Monthly Archives: April 2020

China’s new anti-online gambling effort not the same old, same old

China’s anti-online gambling efforts are turning their focus to cross-border money movement as ‘underground banking’ comes to play a larger role in funding international online gambling activity.

On Thursday, Wang Xiaohong, deputy minister of China’s Ministry of Public Security, hosted a video conference with officials who head up Public Security Departments in some of China’s largest provinces. The purpose of the meeting was to ensure everyone understood the Ministry’s recent anti-online gambling effort was no passing fancy.

Last week, the Ministry issued a Notice on Strictly Combating Cross-Border Gambling and Telecommunications Network Fraud During the New Crown Pneumonia Epidemic. Its contents were largely a rehash of a similar notice issued in March but Thursday’s quick follow-up suggests the Ministry wants to ensure no officials treat this effort as the same old, same old.

Thursday’s meeting saw Wang (pictured) emphasize the need for officials to “fight hard and strike hard” and implement a “full-chain crackdown as soon as possible.” Wang urged all parties to “severely crack down on ‘underground banks’ involved in gambling and fund payment channels, provide cross-border gambling network services and technology promotion.”

Sands suspends dividend, Adelson vows his catchphrase will return

Casino titan Sheldon Adelson is being robbed of his signature catchphrase thanks to the COVID-19 pandemic.

On Friday, Las Vegas Sands issued a statement outlining its strategic priorities during the coronavirus pandemic, the impact of which chairman/CEO Adelson called “unprecedented, and I have never seen anything like it in my over seventy years in business.”

In keeping with Sands’ recent decision to continue paying its furloughed staff in Las Vegas, Adelson said the company’s “greatest priority during this difficult time remains our deep commitment to supporting our team members and assisting each of our local communities of Macao, Singapore and Las Vegas.”

Sands shut its Vegas casinos in mid-March, while on April 7 its Marina Bay Sands resort in Singapore was ordered to close for a month. Sands China’s Macau casinos have reopened since their 15-day shutdown in February, but Macau’s market remains a shadow of its former self.

Flutter Ent to pay furloughed staff out of its own pocket … for now

UK-listed gambling giant Flutter Entertainment says it will continue to pay its furloughed staff through the COVID-19 pandemic “for as long as possible” using its own resources rather than rely on government bailouts.

In a Q1 trading update issued Friday, Flutter said revenue over the first three months of 2020 was up 16% year-on-year to £547m, with sports betting up 13% to £407m and gaming up one-quarter to £140m.

The figures are obviously far less flattering in the period following the suspension of UK and Irish racing, which pushed revenue down 32%. However, the fact that racing continues in Australia and the US has helped to offset a 46% decline in sports revenue following the pandemic-related suspension of live sports events.

The Paddy Power Betfair (PPB) Online segment remains the top breadwinner, with Q1 revenue rising 9% to £247m, as gaming’s 17% rise to £88m aided sports’ more modest 6% rise to £159m.