The Western Australian government has had enough with the sale of WA TAB after three years of unsuccessful attempts to find a suitable buyer for the state-owned betting agency.

‘Balanced Outcome Cannot Be Achieved’

The government issued a statement this week, notifying the public that plans for the sale of WA TAB have now been ditched after not a single candidate to acquire the asset was capable of meeting the government’s “policy objectives,” reported local media ABC News.

Outlining the “significant time and effort” that the government has dedicated in its effort to divest WA TAB by balancing “the long-term interests of both the state and local racing industry,” Premier Mark McGowan stated that “despite exhaustive efforts, a balanced outcome cannot be achieved.”

The government statement also read that advanced negotiations with a government-preferred buyer had collapsed after the candidate could not provide guarantees that it would keep the financial commitments linked to the sale.

In October, there were reports of failed negotiations between the government and Matthew Tripp’s sportsbook Betr after the relatively new to the market sports betting operator became the front-runner in the bidding process, surpassing even Australian leader Tabcorp.

Western Australia passed legislation to allow the sale of WA TAB in 2019 and to sweeten the deal, legislators allowed the future buyer to offer electronic simulated racing games in TAB outlets, excluding the operator from the state-wide ban on poker machines and simulated racing games, the latter only available at Crown Perth.

Despite warnings from experts that the availability of virtual racing products at TAB outlets would expose the public to “the most dangerous form of gambling,” the Western Australian government commenced the procedure.

The process was halted in August 2020 during the pandemic but the sale recommenced later on after the government granted the request of Racing and Wagering WA (RWWA).

‘Financial, Regulatory and Animal Welfare Oversight’

Following the change of strategy, WA TAB is set to remain under the state government’s ownership and will continue to be operated by RWWA and the operator issued a statement to outline its determination to continue running the betting agency “for the benefit of the WA racing industry.”

RWWA will “maintain its strong financial, regulatory and animal welfare oversight across all codes,” the operator added, seeking to ensure the local racing industry that its interests will continue to be protected.

“The board believes the RWWA team has demonstrated its capability to successfully operate the WA TAB in a highly competitive environment over the past decade, while increasing prize money, supporting clubs and investing in infrastructure,” the statement read further.

Racing and Gaming Minister Tony Buti reiterated the government’s stance that “the Western Australian racing industry should rest assured” that WA TAB will continue to operate to the industry’s benefit.

Swedish lottery and gambling operator Svenska Spel announced that its annual contribution to grassroots sports saw the company distribute SEK35 million ($3.36 million) to 8,567 associations across 73 sports this week.

Annual Contribution to Youth Sports

The funds under the Grassroots initiative will go directly to youth sports organizations as Svenska Spel marks its ten-year anniversary of the program, having contributed more than SEK500 million ($48 million) to youth sports in the country throughout the initiative.

Commenting on the announcement, Patrik Hofbauer, president and chief executive officer of Svenska Spel, underlined the importance of the initiative that is not just a mere sponsorship as it has enabled young people to participate in sports, meet new friends and for some of them to even take the next step and become a professional athlete.

“Svenska Spel’s commitment to Swedish youth sports is both genuine and long-term, and together with our customers we will continue to be an important partner to it,” Hofbauer concluded.

The final distribution across organizations and sports is decided by customers at Svenska Spel who state their preferences by voting. This year, a total of 1.3 million customers voted to allocate funds to 73 sports, among which major sports such as soccer, hockey and handball, and some less popular sports in Sweden such as cheerleading, skateboarding and cricket.

The lion’s share of the money, just over SEK14.6 million ($1.4 million) was sent to the country’s football associations.

“It is important that young people get the opportunity to exercise, meet friends and can dream of one day being able to pull on the blue and yellow shirt,” said Janne Andersson, captain of the Swedish men’s national football team, sharing his choice to support his parent club, Alets IK.

Second came youth organizations in Swedish hockey with just over SEK5.5 million ($528,000), while third remained handball with SEK1.6 million ($153,000).

Swedish national hockey team’s captain Sam Hallam also commented on the news, underscoring the value of the program in the process of building a strong foundation of sport in the country and its role in raising future national team players.

“Svenska Spel’s Grassroots is significant for Swedish hockey and has contributed to a strong youth hockey during these ten years,” he added.

