Earlier this week, lawmakers in Ireland made a major step toward protecting the well-being of gamblers in the country by approving the publication of the Gambling Regulation Bill.

The new bill plans a new regulatory framework that will regulate the gambling industry in the country and protect customers from gambling-related harm. In light of the recent announcement, the global sports betting, gaming and entertainment provider, Flutter, praised the efforts of lawmakers in Ireland and reaffirmed its support for the new regulatory framework.

Flutter Shows Support for Ireland’s Gambling Regulation Bill

Ian Proctor, Flutter’s UK and Ireland chairman, said in a statement released Tuesday that the company welcomes the publication of the new Bill. He explained that Flutter has long supported responsible gambling and the creation of a gambling authority in Ireland. Now, according to Proctor, the publication of the new Bill marks a major step toward the creation of a new gambling regulator in the country which will be able to meet the needs of the fast-growing gambling industry.

“As a long-standing advocate of evidence-based safer gambling measures and a well-resourced regulator in Ireland, Flutter welcomes the imminent publication of the Gambling Regulation Bill.“

Ian Proctor, chairman of Flutter UK and Ireland

Proctor said that the company continuously supported safer gambling and has taken a proactive approach. He pointed out that to safeguard the well-being of its younger customers, Flutter introduced mandatory deposit limits for users under age 25, as well as a €10 ($10.4) bet limit for slot products. What’s more, the company banned the use of credit cards as well. “We will continue to lead from the front in this area,” added Proctor.

“These should protect those that may be vulnerable to experiencing harm, while allowing the vast majority of our customers who enjoy gambling safely to do so,“

explained Proctor

According to Proctor, Flutter will be looking forward to assessing the changes introduced by the Bill once it is published. He vowed that the company remains open to dialogue with the new gambling regulator in an effort to boost player protection further.

Changes in Irish Gambling Regulation Expected Soon

The new Bill in Ireland is expected to significantly improve the gambling market conditions. A key role in this plan will play the country’s new gambling regulator, the Gambling Regulatory Authority (GRA). In September this year, Anne Marie Caulfield was selected to serve as the CEO of the new Authority.

The GRA will be in charge of licensing, regulation and if needed, can impose penalties for operators that breach the rules. It will oversee brick-and-mortar as well as online gambling operations. Ultimately, the new Bill seeks to better protect consumers from gambling harm and at the same time provide support for people impacted by gambling harm.

Ahead of the upcoming financial results report scheduled for November 22, Universal Entertainment Corp, the parent company of Okada Manila Casino Resort operator Tiger Resort, Leisure and Entertainment Inc (TRLEI), has announced that it will probably report major losses resulting to the hostile takeover of the resort by Japanese billionaire Kazuo Okada and his group.

Universal Entertainment to Incur Major Losses Resulting from Okada Manila Saga

Universal Entertainment announced that it will most likely post losses of JPY1.6 billion ($11.5 million) and additional losses for incurred legal expenses directly stemming from the forceful takeover of the Okada Manila Casino Resort organized by the resort’s founder Japanese billionaire Kazuo Okada and his cohorts. 

This amount constitutes expenses in connection with regaining control of the Okada Manila property, advertising, and litigation costs. These extraordinary losses will inevitably affect Universal Entertainment’s financial results for 2022.

The disruption of the three-month-long takeover has already delayed the announcements of the 2Q and 3Q financial results for both TRLEI and Universal Entertainment and is further expected to have an impact on the companies operating and net income.  

Universal Entertainment is expected to post its 3Q results no earlier than the middle of December due to the takeover and the following issues with sorting out the financial documents.

In 2Q Universal Entertainment posted an increase of 97% in net sales in comparison to the same period last year, which corresponded to net sales of JPY 56.3 billion ($405 million). The JPY 6.77 billion ($49 million) net income reversed the JPY 16.9 billion (US$121 million) losses reported in 2Q2021.

What happened with Okada Manila Casino Resort?

