Rhode Island legalises sports betting

first_img Email Address Rhode Island has become the third US state to legalise sports betting this year and plans to begin taking wagers from October 1. On Friday, State Governor Gina Raimondo signed the state’s fiscal year budget, which includes measures for Rhode Island’s two Twin River casinos to accept sports bets. The budget also sets out provisions for the state to take 51% of revenue made from sports betting. However, Rhode Island, the smallest state in the US, will limit sports betting to land-based services only, with no current plans to launch online. According to the Reuters news agency, Paul Grimaldi, a spokesman for the Rhode Island Department of Revenue, said: “We wanted to start small and make sure we have the operational system down pat in the casinos before we explore online or mobile.” Rhode Island follows Delaware and New Jersey in passing new sports betting laws in the wake of the Supreme Court’s decision to overturn the federal 1992 Professional and Amateur Sports Protection Act (PASPA). Last week, Mississippi also took a step closer to legalising sports betting after regulators in the state approved a set of new rules for such activities.Related article: Mississippi closes in on sports betting regulation Rhode Island legalises sports betting Subscribe to the iGaming newsletter Casino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img Topics: Casino & games Legal & compliance Sports betting 25th June 2018 | By contenteditor Rhode Island has become the third US state to legalise sports betting this year and plans to begin taking wagers from October 1 Regions: US Rhode Islandlast_img read more

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IGT expects US growth after ‘credible’ Q2 results

first_img Email Address Revenue down following unit sale, but operating income increases in Q2 Subscribe to the iGaming newsletter IGT expects US growth after ‘credible’ Q2 results Topics: Finance Lottery International Game Technology (IGT) has its sights set firmly on growth in the US market after what analysts described as “credible” results in a second-quarter trading update. Operating income increased by 9% year-on-year to hit $209m (£159m/€179m) in the three months through to June 30 despite a 1% drop in revenue to $1.2bn, which IGT said was due to the sale of its DoubleDown Interactive unit in June last year.However, IGT added that growth in other areas of the business, including a plethora of sports betting deals in the wake of the US Supreme Court ruling to overturn the 1992 Professional and Amateur Sports Protection Act (PASPA) in May, had kept the company on the right trajectory.Last month, FanDuel Group selected IGT to serve as its sports betting platform provider in New Jersey, shortly after opening a sportsbook service at the state’s Meadowlands Racetrack. In June, IGT also finalised a deal to provide its sports betting platform to MGM Resorts International on New Jersey. The agreement covers the Borgata Hotel Casino & Spa in Atlantic City (pictured). Although North American gaming and interactive revenue at IGT was down from $310m in Q2 of last year to $254m in the most recent quarter, the company can expect a boost over the remainder of this year as its sports betting deals begin to bear fruit. New Jersey only began taking bets on June 14, just over two weeks before the end of IGT’s Q2 reporting period.Moreover, North American lottery revenue was up to $309m from $293m last year.“The North America Lottery and Italy segments each exceeded our expectations in the period,” IGT chief executive Marco Sala said. “The North America Gaming installed base grew sequentially, and we have a compelling roster of new, for-sale video reel games coming to market in the second half.”Regulus Partners stated following the publication of the results today (Wednesday): “IGT’s Q2 performance is credible given its business positioning, though it is telling that its historical core strength of lottery is materially outperforming a more ‘mixed’ gaming performance (though with guidance for an improved H2) and a truly underwhelming betting outcome.”Regulus also said that while the results illustrate a ‘robust’ underlying performance, they raise concerns over “growth issues” within more traditional business segments.Despite the forecast benefits of sports betting in the US, Regulus erred on the side of caution, saying that even with “strong underlying catalysts”, sports wagering can “seriously underwhelm”.Regulus also picked up IGT’s online business, saying this “remains minimal relative to the size of the group”.However, Regulus also said that while the results illustrate a ‘robust’ underlying performance, they raise concerns over “growth issues” within more traditional business segments.Despite the forecast benefits of sports betting in the US, Regulus erred on the side of caution, saying that even with “strong underlying catalysts”, sports wagering can “seriously underwhelm”.Regulus also picked up IGT’s online business, saying this “remains minimal relative to the size of the group”. This, in tandem with a ‘mixed’ gaming performance and what Regulus said was a “truly underwhelming betting outcome”, could be a cause for concern.“We see this as a relatively dangerous performance cascade: progressively weaker the greater the competition,” Regulus said.With this, Regulus flagged a further risk in the potential impact of Italian regulation changes on future revenue. At present, 15% of group revenue at IGT is from gaming machines in the country.Regulus also returned to the issue of sports betting, saying that the contribution of this market from Italy – 3.4% group revenue and 9% country – while containing lots of ‘country-specific issues’, should raise concerns in terms of seeing sports betting as “some form of simple growth panacea for large traditional/slots-led businesses”.Regulus added: “Italy is a nation of 61 million people, not dissimilar to the population of the east coast of the US, likely to enjoy regulated sports betting in some form in the medium-term.”center_img Finance Regions: US 1st August 2018 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

