Monthly Archives: August 2018

The Stars Group wants a slice of US sports betting pie

The parent company of online poker giant PokerStars has decided to jump into the U.S. legal sports betting market fray with New Jersey’s first casino hotel, Resort Casino Hotel.

The Stars Group (TSG) announced on Thursday that it extended its partnership with the casino hotel, which builds on an existing agreement for online casino games and poker under the PokerStarsNJ brand.

The announcement came just a day after Resort Casino and fantasy sports giant DraftKings announced its partnership with Resorts Casino, as well as the release of a new app allowing users to place sports wagers from any point within New Jersey’s boundaries.

According to TSG, its partnership with Resort Casino now includes online and mobile sports wagering through the BetStars brand. Betstars, which is the group’s European focused online sports betting brand, holds nearly a dozen sports betting licenses globally, offering support in 17 languages.

Playtech completes Snaitech’s ‘squeeze out’

London-listed gaming supplier and operator Playtech Plc. has completed the “squeeze out” process in its bid to gain full control of Italian betting and gaming operator Snaitech.

In a regulatory filing, Playtech announced that it took over the remaining 3.5 percent minority shareholding of Snaitech through its wholly-owned Italian subsidiary Pluto (Italia) SPA. Minority shareholders reportedly got cash consideration equal to €2.19 ($2.54) per share as previously noted in Playtech’s Mandatory Takeover Offer, according to Playtech.

The completion of Snaitech’s squeeze out also paved the way for the delisting of the Italian gambling firm’s shares from Mercato Telematico Azionario, organized and managed by Borsa Italiana.

Snaitech is licensed by the Italian Monopolies Authority to offer gaming services and products, including sport and horse racing betting; virtual sports; video lottery; online and mobile poker, skill games, casino games, bingo; esports; and pari-mutuel betting.

MGM braces for ‘volatile’ Q3 after net income disappoints

Las Vegas-based casino operator MGM Resorts International’s weak projections for the third quarter sparked yet another round of casino stock sell-off on Thursday.

MGM stocks dropped to a 52-week low after MGM Chairman and CEO Jim Murren announced that its net income dropped 41 percent to $123.8 million or $0.21 a share for the three months that ended June 30, 2018. MGM also registered a revenue of $2.86 billion in the second quarter of 2018, below analysts’ expectations of $2.99 billion.

“Our second quarter came in better than we expected and we made significant progress to capitalize on future growth opportunities in sports betting and Japan,” Murren said in a statement.

MGM was the latest casino giant to report disappointing results and trim its business forecast as demand faltered in Las Vegas and Macau.

Microgaming celebrates one year at Sixty Two

ISLE OF MAN – Microgaming marks its Isle of Man HQ’s first anniversary with the burial of a time capsule.

Microgaming CEO John Coleman celebrated the milestone alongside staff at the software giant’s Isle of Man campus on Wednesday 1 August by placing a time capsule underneath the building’s entrance.

To be opened in 30 years, the capsule contains unique mementos curated from suggestions by staff to commemorate significant events for the company. Vacuum sealed and specially treated to prevent the items tarnishing, the metal capsule included a series of photographs showcasing company highlights, such as staff volunteer days, awards and the first group photo taken at the new offices when the building opened in July 2017. It also includes a PlayItForward volunteer’s shirt in honour of the company’s CSR initiative, plus various local and international articles from the past year, including Sixty Two being named in a list of “The 10 Coolest offices of 2017*” which was published on The Telegraph.

Built with staff in mind, the second office on the island allows for the rapid expansion of Microgaming and Derivco Isle of Man. The 5-storey office now houses over 300 employees, growing from 231 since it opened in 2017.

Casino ramp up boosts Landing Int’l H1 profit to $35.7M

Profits of Hong Kong-listed casino investor Landing International grew more than four-fold in the first six half of 2018, as the company’s bet on the casino industry paid off.

Financial records showed that Landing International’s profit rose to HKD280.57 million ($35.7 million) in the first six months of 2018 from HKD48.58 million ($6.19 million) in the same period in 2017.