Kazuo Okada entered the property on May 31 together with 50 policemen and backed by a status quo ante order (SQAO) issued by the Philippines Supreme Court. According to Okada and his group, the SQAO stipulated that the board of directors of the casino resort has to be reinstated to its composition from 2017, which included Okada himself as a member. So Okada and his companions forcefully ousted the TRLEI board and proclaimed themselves as the company’s executives.

TRLEI’s owner, Tiger Resort Asia Limited (TRAL), which holds a 99% stake in the company, immediately filed a motion for clarification against Okada. 

Additionally, Universal Entertainment also took action as it is the parent company of TRAL. The company’s CEO Jun Fujimoto made a request to the Supreme Court to cancel the SQAO. 

In the end, PAGCOR was forced to issue an order to Okada and his group to relinquish the Okada Manila Casino Resort back to its legal owners. TRLEI regained control over the property on September 2. In the meantime, Kazuo Okada got arrested on charges of grave coercion and is currently being detained by the Philippine authorities.

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After suffering for 12 years of addiction, an Australian woman was reported to have lost more than $350,000 gambling. What do you think the cost was for 56-year-old Aaron, who had started gambling at a very young age? He says he could’ve bought a house if it wasn’t for his addiction.

Almost 50 Years of Addiction

An Australian man was enthralled by gambling for nearly half a decade until he was finally able to find his way out of his debilitating addiction. The Guardian reported on the story of Aaron Perkins-Kemp-Berger – a 56-year-old man from Alice Springs, who managed to get out of his addiction after performing in a play that was inspired by many of his real-life experiences.

For him it had started as a kid, playing card games with their pocket money. As he got older, the Guardian report continues, he had started sneaking into casinos, upping the stakes, and keeping his addiction. The final nail was slot machines, or pokies, as they’re called in the Down Under. He described his games at the pokies as feeling like a normal thing – like having breakfast or breathing.

It’s not difficult to imagine, then, that soon after most – if not all – of his money would start to go to gambling. This is where the problem starts getting really serious – when the player’s salary starts melting into slot machine games. This often means no savings, overdue bills, and often – even debt.

Australia Improving Slowly

The Guardian’s report cited professor Dan Lubman, who is a clinical director at Turning Point – an addiction treatment and addiction centre, as well as a professor of addiction studies at Monash University. According to Lubman, as well as the overwhelming majority of academics and researchers, slot machines aren’t facing regulation that’s focused on the player, which is largely accepted that it could provide some benefits for the player’s health.

By design, everything from the look and feel of the game, to the sound ques and mechanics of it, is meant to bring enjoyment to the player and make them come back for more. This is a classic trait of an addictive product, and with the scale of problem gamblers in Austria, perhaps regulation focused on the operators, instead of the players, might be a good idea to look into.

Just a couple of weeks, however, the Australian government introduced a new measure that, again, focuses on the consumer. It mandated that all online gambling ads should carry new taglines that are meant to replace the rather flaccid “Gamble responsibly” slogan that was required before. The government has provided a variety of options containing more clear messaging, warning players of the potential for harm and losing money. And, Australians are losing a lot of money on gambling, ranking first in the world with spending per capita of the population.

The problem of gambling addiction is not limited to Australia, of course, but since it’s so widespread, more than 1.3 million people are affected yearly. It can affect anyone, and often the stories are similar to Aaron’s. A mother of six was suffering from problem gambling for about twelve years, which cost her $350,000 over the course of her addiction, but the problem isn’t even limited to everyday Australians.

Stress is a known factor that can predispose a person to a specific behavior, and in the case of the Australian Defense Force (ADF) veterans, it exacerbated their already-developed problem. Coupled with social stigma, ADF vets were a perfect target for such a devastating problem to fly under the radar. It took years to identify, and a study from this year uncovered just how deep the problem was spreading.

Aristocrat, the global gaming giant, has posted its latest quarterly results for the three-month period ending on September 30, 2022. According to the latest numbers, the company’s EBITDA increased by 20% to AU$1.85 billion ($1.25 billion at the time of writing). Net profit after tax also jumped by 13.9% and ended at $AU1.05 billion ($710 million).

