Month: December 2023

The gambling group, which has held its current licence since 2012, will pay the Victorian government more than AU$1bn (£521.0m/€604.0m/US$642.0m) over the next two decades. Tabcorp’s licence period commences in August 2024, immediately after its current exclusive licence expires.

The licence authorises Tabcorp to conduct betting activities in Victoria, including the only authorisation to take bets in-person, outside of racetracks. Had the new licence terms applied for 2023, group EBITDA would have been $140m higher on pro-forma basis.

How Tabcorp’s licence has changed

Tabcorp will no longer be required to collaborate on the joint venture arrangement with the Victorian racing industry, while the current industry funding obligations are also terminated. The group will instead pay wagering taxes and racing and sports product fees on the same basis as other operators.

Tabcorp will pay a licence fee to the Victoria government of AU$600m in June 2024 and 19 annual payments of AU$30m starting August 2025. Tabcorp said it intends to fully fund the June 2024 payment from existing debt facilities.

Adam Rytenskild, Tabcorp’s chief executive, said the changes were essential as Tabcorp seeks to compete with Northern Territory-licensed rivals.

“Today is momentous in the journey of our company post demerger. This is a positive outcome for our shareholders, the Victorian government and industry stakeholders,” he said.

“I am particularly pleased with the terms we have secured under this new licence which directly addresses the structural reform required in the modern wagering environment. It’s a licence that will allow us to ignite our total Victorian wagering business.

“This announcement continues the strong momentum of our transformation. We are a faster, simpler and more nimble company. We’re delivering on what we promise and offering our customers a better experience with faster speed to market and an attractive product offer.”

Victoria’s licensing process

In June 2022, organisations were invited to submit an expression of interest for the wagering licence. Select respondents were formally invited to apply in April 2023.

The ministry for casino, gaming and liquor regulation said applications for the new licence were subject to rigorous assessment against several criteria, including corporate and individual probity, harm minimisation and economic benefits to the state. The new licence supports robust harm minimisation protection measures to help promote responsible gambling.

Melissa Horne, minister for casino, gaming and liquor regulation, said: “The Allan Labour government is dedicated to reducing the impacts of gambling-related harm and the new wagering and betting licence sets strong mechanisms for harm minimisation and consumer protection.

“We support sustainable growth in the Victorian wagering and betting market that has harm minimisation at its core.”

Ups and downs for Tabcorp in Q1

Tabcorp reported a 6.1% year-on-year decline in revenue in the most recent quarter despite an increase in digital wagering turnover. For the three months to 30 September, meanwhile, betting and media revenue fell 5.4%. Tabcorp said fixed-odds yields stood at 14.8% compared to 15.0% last year and a preceding three-year average of 15.6%.

Tabcorp faced a far from settled period in Q1, having been hit with a number of penalties in Australia.

First, Tabcorp was fined a record AU$1.0m in Victoria. This related to Tabcorp’s conduct when its Wagering and Betting System (WBS) went down during the 2020 Spring Racing carnival.

The Victorian Gambling and Casino Control Commission (VGCCC) hit out at Tabcorp over its actions. It said the operator did not voluntarily provide adequate information about the outage and criticised its conduct during the investigation. Tabcorp was also criticised for its “repeated failure” to comply with directions.

Lina Sennevall
Senior account director, Square in the Air

For Lina Sennevall, being nominated as one of iGB’s Most Influential Women is a sign of the importance of diversity in all industries. While she notes a lot has changed over the decade she has worked in gambling, there is still more to be done.

“In an ideal world, these awards wouldn’t be necessary,” she says, “but in a very male-dominated environment, it’s fantastic that we acknowledge the work of some of the women that make our industry a better place for all participants, not just a certain demographic.”

Sennevall cites a real passion for the industry as motivating her in every role she’s held, from her start as a senior reporter at Gambling Compliance to her current role at marketing consultancy firm Square in the Air.

“I truly find the sector fun and exciting, with constant developments in a range of areas such as technology, regulation and compliance, product development, innovation, responsible gambling and CSR,” she explains. “That passion and interest I have for the industry has made me want to constantly push myself and always stay ahead and learn, while enjoying it along the way.”

