Takes Archives - Keno Wizard https://kenowizard.com/tag/takes/ The Ultimate Keno Destination for Odds, Tips & Tricks Fri, 17 May 2024 00:16:14 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Takes Archives - Keno Wizard https://kenowizard.com/tag/takes/ 32 32 230792155 Cruise Line Gets in Hot Water after Casino Player Takes Own Life https://kenowizard.com/2024/05/17/cruise-line-gets-in-hot-water-after-casino-player-takes-own-life/ https://kenowizard.com/2024/05/17/cruise-line-gets-in-hot-water-after-casino-player-takes-own-life/#respond Fri, 17 May 2024 00:16:14 +0000 https://kenowizard.com/2024/05/17/cruise-line-gets-in-hot-water-after-casino-player-takes-own-life/ An Australian man has taken his own life after accumulating debts in a cruise ship’s casino, Daily Mail reported. Safer gambling experts believe that Dixon’s suicide could have been prevented if the ship provider had provided adequate duty of care. Shane Dixon, 50, jumped to his death as the ship approached Sydney. A father of [...]

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An Australian man has taken his own life after accumulating debts in a cruise ship’s casino, Daily Mail reported. Safer gambling experts believe that Dixon’s suicide could have been prevented if the ship provider had provided adequate duty of care.

Shane Dixon, 50, jumped to his death as the ship approached Sydney. A father of three children, the man racked up a debt of AUD 4,000 in the shipboard casino. His family believes that the stress caused by the debt has led him to take his own life.

In an interview with Daily Mail Australia, Scott Dixon, Shane’s brother, said that the deceased man must have panicked.

His brain was probably going 100 miles an hour. He probably thought, “s***, I’ve done it again, I can’t afford it and I can’t ask mum for more money.“

Scott Dixon

Scott and the two men’s mother were aboard the Pacific Adventure together. The ship is owned and operated by P&O Australia, which was hosting an Elvis-themed cruise. Everything had been going well before Shane entered the shipboard casino.

Scott explained that his brother had been struggling financially for a while. The man had also been dealing with a broken marriage and the passing of their father and third brother. Scott believes that the casino might have incentivized Shane to play, taking advantage of his vulnerabilities.

The Casino Failed to Protect the Player

Australia’s Alliance for Gambling Reform weighed in on the matter. Carol Bennett, CEO of the organization, believes that Pacific Adventure has failed to provide Shane with sufficient duty of care. Bennett said that the fact that Pacific Adventure allowed something like that to happen is “really concerning.”

The rules that might apply on land no longer seem to apply and yet you would expect this cruise line would have some kind of duty of care to ensure that people are not plied with inducements, promotions and advertisements that are pushing them to gamble to extremely harmful levels.

Carol Bennett, CEO, Alliance for Gambling Reform

Since cruise ships operate casinos in international waters, they can bypass regional regulations and requirements. To make matters worse, some such ships’ gambling can be charged to their room bill, making it easier to overspend.

Bennett said that cruise ships should adopt at least some basic harm prevention measures, such as loss limits. If they don’t then governments would really need to address the matter, Bennett added.

The Alliance for Gambling Reform CEO added that problem gambling is a huge issue in Australia and is affecting millions of families.  

VIP Member Says P&O Cruises’ Casinos Are Predatory

An anonymous high-roller who is a member of P&O Cruises’ VIP casino program, tipped Daily Mail off that the cruise company uses “predatory” strategies to promote its gambling products. While the player said that he always plans his spending carefully, he added that many players, especially vulnerable ones, will not.

They are essentially offshore casinos that come and pick people up from shore and take them out to international waters to gamble. If you don’t have the means to pay and you have an issue, there is no one to stop you so you can rack up a large amount of debt.

P&O high-roller

A P&O spokesperson told Daily Mail Australia that the company prefers to refrain from commenting on this tragic event while a coroner’s investigation is carried out. The representative, however, reassured the news outlet that her company’s casinos have Responsible Conduct of Gaming Policies in place across all ships and take them very seriously. The spokesperson concluded that her team would cooperate with the investigation.