Strong Revenue Across the Board for Aristocrat in Q3

These results are aligned with the company’s efforts to expand in both the land-based and online gaming sector, as Aristocrat has proven to be one of the most resilient suppliers in the industry.

While challenged by the rapid shift in supply lines and vacillating demand caused by the COVID-19 pandemic and global lockdowns, the company has found a clear path to robust growth, sustainability and used its momentum to transfer its operational expertise into iGaming, while doubling down on its landbased bread-and-butter.

North America was one of the main markets for the company, and in fact, Aristocrat attributed its 17.7% jump in revenue to some AU$5.57 billion ($3.77 billion) precisely because of how successful its operations in the region have been. North American gaming has been driving sales, but elsewhere the company has been doing just as well, managing supply chains smartly and getting an additional boost from other markets in which it is present.

Aristocrat has navigated global markets one region at a time and done so well. The Americas grew by 32.3% for the company to $2.42 billion ($1.64 billion) and Australia and New Zealand added 15.2% to AU$460.7 million ($311 million). The company has been banking smartly on various new products and verticals.

Aristocrat’s social gaming platform Pixel United also drive steady growth and clocked AU$2.59 billion ($1.75 billion) in revenue. Aristocrat CEO and managing director Trevor Croker was absolutely pleased with the results achieved by his company over the period. The present results were evidence that the company’s growth strategy worked well. The executive expects further acceleration, too, and is already talking about a post-COVID recovery that has been going strong.

Aristocrat Equally Focused on Online Strategy

Croker confirmed that Aristocrat is making concentrated efforts to scale its presence in online RMG through its “build and buy” strategy, and that has been paying so far. The new business unit, Anaxi, has been doing well, with its clear-cut focus on North American iGaming, which is set to continue growing in the months ahead.

“As we look ahead, we believe that Aristocrat’s outstanding product portfolios, growing operational resilience and capability, along with a highly engaged team and strong culture, positions us well to maintain our momentum despite uncertain conditions,” he concluded.

A Texas Senator pre-filed a bill seeking to amend the state’s constitution to allow gambling at a limited number of resorts and facilities licensed by a state gambling commission.

Long Way to Go

Sen. Carol Alvarado pre-filed bill TX SJR17 to amend the Texas constitution and legalize casinos two months before the legislative session is set to begin. The bill also provides for the legalization of sports betting if the constitutional amendment is approved by two-thirds of the legislature and state voters at a November 2023 referendum.

The news that Texas legislators take an interest in legalizing casinos and sports wagering is encouraging to the proponents of sports betting and gambling expansion, who could not see efforts materialize in 2022 as the legislature did not meet. And the legislative session is still to begin.

Commencing on January 10, 2023, legislators in the Lone Star State will have until May 29, 2023, to pass all the bills, including the one sponsored by Sen. Alvarado, TX SJR17, which is seeking to authorize and regulate casino gaming and sports betting.

Scarce in Details

Formulated as a proposition “to foster economic development and job growth and to provide tax relief and funding for education and public safety … [by] authorizing and regulating casino gaming [and] authorizing sports wagering,” the bill is scarce in details, especially in its part related to sports betting legalization.

TX SJR17 will legalize slots and table games and provides for a 10% tax on gross gaming revenue for table games and a 25% tax rate on gross gaming revenue from slot machines. For sports wagering, the bill does not propose a tax rate. The bill does not specify whether sports betting will be in person, online, or both, either.

Provided that the bill that was pre-filed by Sen. Alvarado receives the approval of 66% of Texas lawmakers, the bill will head to the November 2023 ballot for approval by Texas voters, before heading to Gov. Abbott’s desk for final signature, projecting an official launch at the earliest some time in 2024.