As for his personal choice, Hallam opted to support AIK, BIK Karlkoga and Växjö Lakers. AIK was the sports club that received the most money, followed by another ice hockey club, Leksands IF and the bowling club Hammarby IF BF.

The Grassroots program is not the only initiative aimed at supporting youth sports in the country undertaken by the Swedish lottery and gambling operator.

In early October, Svenska Spel announced its Elite Scholarship Program which will provide scholarships to 50 young promising players.

Troubled cryptocurrency exchange operator FTX Group has filed for protection under Chapter 11 of the US Bankruptcy Code in the District of Delaware, revealed a statement posted on Twitter by the exchange.

Filing for Bankruptcy

Over 130 affiliated companies, including FTX Trading, West Realm Shires Services, and Alameda Research commenced the voluntary proceedings seeking protection from FTX group’s creditors under Chapter 11.

According to the filing, Sam Bankman-Fried has stepped down from the role of chief executive officer of the exchange and has been replaced by John J. Ray III as part of the process to review and monetize assets for the benefit of all global shareholders of the exchange.

Bankman-Fried, who stepped down as CEO will remain to assist in the orderly transition, while FTX employees in various countries will continue with the group to assist the new CEO during the proceedings under Chapter 11, the filing explained.

“The immediate relief of Chapter 11 is appropriate to provide the FTX Group the opportunity to assess its situation and develop a process to maximize recoveries for stakeholders,” said the new FTX CEO Ray in the filing as quoted by CNBC.

On the company’s finances, FXT Group stated in the filing that the group has more than 100,000 creditors, an estimated asset value of between $10 billion and $50 billion, as well as liabilities in the range of $10 billion to $50 billion.

Ray also outlined that the group’s assets need to be “effectively administered in an organized, joint process,” ensuring employees, customers, creditors, and other stake and interest holders that the proceedings will be conducted “with diligence, thoroughness and transparency.”

The new CEO added that the new team has been relatively recently engaged with the proceedings while events have been moving fast, asking shareholders to understand that further information will be provided over the coming days as the team reviews the materials filed on the docket of the proceedings.

A Week of Ups and Downs

The Chapter 11 filing announcement rounded up a week of ups and downs for the cryptocurrency exchange which was impacted by liquidity issues and went from a $32 billion valuation to filing for bankruptcy protection.

The week started with signs that FXT has found a solution to its liquidity issues by offering itself to its rival, Binance, and the rival cryptocurrency exchange has accepted to acquire its troubled competitor. Just a day later, Binance withdrew from their non-binding acquisition agreement, citing consumer funds misuse to leave FTX deal with its issues on its own.

There was more trouble on the horizon as reports emerged that FTX is subjected to an investigation by the US Department of Justice (DoJ) and the Securities and Exchange Commission (SEC).

As Gary Lineker famously said, “soccer is a game where 22 men chase a ball for 90 minutes and the Germans always win.” Oddsmakers don’t think Germany will win this time. They’re giving odds longer than +1000 on Hansi Flick’s boys winning the 2022 World Cup. Actually, they don’t even think they’re going to win Group E!

But what do we think? Which of the following four teams will finish top of the group table – Germany, Spain, Costa Rica, or Japan? Which of them will advance to the knockouts from the no.2 position, and which will pack their suitcases after the group phase? To find out, just keep on reading our Group E preview!

FIFA World Cup 2022 Group E Winner Prediction – Germany (+100)

Spain is seen as the favorite to win Group E. Bookies are giving -110 on this team to finish above everyone else in the group. We, however, have to disagree with bookmakers. We think that Germany will do better than Spain.

The thing is that Germany has an excellent squad in 2022, with young, athletic players who have plenty of experience playing big games.

Gambling and entertainment company, The Star Entertainment Group, announced two non-executive director appointments Friday.

Toni Thornton and Deborah Page Join The Star

The company unveiled it appointed Ms Toni Thornton and Mrs Deborah Page as non-executive directors of The Star. Thornton will join the board immediately as an observer and will remain in such capacity until all regulatory approvals are secured. Page is expected to join the board after February 1, 2023 and remain an observer until the relevant regulatory approvals are secured.

The latest announcement is a part of The Star’s board renewal plan that was unveiled earlier this year. What’s more, back in August this year, the company further strengthened its board by appointing David Foster and Anne Ward as non-executive directors.