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International Entertainment Corporation Takes Over Manila Casino https://kenowizard.com/2024/05/13/international-entertainment-corporation-takes-over-manila-casino/ https://kenowizard.com/2024/05/13/international-entertainment-corporation-takes-over-manila-casino/#respond Mon, 13 May 2024 17:40:32 +0000 https://kenowizard.com/2024/05/13/international-entertainment-corporation-takes-over-manila-casino/ International Entertainment Corporation (IEC) announced that it has officially begun its limited operation of the casino at its New Coast Hotel property in Manila. The company is set to officially take over full casino operations from the PAGCOR on May 11. The Board is pleased to announce that on 9 May 2024, the Group has [...]

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International Entertainment Corporation (IEC) announced that it has officially begun its limited operation of the casino at its New Coast Hotel property in Manila. The company is set to officially take over full casino operations from the PAGCOR on May 11.

The Board is pleased to announce that on 9 May 2024, the Group has commenced its limited operation in the Casino, the Group will officially take over the entire casino operation with effect from 11 May 2024 and will be the operator of the Casino under the Provisional License.

IEC statement

This announcement comes after IEC was awarded a provisional casino license by the Philippine regulator on September 27, 2023. The former company now aims to turn New Coast Hotel into a proper integrated resort.  

For context, the casino at New Coast was operated by the PAGCOR’s Casino Filipino brand. During that time, IEC served a supporting function, helping the operator improve the overall gaming experience.

Under its provisional casino license agreement, IEC will pay a monthly fee to the PAGCOR. For the month of May, IEC will have to pay PHP 60 million.

IEC Will Implement Robust AML and CTF Measures

IEC’s official announcement noted that the group has established new internal control procedures and measures that would prevent instances of non-compliance and fraud. This includes an AML and CTF program that seeks to prevent money laundering and the financing of terrorism, allowing IEC to remain compliant.

The program, according to IEC, has been designed with high ethical standards and robust know-your-costumer principles in mind. It will also ensure that officers and employees are aware of their responsibilities and will guarantee cooperation with the AMLC and PAGCOR.

IEC added that it has formed an AML committee consisting of at least three members that would formulate a comprehensive and risk-based AML and CTF program that conforms to the law. The committee will oversee the program’s implementation and will report the casino’s compliance status to the board.

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Brazil Takes Center Stage in Gambling Regulation https://kenowizard.com/2024/02/05/brazil-takes-center-stage-in-gambling-regulation/ https://kenowizard.com/2024/02/05/brazil-takes-center-stage-in-gambling-regulation/#respond Mon, 05 Feb 2024 10:25:34 +0000 https://kenowizard.com/2024/02/05/brazil-takes-center-stage-in-gambling-regulation/ Brazil’s Ministry of Finance has achieved significant progress toward regulating its burgeoning gambling industry by introducing the Secretariat for Prizes and Betting (SPA). This strategic move is part of a broader governmental initiative to enhance control and bring legal oversight to the rapidly evolving landscape of gambling within the country’s borders. A New Regulator for [...]

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Brazil’s Ministry of Finance has achieved significant progress toward regulating its burgeoning gambling industry by introducing the Secretariat for Prizes and Betting (SPA). This strategic move is part of a broader governmental initiative to enhance control and bring legal oversight to the rapidly evolving landscape of gambling within the country’s borders.

A New Regulator for a New Age

This regulatory drive finds legislative backing in Law No. 14,790 of 2023. Enacted by President Luiz Inácio Lula da Silva, this law addresses fixed-odds betting intricacies and introduces significant changes to existing laws. It delineates taxation criteria, outlines rules for commercial exploitation, defines revenue distribution mechanisms, and establishes sanctions.

The focal point of SPA’s mandate is efficient regulation of the fixed-odds sports betting market, encompassing sports betting and online gambling. The secretariat will also actively manage processes related to lotteries and commercial promotions, working in tandem with broader anti-money laundering initiatives. Furthermore, SPA will establish and enforce responsible gambling policies safeguarding vulnerable groups, especially minors.

The new Secretariat will also carry out actions to detect and prevent money laundering, as well as monitoring the market, aiming to establish responsible gambling policies.

Brazil Ministry of Finance statement

Within the larger organizational framework, the Ministry of Finance will host eight secretariats, with SPA emerging as a pivotal player. Structurally, SPA will operate through three key sub-divisions: Authorization, Monitoring and Inspection, and Sanctioning Action. The collective effort will involve 38 dedicated professionals who will dedicate their efforts to creating a safe and sustainable market.