The company also registered a significant jump in its consolidated revenue in H1 2018, rising by as much as 360 percent to HKD1.75 billion ($222.95 million) from HKD381 million ($48.54 million) year-on-year.

Adjusted earnings before interest, taxation, depreciation and amortization (EBITDA) from the group’s operating segments reached HKD764.7 million in the first half of the year. From a HKD45 million ($5.73 million) EBITDA loss in H1 2017, Landing announced that it managed to post an adjusted EBITDA of around HKD764.7 million ($97.42 million) in the six months to June 30, 2018.

partypoker MILLIONS UK series gets underway on September 29

For the great number of poker players looking to mark their calendars for the PokerStars WCOOP 2018, the wait is over. The world’s largest online poker portal has released the schedule, as well as event guarantees, and this year’s series will be one for the record books.

The WCOOP (World Championship of Online Poker) was first introduced in 2002. It was designed to offer an online version of the WSOP, and has turned into a huge success. This year, there will be a total prize pool of at least $116 million, which will be awarded from 182 different tournaments.

The series will kick off on September 2 and run through September 17. Because of its fame—and substantial guarantees—thousands of players from across the United States are expected to make the trek to neighboring countries where online poker is legal to participate in the events.

The WCOOP offers three versions of each tournament, providing options for players of all stakes. For example, the No-Limit Hold’Em event, which will be the first event seen during the series, offers three choices with a buy-in of $11, $109 or $1,050. Additionally, three events scheduled for the first day have guarantees of $1 million each.

Massachusetts accidentally bans horse racing; tracks suspend operations

Perhaps it could just be considered a “senior moment.” Lawmakers in the state of Massachusetts apparently forgot to discuss a very important bill before it ended its regular session on Tuesday. The bill was intended to formalize the renewal process for the state’s two horse racetracks to continue to operate, but without any closure on the bill, the tracks were left high and dry Wednesday morning.

Massachusetts House Bill 4809 includes wording to authorize the renewal of simulcast wagering and horse racing pari-mutuel betting for another 12 months. However, as the lawmakers were in a last-minute push to get bills to Governor Charlie Baker, they completely forgot about Bill 4809. As such, beginning at midnight on August 1, horseracing and related betting became illegal.

The two tracks, Suffolk Downs and Plainridge Park, didn’t want to take any chances. They both stopped all activity, with the track’s COO, Chip Turtle, saying, “It looks like hundreds of peoples’ jobs fell victim to the clock here.” The company posted a message on its social media accounts announcing the closure, explaining, “We will not be able to offer simulcasting today … as the laws authorizing racing and simulcasting in Massachusetts expired on 7/31. We are sorry for any inconvenience that this may cause to our customers and we hope that the Legislature renews the racing and simulcast laws in the near future.”

There was a small glimmer of hope for the bill to be passed. According to procedure, an informal legislative session was to be held Thursday, at which the bill could be addressed. While the session is not mandatory and policymaking decisions during them are rare, it was the last opportunity for the bill to be approved and sent to the governor. It was exactly the boost the bill needed.

ORYX kicks on with Kajot Games partnership

August 3rd 2018 – ORYX Gaming, a leading turnkey solutions provider, has recently struck a deal to integrate a range of Kajot Games titles onto its market-leading content aggregator platform.

Kajot has vast amounts of experience in developing, producing and operating gaming software and gaming machines all the way back from 1996. The company has been recently contracted by various operators working in regulated markets such as Romania and Croatia.

Following the integration, players will initially get access to Kajot’s casino titles in Romania and in due course, games will be rolled out for ORYX’s Czech and Croatian brands.

Matevz Mazij, ORYX Gaming CEO said: “Kajot Games has tonnes of iGaming experience and has produced a plethora of original and catchy casino games. We’re thrilled to welcome Kajot as a new partner and I’m sure the games will bring great rewards.”

