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As we look to the year ahead, industry experts share their thoughts on the opportunities and challenges facing the industry.
In part seven we talk to experts in regulation. In part one we heard from igaming operators and suppliers, in part two land-based operators and suppliers and part three finance experts. Part four then turned to those in marketing, part five recruiters and part six technology and innovation experts. In part eight we will focus on social responsibility.
Interviewees
Mark Balestra, partner, Segev LLP Melanie Ellis, partner, Northridge Law Gustaf Hoffstedt, chief executive, Branscheforenigen för Onlinespel (BOS) David McLeish, partner, Wiggin
Looking back at 2020, what – other than the Covid-19 pandemic – did you feel was transformational for the industry? And how much of a lasting effect do you think the Covid-19 pandemic will have going forward?
Mark Balestra
Mark Balestra: I can’t think of anything, but I’m not sure there was ever going to be much that was truly transformational. It was poised to be a year of growth and adaptation to the new legal landscape in the US, not transformation.
Like most industries, gaming and gambling has been gradually undergoing the transition into digital distribution. There are those who have for whatever reason been slow or reluctant to make the transition, but with Covid-19 they had no choice. The last year forced businesses to embrace digital channels for distributing their products, and for the most part, they’ve discovered that it is very doable. The pandemic necessitated innovation in a way that we’ve never seen.
Melanie Ellis: Aside from the obvious, some of the major challenges faced by the UK gambling industry in 2020 stemmed from increasing regulatory restrictions, including the ban on credit cards being used for online gambling from April 2020. The Covid-19 pandemic has accelerated the shift from land-based to online gambling and also led to some particular products, such as live casino and betting on esports, surging in popularity. Once restrictions are lifted there may well be a boost to land-based casinos, as people will be keen to make the most of their freedom to enjoy nights out with friends. However, much damage has been done to the sector and sadly some operators may not be able to continue.
Gustaf Hoffstedt: Sweden and Denmark passed the 50% threshold, with a larger proportion gambling online compared to land-based gambling. Approximately 10 additional EU states plus the UK are on their way to undergoing the same transformation. The pandemic will accelerate this development, but the transformation to online gambling would have happened anyway.
David McLeish: The long-awaited announcement of the government review of the Gambling Act in the UK is likely to culminate in significant changes in the domestic and, to an extent, the international landscape. The outcome of the review and the Gambling Commission’s consultation on affordability has the potential to either remove ongoing uncertainty in a positive manner or trigger further consolidation and/or UK market exits from smaller players that elect to focus their firepower elsewhere. It may also shape the approach of regulators in other regulated, or regulating, markets. That is why the industry’s approach to the calls for evidence is key.
The pandemic has undoubtedly accelerated the need for industry participants to ensure diversity in terms of both product offerings and geographical focus – particularly for historically retail-led businesses.
What do you feel is going to be a game-changer for the industry in the coming year?
MB: The sports entertainment industry has been walloped by Covid-19 and it’s going to be a long time yet before attendance at major sporting events reaches pre-Covid-19 levels. Prior to the pandemic, the courtship of sports gambling and sports entertainment was just getting underway. We were on the cusp of something big, and the need for new revenue streams will make it even more explosive than we thought it would be. We’re going to see some huge deals being made between sports teams and gambling businesses – and probably a lot of them.
Melanie Ellis
ME: Mass vaccination and the removal of Covid-19 restrictions will obviously be a game-changer for the land-based gambling industry worldwide. In the UK, the government’s review of the Gambling Act 2005 will bring much-needed certainty to the online industry in relation to future changes to regulatory requirements. I believe operators should look at the review positively, as an opportunity to engage with the government on how they are regulated in the future.
GH: Virtual Reality. But don’t listen to me, I’ve said that for a decade and so far I’ve been wrong. I just wish that the end consumer could experience what I have at some of the coolest booths at ICE.
DM: A combination of the outcome of the Gambling Act review and the reshaping of business focus, whether that is organic or, more likely, through mergers and acquisitions.
On the other hand, what do you feel could disrupt the sector or slow progress?
MB: Two things – and they overlap. First, one has to wonder how many online gambling addictions were created and/or worsened in 2020. The industry may have to reckon with the social impact of an epidemic. And in addition to grappling with the social component, the industry could be facing renewed anti-gambling efforts at the policymaking level, fuelled by the increased incidence of problem gambling. Second, and somewhat related, I would imagine disposable income will be scarce among a large portion of consumers. So, perhaps a lot of customers whom gambling operators would ordinarily count on for revenue will be either gambling with money they don’t have to spend or simply just not gambling.
