Gambling Industry News

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The Future of Sports Gambling: Tribal Casinos, Offshore Sportsbooks, and the Evolution of Betting

Details: Category: Gambling Industry; Created: Thursday, 30 January 2025 13:50

PASPA and the Changing Landscape of Sports Gambling

Future of Sports Gambling For decades, the Professional and Amateur Sports Protection Act (PASPA) of 1992 shaped the legal framework of sports gambling in the United States. PASPA’s restrictions granted Nevada an unrivaled stronghold on legal sports betting, but times are changing. The Supreme Court’s potential repeal of PASPA, fueled by New Jersey’s advocacy under former Governor Chris Christie, signals a pivotal moment for the industry.

Should PASPA be overturned, the implications could decentralize the market, empowering individual states to regulate and capitalize on sports betting. This could disrupt Nevada’s dominance and introduce nationwide innovation, offering new opportunities for stakeholders ranging from tribal casinos to offshore sportsbooks.

The History of Sports Gambling in the U.S.: From Turf Clubs to Super Books

Sports gambling has evolved immensely, transitioning from informal turf clubs in the mid-20th century to the sprawling super books of today. The early years were challenging; a burdensome 10% federal tax in the 1950s crippled the industry, pushing many operators to adopt shady practices.

Relief came with tax reductions in 1974 and 1983, which encouraged legal sportsbooks to flourish. Entrepreneurs like Frank "Lefty" Rosenthal led the charge, transforming sports betting from a backroom activity to an entertainment spectacle. Rosenthal introduced plush seating, food services, and an overall experience that set the standard for today’s sportsbooks.

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Providers Prepare for New Gambling Regulations in Germany

Details: Category: Gambling Industry; Created: Saturday, 18 January 2025 22:00

According to the annual report from gambling regulators, Germany’s gross gaming revenue in 2022 was 12.5 billion euros. It increased by more than a third. In addition, 80 percent of the revenue came from brick-and-more facilities. However, times are changing, and providers are now preparing for new gambling regulations in Germany.

According to Germany's Federal Republic's National Risk Analysis, the gaming industry has a significant potential for money laundering. The rapid handling of funds and the large volumes of transactions often form the basis of the evaluation. Several typologies for terrestrial gaming, particularly casinos, were created by the Financial Action Task Force in 2009 for their study on gambling industry risks. The argument goes like this: when casinos take deposits and send money, they engage in potentially dangerous financial activity. Physical gambling enterprises, which rely heavily on cash, are especially vulnerable.

Some formerly banned online games are now legal under the new Interstate Treaty on Gambling, which took effect on July 1, 2021. Accordingly, by October 2023, 78 licenses for online poker, virtual slot machines, and casino games had already been issued. So, it's safe to say that legitimate internet gambling will only grow in significance over time. Due to the variety of payment methods, including cryptocurrency, there are hazards associated with online gambling. These techniques work well for masking the player's identity and the source of the content. However, it didn’t allow people to be an online bookie in the country.

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UK Gambling Industry Gives a Sign of Relief After Release of Budget

Details: Category: Gambling Industry; Created: Saturday, 02 November 2024 12:06

There have been speculations that the 2024 budget will include a tax hike for the UK gambling industry. The good news is that tax increases for the sector were not part of Rachel Reeves’ budget. Also, it was the first budget from the Labour Party in 15 years. According to the top pay per head providers, there were several tax increases totaling £40 billion.

As she attacked the economy and the £22 billion deficit that her Conservative party had inherited, Reeves stressed how critical it was for the government to act so dramatically.

Opposition leader Rishi Sunak accused Labour of fiddling with the figures and reneging on election pledges, which led to severe criticism of the intentions.

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Fintech’s Role in the Online Gambling Industry

Details: Category: Gambling Industry; Created: Saturday, 07 December 2024 09:55

fintech online gambling industry The online gambling industry showed excellent growth from 2017 to 2024. According to bookie PPH experts, the market was worth $30 billion in 2017. However, its value increased to $90 billion this year, a 300 percent increase.

Of course, this improved performance is due to several important reasons. There are more people in the world today than there were in the past, but more significantly, gambling entertainment is now permitted in many more places. Also, they offer an improved online gambling experience. However, financial technology businesses are essential to the functioning of the digital infrastructure, without which none of this would be conceivable.

Payment solutions for gaming will be the main emphasis here, along with their contributions to this entertainment industry.

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Betting on the US Presidential Elections

Details: Category: Gambling Industry; Created: Tuesday, 22 October 2024 07:27

Up until recently, Betting on the US Presidential Elections was impossible on American soil. Thus, gamblers wanting to bet on it had to use offshore sportsbooks. However, this year things are different. This is thanks to a recent ruling allowing betting on the US elections that took place in September.

Now, the enthusiasm for wagering on the 2024 presidential election continues to grow, and a recent legal decision has made it more accessible for Americans to place their bets.

At Polymarket, a leading online betting exchange, participants have already invested more than $1.2 billion in the US presidential election. This figure includes substantial wagers from two anonymous individuals who have placed millions on a victory for Trump.

Betting market odds have become a topic of discussion among US media outlets and campaign strategists, being referenced similarly to opinion polls and monitored with the same attention as weather forecasts.

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FanDuel Becomes the Official Sportsbook of the Professional Women's Hockey League

Details: Category: Gambling Industry; Created: Monday, 02 December 2024 07:43

Last Friday, FanDuel made an announcement about their latest partnership with a professional sports league. This time around, FanDuel Becomes the Official Sportsbook of the Professional Women's Hockey League. In addition to becoming the Official sportsbook of the PWHL, they have also become the exclusive In-app Streaming Partner of the PWHL in the U.S. market.

As the official sportsbook partner and exclusive in-app streaming partner for the league in the United States, this collaboration enhances accessibility for hockey enthusiasts, allowing them to view and place bets on PWHL games through a unified platform.

FanDuel will broadcast up to 90 live PWHL regular-season games and playoff matches on its application, offering fans the ease of watching and wagering in one location.

In remarks regarding the new agreement, Dale Hooper, General Manager of FanDuel Canada, expressed: "FanDuel is honored to collaborate with the PWHL and support the remarkable athletes of the league. This partnership aims to usher in a new era of fan engagement—one that brings hockey closer to its supporters while contributing to the increased visibility of women's professional sports."

Playtech is Facing Shareholder Backlash of Bonus Plan for Executives

Details: Category: Gambling Industry; Created: Monday, 07 October 2024 08:05

Once again, sports betting development company Playtech is in the news. However, this time around it is not good news for them. This is because Playtech is Facing Shareholder Backlash after a proposal to give its executives a $110 million bonus. Therefore, some Playtech Shareholders are not happy with the decision due to the lack of performance by the company.

The bonuses are a result of the company's recent €2.3 billion divestiture of its Italian sports betting and gaming division, Snaitech, to Flutter Entertainment. Last month, Playtech made an announcement regarding plans to distribute bonuses amounting to €100 million and €34 million for the management teams of Playtech and Snaitech.

This bonus program, revealed concurrently with the sale, positions Weizer as the primary recipient, although Playtech has not specified the precise sum he may obtain.

Additionally, executives will be eligible for 10% of the profits from any future sales, a provision that has raised apprehensions among investors.

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