The Spanish Digital Gaming Association (Jdigital), announced that the country’s Supreme Court has partially upheld the association’s appeal against Royal Decree 958/2020, a piece of legislation which introduced several restrictions for the industry. However, Jdigital called for more dialogue with the Spanish regulator in order to put the country’s iGaming market on the right path.

The Spanish Supreme Court decided to partially uphold an appeal lodged by Jdigital and annulled several measures stipulated in the Royal Decree 958/2020, which came into effect in November 2020. Almost four years later the Supreme Court ruled that several articles in that decree lacked legal basis.

One of the annulled bits of legislation was article 13, which was related to targeted advertisements towards new customers. Following the Supreme Court’s decision iGaming operators in Spain will once again be able to advertise their products to players who have held an account for less than 30 days. Moreover, they will be able to advertise in venues with public accessibility which sell lottery games.

The ruling by the Supreme Court also allows celebrities to appear in gaming advertising again, while the ban on gambling ads on video sharing platforms was overturned as well. This means that iGaming operators can advertise their products to social media users, but only to those above 18 years of age.

Very Positive News

A previous appeal by Jdigital was rejected by Spain’s constitutional court in November 2023. The victory at the Supreme Court was described by Jdigital in a statement as “very positive news for the online gaming sector.”

However, the Spanish Digital Gaming Association argued that the measures that remain in place still impose several limitations that are considered too restrictive by the industry. For example, the ban on advertising between 1am and 5am both on radio and television remains in place, as it is covered by the General Law of Audiovisual Communication.

Moreover, Article 12 of the Royal Decree 958/2020 was not annulled, which means that iGaming operators still can not use branding for events that minors can see or sponsor sporting events or broadcasts. That said, Jdigital called for increased dialogue between the iGaming industry and the regulatory authorities in order to boost responsible gambling efforts while also allowing sustainable growth for the industry.

Source:

“Jdigital labels Spain ad restrictions annulments “very positive” but urges caution“, igamingbusiness.com, April 11, 2024.

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The UK-headquartered, leading betting and gaming company that acquired William Hill’s non-US business in 2022, 888 Holdings Plc, has published its post-close trading figures. 

The report indicates an 8% decrease in the group’s annual revenue for the full year 2023, emphasizing important drops in the UK online and global markets.

The fourth quarter’s revenue reached £424 million ($538 million), a number that marked a 7% decrease compared to £457 million ($579 million) in the same quarter in 2022.

The Q4 revenue was also 5% higher compared to Q3 2023, with activities up 5% on a YoY basis. In the context of the continuous growth in the customer base, 888 believes it has what it takes to set the “foundation for sustainable future revenue growth.”

Full Year 2023 Revenue Down Because of a Mix of Factors

As explained in the same update, the group’s FY23 revenue of £1,711 million ($2,170 million) down 8% compared to 2022 was the result of a number of factors including the shift away from dotcom markets, which dropped revenue by around £80 million ($101 million) during FY23. 

The customer mix changes recorded in the UK resulting from the additional measures to ensure safe gambling and 888’s marketing changes with a bigger focus on profitability and sustainable revenue have all triggered “a higher quality and more sustainable business mix.”

This featured roughly 95% of FY23 revenue generated from taxed and regulated markets. 888 recorded an 11% increase in the average number of monthly active users in the UK online segment. However, the figure did not suffice to fight off the 18% drop in average revenue per customer.

The FY23 retail revenue went up 3% at £535 million ($678 million) compared to FY22 at £519 million ($658 million). The main triggers were the improvements brought to the product offerings, including the introduction of self-service betting terminals and gaming cabinets.

Outlook for 2024

The company has also expressed a “positive outlook for FY24 revenue with consistent growth in active players driving confidence in strong revenue growth online in both the UK and International segments.”

The group’s compliance and implementation of safer gambling practices are expected to “annualize in February 2024,” which would lead to a more positive outlook in terms of average revenue per user. 

