Italy’s Custom and Monopolies Agency (ADM) has announced that starting June 1, 2024, new regulations will be enforced regarding bookmakers’ bonus management and the handling of palpable errors. This move addresses two significant areas of contention that have persisted since the regulated market’s launch in 2006.

New Regulations on Bonus Management

The ADM has established definitive rules through a specific decree on Bonus Management, detailing legislative criteria for the practical use of bonuses. These guidelines cover terms and conditions, payment methods, and the application of bonuses for ‘one-off’ tax purposes.

Under the current rules, Italian bookmakers face a ‘bonus limitation,’ restricting them from awarding more than a €100 bonus per customer on a fixed-odds wager. However, operators have expressed the need for a clear methodology to calculate the cost of these bonus rewards for tax and auditing purposes.

To address this, the ADM has clarified that “both the bonus used and any stake placed by the player will be included in the calculation of the amounts wagered and winnings paid.” This settlement aims to provide transparency and consistency in how bonuses are taxed.

Handling Palpable Errors

The ADM’s upcoming decree also introduces a regulated process for addressing palpable errors. These errors have historically led to numerous customer disputes, often requiring resolution through the legal system. The new rules aim to end such litigation by providing a systematic correction process.

Bookmakers are now required to submit a correction request through an application system, detailing the operator and the challenged odds. Upon approval, the odds will be recalculated based on the “market average, as determined through the national tote.” This new process is expected to streamline error corrections and reduce legal conflicts.

Ongoing Reorganisation of Italian Gambling

These new regulations operate independently of the broader ‘reorganisation of Italian Gambling’ currently undertaken by the Italian government. Recent developments in this reorganisation include the introduction of €7 million licenses for a nine-year term for online concessions, a significant increase from the previous €200,000 fee. This change is intended to reflect market dynamics dominated by major operators such as SNAI, Lottomatica, and Flutter Entertainment.

The Ministry of Finance (MEF) has endorsed the new fee structure to resolve long-standing legal disputes over licensing and to reduce the number of operators in the market. Additionally, the MEF is negotiating with Italy’s 20 regional governments and 100 municipalities to implement federal reforms related to land-based gambling venues.

These comprehensive reforms signify Italy’s commitment to refining its gambling regulations, ensuring a more transparent and consistent environment for both operators and players.

Source: “ADM settles Italy’s betting rules on bonus management & palpable errors”. SBC News. May 30, 2024.

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Penn Entertainment saw the company’s share rise by as much as 7% last week, as news transpired that HG Vora Capital Management, a hedge fund, had bought enough shares to push its total stake in the gaming and entertainment company to 18.5% of the total stock.

HG Vora Capital Management Determined to Appoint Right Candidates

The news was originally reported by Wall Street Journals, and this development comes at a time when investors are seeing heightened interest in gaming stocks which have been improving over the last several months and promising to remain resilient in the new year.

HG Vora Capital Management is also looking to assume board seats as it hopes to tighten control over the company and ensure that it steers it towards profitability. With Penn Entertainment now serving as the technological provider for the recently launched ESPN Bet, optimism is riding high.

HG Vora Capital is also run by a former Goldman Sachs banker, Parag Vora, who has long been keeping his hand on the gaming industry’s pulse and looking to further his presence in it. Yet, the bigger news here is that Vora is not going to relent until the fund has assumed board seats and is willing to challenge any refusal during Penn’s annual meetings that will begin on January 8, 2024, and run through February 7, 2024, according to reporting done by Wall Street Journal.

Essentially, HG Vora says that it has the means to handpick highly qualified directors who can help sort out what has been described as the “underperformance” of Penn’s Common Stock in a filing to the US Securities and Exchange Commission. As a reminder, Penn formerly used to be on the S&P 500’s index.

Bullish on the Outlook of Penn’s Stock in 2024

Analysts in the meantime remain bullish on Penn Entertainment’s stock and other gaming giants for that matter. A note sent to investors by Brandt Montour, an analyst at Barclays, claims that PENN Entertainment remains his favorite stock for the entire year, citing the successful launch of ESPN Bet.

Of course, this prediction, although reassuring, needs to be taken with a grain of salt as challenges may yet present themselves when looking into making good on any investment in the sector. Whether Montour’s prognostication is correct will probably depend on how Penn handles its internal affairs over the coming weeks. A boost to the common stock is already on the way – will it hold?

