The agreement will run for three years, covering the 2025-26, 2026-27 and 2027-28 seasons. RMG, which has overseen television production for the Dubai Racing Club for over a decade, will work with long-term partner ARC for the new venture.

This will include distributing Dubai Racing Club content through GBI Racing, the international partnership of ARC and RMG. Content will be made available across global territories. GBI Racing is broadcast in approximately 10,000 venues worldwide and with more than 100 digital customers.

Meydan Racecourse is among the largest horse racing venues in the world. Its half-mile long main grandstand can accommodate over 80,000 spectators, while the facility hosts several major events including the Dubai Racing Carnival and Dubai World Cup.

The 2025-26 Dubai World Cup will be the 30th edition of the race. Some $30.5 million in prize money will be on offer across six group 1 and three group 2 races on 28 March next year.

RMG and ARC talk up revenue potential

RMG CEO Nick Mills welcomed the new partnership. He said he was pleased to build on the company’s prior relationship with Dubai Racing Club and explore new revenue opportunities with ARC.

“Combined, RMG and ARC are among the largest – and most established – distributors of horse racing content globally,” he said. “This extensive reach delivers unmatched metrics in terms of eyeballs and engagement levels on content, and will result in the highest potential revenue generation.”

Brendan Parnell, managing director, media and international at ARC, made similar comments on the deal. He said the three-way agreement will expand Dubai Racing Club’s footprint in regions around the world.

“Meydan Racecourse is an incredible facility, and its content is a huge draw around the world for racing fans,” he said. “Via our retail and GBI networks, we look forward to working alongside RMG to enhance DRC’s footprint and distribution globally.”

Erwan Charpy, head of racing operations and international relations at Dubai Racing Club, added: “We look forward to working with RMG and ARC to grow further interest in our world-class and competitive racing from Meydan Racecourse.”

More expansion for the UAE gambling landscape

The deal represents the latest step of evolution for gambling in the UAE. Just last week, Play 971 launched in the UAE, becoming the first fully licensed and regulated iGaming site in the market.

Play 971 is one of several websites licensed by the General Commercial Gaming Regulatory Authority (GCGRA). Sources suggested it was undergoing a trial rollout in a limited area, with the site only available in certain areas of the UAE.

Prior to this launch, the UAE Lottery was the only legal gambling product. Wynn’s Al Marjan Island, a new land-based resort, is not due to open until early 2027.

It is not just the market that has evolved, with the setup of regulator GCGRA also changing in recent weeks. In November, founding CEO Kevin Mullally stepped down from his role at the organisation. Mullally oversaw the establishment of the regulator’s core governance and regulatory structures but is exiting to spend more time with his family. Chairman Jim Murren has taken over in the interim.

Malta regulator warns of unlicensed websites

The Malta Gaming Authority has warned that several websites are falsely claiming they hold licences in the country.  

The MGA denied any connection with PangaGames.com, Casino1bet.online, PalmsBet1.com, Flexiblesport.com and Casino-Europa.eu. It also denied links with a longer domain operating under the Memo Casino brand.

The regulator said that any reference to the MGA or licences issued by the MGA is “false and misleading”. It cautioned consumers not to gamble with any unauthorised websites or operators.

“The activities of unlicensed entities are unregulated and do not provide the necessary safeguards delineated by virtue of the framework, making transactions with such entities risky for consumers,” the MGA said.

Kambi scores Superbet deal

Kambi Group has entered into an Odds Feed+ partnership with multi-channel sports betting and gaming operator Superbet Group.

Under the deal, Kambi will provide Superbet with access to its full library of traded odds. This includes the ability to expand its odds package to meet player demand and support evolving strategic needs.

Founded in Romania in 2008, Superbet has a presence in several European countries as well as in Brazil.

“This partnership reflects the strength of our trading capability and the trust Superbet Group has placed in Kambi to support their long-term growth,” Kambi CEO Werner Becher said.

North Dakota Lottery switches with Scientific Games

Scientific Games has announced the conversion of the North Dakota Lottery’s system technology.

Scientific Games is powering the lottery with its latest central gaming system and iLottery solution. This, the provider said, will modernise both retail lottery and digital sales.

The omnichannel solution is delivered through Scientific Games’ Momentum integrated ecosystem. This also includes a player account management and CRM solution, featuring an integrated loyalty program, bonusing engine and achievement-based rewards

“We are committed to making the North Dakota Lottery relevant for generations to come and by doing so we achieve our mission to benefit programs meant to improve the quality of life in our state,” said Thomas Lawler, director of the North Dakota Lottery.

SIS lands Racing WA rights deal

Sports Information Services has agreed to a long-term international media rights deal with Racing WA.

SIS will deliver horse and greyhound racing fixtures from Western Australia to its partners around the world. This covers 283 meetings from 31 tracks across the state, including the Perth Cup.

All races will be delivered as an end-to-end solution, including livestreamed pictures, data and on-screen graphics with betting triggers. SIS already offers racing content from both Victoria and South Australia.

“By expanding our content to three major states through this deal with such a well-regarded partner, we are confident the comprehensive offering will be strongly received around the world,” said Conall McSorley, head of racing at SIS.

ENJOY extends reach with Groove Technologies

New software developer ENJOY has secured a strategic partnership with Groove Technologies.

The deal will see Groove offer ENJOY’s content to its network of operator customers around the world. ENJOY develops both slot and live game show titles.

Content such as slot games Hot Fire Coins 2, Fire Express, 3 Mariachi and Bison Strike will be made available to Groove’s partners. Also on offer will be game shows such as Enchanted Forest and Egypt Roulette.

“Our portfolio is growing every month, and to sustain that momentum, we need our titles in front of the right people in the right markets,” said Christos Zoulianitis, chief commercial officer at ENJOY. “Groove enables exactly that, and we’re confident this will be another successful collaboration that will drive both brands forward.”

HKJC hands senior role to Stylsvig

The Hong Kong Jockey Club has announced Casper Stylsvig as executive director of its sports business.

Stylsvig will focus on commercial growth across horse racing, football, lottery and emerging sporting opportunities. He also will become a board member and report directly to CEO Winfried Engelbrecht-Bresges.

An experienced sports executive, Stylsvig was most recently chief revenue officer at English Premier League football club, Chelsea. Previously, he also held senior leadership roles at FC Barcelona, Manchester United, Fulham and AC Milan.

“This role represents a natural progressive next step in my career, bringing together best practices from global football to help shape the future of a truly unique, multi-sport business,” Stylsvig said.

PMU and HKJC launch new pool bet

In other news out of HKJC, the organisation has partnered with France’s Pari-Mutuel Urbain on a new common pool bet.

The International Order Couple bet will be available on all Hong Kong races. It will also cover the 95 World Pool races on the PMU calendar.

This builds on a partnership that began in October 2019 with the launch of Simple common pool bets. In 2022, PMU then joined the HKJC World Pool for International Winner and International Placer bets.

“This growing collaboration demonstrates the commitment of both institutions to offering an ever richer and more diverse betting experience to their customers, while strengthening their ties in the international horse racing world,” PMU said.

ESPN Bet fined $15,000 in Massachusetts

Penn Sports Interactive, operator of ESPN Bet, has been fined $15,000 by the Massachusetts Gaming Commission over a violation of advertising rules.

The case related to comments made by ESPN host Rece Davis during a gambling segment on “College GameDay” in 2024. Davis referred to a betting tip by analyst Erin Dolan as being a “risk-free investment”.

Massachusetts sports betting law bans terms such as “free”, “risk-free” and “can’t lose” in reference to wagering.

“Mr Davis used the prohibited language ‘risk free investment’ after he referred to a sports wager,” the commission said. “As a result of the aforementioned regulatory violations, the Commission hereby fines PSI/ESPN Bet $15,000.”

CT Interactive enters Greece with Novibet

CT Interactive has rolled out its content in Greece for the first time through a partnership with Novibet.

Customers of Novibet Greece will have access to a range of CT Interactive titles. These include Lucky Clover, Win Storm, 40 Treasures, HOT 7s X 2 and The Big Chilli.

This latest rollout follows a similar link-up between CT Interactive and Novibet in Mexico.

“Launching our content exclusively on Novibet Greece is a remarkable milestone for us,” CT Interactive Chief Commercial Officer Monika Zlateva said. “It enables us to bring our top-performing games to the Greek market.”

Wazdan builds on Canadian presence with NorthStar

Wazdan is to expand its presence in Canada through a new partnership with NorthStar Gaming.

Wazdan, an iGaming developer, will provide Playtech-powered NorthStar with a range of its content. Titles include 36 Coins, Hot Slot: 777 Cash Out Grand Diamond Edition and Mighty Fish: Blue Marlin.

The launch will also introduce Ontario audiences to engagement-boosting mechanics such as Hold the Jackpot, Cash Infinity, Collect to Infinity, Sticky to Infinity and Cash Out.

