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Q&A with Joonas Karhu from Bojoko

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What is the current state of play in Finland when it comes to online casino/sports betting regulations?

The online licensed operator in Finland is Veikkaus and it has a monopoly on all land-based, online casino and sports betting. That being said, players in Finland are allowed to gamble wherever they like however operators are not allowed to advertise their brands within the borders of Finland. This is why you see a large number of affiliates running Finnish-language versions of their sites as there is no law preventing them from pushing players from Finland to their operator partners, so long as they are not considered to be advertising within the country’s borders.

Do you believe the market will ultimately move away from being a monopoly? If so, why?

Ultimately, Finland will open up its market through a regulatory framework and licensing model similar to what is in place in Sweden. And it really is only a matter of time before this happens. Last year, Finnish journalist Senja Larsen wrote a book called Veikkauskratia that brought to light some of the horrors of the country’s gambling monopoly. The discussion about the open model versus the closed monopoly has been brewing for years but the book has caused things to explode.

The proceeds Veikkaus generates are now being directed to the government budget but before they were distributed directly by the operator. This has led to instances of corruption. Now that the proceeds are being controlled by the government, it makes instances of corruption much less likely and not only that, but the government will be able to clearly see the greater benefits that regulating and licensing land-based and online gambling will bring to the country.

How long do you think it will take before the market is regulated/licensed and more operators are allowed to enter?

A parliamentary election is set for 2023 and I believe that this will be one of the key topics discussed throughout the election process. Given the tremendous benefits that licensing and regulation would bring, and that other European countries continue to embrace open gambling markets, it could easily be the case that Finland has a licensed market as early as 2024.

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What opportunities does the Finnish market present now for operators and affiliates?

A 2017 article in the Economist put Finland as the fourth biggest market in the world based on gambling losses per adult so the potential for operators and indeed affiliates is clear. Of course, due to the current monopoly approach operators and affiliates need to tread carefully to ensure they do not fall foul of the country’s gambling laws. At present, it is about considering whether the balance between risk and reward can be struck, and despite the clear opportunities the market offers, for many it is better to wait for the country to embrace regulation and licensing.

How will those opportunities change in the event the market moves away from the monopoly model?

The cost of operating in the market increase as operators will have to ensure they are compliant with the regulations in place. They will also have to market to players, and in the early days those that can spend big and be more aggressive are best placed to gain the all-important first-mover advantage. Another challenge will be securing talent – companies will undoubtedly open offices in Finland and seek to onboard those with experience in the market. This can lead to a situation where supply outstrips demand. Of course, a regulated, licensed market gives businesses the confidence they need to invest into the industry which in turn helps it to grow.

Do monopolies ultimately harm the consumer experience? If so, how/why?

Many years ago, a number of Finnish political leaders and perhaps the gambling monopoly Veikkaus came up with a story that with a monopoly they can protect the consumer better. With this story, Finland got a wild pass from the EU to maintain this approach to its gambling industry. Of course, several years on we now know, based on data both from Finland and Norway, that actually a monopoly creates more gambling problems when compared to regulated markets.

When it comes to consumer experience, every year we see that consumers play less at Veikkaus than the previous year and more abroad and at offshore sites. This is no surprise as the world has been globalising for years and consumers want choice. I mean if you just look at the list of online casinos regulated by the UKGC we have at Bojoko here, you can see that there are 200 of them.

What are the main benefits that licensing and regulation could bring to Finland?

Better player protection. No one company can be more responsible than the sum of many with independent and objective regulations and regulators. It also creates more value for players due to the competitiveness of a free market. In addition, it leads to better channelisation which in turn generates increased tax revenues for the Finnish government instead of money flowing abroad. Opening up the market also creates opportunities for businesses as gambling companies need often work with third-parties while also providing solid ground for start-ups looking to bring something new and exciting to the market.

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SiGMA Asia Awards 2024: Boomerang Partners Nominated for ‘Rising Star Affiliate Program’

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The fast-growing Boomerang Partners affiliate program continues gaining global recognition, earning a nomination for the prestigious ‘Rising Star Affiliate Program 2024’ category in the Asia region

With a rapidly growing network of over 5,200 affiliates across 70+ countries, the dynamic Boomerang Partners affiliate program has been recognized as a finalist for the ‘Rising Star’ category at the SiGMA Awards Asia 2024. While Asia is not currently the central focus for brand promotion, this prestigious recognition from SiGMA is a notable honor that inspires Boomerang to fortify its global footprint and industry-leading position.

