This week, Tim Draper’s Los Angeles based investment house, Draper Goren Holm, has announced an investment in peer-to-peer sports betting operation Degens. 

The Degens betting exchange started in 2017, is built on the Ethereum (ETH) and DAI blockchains with the promise of fast and cheap sports betting, but with Ethereum’s recent scaling problems, they could be hard-pressed to provide either.

The deal includes access to additional capital investments, mentorship, product marketing assistance, a powerful public relations arm, hands-on growth marketing guidance, and future sports partnerships they noted, as well as collaboration with other partners in the venture network.

“Since the beginning, Degens has proved itself as a promising decentralized peer to peer sports betting exchange, one that users can trust and rely on. While we’re all curious to see how the sports industry overcomes COVID, the act of betting isn’t going anywhere; users will continue to win using Degens,” said Josef Holm, Founding Partner at Draper Goren Holm.

If there were annual awards for criminals, John Christopher Colletti would win in the most creative disguise category. For more than a year, he managed to hide his identity and rip off several casinos in Michigan, ultimately getting away with over $100,000. He pulled off his capers by copying the identity of a gambler, even going so far as to use prosthetic face masks to avoid getting caught. However, the law finally caught up with him and his days of dress-up and thievery have come to an end.

According to The Detroit News, the 55-year old began his escapades in May of last year. Colletti had concocted a scheme that included the purchase of stolen identities and using the data to create fake driver’s licenses. From there, he was able to steal the identities of casino customers who belonged to an MGM Grand Detroit VIP programs that, as a perk, offered cash advances at kiosks located inside the gambling venues. Since the kiosks are under the watchful eye of casino surveillance at all times, he used his elaborate disguises to fool everyone. Between April and May of last year, he walked away with about $98,840, having donned a full prosthetic mask, glasses, hats and other elements to cover his face.

On one particular occasion, he conducted a total of 15 transactions to withdraw $30,000 within 30 minutes. However, security personnel became a little suspicious and ultimately started to put the pieces together. According to FBI Special Agent Julia MacBeth, surveillance footage helped unravel the mystery and showed how Colletti “would look at a piece of paper, likely containing the victims last four digits of the patron’s Social Security Number and the last four digits of the patron’s telephone number, which were needed to complete the transactions” each time he approached a kiosk.

By the time Colletti was identified, the FBI had to figure out where he was. It didn’t take long to follow the trail and he was ultimately picked up by Prairie Band Potawatomi Tribal Police at the Prairie Band Casino and Resort in Mayetta, Kansas. The investigation that followed included the discovery of a storage unit he rented that contained mannequin heads sporting the prosthetic masks, hundreds of receipts from the MGM Grand and 48 fake driver’s licenses. He has reportedly already been extradited to Michigan and is now being held behind bars, with no bond possible.

Kanye West’s talent and ambition are undeniable, but his fame, mental illness, and possibly his marriage to Kim Kardashian have all built up to create one of the more dramatic tabloid scandals of July 2020. Following a twitter rant for the ages, Bodog has published odds on what will come next for Yeezy.

Following his decision to drop out of the 2020 U.S. Presidential race, West went on a Twitter rant for the ages on July 20. The tweets, now since deleted, seem to imply that not all is well with his marriage to Kardashian. He took aim at his spouse and mother-in-law, Kris Jenner, accusing them of acting in ways that would embarrass his children, and fearing they are trying to lock him up in an institution.

“You and that calmye are not allowed around my children,” he wrote. “Ya’ll tried to lock me up.”

He seemed to take exception that Kim had posed for Playboy, something that happened in 2007 and well before their first son was born. “”I put my life on my God that North’s mom would never photograph her doing playboy and that’s on God,” he wrote.

The second quarter of 2020 was understandably poor for Scientific Games Corp (Sci Games), with the ongoing effects of Covid-19 cutting into their bottom line, but they remain optimistic. In a July 23 results announcement that was promoted as “better than expected”, the company reported a loss of $198 million for the period of April 1 to June 30.

That represents a pretty far fall from the $75 million shortfall in the same period for 2019, thanks to a 36.2% decline in revenue to $539 million. But they saw a 41% increase in online gambling revenue, rising to $166 million. That part of the company had an 80% increase in earnings before interest, taxes, depreciation, and amortization (EBITDA) to $60 million. Overall, the company kept a positive Adjusted EBITDA of $121 million.

