Codere hit by Latin America exchange rates in 2018

first_img Tags: Race Track and Racino Topics: Casino & games Finance Sports betting Bingo Horse racing Subscribe to the iGaming newsletter Codere has cited the devaluation of the Argentine Peso and subsequent impact on its business in the county as the main reason behind a 9.9% drop in revenue in 2018.Operating revenue amounted to €1.48bn (£1.27bn/$1.68bn) in the 12 months to December 31, 2018, down from €1.64bn in the previous year.Argentina proved to be a troublesome market throughout the past year, despite being the largest source of income for Codere. The operator generated €407.7m in revenue in Argentina during 2018, some way ahead of Italy with €336.5m and Mexico on €328.3m.However, Argentina revenue fell 30% year-on-year due to the depreciation of the Argentine Peso against the Euro, but this was partially offset by growth in Spain, where revenue was up 17% to €188.1m.On a constant currency basis, Codere said group revenue would have increased 9.3%.Codere also saw minor growth in Italy, where revenue climbed by 0.2% year-on-year to €336.5m, while Uruguay revenue was up 0.6% to €70.7m. However, the operator suffered revenue fall in all other markets where it is active, including Mexico, Panama, Colombia and Brazil.Unfavourable currency trends also hit net profit, which slipped from a positive of €2.8m in 2017 to a net loss of €40.4m. Codere noted a €33.9m foreign exchange loss in 2018 and without this, together with non-recurring items and inflation accounting, the operator would have registered a profit of €46.4m.Codere was able to offset some of this impact by cutting its operating expenses in 2018, with total spend amounting to €1.19bn, down from €1.36bn in the previous year.Codere made savings right across the business, with personnel costs falling from €298.3m to €252.5m, while rental spending was cut from €125.1m to €110.4m. Expenses related to the costs of goods sold dropped from €289.5m to €249.7m, while other spending was down 13.8% to €249.7m. In addition, Codere paid less in gaming and other taxes, with this spend down 11.5% to €528.1m.Meanwhile, Codere noted a 3.4% year-on-year increase in adjusted EBITDA, with this figure standing at €282.9m for the year. However, operating profit dropped 26.1% to €96.9m, while adjusted EBITDAR, including rentals, fell by 1.4% to €393.2m.Codere’s results in the fourth quarter made for similar reading, with operating revenue down 14.6% to €360.8m, mainly due to issues related to the Argentine Peso.However, net income amount to a positive of €14.8m for the three months to December 31, 2018, with adjusted EBITDA also up 17.5% to €74.3m. However, adjusted EBITDA with rentals was down 1.5% to €103.0m.Image: Esteban Maringolo 27th February 2019 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img Bingo Codere has cited the devaluation of the Argentine Peso and subsequent impact on its business in the county as the main reasons behind a 9.9% drop in revenue in 2018. Codere hit by Latin America exchange rates in 2018 Email Addresslast_img read more


Illinois launches second phase of sports betting rules

first_imgLegal & compliance Topics: Legal & compliance Sports betting AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 24th January 2020 | By contenteditor Subscribe to the iGaming newsletter Tags: Mobile Online Gambling OTB and Betting Shops The Illinois Gaming Board has released the phase two rules for sports betting, setting out the technical regulations and operating requirements for wagering in the state.  The Illinois Gaming Board has released the phase two rules for sports betting, setting out the technical regulations and operating requirements for wagering in the state. The phase two rules cover every element required for licensees to launch sports betting in the state. These range from accounting measures and financial record requirements to authorized types of bets, internet wagering requirements and responsible gaming controls. While these have not yet been filed with the Secretary of State, and are therefore subject to non-substantive changes, they state that official league data must be made available on commercially reasonable terms, and via a licensed data provider.Operators must provide voluntary limit-setting controls for customers, covering the type of wager placed, the frequency of activity, the ability to cap spending, and the option to completely exclude themselves from gambling. It confirms that betting on minor league or Illinois-based collegiate teams will be banned, including parlay bets and fantasy sports. While the exact list of authorised betting events are not included, master sports wagering licensees will be able to submit written requests to the Gaming Board to for permission to offer odds on an events.The phase one rules, published in December 2019, set out the eligibility criteria for licenses, covering master wagering permits, management service, supplier, data supplier and occupational licences.Read the full story on iGB North America. Regions: US Illinois Illinois launches second phase of sports betting rules Email Addresslast_img read more