ME: Increasing requirements for operators to conduct affordability checks on customers and pressure to restrict VIP programmes will increase the compliance burden next year and may well dampen revenues. Ultimately, I do not believe that operators want to take money from customers who are suffering from problem gambling, or who cannot afford their level of gambling. However, there is a risk that the measures put in place will make it difficult for customers who are gambling safely and within their means to continue to gamble as they have done in the past. I hope that both the Gambling Commission and the government, in its review of the Gambling Act, will take a pragmatic approach, bearing in mind the need to strike a reasonable balance between protecting those who are vulnerable and protecting the individual freedoms of those who are not.
gustaf Hoffstedt
GH: We operate in an industry with a low reputation. We’ve done that since our industry was born 25 years ago, but the problem has deepened. That is somewhat of a contradiction, since most jurisdictions have gone from monopolies to regulated markets, and as a consequence our legal right to exist and operate has been strengthened. But nevertheless, it appears that we haven’t seen the bottom yet. New records of decreased reputation are broken annually and it is always possible to fall another 100% in reputation compared to last year. Low reputation causes, among other undesirable things, a high political risk – a risk that can evolve in tax raises and regulations that disrupt the market.
DM: The macroeconomic impact of Covid-19 will inevitably take a toll on most industries. However, as the online gambling industry has matured, so have the sources of finance available to it (be it from private equity or via the recent rise of SPACs in the US).
Do you feel an imbalance is developing, with rapid expansion across the US contrasting with increasingly stringent regulations in the more mature European markets?
MB: It depends on what sector you’re talking about. In a lot of ways there are already imbalances – in sports betting in particular – due to Europe’s progressive policy compared to the US, and the US is actually on the way to evening things up.
ME: Liberalisation and restriction of gambling comes in waves and at the moment we see the US on the curve up towards greater liberalisation and the UK, along with a number of other European jurisdictions, a good way down the curve towards greater restriction. What might seem to be an imbalance is purely a result of those European jurisdictions beginning the move towards liberalisation 10-20 years before the US. Ultimately, the US is likely to find itself in a similar position to Europe, with each state operating its own licensing regime for gambling but potentially finding themselves needing to increase regulatory requirements in light of negative public and political sentiment.
GH: It comes as no surprise that Europe is slowing down. The reasons vary of course, but one thing that unites most EU jurisdictions seems to be that the politicians fail to understand that it is not themselves, nor the gambling industry, that defines the future of the gambling market. The power is in the hands of the consumer. The consumer decides via her smartphone whether horse betting, casino or esports shall grow, and also whether the regulated or the unregulated market shall prevail.
David mcleish
DM: Online gambling is a truly global business – there have always been pockets of interest in growing markets with consequential impacts on valuations driving M&A activity on the back of it. The race to control your own technology roadmap appears to be at the forefront of minds currently in the US. However, the US and the mature European markets are at very different stages in their life cycles. The opportunities in each have their pros and cons as do the myriad of possibilities in other areas of the globe. There can only be some many winners in each market and spreading yourself too thinly could be as risky as putting all your eggs in one basket – only time will tell who gets the balance right.
Revenue for the 12 months to 31 December 2020 amounted to €63.0m (£54.4m/$76.7m), up from €44.1m in the previous financial year.
GiG did not publish a full breakdown of its performance during the year. However, chief executive Richard Brown did say the business reached a number of “significant milestones” on it journey to become a leading B2B platform and media supplier in the igaming industry.
Among the highlights for GiG in 2020 was the launch of a new online casino brand with SkyCity Malta, a subsidiary of New Zealand-based SkyCity Entertainment Group.
GiG also agreed a strategic partnership with Genius Sports Group’s Betgenius to offer a fully integrated sportsbook and platform solution for operators in regulated markets worldwide.
In addition, GiG signed platform services deals and similar agreements with a range of new clients throughout the year, which in turn helped to grow revenue.
“I am very excited to see the work put in throughout the teams and across the company to deliver such impressive full year results for the new look, B2B only GiG,” Brown said.
Cost of sales for the year reached €3.0m, leaving a gross profit of €60.1m, while total operating expenses amounted to €49.3m, resulting in €10.7m in earnings before interest, tax, depreciation and amortisation (EBITDA), up 214.7% year-on-year.