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New York-based hedge fund, Corvex Management, has announced its entry into the ongoing drama surrounding FTSE 100 gambling giant, Entain, as it has acquired a significant 4.4% stake in the Ladbrokes owner. 

Corvex Spearheads Activist Onslaught, Deeming Current State ‘Unacceptable’

Corvex, led by former Carl Icahn lieutenant Keith Meister, has become the latest activist investor to assert itself in Entain’s affairs, labeling the current state of the company’s performance as “unacceptable.” The hedge fund emphasizes the need for a more radical overhaul, asserting that the recent management change is merely a preliminary step.

The announcement from Corvex came less than 24 hours after Nygaard-Andersen resigned, adding to the tumult surrounding Entain. The Ladbrokes owner has been grappling with a slump in its share price throughout the year, coupled with a series of unsuccessful acquisitions totaling over £2 billion ($2.6 billion).

Entain‘s joint venture with MGM Resorts International in the United States, particularly in the rapidly growing sports betting market, has been a focal point for the activist hedge fund. Corvex, already holding a stake in MGM where Meister sits on the board, aims to wield its influence to drive transformative change at Entain.

The hedge fund has expressed its intention to engage with Entain’s chairman, Barry Gibson, and interim CEO, Stella David, to actively contribute to positive changes within the organization.

Entain’s Shares Rally 7% Amidst Activist Calls for Industry-Expert Leadership

Entain’s shares experienced a nearly 7% surge, reaching slightly above £9 ($11.5) in morning trading following Corvex’s announcement. The gambling group now finds itself at a “critical juncture,” according to Corvex, suggesting that a shareholder with substantial industry and company-specific experience is necessary for the company’s revival.

Last month, Entain faced increased pressure as two US activist hedge funds, Dendur Capital and Sachem Head Capital Management, joined Eminence Capital in expressing concerns over the company’s stagnant share price and CEO Jette Nygaard-Andersen’s leadership. 

The activists cited regulatory challenges and management missteps, prompting Entain to pledge the appointment of four new non-executive directors. Activists, led by Ricky Sandler, also pushed for more inclusion on the board. Entain, in response to the increasing activist pressure, asserts its commitment to addressing shareholder concerns. The company remains confident in its ability to capitalize on significant growth opportunities, but the looming question remains whether the board will succumb to external pressures and consider a sale of the company or some of its assets.

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EPIC Risk Management, the world’s leading independent gambling harm minimization consultancy, announced that it has officially rebranded itself as EPIC Global Solutions. The new name seeks to better reflect the company’s global nature and ambition to tackle gambling harm at an international level.

To celebrate its new identity, EPIC Global Solutions has unveiled a new logo that features its new name. The company will also back up its new visual identity with intensified expansion efforts in the Americas.

The New Identity Is a Significant Milestone for EPIC

Representatives expressed their thoughts on the matter, saying that the rebranding seeks to better communicate EPIC’s desire to crack down on gambling harm at a larger scale. Paul Buck, the company’s founder and chief executive officer expressed his excitement, saying that he believes the new identity better reflects his team’s values, mission and scope.

He called the new identity a “significant milestone,” saying that it celebrates the firm’s tenth anniversary.

This rebranding effort represents a significant milestone for our company, ten years since our inception, and we look forward to continuing to serve our partners with the same level of excellence they have come to expect from us across a decade of providing gambling harm prevention.

Paul Buck, founder & CEO, EPIC Global Solutions

“A Book with an Amazing Story But the Cover Didn’t Do It Justice”

The company’s director of marketing, Michael Clarkson, also commented on the matter, saying that the refreshed EPIC will continue to follow its philosophy to put lived experiences at the heart of everything it does.

The company’s new image has been crafted to better represent its position as a global leader in providing solutions to the long-standing issue of gambling-related harm, emphasizing making the organization’s proposition more effortless to understand for US audiences – a location of significant ongoing growth for EPIC.

Michael Clarkson, director of marketing, EPIC Global Solutions

Clarkson added that EPIC really cares about the people and will continue to provide “highly emotional, warm and powerful” service to its customers. He compared the EPIC of yesterday to a book “with an amazing story,” the cover of which “didn’t do it justice.”

However, Clarkson also said that the transformation to EPIC Global Solutions is something that his team is really proud of and a move that sets the company up for another “amazing decade.”