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NetEnt targets Pennsylvania

first_img NetEnt wants its online casino games to be live in Pennsylvania from the launch of regulated internet wagering in the US state after applying to the local regulator for a supplier licence.NetEnt confirmed today (Wednesday) that it has filed an application with the Pennsylvania Gaming Control Board (PGCB) to provide online table and slot games to operators.“We have enjoyed success in New Jersey and believe that this will continue in Pennsylvania,” NetEnt Americas’ managing director, Erik Nyman, said.“We will launch with a mix of our table games, video slots, jackpot games and unique features like free spins that have been greatly appreciated by our customers and their players. Our ambition is to be live in Pennsylvania as soon as the market opens.”Since Pennsylvania’s state legislature approved a bill to allow online casino gambling nearly a year ago, the state has been processing applications for separate online gambling licences for slots, table games and poker.With 11 of Pennsylvania’s 13 casinos having applied for iGaming licences, the PGCB is offering seven outstanding licences out of the 39 initially available to out-of-state operators, with the window for applications set for October 15-31.The PGCB told iGamingBusiness.com last week that a “co-ordinated launch” of online wagering in the state “is likely to happen if not towards the end of this year, then early next year”.However, the regulator added that the launch date was dependent on awarding licences to casino suppliers, as well as the operators themselves.NetEnt noted that Pennsylvania is the second largest US state to regulate online casinos and the fifth largest state by population overall, with almost 13 million inhabitants. The company added that the state’s track record for land-based gambling suggested that players generate “relatively high gross game revenue per capita”.In other news, the PGCB’s latest Fantasy Sports Contests Revenue Report, published yesterday, underlined the dominance of DraftKings and FanDuel in the state, with adjusted revenue of $502,000 and $424,000 respectively in August accounting for more than 98% of Pennsylvania’s daily fantasy sports market. Topics: Tech & innovation NetEnt targets Pennsylvania AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Company gunning for supplier licence ahead of launch of online gambling in the state Tags: Online Gambling Regions: US Pennsylvania Subscribe to the iGaming newsletter 19th September 2018 | By contenteditor Tech & innovation Email Addresslast_img read more

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‘Stunning’ September revenues predicted as NJ gathers head of steam

