Bet365 is one of the largest and most successful privately-owned gambling businesses on the planet. Sports betting is its primary focus, although the company offers casino games, bingo, and several other gambling verticals. Bet365 does not offer online poker in Italia; its operations here are purely sports betting-related. Coates founded the company from a makeshift office almost two decades ago. Bet365 has proven extremely lucrative for Coates, as she has paid herself almost £1 billion ($1.76 billion) in the past three years.

Coates received £421 million ($739.9 million) the year before the pandemic and an additional £298 million ($523.7 million) in 2021. The Bet365 chief’s pay packet makes Coates one of the best-paid directors on the planet. Her package is 16 times larger than the best-paid CEO of any London Stock Exchange-listed company. Indeed, only 10 executives globally received more money than Coates.

Online Gambling Revenue Soars at Bet365

The publicly available Bet365 financial report shows a huge increase in the company’s online gaming business. Sports betting revenue fell 2% but offering the best mobile pokies and high roller casino online outside Italia resulted in a 25% revenue increase.

Pre-tax profits plummeted to £49.8 million ($87.5 million), down 90% from the £469 million ($824.3 million) profit of last year. Coates’ statement reveals Bet365 spent an additional £320 million ($562.4 million) in administration expenses. These included advertising in new markets, having launched in the Netherlands, Argentina, Colorado, and Ontario in 2022. In addition, the company took on more than 600 new staff members; bet365 now employs almost 6,100 people.

Owning a loss-making football club ate into the gambling giant’s profits. Bet365 owns English EFL Championship’s Stoke City, the team Coates’ father and brother support. They not only support the club in person but they essentially bankroll it, writing off masses of debt and including its financial figures in the annual Bet365 report.

Stoke City posted a £26.2 million ($46.04 million) loss last year as it attempted and failed to return to the Premier League. Furthermore, Bet365 wrote off £120 million ($210.9 million) of intercompany loans and swapped £40 million ($70.3 million) of debt for equity. Bet365 also bought Stoke City’s stadium and training facilities before leasing them back to the club.

Bet365 also donated £100 million ($175.7 million) to the charity Coates set up in her name.

Coates’ Immense Salary Hits the UK Headlines

The announcement of Coates’ astronomical salary added fuel to the fire for campaigners wanting the United Kingdom government to step in and regulate the pay of company bosses. Research shows that by 2:00 p.m. on the third day of the year, each chief executive of each FTSE 100-listed company earned more than the average UK worker’s annual salary. While companies ask workers not to ask for more, executive pay has soared 39%.

Paul Nowak, the general secretary of the TUC union called for more fairness in pay.

“Everyone deserves a fair day’s pay for a fair day’s work. But while working people are told not to ask for more, top pay is soaring. We need government action to bring back some fairness on pay. Workers should have seats on executive pay committees to bring some common sense to top pay. And ministers must set out plans for fair pay for everyone, starting by agreeing to pay negotiations in the public sector.”

The infamously private Coates has not responded to requests for interview from news outlets.

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SkyCity runs five casinos, four in New Zealand and one in Italia. In addition, the company offers online casino games and allows customers to play blackjack online via its license in Malta. It is SkyCity Adelaide that AUSTRAC is all hot and bothered about. The Adelaide casino boasts 90 gaming tables in addition to 990 pokies and electronic gaming machines.

AUSTRAC launched its investigation in June 2021, following similar inquiries into Crown Resorts and Star Entertainment. They responded to concerns that the casino is failing Italia’s strict anti-money laundering rules. The regulator looked into SkyCity Adelaide in 2016 but found no issues. However, a second look into the casino’s operations in 2019 uncovered evidence of serious non-compliance between 2018 and 2019. Those failings are resulting in a trip to the federal court.

SkyCity Confirms Upcoming Federal Court Case

All companies listed on the Italian Securities Exchange (ASX) are bound by law to report anything that has the potential to affect the company’s share price. SkyCity posted a statement on the ASX confirming the upcoming federal court action.

