Ireland’s Minister for Finance Michael Noonan announced a new bill that will create a new licensing system for remote betting operators.
The Betting (Amendment) Bill 2012 is designed to “ensure a fair and equal treatment of all bookmakers and betting exchanges offering services in Ireland.” The bill will bring into the licensing and taxation regime all remote bookmakers and betting intermediaries, such as betting exchanges.
The new licensing system for remote operators is intended to prevent crime and protect consumers against fraud. It has also been drafted to ensure that all businesses offering betting services from Ireland or to persons in Ireland are regulated appropriately. The bill amends, for that purpose, the Betting Act of 1931, which contains the existing provisions governing licensing of bookmakers and will be scheduled in the next Dáil session.
Provision was made in the Finance Act 2011 for the taxation of remote bookmakers and betting exchanges, subject to a ministerial commencement order.
“This bill will bring into place a fair and equitable licensing and regulatory regime for all bookmakers and betting intermediaries,” Minister Noonan said. “This bill, once enacted, will allow for the extension of betting duty to remote bookmakers and will ensure that all bookmakers' activities offered in the state are taxed equally.
“The fact that off-shore bookmakers were not subject to the betting levy represented a competitive disadvantage to on-shore firms and also narrowed the state’s yield from the levy.”
There is “significant downstream revenue potential” from investment from major companies, he said, noting that such organisations prefer to base themselves in “properly licensed and regulated regimes.”
July 20, 2012
July 19, 2012
Betfair to sponsor Bayer Leverkusen
The British betting exchange Betfair has become the official sponsor of one of the best football teams in the German Bundesliga - Bayer Leverkusen.
The betting exchange is famous for its cooperation with many sports teams such as Barcelona and Manchester. It's time for another giant of European football. A two-year sponsorship contract with a possible extension for another year has been recently signed. According to the terms of the agreement Betfair will be able to advertise its logo at BayArena, the main stadium of the club. Moreover, Bayer will participate in a variety of marketing promotions of the betting exchange.
Before signing a cooperation agreement with Betfair, Bayer Leverkusen had concluded a contract with the Maltese bookmaker Bet3000. According to the representatives of the German club, Rudi Voller, Bayer sporting director and former successful player and coach, will become a representative of the Betfair brand. Both parties look forward to the fruitful cooperation, which will bring many benefits.
The betting exchange is famous for its cooperation with many sports teams such as Barcelona and Manchester. It's time for another giant of European football. A two-year sponsorship contract with a possible extension for another year has been recently signed. According to the terms of the agreement Betfair will be able to advertise its logo at BayArena, the main stadium of the club. Moreover, Bayer will participate in a variety of marketing promotions of the betting exchange.
Before signing a cooperation agreement with Betfair, Bayer Leverkusen had concluded a contract with the Maltese bookmaker Bet3000. According to the representatives of the German club, Rudi Voller, Bayer sporting director and former successful player and coach, will become a representative of the Betfair brand. Both parties look forward to the fruitful cooperation, which will bring many benefits.
Scandinavian bookmaker Unibet acquired Bet24
The Scandinavian bookmaker Unibet has acquired Bet24 for €13.5 million. The main purpose of this agreement is to increase revenue of the poker room, which experienced a decline in profits.
Bet24 sportsbook announced a net profit of €10.5 million last year, so this acquisition of Unibet can pay off as early as next year. Before, Bet24 had been run by the company Modern Times Group, which belongs to the well-known concern Nordic Betting. The deal is to be concluded in the second quarter of this year, after the full payment of money. The new owner of Bet24 announced that it would not change the name of the company which would operate on the Danish market under this name.
The former owner of Bet24 stated that the acquisition was a strategy for further development, and would also be a more attractive platform for Bet24 customers, given the fact that Unibet is one of the largest and most prestigious bookmakers in Europe.
Bet24 sportsbook announced a net profit of €10.5 million last year, so this acquisition of Unibet can pay off as early as next year. Before, Bet24 had been run by the company Modern Times Group, which belongs to the well-known concern Nordic Betting. The deal is to be concluded in the second quarter of this year, after the full payment of money. The new owner of Bet24 announced that it would not change the name of the company which would operate on the Danish market under this name.