Yet, Sennevall also admits that the fact that women have to try harder to be taken seriously in the gaming industry has been a challenge throughout her career.

“I am glad that things have improved since I joined the sector over a decade ago, but I still see and hear sexism,” she says.

“A current problem is a struggle to attract more women to the industry in the first place, with men making up the majority of applicants whenever we have a job opening.”

Having a visible representation at events is one step forward in tackling the issue, she says: “More women speaking on panels and building their personal brands can hopefully encourage more diversity.”

Cheryl Jones
President, Europe, Odds On Compliance

Cheryl Jones views her nomination as a testament to the support she’s received throughout her career.

“This achievement holds immense significance, not only for me but also for those who have steadfastly supported me throughout my gaming career,” she says. “I have long held that if you have a voice, you have influence and if you can empower someone else to think the same, then you’re doing a good job.

“Receiving this award is a testament to the recognition of my values and perseverance as a woman in the gaming industry.”

Jones recognises that advancements have been made in attitudes to gender parity in the workplace. But she believes measures should be put in place to ensure opportunities are truly equal.

“More people than ever before believe that women have an equal opportunity to reach leadership positions,” she explains. “But those sentiments haven’t been enough to drive significant changes in actual advancement. Biases are still a barrier.

“To break them down, organisations need to mature their approach to gender parity and create structures and systems that work for women and men.”

And in her professional life, Jones has made moves to put these words into action. At Odds On Compliance, she founded Women Leading Women, created for women in igaming as well as those working in sports and technology.

“I make myself accessible for mentoring, actively promote a culture of diversity and inclusion and advocate for women’s professional development within the industry,” she explains.

Although she believes in the power of networking and community, Jones understands that ultimately, the motivation to pave your own way as a woman in a male-dominated industry must come from within.

“I consistently tell others to own their careers and their voice; don’t wait for someone to come along and present an opportunity,” she concludes. “Create opportunities you want to see yourself in, use your fear as your motivation and never say no to any challenges.”

Brianne Doura-Schawohl
CEO and founder, Doura-Schawohl Consulting LLC

For Brianne Doura-Schawohl, making iGB’s Most Influential Women list represents a tremendous honour, especially in being recognised by her peers.

“As a female business owner looking to make a difference and create a new path, it brings me an immense amount of gratitude and pride,” she says.

The CEO and founder of Doura-Schawohl Consulting LLC modestly attributes her success to a village rallying behind her.

“Success isn’t about embarking upon the journey alone or never failing,” she adds.

Doura-Schawohl also highlights that as an entrepreneur, a wife and a mother, she is often faced with having to make difficult decisions, make sacrifices and take risks. “Having mentors, colleagues, clients, family and friends – people that believe in me, truly believe in what I am doing and what I am trying to build – well, that’s my secret.”

Doura-Schawohl also acknowledges her mistakes and tries to regroup quickly when, professionally, things don’t go as planned. She also divulges that she’s getting better at asking for help.

“I’d like to believe these qualities don’t make me weak but rather put me in a position to continue to grow and evolve as a person and a leader,” she says.

Another thing the CEO has come to terms with is the saying “women can have it all”. “Whoever said that lied,” she explains. “No one can have it all. When I am away on business, I am sacrificing being home with my family and when my family needs me, I could be losing out on potential business opportunities.

“It’s all about priorities and being happy with the choices that you make and the balance you desire and create for yourself.”

One of Doura-Schawohl’s biggest challenges in her journey has been finding her confidence. She admits that like many women she’s no stranger to imposter syndrome.

“I have felt more times than I care to admit that, because I haven’t had many female mentors or come across many other female leaders in gaming, I somehow don’t belong or won’t be accepted. I’ve also found myself worrying once or twice that I have only received a job because I was a woman.”

Yet, once she let go of these mental obstacles, the CEO was able to find herself in a different state of mind.

“I’ve found tremendous happiness in the realisation that I am more than capable, that I am being embraced by men and women in the industry due to my contributions, not my gender, and that I do have a meaningful place and role within this sector.”

Read part one of our Most Influential Women 2023 countdown here.