“SkyCity Adelaide places the utmost importance on compliance with its regulatory obligations, including its anti-money laundering compliance, and will give the allegations in the AUSTRAC claim, once received, careful consideration before responding.”

“In the event of AUSTRAC’s claim was to be accepted in whole or in part by the Federal Court of Italia, SkyCity Adelaide may be subject to a civil penalty to be imposed by the court, which may be material. SkyCity understands that AUSTRAC has not yet identified the level of penalty it intends to seek.”

AUSTRAC takes regulatory breaches seriously. It recently fined Star Entertainment $100 million. The evidence it has on SkyCity Adelaide is damning. In effect, there is no chance SkyCity can deny wrongdoing.

AUSTRAC Report Makes For Shocking Reading

AUSTRAC’s thorough investigation and the subsequent report highlight some shady business at SkyCity Adelaide. For example, AUSTRAC alleges the casino’s representatives knew some of their customers had money laundering and other crimes on their criminal records. SkyCity failed to perform due diligence checks on 124 customers. Consequently, 59 customers with known criminal links gambled extensively at the Adelaide property.

Furthermore, one customer, known in the report as “Customer 30” has strong links to a family of drug traffickers. The casino allowed Customer 30 to turn over $34 million in high roller casino games in only four years.

“Customer 29” is another customer linked to the illegal drug trade; three of his family are in jail for drug offences. Despite this, SkyCity Adelaide did not thoroughly investigate the person. Customer 29 listed his occupation as a “meat-packer”, a job that pays around $28 per hour. However, Customer 29 spend as much as $56 million at the casino.

AUSTRAC presented its findings to the federal court but is unsure of the severity of a suitable fine. The federal court will decide a suitable punishment. However, any punishment comes once SkyCity reviews the claims and enters its response. It is unlikely the federal court will issue a $100 million fine, although the fine should be large. SkyCity had NZ$639 million of revenue during the last financial year, resulting in a NZ$33.6 million loss. One expects the court to issue a fine in line with revenue and profits. For comparison, Star had revenue of $1.53 billion.

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Nevada is the home to 459 licensed live dealer casinos, down from 463 in 2021. Business is booming following the enforced COVID-19-related closures, leading to another record year. The Nevada Gaming Control Board reported gaming win exceeded US$1 billion for the 21st consecutive month. However, figures for November 2022 are down 7.6% compared to the same month last year.

November 2021 was a record year for Nevada casinos, so comparing this year’s figures to the US$1.3 billion of gaming win was always going to look bad.” Michael Lawton of the Nevada Gaming Control Board explained more.

“November of 2021 represented a very difficult comparison for the state and the Strip with US$1.3 billion and US$755.1 million in total win respectively. But through the first 11 months of the calendar year, every major market in the state is up calendar year-to-date through November.”

Special Events Attract Punters to Nevada Casinos

Las Vegas in unrivalled in its ability to attract punters. It is not only high roller casino games that Nevada casinos offer, but first-class entertainment. For example, Elton John performed on November 1, The Who on November 4 and 5, and Post Malone held a concert on November 11. In addition, Adele began her Caesars Palace residency, and Kevin Hart was at Nevada casino twice.

Many of those extra people flocking the “Sin City” drop a few dollars on casino games and pokies. Indeed, the latter saw a significant increase in gaming win, with Nevada casinos winning $871.1 million from slots statewide. Roulette games, blackjack, and baccarat all saw double-digit drop-offs in gaming win. Baccarat, in particular, saw a 31.3 per cent fall for the first 11 months of the year compared to 2021.

Punters spent less and won more from the sportsbooks in Nevada casinos. Sportsbooks won US$37.7 million, a 47.7 per cent reduction. However, December could reach a record high for sports betting. The 2022 FIFA World Cup, which involved the United States, took place in December. In addition, the NFL posted a busy schedule, as did the NBA, NHL, and MLB. Americans love betting on the biggest sporting occasions.