888’s profitability, in the long run, will also be positively impacted by the new cost savings program of around £30 million ($38 million) initiated at the end of last year and the additional investments in a greater strengthening of the group’s core capabilities in intelligent automation and artificial intelligence-powered data and insights.

While these measures are expected to boost the group’s profitability in the long term, the additional investments that are underway are also leading 888 to project the 2024 Adjusted EBITDA to be “at the low end of consensus range.”

Chief executive officer Per Widerström commented on the “important strategic and operational progress in the face of some significant regulatory and compliance headwinds” in FY23 while happily announcing the enhancement of the foundations for sustainable and profitable growth.

The CEO also announced that he would outline the group’s 2024-2026 plan together with the full-year results toward the end of March.

Last week, the group announced job cuts in Israel amid its global restructuring plans.

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In a dazzling turn of events, WowPot!, the iconic progressive jackpot by Games Global, struck gold on December 20, 2023, reaching an extraordinary €38,461,200.95!

This groundbreaking win on the Wheel of Wishes slot, crafted by Alchemy Gaming, not only shattered previous records but also solidified WowPot! as the undeniable titan of jackpots.

Wheel of Wishes – Where Dreams Turn into Millions

Launched in 2020, Wheel of Wishes brought forth the four-tier WowPot!, transforming the online gaming landscape. Its cumulative jackpot payouts have now surpassed €65 million, a testament to the game’s magnetic appeal and the allure of the starting €2 million seed.

“the jackpot has paid out more than €225 million to an excess of 5.3 million players”

WowPot! has etched its name as a jackpot legend, disbursing over €225 million in winnings to a staggering 5.3 million players. With an impressive frequency of drops every 15 seconds in 2023, WowPot! stands as a beacon of exhilaration in the world of progressive jackpots.

Diverse Portfolio of Jackpot Marvels

Games Global’s progressive network, not confined to WowPot! alone, features a rich assortment of titles such as Ancient Fortunes: Poseidon WowPot! Megaways, 9 Blazing Diamonds WowPot!, and Queen of Alexandria WowPot!, each contributing to the network’s monumental success.

The developer’s progressive network, encompassing amazing slot games such as Mega Moolah, Maple Moolah, and King Millions, continues to dominate, boasting over €140 million in payouts in 2023 alone. With a winning frequency averaging every 10 seconds, the network stands unrivaled in the realm of progressive jackpots. The allure of life-changing jackpots is undeniably alive and thriving in the world of online gaming.

Andy Booth, Chief Product Officer at Games Global, commented: “This is a monumental moment for both Games Global and the entire iGaming industry. We could not be prouder to be home to the largest online slot jackpot win. We would also like to extend our congratulations to the winner on this celebration. Now that it has been won, our job is to reset it and go again, hopefully making another record-breaking jackpot in the process!”

Rory Harpur, Head of Studio at Alchemy Gaming, added: “When we debuted Wheel of Wishes back in 2020, little did we know the incredible impact its central progressive jackpot would have. Not only is this latest WowPot! win the first top-tier jackpot to strike on the game, it’s also the largest online slot jackpot win. A truly historic day for the Alchemy team, for our partners at Games Global, and in the wider industry.”

Source: ”Games Global progressive jackpot WowPot! pays out €38.4 million”. European Gaming. January 4, 2024.

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Tennessee’s sports betting industry hit a historic milestone in November, as the state reported a staggering $517 million in gross wagers, marking the first time the monthly handle surpassed the $500 million mark since the launch of sports betting in November 2020.

Tennessee’s Sports Betting Hits All-Time Peak with 16.16% Surge in November

The Tennessee Sports Wagering Advisory Council (SWAC) released the figures, revealing a 16.16% increase from the previous month’s total bets of $445.19 million in October 2023. This notable surge comes as no surprise, with the peak of the 2023 college football and NFL season contributing to the heightened betting activity.

The state also witnessed a substantial 17.68% year-over-year increase in handle, showcasing the continued growth and popularity of sports betting in Tennessee. The monthly sports betting handle for November 2023 now stands as the highest in the state’s history.