Enforcement Effectiveness Remains Paramount

The enactment of Law No. 14,790 marks a critical milestone, filling a regulatory void that persisted for years. Despite the legalization of fixed-odds betting in 2018, the absence of specific inspection and taxation rules left the sector operating without proper oversight, exposing stakeholders to potential scams and fraud. This advancement will ensure such domains receive the necessary transparency, remaining subject to comprehensive oversight.

In a collaborative effort, SPA’s activities will align with the Ministry of Sport, particularly in matters related to sports integrity. This collaboration extends to monitoring result manipulation in sporting events and overseeing transfers involving athletes, clubs, and sports management bodies. Such efforts should increase fan engagement and prevent controversies from tarnishing the country’s sports reputation.

As Brazil takes this proactive step in instituting the Prizes and Betting Secretariat, the country’s gambling landscape will undergo a transformative journey. The dedicated focus on transparency, responsible gambling practices, and effective oversight aims to create a secure and regulated environment for operators, bettors, and other stakeholders. With SPA at the helm, Brazil ventures into a new era of regulated and accountable gambling practices.

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SGA Takes Action against Two More Operators https://kenowizard.com/2024/01/23/sga-takes-action-against-two-more-operators/ https://kenowizard.com/2024/01/23/sga-takes-action-against-two-more-operators/#respond Tue, 23 Jan 2024 16:46:57 +0000 https://kenowizard.com/2024/01/23/sga-takes-action-against-two-more-operators/ Spelinspektionen, the Swedish Gaming Authority (SGA), has taken action against two companies providing games in the country without proper licensing. Such actions represent a severe violation of Sweden’s gambling regulation and led to immediate action. The authority was adamant that the two operators threatened the safety of Swedish players, reaffirming its commitment to a sustainable [...]

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Spelinspektionen, the Swedish Gaming Authority (SGA), has taken action against two companies providing games in the country without proper licensing. Such actions represent a severe violation of Sweden’s gambling regulation and led to immediate action. The authority was adamant that the two operators threatened the safety of Swedish players, reaffirming its commitment to a sustainable and people-focused market.

The Offending Websites Operated without Permission

Upon investigating the website under the CSGOBIG (csgobig.com) brand, the SGA revealed that the platform was conducting gambling activities. The company and its affiliates had marketing content in Swedish. Furthermore, the investigation determined that the website lacked adequate measures to prevent Swedish consumers from registering and creating accounts.

The offending website is owned and operated by True Polygon Entertainment Limited, registered in Cyprus. No information was available regarding the current licensing status of True Polygon Entertainment Limited in any jurisdiction. While the company was allowed to comment, the Swedish Gambling Authority has not yet received a reply.

The SGA similarly identified Curaçao-based Smein Hosting NV as the company behind gamdom.eu and gamdom.com. The SGA found that Smein Hosting was providing its services in Sweden, actively marketing to Swedish customers through affiliate partners. Gamdom was one of the operators included in Twitch’s black-list in August, as the streaming platform took a stance against unlicensed operators.

Black Market Operators Remain a Persistent Threat

The SGA emphasized that the Gambling Act applies to games available in Sweden, with specific exceptions. The legislation is rooted in the principle that anyone operating in the Swedish gaming market must have a license and prohibits providing games without the required permission. The SGA noted that the two companies’ disregard for regulations necessitated a swift response.

The Swedish Gaming Authority considers that consumer protection and guaranteeing game safety necessitate immediate compliance with the decision.

SGA statement

The Swedish gambling sector has historically faced significant challenges with black market operators. Although the country can take limited measures to stop such services on its territory, the offending companies often find workarounds to these restrictions. A planned gambling tax raise caused significant industry concerns as regulated operators warned that such measures could make them even less competitive with unregulated entities.

Sweden’s government has repeatedly reiterated its focus on fostering a safe and sustainable market. Despite the SGA’s ongoing efforts, the country faces several worrying trends, as a recent survey revealed that players were unaware of the differences between regulated and black market operators, undermining the regulator’s efforts. Rising problem gambling rates mean that Sweden faces an urgent need to reevaluate its regulatory approach.