The former owner of Bet24 stated that the acquisition was a strategy for further development, and would also be a more attractive platform for Bet24 customers, given the fact that Unibet is one of the largest and most prestigious bookmakers in Europe.
July 18, 2012
Åland’s Paf launches Ongame’s first casino side games
bwin.party’s Ongame has announced its first implementation of casino side games within the poker client following a deal with WMS subsidiary Jadestone.
Ongame said that the “non-intrusive” implementation of side games is designed to increase total operator revenues without cannibalizing on poker, while also enabling the promotion of other gaming products to poker players, which increases long-term player loyalty for the operator brand.
“Entering the casino market is a strategic step for Ongame,” said the company’s managing director Peter Bertilsson. “Ongame’s excellence within poker and our long-term relations with our operators puts us in a unique position to offer an improved player experience and increased profits for our partners.”
Åland’s Paf has become the first operator to offer the side games within the poker client, with casino side games provided by Swedish games developer Jadestone.
“We are happy to finally offer side games within our poker client,” said Arvid Klingström, head of poker at Paf. “For us at Paf, with our focus mainly on recreational players, this is a natural step to expand our offering towards our poker players and to cross promote poker and casino. The packaging of the games is great and the look-and-feel really fits Paf.”
Robert Henrysson, CEO at Jadestone, added: “Jadestone’s side games offering is perfectly suited for implementation within the Ongame poker client. With the help of Ongame we are able to offer exciting casino games to poker players without making it hard for the operator to implement.
“This is a new way for us to distribute content, and through the recent acquisition of Jadestone by WMS, we may ultimately look to provide WMS award-winning portfolio in a similar manner.”
Ongame said that the “non-intrusive” implementation of side games is designed to increase total operator revenues without cannibalizing on poker, while also enabling the promotion of other gaming products to poker players, which increases long-term player loyalty for the operator brand.
“Entering the casino market is a strategic step for Ongame,” said the company’s managing director Peter Bertilsson. “Ongame’s excellence within poker and our long-term relations with our operators puts us in a unique position to offer an improved player experience and increased profits for our partners.”
Åland’s Paf has become the first operator to offer the side games within the poker client, with casino side games provided by Swedish games developer Jadestone.
“We are happy to finally offer side games within our poker client,” said Arvid Klingström, head of poker at Paf. “For us at Paf, with our focus mainly on recreational players, this is a natural step to expand our offering towards our poker players and to cross promote poker and casino. The packaging of the games is great and the look-and-feel really fits Paf.”
Robert Henrysson, CEO at Jadestone, added: “Jadestone’s side games offering is perfectly suited for implementation within the Ongame poker client. With the help of Ongame we are able to offer exciting casino games to poker players without making it hard for the operator to implement.
“This is a new way for us to distribute content, and through the recent acquisition of Jadestone by WMS, we may ultimately look to provide WMS award-winning portfolio in a similar manner.”
July 16, 2012
Californian voters keen on sports betting but unsure on poker
A poll conducted in California on internet gambling shows that most California voters are ready to add sports betting to be legalised in the Golden State, but they are split on whether the state should allow residents to play poker over the Internet.
Both proposals are the subject of pending legislation. A bill that would allow sports betting if Congress or the courts lifted the federal restrictions on it has passed the Senate & one Assembly committee. But a measure to legalise online poker stalled at its first committee hearing last month.
The poll found that 58% of Californian voters support the legalisation of sports betting, with 35% opposing the idea.
There is a more reserved attitude toward internet poker, however; where 49% of respondents were for the concept but 45% were against it.
Mark DiCamillo who’s company conducted the poll, said voters seem receptive to the trade when it comes to sports betting, but are more cautious about letting people play poker – & potentially losing big – without ever leaving the house.
The latest poll shows a slight decline in support for the introduction of online poker since the last poll, conducted in September 2011, which found that 53% of registered voters want to licence & regulate online poker & have the state tax its proceeds, & 41% opposed it.
Support for the idea is higher among Democrats, independents & men. Republicans & women are more concerned about the possible impact of online poker, according to the poll. There’s also a major age difference, with older voters far more opposed than the younger generations, which are more comfortable online.
The Field poll contrasts markedly from one published by the Poker Association last month, finding that 76 percent of voters favoured regulating & taxing online poker, spokesman Ryan Hightower said.