Depreciation and amortisation costs totalled €12.1m, while the amortisation of acquired affiliate assets stood at €7.3m, leaving GiG with a loss before interest and tax of €8.7m, compared to €24.1m in 2019.
Financial expenses stood at €6.4m, and after taking into account bond losses and other income, loss before tax was €15.6m, an improvement on €32.3m in the previous year.
GiG paid €323,000 in income tax, meaning loss from continuing operations was €15.9m, less than half the €33.0m loss posted at the end of 2019. When also accounting for a €1.8m loss from discontinued operations, and a €174,000 loss from foreign exchange differences, comprehensive loss was €17.9m, compared to €66.2m in 2019.
GiG said the comparable 2019 results included a €31.7m loss from discontinued operations, primarily its existing B2C operations that were sold in April 2020 to Betsson in a deal worth €33.0m. The B2C assets included the Rizk, Guts, Kaboo and Thrills brands.
“The revenue and EBITDA growth is a testament to what has been built up through this year, and we are looking forward towards the continued improving results and growth as the actions through the second half of the year start to be delivered in 2021 and beyond,” Brown said.
The supplier also published results for its fourth quarter, during which revenue was up 66.4% year-on-year to €17.3m. This included revenue from Sky City, which GiG began working with in Q3.
Platform services revenue in Q4 was up 88.4 % to €8.1m, while media services revenue also increased by 30.0% to €9.0m, helped by an all-time high revenue result in December.
Sports betting revenue amounted to €200,000 in Q4, during which the new strategic partnership with Betgenius was implemented into operations. This brought together GiG’s platform technology with Betgenius’ end-to-end live data, trading and risk management services.
Five brands operated with GiG sportsbook in Q4, with an additional four in the pipeline for integration in 2021.
Cost of sales was €830,00 in the quarter, leaving a gross profit of €16.4m, while operating costs reached €12.3m, resulting in €4.1m in EBITDA, up from just €91,000 in the previous year.
Depreciation and amortisation costs stood at €2.8m and GiG also noted €1.5m in amortisation costs related to acquired affiliate assets, leaving a loss before interest and tax of €143,000, compared to a €6.8m loss in Q4 2019.
After accounting for financial costs, loss before tax was €3.6m, an improvement on €11.8m in the previous year. GiG paid €58,000 in tax, leaving a €3.7m loss from continuing operation for the period, compared to €12.1m in 2019.
In terms of discontinued operations, GiG noted a loss of €449,000, much lower than €35.8m in the previous year, meaning its total comprehensive loss for the quarter was €4.2m, a significant improvement from the €49.2 loss in Q4 of the previous year.
Prime Minister Boris Johnson announced a “roadmap out of lockdown” in Parliament today, with a phased reopening of society starting from 8 March.
The roadmap documents did not include any specific mention of betting shops, casinos, bingo halls or adult gaming centres.
However, a Downing Street spokesperson confirmed to iGB that betting shops will open in the second stage – starting on 12 April.
Other gaming venues will all open in stage three – expected to start on 17 May.
Johnson said that all stages of reopening would depend on data about the spread of the virus and that there would be at least five weeks between each steps. This means an earlier step being pushed back would see subsequent steps pushed back by the same time.
All gambling venues in England have been closed since at least 5 January, when a third lockdown began. However, many facilities had been closed much longer due to regional restrictions imposed under the preceding tiered system.
Last week, gambling industry body the Betting and Gaming Council (BGC) urged the government to allow betting shops and casinos to reopen at the same time as other similar businesses, after many faced extended closures in earlier lockdowns.
“Betting shops must be allowed to reopen alongside other non-essential retail,” he said. “Last summer, when most betting shops were able to open, they showed that they have best-in-class anti-Covid measures compared to any other part of the high street to protect customers and staff.
“Likewise, casinos are eager to help Britain get back on its feet. The night-time economy has taken a hammering during the pandemic and draconian restrictions, including the 10pm curfew, have made a difficult situation more desperate for many businesses.”
Johnson said that this reopening schedule would be a “one-way” road, with the aim of no reintroduction of restrictions once they are lifted.
While the rules will only apply to England, the Prime Minister said his government was working closely with the devolved governments of Scotland, Wales and Northern Ireland on the lifting of measures.
The two parties said the deal will ensure Lottery.com – which provides official lottery games such as Powerball and Mega Millions and enhanced regulatory capabilities by developing innovative blockchain technology – is well-positioned to accelerate its revenue growth through further expansion in its existing markets and into new high-growth markets both domestically and internationally.