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Lucky Mohegan Sun Visitor Takes Home $500K Jackpot https://kenowizard.com/2024/01/04/lucky-mohegan-sun-visitor-takes-home-500k-jackpot/ https://kenowizard.com/2024/01/04/lucky-mohegan-sun-visitor-takes-home-500k-jackpot/#respond Thu, 04 Jan 2024 19:41:58 +0000 https://kenowizard.com/2024/01/04/lucky-mohegan-sun-visitor-takes-home-500k-jackpot/ Undoubtedly, winning a jackpot at a casino is an unforgettable and exciting experience. One such lucky visitor played at Mohegan Sun, one of the largest gaming and entertainment destinations in the United States, and went home with a staggering jackpot of more than $500,000. Details regarding the lucky visitor emerged earlier this week with Mohegan [...]

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Undoubtedly, winning a jackpot at a casino is an unforgettable and exciting experience. One such lucky visitor played at Mohegan Sun, one of the largest gaming and entertainment destinations in the United States, and went home with a staggering jackpot of more than $500,000.

Details regarding the lucky visitor emerged earlier this week with Mohegan Sun confirming that his name is Jose S. The person, who is a Stafford, Connecticut resident, visited the casino and entertainment destination and hit the jackpot from Super 4 Progressive Blackjack.

As a result, the Stafford resident pocketed some $525,094. According to Mohegan, Jose felt lucky when visiting the venue. The person was right to feel lucky, considering the staggering Super 4 Progressive Blackjack jackpot. Jose did not confirm what he intends to do with the jackpot but without any doubt, he has plenty of options considering the hefty sum.

Mohegan Sun Offers a Range of Gaming Options

Visitors of Mohegan Sun can find the Super 4 Progressive Blackjack in Casino of the Earth, the venue’s state-of-the-art room located in the Hall of Lost Tribes. Visitors to the room can enjoy a wide range of table games, including Texas Hold ‘Em, Omaha and Seven-Card Stud, as well as a Race Book and more than 260 slot machines.

Casino of the Earth is a smoke-free room and offers more than 180,000 square feet of gaming and entertainment space. Currently, Super 4 Progressive Blackjack is available only in a handful of casinos across the country and Mohegan Sun is one of them.

Mohegan Sun offers some 1,600 luxury hotel rooms, more than 70 shopping outlets and entertainment venues in addition to its gaming amenities. The massive gaming and entertainment resort is located along the Thames River in Southeastern Connecticut.

Its strategic location makes Mohegan Sun perfect for visitors from nearby states. The entertainment and casino resort is also close to a wide range of antique shops and museums, among other interesting places its guests can visit.

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Calvin Anderson Wins WPT Prime Championship, Takes Home $1.4M https://kenowizard.com/2023/12/21/calvin-anderson-wins-wpt-prime-championship-takes-home-1-4m/ https://kenowizard.com/2023/12/21/calvin-anderson-wins-wpt-prime-championship-takes-home-1-4m/#respond Thu, 21 Dec 2023 09:09:42 +0000 https://kenowizard.com/2023/12/21/calvin-anderson-wins-wpt-prime-championship-takes-home-1-4m/ Calvin Anderson, the Las Vegas-based professional poker player, emerged as the winner of the 2023 World Poker Tour (WPT) Prime Championship. The prestigious event took place at Wynn Las Vegas and saw a staggering 10,512 entries that helped generate a prize pool of $10,196,640. This year’s Prime Championship enjoyed much more interest when compared to [...]

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Calvin Anderson, the Las Vegas-based professional poker player, emerged as the winner of the 2023 World Poker Tour (WPT) Prime Championship. The prestigious event took place at Wynn Las Vegas and saw a staggering 10,512 entries that helped generate a prize pool of $10,196,640.

This year’s Prime Championship enjoyed much more interest when compared to its debut in 2022. For comparison, the 2022 WPT Prime Championship attracted a field of 5,430 entries. In other words, this year, the number of participants nearly doubled, helping generate a staggering prize pool that surpassed $10 million.

Emerging as the winner, Anderson collected the first-place prize of $1,386,280. Moreover, the poker pro earned secured the WPT Prime Championship trophy. The recent win represented Anderson’s first WPT win and also granted him a seat in the 2024 WPT World Championship.

