Bovada, an offshore and unregulated sportsbook and casino operator, has ceased operations in Michigan and Colorado. This decision comes after the respective gaming regulators in both states issued legal notices to the parent company, Harp Media B.V., demanding the cessation of its activities.

Regulatory Actions in Michigan and Colorado

The Michigan Gaming Control Board (MGCB) sent a cease-and-desist letter to Bovada on May 29. The board gave Harp Media B.V., based in Willemstad, Curaçao, 14 days to stop Michigan residents from accessing their gambling services or face legal repercussions. The MGCB cited violations of several Michigan gaming laws, including the Lawful Internet Gaming Act, the Michigan Gaming Control and Revenue Act, and the Michigan Penal Code. The board warned that operating unlicensed gambling services in the state could result in imprisonment of up to 10 years or a fine of up to $100,000, or both.

Colorado followed suit shortly after Michigan. Although the exact date of Colorado’s notice is not specified, the state also issued a cease-and-desist letter to Bovada, prompting the operator to add Colorado to its list of restricted states.

Expanding List of Restricted States

As of June 20, Bovada updated its Terms & Conditions to exclude residents of Nevada, New Jersey, New York, Maryland, Delaware, Michigan, and Colorado. Bovada has complied with direct orders from state regulators to cease operations in these states, but it remains illegal across the entire United States under the 2006 Unlawful Internet Gaming Enforcement Act. The offshore operator only exits state markets when explicitly instructed by regulatory authorities.

Lisa Keith, the public information officer for the MGCB, emphasized the board’s vigilance: “The Michigan Gaming Control Board is encouraged to see that Bovada has now identified Michigan as a restricted state on their website. While this is a good indication that they are taking our cease-and-desist letter seriously, we will continue to closely monitor the status of their offerings in Michigan and take appropriate action as deemed necessary.”

Potential Connecticut Exit

Connecticut could be the next state to see Bovada’s exit. The state’s Department of Consumer Protection (DCP) issued a cease-and-desist letter to Harp Media B.V. on June 14, threatening criminal and civil penalties if the operator does not halt its illegal online gambling services. The DCP’s letter highlighted the violations of state law and required Bovada to allow Connecticut residents to withdraw their funds.

Kaitlyn Krasselt, DCP Communications Director, confirmed the issuance of the cease-and-desist letter: “There are only three companies licensed to operate in Connecticut: DraftKings, Fanatics, and FanDuel, including Mohegan Sun Casino powered by FanDuel Group.”

Massachusetts Considering Action

Massachusetts is also contemplating measures against Bovada. During a June 12 meeting, the Massachusetts Gaming Commission (MGC) discussed potential actions but did not reach a decision. The commission is aware of the enforcement actions taken by Michigan and Colorado, and Commissioner Nakisha Skinner proposed a formal assessment to determine the necessary steps. MGC Chair Jordan Maynard agreed, indicating that the matter could soon be on the agenda for a public meeting.

Chris Cylke, Senior Vice President of Government Relations for the American Gaming Association, stated: “Successful enforcement actions against Bovada by Michigan and Colorado are proof that states have tools to fight back against offshore operators and should serve as blueprints for other states to follow. But states should not have to take on this battle alone – the DOJ [Department of Justice]

must also use its powers to aid the fight against illegal gambling, which Congress has clearly identified as a department priority.”

Source:

Bovada now restricted in Michigan and Colorado after cease-and-desists, sbcamericas.com June 21, 2024.

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Flutter Entertainment, the operator of FanDuel, has spent significant time preparing for this strategic move as it pivots its attention to the lucrative US market. The global gambling giant will maintain its listing on the London Stock Exchange, signifying its ongoing commitment to maintaining a presence in its core jurisdictions. However, the move to the NYSE heralds a new era for the company and should open significant growth opportunities.

The NYSE Listing Is Just a Few Steps Away

Flutter confirmed that its shares will be delisted from the Irish stock exchange as it prepares for the final step required for the US exchange listing, the migration of the settlement system of its shares from Euroclear Bank to the Depository Trust Company. This move has the full approval of shareholders and should be finalized by 6 am GMT on 29 January.