Profiles by Dan Kleiner and Marese O’Hagan

Radim Haluza will become the Polish sports betting operator’s new chief executive, while also remaining as CEO of Entain CEE. Long-serving STS chief executive Mateusz Juroszek switches from that role to become chairman of the supervisory board.

The changes come four months after Entain CEE acquired STS in a £750m deal. Entain CEE is a joint venture between Entain, investment management company Emma Capital and the Juroszek Family.

Juroszek said the changes to STS management will improve structure and operations within STS and Entain CEE. Juroszek, as chairman, is charged with taking further care of the group’s strategic development.

Haluza, who takes over his new role on 1 January, is also the CEO of SuperSport, Croatia’s largest gaming and sportsbook operator. This business was bought by Entain CEE for £690m in November 2022.

“I will continue to be actively involved in the development of Poland’s largest sports betting companies – nothing is going to change in this respect,” said new chair Juroszek.

“My primary activities at the moment are to focus on strategic goals and oversee their implementation both at STS and Entain CEE. Operational management will instead be the task of Radim Haluza. Our priority is to continue to grow in Poland – where the betting market is growing dynamically – and to exploit opportunities for growth across the region with Entain CEE.”

Entain CEE targets region’s potential

Entain CEE confirmed that the remaining composition of STS’ management board, managerial structure and plans for growth in the Polish market remain unchanged.

Central and Eastern Europe-facing Entain CEE was created in 2022 to make acquisitions across the region. Entain has a 75% stake in Entain CEE, while Emma Capital holds the remaining 25% stake.

Speaking earlier this year, Mikolaj Cymerman, head of corporate development at Entain CEE, said the group was formed to exploit the region’s potential.

“CEE used to be an important market for tier-one operators and throughout the years, while it started regulating, it became less important for many companies,” he said. “The dotcom model didn’t work anymore; you had to localise the product. Operators were struggling to make a more meaningful market share.”

STS made a strong start to 2023

The company saw net profit grow by 56.4% to PLN97m (£18.1m/€21.1m/$22.6m) in the first half of 2023. Adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the half-year rose by 34.1% to PLN157m.

STS did not provide a full breakdown of its H1 results. Revenue grew 13.7% to PLN299m during the period. The revenue rise was aided by the 26.0% year-on-year increase in revenue reported in the second quarter of the year. In the first quarter, revenue ticked up by 7.4%.

Operators have boiled their launch processes down to a science, offering welcome bonuses to bring players to their platforms. From there, retention is the true goal. That’s where SharpLink comes in.

“There’s a huge audience for betting, but the experience can be pretty one-dimensional and transactional,” says Phythian. “The technology today gets you live and gets you secure, but it leaves you a generation behind.”

Phythian compares sports betting to tech giants like Netflix or Amazon. Consumers expect personalisation and tailored recommendations in almost every industry. In sports betting, they’re not getting that same degree of personally catered offers.

SharpLink aims to change that. The company seeks to understand user behaviour and serve it back to bookmakers so they can use it for personalisation.

“There’s plenty of space to think about how this could work,” Phythian says. “So the next step is coming up with a solution using generative AI and modernised tools. Plugging it into the sportsbook is the biggest challenge.”

All in place

He emphasises that the technology is there, making this problem more of a workflow issue. SharpLink is building BetSense, a personalisation tool that will integrate into a sportsbook’s back-end systems and offer bettors a personalised journey.

“Sahara Bets has been our first partner,” Phythian says. “And they’re using IGT as their backbone. So we’re toying with ways to integrate that personalised journey into their user experience.” Phythian expects to go live with Sahara Bets by March Madness 2024.

BetSense will be like a behind-the-scenes wizard for sports bettors, conjuring targeted deals and promotions based on their preferences.

“Say you’re a New York Jets fan,” Phythian explains. “You’re a $50 player and you like parlays. Maybe you bet later at night. We get this information from the Player Account Management System and it’s anonymised with random ID numbers so we don’t know who a specific user is.

“We ingest that data, game markets and some historical data, mix it all up and do some generative articles on the Jets. Then we’ll look at markets for the Jets game and make some suggestions. When you log in, you’ll get information on the game, maybe a two-for-one parlay and an analysis of the game.”