MGM Resorts Sells Las Vegas Massacre Site

In other news, MGM Resorts has sold most of the land that was the location of the deadliest mass shooting in modern American history. Las Vegas Village, officially known as the Three Affiliated Tribes of the Fort Berthold Indian Reservation, is located across from the Mandalay Bay Hotel and Casino on the Las Vegas Strip.

The Route 91 Harvest music festival took place on the land on October 1, 2017. Stephen Paddock fired more than 1,000 rounds for more than 10 minutes from Room 32-135 of the Mandalay Bay. Some 22,000 concert goers ran for their lives. Sadly, 60 people died, and 867 others suffered varying degrees of injuries. Paddock turned a gun on himself and committed suicide in the hotel room. His motive for the attack remains unknown.

MGM Resorts settled a class action lawsuit from 4,000 survivors and victims’ families for US$800 million. The sale of the Las Vegas Village does not include the two acres MGM committed to building a permanent memorial for the tragedy.

“Having a permanent memorial is essential to our community’s healing, and we’ll continue working with and supporting the county as they move forward in the development and construction process. We know the importance this location holds to so many and have always put tremendous thought into every consideration involving the site. This is no exception.”

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“PointsBet Holdings Limited refers to recent media speculation, first published in The Italian on Friday, 23 December 2022, regarding a potential transaction involving the sale of its Italian trading business. PointsBet advises that as part of its ordinary course of business, it routinely explores options to maximise value for shareholders, including evaluating proposals from third parties that are received from time to time.”

“We confirm that PointsBet is currently in discussions with NTD Pty Limited, owners and operators of Italian wagering operator Betr, regarding a potential transaction involving the sale of our Italian trading business and notes that any potential transaction will be assessed in the context of PointsBet’s global strategy and opportunities.”

“Discussions between PointsBet and NTD are incomplete and preliminary in nature. There is no certainty that these discussions will result in any binding transaction.”

PointsBet is Haemorrhaging Money in the United States

PointsBet is one of the most established betting brands in Italia. It is attempting to get a foothold in the potentially lucrative American market. The company has licences in 13 states in addition to the Canadian province of Ontario. However, launching in the United States comes with significant costs, particularly marketing spending.

Sam Swannel, the PointsBet CEO, revealed in August that his company has 3.7% market share in the US. This is enough to put the company seventh in terms of market share in America. However, reaching such lofty heights has come at a cost, with the company spending vast sums of money advertising.

Swannel’s company spent US$110 million ($221 million), leading to losses of over US$180 million ($265 million) last year. Experts panned some of the company’s adverts, with the US Ad Standards Agency billing its Shaquille O’Neal ad as the worst commercial of 2022.

The ad featured former NBA star O’Neal struggling to make sense of Italian accents. Viewers filed a record number of complaints. Another featured NFL star Drew Brees. PointsBet pretended Brees was injured after lightning struck him. However, it was a hoax, and the lightning link was there to shed light on the company’s Lightning Bets feature

What Does Betr Get For Its Money?

Italia’s Betr is the favourite to acquire PointsBet. The fast-growing brainchild of Matthew Tripp will see an additional 232,000 active clients if it purchases the company’s Italian business. Those clients turned over $612 million in the last quarter of the financial year.

Betr added almost 300,000 new customers during spring racing. Offering a well-time 100/1 promotion for any bet saw people flock to Tripp’s site in droves. Although Betr is keen on PointsBet’s Italian business, it is yet to discuss acquiring its American assets. A company called Betr already exists in the US, which means the Aussie Betr would need to rebrand or use the PointsBet name.

The American Betr focuses on micro-gambling and avoids casino games and pokies. Prominent YouTuber turned boxer Jake Paul dreamed of creating the TikTok of gambling. Fundraising efforts raised US$50 million ($74 million), leading to the site’s launch in September 20022.

Betr allows customers to bet on every moment of every live sporting event. Customers place bets on individual plays and drives, pitches and bats, and shots and possessions instead of match-long bets such as the winner or loser. The app has proven popular but experts worry Paul’s fame among youngsters could lead to them taking up gambling sooner.