“On behalf of the Board, I welcome Deborah and Toni during this time of significant organizational and cultural change.“

Ben Heap, chairman at The Star

The Star’s chairman, Ben Heap, welcomed Page and Thornton to the company’s board. He acknowledged the recent appointments come amid significant changes within the company. Still, Heap outlined that the duo brings unique sets of skills. Finally, he predicted that Page and Thronton will play key roles in The Star’s remediation and transformation.

The Duo Brings Significant Experience

Thornton said that it is exciting to join The Star at such an important moment for the company and play such a vital role in its transformational changes for its NSW and Queensland properties. Besides a Bachelor of Arts from the University of Canberra, Thornton has a Masters of Law from Bond University.

“I am excited to be joining The Star at this important time in its history and to play a role in its remediation and the transformation of its iconic properties in Queensland and NSW.“

Toni Thornton, non-executive director at The Star

Her professional background includes 13 years of experience in audit on a board level, as well as 15 years of experience in corporate finance. In addition to The Star, Thronton is currently serving as a non-executive director of CS Energy and G8 Education Limited.

“I am pleased to be joining the Board of The Star and look forward to making a meaningful contribution to the transformation of the Company over the coming years.“

Deborah Page, non-executive director at The Star

On the other hand, Page said that she is glad to join The Star’s board and contribute positively toward the transformation of the company. Page has a rich professional background having held senior-level positions within different private and public companies operating in various industries. Currently, she is a non-executive director of Brickworks Limited, as well as a chairman of Pendal Group Limited. Page also holds non-executive director positions with Service Stream Limited and Growthpoint Properties Australia.

The leading partnerships agency specializing in commercial partnerships and management, Entourage Sport & Entertainment, announced a new collaboration for the iconic boxer, Mike Tyson.

BRBET Selects Mike Tyson for Brand Ambassador in Brazil

Details of the new deal emerged Friday and see the legendary boxer become a regional ambassador for BRBET in Brazil. As a regional ambassador for BRBET, Tyson will participate exclusively in different sportsbook and betting activations for the operator in the country. Entourage explained that the new deal will bring social media as well as print advertising. Tyson will also participate in content shoots which will be distributed via different channels.

The first activation between BRBET and Tyson portrays the famous boxer working out in a private residence in Rio De Janeiro. Then, the famous boxer takes a bowl of popcorn and enjoys a soccer game on TV. At some point, he gets angry that he cannot find the right bet for him, and this is when he picks up a smartphone with the app “BRBet, A Bet do Brasil.” He then scrolls through the app that enables the placing of safe and fast sports bets.

Entourage is famous for partnership management, talent management and negotiation of sports and entertainment sponsorships. The company has a solid reputation within the growing industry and has helped facilitate many partnerships that delivered different marketing objectives. As a globally recognized agency that specializes in partnerships, Entourage has collaborated sponsorships with leading global organizations such as Konami, Emirates Airlines, FTX, Visa and even Heineken. What’s more, the company has collaborated with rights holders such as Inter Milan, SL Benfica, FIFA and UEFA.

Former Professional Athletes Join Forces with Sportsbooks

The latest deal comes as no surprise as many athletes join forces with sports betting operators. In fact, only recently, the sports betting operator that primarily focuses on Asia, FUN88, announced a new collaboration with Ilker Casillas, the Spanish former professional soccer player. Thanks to the new collaboration, Casillas was designated as brand ambassador for FUN88 just ahead of the 2022 World Cup in Qatar which is set to kick off on November 20 and run through December 18.

Before that, back in October, Betway expanded its portfolio of ambassadors by adding the former soccer star Robbie Keane as a brand ambassador. Becoming a brand ambassador for Betway saw Keane bring unique content for sports fans via the operator’s online sports blog, Betway Insider. At the time of the announcement, the famous soccer player said that it is exciting to join Betway just ahead of the World Cup. He explained that he will bring unique insight to fans of the sport thanks to the latest collaboration.

Inspired Entertainment, a leading B2B provider of gambling machines, will provide the UK-based gambling operator Betfred with new machines. Per the agreement, the supplier will arm the operator with 5,000 new Vantage cabinets.