This approach, Phythian says, increases slickness, retention and betting. Retention is the overarching goal.

“We’re less about finding new users. It’s more about seeing operators spend lots of money to get players in, then we help increase betting activity for those players.”

It’s a calculated approach because welcome bonuses aren’t moneymakers. They’re essentially acquisition campaigns run at a loss.

“There’s proof that if you get a user depositing now, you’ve got him for life,” Phythian says. This is why operators put what are essentially guaranteed losses for the book out there as initial bonuses. The second wave of sports betting, Phythian posits, will be more focused on retention and long-term value.

And this is where we get into the nitty gritty of BetSense. It’s an umbrella term for a variety of services SharpLink can provide. Phythian says the company is currently working with limited data, with just a small sample size from Sahara Bets. But the potential for scalability and growth is there.

BetSense can integrate into operator systems and provide value in numerous ways, Phythian says.

“We put all the data together and we can combine it in an output via API or just send it to the operator for them to serve themselves. Or we can build a page for them. We can also insert smart widgets so it doesn’t have to be a dedicated page. We’re building an arsenal so operators can choose how to deploy our tools.”

Lots on the horizon

It’s just the beginning, though, as Phythian says BetSense is in its “1.0 era” right now and will be iterated 15 times or more before it’s at the right spot. He likes to think of BetSense as “the bot behind the bet”.

Phythian and SharpLink “did some McKinsey research and saw a 20% lift when you add personalisation” to certain industries. While the figure is far from a sure thing, other industries seem to indicate a massive upside.

However, getting operators on board with a revenue model is a challenge considering the theoretical money to be made. “The model is still evolving. If we could give a book 20% lift and take a third of it, not every operator wants to do that. So in some cases, we turn it around and bill by usage. It’s an evolution of our business based on what the customers are comfortable with.”

As for the bettors, Phythian is confident that BetSense works for all types of sportsbook users. The data and engine can curate offers based on behaviours, so a casual bettor is likely to get a much different offer from a regular game-time live bettor.

Over the next few years, Phythian foresees meaningful results from SharpLink and BetSense.

“The proof is out there,” he says. “We’re hoping more books pick up on it so we can scale.”

Washington DC’s GGR decreased to $1.2m (£942,086/€1.1m) in November, falling well behind the $1.9m recorded in September and the $2m accumulated in October.

The reduced GGR was despite total handle increasing to $17.1m from $16.4m in October.

It was a great month for bettors, with average hold percentage standing at just 7.17%. As a result, tax revenue dropped to $122,801, the lowest since August.

Washington DC continues to stagnate

Washington’s November handle was down 20.1% year-on-year, receiving $21.4m in wagers in November 2022.

GGR decreased 53.8% from November 2022’s $2.6m. Washington’s November tax revenue of $122,801 fell well behind the $264,169 recorded in the same month last year.

This is following the trend, with Washington DC’s sports betting market also declining year-on-year in October.

Despite the disappointing November report, the numbers are still an improvement on August of this year, when just $8.1m was staked in Washington DC.

Caesars and Gambet battling it out

Despite its 6.34% average revenue hold for November falling behind the Washington DC average of 7.17%, Caesars Sportsbook remains a strong competitor in the state.

Caesars recorded $6.1m in handle last month, well ahead of BetMGM’s $3.9m and Flutter Entertainment-owned Fanduel’s $804,438. Notably, it posted better handle than the $5.9m of Gambet, which is run by the DC Lottery and powered by Intralot.

Caesars overtook Gambet in August, but Caesars’ November GGR of $384,907 lagged behind Gambet’s $469,457.

Despite Caesars retaining top spot, it followed the state’s trend in declining year-on-year. Its handle was 9.9% lower than November 2022, while its GGR was less than half of the $919,830 it accumulated in the same month last year.

The EGBA said it is “deeply concerned” by the proposed Italian decree on online gambling. The decree is currently being debated by Italy’s council of ministers – the country’s principal executive organ.

According to reports, the decree could set a new €7m (£6.02m/$7.67m) licence fee for operators. EGBA pointed out that this would represent a 35-fold increase on the 2018 licence fee of €200,000. It would also triple the government’s previously planned increase to €2.5m, which was never implemented.