Voters said they support online poker because of the revenue it will generate for California's economy, he advised.
The Field poll was conducted between June 21-July 2 among 997 voters. It has a margin of error of plus or minus 4.5 percentage points.
Both proposals are the subject of pending legislation. A bill that would allow sports betting if Congress or the courts lifted the federal restrictions on it has passed the Senate & one Assembly committee. But a measure to legalise online poker stalled at its first committee hearing last month.
The poll found that 58% of Californian voters support the legalisation of sports betting, with 35% opposing the idea.
There is a more reserved attitude toward internet poker, however; where 49% of respondents were for the concept but 45% were against it.
Mark DiCamillo who’s company conducted the poll, said voters seem receptive to the trade when it comes to sports betting, but are more cautious about letting people play poker – & potentially losing big – without ever leaving the house.
The latest poll shows a slight decline in support for the introduction of online poker since the last poll, conducted in September 2011, which found that 53% of registered voters want to licence & regulate online poker & have the state tax its proceeds, & 41% opposed it.
Support for the idea is higher among Democrats, independents & men. Republicans & women are more concerned about the possible impact of online poker, according to the poll. There’s also a major age difference, with older voters far more opposed than the younger generations, which are more comfortable online.
The Field poll contrasts markedly from one published by the Poker Association last month, finding that 76 percent of voters favoured regulating & taxing online poker, spokesman Ryan Hightower said.
Voters said they support online poker because of the revenue it will generate for California's economy, he advised.
The Field poll was conducted between June 21-July 2 among 997 voters. It has a margin of error of plus or minus 4.5 percentage points.
Sands given more time for Macau development
Sands China said it has been given more time to build their casino resort in Macau on land granted by the government, however it does expect to pay a penalty for the delay under the agreement.
The Macau government extended a deadline to develop a plot called Parcel 3 to April 17, 2016, from April 2013, Sands said in a statement. The government also said the casino operator will be notified about the penalty amount for delaying the construction, according to the statement.
Construction has yet to begin on Parcel 3, which is slated for the company’s biggest project after the $5 billion Cotai Central resort opened this year. Sands’s rivals Melco Crown Entertainment, SJM Holdings and MGM China Holdings are also awaiting land grants or government approvals for construction in the world’s largest gambling zone.
The new resort will target the mass-market and feature“family-oriented” facilities, Sands said in a separate statement.
The Parcel 3 resort would increase Sands’s presence on Cotai, a strip of reclaimed land. Operators are adding resorts there to draw more of the Chinese tourists who boosted Macau’s casino gambling revenue by 42% last year.
In regulatory filings with the U.S. Securities & Exchange Commission, parent Las Vegas Sands had said it would apply for the extension because it would be unable to meet the April deadline.
If the extension isn’t approved, the company may have to take a charge for some or all of its $96.7 million in capitalized construction costs and land premiums as of March 31, 2012, Las Vegas Sands estimated in a May filing.
The company was initially required to complete the development by August 2011 and the Macau government had already given it one extension, according to the May filing.
The Macau government extended a deadline to develop a plot called Parcel 3 to April 17, 2016, from April 2013, Sands said in a statement. The government also said the casino operator will be notified about the penalty amount for delaying the construction, according to the statement.
Construction has yet to begin on Parcel 3, which is slated for the company’s biggest project after the $5 billion Cotai Central resort opened this year. Sands’s rivals Melco Crown Entertainment, SJM Holdings and MGM China Holdings are also awaiting land grants or government approvals for construction in the world’s largest gambling zone.
The new resort will target the mass-market and feature“family-oriented” facilities, Sands said in a separate statement.
The Parcel 3 resort would increase Sands’s presence on Cotai, a strip of reclaimed land. Operators are adding resorts there to draw more of the Chinese tourists who boosted Macau’s casino gambling revenue by 42% last year.
In regulatory filings with the U.S. Securities & Exchange Commission, parent Las Vegas Sands had said it would apply for the extension because it would be unable to meet the April deadline.
If the extension isn’t approved, the company may have to take a charge for some or all of its $96.7 million in capitalized construction costs and land premiums as of March 31, 2012, Las Vegas Sands estimated in a May filing.
