WynnBET, the online gambling venture of Wynn Resorts, seems to be preparing to exit Massachusetts’ gambling market, a recent announcement by the Massachusetts Gaming Commission (MGC) suggests.

As the MGC prepares for tomorrow’s meeting, the authority published its agenda for the event. The second entry under the Legal and Sports Wagering Division section reads that the regulator will discuss betr and WynnBET’s requests to exit the market.

As outlined in the document:

WynnBET Notice of Intent to Cease Operations pursuant to 205 CMR 258, including Request for Approval of Cessation Plan and Request for Waiver from 205 CMR 258.01(1).

MGC agenda excerpt

The news caused further concerns about WynnBET’s future among industry experts who fear that the app is failing to replicate the success of its parent company’s retail business. In 2023, Wynn Resorts announced that it would focus its online operations on states in which it already has a retail presence. However, considering that Massachusetts is one of its strongest retail states, this may mean trouble for its online brand.

WynnBET was already struggling to remain sustainable in multiple states and, in August, decided to exit a whopping eight states.

WynnBET’s downfall may be attributable to its parent company’s refusal to actively compete with other players in the market where it operates, which prevented it from gaining a significant market share.
If Wynn Resorts secures one of the downstate New York casino permits, there is a chance WynnBET might just be able to thrive. However, experts predict that the brand may be set to exit Michigan next since it already confirmed that it is reviewing its operations in New York and Michigan.

Betr Is Also Preparing to Leave

In the meantime, betr, the Miami-based newcomer to the US sports betting market, just announced its decision to exit the Massachusetts sports betting market by the end of the year. Co-founded by Joey Levy and Jake Paul, the micro-betting specialist struggled to gain traction in The Bay State.

Betr’s failure to capture the Massachusetts audiences also raised questions about the viability of the micro-betting model. While betr is optimistic about other jurisdictions, micro-betting has so far proven suboptimal in challenging established betting brands, such as DraftKings.

In other news, the Massachusetts Gambling Commission recently published the industry results for December, highlighting robust metrics.

The post WynnBET Plans to Exit Massachusetts, MGC Says appeared first on Keno Wizard.

Brigid Simmonds, chair of Britain’s Betting and Gaming Council (BGC), will step down on April 20, 2024, the industry standards body announced. The announcement also noted that Michael Dugher, the council’s chief executive officer, will step in as the new chair from April 21.

Brigid Simmonds has served the BGC since its inception in 2019 and has been instrumental in its development. Having served the body for four years and a half, Simmonds will finally depart, leaving behind an organization that is stronger than ever.

The outgoing chair said that the opportunity to serve the BGC and represent some 110,000 gambling industry workers for almost half a decade has been a privilege. She said that she really enjoyed working with all BGC members to raise standards within the industry, create a culture of safer gaming and build public trust.

Simmonds thanked everyone who has supported her throughout her years as the BGC’s chairman.

I would like to thank the Executive Committee, colleagues, members, charities and stakeholders, who have supported me and worked very hard to deliver all of the achievements of which the BGC is rightly proud.

Brigid Simmonds, outgoing chair, Betting and Gaming Council

Simmonds recently defended Safer Gambling Week, highlighting the industry’s commitment to responsible practices.

Dugher Will Succeed Simmonds as Chair

Michael Dugher, the council’s chief executive officer, paid tribute to Brigid, thanking her for the incredible work she has done for the organization. He highlighted her contribution in launching the organization and bringing together the different sectors. Dugher also praised the outgoing chair’s change program that sought to raise standards on safer gambling.

Brigid is a high-integrity leader who is rightly held in huge regard, not just in the betting and gaming industry, but across so many other industries and sectors, and across the political divide.

Michael Dugher, CEO, Betting and Gaming Council

In the meantime, Dugher said that he is looking forward to welcoming a new CEO in the spring and assuming the role of chairman. He promised that he would leverage his new position to continue raising the safer gambling standards in the UK.

The BGC reiterated its support for high standards and balanced, proportionate and effective reforms. Some of the measures outlined in the white paper were promoted by the BGC, helping Britain usher in a new age of safer gambling.

For reference, BGC members support over 110,000 jobs, contribute some £7.1 billion to the economy and raise £4.2 billion in taxes to fund vital public services.

The post Brigid Simmonds to Exit the BGC, Michael Dugher Steps in as Next Chair appeared first on Keno Wizard.

The Philippines is bullish on exiting the FATF grey list this year. To that end, the country’s president, Ferdinand R. Marcos Jr has asked all government agencies to fix the regulatory shortcomings identified by the Financial Action Task Force.