The digital segment of the company also saw growth to help that number, rising 6% to $73 million, with adjusted EBITDA of 67% for $20 million. Overall, gaming revenue fell 79% to $91 million, and lottery revenue fell 10% to $209 million.

“I’m very proud of how we are navigating the current environment, as evidenced by our strong cost containment and cash management, which allowed us to deliver better than expected cash flow for the quarter,” said Barry Cottle, President and Chief Executive Officer of Sci Games. “This is a testament to our team’s ability to effectively manage our business in the short term and maintain our strong customer relationships so we are set up for success as the economy begins to reopen.”

We’ve seen how the COVID-19 pandemic has forced the online gaming industry to adapt to the changing business conditions overnight. Betsson was in a strong position before the pandemic began and our own Becky Liggero Fontana spoke with Pontus Lindwall, CEO of Betsson Group, to gauge how major operators were adapting to the changing conditions.

Lindwall was happy to discuss how Betsson was adapted their strategy overnight to the lockdown conditions:

“COVID came from nowhere and we were not prepared. We closed all our offices pretty early in the process and that has been working out really fine. Then looking at our business we were doing quite well and we had a good profit margin in the company, so even with the loss of sports betting which accounts for 30% of our revenues we managed to keep the company profitable.”

[youtube https://www.youtube.com/watch?v=GkEZ1LqlgYU?feature=oembed]

VSiN, the Las Vegas-based sports gambling network with deep roots in the sports ecosystem, has picked up an important addition to its team. Per an announcement from the company yesterday, it has recruited Ben Fawkes to lead its digital content efforts, bringing on board a sports journalist who became a standard fixture thanks to his long career with ESPN. Ben Fawkes is the former General Editor of ESPN Chalk and will now use his talents and skills as the VP of Digital Content for VSiN.

Fawkes involvement with ESPN Chalk lasted over nine years and included, among other things, management of the writing team, as well as running the Behind The Bets podcast. Going forward, he will oversee VSiN’ written and digital content, including that published through the company’s Point Spread Weekly, daily newsletters and special reports. With his experience in podcasts, he will also have an on-air presence and help develop new strategies for VSiN across all of its platforms.

VSiN (Vegas Stats & Information Network) is intrinsically tied to the sports world, having its roots in the Musburger family that includes longtime sports analyst and commentator Brent Musburger. Co-founded by the personality’s nephew, Brian Musburger, and backed by the sports celebrity, VSiN has continued to grow substantially since launching three years ago.

Brian Musburger runs the company as its CEO and is excited to add Fawkes to the lineup. He explains, “Anyone who has followed the sports betting industry over the past several years is well aware of Ben and his great work. He was one of the architects behind ESPN’s sports betting coverage and continues to be one of the most respected and prolific voices in sports betting. Adding Ben to the team will further strengthen both our editorial voice and our position as the most credible source in the sports betting space.”

Atlantic City’s casino scene is now fully functional once again, at least by New Jersey standards. All nine casinos are back in business following the successful relaunch of the city’s last holdout, the MGM Resorts-owned Borgata Hotel Casino & Spa. It reopened its doors to limited guests starting yesterday, and will welcome the general public as of this Sunday morning at 10 AM, according to The Press of Atlantic City. 

It goes without saying that casinos everywhere have been anxiously awaiting the possibility of allowing gamblers to sit back down at the slot machines and gaming tables, but could only stand until state leaders and health officials gave the word. That word was given in New Jersey at the end of June and allowed casinos to start opening as of July 2. However, Governor Phil Murphy placed certain restrictions on the gambling venues that didn’t sit well with the Borgata, and it refused to open. 

One of the restrictions was on alcohol, which Murphy banned at any indoor dining facility or bar, and even casino gaming floors. The Borgata threw a temper tantrum as a result and decided it would prefer to earn zero revenue for several more weeks instead of earning alcohol-free revenue. However, the property’s public relations team did a great job and put a different spin on it, asserting that it delayed its launch because it wanted to make sure it had an awesome plan in place to protect its clients (even though it has had over three months to come up with the plan).

According to Borgata’s president and chief operating officer, Melonie Johnson, “It was never our intent to open first in the Atlantic City market. We wanted to make sure that when we opened, we opened safely, for our employees and our guests.” She added, “We took the time to reassess and strategize, and what we’ve come up with — I have to give kudos to the food and beverage department — what we have right now to offer our guests is amazing.”

