5m, but this was lower than $45.0m in 2022 despite last year’s foreign currency gain impact.

The provider also reported a 333.2% year-on-year increase in adjusted EBITDA to $23.7m.

Such was the impact of growth in H1, Genius has raised guidance for the full year. For the 12 months to 31 December, revenue is now expected to hit $410.0m and adjusted EBITDA $52.0m. This is higher than previous guidance of $400.0m and $49.0m, respectively.

Samolyk has served in the role for three years having been with Kindred since March 2012.

Prior to his current position, Samolyk had been brand sponsorship and insight lead for a year. He also spent time as brand manager, acquisition specialist and campaign manager.

“After just over 11 years at Kindred Group, the time has come for me to move on,” Samolyk said in a LinkedIn post. “It feels a bit surreal because, after a decade, I look back and I’m really grateful and happy. Staying this long probably says it all.

“I got to work in a business that’s changed so much and so many times and always grow with it. A business that set the direction for the sector. I’ve met people who taught me so much and always had my back. 

“I got to work in what I’m most passionate about, brand and sponsorship. On some of the biggest and coolest brands in the sector and hopefully making them even cooler.

“11 is my favourite number on roulette and so it’s only right that, after hitting that number at Kindred, I take my chips, go to the bar and think about my next play.”

Q2 growth at Kindred amid strategic review 

Samolyk’s announcement comes after Kindred last month posted its results for the second quarter.

Revenue increased by 29% year-on-year to £307.3m (€356.8m/$392.2m). Interim CEO Nils Andén said focus on cost controls and a strong performance in the Netherlands are keeping the business on track to surpass full-year earnings expectations.

This comes against the backdrop of an ongoing strategic review, which launched back in April. At the time, Kindred said this could lead to a potential merger, sale or partial sale of the business.

Since the review launched, Kindred has announced a number of major personnel changes. Andén joined in May and new interim chief financial officer Patrick Kortman was confirmed in June.

According to the update from the agency, employers that violate this rule will face a sanction of up to BGN20,000 (£8,800/€10,200/$11,200), as stated in Bulgarian gambling law.

The announcement comes in the wake of inquiries into whether employers can hire individuals who are on the self-exclusion register.

The NRA clarified that operators must comply with the Gambling Act in this regard, even if the individual is working rather than playing at a gambling venue.

Bulgarian gambling law prohibits people who are on the register from entering a gaming hall or casino. It also bars entry to people in uniform, people under the age of 18 and those who are armed.

Those without identification and anyone under the influence of drugs or alcohol are also not allowed to enter.

Bulgaria gambling self-exclusion register

Following a two-year hiatus – due to legislative changes – the Bulgarian self-exclusion list resumed operation from mid-December 2022.

Individuals who want to sign onto the list can enter a specific period in which their access to gambling services will be suspended, with a minimum time of two years.

People can apply for their name to be taken from the list prior to this period, but this involves the approval of the NRA’s executive director.

The list is not public and only a limited number of individuals at the NRA have access to the full list, as well as gambling operators.

The government announced in April 2023 that 7,200 had applied to be on the list since December 2022.

The agreement will see BetMGM offer its online and retail sports betting platform to Kentucky’s market, once sports betting becomes legalised in the state.

Retail sports betting will go live on 7 September, followed by online betting on 28 September.

Read the full story on iGB North America

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