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An ambitious project with a price tag of nearly $400 million is expected to revitalize North Las Vegas. The project is planned to use the land that was formerly the home of Station Casinos’ Texas Station and Fiesta Rancho hotel casinos. The two properties, owned by the leading gaming and entertainment company were shut down back at the start of the pandemic early in 2020. The site of the former Fiesta Rancho and Texas Station is expected to be the new home of a mixed-use project that will feature residential units, hotel rooms and other amenities.

Agora Realty and Management, a leading real estate developer, confirmed its plans to invest in the area. Last week, the company announced via its website that it closed escrow on the 73-acre site located at Lake Mead Boulevard and Rancho Drive for approximately $59 million. “The demolished site where the Texas Station and Fiesta Rancho hotel-casinos once stood will soon see the beginning of a new development after the lot was sold Thursday,” explained Agora Realty and Management.

Ryan Lefton, Agora Realty and Management’s chief of operations, who was recently cited by the Las Vegas Review-Journal, revealed that the price tag of the new project is approximately $380 million. As a three-phased project, the construction is expected to start early next year. Based on current estimations, the project is expected to be finalized by the end of 2025.

The Site Would Offer Residential and Hotel Units, Additional Amenities

The project called, Hylo Park, gained traction earlier this year after the company submitted a request for rezoning the land from a resort commercial to a mixed-use with the North Las Vegas Planning Commission. The request, submitted early in July, was greenlighted in August following a unanimous voting of the Commission.

Speaking on the topic, Lefton said: “Through this acquisition, we are thrilled to expand our footprint in the vibrant city of North Las Vegas.” Moreover, he pointed out: “We eagerly anticipate contributing to the community and fostering growth and opportunities in this dynamic landscape.”

The project is expected to offer more than 660 residential units, along with a childcare center, shops and recreational and entertainment areas outdoors. Additionally, Agora Realty and Management’s project is expected to offer 150 hotel rooms, different retail and food and beverage outlets. The mixed-use project is also planned to offer two ice rinks.

Ultimately, the project is expected to play a vital role in the revitalization of North Las Vegas by creating new jobs and economic stimulus for the region.

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The Queen Baton Rouge, a brand-new gaming establishment at the site of the former Hollywood Casino in Baton Rouge, has adopted Konami Gaming’s SYNKROS casino management system. As a result, guests can now benefit from the unique rewards and benefits offered by The Queen Casino & Entertainment at each of the company’s four properties.

The SYNKROS system will also benefit the Baton Rouge casino by providing its management with a selection of solutions, including an anti-money laundering system and an employee mobile application, among others.

The Queen Baton Rouge is one of The Queen Casino & Entertainment’s two properties in the city. Having opened after a thorough renovation process, the casino currently boasts a 100,000-square-foot footprint with a large gaming area and multiple dining options.

Visitors can enjoy 700 gaming machines and 18 gaming tables offering games such as poker, craps, blackjack and roulette. The property also has a DraftKings sportsbook for the sports betting aficionados.

In the meantime, The Queen Casino & Entertainment plans to also renovate Belle of Baton Rouge, its other property in the city. As the first casino in Louisiana, Belle of Baton Rouge has a location of huge significance to the company.

Konami Is Happy to Support Another Queen Casino Property

The Queen Casino & Entertainment has been using Konami Gaming’s SYNKROS technology since 2021. The former company’s president and chief executive officer, Terry Downey, commented on the launch of SYNKROS at The Queen Baton Rouge, noting that it would allow his team to offer seamless loyalty rewards to its customers.

Following the successful installs at Belle of Baton Rouge, DraftKings at Casino Queen and Casino Queen Marquette, Downey is certain that the technology would reinforce The Queen Baton Rouge’s business as well.

We hope that the attractive rewards and technology will encourage loyal members and new guests to explore these exciting gaming and entertainment destinations.

Terry Downey, president & CEO, The Queen Casino & Entertainment

Randy Caron, Konami Gaming’s vice president of system sales, also commented on the matter, noting that The Queen Baton Rouge is The Queen Casino & Entertainment’s fourth property to adopt the SYNKROS system.

Caron praised the casino company on the grand opening of its second Baton Rouge property:

We offer our sincere congratulations to The Queen Baton Rouge on its grand opening and look forward to continued partnership.

Randy Caron, vice president of system sales, Konami Gaming

Last month, Konami posted its Q2 results, which were bolstered by its gaming & systems vertical.

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EPIC Risk Management has renewed its partnership with the mental well-being specialist WHYSUP for another year. Now heading into its fifth year, the alliance between the two companies will continue to deliver impactful education programs on gambling-related harm and mental health.