The decision to suspend trading on Euronext Dublin on 24 January aims to facilitate the settlement of pending trades and repositioning instructions ahead of the NYSE listing. This strategic move also aims to minimize regulatory complexities by retaining only two listings – one on the LSE and the other on the NYSE.

Flutter Entertainment shares will remain available on the London Stock Exchange (LSE) under the FLTR ticker symbol. For its NYSE listing, the company will use the symbol FLUT. The move to dual-listing is part of Flutter’s strategy to maximize its presence in the US market, which is responsible for an ever-growing share of its profits.

The Company Remains Focused on the US Market

Flutter’s decision to gradually shift its focus away from Europe comes amidst a series of setbacks on the Old Continent, primarily due to rising regulatory uncertainties. Meanwhile, Flutter’s preliminary Q4 2023 financial results highlighted its robust position in the US market, reporting a 43% share of the country’s sports betting market and a 26% share of the iGaming market. 

Flutter Entertainment CEO Peter Jackson outlined a three-year strategy for success in the US in a recent earnings call. FanDuel, Flutter’s US-facing brand, is ranked as the number one sports betting and number two online casino operator in the US and is uniquely positioned to capitalize on the growing number of jurisdictions offering regulated online gambling.

“The business is in a good place. We’ve got a great product and great momentum to exit the year in the States.”

Peter Jackson, Flutter Entertainment CEO

Investors and industry observers are keenly watching Flutter’s moves as it positions itself for success in the dynamic US gaming landscape. This move to dual-listing is a strategic step to enhance Flutter’s North American profile, recruit and retain US talent, and tap into deeper capital markets, seeking growth opportunities in the expanding American market.

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Former US President Donald Trump has emerged as the clear front-runner for the 2024 Republican presidential nomination following the withdrawal of Florida Gov. Ron DeSantis from the race. 

DeSantis’ Withdrawal Reshapes GOP Landscape, Boosting Trump’s Odds Beyond 90%

DeSantis’ departure has significantly boosted Trump’s odds, with the latest figures from OddsChecker indicating a more than 90% chance of him securing the nomination.

DeSantis, once considered a formidable contender, faced challenges in gaining support within the GOP primary, securing only 21.2% of the Iowa caucus vote. With the New Hampshire primary looming and polling showing a mere 7.5% support for DeSantis, the Florida governor made the unexpected decision to suspend his presidential campaign.

Recognizing the prevailing sentiment among Republican voters, DeSantis stated that he had signed a pledge to support the Republican nominee and affirmed his commitment to honoring that pledge. Despite past disagreements with Trump, he endorsed the former president, further consolidating Trump’s position in the race.

Additionally, DeSantis said that Nikki Haley, the only other major candidate remaining in the primary race, represents the “old Republican guard of yesteryear” and is a “repackaged form of warmed-over corporatism.”

Trump’s recent triumph in Iowa, where he garnered an impressive 51% vote share, has translated into a substantial boost in his odds. According to OddsChecker, Trump is now priced at evens (implying a 50% chance) to win the 2024 US election. Other platforms, such as 888sport, offer odds of 6/5 (45% chance) for Trump’s victory.

Trump’s Dominance in Early Contests Positions Him as the Clear Favorite Over Nikki Haley

As the Republican primary unfolds, Nikki Haley remains the sole challenger to Trump, with odds of 12/1. However, the dominance displayed by Trump in the early contests, coupled with the endorsement from DeSantis, positions him as the overwhelming favorite among political bettors and analysts.

The OddsChecker stats not only underscore Trump’s ascendancy within the Republican Party but also highlight the increasing likelihood of a Trump-Biden rematch in the 2024 general election. Both Trump and Biden are currently priced at 45 cents on the PredictIt market, signaling a neck-and-neck race.

The landscape of the 2024 presidential race is marked by skepticism and disbelief, with Republicans questioning Biden’s ability to secure the Democratic nomination and Democrats expressing concern over the potential impact of legal challenges on Trump’s candidacy. 