The company was initially required to complete the development by August 2011 and the Macau government had already given it one extension, according to the May filing.
July 13, 2012
Poker and casino pay out for 888 Holdings
Online gaming company 888 Holdings has signalled 2012 could be its annus mirabilis as it surprised investors with improved forecasts for the year.
The group, which analysts believed was close to “crisis point” in 2011, said earnings for the first six months will likely “significantly exceed current expectations” as its revamped casino and poker products gain traction with online gamers.
Margins over the next six months are expected to take a knock from the Olympics, which is likely to draw punters towards sports betting.
Investments in the Spanish market, where online gaming has just been legalised, and in the US will also result in a slightly weaker performance in the second half compared to the “strong” start to the year, 888 said.
Even so, the company believes earnings before interest, taxes, depreciation, and amortization(ebitda) for the full-year will be “materially ahead of expectations”.
Last year 888 saw pre-tax profits slump 44pc to $5.85m (£3.8m) as chief executive Brian Mattingley steered the company away from unprofitable contracts in its business to business arm, to focus on consumer products.
The group, which analysts believed was close to “crisis point” in 2011, said earnings for the first six months will likely “significantly exceed current expectations” as its revamped casino and poker products gain traction with online gamers.
Margins over the next six months are expected to take a knock from the Olympics, which is likely to draw punters towards sports betting.
Investments in the Spanish market, where online gaming has just been legalised, and in the US will also result in a slightly weaker performance in the second half compared to the “strong” start to the year, 888 said.
Even so, the company believes earnings before interest, taxes, depreciation, and amortization(ebitda) for the full-year will be “materially ahead of expectations”.
Last year 888 saw pre-tax profits slump 44pc to $5.85m (£3.8m) as chief executive Brian Mattingley steered the company away from unprofitable contracts in its business to business arm, to focus on consumer products.
July 09, 2012
Betfair drops 4.5% as Cyprus announces restrictions on online betting
Betting exchange group faces unexpected blow from new laws to limit gambling.
The beleaguered eurozone state said it would restrict online casino and poker as well as exchange betting. Betfair said Cyprus contributed around 4% of group revenues last year, and around £9m of profit. Its shares have lost 34p to 722p on the news, but it is taking advice on the legality of the move. It said:
The company believes the legislation contains serious flaws and, in certain areas, is inconsistent with European Union law.
Betfair...will be taking all necessary steps to reduce the impact on profitability through both legal action and cost management.
Analyst Michael Campbell at broker Daniel Stewart said he believed Cyprus also planned to introduce a new betting tax of 13% of gross profits.
This is another blow to Betfair's exchange betting business. The stock trades on around 6.6 times 2012 consensus EBITDA which appears reasonably priced, though our biggest concern remains whether other markets will, like Cyprus, ban exchange betting which will hamper the business's ability to grow outside of its core UK market.
Karl Burns at Shore Capital said full year forecasts were likely to be reduced after the news:
We retain our hold recommendation, highlighting that whilst we believe the exchange is a unique and highly cash generative business model, in addition to reporting strong underlying revenue growth recently, we continue to harbour concerns over the pace of exchange regulation in Europe, with Europe around 40% of group revenue, whilst comparatives will toughen through the year.
Overall markets have begun the week on a downbeat note, on renewed worries about the eurozone as Spain's 10 year bond yields climb above 10% again, ahead of the latest EU finance ministers meeting. The FTSE 100 is currently down 23.49 points at 5639.14.
Banks are mixed, with Barclays down 0.85p at 163.9p as the libor fixing scandal continues to cast a shadow over the group. But Royal Bank of Scotland has risen 1.1p to 202.6p as analysts at, yes, Barclays issued an overweight rating although they cut their price target from 340p to 270p.
Elsewhere the profit warning from JJB Sports, down nearly 30% at 7p, which blamed the weather and poor sales of Euro 2012 replica kits has helped push the rest of the sector lower. JD Sports is down 28p at 712p while Mike Ashley's Sports Direct International has dropped 1.8p to 308.2p. But Jonathan Pritchard at Oriel Securities remained positive on Ashley's business:
We do not think that the trends should be read across to Sports Direct - indeed that company's actions have caused JJB's problems.