“Expanding our presence in Ontario with such a locally rooted and trusted brand as NorthStar is an exciting milestone,” said Radka Bacheva, Wazdan head of sales and business development. “Its strong position in the market, combined with our portfolio of rewarding experiences, ensures we can deliver measurable growth and enhanced entertainment to players nationwide.”

National regulator l’Autorité Nationale des Jeux (ANJ) said revenue was ahead of the €5.5 billion in the same period last year. The figures did not include land-based casinos and gaming clubs as these results were published separately.  

Gambling revenue in France has grown steadily year-on-year in H1 during the past few years. This has been partly due to growth in the online gambling sector, with revenue rising again in H1, by 6% to €1.4 billion. However, the ANJ said this increase “masks” certain trends in the market.

Double-digit growth for online sports betting in France

Online sports betting revenue jumped 10% year-on-year to €961 million, helped by a 15% rise in stakes to €6 billion. Unique player accounts also climbed 10% during the half.

The ANJ noted that this was despite the lack of a major, global sports event in H1 this year. In 2024, H1 included the early stages of football’s Euro 2024 football tournament, where in the same period this year, there was no such competition.

Incidentally, football remained the most popular sport among players in France, drawing 52% of all online bets. Tennis followed with 26%, then basketball on 9% and rugby 2%. The remaining 11% of wagers were split between other sports.

However, as noted by ANJ, this growth was not apparent within other areas of the online gambling market. Internet poker revenue declined 4% to €246 million. Cash game poker revenue was 15% lower at €47 million although other formats remained steady. The overall decline also came despite a 10% rise in unique players, which ANJ said was helped by cross-selling the product.

Elsewhere, online horse racing betting revenue was level at €174 million. Stakes here were 1% higher at €795 million but grew at a slower rate than in H1 of the previous two years. It was also noted that unique online horse racing players fell 3% year-on-year.

FDJ H1 revenue tops €3.5 billion after Kindred acquisition

ANJ also published separate figures for La Française des Jeux (FDJ), which completed its acquisition of Kindred Group in October last year. This helped push revenue up 19% in H1 to €4.4 billion.

Sports betting remained its primary source of revenue at €3.5 billion, up 4% on the previous year. However, driven by the Kindred acquisition, online betting and gaming revenue hiked 458% to €703 million. International lottery revenue for the period declined by 9% to €168 million.

Finally, ANJ referenced Pari Mutuel Urbain (PMU), which, like FDJ, had its results posted separately. In H1, revenue at PMU topped €830 million, which was 2.6% behind the same period in 2024. Stakes were also down 4.2% to €3.2 billion.

PMU had a tougher time in the first quarter, during which revenue dropped 4% and stakes 5.5%. However, it saw some level of revenue in Q2, although revenue was still down 1.3% and wagers 3%.

Arrest over horse race fixing in UK

A 42-year-old man has been arrested in connection with allegations of fixing horse races in the UK.

The unidentified man is alleged to have committed offences under section 42 of the Gambling Act 2005. This section concerns cheating at gambling or assisting someone else with cheating.

The arrest was part of a joint investigation by Greater Manchester Police and the Gambling Commission. This launched following reports of suspicious betting activity linked to horse races earlier this year.

The commission said it would not be commenting further on the case at this time.

Bragg seeks to allay fears over cyber incident

Bragg Gaming Group has played down a recent cyber incident, saying the issue has been resolved.

Bragg revealed the cybersecurity incident on 16 August. It said that it took appropriate steps to mitigate any potential impact of the breach, working with independent experts.

Bragg said there is no indication that any personal information was affected, nor was there any impact on its ability to operate. It also sought to reassure customers about the security of its game titles.

“The company has experienced no negative impact on its revenue or profitability and does not expect that the cost of responding to the incident will have a material financial impact on the company,” Bragg added.

Playbook Fusion enters Netherlands with Bingoal

Playbook Fusion has made its debut in the Dutch market through a partnership with Bingoal.

The deal will see Bingoal become the first operator in the Netherlands to launch Playbook Football. This real-money virtual football management betting game allows users to build teams, place bets, receive in-game rewards and climb divisions.

Bingoal customers can access the game across both the operator’s casino and sportsbook zones.

“This is a unique concept that offers gamification and persistence our bettors are seeking,” Bingoal Casino Product Manager Dany Salmon said. “We are confident that it will resonate well with our player base across Sports and Casino verticals.”

Games Global opens first live dealer studio in Brazil

Another new market entry comes from Brazil, where Games Global partnered with Spin Gaming to establish the country’s first live dealer studio.

Powered by OnAir, Spin Gaming will deliver live game streaming and technical support to its partners.

The agreement also marks the creation of the first Brazilian academy specialising in training live casino dealers. This, the two companies said, will help generate hundreds of jobs for people in Brazil.

“This landmark deal with Spin Gaming not only highlights Games Global’s unwavering commitment to delivering tailored solutions to local markets but also highlights our drive to support iGaming infrastructure in emerging jurisdictions,” said Ricardo Regner, director of LatAm at Games Global.

Paf lands Finnish Ski Association deal

Paf has signed a long-term partnership agreement with the Finnish Ski Association.

The deal runs through 2030, with Paf serving as the official main partner of the Finnish Ski Association. This will become effective when the new Finnish licensing system enters into force, provided Paf secures a licence.

The agreement covers the national A-teams in cross-country skiing, Nordic combined and ski jumping. It also includes the under-23 and under-20 national teams in cross-country skiing.

In addition, Paf will be an official partner of the FIS World Cup events in Ruka and Lahti, as well as the Finnish Cup in cross-country skiing.

“We are truly excited about this new main partnership with the Finnish Ski Association,” Paf Manager Thomas Näsman said. “Our shared values provide an excellent foundation for building a long-lasting and successful collaboration.”

In April, Swedish operator ATG announced it had formed a 50/50 JV with local Finnish racing association Suomen Hippos, with the new Hippos ATG to be powered by ATG’s in-house gaming platform.

On Thursday, the JV announced it would operate in Finland with the ATG brand, operating its site as ATG.fi and utilising the ATG gaming app for mobile phones, as well as featuring ATG’s existing style and design.

The move is described as a “cost-effective solution”, leveraging ATG’s existing communication assets, messaging and design.

Mikael Bäcke, CEO of the Hippos ATG JV, believes the use of such a well-known legacy brand in ATG will provide a strong platform in terms of brand awareness.

“ATG is a strong, trusted, quality brand in Sweden and already familiar to many Finnish gamblers,” Bäcke said. “That is something we want to build on as we enter the new Finnish gambling market in 2027.”

The launch of ATG Talent

Bäcke also explained up to 60% of the JV’s surplus will go directly back to supporting the horse racing sector in Finland.

Alongside its financial support for the racing sector in Finland, Hippos ATG launched a development programme aimed at individuals expected to have a bright future in the sport.

ATG Talent participants will meet a number of experts who will provide “knowledge, inspiration and support” in areas such as team-building, leadership and sports psychology.

The participants will be selected in collaboration with Suomen Hippos during the final quarter of 2025, with the first round of the development programme to be carried out over 2026.

Monopolies’ marginalisation of horse racing

Finland is preparing to open its gambling market by 2027, bringing an end to Veikkaus’ monopoly.

Until now, the state-owned operator has held exclusive rights to iGaming and online sports betting in the market but, from 2027, private operators, including Hippos ATG, will be able to compete in a liberalised market.

In August, Bäcke told iGB that Hippos ATG expects to compete as a leading brand for horse racing betting in the newly liberalised market.

He said the JV would aim to recapture the “marginalised” horse racing betting vertical in Finland.

“Today there’s a vacuum in Finnish market and it’s a great opportunity for both ATG and Suomen Hippos,” Bäcke said.

“The [JV] is based on both parties providing the most valuable assets they have to make this company competitive. That means the strong anchoring in the local market that Suomen Hippos has and the very close relationship they have with the 200,000 horse racing customers,” he added.

Hippos ATG will go live on day one of the licensed online market in Finland.

The ATG Finland JV board of directors is made up of ATG CEO Hans Lord Skarplöth and members of both ATG and the Suomen Hippos association.

Revenue during the six months to 30 June amounted to SEK2.92 billion ($306 million), down 5% from the previous year. ATG also posted a 5% drop in net gaming revenue to SEK2.57 billion for H1.

Of the group’s three core businesses, only sports betting reported an increase in revenue in the period. There was also a double-digit fall in casino revenue.

However, customer numbers remained stable year-on-year at approximately 1.4 million, with CEO Hasse Lord Skarplöth maintaining ATG remains the largest gaming company in Sweden.

“Even though the outside world feels more uncertain than in a long time, there is one thing I never doubt, the power of our commitment,” Skarplöth said. “Together, we’ll do everything we can to strengthen trotting and galloping sports and the entire Swedish horse industry.”

How will new Finland JV boost ATG?