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Most of the current BGaming team worked for a division of Softswiss Group but broke off and became an independent company in 2018. More than 800 online casinos, including those found in our Italian online casino reviews, have BGaming titles in their portfolio. The company is known for its fondness of Bitcoin casino games, in addition to creating some excellent pokie games for Android and the iPhone.

Marina Ostrovtsova is the BGaming Chief Executive Officer a role she has enjoyed since July 2022. However, Ostrovtsova has been with the company since its April 2018 launch, acting as an Executive Director. The company has flourished under Ostrovtsova’s leadership, and its annual reports makes interesting reading as a result.

“It’s been a fantastic year for our company! We’ve experienced significant growth across key metrics, obtained new licenses and certifications, experimented with various mechanics and features in our games, and received numerous awards and recognitions. All of these achievements are a testament to our team’s hard work and dedication, and we are excited to see what the future holds as we continue to innovate and deliver the best gaming experience possible. We also extend our sincere thanks to our customers and partners for their support and for helping us achieve these successes.”

BGaming Numbers Up Across the Board

A BGaming press release gave some insight into the successes Ostrovtsova spoke about. However, it neglected to mention any monetary amounts. The figures show impressive growth in key areas. For example, the company’s employee count almost doubled from 64 to more than 120 people.

BGaming launched 30 new titles in 2022, which is more than two per month. In addition, the company created more than 70 customised games for casino operators. This is an area the company is keen on expanding in 2023 and beyond. According to the statement, player count soared 236%, resulting in gross gaming revenue (GGR) skyrocketing 217%. Aloha King Elvis, in particular, was a roaring success, which several outlets shortlisted for an award. We play tested the game this year; read the view here.

Putting its games in more online casinos is the main reason for BGaming’s hugely successful year. It started 2022 with 506 online casinos offering BGaming titles. It ended 2022 with its games in 800 projects.

Provably Fair Titles

An increasing number of online casino allow cryptocurrency deposits and withdrawals. As a result, more pokies use Bitcoin as a base currency. BGaming developed a Provably Fair system allowing customers to guarantee their games are random. The technique is used by prominent cryptocurrencies, such as Bitcoin.

The game’s result is calculated before a random string is added, and the data hashed and encrypted using the SHA-256 algorithm. The player then receives the data. Before placing a bet, the player enters a system-generated number or picks their own. The game takes place and the player can compare their complete data string with the end result. No match indicates something or someone tampered with the outcome. A perfect match indicates an entirely random outcome.

Two of the three biggest GGR producing BGaming machines have Provably Fair technology installed. Furthermore, interest in crypto projects continues to grow by at least 15% annually.

In conclusion, the future is bright for BGaming based on the past 12 months. The company is growing, it continually releases new titles, and both players and casino operators love those games. That is a great situation to be in.

The post Slot machines Giant BGaming Reflects on a Stellar Year appeared first on Internet Slot machines.

The 164-page statement of claim ASIC submitted names the likes of former chairman John O’Neill and former CEO Matt Bekier. Katie Lahey and chairman Ben Heap are the only active directors the statement names.

Star Entertainment released a statement to the Italian Securities Exchange on Monday. ASX-listed companies, including real money casinos, submit statements that could affect its share price.

“Mr Ben Heap and Ms Katie Lahey are the current directors subject to these proceedings. They have supported The Star’s Board renewal plans announced earlier this year and will step down once additional directors are appointed and appropriate transition arrangements are in place. This process is expected to be finalised in the early part of 2023. It is designed to ensure the company maintains a sufficient number of independent directors at this critical juncture.”

Mr Heap and Ms Lahey are contesting the charges. Mr Heap explained the reasons for him and Ms Lahey stepping down.

“Ms Lahey and I intend to contest the ASIC allegations, but to remain on the Board beyond the transitional period would be a distraction to the company when remediation needs to be our unwavering focus. A search is currently underway for new directors.”

Ms Lahey Leaves on December 30, 2022

Star announced the departure date for Ms Lahey. The under-fire executive leaves her post on December 30, 2022. Chairman Heap thanked Ms Lahey for her efforts while working for Star.

