In a move to address the escalating property tax concerns of older constituents, Utah Representative Kera Birkeland is championing a proposed constitutional amendment that would legalize the state’s first-ever lottery. 

Rep. Birkeland’s Lottery Proposal Could Boost Utah’s Finances by $200M

Rep. Birkeland contends that legalizing the lottery could inject up to $200 million into Utah’s coffers, money currently flowing across state lines as residents travel to neighboring states like Idaho, Wyoming, and Arizona to purchase lottery tickets. The proposal aims to redirect these funds to alleviate the financial strain on seniors facing rising property taxes, reported KSL.

The lawmaker’s initiative sparks a broader conversation about the intersection of gambling practices, fiscal policies, and the unique challenges posed by Utah’s comprehensive ban on all forms of gambling. Utah and Hawaii are the only states where any game of chance is strictly prohibited.

Birkeland argues that the prohibition on gambling has deprived the state of a significant revenue stream. She emphasizes the real-world impact on seniors, sharing stories of constituents forced to sell their homes due to soaring property tax bills.

While the full details of the bill are yet to be unveiled, Birkeland is considering including a stipulation that mandates tax revenue from lottery sales be dedicated to offsetting the tax burden on older adults with fixed incomes. 

The proposal faces a significant hurdle, as a constitutional amendment requires the support of two-thirds of lawmakers in both chambers and approval by a majority of voters in the upcoming general election.

Gov. Cox Challenges Lotteries, Deems Them Harmful

Gov. Spencer Cox, despite not possessing the authority to veto constitutional amendments, conveyed his opposition in a recent news conference, asserting that he believes lotteries and gambling, in general, function as taxes on individuals who struggle with mathematics, causing more harm than good.

Despite the challenges and opposition, Birkeland is determined to push the bill forward, emphasizing the need to address the primary concern of her constituents regarding property taxes. 

Birkeland recognizes the challenging nature of the endeavor but maintains her determination, asserting that she has introduced several bills attempting to limit property taxes and decrease government spending, yet none of them has gained traction.

The proposal reignites the ongoing debate on gambling laws in Utah, with past endeavors facing significant resistance. Birkeland’s initiative signals a potential shift in the state’s stance on gambling, setting the stage for a contentious legislative session.

The post Utah Lawmaker Proposes State Lottery to Tackle Senior Property Tax Woes appeared first on Keno Wizard.

Gaming Innovation Group, a company offering cloud-based product and platform services and performance marketing to clients within the iGaming industry, has announced the completion of its latest bond issue.

According to the company’s official announcement, it has successfully completed the issuance of 3-year EUR 75 million ($81 million) equivalent senior secured bonds. The bonds are split in a EUR 45 million ($48.5 million) and a SEK 350 million ($33.5 million) tranche and have a combined borrowing limit of EUR 100 million equivalent.

As noted by the company, the proceeds of this issuance will be used to call the company’s outstanding SEK 550 million bond in full. In addition, the money will help GiG fund its acquisition of KaFe Rocks. The money will also contribute to the company’s general corporate purposes.

GiG added that a call notice for the existing SEK 550 million bond will be sent shortly. In the meantime, GiG will apply for its new bond to appear on the Nasdaq Stockholm and Frankfurt Stock Exchange Market.

GiG also pointed out that its new bond has been well received among its investors in multiple regions, including the Nordics, Continental Europe and the United States. The company mentioned that both existing and new investors participated in the placement of the transaction.

Finally, GiG mentioned that ABG Sundal Collier and Pareto Securities acted as joint managers and bookrunners for the placement of the new bond issue.

Other GiG Developments

A month ago, GiG set out to acquire KaFe Rocks in a new EUR 35 million (approximately $37.4 million) acquisition deal. The deal is in line with the former party’s goal to become a leading generator in the iGaming market and expand its presence across the NA region.

Around the same time, GiG also published its Q3 results, reporting impressive momentum and growth across multiple metrics. The company’s quarterly revenue reached an all-time high of €31.8 million ($33.92 million), reflecting an impressive 39% year-on-year growth.

In early November, GiG also agreed to integrate the leading Jackpot Management System provided by Jooba Tech into its platform, allowing it to better serve its global network of iGaming operators.

The post GiG Announces the Completion of $81M Senior Secured Bond Issue appeared first on Keno Wizard.

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.

The post ComplianceOne Group Bolsters Senior Management with Three Appointments appeared first on Keno Wizard.

Globally recognized entertainment and gaming company Kindred confirmed last week that its long-term CEO, Henrik Tjärnström, resigned from his role. The company didn’t wait long and announced the appointment of Nils Andén to the role of interim CEO, while the search for a permanent holder of the position likely has started as well. Kindred did not reveal a reason for the sudden departure of Tjärnström. Upon announcing his resignation, he said: “I am very pleased with the Board of Directors’ choice of Nils Andén as the interim CEO, guaranteeing a smooth hand over.”

Before Tjärnström’s resignation, Kindred also unveiled another C-suite departure. Earlier this month, the company confirmed that it plans to part ways with its chief financial officer (CFO), Johan Wilsby. At the time of the announcement Kindred did not point out a specific reason for that senior-level change, neither said who may fill in the role. Wilsby is expected to leave the company at some point this autumn, but a specific date for his departure wasn’t pointed out previously.

Now, more senior-level executives are reportedly planning to leave Kindred. A report released by CasinoBeats suggests that the company’s chief commercial officer (CCO), Anne-Jaap Snijders, as well as chief marketing officer (CMO), Elen Barber, plan to vacate their roles. Similar to the announcement about Wilsby, the duo plan to step down at some point this autumn.

Barber was a part of Kindred for more than a decade. She initially joined the company back in 2010 as a global affiliate manager. But Barber’s professional experience with Kindred includes senior-level roles such as head of digital advertising, head of performance marketing and head of affiliates. To the role of CMO, she was appointed back in January 2019.

“I’m proud to have played my part in Kindred’s success over the past 13 years.“

Elen Barber, chief marketing officer at Kindred Group

Snijders is another veteran with a decade of experience at Kindred. He first joined the company as general manager of Australia with Unibet Group in 2012. This happened before the rebranding of the company to Kindred. Throughout his professional career with the company, Snijders’ held different senior-level roles before he was appointed to CCO in 2019.

“I had a great time at Kindred.“

Anne-Jaap Snijders, chief commercial officer at Kindred

According to Kindred, the two newly announced departures are not related to the departure of Wilsby or Tjärnström announced previously. The company thanked Barber and Snijders for their dedication, support and “huge contributions” throughout their extensive career.

The post Two More Senior Executives to Part Ways with Kindred appeared first on Keno Wizard.

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.

The post 888 Down a Senior Management Member as Sivan Finn Exits the Company appeared first on Keno Wizard.