Skarplöth accepted that full-year revenue will be lower for FY25, with this, in addition to new tax laws, inevitably impacting bottom line. However, Skarplöth is positive about the future for ATG, highlighting its new online gambling joint venture, Hippos ATG.

Launched in partnership with Suomen Hippos, a Finnish equestrian association, Hippos ATG will offer betting on horse racing as its primary product to players in the competitive Finnish gambling market. It will also offer iGaming and betting on sports.

Subject to the Finnish Parliament passing a gambling reform bill, the country plans to open its market to private operators from January 2027.

In preparation for the planned launch, ATG announced Mikael Bäcke as CEO of Hippos ATG. He told iGB last week that the JV would operate on ATG’s proprietary gaming platform, but it will be commercially separate from the operator.

Sports betting growth fails to offset horse racing decline

Taking a closer look at H1, the headline figure for ATG was the 5% drop in horse racing net gaming revenue. The SEK1.87 billion generated fell short of last year’s SEK1.96 billion total, despite some improvement in Q2.

Sports betting revenue climbed 3% to SEK393 million, with Q1 growth offsetting a decline in Q2. The latter, ATG said, was due to tough year-on-year comps, with Q2 last year benefitting from the early stages of football’s Euro 2024 tournament.

As for casino, revenue in H1 dropped 13% to SEK304 million. ATG put this down to a number of large jackpot wins at the start of the year.

As to where revenue came from, ATG said wagering via digital channels generated SEK2.34 billion of total net gaming revenue in H1. The remaining SEK227 million was attributed to retail locations.

Operations in Sweden were responsible for SEK2.41 billion of all net gaming revenue for the period. Danish activity via its Bet25 brand generated an additional SEK 160 million for ATG.

Net profit falls 22% at ATG

Looking towards the bottom line, ATG again referenced the impact of higher taxes in Sweden. Gambling tax in the country, which is based on GGR, increased from 18% to 22% in July 2024. As such, gambling tax payments jumped from SEK560 million to SEK627 million in H1 of this year.

Operating expenses were slightly lower for the period, although higher tax and less revenue meant operating profit fell by 20% year-on-year. In addition, pre-tax profit – after financial costs – dropped 21% to SEK676 million.

ATG paid SEK26 million in income tax and noted SEK2 million in positive foreign currency translation. As such, it ended H1 with a net profit of SEK652 million, down 22%.

Similar story in Q2

Looking at the latter part of the year’s first half, total revenue for Q2 was 2% lower year-on-year at SEK1.54 billion. Net gaming revenue also declined by 2% to SEK1.39 billion.

Operating profit was down 11% to SEK404 million while pre-tax profit fell 10% to SEK412 million for the three months to 30 June.

After SEK17 million in income tax and a negative SEK1 million foreign currency translation impact, ATG ended Q2 with a net profit of SEK394 million, a drop of 12% year on year.

The British Horseracing Authority (BHA) announced the action on Sunday following weeks of pushback on proposed changes to gambling tax rates in the UK.

Four scheduled race meetings – at Carlisle, Kempton Park, Lingfield Park and Uttoxeter – will not take place on the day. The BHA said they will be moved to an alternate date, with details to be announced in due course.

On the same day, owners, trainers and jockeys will join senior racing leaders for a major campaign event at Westminster. It will be the first time the industry will refuse to race in modern history.

The strike action forms part of the BHA’s “Axe The Racing Tax” campaign against potential changes in racing tax. The government has proposed replacing three online betting tax rates with a single rate.

Current rates consist of the Remote Gaming Duty (RGD) tax at 21% of operator profit, General Betting Duty (GBD) tax at 15% of profit, and Pool Betting Duty (PBD) at 15% of net stake receipts.

The government has not yet said what the fixed rate will be across all verticals, but an update to its consultation on consolidating the rates is expected during its autumn budget.

Many stakeholders have expressed concerns that the rate could be increased in line with remote gaming duty as all three rates are consolidated. They have urged the government to rethink the update.

Tax changes could hit horse racing for £330 million

The BHA has been open in its criticism of the proposals. It said betting operators are likely to seek to offset any tax rises through increasing prices, cutting bonuses and reducing advertising and marketing budgets.

The organisation said such a change in policy could cost the racing industry £330 million ($447 million) in the first five years after implementation. In addition, the BHA said up to 2,752 jobs could be lost in the first year alone.

The BHA has already put forward an alternate proposal that it said would help protect the racing industry, calling for a separate tax rate for racing.

The organisation noted that the sector already has a unique tax in the Horserace Betting Levy. Racing’s dependence on revenue from betting is also already recognised in the tax system. The BHA also flagged how the sport is taxed at a lower rate than online games.

“We have decided to take the unprecedented decision to cancel our planned racing fixtures on 10 September to highlight to government the serious consequences of the treasury’s tax proposals which threaten the very future of our sport,” BHA CEO Brant Dunshea said.

“British Racing is already in a precarious financial position. Research has shown that a tax rise on racing could be catastrophic for the sport and the thousands of jobs that rely on it in towns and communities across the country.

“We haven’t taken this decision lightly. In doing, so we are urging the government to rethink this tax proposal to protect the future of our sport which is a cherished part of Britain’s heritage and culture.

“Our message to government is clear: axe the racing tax and back British racing.”

BGC concerned over planned action

However, the Betting and Gaming Council (BGC) has expressed concerns over plans to move fixtures. In a statement, the BGC said this decision was taken without consulting operators, whose support for the funding of the sport is “mission critical”.

“We are concerned that futile political gestures will only antagonise the government and frustrate punters instead of delivering a solution to a shared challenge facing both racing and betting,” the BGC said.

Racing puts on a united front

The BHA is not alone in hitting back against the proposed changes. It has garnered support from other major industry bodies including The Jockey Club, Arena Racing Company and the National Trainers Federation.

Jim Mullen, CEO at The Jockey Club, said: “We hope this pause for reflection will enable the government to truly understand the economic impact of horse racing and its cultural significance to communities across the UK, as well as the world-class racing festivals we host.”

Arena Racing Company CEO Martin Cruddace added: “We have always been taxed and regulated differently. It is imperative for our future that we continue to be so. If the government wants Britain to be a world leader in online casino and a world pauper in a sport at the heart of its culture, then tax harmonisation will achieve that aim.”

And Paul Johnson, CEO of the National Trainers Federation, said: “British Racing cannot survive on reputation alone and we call on the government to set an enlightened tax regime that will allow the sport to thrive before we reach the point of no return.”

This week: World Pool bets on Royal Ascot were up 10%, controversy continues to dog South Africa’s lottery licence award and Romania has changed its advertising rules.

World Pool up at Royal Ascot

World Pool bet types for Royal Ascot 2025 were up 10% from 2024, rising to HK$1.57 billion ($200 million) for the five days.

Including a record-high on Wednesday of HK$330.7m, the most bet on the second day of the meeting since the inaugural World Pool meeting at Royal Ascot in 2019, turnover was up year-on-year every day.

Turnover at the 2022 meeting remains the highest at HK$1.61 billion, approximately 2% higher than this year’s level. In 2025, punters from across the globe were able to access commingled pools on the event for the seventh consecutive season.

Sam Nati, head of commingling at the HKJC, said: “In terms of quality, quantity and competitiveness, the fields were fantastic all week. There was also some good international representation, both in the horses running and the jockeys taking part, so it was a good mix of key factors for both local and overseas punters.”

Tycoon defends SA lottery link

South African tycoon Moses Tembe has dismissed accusations that a consortium he headed was awarded the country’s next National Lottery licence contract due to political influence.

Concerns have been raised about Sizekhaya Holdings’ links to South African Deputy President Paul Mashatile. Bellamont Gaming, a company owned by Tembe and Mashatile’s wife’s sister, Khumo Bogatsu, has shares in Sizekhaya.

However, Tembe told Times Live that Bellamont has a minimal share of Sizekhaya stock.

Tembe added: “We have indicated previously that Sizekhaya [Holdings] won the right to operate the fourth national lottery licence because of the strength of our bid, the deep knowledge of gaming that we bring to the table, our pledge to propel the lottery to new heights by generating more money for the government, for good causes and for players.”

Romania bans celebs from gambling ads

Romania’s National Audiovisual Council (CNA) has banned celebrities from appearing in gambling promotions.

CNA members unanimously approved the ban during a public session on Thursday.

They amended the Audiovisual Regulatory Code to prohibit celebrity appearances in gambling ads on TV, radio and online platforms.

Romanian outlet PaginaDeMedia published the updated wording of the regulation. The new rule states: “It is prohibited to broadcast gambling ads featuring public, cultural, scientific, or sports personalities.”

Gambling ads previously featured celebrities such as footballers Florin Răducioiu and Ilie Dumitrescu and singers Antonia and Alex Velea.

Kaizen to sponsor CONMEBOL Copa América Femenina 2025

Kaizen Gaming has been named as official sponsor of the CONMEBOL Copa América Femenina 2025.

