As Thailand is on track to advance a bill that would introduce the first casino resorts in the country, academics have cautioned that the potential societal costs may be too steep to bear, and outstrip the theoretical windfall from tax levied on casino floors.

Thai Academics Doubt Good That Will Come Out of Casino Resorts

Thailand has been looking to throw its hat in the local casino resort ring for many years now, and a bill that is in the final stages of preparation should allow the country to push on and introduce its first casino resort ahead of Japan’s, giving the country an advantage.

Local players would not be prohibited from playing, but they would need to pay a fee of 5,000 baht to enter the casino every time they visit. Foreigners would be charged a 5,000 baht fee once a year.

Although the outlook for casino resorts is positive – they will create thousands of jobs, draw in wealthy spenders, and tackle illegal gambling all in one go – some experts worry that the benefits of legalizing gambling would end up short of the damage the new legislation would cause.

Economist Chidtawan Chanakul estimates that the regulation of casinos and the introduction of casino resorts would have an immediate impact on the levels of gambling-related harm and gambling addiction in the public.

“A study in the US has found that for every dollar earned from casinos in Las Vegas, the US government has to pay 3 dollars to remedy the impact of casinos. It is therefore not worthwhile,” Chanakul said, citing international research.

She further lambasted the government over its job creation initiative that is tied to casinos. According to Chanakul, such jobs have no actual economic value. They are mostly low-skilled and they would not help the country transition to a high-income gap.

Corruption Makes Casino Resorts Even Less Likely to Be Good for Society

She similarly disregarded an argument that the government had put forward – Singapore. The issue with Singapore, she argued, was that the country had a very low level of corruption, and Thailand was in contrast fairly corrupt – much more akin to the Philippines.

Chanakul was similarly backed by Nualnoi Trirat, director of the Centre for Gambling Studies, who was also sceptical of the positive impact gambling legalization would have. She too cited concerns about government, legislation, and ultimately – corruption, which could impede any meaningful impact from legalizing casino resorts.

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The Ho-Chunk Nation, one of the largest federally recognized tribes of Wisconsin, has released new details about their upcoming Ho-Chunk Gaming Casino in Beloit. This ambitious project will significantly expand the tribe’s gaming businesses from its six current locations. Drawing from its substantial experience, the tribe hopes to attract guests with a world-class casino and leisure experience.

The Project Must Overcome Several Challenges

April 2020 saw the tribe finally receive permission from the US Department of the Interior’s Bureau of Indian Affairs to place 73 acres along Interstate 90 at Colley and Willowbrook roads into federal trust after petitioning for the land for decades. The Ho-Chunk Nation successfully argued that its people had long-standing historical ties to Beloit, located along Wisconsin’s southern border with Illinois.

The Ho-Chunk Gaming Beloit casino will donate 2% of its GGR annually to local governments in return for Class III gaming privileges. This local share shall be further divided, with the City of Beloit receiving 70% and Rock County receiving 30%. Furthermore, 5% of annual GGR from Class III operations will go to the state of Wisconsin, rising to 5.5% if annual revenue goes above $350 million.

Despite the tribe’s ambitions, the new project must contend with the planned Hard Rock Casino Rockford in Illinois, owned by Florida’s Seminole tribe. The Hard Rock location is just a 20-minute drive away and will likely open before Ho-Chunk’s casino, raising concerns regarding their competing interests in the area.

The Casino Will Bolster a Rich Cultural Heritage

Ho-Chunk’s $405 million project, a rather ambitious undertaking, would add a casino, convention center, and an 18-story hotel. The 240,478-square-foot casino would boast a 62-seat bar, four restaurants outdoors with patios, and a 76,413-square-foot conference center. The 312-room hotel will feature a lobby bar, rooftop bar, spa, and other attractive amenities. 