During the 2023 WPT Prime Championship, the poker pro met other notable poker veterans, including Frankie Cucchiara who finished in 52nd place, Daniel Lowery, a 14-time gold ring winner, who ranked 18th as well as Steven Jones, the 2023 WSOP Main Event runner-up who ranked 10th place during the recent tournament.

There was a total of six players that endured to reach the Prime Championship’s final table. With Anderson emerging as the winner, Aaron Pinson finished second, collecting a $910,000 prize. The third place belonged to Jay Lu, who took home $675,000, while Jon Glendinning ranked fourth, taking home $505,000. At the 2023 WPT Prime Championship, Bob Buckenmayer ranked fifth, taking home $380,000, while Valeriy Pak finished sixth, collecting a $290,000 prize. Just outside of the top six was Mukul Pahuja, who finished in seventh place.

The Recent Win Grows the Poker Pro’s Total Live Earnings

The WPT Prime Championship rounded off the 2023 WPT Prime season and comes ahead of the 2024 WPT Prime season. The new WPT Prime season starts on January 26, 2024, and is expected to attract more seasoned poker professionals.

Adam Pliska, WPT’s CEO, shared his excitement about Anderson’s recent win. “The astounding increase in the WPT Prime Championship exceeded expectations, and further fortifies the event as a pillar of the WPT World Championship festival at Wynn Las Vegas,” he explained in a statement released by WPT on Wednesday. Finally, Pliska congratulated Anderson for his “monumental win.”

The 2023 WPT Prime Championship win further grows the total live earnings for the Las Vegas-based poker pro. According to the Hendon Mob, Anderson’s total live earnings are close to $5 million or $4,961,841 to be exact. His latest win represents the best live cash prize collected by the poker pro throughout his professional career.

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Albuquerque Man Takes Home $3.52M Jackpot from Lotto America https://kenowizard.com/2023/11/10/albuquerque-man-takes-home-3-52m-jackpot-from-lotto-america/ https://kenowizard.com/2023/11/10/albuquerque-man-takes-home-3-52m-jackpot-from-lotto-america/#respond Fri, 10 Nov 2023 21:25:48 +0000 https://kenowizard.com/2023/11/10/albuquerque-man-takes-home-3-52m-jackpot-from-lotto-america/ A lucky man from Albuquerque, New Mexico, won the grand prize from the popular game Lotto America recently. The man, who became the first New Mexico Lottery player to secure a jackpot from the game, won the grand prize from the draw on November 4, 2023. Identified as Neil Cochran, the lucky winner visited the [...]

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A lucky man from Albuquerque, New Mexico, won the grand prize from the popular game Lotto America recently. The man, who became the first New Mexico Lottery player to secure a jackpot from the game, won the grand prize from the draw on November 4, 2023. Identified as Neil Cochran, the lucky winner visited the New Mexico Lottery headquarters earlier this week to collect the grand prize of $3.52 million, won from Lotto America.

To win the grand prize, Cochran guessed correctly all five white balls with numbers 8, 11, 23, 47, 48 and Star Ball number 4. He purchased the winning ticket at Speedway #9093 at 6570 Paradise Blvd NW in Albuquerque. Since there was no other winning jackpot ticket from the draw on November 4, the lucky man collected the whole grand prize himself.

After discovering that he was the winner of the jackpot prize, Cochran told his mother. The woman initially thought that he and his girlfriend were pulling a prank on her, saying that she didn’t believe them. Undoubtedly, she changed her mind when she saw her son holding the oversized check with the $3.52 million jackpot sum written on it.

The Winner Picked the Numbers Himself

Visiting Speedway ahead of the draw on November 4, Cochran was offered by a store employee to participate in the lottery. The employee remembered the lucky winner who told them that Lotto America has better odds than Mega Millions and Powerball. Cochran was further attracted to the game by the fact that the ticket cost was only $1.

Once he decided to play, the lucky man did not use randomly generated numbers by Quick Pick. Instead, Cochran had numbers in mind that he picked himself. Besides Lotto America, the man purchased tickets for Mega Millions and Powerball games too. True to his gut feeling that he would be the winner, Cochran used the same numbers for all three games.

Earlier this week, the Powerball jackpot survived the draw on Wednesday. The latest draw of the game didn’t have a grand prize winner, nor a winner that collected a second-tier prize of $1 million for guessing correctly all white balls. With hours left until the drawing on Saturday, the Powerball jackpot is expected to hit $220 million or $101.2 million in cash value.