Tennessee’s sportsbooks generated $1.63 million in adjustments, reflecting an impressive 178% increase from the preceding month. Despite this robust monthly growth, the figure represents a 22.37% decrease compared to November 2022, which saw adjustments totaling $2.10 million.

The Volunteer State’s sports betting journey has seen remarkable growth, rebounding impressively from a record-low revenue of $10.1 million in August 2021. The recent surge in sports betting activities aligns with the entry of prominent platforms such as Fanatics Sportsbook, ESPN Bet, and Hard Rock into the Tennessee market in the last two years. Major players like FanDuel, DraftKings, and BetMGM also went live in 2020 when sports betting was legalized.

Tennessee’s Bold Tax Strategy Nets $9.51 Million

In a unique approach to taxation, Tennessee has been the sole state taxing sportsbook operators based on their total betting handle since July 2023. The state imposes a 1.85% tax on the entire amount wagered. This shift aims to eliminate financial risks, ensuring Tennessee consistently receives privileged tax revenue from all sportsbook operators.

As a result of November’s unprecedented betting activity, Tennessee collected over $9.51 million in privilege fees, marking a 16.16% increase from October this year and a 5.36% rise from November the previous year.

At the beginning of June, Tennessee Governor Bill Lee signed Senate Bill 475 into law, making the state the first in the US to tax sports betting operators based on their betting handle rather than revenue. The legislation, effective from July, replaced the current 20% tax on gross gaming revenue with a 1.85% tax on the monthly betting handle, eliminating the requirement for operators to hold 10% of their handle. The renewal license fees also shifted to a multi-tier system based on operators’ betting handle, aiming to boost tax revenue for various state programs.

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Nevada has hit the jackpot, breaking records with its best-ever October gaming win, marking the sixth-best month in the state’s history. The Nevada Gaming Control Board released figures showing a staggering $1.3 billion collected, reflecting a robust 2.7% increase over the previous year.

Anticipation Mounts for November Figures Following Downtown Las Vegas Triumph

Downtown Las Vegas emerged as a star performer, raking in a record-breaking $97.5 million for the month. Industry experts are now eagerly awaiting November figures, anticipating the impact of the inaugural Formula 1 Las Vegas Grand Prix that roared down the iconic Las Vegas Strip. With the addition of two new properties, Durango and Fontainebleau, December is also poised to be a strong month for gaming.

Michael Lawton, senior economic analyst at the Nevada Gaming Control Board, hinted at the anticipation surrounding the November gaming win totals. Lawton remarked that there would be significant anticipation to observe the results and the impact of F1 Las Vegas Grand Prix, advising everyone to stay tuned.

Despite October having one less weekend day compared to the previous year, nearly every Southern Nevada market experienced an increase in gaming wins. The Boulder Strip saw a significant uptick of 10.3% to $88.6 million, while Laughlin climbed 5.3% to $47.6 million. However, North Las Vegas reported a marginal decline of 0.8% to $23.4 million.

October marked a reversal in trends, with various markets, including downtown Las Vegas, Laughlin, the Boulder Strip, outlying Clark County, and Washoe County, contributing to increased slot-machine win totals, primarily driven by higher hold percentages.

Challenges Emerge as Slot-Machine Wins and Table-Game Wagers Decline in October

The state’s gaming numbers continue to outpace pre-pandemic levels, with October 2023 boasting a 28.7% increase, amounting to $293.3 million more than the same month in 2019. This milestone also marks the 32nd consecutive month that the state has recorded at least $1 billion in monthly gaming wins.

Las Vegas Strip properties continue to thrive, benefitting from residencies, concerts, and sports events. Notable performances by Adele, U2, Pink, Ed Sheeran, and sporting events like the NASCAR Xfinity Series and the Las Vegas Raiders’ home games contributed to the city’s vibrant gaming scene.

However, the report revealed a gradual slowdown in gambling on the Strip, with slot machine wins decreasing by 1.1% and the total amount wagered down by 1.3% to $4.9 billion. 

