Russia’s online sports betting operators have received a temporary reprieve from proposed regulatory changes, holding out hope that the government will come to its senses while the sector is still viable. 

Tuesday (22) was the scheduled deadline for Russian legislators to submit amendments to Bill No. 1055657-7, the controversial new legislation that aims to (a) dramatically hike Russian bookmakers’ contributions to local sports, (b) eliminate two betting industry associations, (c) create a new Unified Gambling Regulator and (d) establish a single hub for online betting payments. 

However, on Monday the Rossiyskaya Gazeta revealed that that the Ministry of Finance – to which the new unified regulator will report – had proposed extending the amendment deadline until January 22. So Russian bookies will at least get to enjoy the status quo until well after Orthodox Christmas (January 7). 

The bill was approved in its first reading earlier this month, but the Ministry is reportedly responding to concerns from both the betting industry and some government deputies that the significant upheaval proposed in the bill requires more stakeholder input before proceeding further. 

Three weeks ago I was tasked with writing a review of 2020. My brain immediately clogged up as I tried to flush this massive turd of a year down the toilet of my mind. 2020 is now jammed somewhere in my spinal cord and I can’t get it out. Ever since, I have been in a perpetual state of creative catatonia, paralyzed from the neck down. The only thing I can say for sure is this: Either I drank way too much mushroom cactus juice and I’m stuck in the longest nightmarish trip ever, or I didn’t do nearly enough and I should really start chugging. Hindsight, they say, is 2020, but I still have absolutely no idea what in the world is going on.

But from what I can make out from my underground bunker, I hear that…

In January…

…after three and a half years of meticulous painstaking negotiations going through every conceivable detail with a fine-toothed comb, a comprehensive Brexit agreement was finally worked out between the U.K. and the EU, never to be reopened again. Britain finally left the bloc on January 31, and we all moved on with our lives.

Anyone who has ever tried to launch a new business with limited capital knows how difficult it can be to find adequate funding. It takes a lot of effort and patience, as well as a commitment to be willing to burn the candle at both ends to get things off the ground. However, as difficult as it can be, finding backers is not impossible. There are unique and creative ways to try to attract investors’ attention, as long as you’re willing to dedicate enough time and can accept a lot of “thanks, but no thanks” before getting a yes.

One of the most common sources of funding for startups, or even for business expansion, are angel investors. There are a number of options, such as AngelList and SeedInvest, but don’t expect to simply pitch your idea and receive an immediate response. Make sure you’ve done your research and can present a well-defined plan. Then, be prepared to continually push your idea on the platforms, trying to make contact with as many people as possible. Even if you don’t find the financial support you need directly through the platform, you will have exposure and angel investors might see your project, forwarding it to their own network of contacts for consideration.

Kickstarter and Indiegogo are two examples of crowdfunding investment solutions that have seen entrepreneurs bring their ideas to life with a great deal of success. Instead of relying on one or two angel investors with extremely deep pockets, these platforms allow hundreds or thousands of individuals back a project, even if they can only put up a small amount of money. Since launching 12 years ago, Indiegogo has helped entrepreneurs attract well over $1 billion, while Kickstarter, which launched 11 years ago, has raised over $4.6 billion. The key is to offer an incentive that has tangible value to the consumer to get them to pledge even $100-$200. If potato salad can find incredible backing, there’s not much that can’t be achieved through crowdfunding platforms.

Angel investors and crowdfunding are fairly well-known forms of finding investments for a startup but they’re not the only options. Visit local business schools (or non-local schools if you want to take a road trip), especially those that have a lot of entrepreneurs among the alumni and faculty. That information shouldn’t be too difficult to find out – the names can be found on the website. From there, you only need to spend some time investigating those names to determine if they would make viable sources. Also keep positive – if you get rejected, ask if they can recommend your project to their own networks.

2020 was a rough year for lots of people, but a few verticals from the gambling business ended up making positive news regardless. Here’s the five gambling business stories that interested you most in 2020.

Dan Snyder ousted by scandal? Updated Washington Redskins name odds

In a bit of a cross-over with the sports section, the Washington Football Team finally met it’s point of return with its former team name in July, 2020. With allegations of misconduct around Washington’s head office rising, team owner Dan Snyder finally gave in and decided to drop its past racist name.

Facebook group shutdown over gambling operations

Coolbet, the Estonian based online sportsbook recently acquired by GAN, has an unusually high customer retention, and that’s in part due to an old-school approach. Endre Nesset, Director of Sport for Coolbet, joined our Becky Liggero Fontana to explain how old ideas, marketed correctly, can still work very well.

That old idea comes in the form of trading positions and offering very attractive margins to players. Nesset explained:

“Coolbet does things a bit differently. We encourage our guys to trade positions, not only rely on markets and third parties. The bookmakers that we have, the compilers we have, they’re not afraid to take positions and we encourage them to take positions, whether it’s outside kind of the standard market frames.

[youtube https://www.youtube.com/watch?v=k48JFw2S_xE?feature=oembed&w=640&h=360]