Hosted in Ecuador in July and August, the tournament will bring together South America’s 10 women’s football teams.

The sponsorship of CONMEBOL Copa América Femenina 2025 is part of Betano and CONMEBOL’s broader partnership, which started with the CONMEBOL Copa América 2024 and extends through 2028.

Alejandro Domínguez, president of CONMEBOL, said: “Having Betano’s support encourages us to continue raising the level of the tournament and to provide more opportunities for our athletes to shine on the field and keep leaving their mark both on and off the pitch.”

F1 and Allwyn launch community award

Formula 1 and lottery operator Allwyn have announced the launch of the F1 Allwyn Global Community Award.

The programme will spotlight community-focused initiatives across the world of Formula 1 to showcase their positive impact on society. As well as global recognition, winning initiatives will each receive a €100,000 donation from Allwyn to further transform communities around the world.

Winners must demonstrate a meaningful contribution to society away from the racetrack, which could include advancements in education, culture, well-being or sustainability. For each race, the local promoter will identify Formula 1-linked community initiatives run by teams, partners and media that have had an impact in their country.

Stefano Domenicali, president and chief executive of Formula 1, said: “We will give the local initiatives that go the extra mile for making their communities and make the world a better place the recognition and global platform they deserve.”

The legislation received Royal Assent and came into force on 28 June, bringing into law new regulations which a number of politicians feel could provide a major boost to the nation’s betting industry.

Amendments to the Racing Industry Act 2020 were approved last week by the six parties represented in NZ’s parliament.

TAB NZ monopoly strengthened as igaming liberalisation nears

These have made it illegal for offshore operators to accept bets and introduced stronger powers to prevent gambling harms. Grey market competition is heating up and in May H2 Gambling Capital estimated just 10% of online gaming revenue was generated onshore.

TAB NZ’s sports betting monopoly will be complemented by a liberalised, though restricted, online casino market which is due to launch in 2026. So far the likes of SkyCity, TAB NZ, Grand Casino Dunedin, Christchurch Casino, Class 4 societies, 888, Bet365, SpinBet, Spin City and Super Group have shown an interest in entering the iGaming market once it opens for business.

Racing Minister Winston Peters said in a government statement last week that the law change will boost the sustainability of New Zealand’s racing sector, which generates NZ$1.9 billion a year for the economy and employs 13,500 people.

‘If an overseas company is offering you bets, they are breaking the law’

The Department of Internal Affairs acts as New Zealand’s gambling regulator and its director of gambling Vicki Scott gave details on how bettors should respond to illegal operators.

“We encourage gamblers based in New Zealand to be aware of the risks of placing sports or racing bets with providers other than the TAB and Betcha brands,” Scott said. “If an overseas company is offering you these bets, they are breaking the law here.

“Gamblers should be extremely cautious of those operators, who may be based in jurisdictions with minimal consumer safeguards in place. They might lack adequate measures to address gambling harm and may not return unspent credits or even pay out on large wins.”

Racing legislation delayed by committees

With TAB already accounting for 90% of racing betting revenue in New Zealand, the law change will extend its monopoly beyond its current land-based agreement, to include the online industry.

The legislation was first introduced in December last year, but was delayed as it passed through numerous committees and faced opposition from politicians.

Peters believes the law change will help to protect TAB from the illegal market, while also encouraging growth in New Zealand’s racing sector.

“Racing and sports have a special place in communities throughout New Zealand,” Peters said. “With the rapid growth in online betting, we needed to make changes to protect TAB NZ’s betting revenue to support the progress of the industry.

“TAB NZ is the core funding source for New Zealand’s racing industry and contributes vital funding to a variety of sports codes. This legislation redirects New Zealand punters’ dollars for the benefit of the racing industry and sports here, rather than overseas commercial operators.”

Hundreds of millions lost to black market racing operators in New Zealand

In a parliamentary debate held last week, Green Party member Steve Abel said an estimated $185 million was expatriated offshore. This is via online racing betting.

“This bill will ensure that more of that money is retained by New Zealand,” Abel said.

Tim Costley of the National Party urged the government to consider alternative betting solutions in future amendments. This includes virtual and fantasy sports.

“We’ve got students here from Kaingaroa School today in the gallery. It’s great to see them. I’m sure that will be something they’ll be interested in in the future. So we should keep eye open for that. But for now, I commend the bill to the house,” he said.

Celia Wade-Brown, of the Greens, said it was “unfortunate” the bill had been slowed down during the committee stages. She said it should have been given more urgency.

What does New Zealand’s racing bill amendment entail?

Under the amended law, new ministerial powers will require TAB NZ to provide more information on its performance.

Existing harm minimisation powers for TAB’s retail venues will be extended to its online operations. This will help the operator understand when it should intervene when an online bettor displays problematic behaviours.

“This intends to ensure that TAB NZ cannot restrict otherwise lawful customers from accessing its online products without an appropriate reason, such as having an identified gambling problem,” the government said.

The bill also appoints the Department of Internal Affairs as the regulator for TAB’s online monopoly on an interim basis.

Once an online casino regulator is established under new laws that will support an open iGaming market, they will take over the role of regulating TAB’s monopoly.

New Zealand is in the process of preparing a law and legal framework to support a liberalised igaming market. This is expected to launch in 2026. Up to 15 licences will be granted for commercial operators.

Entain to inject NZ$100 million into New Zealand

TAB partner Entain has committed to injecting NZ$100 million into the country’s racing sector after the amendments come into effect. This will demonstrate its commitment to the New Zealand gambling sector.

TAB NZ CEO Nick Roberts congratulated the MPs who approved the amended Racing Industry Act. Writing on his LinkedIn page Roberts said: “[The] Kiwis are better for it.”

Entain penned a 25-year partnership with TAB NZ in March 2023. This provided it with wagering and broadcast functions in New Zealand, as well as funding.

Entain’s MD for Australia and New Zealand Sam Moncur said Entain was proud to be building on TAB NZ’s legacy.

“We’re honoured to contribute to the future of the racing codes, and [also to] play a part in keeping Kiwi sport alive and thriving.”

The claim suggests Veikkaus is trying to maintain a competitive advantage in the soon-to-be liberalised Finnish remote gambling market.  

But in a statement to iGB, Veikkaus has denied the claim it is abusing its market position.

In its complaint, ATG has also called out Veikkaus for its plans to stop distributing Swedish trotting races to the Finnish public, a move ATG Director for Finland Mikael Bäcke says has already commenced. 

“ATG and Veikkaus have been partners since 2008 and, during this time, Finns have placed bets on all Swedish horse races. Over the past 10 weeks Veikkaus has limited the number of Swedish races that are available to their customers,” Bäcke tells iGB.  

“From April this year Veikkaus has independently also stopped distributing racing data and video from Finnish tracks to ATG, meaning that Swedish customers cannot place bets on Finnish races,” he adds. 

Bäcke insists these actions are unfair. Speaking to Finnish publication Iltalehti on Tuesday, Bäcke said Veikkaus’ actions would “distort competitive conditions even before the market opens”. 

He has called on the FCCA to provide answers in response to ATG’s complaint.  

There are five main points covered in the Kilpailu- ja kuluttajavirasto filing, including Veikkaus ending its partnership with ATG.  

Bäcke says Veikkaus has publicly stated they will stop offering bets to Swedish horse races altogether.  

Another core concern for ATG is Veikkaus having access to a 2.6 million-strong player database, many of which it will be able to cross-sell to via its licensed iGaming business. 

Market stakeholders have long argued this would provide Veikkaus with a hugely unfair competitive advantage, compared to private operators entering the legal market.  

Veikkaus denies claims it is abusing its position  

In a statement emailed to iGB, Veikkaus says it received a request for clarification from the FCCA last Friday.  

“We will get acquainted with it carefully and respond according to the given schedule,” the statement said.  

But Hanna Kyrki, EVP, general counsel for Veikkaus, said the allegations made by ATG about the abuse of its position are “incomprehensible and completely false. We categorically deny them.”  

Horseracing to be offered in Finland’s open market  

Ahead of the regulation heading to the European Commission last November, a cross-party parliamentary committee in Finland determined betting on trotting and horse racing would be open to private operators, once the market liberalises in January 2027.  

The sport was previously only offered in Finland under the Veikkaus monopoly. Previously, Finnish gambling consultant Jari Vähänen told iGB the racing sector had lobbied hard for the sport to be available via the open market.  

ATG has skin in the Finnish market outside of its trotting agreement with Veikkaus, In April the operator announced it would launch a joint venture in Finland in partnership with Finnish equestrian association Suomen Hippos.  

The product will offer betting on sports and racing and iGaming to players in the competitive Finnish gambling market. 

In June, Mikael Bäcke was appointed as CEO for the JV, which ATG called “Hippos ATG”.