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Hellenic Gaming Commission Takes Illegal Gaming Seriously https://kenowizard.com/2023/10/31/hellenic-gaming-commission-takes-illegal-gaming-seriously/ https://kenowizard.com/2023/10/31/hellenic-gaming-commission-takes-illegal-gaming-seriously/#respond Tue, 31 Oct 2023 01:26:25 +0000 https://kenowizard.com/2023/10/31/hellenic-gaming-commission-takes-illegal-gaming-seriously/ Greece’s independent administrative authority that regulates, supervises, and audits games of chance carried out in the country, the Hellenic Gaming Commission (HGC/EEEC in Greek), has used the voice of president Dimitris Dzanatos to issue a series of black market warnings.  Dzanatos verbalized the warnings during the most recent Economist Conference on the topic of “Online [...]

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Greece’s independent administrative authority that regulates, supervises, and audits games of chance carried out in the country, the Hellenic Gaming Commission (HGC/EEEC in Greek), has used the voice of president Dimitris Dzanatos to issue a series of black market warnings

Dzanatos verbalized the warnings during the most recent Economist Conference on the topic of “Online Gaming: Prospects, Challenges and Responsibility,” which also marked the conference’s 27th edition

“Very Large Sums” Played via Illegal Operators

President Dzanatos explained that very large amounts of money are currently being played with operators outside the law, something that has led to a significant financial loss while creating unfair competition with legal gaming and betting suppliers. 

According to an HGC statement, Dzanatos also explained that it is necessary to obtain a better-organized response that is also more “methodical” to the current black market problems and all the risks associated with it in regard to the regulated gambling sector.

The authority’s president proposed that government representatives, independent authorities, as well as gaming service providers show their support for “collaborative actions for safe play and dealing with problems and social impacts.”

The HGC has been trying to pursue this objective for a while now, including via the Gaming Regulators European Forum where the Greek gambling authority formed ties with similar gambling authorities in other European countries with the purpose of countering the black market. 

Incredible Growth for the Greek Online Gambling Market 

So far, Dzanatos explained that Greece’s online gambling market “more than doubled” in the past five years between 2019 and 2023, from €437 million ($463 million) to €889 million ($942 million).

In May, the government voted to increase the €2 ($2.14) cap on online wagers while also boosting the value of maximum slots Jackpots. The changes brought by the Ministry of Finance followed the Year-1 review of the relaunched gambling market in the country. 

At the moment, Greece counts 15 active holders of gambling and gaming licenses including a manufacturer A1 suitability license issued to Spinomenal at the head of the year. The country embraced the latest industry framework in 2021.

In August, the commission started a series of talks regarding a potential introduction of a self-exclusion register, along with individual player cards, and studio spaces dedicated to live casino dealers.

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Golden Matrix Takes $970K Loss in Stride in Q3 2023 Results https://kenowizard.com/2023/09/09/golden-matrix-takes-970k-loss-in-stride-in-q3-2023-results/ https://kenowizard.com/2023/09/09/golden-matrix-takes-970k-loss-in-stride-in-q3-2023-results/#respond Sat, 09 Sep 2023 02:16:13 +0000 https://kenowizard.com/2023/09/09/golden-matrix-takes-970k-loss-in-stride-in-q3-2023-results/ The company, which specializes in the development, licensure and operations of online gaming and e-commerce platforms, has offered an in-depth look at its performance. Although revenue over the period hit a record $11.3 million, the results were marred by the reported loss. Golden Matrix Not Worried about Temporary Slowdown Regardless, the company has been enjoying [...]

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The company, which specializes in the development, licensure and operations of online gaming and e-commerce platforms, has offered an in-depth look at its performance. Although revenue over the period hit a record $11.3 million, the results were marred by the reported loss.

Golden Matrix Not Worried about Temporary Slowdown

Regardless, the company has been enjoying a steadfast upward trajectory leaving its first nine-month revenue for the fiscal 2023 year up 22% to $32.4 million, ahead of the $26.5 million posted in the same period a year earlier. Golden Matrix CEO Brian Goodman welcomed the results and commented on the performance, adding that the year has been good for Golden Matrix, and so has the quarter.