The development has also spurred significant infrastructure upgrades throughout the area. The City of Beloit stands to benefit from $13 million in federal funds to upgrade roadways and infrastructure around the casino site. Improvements will include adding bike and pedestrian lanes on connecting roads, more traffic lights, and improvements to intersections.

The new casino should deliver an economic windfall for Beloit and the surrounding communities in terms of jobs and tourism. It also reflects Ho-Chunk Nation’s commitment to fostering economic development while creating activities further honoring their historical ties in the area. As it matures, the project will redefine the local hospitality landscape and raise a new benchmark for gaming and entertainment in the region.

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Online betting has benefitted significantly from improved technology and connectivity. However, as technology, websites, and apps continue to develop, so do the sophisticated techniques that cybercriminals use to hack sites and gain access to sensitive information.

Betting expert Kane Pepi describes the safety and regulation of online casinos as one of the most important factors for consumers to consider when choosing one, especially when seeking alternatives to big names like Stake Casino. Choosing online casinos that hold regulatory licenses ensures they operate in a fair and transparent way. (Source: https://www.valuewalk.com/cryptocurrency/best-stake-casino-alternatives/)

While traditional casinos continue to battle cyber attacks and regularly update security procedures, crypto casinos offer a higher level of security that has seen them grow in popularity in recent years.

The Issues Traditional Online Casinos Face

Traditional casinos require players to provide a lot of sensitive data to prove who they are, that they are old enough to bet in their respective jurisdictions, and to make payments. Having to trust different websites with personal and banking information can be a risk, especially if you do not know the measures the operators are taking to keep it safe.

There are many threats that online casinos face including ransomware, DDoS attacks, phishing scams, data breaches, and account takeovers. These can all lead to the consumer losing personal information which can then be used by the attackers.

Account takeovers can also result in cybercriminals having access to customer funds and loyalty benefits.

Traditional casinos invest millions every year into their defences, and because it is an ongoing threat, the cost will typically be passed on to the customer in one way or another.

The Rise of Crypto Casinos

The online betting industry was one of the first to embrace cryptocurrencies as a payment method, and the two have grown together since then. Dedicated crypto casinos and traditional online casinos that offer crypto as one of a variety of payment methods have broadened their market share and made it easier for people around the world to access their facilities.

Casinos have also introduced crash games to simulate the crypto market and appeal to that customer base.

Blockchain Benefits

Using cryptocurrencies at a casino removes the need for players to provide banking information and, in some cases, personal information. All crypto payments are authorised by the digital asset owner confirming the payment with their private, key. The cryptographic code protects the users’ information and allows them to carry out transactions safely.

All crypto transactions are then stored on the blockchain where they can be seen publicly.

Fair and Transparent

Transaction transparency via blockchain ensures operators conduct their business fairly. It allows independent auditors to check the bets placed and the results, making sure customers have a fair chance of winning.

Immutability

As transactions are added to the blockchain, a network of miners secures and validates transaction data. After the transaction is confirmed, it can no longer be altered.

This adds an extra level of security and transparency to all crypto transactions.

Decentralisation

The benefits of a decentralised currency have helped the offshore online casino industry flourish. UK players looking for casinos not on Gamestop Ltd can easily use licensed sites in other jurisdictions when using cryptocurrency.

Crypto transactions are typically quicker than using traditional payment methods, and customers won’t need to worry about exchange rates. Lower transaction fees can also help consumers save money.

Anonymity

No-KYC casinos are those that don’t require customer verification during the sign-up process. This can be a great option for people who don’t like to leave a trail of online activities and transactions and can also minimise the risk of identity theft and fraud.

Players may be required to disclose some information for larger payouts to ensure the operator complies with anti-money laundering regulations.

The Future of Online Gambling

Cryptocurrency transactions are already up by 12% in the first quarter of 2024 and with the iGaming market projected to continue its growth, this figure could rise.

The security and transparency afforded by crypto use in gambling provide peace of mind and a great structure for the industry to grow.