Illegal horse betting arrests in Singapore and Malaysia

Police in Singapore and Malaysia have arrested 16 people in a joint investigation into a criminal syndicate that carried out illegal horse betting.

Officers from the Singapore Police Force’s Criminal Investigation Department (CID) and Special Operations Command conducted simultaneous raids at multiple locations across Singapore. Some 14 men and one woman were arrested as a result.

Another man was arrested in Malaysia during a raid by the Royal Malaysia Police’s CID. A further 41 people across both countries are also being investigated in connection with the case.

The raids also led police to seize cash, bank accounts and electronic devices such as mobile phones and gambling-related items.

According to The Straits Times, the wider investigation remains ongoing.

Michigan regulator targets five illegal gambling websites

The Michigan Gaming Control Board has issued cease-and-desist letters to a further five gambling websites.

The MGCB said BoVegas Casino, BUSR, Cherry Gold Casino, Lucky Legends and Wager Attack Casino are operating without a licence in a breach of state law.

All five websites offer some form of online casino gaming, while BUSR Wager Attack Casino also runs sports betting.

“We will not tolerate unlicensed gambling operations that exploit Michigan residents,” MGCB Executive Director Henry Williams said. “Our top priority is to protect the public by enforcing the law and shutting down these illegal platforms.”

Maverick partners with Delasport for Ontario launch

In Canada, Maverick Games has partnered with Delasport to launch its sports vertical in Ontario.

Built on Delasport’s technology, Maverick will offer a range of sports betting options to players. It is the second brand to launch with Delasport’s technology in the province.

The launch follows the announcement of SuperPot, a new sports betting jackpot product that will soon be rolled out in Ontario.

“Our sports vertical is a major step forward for us,” Maverick CEO Matt Rathbun said. “Launching it with Delasport has been the right move from day one.”

BetMakers pens Total Performance Data deal

Meanwhile, BetMakers Technology Group has entered a partnership with Total Performance Data (TPD).

Under the deal, BetMakers will distribute TPD’s real-time odds across its network of clients. The service includes in-running coverage of premier UK and US racetracks, as well as Victorian metropolitan racing in Australia.

TPD’s data will be available via BetMakers’ Core API and managed trading services.

“Adding more quality racing product such as this partnership with TPD to the BetMakers network is a win for the industry and our global customer base,” said Joey Carroll, director of business development and partnerships at BetMakers.

Betano scores Club World Cup partnership

And finally this week, Kaizen Gaming’s Betano has struck a partnership with the ongoing Fifa Club World Cup.

Betano become an official partner of the competition for South America. The tournament is taking place in the US from 14 June to 13 July.

Some 32 teams from around the world are featured in this summer’s event. These include Paris Saint-Germain of France, England’s Manchester City and Chelsea and Inter Miami of the US.

“It is a privilege to work closely with Fifa for a tournament that brings together millions of fans from all around the world as they get to watch the best club teams and players football has to offer,” Kaizen Gaming co-founder and CEO George Daskalakis said.

Devlin will move into the position on 1 July. He will replace Anne Lambert, who has served as chairman since the passing of Paul Darling in August last year.

An experienced executive, Devlin has been chairman of housebuilding company Persimmon Homes since June 2018. This overlapped with his spell as chairman of William Hill, where he worked from February 2018 to April 2021 until its sale to Caesars.

Prior to this, he spent almost five years as chairman of pub and hotel operator Marston’s. He also spent time as chair of broadcast connectivity provider SIS Live, as well as Porthaven.

Devlin’s other experience in the gambling industry came during a 10-year spell as chairman of Gamesys, now part of Bally’s. He also owns horses in training with Anthony Honeyball and William Muir, and was co-owner of Pyledriver, the winner of the King George and Coronation Cup.

In addition, he spent six and a half years as an independent director of the English Football Association.

Devlin’s appointment was confirmed by the Secretary of State for Culture, Media and Sport.

Devlin to champion investment in racing

Commenting on his appointment, Devlin acknowledged the horse racing sector is currently facing “considerable challenge”. However, he also spoke about new opportunities for the sector.

“My focus will be consistent with the Levy’s key objectives – to promote investment and employment in racing; to enhance racehorse welfare wherever possible; to improve the reputation of the sport and thereby generate increased interest,” Devlin said.

“I look forward to working with my fellow board members and the wider team, as well as racing and betting organisations, in pursuit of these goals.”

The HBLB has been vocal in its opposition to proposed changes to tax rates in Britain. In April, the treasury announced a tax consultation, proposing replacing three online betting tax rates with a single rate. This launched on 6 May and is due to close on 21 July.

Current rates comprise Remote Gaming Duty (RGD), General Betting Duty (GBD) and Pool Betting Duty (PBD). Remote activities are hit by RGD at 21% of operator profit, while GBD is taxed at 15% of profit and PBD at 15% of net stake receipts.

However, the HBLB said this threatens an overall tax increase for online gaming, which could heavily impact the horse racing sector.

Aboard Derby winner Sovereignty, Alvarado angled to the far outside to move within striking distance. By the time the rivals reached the eighth pole, Sovereignty found a new gear and easily raced past Journalism, the Preakness winner. Practically shot out of a cannon, Sovereignty finished the final quarter in a fleet 23.99 seconds, completing the last eighth in under 12.

At the classic distance of 1 ¼ mile, his time of 2:00.69 ranked as the second fastest ever at venerable Saratoga Race Course, a track that opened in 1863. This came after Godolphin LLC and trainer Bill Mott had taken the unusual step of skipping the Preakness while pointing Sovereignty toward the Belmont. Removing any chance for a Triple Crown, Mott opted to rest his horse for five weeks.

“The Godolphin team and myself together made a decision,” said Mott in the post-race press conference.  “I think you have to be man enough to stand up to the decision you made. In this case, I don’t think it was wrong.”

Opting for longer breaks

For decades, the Triple Crown has maintained a consistent schedule for one of the most gruelling propositions in sports. Since 1919, only 13 horses have won all three races, with Justify as the last in 2018. The Kentucky Derby is typically held on the first Saturday of May with a two-week break before the Preakness. From there, horses receive three weeks off before the final leg, the Belmont.

Gone are the days when trainers routinely enter their horses on short rest. Whirlaway, the 1941 Triple Crown winner, raced an astounding 60 times in a lengthy career. Several years later, Citation became the eighth Triple Crown winner when he accomplished the feat in 1948. Calumet Farms’ Citation notched 32 wins in 45 lifetime starts, producing career earnings in excess of $1 million.

Mystik Dan, the 2024 Kentucky Derby winner, ran just seven times as a three-year-old and only once after finishing a tiring eighth in the Belmont. As with Journalism, Mystik Dan represents a rare case of a three-year-old that entered all three legs. Mystik Dan took off six months before returning in last December’s Malibu Stakes. Flightline, the 2022 Horse of the Year, only raced three times that year and just six in his illustrious career.

Johny Avello, DraftKings director of sportsbook operations who has booked horse racing for more than 40 years, indicated that a change in the Triple Crown calendar should at least be considered.

“Race purists probably won’t like it, but it might be the right thing to do for the game – five weeks to run three races is very difficult,” Avello told iGB.

Moving back The Preakness?

Avello spoke following La Cara’s resounding win in The Grade I Acorn. On a sloppy track at Saratoga, La Cara led from the start, upsetting previously undefeated Good Cheer. The victory handed trainer Mark Casse his first career Acorn.

Casse, who has more than 3,560 career victories, won the 2019 Preakness with War of Will. At last month’s Preakness, only three horses from the Derby returned for the second leg of the Triple Crown.

Casse entered Sandman, who finished third behind 8/5 favourite Journalism. Of the 20-horse field in the Derby, only Journalism, Sandman and American Promise returned for the Preakness.

Describing Bill Mott as one of the “greatest horsemen” in the history of the sport, Casse told iGB that he would never question the trainer’s decision-making on the track.

But Casse has recently shifted his position on the timing of the Preakness. Casse now supports a larger cushion between the first two legs.

“If you move it back 30 days, you will have a better field,” Casse noted. “It’s still not going to be easy, but I’m for moving it back.”

‘It’s happened before, it’ll happen again’

Prior to last Friday’s Just A Game Stakes, Mott was in no mood to discuss the possibility of a revamped calendar. When approached by iGB, Mott declined to comment on any potential changes to the Triple Crown schedule. However, he answered several direct questions on Sovereignty, adding that the decision to skip the Preakness was in the “best interests of the horse”.

If the Preakness were moved to the first weekend of June, the New York Racing Association could respond by moving the Belmont to a date near the Fourth of July. While Journalism pushed himself to the limit by racing three times in a short period, some suggest that Sovereignty received a distinct advantage with a five-week break.

Godolphin director of bloodstock Michael Banahan appeared with Mott at the post-Belmont press conference. While the likes of American Pharoah and Justify have ascended to the pinnacle of the sport in winning the Triple Crown, Banahan pointed to the many Belmont Stakes photo finishes that have robbed others of the accomplishment.