Inspired to Supply Betfred with Cabinets

The new five-year deal will see Betfred-owned venues equipped with state-of-the-art Vantage machines. The machines in question are the newest gambling cabinets introduced into Inspired’s acclaimed VLT family. The new machines will be installed across Betfred’s 1,400 shops in the United Kingdom.

As announced by Inspired Entertainment, the Vantage cabinets are powered by an intelligent operating system that includes many cutting-edge features. It also boasts a user-friendly menu with functionalities that provide players with recommendations based on their gaming behavior.

Under the deal, Inspired will also provide support to Betfred’s existing terminals, helping the company remain competitive. The agreement includes remote and field tech support plus platform and content development.

The Two Parties Are Thrilled to Join Forces

Betfred, which is a company with over 50 years of experience in the betting market, will greatly benefit from this deal, which will help it modernize its content offering. Its group chief operating officer, Mark Stebbings, commented on the new deal, calling Inspired a trusted key supplier.

Stebbings noted that his team is pleased to be working together with the provider as it continues its quest to provide its customers with the best possible experiences. The CEO is sure that the fresh Vantage cabinets, which impressed his team, will excite players just as much,

We have been impressed with Vantage’s results and we are excited for our customers to enjoy Inspired’s best-in-class innovative technology, hardware and content.

Mark Stebbings, COO, Betfred

Meanwhile, Brook Pierce, Inspired Entertainment’s president and chief operating officer, labeled the current agreement a “milestone contract” for his company. He noted that this single deal will secure it the largest UK betting shop customer estate for the next five years.

Speaking about the new terminals, Pierce said that his team is happy with how the new machines are performing.

We are extremely pleased with the results of our new Vantage terminal, which Betfred has agreed to purchase as part of this contract, and we expect that arrangement to be the norm for our LBO customers going forward.

Brook Pierce, president and COO, Inspired Entertainment

In other news, Inspired Entertainment was recently readying up to purchase PlayAGS in a historic deal. Unfortunately, the latter company turned down the proposal at the very last moment. As a result, PlayAGS’ shares experienced a noticeable decline.

The Puerto Rico Gaming Commission (PRGC) announced that it has approved the licensing of three online sports operators and three service providers, which assist in the wagering process, and one technology provider.

Permanent and Temporary Licenses

The Sports Betting Bureau recommended the Commission grant the seven licenses, five of which are temporary. The operators, which received temporary licenses, are Ballers Puerto Rico Sportsbook LLC, Liberman Media Group Gaming (LMG) and CCHPR Hospitality (Casino Metro). Swish Analytics Puerto Rico and US Integrity In obtained permanent licenses as service suppliers, and Continent 8 Technologies PR LLC was authorized temporarily as such. Caesars Digital PR Inc. received a temporary license as a technology platform provider.

The licenses were granted after evaluation of the profile, trajectory, confirmation of compliance with tax responsibilities, and examination of the financial statements of the companies. Their technical and financial capacities as well as their shareholders and managers were also subject to assessment.

Eric de la Cruz, director of the Gaming Bureau, said that all these evaluation measures were taken by PRGC in order to be sure that the applicants comply with all requirements of the law.

Licenses Require Taxes

Jaime Rivera Emmanuelli, executive director of PRGC, stated that in order to complete the authorization process, the aforementioned seven companies would have to pay a certain fee to the government, according to the services they would provide on the sports betting market.

The sports operators are required to pay $50,000 each and the service providers will have to pay $5,000 each. Caesars Digital PR must pay $15,000 in its capacity as a technology provider.

Sports Betting as an Injection to the PR Economy

Rivera Emmanuelli commented that the sports betting sector is growing in accordance with the laws and under the Puerto Rico Gaming Commission’s supervision. He also added that online betting could be one of the main sources of jobs and could “generate new income for the treasury.”

Manuel Cidre Miranda, secretary of Economic Development and Commerce and chairman of PRGC welcomed the new authorization and commented that this new opportunity could be very important for Puerto Rico’s economy.

In July 2019, sports betting became officially legalized in Puerto Rico. However, currently, there are no sports to wager on legally in Puerto Rico. The bettors can sign up only in person for an online account. There are more than 20 casinos on the island where players can place their bets, but without a mobile option to do so. Suppliers and sports operators are still waiting for the launch of online sports betting on the Caribbean Island.