DraftKings appoints Thurmond to responsible gaming role

first_img Tags: Fantasy Sports Online Gambling Reporting to chief compliance officer Tim Dent, Thurmond will oversee the expansion of DraftKings’ responsible gaming framework for its online gaming, sportsbook and fantasy sports products. Prior to this, she spent almost 20 years working at Harvard Medical School, serving in various leadership positions including on the original team that created the Division on Addiction.Read the full story on iGB North America. DFS Thurmond joins the operator from the Massachusetts Council on Compulsive Gambling, where she had been serving as a senior business contributor. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Sports wagering and daily fantasy sports operator DraftKings has appointed Christine Thurmond as its new director of responsible gaming. Sports wagering and daily fantasy sports operator DraftKings has appointed Christine Thurmond as its new director of responsible gaming. Topics: People Sports betting Strategy DFS 5th February 2020 | By contenteditor Subscribe to the iGaming newsletter DraftKings appoints Thurmond to responsible gaming role Email Addresslast_img read more


Fanduel signs media partnership with The Ringer

first_img Flutter-owned betting and daily fantasy sports operator FanDuel has entered into a strategic partnership with Spotify-owned sports and popular culture website The Ringer. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: US Subscribe to the iGaming newsletter Marketing & affiliates Topics: Marketing & affiliates Sports bettingcenter_img Fanduel signs media partnership with The Ringer Email Address 24th July 2020 | By Daniel O’Boyle Flutter-owned betting and daily fantasy sports operator FanDuel has entered into a strategic partnership with Spotify-owned sports and popular culture website The Ringer.Under the deal, FanDuel’s betting products and fantasy contests will be promoted across The Ringer’s website, newsletters and podcast network, including a new contest, ‘The Ultimate Ringer’, where bettors pick the winners of multiple NFL games per week through the regular season and playoffs.In addition to fantasy and sports betting contests, FanDuel will sponsor The Ringer founder Bill Simmons’ “Million Dollar Picks” podcast and a range of episodes across the site’s other podcast products.“We’re thrilled to partner with The Ringer as major sports leagues return to action,” Mike Raffensperger, chief marketing officer of FanDuel, said. “They have a pulse on sports and pop culture, which has contributed to a strong and loyal following across a myriad of platforms.Read more on iGB North America.last_img read more


William Hill launches sportsbook in Colorado, rolls out CBS content

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 10th September 2020 | By contenteditor DFS William Hill’s US business has announced the launch of its online and mobile sportsbook in Colorado, while the bookmaker has also rolled out the first selection of content and products through its new partnership with CBS Sports. Subscribe to the iGaming newsletter William Hill launches sportsbook in Colorado, rolls out CBS content Topics: Sports betting DFS William Hill’s US business has announced the launch of its online and mobile sportsbook in Colorado, while the bookmaker has also rolled out the first selection of content and products through its new partnership with CBS Sports.Built on William Hill’s proprietary platform, the sports betting app and website will be available to access across the state of Colorado, offering users pre-game and in-play betting option on professional and collegiate sports.The app also includes multiple deposit and withdrawal options for customers, as well as live scoring game-casts and a registration process.“Colorado is home to some of the most dedicated sports fans in the country, who have been counting down the days until the NFL season begins,” William Hill US chief executive Joe Asher said. “We share in their excitement and look forward to introducing our mobile offerings to fans across the Centennial State.”Read the full story on iGB North America. Regions: US Tags: Fantasy Sports Mobile Online Gambling Email Addresslast_img read more