October marked the third consecutive month of slot-machine revenue declines, breaking a streak of 30 consecutive monthly increases dating back to March 2021. Table-game play also saw a decline, with a drop in money wagered, despite a 4.4% increase in table-game wins.

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Wyoming, the American state that is widely known as the “Equality State”, has registered new records in the month of October 2023 when it comes to its regulated online sports betting market.

Bettors in the state wagered 21.2 million dollars in October using licensed online bookmakers, an amount which is an all-time high since the state opened its legal online betting market.

The previous record set in the American state was 19.2 million dollars, and it was set in September 2023. Moreover, the figure registered in October 2023 represents an increase of 23.4 percent compared to the same month of 2022.

Gross gaming revenue also registered an all-time high of 2.3 million dollars, an increase of 15 percent year-on-year and 53.3 percent compared to the 1.5 million that were generated in September 2023.

Taxable gaming revenue also set a new record in October, amounting to 1.4 million dollars. That figure represents an increase of 21.7 percent from October 2022 and no less than 172.6 percent when compared to September 2023, when the total taxable gaming revenue in Wyoming amounted to just over half a million dollars.

DraftKings On Top of The Market

The most successful online bookmaker in Wyoming in October was DraftKings, with revenue of 1.4 million dollars and a handle of 12.5 million dollars. FanDuel ended the month in second place with revenue of 402,961 dollars and a handle of 4.9 million dollars.

BetMGM grabbed the final podium place with revenue of 387,344 dollars from a handle of 3.5 million dollars, while Caesars was in fourth place with revenue of just 73,028 dollars from a handle of 378,622 dollars.

The Wyoming onlines sports betting market is set to become more competitive as Fanatics Betting and Gaming will join the fray after having taken control of PointsBet Wyoming LLC.

Fanatics Betting and Gaming is a division of Fanatics, the global sports retail giant, and it has struck a deal to acquire the United States operations of PointsBet earlier this year. The purchase price was 225 million dollars and it was approved by the PointsBet shareholders.

However, the effective transfer of the operations to Fanatics Betting and Gaming will only happen when the operator will receive all necessary approvals in each state. Fanatics Betting and Gaming has so far rolled out its online sportsbook in Virginia following the acquisition of PointsBet U.S.

Source: “Wyoming smashes online sports betting records in October“. iGaming Business. November 23, 2023.

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The accounting software company that is set to deliver “smart payables that elevate modern business,” Tipalti, has reported Nevada as the top-ranking US state in terms of financial fraud per capita. 

286 Financial Frauds Per 100,000 People

The report, which is based on data from the Federal Bureau of Investigation’s Internet Crime Data in 2022 alongside census data, has shown that the Silver State counted 286 financial fraud victims per 100,000 people in 2022 alone. 

However, in spite of reaching the highest fraud rates from all 50 states, Nevada’s legislation regards fraud as a criminal offense with potential penalties including one to four years in prison and fines as high as $5,000, based on the severity of the fraud.

Nevada’s state law defines fraud as “when individuals deliberately misinterpret themselves to receive benefits they are not entitled to legally, including housing, insurance proceeds, and money.”

The Most Common Types of Financial Fraud 

The Tipalti report also detailed the most popular types of financial fraud, with phishing ranked first with close to 300,500 victims, which is five times higher than data breaching which ranked second with close to 59,000 victims. 

Non-payment or non-delivery is the third most common financial fraud in the US with close to 52,000 victims. 

Phishing happens when an attacker manages to trick a user into installing malware or revealing sensitive information. 

In 2022, Americans who fell victim to scammers pretending to be highly ranked individuals in big organizations and had their business email compromised suffered losses of $2.7 billion. 

At the same time, the US recorded over $52 million in total losses. 

A personal data breach is a breach of security during which an unauthorized party gets access to confidential information which includes personal data. Having the highest impact in the cyber world, this type of fraud led to over 1,800 security incidents in 2022. Together, the incidents accounted for 422 million breached records in the US.