EGBA said that the proposed licence fee could generate €105m-€140m for the state. The association added that the previously proposed €2.5m fee could yield a “similar or higher tax revenue”.

However, EGBA warned that the proposed law would slash the number of licensed operators from 91 to 15-20.

“Severe consequences”

Accordingly, EGBA is calling for a rethink over an “unprecedented” and “unwarranted” proposed fee “far surpassing other EU Member States.”

The association said today: “EGBA stresses that this significant licence fee hike will have severe consequences. The high fee will deter new market entrants and likely force existing licensees, especially smaller operators, out of the market.”

EGBA added: “[The decree would lead to a] significant increase in the size of the country’s online gambling black market.

“The primary goal of Italy’s gambling regulation should be the protection of players and fostering a fair and competitive market. Thus, EGBA urgently calls upon the council of ministers to reconsider the proposed punitive increase in licence fees.

“By limiting competition to only a few operators… the proposal risks undermining player protection.”

Compliance concerns

The association also suggested that the “introduction of (quasi) prohibitive licensing regimes and fees” could raise EU law compliance concerns. The association also took the opportunity to reiterate its opposition to a blanket gambling advertising ban in the country.

EGBA previously spoke out after a report in October stated that Italians spend €25bn annually on black market gambling websites.

“The existing advertising ban… should be revoked to allow regulated advertising that protects minors and vulnerable groups,” EGBA stated today.

However, EGBA added that it is committed to working with the Italian authorities to develop a sustainable licence fee framework.

Licensee exodus

EGBA secretary-general Maarten Haijer said Italy is in danger of sparking an “exodus of existing licensees”.

“Together with the other restrictions… this proposed fee hike will make Italy a closed shop,” he said.

“We urge the council of ministers to reconsider the proposal. It will make the country’s online gambling black market problem even worse, not better.” Italy’s online gambling black market is one of the largest in Europe, valued at more than €1bn annually, EGBA added.

The renewal, announced on Tuesday, will see BetMGM continue to use NHL imagery on its casino games and have “significant branding” visible on nationally televised broadcasts.

BetMGM signed the initial deal in 2018. In April 2022, BetMGM joined FanDuel in expanding its partnership with the NHL. This move was announced in the wake of Ontario launching its sports betting market, allowing BetMGM to expand into Canada for the first time.

BetMGM chief executive Adam Greenblatt is excited for the continuation of the partnership, saying: “Our partnership extension with the NHL enables us to enhance the BetMGM product and offer fans unforgettable entertainment built around the game they love.

“The NHL is more thrilling than ever – a symphony of athleticism, teamwork and skill on skates. We look forward to bringing our customers exceptional live experiences and new content.”

Jason Jayazeri, vice-president of the NHL’s business development arm, stated: “We are thrilled about our partnership extension with BetMGM.

“The evolution of our partnership with BetMGM will focus on building unique and compelling fan experiences.”

Sports a big part of Bet MGM’s plans

The renewal of its NHL deal is another indicator of BetMGM’s growing emphasis on utilising the world of sports to further its brand.

Greenblatt recently explained that 2024 would be the year BetMGM “unlocks” Las Vegas, using the recent Formula One race in the city as an indicator of how the operator will look to tap into the growing sports market. BetMGM took three times the number of bets than any other F1 race in its history.

Greenblatt pointed to the Super Bowl in Las Vegas in February as another opportunity for BetMGM to take advantage of elite sport coming to the region, as well as the Oakland Athletics’ upcoming move to the city.

BetMGM recently announced the New Jersey launch of NHL Gold Blitz, the first ever NHL-endorsed online slot game. The game is expected to launch in all other states where BetMGM holds an igaming licence.

BetMGM’s mixed performance

In its last earnings update, BetMGM announced it was expecting to deliver $500.0m (£396.1m/€462.2m) in positive EBITDA by 2026. Greenblatt also revealed the operator was aiming to reach 25% market share in the US.

Greenblatt says in the current financial year, revenue should be between $1.80bn and $2.00bn, the upper end of its 2023 guidance. BetMGM, a joint-venture by Entain and MGM Resorts International, is expecting to be self-funding from 2024 onwards.