The renewal follows positive feedback that highlighted the efficiency of the two parties’ programs during the 2022/23 academic year. Reviews say that EPIC and WHYSUP were able to generate a significant level of awareness among secondary students in the United Kingdom.

The two companies have delivered a total of 221 sessions across 158 state and private schools, reaching 28,734 students. Post-program surveys show that 88% of pupils have developed an understanding of the harm that gambling can cause. A stellar 93% of students said that they would either gamble less or refrain from gambling.

In addition to being efficient, EPIC and WHYSUP’s initiative was lauded as high-quality and age-appropriate by an overwhelming majority of school staff members. Teacher feedback also praised the program for outlining the connections between gaming and gambling. Tutors believe that this will help students realize how their hobbies might draw them toward gambling.

EPIC and WHYSUP Will Continue to Educate Students about Gambling Harm

Simon Wootton, EPIC Risk Management’s recently-appointed programme coordinator, was satisfied with the feedback, saying that it highlights the efficiency of EPIC and WHYSUP’s initiatives.  Wootton said that his team is trying to improve the program each year, which is why his team continues to see year-on-year improvements in the generation of awareness.

One teacher wrote to tell us it was “genuinely one of the most positive reactions we have ever had to an external visitor” while another said that their pupils were still discussing what they had taken from the talk two hours after it finished.

Simon Wootton, programme coordinator, EPIC Risk Management

Wootton added that his team is glad to continue its partnership with WHYSUP and leverage a lived experience model to teach secondary school students about the dangers of gambling.

WHYSUP’s founder, Mark Murray, echoed Wootton’s sentiments, saying that his team is just as happy about the opportunity to work with EPIC Risk Management for another 12 months.

When we first met Paul Buck [EPIC Risk Management’s CEO] in 2019, one of the things he shared was his passion to educate young people. Through four years of partnership, we believe we have made a real difference working in this space.

Mark Murray, founder, WHYSUP

Murray concluded that EPIC and WHYSUP’s goal hasn’t changed and promised that the two companies will continue to deliver outstanding gambling education programs to young people.

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The world’s leading independent gambling harm minimization consultancy, EPIC Risk Management, announced a new senior-level appointment. The company confirmed it hired the services of the former PointsBet executive and experienced responsible gambling expert, Teresa Fiore. Joining EPIC, she was appointed to the role of VP of partnerships.

The newly announced C-suite appointment comes during an important time for the company. Strengthening its senior-level team with Fiore’s appointment, EPIC anticipates to continue expanding its presence in the United States.

In her new role as VP of partnerships, Fiore brings a wide range of skills and expert knowledge. As a part of EPIC’s C-suite, she will leverage her experience and collaborate with the company’s teams for new strategic partnerships. Ultimately, Fiore’s expert knowledge and advice complements the company’s main objective: to reduce harm within all forms of betting.

Fiore commented on the topic, explaining that she is excited to join EPIC and oversee the company’s expansion in the US. She praised the seasoned team of experts at the company. Finally, Fiore pointed out: “I have known and think very highly of the EPIC team for a number of years and we’re very much aligned in our thinking and approach to safer gambling.”

“I’m very excited to start as the VP of partnerships, overseeing the growth in the US market, which is obviously a huge opportunity for EPIC.“

Teresa Fiore, VP of partnerships at EPIC Risk Management

The Company Anticipates Expanding in the US

Without any doubt’ Fiore’s experience makes her the perfect fit for the new role. Throughout her extensive career, she worked in nearly 30 different countries around the globe. Before joining the senior-level team at EPIC, Fiore was a part of the leading operator, PointsBet. During her tenure with the company, she held the role of responsible gambling and corporate social responsibility manager.

Besides PointsBet, Fiore was also a part of the Massachusetts Gaming Commission for five years. At the time, she held the role of program manager of research and responsible gaming. In that role, she oversaw different responsible gambling programs for brick-and-mortar casinos across the state.

“This appointment is a key marker of the expansion that EPIC continues to make within the US.“

Paul Buck, CEO at EPIC Risk Management

Paul Buck, EPIC’s CEO, highlighted the importance of the new appointment that comes at a time when the company continues to expand in the US. He praised Fiore’s knowledge and experience. Finally, Buck predicted that she would play an important role in the future of the company.