Irish gambling company Paddy Power has launched a new advert to celebrate the holidays and the FIFA World Cup tournament. The new commercial has a festive atmosphere while celebrating the exciting international soccer event.

The Sound of Christmas and the World Cup Colliding

The advert is called “Where were you in 22?“ and features Peter Crouch, a retired English striker. The famous player was capped 42 times by England’s national team in his career and has scored 22 goals for his country.

As a former star in soccer, Crouch is the perfect person to feature in the highly-energetic new commercial. In the advert, the ex-striker is presented as a conductor of a choir singing Christmas carols. Toward the end of the new ad, Crouch hilariously tries to enter a full pub after being declined entry by a worker, demonstrating the passion of soccer fans.

The new commercial also references famous soccer moments from previous World Cup tournaments. This includes Zinedine Zidane’s unforgettable headbutt of Marco Materazzi and Nigel De Jong’s famous kick in Xabi Alonso’s chest.

All and all, the new ad is an exciting way to pump up sports fans about the World Cup and the upcoming holidays. It was approved by the British regulator and will air across media, exciting sports enthusiasts about betting on soccer at Christmas time.

A Historic Moment in Soccer

Michelle Spillane, the marketing and brand director for Paddy Power UK and Ireland commented on the new commercial. She said that this is the first time that fans will be able to experience Christmas and the World Cup together, making it a very exciting moment for enthusiasts all over the world.

It’s unchartered territory for all of us. To Paddy Power, it presented us with double the opportunity to surprise and delight football fans.

Michelle Spillane, marketing and brand director, Paddy Power UK and Ireland

Spillane noted that Paddy Power aimed to create a commercial that celebrates the beauty of Christmas and soccer at the same time. The operator’s goal was to capture the mood of the nation and excite fans about the opportunity to experience a soccer World Cup event at the same time as Christmas.

Speaking about energetic ways to connect with the sports community, in July, Paddy Power poked fun at UEFA’s choice of a stadium for the Women’s Euros by flying inflatable arrows pointing in the direction of a better venue.

On a separate note, several months ago, Paddy Power welcomed Francesco Borsetti as its new sportsbook director. The betting expert vowed to leverage his knowledge and help the company grow.

MGM Resorts agreed to provide its Chinese subsidiary with a loan of $750 million. The money will help MGM China push through the difficult times caused by the trouble in Macau’s gaming market.

MGM Lent $750M to Its Chinese Arm

MGM China has been struggling to deal with the ongoing situation in the special administrative region of Macau. The recent COVID-19 outbreaks continue to impede the normal functioning of gambling facilities, leading to continuous sharp declines in GGR. Although the region recently reintroduced eVisas, new COVID cases spark new concerns about impeding hurdles.

Amid the woes experienced by the Macau concessionaires, MGM Resorts agreed to supply MGM Macau with a loan of $750 million. As agreed by the two parties, the Chinese subsidiary will pay back the loan at an interest rate of over 4% a year.

As stated by MGM Resorts, its decision to support its subsidiary with such a big loan reflects its optimism about the eventual recovery of the local market. The group said that it is confident that the region still has great long-term growth potential and that the current investment will eventually pay off.

Uncertainty Surrounds Macau

MGM’s decision to back its subsidiary mirrors a similar agreement between Wynn Resorts and Wynn China. In June, the other concessionaire also decided to support its Macau-based business, supplying it with a revolving credit of $500 million with a 4% interest rate. Wynn Macau will have to pay the money back within two years.

Just like MGM Resorts, Wynn Resorts said that it is certain that the troubled landscape will sooner or later calm down and that Macau GGR will recover. While analysts are pessimistic about the market’s state and the speed at which it would rebound, finance experts believe that the concessionaires have enough resources to keep supporting their subsidiaries for a few more years.

It is likely that concessionaires’ losses will continue growing for a while. The region just recorded a bunch of new COVID cases, which may turn into yet another outbreak. In addition, GGR continued to drop in October and even the Golden Week failed to provide the expected tourism boost.

The return of eVisas will likely provide some relief as tourism will once again increase. However, since eVisas were only reintroduced two weeks ago, this still remains uncertain.

A few days ago, Macau set a target of $16 billion in GGR for 2023. While this number is dramatically lower than the pre-pandemic levels, it is a feasible goal that may mark the beginning of the region’s recovery.