Despite Greenblatt’s optimism, Goldman Sachs noted the stagnation that BetMGM is experiencing. In its Q3 update, Entain revealed BetMGM held an 18% market share in the US. That is level with Q2 and only marginally ahead of the 17% recorded in Q1.

Yay, Christmas has come early! Or maybe not so yay, depending on your outlook. “Them trees are up weeks earlier than t’old days and that muzak has been on loop since Halloween etc”.

It’s easy to blame the Americans with their early turkey gobbling and although that event hasn’t reached European shores yet, their Black Friday export is here to stay. It’s been pushed by Amazon and Walmart for a decade, and now heralds the start of Christmas festivities. But then again, we didn’t need that much encouragement, even in egaming.

Though some despair at how the festive season arrives sooner each year, it’s commercial pressure that’s driving it. For example, twice as many Christmas slots were launched this October compared to last year. It seems that we’re all keen to squeeze another week of spins out of a casino game or to grab a larger share of the Christmas purse.

Whilst those Santa slots launching in October and November managed to hook a few Black Friday shoppers, no Christmas slot quite made it into our top 20 in November – probably because most operators don’t roll out their Christmas collections until December. Well, not this year at least.

Top 20 games by distribution

The November lull then means the charts are dull, with limited movement in game positions and no new releases breaking through. Good reason then to turn to something cheerfully musical that popped up in the news this week….

To great fanfare, Play’n GO popped up this week with plans to publish the music from their game titles and to remix them with known artists. Check out on Spotify (another Swedish export) the mesmerising soundtrack to Pilgrim Of The Dead, or the 80s electropop of their Gargantoonz release.

As with movie soundtracks, the publishing of game music has long been a ‘thing’ in the video or social gaming sector and crossover projects between the music, gaming (and film) sectors are widespread. Soundtracks to the likes of Minecraft, Super Mario and Halo have massive streaming figures. Meanwhile, an avatar of collaboration pro Eminem took to the stage ‘live’, within the game Fortnite recently, with virtual players lowering their weapons to join in an air guitar play along, whilst wearing their Eminem ‘skins’ of course.

Whilst Play’n GO’s music foray isn’t at the level of Minecraft or Fortnite, it is still ambitious. The music revenue may turn out to be marginal, but the project speaks to the quality of a studio’s output. It is designed to create a following for their blockbuster games or game families. Even if it doesn’t amortise game production costs, the promotion of music from classic titles, such as the ‘Of Dead’ family, promotes longevity, if not immortality.

The role that music plays in the dark arts of game design is scarcely researched, yet we all sort of understand, that to achieve an immersive, memorable and re-playable experience, audio tracks and sound effects are significant. If Koji Kondo’s iconic tracks can be reworked, then why not those of our top-performing casino games?

On the deals front, EveryMatrix continues to command a comfortable lead as the busiest aggregator, adding Popok Gaming this month.

Biggest aggregator dealmakers

Meanwhile, Bulgarian start-up Pateplay now tops our leaderboard of studio dealmakers, having teamed up with the likes of BetConstruct and Digitain in recent months.

Biggest studio dealmakers

* Please note these are live charts that update every month so please ensure the month of November 2023 is selected in the drop-downs to match the analysis

**The interactive games chart at the top excludes live games and table games. Game rankings are determined by the number of game appearances on the casino homepages of more than 2,500 casino sites. To access many other charts including game rankings, live and table games, positions on subpages or to filter game performance by game theme, game feature, market or operator, please get in touch with our partner, egamingmonitor.com. Egamingmonitor covers 56,000 games, 1,600 suppliers and 3,000+ operators. ***Data on deals by month was collected from April 2020 onwards and the rolling chart reflects current dealmaking performance, i.e. how many deals were signed over the last 6 months. Note that only deals either a) on company websites or b) in the gaming press or c) reported to us by studios and aggregators, are collated. Deals between studios & aggregators (and aggregators & operators) from all time are available via egamingmonitor.com.

The gambling watchdog also handed a warning to the Swedish land-based casino brand of Svenska Spel.