The parties said that Lottery.com will be boosted by a $45m growth fund as soon as the transaction is completed, expected by the end of Q1 2021.
Penn Interactive, which is already live in Pennsylvania and Michigan, will gain ‘second skin’ access to the New York market, subject to legislation being enacted and regulatory approvals, through Capital Region Gaming’s licence.
In announcing the 20-year deal with Rivers Casino, Jon Kaplowitz, Penn National’s senior vice president of interactive gaming, reiterated the group’s backing of a multi-operator market in one of the US’s most populous and potentially profitable states.
“Gaining potential access to what could become one of the nation’s most lucrative sports betting markets has been a major priority for our company,” said Jon Kaplowitz, Penn National’s senior vice president of interactive gaming.
“We are hopeful that the New York State Assembly will follow those leading revenue producing states that allow for multiple skins for mobile sports betting. A state the size of New York certainly warrants open competition and a free market approach.”
Penn Interactive said it anticipates operating its Barstool Sports mobile sportsbook app in at least 10 states by the end of 2021. Kaplowitz said Penn Interactive has been encouraged by its performance so far in Michigan, where as well as sports it has also launched its Barstool-branded online casino.
The Magic Jackpot brand currently offers gaming machines at 940 of SuperBet’s retail outlets in Romania and Poland. The brand then also expanded into igaming when SuperBet acquired online operator Lucky 7 last year, with SuperBet opting to use the Magic Jackpot brand name for its online operations in Romania.
“I am excited that we have gone to live in Romania with Magic Jackpot, a well-recognised local brand, with a retail footprint across the country,” GiG chief commercial officer Ben Clemes said. “GiG’s technical igaming platform combined with the local experience of Superbet and operational expertise at Magic Jackpot will provide a market-leading experience to their players.
“It’s a proud moment for GiG to power the launch of a new brand while entering another regulated jurisdiction, which we have seen accelerate over the past few years and we look forward to developing our presence further throughout 2021.”
Lucky 7 co-founder Magnus Petersson said it took a combined effort from Lucky 7, Superbet and GiG to produce the Magic Jackpot online product in Romania.
“The Romanian project started back in June and was a completely new market for us, but with the help from Superbet and GiG we managed to pull it off in eight months,” Petersson said. “Considering it is a highly regulated market, eight months is a great achievement we all can be proud of.
“We’re fortunate to partner up with the largest sports betting and casino operator in Romania and among the top 30 in the world.”
The case against the New York-listed business has been filed at the Southern District of New York on behalf of investors who purchased or otherwise acquired common stock of Fubo from 23 March 2020 to 4 January 2021.
The class action period includes the date when Fubo acquired daily fantasy sports supplier Balto Sports in December 2020. At the time, Fubo co-founder and CEO David Gandler said the operator sees the “online wagering space as complementary to our sports-first live TV streaming platform”.
Wolf Haldenstein Adler Freeman & Herz LLP, leading the action, cited Lightshed Partners analyst Richard Greenfield’s claims in December that Fubo’s chances of achieving success in sports betting were “pure fantasy”. Lightshed further observed that the company “[may be] the most compelling short we have ever identified in our career as analysts”.
Wolf Haldenstein said that during the class period Fubo made materially false or misleading statements pertaining to the sustainability of its growth in subscribers and profitability, and likelihood of cost escalation.
Ucar will be responsible for Luckbox’s global content strategy and will play a major role in its marketing plans.
“Content marketing is a key pillar of our player acquisition and brand strategy as we target growth for Luckbox and Nevzat will play an integral role in that,” Luckbox chief executive Quentin Martin said.
He joins from Red Bull, where he served in the same role since 2019, having also previously worked as head of video and broadcast at Riot Games and art director at Fox International Channels.
“I am a lifelong gamer, and Luckbox’s business targeting the most potentially lucrative esports sector is a compelling opportunity for me,” Ucar said. “This is a global opportunity to shape our esports community, content and strategy and have fun while doing all of it.”
Martin added that Ucar’s interest in gaming helped make him an ideal choice for the role.
“Having someone of Nevzat’s pedigree on board strengthens our marketing team and, importantly, his passion for gaming and esports fits in perfectly with our company ethos.”
Ucar’s appointment follows Luckbox’s selection of Thomas Rosander as chief customer officer earlier this month. Rosander had previously held high-level roles at Dunder, Mr Green and Electronic Arts.
At the start of February, Luckbox announced that it was adding live traditional sports to its offering through a deal with supplier EveryMatrix.
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