Non-payment scams are scams that happen when sellers who provide services or goods do not process their payment. Similarly, non-delivery scams occur when buyers pay for services or goods online but fail to receive the respective items. 

No In-Depth Explanation

The accounting firm report that also presented Delaware as the second-ranking US state in terms of financial fraud per capita followed by Alaska in the third position did not reveal any detailed explanations regarding the reasons why Nevada has recorded the high numbers. 

The same goes for the FBI data that Tipalti based its report on. However, the Las Vegas Review-Journal presented the opinions of two experts representing the University of Nevada, Las Vegas (UNLV).

UNLV’s chair of the accounting department, Jason Smith, argued that a possible explanation for why the state tops the nation is the fact that there aren’t sufficient residents with a high level of financial literacy. Smith also explained that Nevada’s friendly incorporation legislation convinces many to incorporate their businesses in the state, leading to the high financial fraud rate.

Similarly, UNLV’s director of the cybersecurity program, Gregory Moody, said that the state’s large number of gaming workers in the hospitality workforce might facilitate some forms of fraud. 

Moody also mentioned Nevada’s small population as a potential factor that could make it more susceptible to reaching the top of the list.

In August, the Nevada Gaming Control Board issued a warning regarding the increase in the number of scams that were targeting casinos. 

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October’s sports wagering revenue results revealed impressive performances across several high-profile jurisdictions. Louisiana and Pennsylvania stand out, setting new benchmarks amidst significant growth in their respective markets. Such detailed results remain integral to understanding emerging industry trends, allowing stakeholders to adjust their strategies and keep players engaged.

Pennsylvania Remains a Thriving Market

Pennsylvania reported an astounding $829.0 million sports betting handle in October, surpassing last month’s high by 4.0%. This milestone propelled sports betting revenue to $48.2 million, an 18.8% year-on-year increase. Online wagering performed spectacularly, contributing $43.1 million to the overall revenue, while retail betting accounted for $5.1 million.

Hollywood Casino at the Meadows and Barstool emerged as market frontrunners, generating $18.9 million in revenue from $258.3 million in bets. Valley Forge and FanDuel, which led in September, lagged slightly behind with $18.2 million in revenue despite a higher handle of $328.4 million. Rivers Casino Pittsburgh and BetRivers secured the third position, earning $2.3 million from $33.5 million in total wagers.

In addition to sports betting, Pennsylvania’s total gambling revenue reached $483.0 million, a 7.3% increase from the previous year. While retail slots accounted for nearly 40.0% of the gambling revenue at $192.5 million, land-based table games also experienced a 2.0% year-on-year increase, reaching $81.5 million.

Louisiana Retains Significant Growth Potential

Meanwhile, Louisiana witnessed an outstanding surge in sports betting activities, reporting a record-breaking $308.6 million in sports wagering during October. This figure marked a 20.8% increase from the previous year, exceeding the state’s prior January 2023 record. Revenues also soared to an all-time high of $43.3 million, a remarkable 63.5% year-on-year surge. 

Louisiana sports wagering online gross revenue amounted to $40.1 million, while retail sportsbooks contributed $3.3 million. Football betting traditionally led the way, generating $7.3 million from online betting and $249,242 from retail. Baseball also proved popular, contributing $3.3 million in retail revenue and $437,224 in online revenue.

These results demonstrate Louisiana’s robust and growing market, showcasing the increasing interest and participation in sports wagering. Although the Pelican State does not yet offer regulated online gambling, sports betting’s impressive performance proves that taking the next logical step could create a thriving new industry. Even without iGaming, Louisiana represents significant potential as it remains on a promising trajectory for future growth.

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It has been more than a year since the authorities in Ontario decided to open the gaming sector in the province to private operators, so it’s time to have a look at this new and booming market and see how the online casinos and sportsbooks have adapted to the challenges.

Dozens of Operators and Brands

The market in Ontario opened on April 4, 2022, as the provincial government finally acknowledged that having a state monopoly in this industry was not beneficial. Plenty of people in Ontario had already been placing their wagers on offshore gaming sites, which were operating in a legal gray area.