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter In his latest dispatch from G2E, Scott Longley reports on optimism over New Jersey’s forthcoming results.Helped by the first full month of the NFL season and further new entrants in the market, the New Jersey sports betting market figures for September, which are due to be released on Friday, will be “stunning” according to a director from the state’s regulator.David Rebuck, director at the New Jersey division of gaming enforcement, said that revenues from sports betting “would not disappoint the industry” as he revealed to the audience that this week’s new gross gaming revenue (GGR) figures would be “stunning.”“It includes the first full month of both NFL and collegiate football and with a lot more operators up and running,” he told the audience at G2E in Las Vegas on Tuesday.New Jersey now has eight retail sportsbooks and eight mobile offerings, including skins. In August, new Jersey posted total market revenues of $9.18m.Table: Sports wagering in August by operatorSource: New Jersey Division of Gaming EnforcementRebuck said that sports betting remained in its infancy in the US and said that while progress towards further state moves would likely be limited until after the dust settles on the mid-term elections in the US in November, next year would be a “bumper year.”He also joined the chorus of complaints from the states and the industry over the House sub-committee hearing held in late September.Pointing to suggestions from sub-committee members that state regulators were in a “race to the bottom,” Rebuck countered that the states were actually making up for the regulatory shortfall caused by PASPA.“The first reaction to the sub-committee was that the states were in a race to the bottom,” he said. “That’s complete nonsense. It was fear-mongering at its worst. We do not race to the bottom.“We have taken a broken system, at the brink of an abyss, and in allowing states to move in we have brought the standards of regulation and oversight to the very highest levels.”Susan Hensel, director of licensing at the Pennsylvania Gaming Control Board, concurred. “Gaming has always been a state and tribal rights issue,” she said. “We have proven we are capable and competent in regulating gaming and I don’t see why that wouldn’t hold true with regard to sports betting.”Any Federal move would be attempting to “reinvent the wheel” according to Matthew Morgan, director of gaming affairs at the Chickasaw Nation. “There are such a network of regulatory bodies. See what works and what is necessary.”Opening up the sports betting symposium yesterday, Sara Slane, senior vice president of public affairs at the American Gaming Association, said that the “unadulterated victory” from May in the Supreme Court was in danger if the House sub-committee chairman Jim Sensenbrenner got his preferred route of federal oversight re-inserted into the sports betting discussion.Pointing to Sensenbrenner’s suggestion that “everyone would agree” that that if Congress were to “do nothing” it would be the “worst possible alternative,” Slane said these comments came as “something of a surprise.”“The truth of the matter is that we are close to the election season and we expect the committee make up to change after November,” she added. “We do not need their involvement.”Aurene Martin, president at Spirit Rock Consulting, said the tribes were in lock-step with the commercial casinos on the issue of federal insight. But she added that those expecting a flood of tribal sports betting in the next year or more would likely be disappointed.“If I had to guess, I don’t think you will see a massive rollout of sports betting in tribal jurisdictions, I think it will be a slow trickle.”Rebuck also castigated the efforts of the sports leagues to get integrity fees included in state legislation.“They have been unsuccessful in getting anything they want,” he said. “I think the integrity fee issue is losing steam. It was a bad PR campaign. It was a major tax. That wasn’t going to happen. Official data is now the red herring that is being thrown out and that is confusing for operators and regulators.”He did caution, however, that the leagues were likely to continue their campaign helped by the lobbying power of the various team owners.“Every team is owned by a billionaire,” he said. “They have tremendous access and power and they can be very powerful advocates. Leaders have to understand the consequences of supporting the league’s position.” ‘Stunning’ September revenues predicted as NJ gathers head of steam Email Address 10th October 2018 | By Hannah Gannage-Stewart Topics: Casino & games Sports betting Strategy Tribal gaming Tags: Online Gambling Regions: US Scott Longley’s latest dispatch from G2E reports optimism over New Jersey’s September results Casino & gameslast_img read more

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Hills sues US rival FanDuel for copyright breach

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Casino & games Regions: US New Jersey Hills sues US rival FanDuel for copyright breach 24th October 2018 | By contenteditor Operator accused of replicating William Hill’s novice betting guide Topics: Casino & games Legal & compliance Sports betting Horse racing Tags: Race Track and Racino William Hill US has filed a civil suit against FanDuel in New Jersey federal court, accusing the company of copying its betting guide for novice punters in the US. The case relates to the ‘How to Bet Guide’, published by William Hill US in June. Hills said that a similar guide released by FanDuel included identical wording from its own document. In its complaint, Hills highlighted a number of sections in Paddy Power Betfair-owned FanDuel’s ‘How To Bet Guide’ where this is the case, including a paragraph that reads: ‘Alternate & reverse run lines are propositional wagers offered by William Hill on each baseball game’. Hills said in the complaint: “FanDuel’s unauthorised copying is perhaps most evident in the fact that FanDuel actually forgot to remove William Hill’s name when printing the Infringing Pamphlet.” In a statement issued to ESPN, William Hill US CEO Joe Asher (pictured) added: “We are not litigious people but this is ridiculous. If the court finds in our favour, a portion of the proceeds will fund scholarships for creative writing programs at New Jersey universities.” William Hill operates sportsbooks at both Monmouth Park and the Ocean Resort Casino in New Jersey, while FanDuel runs the sportsbook at the Meadowlands Racetrack, where its own guide was distributed. FanDuel, which has so far declined to comment on the allegations, has become a major player in US betting since its launch over the summer, vying with DraftKings to be New Jersey’s leading operator in recent months.  FanDuel last month agreed to pay out on bets placed at erroneous odds during an NFL game after it became the subject of an investigation by New Jersey’s gambling regulator.FanDuel initially said it would not pay out to customers who took odds of 750-1 on the Denver Broncos converting a 36-yard field goal. It said a field goal from that distance has approximately an 85% chance of success “so the astronomical odds offered on something highly likely to occur was very obviously a pricing error”.Image: William Hill Subscribe to the iGaming newsletter Email Addresslast_img read more

