Each week, CasinoBeats breaks down the numbers behind some of the industry’s most interesting stories. In the latest edition we take a look at restriction objections, charity donations, financial strength and a Gambling Act review.
The Parliamentary All-Party Betting and Gaming Group has announced that it has launched its own review of the Gambling Act 2005, coming ahead of a similar undertaking that was to be fronted by the Department of Digital, Culture, Media and Sport.
Motivated by the Conservative Party’s 2019 General Election manifesto statement that ‘the Gambling Act is increasingly becoming an analogue law in a digital age.’ The APBGG has decided to launch its review of the legislation and contemplate what future changes may be needed in order to keep the law relevant to the technical and social changes that have occurred since its implementation.
The review will take into consideration written evidence from industry stakeholders whilst holding various meetings with experts from all sectors of the industry and supporting organisations.
Concerns have been voiced by the European Gaming and Betting Association that new temporary restrictions in Sweden could in-fact do more harm to consumer protection than actually provide help to those who might need it.
Restrictions put forward yesterday by the country’s Social Security Minister Ardalan Shekarabi include temporary weekly loss and deposit limits of SEK5,000 (€458) per week for customers as well as making it mandatory for players to set limits on playing time.
Acknowledging that the proposals are part of a series of measures designed to enhance consumer protection, a stance which it “strongly supports”, the EGBA points towards potential black market uptake as a key sticking point.
“Given that the measures will take effect on June 1 and expire at the end of 2020, we also question the effectiveness of the measures in protecting customers during the coronavirus,” the trade association states.
Twin River Worldwide Holdings is to add three properties to its growing portfolio following agreements made alongside Eldorado Resorts, Caesars Entertainment and Vici Properties.
The operator is to firstly acquire Eldorado Shreveport Resort and Casino in Louisiana and the MontBleu Resort Casino and Spa in Lake Tahoe, Nevada for $155m from the former, as well as Bally’s Atlantic City Hotel and Casino for $25m from Caesars, who will receive $6m, and Vici, gaining the remaining $19m.
Adding a combined 3,318 slots, 2,092 hotel rooms, 176 table games and in addition to 6,000 square feet of convention space to its portfolio, Twin River anticipates closing the Shreveport and Mont Bleu transactions in the first half of 2021.
The Bally’s transaction is expected to be finalised in late 2020 or early 2021, subject to receipt of FTC and gaming regulatory approvals, financing and other customary closing conditions.
Evolution Gaming has praised a solid financial start to the year, with momentum continuing into 2020’s second quarter as global lockdown measures coupled with a paused sporting calendar sees increasing numbers drawn into the live segment.
Continuing to initiate COVID-19 mitigation efforts as a main priority of the group, Evolution stresses that “extensive measures” have been implemented which have seen changes in working processes and routines result in continuing operations.
Regarding studio operations, the firm is operating fewer than normal across its portfolio, with its Georgia and Spain-based entities temporarily shut down and traffic subsequently managed across other territories.
Maintaining an objective of improving its year-on-year margin level, Evolution has seen first quarter revenue amount to €115,149 (£100,876), representing a 45 per cent jump from €79,297 (£69,468).
GambleAware has revealed that for the first year it has exceeded the charity’s minimum target of £10m in voluntary donations, receiving £10.5m.
These figures come after details of the donations for the 12 months ending 31 March 2020 were published. The funding provided by the industry enables GambleAware to commission a coherent, coordinated and efficient system of prevention and treatment to keep people across England, Scotland and Wales safe from gambling harms.
Marc Etches, CEO of GambleAware, explained: “For the tenth year in a row, we have seen an increase in donations, which means for the first time, we have been able to meet our minimum target of £10m.
“Commissioning a coherent, coordinated and efficient system of prevention and treatment requires the strategic distribution of sufficient funding, guided by appropriate expertise underpinned by effective partnership working.”