In 2023 alone, Boomerang’s achievements included paying over €50 million to affiliates, creating 22 exclusive branded games, hosting 82 tournaments across 30 regions, and expanding into 31 new markets. This followed prestigious wins like ‘Casino of the Year’ at the SiGMA Balkans/CIS Awards, ‘Commission Offer of the Year’ at the AffPapa iGaming Awards, and ‘Best PPC Affiliate’ at the SiGMA Europe Awards.

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This year, Boomerang Partners is highlighting innovations like a worldwide traffic tournament and has already been nominated at the AffPapa, MAC, and AskGamblers Awards – eagerly awaiting the results across these prestigious voting processes and final selections.

“We actively collaborate with SiGMA, having participated in their events and been honored with SiGMA awards in other regions previously,” said Vitalii Prokofev, CEO at Boomerang Partners. “SiGMA sets the standard with premier industry events and accolades worldwide. This nomination at their Asia awards is valuable recognition that fuels our ambition to raise our global profile further.”

Boomerang Partners invites all affiliate managers and industry enthusiasts to learn more about their award-winning program. Voting for the SiGMA Asia Awards runs until May 20th. Winners will be announced at the June 3rd ceremony during the June 2-5 event in Manila.

Support Boomerang in the ‘Rising Star’ category while voting for other favorites at SiGMA.

 

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The post SiGMA Asia Awards 2024: Boomerang Partners Nominated for ‘Rising Star Affiliate Program’ appeared first on European Gaming Industry News.

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Hard Rock International

The Mirage Hotel & Casino to Begin Transformation into Hard Rock Las Vegas on July 17, 2024

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Hard Rock International (HRI) announced its plans to cease operations of The Mirage Hotel & Casino as of July 17, 2024, to begin the transformation of the property into the highly anticipated Hard Rock Hotel & Casino and Guitar Hotel Las Vegas (HRHCLV).

Hard Rock will develop a new integrated resort featuring a nearly 700 ft. guitar-shaped hotel towering prominently in the center of the famous Las Vegas Strip.

“We’d like to thank the Las Vegas community and team members for warmly welcoming Hard Rock after enjoying 34 years at The Mirage. We’d also like to thank the Unions, community leaders, local and state government organizations and the Gaming Commission for their support and fair negotiations over the past year. Also, we are grateful to MGM for assisting with our transition,” Jim Allen, Chairman of Hard Rock International, said.

“While we pause for the incredible transformation of this iconic property, I’d like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests. We are planning to host collaborative hiring events with other employers in the Las Vegas community over the coming months. Connecting the thousands of talented Mirage team members who provide outstanding service with new employment opportunities is a top priority,” Joe Lupo, President of The Mirage, said.

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HRHCLV is expected to double the current number of jobs at The Mirage for the Las Vegas community, while the renovation of the property will generate over 2500 construction jobs. Hard Rock will pay approximately $80 million in severance packages for eligible union and non-union employees remaining with the property through cessation of operations.

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Industry News

IGT Reports First Quarter 2024 Results

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International Game Technology PLC has reported financial results for the first quarter ended March 31, 2024.

“Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in the first quarter. As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year. We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi,” Vince Sadusky, CEO of IGT, said.

Key Highlights:

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  • Announced Gaming & Digital business to be spun off and combined with Everi Holdings Inc.; transaction expected to close in late 2024/early 2025
  • Recognised with top honours at ICE London 2024 awards programmes including “Lottery Product of the Year” and “Best Diversity and Inclusion Employer”
  • Received a supply contract extension from the UK National Lottery
  • Executed licensing agreement with the Maryland Lottery for IGT’s patented Cash Pop draw-based game
  • Mystery of the Lamp named “Top Performing New Premium Game” at 2024 EKG Slot Awards Show
  • Awarded contract to provide PeakDual 27 video lottery terminals across Quebec
  • Launched iGaming content in Rhode Island
  • Achieved AAA MSCI ESG rating, the highest rating possible, and earned a gold medal sustainability rating from EcoVadis.

“We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs. The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities,” Max Chiara, CFO of IGT, said.

The post IGT Reports First Quarter 2024 Results appeared first on European Gaming Industry News.

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