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William Hill takes first legal bets in Pennsylvania

first_img Email Address Regions: US Pennsylvania AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Operator and its Hollywood Casino partner lead the way in potential $12bn market 20th November 2018 | By contenteditor Sports bettingcenter_img Topics: Sports betting Tech & innovation Sports betting is now live in Pennsylvania after William Hill began taking wagers in the state just in time for the Thanksgiving weekend.The gaming giant took the first legal bets at the Penn National Gaming-owned Hollywood Casino on Saturday (November 17th) after two days of testing on Thursday and Friday. The operator was also the first to take bets in New Jersey when it launched at the state’s Monmouth Park Racetrack in June.Hollywood Casino at Penn National Race Course is around 100km from Philadelphia in Grantville, with the William Hill sportsbook located in the venue’s newly renovated Skybox Sports Bar.“Penn National is excited to be the first casino to offer sports wagering in Pennsylvania,” Penn National chief executive Timothy Wilmott said. “The enthusiasm around sports betting has been growing since the federal ban was repealed in May, and we look forward to providing our patrons with another great amenity to enjoy at Hollywood Casino at Penn National Race Course.”The Pennsylvania sports betting market has been tipped to be worth $12bn annually by industry analyst Eilers & Krejcik Gaming. With almost 13 million residents, the seventh state to allow sports betting is the largest in terms of population, though is not expected to give the green light for operators to launch until the early part of next year. Penn National has previously said it expects the first online bets to be taken in Q1 2019.Hollywood Casino and Parx Casino last month became the first casinos to receive approval from the Pennsylvania Gaming Control Board (PGCB) to launch sports wagering. However, Parx – located just 15km from Philadelphia – and its partner Kambi would only commit to opening its retail venue “before the end of the year” in a statement released last week.Harrah’s Philadelphia, Rivers Casino Pittsburgh, SugarHouse Casino and Valley Forge have also applied for sports betting licences. Any casinos that wish to launch sports betting in Pennsylvania must pay an initial licence fee of $10m (£7.7m/€8.7m) and all wagers will be subject to a 36% tax rate.Pennsylvania follows Delaware, Mississippi, Nevada, New Jersey, New Mexico and West Virginia in offering sports betting following the repeal of PASPA by the US Supreme Court in May.The PGCB is also currently processing out-of-state applications for online gambling licences in the state through a raffle, after a number of licences were not claimed by the state’s land-based casino. William Hill takes first legal bets in Pennsylvania Subscribe to the iGaming newsletterlast_img read more

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International expansion drives JPJ to record 2018 results