According to Spelinspektionen, Casino Cosmopol “failed in its work with customer knowledge in several areas.” The regulator launched its investigation in November 2021 with a particular focus on the brand’s AML customer awareness efforts.

The probe also followed up on “previous shortcomings regarding certain requirements in the Money Laundering Act.”

Sanctions for Casino Cosmopol

The company responded to the news by accepting the sanctions, but underlined the historic nature of the issues. The brand added that its current AML measures comply with requirements.

“Casino Cosmopol accepts the criticism,” the brand said.

“As the Gambling Inspectorate states in its decision, during and after the supervision period, Casino Cosmopol implemented improvement measures. The Swedish Gaming Authority also assesses that Casino Cosmopol will be able to comply with the regulations going forward.”

The brand’s measures now include player registration for gaming machines and tables, as well as lower gambling thresholds for interventions.

Improved measures

It is understood the company has also improved system support for recording and monitoring transactions.

Additionally, there is now “in-depth money laundering training” for staff, and more dedicated staff for follow-ups and monitoring.

“We have high ambitions for our work and have implemented new comprehensive tools and routines,” CEO Ola Enquist said.

“[In terms of] shortcomings [that] have not already been remedied, we will take care of them.

“Money laundering is a serious social problem that must be combated in every way. We will now go through and carefully analyse the Gambling Authority’s decision.”

AML costs

Increased costs related to social responsibility and AML measures were cited as a reason for Casino Cosmopol’s increased Q3 losses.

Svenska Spel’s Casino Cosmopol and Vegas slots verticals generated a collective SEK35m quarterly net loss. This was SEK22m greater than the corresponding quarter in the previous year. Across the two areas, net gaming revenue decreased by 11% to SEK247m.

Svenska Spel introduced new opening times at Casino Cosmopol properties in October to counter competition from restaurant casinos.

The ministry of finance has also issued notice to licence holders under the current law (NOOGH) regarding the milestones for a seamless transition to the new legislative framework.

The incoming National Ordinance for Games of Chance (LOK) will overhaul how gambling is regulated in the region.

The re-regulation will see facets of the current law change. Among the main alterations are adjustments to licence types and fees for operators.

What are the milestones?

Registration of sub-licences on the Curaçao Gaming Control Board (GCB) portal, and the subsequent application for a direct licence under the current legislation – if required by the sub-licensee – will no longer be possible after 31 March 2024.

The portal opened on 1 September, officially kicking off the application process. Account registrations for applicants and sub-licensee holders could be submitted from 1 November. The portal has two functions – processing new applications under the current legislation and registering licensees.

Any sub-licensee that has not been registered along with their domains listed on the GCB portal will no longer be permitted to operate after 31 March.

Transition into the new framework under a provisional licence when the LOK is brought into force – known as “grand-fathering” – will apply only to direct licence holders under the NOOGH as of 31 March. Applications in progress will continue without interruption. 

Any operator that wishes to continue operating in Curaçao, but has not applied for a direct licence from the GCB before March 31, can only continue operating under their sub-licence until the master licence expires or when the LOK is enacted- whichever date is sooner.

The sub-licensees will then need to apply for a new licence under the LOK.

In addition, the GCB has renewed all gambling licences in Curaçao. The first of these renewals will cease in August 2024, and the last one in January 2025.

From 1 January 2024, licence holders will be allowed to display a Digital Seal on their website. This Digital Seal will be issued by the GCB. Registered applicants that have submitted an application could also receive permission to display the Digital Seal on their site. The GCB will issue a policy on Digital Seals in the future.

How did the jurisdiction get to this point?

Curaçao’s new gambling overhaul process was first announced in July 2022. In January this year, the Dutch government said Curaçao was working on a “new schedule” for reform.

At iGB L!VE this year, Sixiènne Jansen, legal advisor to Curaçao’s ministry of finance outlined what the jurisdiction’s new regulatory timeline was set to look like from 1 September onwards.

Things only ramped up from there. Javier Silvania, Curaçao’s minister of finance spoke out in support of the LOK in September. He said it would act as a “safety net” in preventing grey-listing by the Financial Action Task Force.