Intralot extends monitoring partnership in New Zealand

first_img11th September 2020 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Topics: Casino & games Tech & innovation Slots Intralot extends monitoring partnership in New Zealand Intralot has signed an extension to its gaming monitoring partnership with the New Zealand Department of Internal Affairs (DIA).Brokered by Intralot’s New Zealand subsidiary, the three-year agreement will run from 2022 until 2025, with the option of an additional year.Intralot will continue to provide its Electronic Monitoring Services (EMS) for reporting, accounting, auditing and secure management of the country’s Class 4 gaming venues.EMS enables users to track and monitor gaming machine operations in pubs and clubs, which Intralot said helps to ensure the integrity of games and accurate financial reporting.“The extension of our partnership is an endorsement of our successful cooperation in implementing a high-quality operating service performance out of EMS,” Intralot group chief executive Chris Dimitriadis said.“Our world-class solution, designed according to Gaming Association standards, serves the most demanding regulatory environments and we are committed to continue supporting DIA on establishing a responsible gaming environment for the local player community.”The agreement comes after Intralot in July Intralot also signed an extension to its partnership with Nederlandse Loterij. Intralot will now provide a sports betting platform to the Netherlands’ state lottery operator.Intralot last month also reported a 55.5% year-on-year decline in revenue for the first half of 2020, saying that its B2B and B2C operations suffered from ongoing struggles in Turkey and Bulgaria.Revenue for the six months to 30 June dropped to €168.2m (£156.0m/$199.5m), with revenue from Intralot’s licensed operations (B2C) division falling 74.9% to €57.7m. Tags: OTB and Betting Shops Slot Machines Regions: Oceania New Zealand Intralot has signed an extension to its gaming monitoring partnership with the New Zealand Department of Internal Affairs (DIA). Casino & games Email Addresslast_img read more


Spanish tennis player suspended for betting offences

first_imgFrom 30 September, Rodriguez faces a ban from playing in or attending any tennis event authorised or sanctioned by the governing bodies of tennis for a period of three years and six months. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Unranked Spanish tennis player, Gerard Joseph Platero Rodriguez, has become the first professional in the sport to be convicted of courtsiding, as well as betting and non-co-operation offences, following an investigation by the Tennis Integrity Unit (TIU). Subscribe to the iGaming newsletter Six months of his four year ban are suspended on condition that no further breaches of the Tennis Anti-Corruption Program (TACP) are committed. During the course of the investigation and subsequent disciplinary process, Rodriguez is said not to have engaged or provided any form of co-operation with the TIU, and therefore faced further charges for non-co-operation. Promotion of tennis betting is also prohibited, including displaying live betting odds on a player’s website, writing articles for a tennis betting publication or websites, conducting personal appearances for a tennis betting company, and promoting a tennis betting company through social media. In addition, any player facing disciplinary action from the TIU must cooperate fully with its investigations, including giving evidence at hearings where requested. The Tennis Anti-Corruption Program (TACP) prohibits any form of engagement with tennis betting and wagering, including placing bets, directly or indirectly, on the outcome or any other element of tennis matches. 1st October 2020 | By Aaron Noy Rodriguez was the first tennis player to be charged with and convicted of courtsiding, and also faced convictions for betting offences, having placed 75 online wagers on tennis matches during June 2019, which is explicitly prohibited by the TIU. The investigation established that Rodriguez had acted as a ‘courtsider’ at an International Tennis Federation (ITF) M15 tournament held in Pittsburgh, USA in July 2019. Courtsiding involves the illegal collection of live scoring data to a third party for betting purposes.  The disciplinary case was adjudicated by Ian Mill QC, an independent Anti-Corruption Hearing Officer, and found Rodriguez guilty on all counts. Rodriguez has been suspended from playing the sport for four years – of which six months are suspended – and fined $15,000 following the decision. Spanish tennis player suspended for betting offences Topics: Legal & compliance Legal Legal & compliance Regions: Europe Southern Europe Spain Email Addresslast_img read more


Popeye Slots by Vibra Gaming

first_img Vibra Gaming proudly introduces our latest title, Popeye Slots, where we invite your players to set sail with the famous sailor man and win! The 5×3, high-volatility game invokes all the nostalgia of the classic comic strip and blends it with modern graphics and sounds to land in perfect rhythm with the sailor’s hornpipe musical score. You can play a demo of the slot here! Popeye Slots by Vibra Gaming Game type:Video slotGo-live date (expected):Already live!Game special features:Expanding wildsSticky wildsRespinsFree spins (8-20)MultipliersDouble tap zoom on mobile devicesNumber of paylines:25Number of reels:5×3RTP% (recorded/theoretical):95%Variance/volatility:High (5/5)Number of symbols to trigger feature/bonus?:3Can feature be retriggered?Respins availableNumber of free spins awarded?8-20Stacked or expanding wilds in normal play?N/AStacked or expanding wilds in feature play?ExpandingNumber of jackpot tiers?N/AAuto-play function?Yes Topics: Casino & games Slots 13th October 2020 | By Aaron Noy For reviews, you can download the affiliate pack for this game at First Look Games here! Subscribe to the iGaming newsletter Slots AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more