Sports Direct has been aggressive in terms of replica kit pricing and stated as soon as Dick's arrived [to invest in JJB] that it would up the ante on price.
The beleaguered eurozone state said it would restrict online casino and poker as well as exchange betting. Betfair said Cyprus contributed around 4% of group revenues last year, and around £9m of profit. Its shares have lost 34p to 722p on the news, but it is taking advice on the legality of the move. It said:
The company believes the legislation contains serious flaws and, in certain areas, is inconsistent with European Union law.
Betfair...will be taking all necessary steps to reduce the impact on profitability through both legal action and cost management.
Analyst Michael Campbell at broker Daniel Stewart said he believed Cyprus also planned to introduce a new betting tax of 13% of gross profits.
This is another blow to Betfair's exchange betting business. The stock trades on around 6.6 times 2012 consensus EBITDA which appears reasonably priced, though our biggest concern remains whether other markets will, like Cyprus, ban exchange betting which will hamper the business's ability to grow outside of its core UK market.
Karl Burns at Shore Capital said full year forecasts were likely to be reduced after the news:
We retain our hold recommendation, highlighting that whilst we believe the exchange is a unique and highly cash generative business model, in addition to reporting strong underlying revenue growth recently, we continue to harbour concerns over the pace of exchange regulation in Europe, with Europe around 40% of group revenue, whilst comparatives will toughen through the year.
Overall markets have begun the week on a downbeat note, on renewed worries about the eurozone as Spain's 10 year bond yields climb above 10% again, ahead of the latest EU finance ministers meeting. The FTSE 100 is currently down 23.49 points at 5639.14.
Banks are mixed, with Barclays down 0.85p at 163.9p as the libor fixing scandal continues to cast a shadow over the group. But Royal Bank of Scotland has risen 1.1p to 202.6p as analysts at, yes, Barclays issued an overweight rating although they cut their price target from 340p to 270p.
Elsewhere the profit warning from JJB Sports, down nearly 30% at 7p, which blamed the weather and poor sales of Euro 2012 replica kits has helped push the rest of the sector lower. JD Sports is down 28p at 712p while Mike Ashley's Sports Direct International has dropped 1.8p to 308.2p. But Jonathan Pritchard at Oriel Securities remained positive on Ashley's business:
We do not think that the trends should be read across to Sports Direct - indeed that company's actions have caused JJB's problems.
Sports Direct has been aggressive in terms of replica kit pricing and stated as soon as Dick's arrived [to invest in JJB] that it would up the ante on price.
July 06, 2012
Betfred signs branded content deal for social football game
Independent bookmaker Betfred has signed a deal to provide its branded content within a popular social football game developed by We R Interactive.
We R Interactive’s I AM PLAYR social football game was first released last October and lets users play the life of a professional footballer. It fuses live action video, interactive story-telling and first-person perspective 3D game play to create an original narrative, where the storyline is dictated by the player's decisions and actions both on and off the pitch.
From August 18th, Betfred.com will appear in the game via a virtual in-game betting shop which pulls in real-life Premier League football betting fixtures and allows players to bet using their in-game cash.
The game also incorporates Betfred’s high profile horse-racing sponsorships, as well as its recent sponsorship of the World Snooker Championship at the Crucible.
Betfred said that it was an “innovative” deal which aims to drive brand awareness, as part of the company’s strategy to create social entertainment experiences around its sponsorship portfolio.
“Betting and football are natural partners, so it's great to be bringing the Betfred brand into the game through these really innovative integrations that further authenticate the game and blur the boundaries between the real life of a professional footballer and the virtual world of I AM PLAYR,” said Paul Whitehead, global commercial director of We R Interactive. “We're building a large audience for I AM PLAYR, so we'll be working with Betfred to grow their own social activities.”
Betfred managing director Chris Sheffield added: “We are all about innovation at Betfred.com, that’s why this deal was so appealing and we are delighted that our brand will be exposed to a wider audience.”
We R Interactive’s I AM PLAYR social football game was first released last October and lets users play the life of a professional footballer. It fuses live action video, interactive story-telling and first-person perspective 3D game play to create an original narrative, where the storyline is dictated by the player's decisions and actions both on and off the pitch.
From August 18th, Betfred.com will appear in the game via a virtual in-game betting shop which pulls in real-life Premier League football betting fixtures and allows players to bet using their in-game cash.