After the market officially opened most private operators applied for licenses from iGaming Ontario, the local government agency that is in charge of the online gambling market in Canada’s most populous province. At the end of the first quarter of 2023 iGaming Ontario reported that there were 46 different companies already licensed to operate in the province, with 71 different online gaming brands.

Among these operators we have seen big brands from Europe which tried to get in on the action, sports media brands which have tried to get into sports betting, and land-based casinos which aimed to grow their business online.

So far the brand leading the sports betting and online gambling market in Ontario seems to be Bet365, a big European brand, while in second place we find PokerStars and FanDuel, two big brands operated by Flutter Entertainment, a global giant in this industry.

North America’s Largest Single Market by Revenue

During the first quarter of 2023, the province of Ontario saw over 14 billion Canadian dollars being wagered online by 920,000 customers of online casinos and sportsbooks. That led to gaming revenue of 545 million dollars, making Ontario the largest single market by revenue in North America.

Most of the operators that made the transition from the gray market to the regulated one did have the chance to hit the ground running as they already had solid databases of users and a loyal customer base. It was quite confusing for some of the users at first as they had to go through new KYC and AML procedures, but things got sorted out fairly quickly.

A particularity of the Ontario market is the popularity of online casinos, which have dominated the industry since the market opened in April 2022. In fact, during the first quarter of 2023, around 83 percent of the total handle registered by operators in Ontario came from iGaming, amounting to 11.6 billion dollars. In terms of revenue, 72 percent went to iGaming operators for a total of 392 million dollars.

Revenue hit new heights in each quarter since the market opened, with the 545 million reported at the end of the first quarter of 2023 representing a fifth consecutive quarterly record. We will most likely see a growing number of operators for a while but at some point the competition will most likely lead to some companies being driven off the market while others will consolidate their positions.

Source: “Ontario: The state of play“. iGaming Business. September 1, 2023.

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Cumulatively, Wheel of Fortune, Powerbucks and Megabucks have managed to pay out as much as $17 million in jackpots last month, making it one of the biggest on record. The company’s solutions are available across numerous jurisdictions in Canada and the United States, and they have been delivering significant amounts since they were launched in 1996.

In fact, The Wheel of Fortune slots has made more than 1,100 players millionaires still they launched close to 30 years ago, with a total of $3.4 billion paid out to lucky winners. The month of April 2023 was not much different with three noteworthy jackpots hitting on April 2, 15, and 28.

The biggest win was realized in Atlantis Casino Resort Spa in Reno, Nevada, which was also the biggest single-slot jackpot to be hit in the history of the company, with the Megabucks game dropping $14,005,833. The story grabbed headlines quickly, with the player realizing a $10 bet and flipping it into the massive, life-changing amount, also making it also the biggest slot jackpot in Reno’s history.

IGT VP of Western Region & Mexico sales, Toni Martinez, commented on the win and said that there was property-wide excitement when the news surfaced. The player was a woman who spent 40 minutes playing before the Megabucks Mega Vault dropped and completely changed her life.

IGT Sets a Month of Smashing Jackpot Records

The next big win was outside of the United States, with a player winning CAD 3,217,900 on April 15. The win was realized at the Casino Woodbine in Ontario, Canada, and is in fact the biggest land-based jackpot in the country, making it so that IGT has set records in two countries in a single month in what has been the most auspicious overall month for players of the IGT Powerbucks games in history.

The win was not publicized as well, and therefore fewer details are known about it. Casino Woodbine, though, is one of the most prominent properties in the province and it has enjoyed steady footfall since news got out that a Powerbucks game has paid so much. In the meantime, it’s worth noting that all games by IGT that are part of the jackpot system can pay big amounts no matter where you play.

Not least, there was another fairly big win from an online Powerbucks slot which brought its player CA$1,728,271 from Wheel of Fortune Elegant Emeralds in Quebec, Canada. All in all, IGT saw tons of jackpots paid out to winners over April, with more exciting opportunities undoubtedly on their way in May.

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