Canada
New York Impact, Ad Risks Highlighted In U.S. Sports Betting Regulatory Survey
Contagion from New York’s high-tax model and an anticipated backlash on advertising are policy risks of chief concern for a U.S. sports betting market that is set to expand to almost every state within the next three years, according to the findings of the second annual VIXIO GamblingCompliance and SBC U.S. Sports Betting Regulatory Survey.
Just over half the 145 senior industry executives, regulatory officials and legal advisors who participated in the survey said they expect sports betting to be legal in 45 or more states by 2025, compared with 32 at the start of 2022.
But concerns related to New York’s unique regulatory model for online sports betting and its high tax rate of 51 percent were a clear theme of survey responses.
When asked in the VIXIO/SBC survey to select the policy issue most likely to impede growth of the U.S. market in future years, 21 percent of respondents picked high tax rates and license fees, ahead of the 12-14 percent who selected either the slower rollout of iGaming, the Wire Act, limited enforcement actions against offshore operators, or restrictions on permitted bet types or events.
The spread of New York’s high-tax model to other states was also selected by almost 28 percent as the most concerning from a list of hypothetical regulatory events.
The initial VIXIO/SBC survey conducted in late 2020 mainly highlighted industry concerns related to the 1961 Wire Act, an enigmatic federal law which prohibits interstate sports wagering, but these appear to have diminished since a favorable federal appellate court ruling that came on the same day as the inauguration of a Biden administration seen as less likely to clamp down on online gambling than that of former President Trump.
“The second VIXIO/SBC U.S. Sports Betting Regulatory Survey showed a noticeable and understandable shift in industry sentiment on regulatory risks in the U.S. market,” said James Kilsby, VIXIO’s chief analyst.
“Ten states passed laws on sports wagering during 2021 and they did so through a far more diverse range of regulatory models than in prior years, with New York establishing by far most expensive U.S. market to date in terms of tax rates and license fees, and another potentially lucrative market, Florida, seeking to grant exclusivity to the Seminole Tribe.”
While sports betting is expanding rapidly, online casino or iGaming is stuck in a much lower gear, limited to just six states at the start of 2022. 25 percent of survey participants said perceived risks of problem gambling were the main reason for the slower rollout of iGaming compared with sports betting, closely followed by concerns of cannibalization of land-based casino revenue. Still, 55 percent said they expected iGaming to expand to 10 or more states by 2025.
On another hot topic, survey participants were also asked about nascent concerns related to advertising, which has exploded in various states that have recently launched online sports wagering. 65 percent said they agreed some kind of policy backlash, similar to that currently sweeping across Europe, is inevitable without industry efforts to proactively limit marketing efforts.
Andrew Cochrane Chief Business Officer of GiG
GiG increases Ontario market presence, powering the launch of Casino Time
Gaming Innovation Group Inc. (GiG), has announced the launch of Casino Time, powered by its award winning iGaming platform and pioneering real-time rules engine LogicX, with revolutionary sportsbook, SportX soon to follow, to further extend its footprint in the regulated Canadian province of Ontario.
The launch of Casino Time carries extra significance, marking only the second time that on-demand, regulated online Bingo has been made available in Ontario. The new Bingo product vertical, launched alongside a strong Casino offering, will be boosted by GiG’s new sportsbook, SportX, as part of a planned release later this year.
GiG has focused its solutions on driving exponential growth in revenue for operators with its highly scalable iGaming platform, offering localised third party content and leading suppliers for the Ontarian market. GiGs peerless gamification layer creates an optimised and immersive casino experience tailored to regional preferences, swelling client retention and player engagement.
Canadian owned and operated, Casino Time is a joint venture amongst leading retail operators in Ontario’s Charitable Gaming sector, delivering Bingo, Slots and Live Dealer Casino Games. Promising a personalised service and community experience, Casino Time is continuing its long-standing partnership with local charities, introducing its joint fundraising model into the iGaming space for the first time.
Now coming towards the end of its second year of licensed operations, Ontario has emerged as one of the largest iGaming markets in North America, second only to New Jersey according to data supplied by Vixio. The first and as yet only Canadian province to launch a regulated market, Ontario boasts more than 1.6 million active player accounts spread over 40 plus operators, generating €1.3 billion in Gross Gaming Revenue (GGR) in its first year of trading, with this data supplied by iGaming Ontario.