According to reports, Marcos’ directive was communicated to agencies during a recent meeting. During that meeting, the President highlighted the economic importance of exiting the grey list. For reference, the Philippines originally had to convince the FATF that it should be removed from the grey list by January 2023. However, this period was extended by 12 months, providing the country with more time to address its shortcomings.

Matthew David, the executive director of the Anti-Money Laundering Council (AMLC) Secretariat, commented on the matter, saying that the President has “reiterated the government’s commitment” to addressing the deficiencies identified by the FATF.

David confirmed that the country hopes to address all of the points made by the task force in 2024 and trigger the country’s exit from the grey list by the end of the year. According to him, 10 of the 18 deficiencies identified by the FATF have already been addressed. The remaining eight are currently being addressed or not yet addressed.

David admitted that the Philippines still needs to properly tackle terrorism financing.

The Philippines Is Optimistic about Its Exit

While there is a lot more work to do, David said that the Philippine government believes that it is on the right track. According to him, the President is very content with the work of the AMLC.

In his interview with the Philippine News Agency, David said:

Our goal is to eventually exit the grey list. There are repercussions for being in the grey list because the longer we are in the grey list, the bigger the possibility or the higher risk that we will enter the black list.

Matthew David, exec director, AMLC Secretariat

In October, the Philippine government published Memorandum Circular No. 37, ordering 44 government agencies to work on addressing the 18 deficiencies outlined in the FATF’s report. A number of authorities, including the PAGCOR, were thus required to step up their AML efforts.

In line with its efforts to strengthen its regulations, the Philippines also joined forces with China to crack down on illegal offshore operators in the country. This followed a joint action between the two countries that resulted in the repatriation of 400 Chinese nationals.

The post The Philippines Hopes to Exit the FATF Grey List by the End of the Year appeared first on Keno Wizard.

Earlier in the week, the leading online sports betting and gaming company that operates some of the most innovative, versatile, and easily distinguishable brands, Flutter Entertainment, announced that its UK and Ireland division had committed up to £8 million ($10 million) to charitable initiatives in 2023. 

The gambling conglomerate also took the opportunity to announce upcoming funding campaigns in the books for its three main three brands, Paddy Power, Sky Betting & Gaming, and Betfair. 

During a Bloomberg podcast, Flutter’s chief executive operator, Peter Jackson, emphasized the company’s effective strategy and excellent capacity to branch out into new verticals while discussing FanDuel’s development and further plans aimed at the US market.

Now, the company that is determined to streamline its operations and minimize regulatory complexities has announced that it will only maintain two stock exchange listings. Here is a quick breakdown of the fresh information. 

Flutter to Cancel Its Euronext Dublin Listing by January 23, 2024

According to the latest news which follows the previous November announcement, Flutter’s ordinary shares will stop being traded on Euronext Dublin on January 23, 2024. After that, a trading suspension will be implemented to allow the settlement of all pending trades.

The impending delisting from the Dublin stock exchange will also translate to Flutter’s removal from the Eurostoxx index by Stoxx, which will go into effect starting December 18, 2023.

This does not, however, mean that Flutter’s premium listing on the London Stock Exchange will suffer. The same goes for the company’s inclusion in the FTSE 100 index.

In other words, Flutter Entertainment’s shares will keep being traded on the London Stock Exchange under the ticker symbol FLTR. 

Getting Ready for the NYSE Listing

While preparing to bid farewell to the Dublin stock exchange, Flutter is also getting ready to list its ordinary shares on the New York Stock Exchange (NYSE) by January 29, 2024.

This is a strategic decision that perfectly blends into Flutter’s plans to optimize its operations while capitalizing on the strengths of the NYSE market and still holding on to its presence in the UK market.

The NYSE listing is currently waiting for the US Securities and Exchange Commission’s ruling over the Form 20-F Registration Statement submitted by Flutter. 

Once it receives the green light for the NYSE, the company will trade under the symbol FLUT. On January 18, 2024, Flutter will also introduce a brief trading update for the three months ending December 21, as well as the full year 2023. 

The full-year results for the 12 months ending December 31, 2023, will be published under US GAAP on March 26, 2024.

The post Flutter Entertainment, Ready to Exit Dublin Stock Exchange appeared first on Keno Wizard.

Kindred Group has published its unaudited interim report for the period from January to September 2023. Revenue in the third quarter remained stable, leading to positive year-to-date results.

In Q3, Kindred’s revenue reached GBP 283.9 million (roughly $360 million), representing an increase of 2%. Gross winnings revenue from the business-to-customer division increased by a single percent to GBP 274.7 million ($348 million). In the meantime, underlying EBITDA increased by 6% to GBP 42.6 million ($54 million).