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter 19th March 2019 | By contenteditor London-listed online bingo and casino operator JPJ Group has credited efforts to diversify its geographic footprint with helping the business report record revenue and earnings in 2018.Revenue for the year ended December 31, 2018 was up 10% year-on-year at £319.6m (€373.5m/$424.0m), the highest full-year figure since the business was formed in 2014.This growth came despite a difficult year for its UK-facing business, which resulted revenue for in its largest operating unit, Jackpotjoy, remaining flat year-on-year. The operator explained that the shift to paying remote gaming duty on gross, rather than net, gaming revenue had increased tax costs, while changes enforced by the Competition and Markets Authority had fundamentally altered how the business acquired and retained customers.Furthermore, JPJ said, General Data Protection Regulation had also impacted customer retention and reactivation efforts, while stricter responsible gambling and anti-money laundering measures had driven down high-value customer numbers. As a result Jackpotjoy revenue for the year remained flat at £216.0m, which prompted efforts to expand its Vera&John operating unit into new markets.This saw the business successfully grow the Vera&John, Botemania and InterCasino brands in Germany, Japan, Spain and Brazil, as well as expanding B2B operations with a focus on the Asian market. Revenue from the Vera&John division grew 42% year-on-year to £103.6m, with non-UK markets now accounting for 43% of group revenue, up from 36% in 2017.
As well as expanding into new markets, JPJ Group also moved to streamline its business in 2018, divesting its social casino business for an £18.0m consideration in August, allowing it to focus on its core real-money offering. This streamlining has continued into 2019, with the operator selling its Mandalay business unit to 888 Holdings for £18.0m earlier this month, allowing it to focus on the Jackpotjoy brands in the UK market.Vera&John’s growth resulted in full-year distribution costs rising 13% to £158.9m. Sales and marketing expenses were up 15% at £55.5m, while licensing fees rose to £44.3m. Gaming taxes grew to £40.4m, despite Vera&John’s growth being partially offset by lower taxes in the UK, as a result of declines from the Jackpotjoy UK and Mandalay brands. Administrative costs also rose in 2018 to £109.4m, due to staff-related expenses growing to £33.5m. This resulted in total full-year expenses for JPJ growing 6% to £271.0m.However, corporate costs fell significantly, from £125.5m in 2017 to £43.9m, as a result of a debt refinancing completed in the fourth quarter of the prior year, which resulted in lower interest expenses, as well as a lower foreign exchange loss for the year. The 2017 debt refinancing was aided further by the 2018 performance, which saw adjusted net debt cut by £85.2m, resulting in the net leverage ratio declining to 2.68x. As of December 31, 2018, JPJ Group’s net debt stood at £302.1m.Net income after costs for the year stood at £18.1m, though JPJ then saw its income boosted by £60.8m from amortisation and depreciation. Coupled with £7.2m from fair value adjustments on contingent considerations and a £1.9m contribution from transaction-related costs, this saw adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) for the year was up 9% at £112.7m.Once corporate costs were stripped out, net profit for the year stood at £90.1m, up 27% from the prior year.“2018 has proven to be a very successful year for JPJ Group plc and one where we have delivered both revenue and profit growth,” JPJ Group chief executive Simon Wykes said. “In June 2018, the final earn-out payment to Gamesys was made in relation to Botemania and at the same time there has been further significant progress in deleveraging the business.“This has all been achieved despite a challenging regulatory backdrop in our core UK market,” he continued. “Our strategy is underpinned by three key tenets: putting the customer at the heart of everything we do, geographic diversification, and adding capability across the group.”Looking at the operator’s performance over the first two months of 2019, the business said it has seen double-digit revenue growth to the end of February, in line with management expectations for the year.“Overall, we look forward to continued progress in our international operations and to taking advantage of growth opportunities in the UK market during the second half of 2019, as we pass the anniversary of the introduction of enhanced responsible gambling measures,” JPJ said. International expansion drives JPJ to record 2018 results Topics: Casino & games Finance Bingo Slots Social gaming Table games Bingo Tags: Mobile Online Gambling Slot Machines Regions: Asia Europe LATAM UK & Ireland Japan Central and Eastern Europe Southern Europe Germany Spain Brazil Email Address London-listed online bingo and casino operator JPJ Group has credited efforts to diversify its geographic footprint with helping the business report record revenue and earnings in 2018. Revenue for the year ended December 31, 2018 was up 10% year-on-year at £319.6m (€373.5m/$424.0m), the highest full-year figure since the business was formed in 2014.last_img read more