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A heated debate unfolded in front of the Pennsylvania Senate Community, Economic, and Recreational Development Committee last week as lawmakers, casino industry representatives, and skill game advocates clashed over the potential regulation of so-called “skill games.” The controversial terminals, resembling slot machines but requiring player skill, have flooded bars, clubs, gas stations, and convenience stores across the state.

Proposed Bill Sparks Debate Over Pennsylvania Skill Games Regulation

Skill games, often branded as “Pennsylvania Skill,” have become lifelines for small businesses, especially during the pandemic, according to proponents like Pace-O-Matic (POM), the Georgia-based gaming developer behind these terminals. However, the state’s commercial gaming industry claims these unregulated machines are cleverly designed slot machines, bypassing state gaming laws and stealing patrons from casinos.

In May, Senate Bill 706 was introduced, aiming to regulate and tax skill games. The bill, coauthored by a bipartisan group of lawmakers, proposes limiting the number of skill games in businesses and imposing a 16% state tax on their earnings. During the meeting with the Pennsylvania Senate Community, Economic, and Recreational Development Committee casino representatives argued that this bill falls short of protecting consumers and the state’s regulated gambling industry, which contributes significantly to the state’s revenue.

Pennsylvania Skill Games Pit Businesses Against State’s Regulated Casinos

Eric Schippers, Senior Vice President of Penn Entertainment, expressed concerns before the Senate committee, emphasizing that the proliferation of skill games jeopardizes the state’s gaming tax benefits, capital investments, jobs, and economic development. He pointed out that these unregulated games poach players from casinos since they are more accessible and often located closer to home.

Representatives from Parx Casino and Live! Casino echoed these concerns, emphasizing the lack of consumer safeguards in skill gaming machines. Unlike regulated casino slots, these games are not monitored for fair play or mandated to adhere to a minimum payout rate. Skill games also lack stringent age verification measures, raising concerns about underage gambling.

Skill game proponents, represented by Michael Barley, chief public affairs officer for POM, argued for the industry’s monitoring and taxation. Barley suggested that the decline in casino slot play might be attributed to the state’s 2017 legalization of online gambling rather than skill games.

Paul Goldean, CEO of POM, highlighted the significant benefits skill games provide to small businesses and nonprofits. The Senate committee did not reach a decision on SB 706, indicating that further deliberations will be necessary. The future of skill games in Pennsylvania remains uncertain, with ongoing legal battles and legislative debates shaping the landscape of the state’s gambling industry.

The post Pennsylvania Debates Future of Skill Games Amidst Corporate Clash appeared first on Keno Wizard.

Lawmakers in New Jersey are considering a smoking ban in Atlantic City’s casinos, and casino employees are hopeful that this change could become a reality later this year. 

CEASE Advocates for Smoke-Free Casinos Across States

Pete Naccarelli, a co-founder of CEASE, expressed confidence in the ongoing discussions with politicians in a statement for CDC Gaming Reports. Naccarelli mentioned that at present, 83 out of 120 members of the New Jersey General Assembly and Senate are in favor of bills aimed at removing the provision permitting smoking in casinos. However, he noted that despite this backing, the bills have not yet been presented for a vote.

The movement for smoke-free casinos is not limited to New Jersey alone. CEASE has expanded its reach to eight states, including Nevada, where a similar bill is under consideration. The organization’s efforts have gained momentum, with a formal committee hearing held on a bill to ban smoking in Pennsylvania casinos earlier this summer.

Meanwhile, in August, CEASE commended Mohegan Sun and Foxwoods Resort Casino for their decision to maintain a smoke-free environment on their casino floors. CEASE praised the move as evidence that smoking bans do not negatively impact casino profits. However, this stance faced opposition from Spectrum Gaming Group, which suggested that smokers might avoid casinos without smoking areas. Meanwhile, casinos in New Jersey disputed these claims, arguing that online gaming, not smoking bans, influenced their revenues.