Since 1995, 11 horses have won the first two legs, with those like Real Quiet and Smarty Jones then beaten before the wire in excruciating fashion.

“It’s happened before and it’ll happen again,” Banahan said of the decision to skip the Preakness with the winner of the Kentucky Derby. “Those are decisions that whomever wins in the future will need to make.”

Ben’s story is one of resilience and relentless determination. Today, his impact in the UK market is visible across 18 Star Sports shops, numerous racecourse pitches and a growing online presence through his brand, but also PricedUp, Planet Sport Bet and NRG Bet. He now employs over 300 staff.

Unlike the corporate giants, Ben is comfortable taking bets from just about anyone. He plays the man and bets to figures. In doing so, he has built a business that stands liabilities most would duck – making him a true outlier in today’s operator market.

Where it began

Ben’s journey started at Hove greyhounds. Barely a teenager, he was reluctantly dragged to the track – but a £2 winning Tote bet on Sara Jones, the spring of the traps, dust in the air and the roar of the crowd left an instant impression. He was hooked. From that night, he knew he’d found his calling. 

He quickly became the school bookmaker, taking bets from students and teachers on everything from school sports, to the next head boy. He washed cars on weekends to afford The Sporting Life and Racing Post and spent every spare moment in the betting ring – ferried from track to track by his father. Before his first day of work experience at Hove, his dad offered a parting line that stayed with him ever since:

“Take the good, leave the bad.”

Learn from the best

The betting ring became Ben’s university and the bookmakers were his professors.

One of the earliest was Martin “Lofty” Chapman, who taught him how to price a race, balance a book and communicate odds with tic-tac. Today, Chapman remains an integral part of the Star Sports team – a regular presence at pitches across the UK.

While still a teenager, Ben also gained experience at City Index, working in the sports spread betting division. There, he encountered Martin Johnstone, whom he later described as City’s “shrewdest and most successful punter”.

In his late teens, Ben would start watching Martin at work in Bournemouth. The chance to learn from someone who operated on both sides of the fence – as a pro punter and a bookmaker – was formative.

“He was the perfect example of both a professional punter and bookmaker.”

Missed opportunity

Ben returned to City Index, where he had previously been promised a full-time role once his A-levels were complete – thankfully, passing them wasn’t a condition. A couple of years later, a new spread betting job came up in Gibraltar, which he accepted. But, in Ben’s view, the venture wasn’t going anywhere fast.

His boss, however, might have been. He was working for a young Tony Bloom, who was already making money trading Asian handicap football markets. But that world held little appeal. So when he landed a £10,000 win on the aptly named Pension Fund, he handed in his notice the very next day to become an on-course bookmaker.

Asked if there were early signs of Bloom’s future success, Ben doesn’t hesitate: “Absolutely. Tony was a very professional and hard-working chap. I was just a complete idiot and nothing would have stopped me from going to become a racecourse bookie.”

Painful lessons

Ben launched his on-course business with a £10,000 float – but it didn’t last.

“I lost my float within weeks and spent the rest of my 20s suffering, being mocked and learning very hard lessons. It took years off my life with stress, while those who worked for Tony became immensely wealthy. I was a fool.”

His twenties were defined by trial and error. He kept going – falling, standing up again and pushing forward – with a high tolerance for risk.

“When you’re skint, you can play like a lion.”

One person who saw this hunger up close was Gary Woodgate, then behind the counter at the Ladbrokes in Brighton.

“Gary knocked back my team of putter-onners’ bets. I was a professional gambler. It was with this money I built a bookmaking business. My punting paid for my bookmaking mistakes, lessons and growth.”

Ben quickly recognised Gary’s skills complemented his own and, after a lunch discussing the vision, Gary joined him. He would go on to become Ben’s right-hand man.

Building a brand

The pair cut their teeth at Walthamstow dogs, building a reputation and slowly growing a shop business. The early days were tough. As newcomers, they were effectively fresh bait for sharp bettors and had to learn quickly to survive.

The turning point came with the rise of tele-betting – taking bets over the phone. Ben saw the potential early. Bigger punters started to find him and he moved to London to network and chase the action more seriously.

From day one, Star Sports focused on doing the basics right: paying winners promptly, accommodating large bets and building strong, personal relationships with customers. It sounds simple – but in today’s industry, it is rare.

Walk into a Star Sports shop today and you’ll be greeted by staff who know the game – and know their customers. Ask for a bet on the Derby and you won’t get a blank look.

The approach has given Ben the confidence to open shops in the most competitive locations, trusting that good service and well-kept shops – where bigger operators often fall short – will bring business his way.

“Go right amongst the competition. And compete on everything (except price).”

Customer acquisition

Star Sports has carved out a niche at the top end of the market. At Cheltenham and Ascot, they trade seven-figure positions and cater to high-value punters. Ben knows he can outdo the big corporates on-course and in the shops by offering a level of service that their scale simply can’t match. That connection between punter and bookmaker breeds loyalty – and puts rest to the idea that betting shops are a thing of the past.

His approach to acquiring and retaining customers is refreshingly traditional.

“Look somebody in the eye. Shake their hand. Give them your attention. What service do they want? Connect with them. If you can’t find punters in a betting ring and you’re a bookie, I’m afraid you’re in the wrong game”

Ben doesn’t deal in illusion. His edge is built on clarity – of people, of situations, of risk. His guard is never down.

“I like to look at the man. I like to see: How does he behave when things change? I like to break his stride – to see his reactions when plans go awry. If anything is hidden or unclear, I am worried. You must see what you are looking at.

“I have only fallen when hope and greed have got the better of me. A clever gambler will play to your greed to pull you in. He will throw out sprats to catch his mackerel. Stop believing. Start watching and listening.”

What’s next?

Scroll through Ben’s social media and you’ll find a man who is passionate about food, conversation and learning from others.

“I like to eat something different every night, with someone from a different demographic. A balanced diet, both in your tummy and mind, leads to a healthy body and soul.”

It is a philosophy that mirrors his broader view of the game: adapt or be outpaced.

“Gambling is the ultimate Darwinism.”

He’s also a devoted supporter of greyhound racing – and in 2021, he won the GWA Services to Greyhound Racing Award. While he continues to build Star Sports, his success is reflected through a growing property empire, having acquired over £150 million worth of assets across six countries (Source: Star Property).

“All of my money goes into property. One day, cleverer bookies will come along. When that happens – and the wave goes over – I want to have something to show for it.”

Power of the Network

Ben’s story is a reminder of what it takes to succeed in one of the toughest businesses around – where your customers are actively trying to put you out of business. He’s not just a bookmaker, but a sharp, driven entrepreneur.

At Waterhouse VC, we’re fortunate to have individuals like Ben in our network – people who bring deep insight, real-world experience and a willingness to help others navigate the complexities of the industry.

If you know any gambling tech companies seeking capital or distribution support, our new ‘Pitch Us‘ page makes it simple to connect with our investment team.

Waterhouse VC is a fund that specialises in global publicly listed and private businesses related to wagering and gaming sectors. The fund is only available to wholesale investors.

Since inception in August 2019, Waterhouse VC has achieved a gross total return of +3,133% (annualised at 84%), as at 30 April 2025, assuming the reinvestment of all distributions.

The Horserace Betting Levy is a mandatory fund paid by bookmakers with annual gross profits on British horse racing over £500,000, at a rate of 10%. This funding helps to support the sector.

Should this total be reached, it would surpass the existing record of £105 million in 2023-24. However, figures for the year ended 31 March 2025 are not final and remain subject to further validation.

According to the HBLB, levy income had initially been expected to decline year-on-year to approximately £100 million. However, with bookmakers’ gross profit – the basis of the levy calculation – above recent years’ in February and March, the total increased. The HBLB highlighted race results at the Cheltenham Festival in March as a material factor.

However, racing betting turnover for the 12-month period was lower year-on-year, with average turnover per race down 8%. The 2024-25 total also fell 15% short of 2022-23 and was 19% behind 2021-22.

In view of the higher levy income, the HBLB agreed approximately £11 million worth of new grants to projects and initiatives. In addition, it has pledged £93 million towards prize money and the sport’s regulation and integrity.

HBLB commits to additional funds from levy income

Commenting on the figures, HBLB Interim Chair Anne Lambert said a higher yield meant additional reassurance to the board moving forward. She said the organisation’s cash position was “healthy” and it will make additional funds available next year.

However, she also acknowledged the fall in turnover, saying this may have an impact on longer-term spending.

“We will exercise appropriate prudence in expenditure decisions and maintain sufficient reserves as bookmakers’ increased profits are being generated from falling turnover,” Lambert said. “It remains to be seen whether this trend will continue in the longer term.”

HBLB Chief Executive Alan Delmonte also offered insight into the year ahead. He said that, as a starting point, the organisation is assuming a levy yield of £103 million, based on agreed bookmaker payments on account for the year beginning April 2025.

