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Realistic Games to bring Electrocoin classics online

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Award-winning casino content developer Realistic Games has signed a deal with land-based supplier Electrocoin to adapt famous brands such as the Bar-X series for online slot players.

Realistic Games will transform all of the classic titles including Bar-XMagic 7, Bar-X 7even into online games that uphold the retro feel and nostalgia of the iconic originals, presented in the supplier’s signature 3D cabinets.

Realistic will also work with Electrocoin to develop a suite of new content for the modern player, including Bar-X Game Changer, two titles that feature a version of Realistic’s innovative board game bonus round concept, together with a duo of instant win Pull Tab games using the iconic Bar-X brand.

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Using the library of Electrocoin’s most famous land-based slot titles, a further suite of online games will be developed throughout 2020 to commemorate the 40th anniversary of Bar-X next year.

Robert Lee, Commercial Director of Realistic Games, said: “This partnership is the perfect fit for both Electrocoin and Realistic, providing the opportunity to boost our portfolio with this iconic brand whilst bringing land-based games that are loved around the world online.

“Presented in our 3D cabinets for a fresh, modern look and feel, our adaptions of Electrocoin’s classics will offer the gameplay that players have come to expect, whilst our roadmap of Game Changer and Pull Tab titles will allow the iconic brand to live on in the online world.”

Gabino Stergides, President of Electrocoin, added: “Realistic’s signature style and innovative mechanics make it the perfect partner to adapt our player-favourite titles for online audiences and we look forward to seeing how our ideas complement each other as our collaboration progresses. Our games have entertained players across land-based venues for decades and it will be fantastic to see them transformed online through our partnership with Realistic.”

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Encore Boston Harbor

The Massachusetts Gaming Commission Releases February 2024 Casino and Sports Wagering Revenue

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The Massachusetts Gaming Commission reported that the month of February 2024 at Plainridge Park Casino (PPC), MGM Springfield (MGM) and Encore Boston Harbor (EBH) generated approximately $100.57 million in Gross Gaming Revenue (GGR).

Additionally, approximately $52.55 million in taxable sports wagering revenue (TSWR) was generated across the eight mobile/online sports wagering licensees and the three in-person licensees for the month of February.

Gross Gaming Revenue (Casino Gaming)

PPC, a category 2 slots facility, is taxed on 49% of GGR. Of that total taxed amount, 82% is paid to Local Aid and 18% is allotted to the Race Horse Development Fund. MGM Springfield and Encore Boston Harbor, category 1 resort-casinos, are taxed on 25% of GGR; those monies are allocated to several specific state funds as determined by the gaming statute.

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To date, the Commonwealth has collected approximately $1.677 billion in total taxes and assessments from the casino operations of PPC, MGM and Encore since the respective openings of each gaming facility.

Sports Wagering Revenue

EBH, MGM, and PPC are licensed as Category 1 Sports Wagering Operators, which allows them to operate a retail sportsbook at their respective property. Category 1 operators are taxed on 15% of TSWR.

BetMGM, Betr, Caesars Sportsbook, DraftKings, Fanatics Betting & Gaming, FanDuel, Penn Sports Interactive, and WynnBet are licensed as Category 3 Sports Wagering Operators, which allows them to operate a mobile or online sportsbook. Category 3 operators are taxed on 20% of TWSR.

Of the total taxed amount for all operators, 45% is allotted to the General Fund, 17.5% to the Workforce Investment Trust Fund, 27.5% to the Gaming Local Aid Fund, 1% to the Youth Development and Achievement Fund, and 9% to the Public Health Trust Fund.

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To date, the Commonwealth has collected approximately $118.56 million in total taxes and assessments from the sports wagering operations of licensed operators since sports wagering began in person on January 31, 2023 and online on March 10, 2023.

When an operator’s adjusted gross sports wagering receipts for a month is a negative number because the winnings paid to wagerers and excise taxes paid pursuant to federal law exceed the operator’s total gross receipts from sports wagering, the Sports Wagering Law allows the operator to carry over the negative amount in tax liability to returns filed for subsequent months.

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Entain Examines Possible Sale of Overseas Gambling Brands

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Entain has hired advisers to oversee the possible sale of several of its overseas brands, according to reports.

These brands include Netherlands-based BetCity, which the gambling firm had bought last year.

The Netherlands, last year proposed a plan for tighter deposit limits from the second quarter, which is expected to hit Entain’s annual revenue and profit, the company said earlier this month.

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A local offshoot of Ladbrokes in Australia, Sweden-based Enlabs and Georgia-based CrystalBet are other brands that are not integrated into Entain’s main tech platform and under review, reports said.

Wall Street boutique advisory Moelis is advising Entain’s board and the group’s recently formed capital allocation committee, and any disposals will be of brands that are not integrated into the company’s technology platform, which makes them easier to sell.

Entain, like other gambling firms, gained from a rise in online betting during the pandemic, but stiffer regulations in its main markets have hurt its bottom line.

The UK, the gambling firm’s largest market, is expected to put out a review this year, which is said to include a stake cap on slots at 5 pounds ($6.37) and increased affordability checks.

Entain expects its core profit to incur a 40 million pounds hit in 2024 from the regulatory moves in the UK and Netherlands.

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888 Holdings

888 Holdings Terminates its Deal with Sports Illustrated

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888 Holdings said on Wednesday it had terminated its deal with Sports Illustrated and was looking at options to sell or exit its direct-to-consumer U.S. operations, due to intense competition and low margins.

Sports Illustrated (SI), known for its eponymous sports magazine, had entered the online betting market in an exclusive deal with 888 in 2021 in a bid to entice SI fans.

Sportsbetting in the US took off in the last few years since it was legalised in 2018, with players in the country partnering up with or buying out British gambling groups that have more experience in that field.

But it has been a long road toward profitability for many sports gambling groups including market leader Flutter-owned FanDuel, which turned profitable for the first time only last year.

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“In the US, the intensity of competition and requirement for scale means huge investment is required to reach profitability,” 888 CEO Per Widerström said in a statement.

BetMGM, jointly owned by Ladbrokes-owner Entain and MGM Resorts, made its first profits in the second half of last year.

888, which is active in four U.S. states, said it was terminating its agreement with SI-parent Authentic Brands and would pay a termination fee of about $25 million.

The termination is expected to help save 888 about $6 million to $7 million per year in 2024 and 2025, it added.

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