Kindred also reported that profit before tax and profit after tax were GBP 15.1 million ($19.1 million) and 12.6 million ($16 million), respectively. Earnings per share in Q3 reached GBP 0.06 ($0.076) and the company recorded a 7% increase in active customers (now 1,563,762).

The company reported a decline in cash flow, which amounted to GBP 24.5 million ($31 million) at the end of the quarter.

The year-to-date revenue stands at GBP 897.6 million ($1.137 billion), representing an 18% increase. Gross winnings from the B2C segment increased by 16% to GBP 870.3 million ($1.1 billion), while underlying EBITDA increased by 64% to GBP 147.7 million ($187.2 million).

Profits before and after tax for the year-to-date period were GBP 78.6 million ($99.6 million) and 65.9 million ($83.5 million), respectively. Earnings per share reached GBP 0.30 ($0.38). The overall free cash flow for the period was GBP 56.5 million ($71.6 million).

Kindred added that it expects FY 2024 underlying EBITDA of GBP 250 million ($317 million). The company is still assured that it will achieve its EBITDA target of GBP 200 million ($253.5 million) in 2023.

Kindred to Exit North America & Lay Off Workers

Nils Andén, Kindred’s interim chief executive officer, commented on the results, reporting continued growth in Kindred’s casino segments in the UK and Netherlands. Despite that, the company was set back by a number of regulatory challenges.

While the company remains a leader in the Netherlands, its sports betting business underperformed, leading to suboptimal overall performance. Still, Andén expects Kindred to meet its EBITDA target unless it is further set back by unimpressive activity within the betting sector.

In the meantime, Kindred continues its strategic review as the company seeks to improve shareholder value through a third-party transaction. CEO Andén used the opportunity to announce two major operational initiatives, including the company’s controlled exit from the North American market, a reduction in headcount and operational costs and an increased focus on core markets.

Taken together, expected annualized gross cost savings from exiting North America and reducing headcount and other operational costs are estimated to be approximately GBP 40 million.

Nils Andén, CEO, Kindred

Andén is confident that Kindred is in a good position to do better and deliver favorable growth across its core markets.

The post Kindred Posts Q3 Results, Announces NA Exit appeared first on Keno Wizard.

Sean Pattwell, executive director of the New Jersey Casino Reinvestment Development Authority, is rumored to be preparing to resign from his position. Sources told ROI-NJ, a news outlet covering events in New Jersey, that the director may depart from the authority very soon.

ROI-NJ was contacted by three separate people on the matter, all of whom preferred to remain anonymous because of the sensitive nature of the information.

According to the reports, Pattwell may leave by the end of the year, although none of the individuals who contacted ROI-NJ was able to provide an exact date. The people familiar with the matter couldn’t confirm what Pattwell would do next but noted that he would pursue other opportunities.

Pattwell joined the New Jersey Casino Reinvestment Development Authority on April 1 last year, replacing Matt Doherty, the authority’s previous executive director. Before joining the body, he served the insurance industry and spent some time as the co-CEO of Herbert L. Jamison. He is also the founding chair of Grosvenor Brokers.

According to the news outlet’s report, the people familiar with the matter have suggested that Pattwell may now return to the private sector. They also told ROI-NJ that the New Jersey Casino Reinvestment Development Authority is on the lookout for Pattwell’s successor.

At the moment, the authority is still discussing the matter and considering its options. ROI-NJ’s concluded that Pattwell’s successor will ultimately be appointed by Governor Phil Murphy.

New Jersey’s Casino Industry Remains Strong

Speaking of New Jersey, a recent report from the Division of Gaming Enforcement (DGE) highlighted the growth of the local casino industry. According to the regulator, the gambling revenue for October increased to $487.1 million, which represents a 9.3% year-on-year growth.

Year-to-date revenue was also strong, demonstrating the resilience and momentum of the local gambling sector. Casino gaming continued to be the main revenue stream and was responsible for almost half of the total revenue.

A week ago, the Garden State’s gambling regulator forced operators to return $77,000 to underage customers and self-excluded players.

In the meantime, New Jersey continues to discuss the future of smoking at Atlantic City’s casinos. Seeking to revisit old laws that exempt casinos from the indoor smoking prohibition, proponents of the ban claim that the smoke jeopardizes casino workers’ health. However, casino companies are wary of such a measure as they believe that it would undermine their profits.

The post Sean Pattwell to Exit the CRDA, Reports Say appeared first on Keno Wizard.

The gambling regulator in Norway, Lotteritilsynet, announced on Thursday that a dozen gambling operators, offering their services illegally in the country are expected to leave the market. Overall, 15 operators are currently in the process of withdrawing from the market, revealed the regulatory watchdog. While Lotterilsynet did not name Kindred, it referred to the leading gaming and betting giant as “the company behind Unibet.”

