Finland is considering a possible modernization of its online gambling laws. The European country is currently considering a licensing model like the ones used by most modern gambling markets.

Finland’s intentions were announced by the country’s Ministry of the Interior. The ministry introduced a legislative project that, if advanced, could replace the current monopoly with a licensing system. The move was loudly praised by the European Gaming and Betting Association (EGBA), an industry body representing Europe’s top iGaming companies.

Finland’s legislative project would draft proposals needed to make the transition to a licensing system. As a result, it will cover a number of important aspects, such as what activities will be legalized, what the taxes and fees for operators will be and how Finland will prevent gambling harm.

According to the EGBA, the Ministry of the Interior’s project will run through December 31, 2025, and will lead to the introduction of a legislative proposal in spring 2025.

The Move Would Align Finland to Other EU Member States

For reference, Finland is the only member of the European Union that still sports a monopoly regime for online gambling activities. The system’s deficiencies have become apparent in recent years with customers demanding more varied content and migrating to offshore websites.

This tendency has caused the country to lose control of the iGaming market and miss out on potential tax money.

According to the EGBA, the transition to a licensing model would benefit the Finnish market. The association expressed its support for the newly introduced legislative project, saying that it has the potential to increase player protection while boosting tax revenues. At the same time, the move would create a level playing field for operators.

The EGBA’s secretary general, Maarten Haijer, commented on the matter, saying that it is a “welcome step toward meaningful and overdue gambling reform” in the country. He highlighted the multiple boons a licensing model would bring, noting that it would also align Finland with other EU member states.

We look forward to continuing dialogue with the Finnish Government and local stakeholders as the regulatory discussions develop.

Maarten Haijer, secretary general, EGBA

As Finland considers the introduction of a licensing model, Norway continues its efforts to protect its monopoly systems, proceeding with its DNS blocking plans.

The post EGBA Praises Legislative Project to Introduce a Licensing Model in Finland appeared first on Keno Wizard.

Super Group has published its Q1 2023 results, providing insights into its performance during the first three months of the year. The gaming and betting group, which operates the famous Betway brand, saw its revenue remain stable while losses plummeted.

Super Group reported revenue of $364.2 million (converted to USD, current rates). This represents a modest 1% year-on-year increase driven by the growth in the EMEA region. However, revenue declines in the Asia-Pacific region and Ontario prevented the company from experiencing a sharp revenue increase.

Loss after tax was $2.04 million in Q1 2023, which, according to Super Group, “included a non-cash charge of $2.37 million related to the increase in fair value of a liability for a call option granted to a third-party to purchase the B2B division of Digital Gaming Corporation.” For reference, Super Group acquired said division in January 2023.

Super Group noted that the loss after tax of $175.59 million recorded in Q1 2022 included costs associated with Super Group’s partnerships and its 2022 public listing.

Super Group’s operational EBITDA in Q1 2023 was $37.33 million, representing a sharp decline from Q1 2022. The company attributed the decline to a $17.86 million loss in the US.

The gambling giant shared that its monthly active customers in Q1 2023 were 3.5 million, representing a 34% YOY increase.

The company concluded the quarter with $265 million in cash and cash equivalents, which translates to a slight 3.3% YOY decline. Super Group attributed the reduction to various factors, including a loss of $6.56 million because of currency fluctuations.

Super Group’s Leadership Is Satisfied with the Results

Super Group’s chief executive officer, Neal Menashe, commented on the results. He praised his team for delivering “another solid quarter” and added that the company will continue to drive revenue and profit growth.

Menashe noted that March saw Super Group record record-breaking monthly net gaming revenue with an operational EBITDA margin of over 20%. According to him, this is a “strong reminder” of the group’s operating leverage.

We are confident that we will continue to build on another strong quarter across iGaming and sports betting across the world.

Neal Menashe, CEO, Super Group

Meanwhile, Alinda van Wyk, Super Group’s chief financial officer, said that the results highlight the upsides of continued investment in growth.

Our balance sheet remains robust and gives us a very strong foundation to continue to scale our business. We are always optimizing our cost efficiencies, further enhancing future profitability.

Alinda van Wyk, CFO, Super Group

At the beginning of 2023, Super Group finalized the acquisition of the iGaming and online sports betting company DGC.

In other news, a Super Group shareholder just sued Sports Entertainment Acquisition Corp, which allegedly withheld information about its merger with Super Group.

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