Wynn Resorts shares dip following poor performance at Wynn Macau

Shares in casino giant Wynn Resorts fell as much as 9.7% in trading on Wednesday after the company reported significant revenue and profit declines from its Wynn Macau casino. Wynn Macau is reportedly the company’s largest market and sales rose 9% during the second quarter of the year. However, the final bell saw the company bring in just $1.61 billion, short of the $1.67 billion expected by analysts. Shares that were projected to earn $1.92 each, only produced earnings of $1.53 each.

According to Wynn Resort’s filing, revenue for Wynn Macau fell 15% due mainly to a decrease in high-roller bets. Sales at the company’s second Macau casino on the Cotai Strip increased 57%, raising concerns that the new operation could be stealing customers from the flagship Macau casino. Wynn Resorts also saw revenue decline at its Las Vegas operations, dropping 6.1%.

Matt Maddox, Wynn CEO, said on a shareholders call, “Wynn Macau had a tough VIP environment on lower volumes from several junket operators as several competitors got back into the game with new rooms and more credit. Wynn Macau won’t compete on price.”

The declines caused shares of Wynn Resorts to retreat. They were down 8.5% to $146.35 in late-day trading – a slight improvement over the $144.55 seen earlier in the day. For 2018, stock prices are down a total of 5.1%.

New Jersey residents can now gamble on the run thanks to DraftKings

New Jersey fantasy sports fans now have the ability to bet while on the go. Major fantasy sports provider DraftKings announced this past Wednesday the release of a new mobile app, becoming the first company to introduce mobile sports betting in the state.

The app, DraftKings Sportsbook, allows users to place sports wagers from any point within the state’s boundaries during an initial invite-only period. Anyone in The Garden State can sign up directly through DraftKings’ website.

This is certainly only the first mobile app of many that will come to market. Sports gambling is going to prove to be a highly competitive industry, and many casino operators, bookmakers, technology companies and even professional sports leagues are looking to capitalize on the excitement. Those that can offer the most access with the least amount of barriers will pull ahead of the pack early on.

The introduction of mobile sports betting is also seen as key to help propel legal betting ahead of off-shore betting, which has reportedly attracted as much as $150 billion in bets. The push by New Jersey to legalize sports betting, in part, relied on this argument when presenting its case to the US Supreme Court, which ultimately agreed with the state’s position.

partypoker LIVE taps Bruno Fitoussi to be its brand ambassador

French poker pro Bruno Fitoussi is now the latest player to be chosen as a brand ambassador for online poker portal partypoker. The 59-year-old player inked a deal to represent the site at live tournaments throughout Europe and now takes a place beside fellow countryman Bertrand “ElkY” Grospellier, who has served as a partypoker ambassador since April of this year.

Fitoussi has racked up almost $3 million in live-tournament action since he first appeared on the scene almost 30 years ago. He’s had a successful run at WSOP events, which have accounted for about half of his bank. In 2001, he took first place at the World Heads-Up Championship after overpowering long-time poker pro Amarillo Slim. Six years later, he finished second at the $50,000 HORSE World Championship and put another $1.25 million into his saddlebag.

Choosing Fitoussi to be an ambassador wasn’t a difficult decision. He served as a poker consultant for 20 years at the Aviation Club de France and has appeared as a commentator for hundreds of poker tournaments on a variety of TV shows. His strong skills, coupled with his public presence and status, combine to make him the ideal ambassador for partypoker.

The poker portal announced the arrival of Fitoussi to the team in a post on its official Twitter account, partypokerLIVE. It said, “partypokerLIVE are pleased to announce Bruno Fitoussi as our new Live Events ambassador,” and included a short message from the pro. He added, “I am thrilled to join the partypoker LIVE team – partypoker has always held a special place in my heart, so to be working with them is a great privilege for me.” The post concluded with a short message to Fitoussi, saying, “Welcome aboard ‘King’.”

Suncity delays Vietnam casino purchase again

After first being announced more than a year ago, Suncity Group has once again delayed completing the purchase of a resort project in Vietnam. In a filing with the Hong Kong Stock Exchange this past Wednesday, the company said that it won’t be able to close the deal until the end of this month.