Andrew Cochrane, Chief Business Officer of GiG, said: “GiG continues to set the pace with a strong cadence of brand launches in 2024, and I’m pleased that when operators are seeking platform solutions in regulated markets, GiG is leading the pack. Our partnership with Casino Time, will help deliver something new and exciting to the Ontarian market, and further helps to demonstrate the flexibility of our solutions, adapting to match the regional aspirations of our partners to deliver growth.”
D’Arcy Stuart, CEO of Casino Time, said: “We are thrilled to partner with GiG as the core technology provider of our iGaming platform. Their powerful suite of player engagement tools, as well as diverse content and regulatory integrations, underpin our ability to serve and delight our player community. Our hybrid online and offline customer network, as well as unique bingo offerings, will drive exciting opportunities as the platform and the marketplace continues to grow.”
Glitnor Group, operating under the LCKY Group in Ontario, has joined the International Betting Integrity Association (IBIA). Glitnor Group’s luckycasino.ca brand sportsbook will feed into IBIA’s world leading betting integrity monitoring platform. The operator joins over 50 companies and 125 leading sports betting brands in IBIA and further cements the association’s position as the leading sports betting integrity monitoring body in Ontario and globally.
David Schwieler LCKY Group CEO, said: “At Glitnor Group, we’re dead serious about keeping our betting games fair and square. That’s why teaming up with IBIA is a big deal for us. We know how crucial it is to protect the spirit of sports, and we’re ready to roll up our sleeves and work closely with the IBIA to make sure sports betting stays exciting, speedy, and above all, fair.”
Khalid Ali, CEO of IBIA, said: “I am delighted to welcome Glitnor Group as IBIA’s latest member in Ontario. Glitnor and IBIA share a common goal to maintain the integrity of the sports betting marketplace and to protecting consumers and sports from match-fixing. Ensuring product integrity is paramount to our approach and we look forward to integrating Glitnor within our leading global sports betting integrity monitoring system.”
IBIA is a not-for-profit body that has no competing conflicts with the delivery of commercial services to other sectors and is run by operators for operators to protect regulated sports betting markets from match-fixing. IBIA’s global monitoring network is a highly effective anti-corruption tool, detecting and reporting suspicious activity in regulated betting markets.
Through the IBIA global monitoring network it is possible to track transactional activities linked to individual customer accounts. IBIA members have over $300bn per annum in betting turnover (handle), accounting for approximately 50% of the global commercial regulated land-based and online sports betting sector, and in excess of 50% for online alone.
IBIA recently released a report on the Availability of Sports Betting Products which highlighted Ontario as a leading regulated gambling jurisdiction, with an expected onshore channelisation for sports betting of 92% in 2024 forecast to rise to 97% in 2028. IBIA currently represents over 60% of the private sports betting operators licensed in the province. All online sports betting operators licensed in Ontario are required to be part of a betting integrity monitoring body.
IBIA’s 2023 annual integrity report detailed 184 alerts reported in the year, which represents a decrease of 101 (or 35%) on the revised 2022 figure of 285 alerts. IBIA alerts contributed to the investigations and subsequent successful sanctioning of 21 clubs, players and officials in 2023, an increase on the 15 sanctioned in 2022.
The post Glitnor Group expands IBIA’s betting integrity presence in Ontario appeared first on European Gaming Industry News.
Bragg Gaming Group Inc., a global B2B gaming technology and content provider, announced that Chief Financial Officer (CFO), Ronen Kannor, has notified Bragg’s board of directors (Board) that he will resign from his position to pursue other career opportunities, effective June 3, 2024. The Company confirms that the search for a replacement CFO has commenced.
Matevž Mazij, Chief Executive Officer and Chair of the Board, commented: “We thank Ronen for his dedication and commitment to Bragg over the past four years and for his unwavering service as a pivotal member of the leadership team.
“During his tenure as CFO, the Company has undergone huge positive transformation including being uplisted to the Toronto Stock Exchange, dual listed on the NASDAQ and successfully completing two acquisitions, all while reporting consecutive years of revenue, gross profit and adjusted EBITDA growth. We wish Ronen all the very best in his future endeavors.”
Ronen Kannor commented: “It has been an honor to be part of the Bragg team which has successfully navigated many challenges and continued to deliver consistent growth over the past four years. I thank the Board for their support throughout my time with Bragg, and I am now fully focused on ensuring a smooth handover to my successor.
“Special thanks goes to my finance team, who work tirelessly to deliver the positive change and financial growth that the Company continues to achieve. I wish them and all of my colleagues continued success with Bragg now and in the future.”
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