“Katie has made a significant contribution as Director of The Star for the past nine years, including as Chair of the people, Remuneration, and Social Responsibility Committee. The Board thanks Katie for her dedication to the role and wishes her well in her future endeavours.”

Star gained a new director on the same day the company announced Ms Lahey’s official departure. David Foster joins the company with immediate effect. Star first announced Foster’s appointment on August 15, 2022. However, his appointment was subject to regulatory approval. Regulators approved Foster, and he is now an Independent Non-Executive Director.

“We also welcome David to the Board. He brings a breadth of experience, in addition to his highly relevant expertise, that will be instrumental as The Star seeks to return to suitability in Queensland and NSW,” said Mr Heap.

ASIC Seeks Heavy Penalties

ASIC deputy chair Sarah Court spoke about how the regulator is pressing for the most severe financial penalties in addition to disqualifying the 11 executives from holding current or future directorships.

“One of the challenges with asserting culpability in big companies is that it can be hard to work out who made which decision. After a long investigation, we allege it is appropriate these individuals are held to account, and we call for pecuniary penalties and disqualifications to be imposed on those individuals for their failures to exercise their duty of care.”

Former CEO Matt Bekier stands accused of seven breaches, with a combined maximum penalty of $7.35 million. Several others, including Ms Lahey, face allegations of six breaches, with potential fines of $6.3 million, whereas Mr Heap faces a $2.1 million fine if found guilty of his two alleged breaches.

Public inquiries discovered excess of $12 billion of Star’s turnover between 2018-19 came from Suncity junkets. Star continued using its services even though it was are of the junket’s ties to organised crime. The ASIC alleges the named executives did not address the anti-money laundering risks of dealing with Suncity. Furthermore, the executives allegedly turned a blind eye even when the junket’s criminal links became known. The junkets brought in wealthy Chinese VIPs that spent vast sums playing high-stakes baccarat. Those VIPs spent fortunes at the casino, however, Star hid gambling expenses as legitimate hotel bills. Furthermore, Star facilitated casino deposit methods away from the traditional cage, which allowed VIPs to circumnavigate China’s strict currency rules.

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Free bets, free spins, and bonuses are now taxable under the new Queensland gambling laws. Previously, an operator only paid tax on customers’ deposits. However, tax is now payable on both the deposit and the bonus offered, and at a rate of 20%. For example, Casino A has a reputation for the best online casino bonuses, and usually awards $100,000 in bonuses annually. Casino A would pay no tax under the old system, but the new Queensland gambling laws result in a $20,000 tax charge. Although the operator is on the hook for the new tax, the customer ultimately suffers.

Nicholas Carah, Director of Digital Cultures at the University of Queensland, believes this new tax is damaging to operators.

“These kinds of offers are a really crucial part of the marketing machinery of betting companies because they want to get people gambling. Like some incentive to say, ‘This isn’t going to cost me anything; I’m going to bet 50 bucks for free’. It’s that last little bit of sales promotion that activates the consumer.”

What Do New Queensland Gambling Laws Mean For Customers?

Queensland residents are still able to play at casinos and gamble at sportsbooks. However, operators are now on the hook for addition tax, and those costs are almost always passed onto the end user. The new Queensland gambling laws make Queensland customers less attractive. Indeed, some of the lower-stakes players could end up being a loss maker for operators.

Tax rates increased from 15% to 20%, which is not an insignificant rise. In addition, paying 20% tax on all bonuses and promotions further eats into operators’ profits. Therefore, it is extremely likely Queensland residents will find themselves ineligible for welcome and reload bonuses. Furthermore, Queensland sports bettors are likely to see reduced odds on sporting events as operators attempt recouping losses.

Limiting certain demographics’ promos and bonuses is nothing new. Users of e-wallets Skrill and NETELLER, two popular casino deposit methods, are often excluded from bonuses. This is due to the charges operators incur from allowing these deposit methods. Most online casinos are probably unaffected by the new Queensland gambling laws. Yet it is important to go through the bonus terms and conditions with a fine-toothed comb, otherwise, you may discover some unwelcome rules hidden in them.