Lottery.com set for $45m growth fund when Trident deal closes

first_img Tags: Nasdaq Lottery.com Trident AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter The parties said that Lottery.com will be boosted by a $45m growth fund as soon as the transaction is completed, expected by the end of Q1 2021. Lottery.com set for $45m growth fund when Trident deal closes Regions: US The announcement comes three months after Lottery.com owner AutoLotto and New York-listed Trident signed a binding letter of intent to acquire the broker in November 2020, with the combined group estimated to have a post-business combination enterprise value of approximately $526m. Lottery broker and information portal Lottery.com will go public on the Nasdaq exchange after reaching a definitive agreement for a merger with special purpose acquisition company (SPAC) Trident Acquisition Group. Read the full story on iGB North Americacenter_img Topics: Finance Lottery Uncategorized Online lottery M&A The two parties said the deal will ensure Lottery.com – which provides official lottery games such as Powerball and Mega Millions and enhanced regulatory capabilities by developing innovative blockchain technology – is well-positioned to accelerate its revenue growth through further expansion in its existing markets and into new high-growth markets both domestically and internationally. 22nd February 2021 | By Richard Mulligan Online lottery Subscribe to the iGaming newsletter Email Addresslast_img read more


Nairobi introduces citywide gambling regulations

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 8th June 2021 | By Marese O’Hagan The cost of a licence to be granted for a public lottery is KSh4,000,000 (£26,199/€30,449) with an additional KSh1,000,000 (£6,549/€7,612) application and renewal fee. The Board will promote and oversee proper procedure for gaming activities in the county. It will consist of a non-executive chairperson, a chief officer, a director, and six trade and finance persons. Subscribe to the iGaming newsletter Nairobi introduces citywide gambling regulations The Nairobi City County Assembly has approved a Betting, Lotteries and Gaming Act which will introduce a local regulatory gambling body and specific licence fees in the county. The Act was brought forward by the Nairobi City Council Assembly and was enacted on 6 May 2021. It outlines the inclusion of different forms of gaming as eligible for prize competitions and public lotteries, in order to impose a 10% entertainment tax on gross proceeds of betting, lottery and gaming activities. “It will also provide for the county institutions and for procedures applicable to the regulation and licensing of betting, lotteries and gaming within the county and make provisions for periodic monitoring and evaluation of betting, lotteries and gaming activities within the city.” An application for a licence must be lodged with the Nairobi City County Betting, Lotteries and Gaming Control Board director, whose establishment is outlined in the Act, and will be valid for one year from the date of issue.center_img Regions: Africa East Africa Kenya Email Address Tags: Licence Tax Topics: Casino & games Legal & compliance Lottery Casino operations Legal Regulation Lottery regulation The non-executive chairperson and the six trade and finance persons will hold office for three years before they are eligible for reelection for a further term. The Act will require a licence for anyone who wishes to operate betting, lottery and gaming activities. For betting premises, the licence grant fee stands at KSh600,000 (£3,929/€4,567) with an application and renewal fee of KSh10,000 (£65/€76). For gaming and casino premises, the licence grant fee is KSh1,500,000 (£9,825/€11,418), while the application and renewal fee is KSh10,000. “This act is aimed at providing for the implementation of National Government policy, standards and norms in relation to betting, lotteries and gaming in the county,” said Nairobi City County Deputy Governor H.E Ann Kananu. Last month, the Kenyan Treasury moved to restore a 20% excise tax on betting stakes through its 2021 Finance Bill. This tax has been a source of major controversy in the country, causing Kenya’s largest operator Sportpesa to leave the market for more than a year. Rival Betin left the market at the same time. Regulationlast_img read more