The Russian government continues to exert more control over the country and a bill just approved by the state Duma has serious implications for the sports gambling industry. If there were any doubt before over the government’s desire to be able to manipulate virtually all aspects of everyday life, Bill 647044-7 shows exactly what’s in store. It’s very possible that the country’s sports gambling industry is about to see a major shift, and not for the better.

The Duma accepted the bill as it went before legislators for its second and third readings following its first appearance at the end of April. As a result, federal gambling regulations have been amended to give the Kremlin greater control over the industry and to place “limits on types of sports events that can be wagered on,” as well as an “increase in financial obligations of Russian sports betting licenses.” In other words, fewer sports gambling options and increased fees by sports gambling operators. That makes a losing equation for any business.

Going forward, licensed sportsbooks can only take bets on sports games that are officially sanctioned by a foreign or domestic governing body. While that may seem like a good way to increase integrity of the sports gambling market, and better protect gamblers, the Kremlin also has the authority to prohibit wagers on any segment at any time if it feels that it needs to intervene.

There will now also be an additional 5% tax owed on the gross gaming revenue of certain sports wagers. Previously, this tax was applied only to domestic events; however, it will now be due on international events, as well. In addition, sportsbooks will now have to carry a bank guarantee of no less than €6 million ($6.95 million) with twice that in net assets.

Casinos may mostly be closed in the Philippines right now, but a couple of different groups are hoping that their investments will return great dividends when the sector can return to glory. Suntrust Home Developers, a firm owned by Suncity Group Holdings, has invested into a casino hotel plan for Manila, while PH Resorts Group Holdings Inc is looking forward to their Cebu-area casino opening in 2022, but teases it could be sooner.

More money for the Westside

Suntrust have announced they will be borrowing P7.3 billion ($147.8 million) from Suncity to invest in the Westside City Project. The loan, bearing 5.25% interest annually, will allow Suntrust to increase its 51 percent ownership of Fortune Noble to 74.42%. It does so through a subscription of P7.3-billion worth of convertible bonds to be issued by the Philippine entity.

Alvin Chau Cheok Wa , who has a controlling interest in Suncity, has previously said they hope to see a ground-breaking ceremony on the project “soon.” Those comments came during a June 11 filing, so they likely took into account the current Covid-19 pandemic.

In the fast moving world of gambling, sometimes you might miss news that could be important to you. To make sure you’re all caught up on gaming industry news, be it online or brick and mortar, we’re rounding up the some of the announcements and partnerships from the last week that you might have missed.

Don’t miss out on all of the latest announcements. Our Press Release section is updated constantly

BtoBet and Rappi, together with Megapuesta, sign landmark agreement to widen sports entertainment on new channels

Leading iGaming platform provider BtoBet, and Latin American on-demand delivery giant Rappi, have partnered with Megared – BtoBet’s Colombian parter owning and operating the Megapuesta brand – in a landmark agreement that will widen the provision of sports entertainment to new ecommerce channels. One of the most rapidly growing companies on a regional level, Rappi spreads across nine countries: Argentina, Brazil, Chile, Colombia, Costa Rica, Ecuador, Mexico, Peru, and Uruguay, with an average of 9 million active users in Colombia alone.

Bulgaria’s gambling regulatory agency is no more after legislators voted to assign oversight to the country’s tax authorities.

On Thursday, Bulgaria’s National Assembly approved the second reading of amendments to the Law on Gambling aimed at re-establishing some semblance of control over the country’s land-based and online sectors.

The main aspect of the bill is the elimination of the State Gambling Commission (SGC), which fell into disrepute after some of its senior members were accused of involvement in organized crime. Those charges followed the government going to war with Vasil Bozhkov, who formerly controlled the country’s biggest gambling businesses.

Earlier drafts of the amendments included a plan to fold gambling regulation into a body under the Council of Ministers but the plan approved Thursday will see oversight given directly to the National Revenue Agency. The SGC will be given three months to wind up its affairs, with a liquidation commission ensuring that any incriminating files don’t get accidentally incinerated while no one’s looking.

The end is near, and the final curtain is finally due to come down on the longest English top-flight season in history. Exactly whose way the action will go, however, is still very much in question.

While we’ve paraphrased Frank Sinatra in that introduction, the Frank under immediate pressure is the Chelsea manager Frank Lampard, whose side could have clinched Champions League qualification with a point at Anfield only to concede five against the champions as their leaky defence was plundered time and time again.

Let’s look at the two matches which will decide the two teams that make Champions League qualification and the three games which will determine the two sides who will join Norwich City in being relegated from the English Premier League.

Champions League qualification