Suncity, which is run by Macau junket investor Alvin Chau Cheok Wa, first entered into the purchase agreement in July 2017. It said at the time that it would be investing $76.8 million for a 34% stake in the project. Last December, it pushed the deal’s closing back to March 31 and subsequently announced another delay, moving the date to July 31. With a little bit of luck, perhaps it will be able to fulfill its stated obligations by August 31.

In the Wednesday filing, Suncity indicated that the completion of the sale is contingent upon the developer, Hoi An South Development Ltd., receiving approval by the bank from which it had borrowed to build the resort. The bank still has not given that approval, but Suncity believes it will happen before the end of this month.

The resort will be built in Hoiana in central Vietnam. There will be a total of seven phases of construction, the first of which will include a casino with 1,000 slot machines and 140 gaming tables, a hotel and a golf course.

UFC 227 betting preview: Dillashaw, Johnson favorites

The UFC generally has some sort of event at least once a month, but with football season around the corner in the United States, this Saturday night’s UFC 227 pay-per-view card from Los Angeles is perhaps the last big-time MMA card of the year to which casual bettors will pay attention.

Odds courtesy of OddsShark.com

It is a very good card, although top heavy with the “little guys.” Let’s face it, the biggest stars in mixed martial arts or boxing are usually the bigger guys. Perhaps it’s hard for fight fans to relate to guys who weigh just 125 or 135 pounds battling it out in the ring or Octagon. Those fights also tend to have fewer highlight-reel knockouts.

The main event of UFC 227 is a bantamweight (135 pounds) rematch between champion TJ Dillashaw (15-3) and No. 1 contender Cody Garbrandt (11-1), with Dillashaw a very slight -120 favorite in the matchup of Americans. This will hardly be a tickle fight as the two waged a brutal battle in November at UFC 217. Garbrandt put Dillashaw on the canvas in the first round, but Dillashaw was the aggressor in Round 2 and finished Garbrandt by TKO (punches) at 2:41 of the round as Dillashaw became a two-time bantamweight titleholder.

Kambi accepts first U.S. wagers following ground-breaking DraftKings Sportsbook debut

Kambi becomes first sportsbook supplier active in New Jersey’s online sports betting market after passing preliminary licensing process 

Kambi has created history by becoming the first sports betting supplier to process online wagers in the post-PASPA U.S. market, following the eagerly-anticipated launch of the Kambi-powered DraftKings Sportsbook in New Jersey.

Yesterday’s ground-breaking launch comes after Kambi and DraftKings, along with DraftKings’ land-based licensing partner Resorts Casino, were approved for an online sports betting Transactional Waiver from the New Jersey Division of Gaming Enforcement (DGE).

A Transactional Waiver is the first regulatory step to securing a full licence in New Jersey and acts as a preliminary permit to operate within the state until the full licensing process has been completed.

Ganapati Group has announced the appointment of Eman Pulis, the CEO of SiGMA as Senior Advisor of GanaEight Coin Limited

On Friday, August 3, 2018 Ganapati Group announced the appointment of Eman Pulis, the CEO of SiGMA (Summit of iGaming Malta and Malta Blockchain Summit) as one of the Senior Advisors of GanaEight Coin Limited, the Issuer of G8C tokens. As published on July 7 2018, G8C tokens can be used in online casinos.

Eman Pulis has a degree in Education with first-class honours. He also holds a master’s degree in both “diplomacy” and “creativity & innovation.”

SiGMA, led by Eman as CEO, is known to create heat during Malta Gaming Week, recognized as the must-go iGaming event held in November. The event attracts over 500 exhibitors and sponsors, 12,000 representatives, and 150 speakers every year. In addition, the Malta Blockchain Summit sponsored and hosted by SiGMA, is the world’s largest blockchain-related event attracting a number of investors and stakeholders from virtual currency related industries across the world, including Ganapati Groups’s GanaEight Coin Limited.

Eman said: “I’ve worked with the team behind Ganapati for the last three years and the relationship has matured into one based on mutual trust. The technical expertise and all round backing behind their ICO makes G8C a winner. I’m thrilled to walk this journey with them as an advisor and bring my wealth of contacts to the table.”