Jennifer Rubolino, a table-game dealer at Rivers Pittsburgh, shared her experience, describing the smoke as “overwhelming.” She pointed out that the smoke not only affects employees but also seeps into non-smoking areas, causing health concerns for everyone. 

CEASE Hopes to Inspire Nationwide Movement for Clean Air in Casinos

The Centers for Disease Control and Prevention have long advocated for the elimination of smoking in public spaces, highlighting the health risks associated with secondhand smoke. CEASE members argue that the exemption of casino floors from clean-indoor laws contradicts the principles of a safe work environment.

CEASE’s push for a smoke-free environment has gained traction, with several tribal and commercial casinos voluntarily going smoke-free since the COVID-19 pandemic. Parx in Philadelphia, a leading casino in Pennsylvania, is one such example where the ban has not affected revenue negatively. Lamont White, another co-founder of CEASE, clarified that their protests are not against the casinos themselves but against state laws forcing workers and customers to endure smoke exposure.

White dismissed claims made by opponents, labeling them as outdated and unsubstantiated. CEASE members believe that by pushing for this change in Atlantic City, they can inspire other states to follow suit, ultimately creating a healthier and more comfortable environment for casino employees nationwide.

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Nuvei reported that its total volume increased to $42.4 billion, or a 45% gain for the period ended March 31, 2023. The company saw revenue increase by 20% to $256.5 million, which was mostly based on eCommerce.

Nuvei Marks Big Regional Gains, Improved Financial Outlook

The results also saw big regional gains, with the North American market growing by 55% and the Latin American market adding another 68% in regional gains there. Europe, the Middle East, and Africa, however, saw a decrease in overall revenue by 4% to $119.8 million.

Nuvei has utilized the power of payments to offer better results for its partners in iGaming and gaming, assisting brands convert and onboard their customers – something that is often achieved through a smoother registration and payment process.

At the beginning of the year, Nuvei also agreed to acquire Paya Holdings for $1.30 billion, which is a company focusing on integrating payment and commerce solutions for North American merchants. The acquisition was hailed at the time by Nuvei CEO Philip Fayer who said that the move was a step in the evolution of the company and the creation of a preeminent payment technology provider.

Paya is also going to help the company achieve between $50 million and $100 million in new revenue synergy opportunities by 2027. Nuvei has also been spending heavily on technological investment, with the company’s investment in the segment going up by 40%.

In light of these results, Nuvei has also provided its financial outlook for the next quarter which will be ending up on June 30, 2023, and the fiscal year which will end on December 31, 2023. Mostly, the company expects stronger organic revenue growth.

Strong Growth and Good Baseline for Future Success

Fayer felt confident about his company’s present results, and he hailed the first quarter as a good start to 2023. He commended the gains in market share, innovation, and geographic reach and said that all of this was a precursor of even stronger quarters to come.

“I am confident that Nuvei’s growing leadership position within the payment ecosystem and global platform advantages will allow us to continue to deliver sustainable and durable growth,” Fayer noted.

The company has been rapidly building its gaming footprint in the United States with license approvals in both Maryland and Kansas.

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In January last year, New York launched its mobile sports betting market. Immediately the state set new records for betting handle, surpassing markets that had been operating for years. Then, the state sought to expand further the gambling options for residents and visitors, introducing a plan for three downstate casinos.

Announced a few months ago, the ambitious plan for new casinos in downstate New York is expected to attract significant investment and once operational, bring economic stimulus on a local and state level. But while establishing new casino locations may bring benefits for New York, this may not be the case for nearby New Jersey.

Casinos in New York May Impact Atlantic City

Earlier this week, Jim Allen, the chairman of the global casino, entertainment and hospitality company Hard Rock, participated in the East Coast Gaming Congress. During the congress, he painted a grim picture of the future of the gambling vertical in New Jersey, in light of the proposed construction of three new casinos in New York.