Earlier in November, the issue of sports betting legalization in Texas was brought to the fore in an interview with the head of Sports at Caesars Entertainment, Kenneth Fuchs, who talked about the impactful change sports betting would bring to the state.

Last year, two bills, HB2070 and HJR97, both sponsored by Rep. Dan Huberty, proposed constitutional amendments to legalize sports betting, stalled and did not receive a vote in either the Texas House or Senate before the end of the 2021 legislative session, ending the hopes of sports betting proponents that Texas would finally come out of the Dark Ages.

Amid the growing popularity of online gambling, Ireland made a major step forward in strengthening the protection for gamblers in the country. On Tuesday, lawmakers approved the publication of the Gambling Regulation Bill, a new framework that will regulate the industry in the country.

Gambling Regulatory Authority to Safeguard Gamblers in Ireland

The new regulation will seek to make gambling safer for the public, regardless if the activity is conducted online or at brick-and-mortar venues. Ultimately, the Gambling Regulation Bill introduces a comprehensive framework that safeguards consumers from gambling harm.

Under the new Bill, the Gambling Regulatory Authority (GRA), will be in charge of the regulation of gambling activities. The GRA was recently created and back in September, Anne Marie Caulfield was selected as its CEO.

Thanks to the new Bill, the gambling laws in Ireland will better serve the needs of the growing industry and at the same time introduce vital improvements related to safer gambling, licensing policies and consumer standards. Considering that the GRA already has its first CEO, the new regulator is expected to start operating next year.

The Overhaul of the Gambling Regulation Seeks to Reduce Harm

James Browne, Ireland’s Minister of State, helped draft the new proposal. The head of the government of Ireland, Taoiseach Micheál Martin, thanked Browne for his dedication and efforts in drafting such a robust proposal that seeks to regulate gambling in the country. He acknowledged that the Bill involved enormous work in the last few years. According to Martin, the new bill takes a careful approach when it comes to responsible gambling. He explained that the Gambling Regulation Bill is after reducing problem gambling while at the same time giving freedom to people who want to enjoy the activity responsibly.

“This long-awaited and much needed bill takes a responsible approach. It introduces a series of safeguards to protect people from falling pray to gambling addiction while also balances the freedom to enjoy responsible gambling.“

Taoiseach Micheál Martin

Moreover, Martin outlined that the new regulation introduces an authority, the GRA, which will have the needed enforcement powers to introduce penalties for gambling operators that breach the regulations. He added that thanks to the new Bill, people who are suffering from problem gambling will be able to receive the help and support they need. Different safeguards such as exclusion registers will also be introduced as a part of the gambling overhaul, Martin explained.

Browne thanked Taoiseach Martin and revealed that he is delighted to be present for the approval of the publication of the new gambling Bill. He said that the new Bill seeks to address different challenges within the gambling industry in Ireland. “At the heart of the bill is the establishment of the Gambling Regulatory Authority of Ireland, an independent body equipped to enforce regulation of the gambling sector,” added Browne.

LiveScore, a provider of live soccer scores and results, has teamed up with Emmanuel Petit, a retired pro athlete. Petit will join LiveScore for a new campaign, celebrating the upcoming World Cup.

Many Fans Fear Missing Out on Scores

Petit is a former defensive midfielder who played for some of the best teams in professional soccer, namely Arsenal, Barcelona, Monaco and Chelsea. He will take part in LiveScore’s new campaign that will help soccer fans stay tuned with the latest developments in the tournament.

The World Cup in Qatar is a highly-anticipated event that all soccer enthusiasts eagerly await. However, some of them fear that their work times will cause them to miss the action. A total of 44% of people in Britain claim that the tournament is more important than their jobs, while 10% will call in sick to be able to watch the action and not miss the scores.

The Fear of Missing Scores (FOMS) is a phenomenon that many fervent fans and bettors experience. Thanks to the breakthroughs in technology, however, soccer enthusiasts can now follow the action on their mobile phones no matter where they are. 37% admitted to taking toilet breaks just to stay in touch with the tournaments.