“The assumptions will be reviewed regularly through the year in the light of our own analysis based on the greatly appreciated information provided to us voluntarily by major bookmakers,” he said. “HBLB sometimes carries out a mid-year reassessment exercise with betting operators if actual data significantly diverts from the aggregate payments on account.”

Betting and Gaming Council warns against more taxes

In relation to an expected record yield, the Betting & Gaming Council (BGC) took the opportunity to warn against further tax rises within the sector.

The Treasury recently announced a tax consultation, proposing replacing the current three online betting and gaming tax rates with a single rate. However, the BGC said this threatens an overall tax increase for online gaming, which could heavily impact the horseracing sector.

“For the fourth year running, contributions have increased to record levels” BGC CEO Grainne Hurst said. “This demonstrates the growing, long-term investment regulated betting provides British horse racing.

“But it is concerning to see once more despite record levy contributions, racing continues to struggle, both as a sport and as a betting product, with betting turnover down again year-on-year. BGC members remain committed fans of racing. They recognise better than most the huge economic impact it makes in communities across the country.”

Hurst said it is important this “vital” contribution is not undermined by further new tax rises. She said a single tax for online betting risks driving punters away from the sport or towards the black market.

“These parasite operators don’t pay tax, don’t care about safer gambling, or contribute a penny to the levy,” she said. “The BGC wants sustainable growth, for our members and for racing. Any new taxes would halt investment, hurt punters and harm racing.”

JK to his friends, Kinchen is an experienced handicapper and pundit featured on Fox Sports so there’s no one better to set out the current runners and riders in the race betting game. 

Listen the World Series of Politics on Apple Podcasts

Is fixed-odds horse race betting the future?

He tells our dynamic duo about how racing missed the first wave of US gaming expansion, but explains how it could make a comeback. Kinchen unpacks pari-mutuel wagering and the case for fixed-odds betting on horse racing, as well as explaining how the sport can attract a new generation of fans and bettors.

International inspiration

You’ll also hear how JK sees sports betting partnerships with racetracks working, and what international horse racing markets such as Hong Kong and Dubai do better than any other market, and ultimately why a day at the races is a live experience on a par with events like the Super Bowl. 

We’ve also got some tips on Preakness but, with a shifting field, things may have changed.

The BGC estimates £9.4m will be staked with black market operators this year. This represents 3.8% of the overall £250.0 million the BGC expects to be wagered on the race. The race takes place tomorrow (5 April) at Aintree Racecourse.

BGC CEO Grainne Hurst said this should serve as a “wake-up call” for the government. As illegal operators do not pay tax in Britain, the government would miss out on significant tax revenue.

According to the BGC, the Grand National alone will generate £3.0 million in tax revenue and £2.0 million in contributions to the horse racing levy to support the sport.

Grand National being “subverted” by illegal operators

In addition to costing the government, Hurst said players may also be at risk when betting via illegal routes. Unlicensed sites are not required to offer the same protection measures as those that are approved and regulated in Britain.

“Almost £10.0 million is predicted to be staked illegally on the gambling black market at the Grand National,” Hurst said. “This fuels crime, undermines player protection measures, while sucking vital cash from sport and the treasury.

“The Grand National is one of the precious few sporting events in this country with the ability to unite the entire nation around a single spectacle. It is the nation’s punt. But it is being subverted by illegal operators offering illicit gambling to thousands of punters, many of whom are vulnerable to harm.”

Hurst said the only way to tackle illegal betting is through “balanced regulation and stable tax regime”. This, she said, will help stave off an “existential threat” to British horseracing.

“This should serve as a wake-up call for government, which must guard against overbearing regulations which risk driving punters into the arms of illegal operators,” she said. “Balanced regulations and a stable tax regime are the best defences against this black market menace, which now poses an existential threat to British racing.”

Ongoing issue for the British market

This is the latest call from the BGC for more action to be taken on illegal gambling.

Last year, a study from the organisation found that 1.5 million British players spent £4.3 billion on the illegal market each year. The same report also revealed that one in five players aged 18 to 24 already gamble with unregulated operators.

According to the BGC, black market gambling could result in £355 million in lost tax revenue during a five-year parliament.

Meanwhile, the International Federation of Horseracing Authorities in February this year also set out its concerns over illegal gambling. A study from the organisation suggested the use of unlicensed sites for betting on horse racing is on the rise.

It found the number of unique customers visiting 22 unlicensed sites taking bets on British racing had grown by 522% between August 2021 and September 2024. In contrast, unique visitor traffic to 10 legal websites only grew 49% during the same period.

Total visitor traffic from the UK to the unlicensed betting sites grew 131% since August 2021. This is compared to just 25% for legal bookmakers.

An experienced executive, Ferris has been serving as the CEO of Weatherbys since September 2019. Weatherbys provides a range of services to the horseracing industry, including playing a major role in breeding approval.

Before becoming CEO, Ferris also had a spell as chief executive of the Weatherbys General Stud Book, a breed registry for horses in Britain and Ireland. He also spent time as operations director.

Prior to Weatherbys, Ferris was a director for At The Race, a dedicated horseracing channel in the UK and Ireland. He also worked as the managing director of Limerick Racecourse in Ireland.

In addition, he was general manager at Scarvagh House Stud, an approved National Hunt stud farm.

Ferris keen to increase engagement

Ferris, who is also a non-executive director on the boards of Racing Digital and Venture Bio, outlined his vision for RMG. He said he is seeking to increase the appeal, reach and overall engagement of horseracing.

“I am delighted to be joining a great team at RMG and very much looking forward to the new challenge,” he said. “RMG plays a pivotal role within the industry both domestically and internationally. I am excited by the company’s vision to further enhance the sport’s appeal, reach and engagement to ensure a bright future for all.”

Nick Mills, who took over as CEO of RMG last November, welcomed the addition of Ferris. Mills backed the new managing director to take RMG to “new levels”.

“Russell is highly regarded within the industry,” Mills said. “He’ll bring a wealth of expertise, experience and enthusiasm to RMG.

“Russell will oversee and further align the commercial and broadcast departments and help take the business to new levels in terms of innovation, engagement and revenues.”

Another change at the top on horseracing

The new appointment comes after another major horseracing organisation earlier this week also announced a change in leadership.

The Jockey Club named Jim Mullen, the former chief executive of Ladbrokes-Coral, as its new group CEO. Mullen is due to take on his new role in June, with Charlie Boss staying as interim CEO until then.

Mullen is currently CEO of commercial news publisher Reach. Prior to this, Mullen was group CEO of Ladbrokes-Coral between March 2015 and March 2018. This followed spells as chief operating officer and international director at William Hill.

First, authorities in New Zealand have launched a crackdown on social media influencers promoting offshore online gambling websites.

According to RNZ, the department of internal affairs (DIA) has issued its first takedown notices of influencers promoting illegal operators. Those that fail to comply could face hefty fines, the DIA warned.

The New Zealand Gambling Act makes it illegal to publish an advertisement for an offshore, unlicensed gambling operator.

“We’ve been investigating this,” director of gambling regulatory services Vicki Scott said. “We will be taking actions in relation to those influencers who are very publicly and clearly breaking the law.”

Malta regulator issues illegal gambling website warning

The Malta Gaming Authority (MGA) is also strengthening its activity to tackle illegal gambling operators.

In a statement issued last week, the MGA flagged several illegal websites operating in the country. It says each site is falsely claiming to have a licence from the regulator.

All the sites in question operate under the God brand.

“The MGA would like to remind consumers not to utilise services provided by an entity unless they have ascertained that the entity in question is authorised to provide such services by the MGA,” the regulator said. 

“The activities of unlicensed entities are unregulated. They do not provide the necessary safeguards delineated by virtue of the framework, making transactions with such entities risky for consumers.”

PropSwap pens sportsbook deal with Bally Bet

Elsewhere, PropSwap has entered into a multi-property sportsbook partnership with Bally Bet in Mississippi.

Under the agreement, Bally Bet is now serving as PropSwap’s preferred sportsbook in the state. The deal officially came into effect on 27 March.

PropSwap and two Bally Bet sportsbooks in Mississippi – at the Hard Rock Hotel and Casino Biloxi and Bally’s Vicksburg – will now work together on a series of joint initiatives. These will focus on drawing new customers to the two venues.

Customers will be encouraged to place wagers with the idea they can lock in profit early via listing tickets for sale, as their tickets improve in value.

“We are forever changing how people wager on sports,” PropSwap CEO and founder Luke Pergande said. “Your bets no longer need to win to get paid. They simply need to improve. This concept changes everything for a gambler and we’re excited that Bally Bet shares that vision with us.”

Yggdrasil expands UK presence with Bally’s

Also agreeing to a new partnership with Bally’s is Yggdrasil, which has extended its UK footprint by linking up with the gaming group.