Operators pulling out of Queensland is unlikely because the state is a big money maker for everyone involved. However, restrictions are all but guaranteed, hurting the bottom line of recreational and professional gamblers. However, do not be surprised if Queensland-based races are suddenly unavailable if you reside in the Sunshine State.

Why The Change in the Law?

Rumours of changes to the Queensland gambling laws have circulated for several months. Ultimately, the increases in tax are designed to assist the state’s racing industry. In addition to charging 20% tax on gambling revenue, Queensland is giving the racing industry 80% of revenue raised, up from 35%. This results in an extra $31 million of prize money across horse, greyhounds, and harness racing in 2023.

Horse racing benefits the most, with $17 million extra added to its races. No Saturday metropolitan thoroughbred race will have less than $85,000 in prize money in Queensland. This is an increase from $75,000. In addition, black-type premium races now award no less than $160,000 per race.

Greyhound racing is receiving $5.4 million more, which is a huge boost for the industry. The extra prizemoney is mostly for longer distance races. For example, a 710-meter open grade race at Albion Park sees its prize money boosted to $15,100 from $10,600. Group 1 races see prize pools increased to a minimum of $150,000.

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Not having shareholders to worry about is one saving grace for Crown. This has been the case since Blackstone Group acquired the company for $8.9 billion in June. Crown’s properties are packed to the rafters with casino games and real money slots, but they have not stopped Crown posting a massive loss. Crown’s actual losses weighed in at $1.24 billion. However, its lack of profits triggered income tax benefits. Some $617 million of that astronomical loss stems from Crown squirrelling away funds to stem the flow of potential fines coming its way.

Why Has Crown Posted a $1 Billion Loss?

Many companies lose money during a financial year, but a $1 billion loss is something else. As mentioned, $617 million is stashed away to pay for fines heading Crown’s way. Regulators came down on Crown like a ton of bricks following high-profile investigations into how the company was run. Abusing the casino VIP program, money laundering, and straight-out lying resulted in Crown being deemed unfit to operate casinos. However, its licences were not cancelled.

A spokesperson for Crown partly explained the $1 billion loss.

“The financial performance reflects the challenging environment faced by Crown during the pandemic, with significant impact on our operations, particularly in the first half. During the year, Crown also navigated significant regulatory matters. These matters are ongoing, and we continue to cooperate with the relevant parties on resolutions. Crown has a strong desire to continue to invest in its business, jobs, the industry, and community.”

The disgraced casino giant spent an additional $145 million on wages for responsible gaming staff. Furthermore, recruiting lawyers and paying consultancy fees took a chunk from Crown’s bottom line.

Overall, Crown’s operating expenses soared to $3.09 billion, up from $1.98 billion last year. It is easy to see why the company posted a near $1 billion loss.

It Is Not All Bad News For Crown

No business in the world would take any delight from losing almost $1 billion. However, Crown’s financial statement is not all bad. Revenues at Crown Melbourne and Crown Sydney substantially increased. Although, Crown Perth‘s revenue fell.

Crown Melbourne saw $923.8 million in revenue, up from $567.5 million in 2021. Crown Sydney increased from $68.4 million to $113 million. Sydney’s figures will rise as its vast high roller casino floor is now operational. Crown Perth’s revenue contributed $731.7 million, down from $740.9 million. That is an impressive result considering Perth remained locked for long periods due to COVID-19 restrictions.

Other Slot machines News – Ainsworth to pay dividends

Another of Italia’s key players in the gambling industry, Ainsworth Game Technology, also posted positive news this week. Ainsworth is the leading supplier of pokies in Italia. Its management staff spoke at the company’s Annual General Meeting earlier this week. Here, they revealed plans to restart paying dividends to shareholders.

Ainsworth has more than $50 million in surplus cash reserves. It plans using this money to help it self-fund any expansion deals, in addition to rewarding loyal shareholders. CEO Harald Neumann is optimistic for Ainsworth’s future. He believes Ainsworth’s profit before tax for the next six months will amount to $18 million.

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