The intricate dynamics set the stage for a closely monitored and intriguing electoral contest, with the odds pointing to a compelling showdown between Trump and Biden.

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The ongoing reshuffling in Spanish politics may be good news for the gambling industry as the Minister of Consumer Affairs, Alberto Garzón, has stepped down. However, the industry shouldn’t get excited yet as his successor’s stance on gambling is still vague.

Garzón is a vocal anti-gambling activist who has been an active promoter of regulations that limit the industry’s reach. He is also the name behind the crackdown on gambling ads which implemented a number of measures to restrict gambling advertisements. This included the imposing of limits on when gambling companies can advertise, as well as a prohibition of gambling logos on professional athletes’ jerseys.

The controversial policies are currently being reviewed by the Supreme Court as some questioned their constitutionality.

In addition, Garzón promoted restrictions on online gambling deposits and loot boxes in video games. While he couldn’t pass either of these measures, they are not completely off the table either.

Garzón exited politics on Friday. In his final speech, he praised the Ministry of Consumer Affairs’ efforts in promoting safer and healthier online gambling.

Garzón Will Be Succeeded by Pablo Bustinduy

In the meantime, Pablo Bustinduy will step in as the new Minister of Social Rights, Consumption and Agenda 2030, a new position set to replace the Minister of Consumer Affairs. Bustinduy’s stance on gambling is not yet clear.

In a recent statement, Bustinduy promised to expand social rights and defend a sustainable democracy. However, Bustinduy has also previously made favorable comments on the Cuban dictator Fidel Castro and is considered a communist by some Spanish journalists.

His alleged anti-capitalist sentiments may mean more trouble for gambling companies, although there is no clear indication of that as of yet.

The appointee boasts a degree in Political Sciences and Administration, a master’s degree in History and Political Thought and a doctorate in Philosophy. Bustinduy’s mother, Ángeles Amador Millán, previously served as the Minister of Health and Consumer Affairs.

After a period outside the political sector, the newly-appointed Minister of Social Rights, Consumption and Agenda 2030 returned to politics as a member of Sumar, a left-wing to far-left electoral platform.

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Super Group, a holding company for leading global online sports betting and gaming businesses, has announced its departure from the Indian market.

The announcement comes in the wake of the introduction of amendments to the Indian Goods and Services Tax. Into power as of October 1, these changes would cause trouble for the group, making its business in the country unsustainable.

While Super Group will exit India because it is no longer a commercially viable market for the company, the group remains convinced that there would be other growth opportunities for the company.

Super Group added that the exit from the Indian market is unlikely to affect the company’s financial projections provided on the earnings conference call on August 17.

Super Group’s CEO: Long-Term Opportunities Still Await

Super Group’s chief executive officer, Neal Menashe, commented on his company’s decision to exit the Indian market. He explained that his team strives to follow the regulatory developments in the markets where the group operates and adapt accordingly.

CEO Menashe is optimistic that many growth opportunities await the company despite its departure from India.

We are continuously evaluating evolving regulatory landscapes across the many markets we serve. Informed by years of operating our geographically diverse business, we remain confident about the long-term growth opportunities in front of us.

Neal Menashe, CEO, Super Group

For reference, Super Group is the holding company behind multiple internationally-recognized brands, such as Betway and Spin. Boasting licenses in many key regulated markets, the group offers best-in-class online gaming and betting offerings that allow it to easily penetrate new markets.

In August, Super Group posted its Q2 2023 financial results, reporting strong growth in monthly active customers. The three months ended June 30 saw the company’s metrics increase across the board, greatly improving the company’s FY 2023 outlook.

Earlier this year, the group was added to the prestigious Russell 2000 Index, an important development that improved the company’s profile. The Russell 2000 Index is a stock market index that comprises the smallest 2,000 stocks in the Russell 3000 Index, a capitalization-weighted stock market index that seeks to define the US stock market.

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Bill helped co-found the company with his father Sam Boyd back in 1975 and has been an indelible part of its mission to transform itself into the leading gaming and hospitality giant, succeeding in both over the past decades.