Excessive FOMS makes it impossible for some people to watch the event itself as they are way too fixated on the scores. Because of the unorthodox schedule of the upcoming World Cup event, it is likely that FOMS will skyrocket among players.

LiveScore Will Help Fans Stay Tuned

Ric Leask, LiveScore’s marketing director remarked that this year’s World Cup will be an unprecedented event because of its timing. He noted that managing the festivities and the World Cup schedule is going to be very hard for some fans, which will likely lead to a rise in FOMS.

That’s where LiveScore comes in.

While our data shows that many supporters have a real Fear of Missing Scores when they’re unable to watch games, the good news is that regardless of whether it’s for league fixtures during the season or major tournaments, LiveScore can keep them close to the action with real-time score updates throughout.

Ric Leask, marketing director, LiveScore

Emmanuel Petit also spoke about his participation in LiveScore’s FOMS campaign. He noted he understands why some fans are so excited about the event and said that he is glad to take part in the campaign.

According to estimates, two in five fans suffer from FOMS. A fifth of all LiveScore respondents may even cancel their holiday plans just to make time for the World Cup.

Award-winning supplier of enterprise Software-as-a-Service solutions for iGaming and online sports betting apps GAN Limited has reported a relatively flat revenue for the third quarter, compared to last year’s results for the same quarter. This, together with the ongoing market uncertainty has convinced the company that has deployed its GameSTACK platform in the US and Europe to suspend its full-year revenue guidance for 2022.   

“Difficult” Macroeconomic Environments 

GAN’s chief financial officer Karen Flores spoke about the “difficult” macroeconomic environments that influenced Q3’s results and ultimately convinced the company to opt for the suspension of the year guidance. She explained that while GAN was still looking forward to the launch of GAN Sports and other initiatives such as Super RGS, the company will primarily focus on the rationalization of costs with the purpose of protecting its margins during the “volatile and difficult macroeconomic backdrop.”

At the end of September, GAN launched its on-property sports betting solution GAN Sports in Mississippi. 

At the same time, GAN is interested in maintaining its organic investment in spite of the ongoing effects of the same macroeconomic factors expected to have an impact on the upcoming quarter. While the upcoming FIFA World Cup in Qatar with a start date set for November 20 will attract an important activity boost for GAN, this did not suffice to maintain the revenue guidance for 2022. Plus, the uniqueness of the event in itself and the complexity of the potential outcomes for Q4 both weighed heavily in the decision. 

When the company recorded Q2 results lower than it had projected, its headcount went down while its full-year revenue guidance was lowered to a figure between $142.5 million and $152.5 million.

Foreign Currency Fluctuations Influenced B2C Revenue 

GAN’s Q3 total revenue reached $32.1 million. While the Business-to-Business revenue went up 14% reaching the $12.7 million mark, the company also recorded a $1.7 million drop in Business-to-Consumer revenue because of the severe fluctuations of foreign currencies with a negative impact on the revenue.

The B2B segment revenue growth was mostly triggered by a growth in the platform as well as the company’s revenue from content license fees from fresh content and organic growth in the U.S. RMiG business. GAN’s chief executive officer Dermot Smurfit explained the developments in the B2B segment during Q3 as arguments for the growth in B2B revenue. Smurfit added that the launch of the company’s sportsbook platform, GAN Sports, “would have a strong launch”, adding that the upcoming World Cup and the company’s entry into the Mexican markets were also excellent opportunities.

The company recorded a gross profit of $22.7 million in Q3 2022 compared to $21.5 million in Q3 2021. Operating expenses dropped from $28.6 million in Q3 2021 to $27.8 million in Q3 2022. GAN’s net loss reached the $6.9 million mark during this year’s third quarter compared to $8.7 million in the same period of last year. The drop was mostly caused by the decrease in administrative and rental expenses and the improved gross profit margin. In Q3 2022, the adjusted EBITDA reached $2.1 million compared to $(0.9) million primarily in Q3 2021, mostly thanks to a smaller net loss.

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