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Svenska Spel launches new online platform for retail agents

first_img Svenska Spel launches new online platform for retail agents Regions: Europe Nordics Sweden Topics: Sports betting 23rd October 2019 | By contenteditor Swedish operator Svenska Spel has rolled out a new online gaming platform that will enable retailers to offer certain sports betting games and services over the internet. Subscribe to the iGaming newsletter Email Address Swedish operator Svenska Spel has rolled out a new online gaming platform that will enable retailers to offer certain sports betting games and services over the internet.The platform will run through the operator’s Svenska Spel Sport & Casino subsidiary, with retailers able to offer games to players across Sweden.Retailers will initially be able to offer the Stryktipset, Europatipset, Topptipset, Bomben and Powerplay football betting games on the new platform.Svenka Spel will add a new, dedicated customer section to its website for the new service, with each agent to have their own dedicated page through which they can target consumers.“Finally, the agents can get access to all the benefits of online sales and services and thus get a huge customer base to work with,” Svenska Spel project manager Mathias Johansson said. “We are creating a full multi-channel offering, where you can buy a game from any store, no matter where you are in the country.”The new online service will be connected support self-service betting terminals that were rolled out across Svenska Spel’s retail partner estate earlier this year.Svenska Spel’s chief executive, Patrik Hofbauer recently declared his backing for plans to introduce a ban on select sports betting markets in Sweden in order to help clamp down on match fixing. Plans include a ban on betting markets that can be influenced by a single player in a match, such as corners and yellow and red cards.Last week, Svenska Spel also launched Verisec’s Freja eID technology across both its Svenska Spel Tur and at Svenska Spel Sport & Casino platforms as part of an effort to enhance its customer identification processes. Tags: Online Gambling OTB and Betting Shops Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

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Helio Gaming appoints Galea as new CEO

first_img19th November 2019 | By Daniel O’Boyle Malta-based lottery provider Helio Gaming has appointed Keith Galea, formerly the company’s chief operating officer, as its new chief executive. Subscribe to the iGaming newsletter Lottery Email Address Helio Gaming appoints Galea as new CEO Topics: Lottery People Malta-based lottery provider Helio Gaming has appointed Keith Galea, formerly the company’s chief operating officer, as its new chief executive.Previous chief executive Richard Mifsud will move to a consultancy role, where he will focus on business continuity and growth.Galea joined Helio in June, having previously worked as chief product officer at platform solutions provider Bit8. Galea also serves as the managing director of consultancy Consult Labs.“I’m delighted to be taking over as CEO of Helio Gaming and honoured to be given the opportunity to help build on the company’s commercial achievements to date.“Helio Gaming’s lottery solutions are an asset for any operator looking to diversify its games portfolio, and I think their universal appeal will help the business go from strength to strength in the years to come.” Mifsud, who founded Helio in January 2018, said his move would allow him to help Helio grow in new markets in Africa and Asia.“I’m looking forward to exploring new business opportunities for Helio Gaming as we look to capitalise on promising new markets in places like Asia and Africa,” Mifsud said.“We are making in-roads there already and freeing up my time to explore further opportunities will be beneficial.” AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

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GC follows Gibraltar regulator in suspending Addison licence

first_img The British Gambling Commission has followed its counterpart in Gibraltar by suspending the licence of Addison Global, which operates sports betting site MoPlay, as it conducts a review of the operator. GC follows Gibraltar regulator in suspending Addison licence Legal & compliance Topics: Legal & compliance Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newslettercenter_img 20th February 2020 | By Daniel O’Boyle Regions: UK & Ireland Email Address The British Gambling Commission has followed its Gibraltarian counterpart in suspending the licence of Addison Global, which operates sports betting site MoPlay, as it conducts a review of the operator.The British review is being carried out under Section 120(1)(b) of the Gambling Act, which allows the Commission to suspend or revoke a licence if it believes an operator is “unsuitable to carry on the licensed activities”. Addison’s remote operating licence will therefore remain suspended until the conclusion of the review.The news comes after the operator’s Gibraltar licence was suspended yesterday (19 February) evening amid reports that the company is facing serious financial difficulties.Addison Global is though to owe significant sums to multiple affiliate partners, including a sum upwards of £500,000 (€597,000/$645,000) to one. This money has been owed since March 2019, according to sources close to the matter.A legal advisor to the director of Addison Global told iGB that the owners were in contact with all stakeholders and suppliers, working alongside the “former” executive team. “We are also liaising regularly with the UK and Gibraltar regulators,” the advisor explained. “In light of license suspensions, we are no longer taking bets, registrations or deposits, however, players can of course withdraw funds.”The advisor promised to provide further updates, promising that the matters in hand would be handled “in an orderly and correct manner by the entire team”.last_img read more

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