The game also incorporates Betfred’s high profile horse-racing sponsorships, as well as its recent sponsorship of the World Snooker Championship at the Crucible.
Betfred said that it was an “innovative” deal which aims to drive brand awareness, as part of the company’s strategy to create social entertainment experiences around its sponsorship portfolio.
“Betting and football are natural partners, so it's great to be bringing the Betfred brand into the game through these really innovative integrations that further authenticate the game and blur the boundaries between the real life of a professional footballer and the virtual world of I AM PLAYR,” said Paul Whitehead, global commercial director of We R Interactive. “We're building a large audience for I AM PLAYR, so we'll be working with Betfred to grow their own social activities.”
Betfred managing director Chris Sheffield added: “We are all about innovation at Betfred.com, that’s why this deal was so appealing and we are delighted that our brand will be exposed to a wider audience.”
July 05, 2012
New York Lottery adds Gaming Terminals to Bars
Bars throughout New York are introducing bingo-style terminals, under new laws passed by Governor Andrew Cuomo earlier this year.
The New York lottery, who has placed 92 terminals since April, is targeting about 500 bars and pubs throughout the State for Quick Draw video terminals.
Cuomo lifted restrictions on gaming terminals in bars and pubs as part of an effort to improve the state’s budget and introduce much needed revenue to government coffers. Bars in back streets will bring the flashing lights of casinos into the drunken atmosphere, with maximum convenience for players.
“Customers get the same thrill of gambling without having to drive to the casino,” said Richard Keeler, owner of a neighbourhood tavern in New York.
The game Quick Draw resembles the casino game keno and “the most addictive form of gambling,” according to Donald Trump, he said, “The record shows that the biggest losers of all will be the poor and minority communities. When you add it all up, the social costs far outweigh the potential tax revenues.”
Players simply select numbers and hope their numbers are paired with the drawing numbers displayed on the screen. Wagers in New York’s version start at $1, players can pay with cash or credit cards and have the opportunity to win up to $100,000. The games can be offered during all hours, expect for half and hour in the early mornings.
In 1995, a law was passed which allowed keno in New York bars, which made approximately 25 percent of revenues from the sale of food. Andrew Cuomo is the first governor to successfully permit terminals in a bar that does not sell food.
“People got more comfortable than they had in the past with gambling, helped by the larger messaging about casinos,” said Scott Wexler, speaking for a pro-gambling group in New York, “Once lawmakers agreed to allow seven casinos, why not take the revenue from Quick Draw?”
The expansion of gaming terminals throughout bars and non-food establishments in New York is expected to raise $22m annually, said a government spokesperson.
The New York lottery, who has placed 92 terminals since April, is targeting about 500 bars and pubs throughout the State for Quick Draw video terminals.
Cuomo lifted restrictions on gaming terminals in bars and pubs as part of an effort to improve the state’s budget and introduce much needed revenue to government coffers. Bars in back streets will bring the flashing lights of casinos into the drunken atmosphere, with maximum convenience for players.
“Customers get the same thrill of gambling without having to drive to the casino,” said Richard Keeler, owner of a neighbourhood tavern in New York.
The game Quick Draw resembles the casino game keno and “the most addictive form of gambling,” according to Donald Trump, he said, “The record shows that the biggest losers of all will be the poor and minority communities. When you add it all up, the social costs far outweigh the potential tax revenues.”
Players simply select numbers and hope their numbers are paired with the drawing numbers displayed on the screen. Wagers in New York’s version start at $1, players can pay with cash or credit cards and have the opportunity to win up to $100,000. The games can be offered during all hours, expect for half and hour in the early mornings.
In 1995, a law was passed which allowed keno in New York bars, which made approximately 25 percent of revenues from the sale of food. Andrew Cuomo is the first governor to successfully permit terminals in a bar that does not sell food.
“People got more comfortable than they had in the past with gambling, helped by the larger messaging about casinos,” said Scott Wexler, speaking for a pro-gambling group in New York, “Once lawmakers agreed to allow seven casinos, why not take the revenue from Quick Draw?”
The expansion of gaming terminals throughout bars and non-food establishments in New York is expected to raise $22m annually, said a government spokesperson.
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