Every week, CasinoBeats breaks down the numbers behind some of the industry’s most fascinating stories. The latest regulatory update from Brazil and a new Kindred shareholder feature in this week’s round-up, alongside the launch of a multi-state self-exclusion scheme in the US.
14
The Senate of Brazil has made progress with plans to modernise the framework overseeing the gambling disciplines of land-based casinos, as Bill No. 2,234/2022 secured 14 votes in favour, with 12 against.
After a number of delays, the bill was approved by the Senate’s Constitution and Justice Committee (CCJ), securing the 14 votes in favour in a step that will be seen as key progress for the sector’s evolution.
Spearheading the progress of the bill was Senator Irajá Abreu (PSD-TO), who took over the project from the shadows, stating: “After studying this issue in depth, it is impossible that the whole world is wrong and only Brazil is right in not addressing and not establishing criteria and limits with this so important, necessary, and present project in the lives and routines of all Brazilians.”
The CCJ Rapporteur Abreu stated that Brazilian lawmakers could not ignore a project that “could reach R$100bn and generate about 1.5 million direct and indirect jobs in the country.”
Specifically focused on land-based casinos, the project seeks to reverse the 1946 Decree Law of President Gaspar Dutra that banned casinos from operating in municipalities and districts.
As such, the Bill carries the original specifications of former deputy Renato Vianna (MDB-SC) to enable “the establishment of land-based casinos in tourist locations or integrated leisure complexes in the country, imposing a limit of one casino per state and in the Federal District.”
Furthermore, there will be exceptions on land-based casinos that are allowed for the larger states of Rio de Janeiro, Minas Gerais, Paraná and Amazonas that will be allowed two casinos, with São Paulo allowed three.
$3.2m
The Supreme Court of Queensland has ordered Marley Wynter, who allegedly ran a ponzi scheme targeting Australian poker players, to pay AU$4.8m (US$3.2m) as a result of the case.
It has been reported that plaintiffs claimed their efforts for withdrawal were met with friction, with many cases reportedly only being paid out after they had warned they would go to authorities.
Wynter, who according to PokerMedia Australia didn’t contest the claim, spearheaded Marley’s House of Sport and Marley’s House of Investment which allegedly bolstered the profits of its significant portfolio of investors.
The sites were shut down at the start of 2023, having reportedly garnered profits of around AU$30m (US$19.8m), through significant growth of its subscriber base.
Wynter was a prominent figure within the Australian poker scene, having featured in the debut WPT Australia series, he further integrated himself into the space by sponsoring key events and local poker tournaments.
4
US-based responsible gambling advocates’ outcry for a multi-jurisdictional, self-exclusion program may have been answered in four states by idPair‘s National Voluntary Self-Exclusion Program.
Announced on Tuesday, June 18, the tech company took the first steps towards making cross-border self-exclusion a reality. The company revealed that the NHVSEP will be coming to four states: Tennessee, Michigan, Iowa and Colorado.
“For the first time ever, individuals seeking a wider level of protection can self-exclude from multiple states in a streamlined fashion,” said idPair CEO Jonathan Aiwazian.
Each aforementioned state currently offers its own individual process to provide self-exclusion for gamblers experiencing harm, but these can often present several barriers to be accomplished, such as in-person meetings and notarization.
With the NVSEP, users can take advantage of a free online notary and submit a form that will self-exclude them from all four states, with idPair assuring that more states will be onboarded in the future.
Aiwazian added: “While today we announce our ability to provide free assistance with self-exclusion in each of these 4 states, more jurisdictions are on the way, as we accelerate toward our goal of removing barriers for people seeking protection across all gambling jurisdictions and products.”
5.4%
Goldman Sachs has successfully become the third largest shareholder in Kindred Group, following a 5.4 per cent share takeover.
It’s a move that will have gained the attention of Française des Jeux (FDJ), which is eyeing the full acquisition of Kindred.
As the bid from the FDJ remains under evaluation, however, the trade involving Goldman Sachs last week, which was notified by Kindred, is not unusual amidst the wider bid from the FDJ. The bid from the FDJ is reportedly around €2.6bn.
One source told SBCNews: “Kindred trades very close to the deal price, which suggests the market thinks there is a high probability that the deal closes”.
360
Governor Phil Murphy has signed for the establishment of a Responsible Gaming Task Force in New Jersey.
As a result of Executive Order No. 360, the task force will provide advice and recommendations to the Governor’s Office and to the Attorney General when it comes to addressing safer gambling concerns in New Jersey.
It comes amidst a rise in problem gambling that has been observed over the past few years, according to a 2023 report from the Rutgers University Center for Gambling Studies.
Governor Murphy said: “New Jersey is known to be a gaming destination with historic locations like Atlantic City, amusement gaming at the Jersey Shore, notable horse racing venues and more. This Task Force will see to it that we maintain our global leadership in gaming by ensuring that we have the tools needed to address problem gaming for our residents.”
The Responsible Gaming Task Force will review several areas of the problem gambling landscape, including the effects on underage and vulnerable communities; develop strategies to achieve responsible gaming; and make recommendations for policy changes to address the issue of problem gambling.
Attorney General Platkin added: “I applaud Governor Murphy for his leadership in elevating responsible gaming initiatives through the establishment of a statewide task force. New Jersey has been a national leader in casino and sports wagering for many years, and we owe it to our residents to review and expand our existing efforts on problem gambling.”
92%
Codere SA has announced that creditors have agreed to reduce its corporate debt by 92 per cent as part of a new financial restructuring programme.
The new agreement will see Codere reduce its outstanding corporate debt from $1.7bn to approximately $140m, as of June 2024.
The debt-reduction plan received majority approval from 60 per cent of Codere creditors, who have been granted until 9 July to secure terms on a lock-up agreement needed to guarantee a new restructuring programme.
Furthermore, the debt reduction will help Codere stabilise its financial position and focus on its strategic growth plans to return to profitability by the end of 2025, as detailed by the firm’s corporate recovery strategy.
At the start of the year, Codere announced that it would return to bondholders to recapitalise its business and secure new finances to maintain its South American units in Argentina, Colombia, and Mexico.
In addition, Codere will receive €60m in additional liquidity, of which it will receive €20m in July.