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The premier management advisory firm, delivering solutions and software for the sports betting, online gambling and casino sector, SCCG Management, has announced a new strategic partnership. The company revealed it joined forces with the world leader in biometric verification software solutions, AWARE. Under the terms of the new agreement, SCCG will help expand the reach of AWARE’s superior biometric software solutions, allowing new operators across the globe to benefit from them.

Per the new collaboration, AWARE’s solutions will be able to reach new partners that will benefit from its innovative know-your-customer (KYC) technology. At the same time SCCG will stay at the forefront of innovation by delivering groundbreaking solutions that help with authentication and identity verification. Additionally, AWARE’s solutions are renowned for their secure biometric enrollment, enabling seamless transactions and logins. Those ground-breaking solutions lead by example, setting a new standard for the online gambling sector.

Only recently, SCCG Management signed another important deal. Last week, the company revealed it signed a strategic agreement with Snapscreen Inc., a New York and Australia-based technology company. Under the terms of that collaboration, SCCG gained access to Snapscreen’s SnapOdds, an innovative live betting video recognition technology. The unique technology enables bettors and sports fans to be able to identify live sports events by taking a snapshot and engaging in in-game betting.

The Strategic Agreement Brings Excitement to the Duo

Dave Barcelo, AWARE’s CFO, highlighted the importance of the new agreement and the benefits it will bring to the two companies. He spoke about the frictionless logins that the company’s technology delivers.

Additionally, Barcelo said that AWARE will be delighted to help online gambling operators ensure security compliance while improving the experience for their customers. “AWARE has partnered with SCCG, and their vast experience in the global iGaming industry, to accelerate our reach and work with operators to incorporate biometric verification technology to strengthen platforms around the world,” he said in conclusion.

“We are excited to bring AWARE’s best-in-class biometric software solutions to the global gambling industry.“

Stephen Crystal, founder and CEO of SCCG Management

Stephen Crystal, SCCG’s founder and CEO, was similarly delighted to see the company join forces with AWARE and deliver supreme software solutions for the iGaming sector. Moreover, he explained that SCCG is in a perfect position to help distribute AWARE’s leading KYC solutions through its network of operators. Finally, Crystal noted that the agreement complements SCCG’s mission to improve user experience while adhering to standards related to compliance and security.

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The new hires- Robert Yuile as COO and managing director for DataVault ONE, Martin Hodges as leader of the marketing division, and David Schubert as sales director- bring a wealth of experience and expertise to their respective roles. As a leading provider of compliance and risk management solutions, ComplianceOne aims to assemble a proficient management team, aiding the company’s growth ambitions.

All New Executives Are Seasoned Industry Professionals

Robert Yuile joins ComplianceOne Group as COO and the managing director for DataVault ONE, the company’s flagship data management and compliance solution. With three decades of management experience, he possesses all the necessary attributes to bolster the group’s strategic and operational focus. Yuile‘s dedication to customer satisfaction and employee motivation perfectly align with ComplianceOne’s culture, making him a perfect addition to the team.

Martin Hodges will bolster ComplianceOne’s management as group director of marketing, leveraging his extensive experience in developing and executing successful strategies. His background in iGaming and sports betting will be pivotal to raising the company’s profile and extending its market reach. The group’s newly established RecruitCompliance Arm can most benefit from its efforts and find traction despite competition.

Finally, David Schubert takes up the mantle of sales director, advancing the company’s growth and client acquisition. He is well-versed in his field, sporting two decades of sales experience across diverse industries. Schubert’s impressive track record of driving revenue growth and customer-centric approach will be instrumental in addressing clients’ unique compliance challenges.

ComplianceOne Retains Its Focus on Customer Satisfaction

These new senior management appointments align with ComplianceOne Group’s strategic vision of driving innovation, expanding market presence, and delivering exceptional value to clients. Onboarding such seasoned professionals positions the company for continued success in the ever-evolving compliance and risk management industry. ComplianceOne CEO Antonio Zanghi welcomed the three new additions, expressing confidence in their future contributions.

Robert, Martin, and David… bring a wealth of experience to the team and put us in an even stronger position to deliver the… products and services our partners have come to rely upon.

Antonio Zanghi, ComplianceOne CEO

The shifts in ComplianceOne’s management build upon the previous appointment of Jeremie Kanter as VP of regulatory and internal audit, strengthening the group’s ranks with specific, valuable skills. These leaders’ collective expertise and industry insights will aid the company as it works closely with clients to understand their evolving needs, enabling prosperous and enduring client relationships.

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