Bill Boyd Takes His Leave from the Company

Bill will now be granted the title of chairman emeritus, which is a laudatory status the company awards to its most prominent former members, but he will not have any executive powers or say-so in the company’s future affairs – at least not officially. Privately, Bill’s voice may continue to be heard.

Having brought Boyd Gaming to a good place, he is now exiting his role as co-executive chairman, with his colleague, Marianne Boyd Johnson, now stepping into the position full-time. Johnson is a trusted gaming industry expert and she has been part of the company’s board since 1990.

Johnson has been working on making Boyd what it is today, and she is generally perceived as an important part of the company’s strategy for success. As to Bill, he has been around for many years. He started out as a lawyer and focused on the gaming industry in 1975.

His father, who owned a California Hotel and Casino in Las Vegas then had an epiphany that with his son’s acumen and legal prowess, they could build an empire.

This much is known to have been true, as Boyd Gaming, which is based in Las Vegas, operates well beyond the silver state. The company owns 28 gaming properties across 10 states in the country, although admittedly – 11 are concentrated in their home state.

Boyd Gaming’s Strength Remains Unchallenged

Bill taking his leave from the board is hardly a reason for concern. Rather, Boyd is in a very good place and moving forward, the company expects to only strengthen its position. Presently, the company is led by Keith Smith, who has been chief executive officer since 2008.

Despite this major shift in the board’s makeup, analysts would still recommend Boyd Gaming as a buy stock. This is understandable as Bill’s exit is crowning a successful career and not indicative of internal company turmoil at the time. In fact, the company’s results are in a pretty good position.

Boyd Gaming recently unveiled a $500 million buy-back program, which is the third such initiative over the past several months, further demonstrating to investors that the company is in a very good position indeed.

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Finn’s departure comes during a tumultuous period for the company as it attempts to consolidate its revenue streams and tackle its rising debt. Such a shift in priorities might be one of the contributing factors to Finn’s decision to leave the gaming group. The former VP remarked fondly on her time with 888 but did not disclose her plans.

The Former VP Was Instrumental in 888’s Rapid Expansion

Finn joined 888 in 2015 as a global marketing director, heading the company’s global branding, advertising, media, and partnership initiatives. By then, she had accumulated substantial leadership experience, managing marketing efforts at high-profile companies like SanDisk, Verix, and Telmap. Her industry-spanning knowledge made her a natural fit for 888’s expansion-minded strategy, and she did not disappoint.

Over the next eight years, Finn more than proved her worth, rising to head of Bingo in February 2019. By that point, she had familiarized herself with the gaming market and effectively guided over 50 UK bingo brands with her engagement, marketing, and monetization strategies. She proved capable of bolstering brand recognition and attracting new players.

Finn’s tenure with 888 culminated in August of the same year when she also became VP of Strategic Marketing. Her prowess contributed to all product verticals as she guided the group’s aggressive expansion across new markets. Finn’s numerous successful campaigns earned her much praise in the industry, and her departure marks a significant loss for 888.

Shifting Priorities May Have Been at Blame

The former VP announced her decision to move on via her LinkedIn account, thanking her colleagues for assisting with her vision. Finn received a warm goodbye from the 888 teams, including former CEO Itai Pazner. She did not disclose her plans, preferring to reflect on her time with the company and the team’s accomplishments.

It’s been an amazing journey, and, hand on heart, I enjoyed every minute.

Sivan Finn, former 888 VP of Strategic Marketing

Finn’s departure from 888 comes during a tumultuous period for the gaming giant. The group’s 2022 financial results showed strong performance in key verticals but also revealed challenges with rising debt and compliance issues in the UK and Middle East. External economic pressures also dampened profits, raising concerns for the future.

888’s plans to deal with its imminent challenges revolve around developing profitable markets with an increased focus on sustainability. These priorities mark a notable shift from the group’s previous expansionist mindset and could have contributed to Finn’s decision to seek new opportunities. The gaming giant will likely have to fill the vacant position with somebody more in-line with the company’s current objectives.

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