“I can tell you this: If we lose 20 to 30% of our business, it is not going to be a great day for Atlantic City.“

Jim Allen, chairman of Hard Rock

Allen was interviewed by the Associated Press and explained that recent revenue numbers create a deceiving view of the gambling sector in Atlantic City. He said that this is because internet gaming, as well as sports betting revenue is included.

According to Allen, land-based gambling “has been going backwards or flat, depending on the property, since last May” and this is not something that iGaming or betting can offset. Hard Rock’s chairman spoke about the impact of New York casinos explaining that losing 20% or 30% of the business would create difficulties for the gambling operators in Atlantic City.

“Atlantic City receives 20, 30-plus percent of its revenue from upstate New Jersey and downstate New York, and there’s no doubt it is going to have an impact on this particular market,“

added Allen

Focusing on revenue, Allen said that approximately 20% to 30% of the revenue in Atlantic City is generated from downstate New York and upstate New Jersey. He predicted that this specific market is likely to be impacted by the plans for three new casinos in New York.

Currently, Allen’s company owns a casino in Atlantic City which is among the top-performing gambling venues on the market. Additionally, Hard Rock is one of the gaming companies that is a part of the bidding process for the proposed New York casinos.

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Veikkaus Oy’s 2022 profits remained roughly in line with last year. Fennica Gaming, the group’s first subsidiary, showed promising results and should soon significantly contribute to the group’s market presence. Despite optimistic remarks from board members, rising political pressures may soon disrupt Veikkaus’ undisputed reign over the Swedish market.

Financials Remained Stable across the Board

The group’s overall performance for the 12-month period ending 31 December is roughly in line with 2021. Revenues reached €1,07 billion ($1,14 billion), a 3% drop compared to last year. Operating income and financial profit also saw little change, remaining respectively at €680.3 million (7$24.97 million) and €680.0 million ($724.67 million). 

Brick-and-mortar venues accounted for 49.7% of gross gaming revenue, while the agency’s iGaming offerings edged ahead, contributing 50.3%. Lotteries continue to be the cornerstone of Veikkaus’ business model, netting €600.0 million ($639.52 million) in revenue. Land-based casinos generated a respectable € 346.7 million ($369.55 million), but betting revenues dropped by 16.9% year-on-year to €123.8 million ($131.97 million).

Expenses also remained relatively stable despite rising inflation. The monopoly paid significantly lower lottery taxes at €36.3 million ($38.75 million) for a 39.8% drop. However, the 3.3% rise in material and service costs of €132.5 million ($141.51 million) balanced the net sum. As a state-owned entity, Veikkaus’ total net income of €671.0 million ($716.4 million) will go toward government initiatives and projects.

Foreign Operators Continue to Siphon Profits

According to Veikkaus’s most recent press release, the ongoing stagnation primarily resulted from several unfavorable factors. CFO Regina Sippel explained that consumer activity still lagged behind pre-pandemic levels despite the group’s venues operating at capacity. She noted that 2021’s manual limits for slot machines, the war in Ukraine, and a challenging economic climate exerted significant pressure on potential gamblers.

The… increase in consumer uncertainty and reduced purchasing power have… affected demand for Veikkaus games.

Regina Sippel, Veikkaus CFO

Veikkaus’ status as a state-owned entity means it remains fully committed to fostering a responsible gaming environment. In 2023, the company plans to introduce compulsory authentication for ticket-based games, covering most of the company’s offerings. However, foreign operators continue to undermine the monopoly’s online market share. They function outside the country’s player protection regulations, putting an increasing number of players at harm.

While revenues remained stable, Veikkaus is facing trouble on the political front. Politicians are becoming increasingly weary of foreign operators siphoning profits overseas while causing harm within the country’s borders. Three leading parties have expressed a desire to end Veikkaus’s monopoly and introduce a licensing system similar to Sweden’s. With plans to transition by 2025, the agency’s competition-free days may soon meet their end.

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