“The Company achieved record revenues and posted its seventh consecutive quarter with positive cash flow from operations,” Goodman said. He addressed the issue of the company’s net loss of $965,628 which he said was driven by several factors, including the recent acquisition of MeridianBet Group, which incurred due diligence and legal expenses.

The company also attributed part of its loss to the rollout of the Mexplay brand and the associated marketing costs. Mexplay is Golden Matrix’s B2C online casino brand that launched in Mexico earlier this year.

“We have made important investments during the quarter in systems and people to accelerate the growth of our B2C segments, both RKings and Mexplay,” Goodman explained.

However, these are all just temporary setbacks, as the company is now planning to drive significant results as the synergies should finally kick in and introduce new opportunities for the group, which are also expected to reflect positively on its future financial performance.

“Closing of the MeridianBet acquisition will be a watershed event which is expected to catapult Golden Matrix into the global gaming markets as a highly competitive participant,” Goodman said confidently.

Mexplay Already Showing a Lot of Promise

The company is already seeking some interesting developments that make it optimistic about the future of its operations. For one, Mexplay has already achieved 32,800 registered consumers as of July 31, 2028. The total wagering volume in the third quality with Mexplay hit $5.8 million, and total deposits amounted to $476,000.

Not least, RKingsCompetitions Ltd, another group property, completed 1,212 competitions and gave away more than $12 million in various prizes during the first nine months of the fiscal year.

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United Arab Emirates Takes Giant Stride Towards Legal Gambling https://kenowizard.com/2023/09/04/united-arab-emirates-takes-giant-stride-towards-legal-gambling/ https://kenowizard.com/2023/09/04/united-arab-emirates-takes-giant-stride-towards-legal-gambling/#respond Mon, 04 Sep 2023 08:26:36 +0000 https://kenowizard.com/2023/09/04/united-arab-emirates-takes-giant-stride-towards-legal-gambling/ Wynn Resorts is one of a number of gambling companies looking to enter the UAE industry. (Photo: CNN) In a significant move that hints at the potential legalisation of gambling, the United Arab Emirates has established a federal body designated to oversee a national lottery and “commercial gaming.” This decision comes as major casino operators [...]

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Wynn Resorts planning UAE casino
Wynn Resorts is one of a number of gambling companies looking to enter the UAE industry. (Photo: CNN)

In a significant move that hints at the potential legalisation of gambling, the United Arab Emirates has established a federal body designated to oversee a national lottery and “commercial gaming.”

This decision comes as major casino operators eye the Gulf Arab nation for possible expansion, however it is unclear if this enthusiasm extends to online casinos.

The state-operated WAM news agency announced the General Commercial Gaming Regulatory Authority late Sunday. However, specifics regarding its functioning and structural framework remained scant.

ALSO READ: UAE ONLINE CASINO SITES

Heading the newly-formed authority is CEO Kevin Mullally, known for his previous role as the executive director of the Missouri Gaming Commission, which managed the riverboat casinos of the USA state.

“With my experienced colleagues, I look forward to establishing a robust regulatory body and framework for the UAE’s lottery and gaming industry,” Mullally said.

The announceent also stated that Jim Murren is chairman of the authority’s board of directors. Reports from Nevada, where the gambling hub of Las Vegas is located, identify Murren as the ex-chairman and CEO of MGM Resorts International, a key casino operator.

Highlighting the mission of the new authority, WAM emphasised its intent to foster a “socially responsible and well-regulated gaming environment” and ensure adherence to stringent guidelines.

Rumors have long swirled around the possibility of casinos being introduced in the UAE to amplify its tourism sector. Despite the fact that Islam prohibits gambling, casinos are operational in countries like Egypt and Lebanon.

The UAE’s introduction of real money casinos might serve as a pivotal strategy to boost its thriving tourism sector, particularly in attracting Chinese tourists.

The formation of a central governing body implies the UAE’s capital, Abu Dhabi, will be instrumental in guiding any casino operations within the nation. Each emirate in the federation has its unique rules and customs, such as Sharjah, where the sale of alcohol is prohibited. A similar structure might apply to any future casino operations.

Wynn Resorts announced last year it was expanding its operations in the UAE, and has began the construction of a new gambling venue.

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