In addition to Unibet, the gambling regulator confirmed that bet365, Come On, Betsson, Betsafe and Nordicbet are about the withdraw from the gambling market in Norway. Further game sites that are going to leave the market, according to Lotteritilsynet, include Bingo, Major player, Maria Casino, Norway’s vending machine, CasinoEuro, The People’s Republic, Mobile bet, GetLucky and The mobile vending machine.

The announcement comes after Kindred led a lengthy legal battle for its presence in the market. In 2019, the gambling regulator in the country ordered the company’s subsidiary, Trannel, to discontinue its offering for Norwegian customers. Trannel, the company behind the brands Bingo and Unibet, among others, disagreed with that request and decided to appeal the legality of Lotteritilsynet’s order to discontinue its offering.

Last year in June, the Oslo District Court ruled in favor of the regulator. This resulted in Trannel being warned of daily compulsory fines unless it exited the market. Kindred’s subsidiary then filed a complaint against the fines which was ultimately rejected by the Borgarting Court of Appeal back in June this year. Now, in light of the latest announcement, it looks like the end of the years-long legal battle has come.

“The company behind Unibet, Betsson, ComeOn and Bet365 has operated illegally in Norway for several years. Now they are in the process of withdrawing from the Norwegian market after we have carried out inspections against them,“

reads a statement released by Lotteritilsynet

The Country’s Market Is No Longer Attractive to Illegal Operators

The gambling regulator in Norway explained that its market is no longer attractive for “illegal gambling companies.” It said that payment processing and illegal TV advertising bans work well.

Moreover, Lotteritilsynet said that the withdrawal of illegal gambling operators from the country shows that its regulations are effective. The regulatory watchdog also said that such operators find it more difficult to offer their services in the country.

“This is a company that is neither allowed to offer nor market gambling to Norwegians. That several of the largest gambling companies that operate illegally in Norway withdraw will prevent gambling problems and contribute to a safer and more responsible gambling offer in the Norwegian market.“

Henrik Nordal, director of the Lotteritilsynet

Henrik Nordal, Lotteritilsynet’s director, explained that the aforementioned brands offered their services to Norwegians without the necessary permissions. According to him, their withdrawal will help reduce problem gambling and contribute toward the health of the regulated gambling market in the country.

The post Norway: Gambling Regulator Says Kindred Will Exit the Market appeared first on Keno Wizard.

The Arizona Department of Gaming will award Fubo’s former license to bet365, just as earlier rumors claimed. As a result, the international gaming giant will foray into the Grand Canyon State, expanding its presence in the United States.

For reference, Fubo Sportsbook, the former partner of the Ak-Chin Indian Community, ceased its operations in Arizona following its parent company’s shutdown of the brand. The closure followed Fubo’s strategic review of the division that determined none of the potential investors would have given the brand the freedom it needed.

In the aftermath, the Ak-Chin Indian Community was left without a partner, freeing up the space for bet365’s arrival. Earlier reports correctly suggested that the former Fubo license would be handed to either bet365 or Fanatics.

Bet365 will now have to make its launch in Arizona within 180 days of the day it was approved for a license (August 29).

Arizona had two more available sports betting licenses but failed to find suitable companies within the application period.

Bet365 Continues to Grow in the US

Bet365 is currently live in five US states, namely Colorado, Iowa, New Jersey, Ohio and Virginia. The international operator is also set to launch in Kentucky with Sandy’s Racing & Gaming, a joint venture between the Eastern Band of Cherokee Indians and Revolutionary Racing Kentucky.

Earlier this year, bet365 gave up on pursuing an online license in Massachusetts. Initially, the company had unveiled a partnership agreement with Raynham Park, hoping to capitalize on opportunities in the state. However, the operator eventually discarded these plans.

The Operator Is Going from Strength to Strength

In other news, bet365 recently bolstered its content offering in the Canadian province of Ontario thanks to a partnership agreement with Bragg Gaming. As per the deal, Bragg agreed to provide the operator’s Canadian operations with games from its Atomic Slot Lab and Indigo Magic studios.

Speaking of new content, bet365 just joined forces with NoLimit City to roll out a new exclusive slot called Apocalypse Riders X. The game features three of the developer’s exclusive mechanics, namely xWays, xNudge and xSplit, as well as a brand-new mechanic called xBomb.

Earlier this month, bet365 also unveiled a new marketing campaign under the slogan “Never Ordinary.” The advert celebrates contemporary sports and was released ahead of the Premier League match between Burnley and Manchester City.

The post Bet365 Forays into Arizona Following Fubo’s Exit appeared first on Keno Wizard.