The deal will see Yggdrasil’s full slot offering go live with Bally’s in the UK. The Bally’s UK stable features several major brands including Virgin Games, Jackpotjoy and Bally Casino.

Content available to players across these brands will include the Vikings series, 7×7 Zeus and Big Bucks Bison 10k Ways.

“Bally’s has a major presence across the UK,” Yggdrasil chief commercial officer Jose Simon said. “We are delighted to roll out our comprehensive slot offering to its players.”

Ladbrokes signs new deal with Chester Racecourse

Ladbrokes has extended its long-running association with Chester Racecourse in the UK by signing a new partnership.

Ladbrokes will serve as the official fixed-betting partner for the Boodles May Festival, which takes place 7-9 May. It will also be title sponsor of Ladbrokes Chester Cup Day on 9 May.

The operator will sponsor a race on each day of the Boodles May Festival, as well as another race in the Chester Plate.

Ladbrokes has a longstanding history with the Chester Cup, having first sponsored the race in 1995. This year’s event marks the 30th anniversary of its association with the event.

“Horse racing is part of Ladbrokes’ DNA,” says Simon Clare, PR director for Ladbrokes. “Our objective is to strengthen our support for, and promotion of, the sport through this exciting partnership with Chester Racecourse.”

Alyse Cohen’s memories of that sort of place, where everyone wanted to be on Friday and Saturday nights, started her on her current path. Her father Randy used to take her to another Frederick staple called the Cracked Claw, a seafood restaurant turned off-track betting parlour that was legendary in the area.

When the family that owned the Cracked Claw closed the business in 2011, the OTB licence for Frederick County was available. Cohen, 36, who along with her family had a hotel and conference centre in Frederick, felt an opportunity to come full circle with her childhood and decided to acquire the vacant OTB licence. In July 2019, Long Shot’s, Cohen’s restaurant and OTB, opened.  

And then 2020 hit.

Covid pause tested everyone

When the Covid-19 pandemic shutdowns began in earnest in spring 2020, no sector in the country – or in most of the world for that matter – was spared. While hospitals were overrun with very sick patients and people practiced social distancing, sports and entertainment venues shut down to try to contain the spread of the virus.

That year, the traditional Triple Crown horse races were postponed for months. The Belmont Stakes actually became the first race of the series, with a 20 June race day followed by the Kentucky Derby on 5 September and the Preakness on 3 October.

But even with that topsy-turvy schedule, Long Shot’s was able to take advantage of the pent-up demand for live sporting events. “We had the second-highest grossing handle and we beat out MGM on Derby Day,” Cohen says with a smile. “It’s always fun for me to tell everybody I beat MGM.”

“A lot of that is attributable to the geography, the location” of Long Shot’s, she added.

Maryland had always had a strong racing and on-track betting history. The Preakness Stakes has been part of the state’s sporting life since 1873. Horse farms and breeders dot the countryside. Off-track betting has been allowed in the state since 1992.

In November 2020, a referendum allowing legalised sports gambling in the state passed. Governor Larry Hogan signed HB 940, a detailed framework of what legal wagering would look like, in May 2021, making it official. Retail sports gambling took off in December 2021 while mobile operators launched online books in November 2022.

Sports betting was supposed to be a saviour

The Maryland bill has baked into it a requirement that 5% of ownership in each Class B sportsbook should be held by a woman or a minority. “I guess that never really had been done before,” Cohen said. “It’s unprecedented. That put me as the only 100% woman-owned sportsbook in America.”

Long Shot’s was among a handful of OTBs awarded an in-person sports betting licence. Cohen signed a deal with Betfred in 2023. Betfred eventually pulled out of the US market, however, ending the partnership with Cohen and Long Shot’s in July 2024. In December 2024, Cohen and Long Shot’s were approved by the Maryland Lottery and Gaming Control Commission to partner with Caesars Sportsbook.

OTB owners in Maryland believed that retail sports betting would be a boon. And at first, it was. Legal sports betting was new to Maryland in 2021 and brick-and-mortar locations were the only places to make a bet. But when digital sports betting went live in November 2022, the impact was immediate. With national companies like BetMGM, DraftKings, Fanatics and FanDuel offering betting from mobile devices, traffic at the OTB sportsbooks plummeted.

“We want to thrive, not just survive,” Cohen testified at a Maryland house hearing on 12 March. She said that handle has dropped 33% since sports betting went online in Maryland in November 2022. In-person betting went live about a year earlier in December 2021.

“We were once hopeful that retail sports betting would provide a much-needed sales boost,” Cohen said. “We’ve instead seen the entirety of sports betting go online.”

Online casino, HHR could help

In states with digital sports betting across the nation, 95% or more of handle comes online rather than at retail sportsbooks.

According to iGB’s reporting, through January 2024 bettors in Maryland had wagered a combined $12.2 billion and the state earned $143.2 million in tax revenue. From October to November 2022, when mobile wagering launched, the state’s handle rose from $39.7 million to $219 million.

In 2025, the question is: What’s next? Maryland lawmakers have entertained bills that would legalise online casino and historical horse racing (HHR) machines. Cohen has been at the forefront of the arguments that the OTBs be included in both.

The online casino bills appear to be at a standstill. Regional casino companies argue that the potential for cannibalisation from online casino will damage their businesses. And small businesses argue that if online casino moves forward, they should be included. The current bills would not allow for OTBs and other Class B licensees to offer online gambling.

“I disagree that igaming will ruin brick-and-mortar,” Cohen said at a January informational hearing. “Rather, retail and online must be viewed as two equally important aspects of the same business. Both build upon the other as consumers look for dynamic ways to engage in gaming. Sports betting and igaming are complements.”

With regard to HHR, Cohen sees it as a natural extension for OTBs. Two bills are moving through the legislature that would allow the machines – which resemble traditional slot machines – in OTBs only. Major casino companies oppose the proposals, saying it will divert business from them and that the proposed tax rate isn’t high enough.

Willingness to do whatever’s needed

Cohen’s push to find a new revenue stream isn’t surprising. She was a key voice for small business when sports betting was legalised.

“I’m sure there was a healthy dose of naivete when I did all of this,” Cohen says. “Remember, we are a small business…. As a small business, I saw the death of OTBs without having some sort of other demand generator, some sort of driver. It was simply we’ve got [food and beverage], we’ve got a great location, but we need more to bolster this.

“Horse racing is really a dying thing, you know. We’re down to 127 race days, seven of which are the Maryland State Fair,” she said.

With her handle down because of fewer live days, something had to be done.

“You have to fight,” she said. “You have to offer in-store promotions. We need the best food and beverage, the best in-house promotions, that sort of promotion to go along with gambling. We have a 90-foot TV wall, and a Vegas-style sportsbook that’s 8,000 square feet. What’s going to get you off your butt on your couch at home? There are all these angles that you have to work constantly.”

“Alyse is really a powerhouse,” says Jeff Ifrah, a lawyer specialising in igaming who helped steer her to the partnership with Caesars. “She’s probably one of the maybe two or three super strong women entrepreneurs in Maryland who are recognised for their achievements. And she’s always in that conversation.”

Taking advantage of opportunities

Caesars is the official sportsbook of the Washington Wizards and Capitals. It brought those sponsorships with it to Long Shot’s. Caesar’s also has a retail sportsbook at Capital One Arena in Washington, DC.

“What’s really interesting is that Caesars already had a deal,” Ifrah said. “They already had a casino, so getting them to recognise your value and getting them to do a deal with you when they’re not even shopping for a deal and, given that they’re Caesars, I mean, that’s huge.

“You’re basically talking to someone who’s not buying, who’s already got something in the market and you’re convincing them about your location, your acumen, your assets, your experience. And that resonated with them, which is why the deal happened.”

That ability to make things happen, to believe in herself, has helped Cohen succeed in a field with few women. Her advice for other women interested in following in her footsteps in the industry or even taking on a “traditionally male” role?

“I always say to anyone, find a great mentor,” she said. “It doesn’t have to necessarily be a woman. I think there’s a lot of emphasis on finding someone who looks like you, who is in the space, who has done it before. Don’t find that person that looks like you, necessarily. I think you just take the opportunity or the person in front of you and don’t be afraid to start from the bottom. You have to start somewhere.”

Kathy Urban is a longtime sports journalist with a passion for story telling.

Revenue growth was enough to push operating profit up 1.4% to SEK1.81 billion for the 12-month period. After also including financial items, pre-tax profit topped SEK1.87 billion, up 1.8% year-on-year.

In ATG’s full-year presentation, published today (14 February), Skarplöth said growth could have been much greater had it not been impacted by Sweden’s gambling tax increase, which came into force in July.

Skarplöth said the recession, high household costs and higher interest rates had also hit ATG revenue in 2024.

Skarplöth urges rethink over gambling tax hike

This is not the first time Skarplöth has hit out at the new tax rate. The gambling tax is based on GGR and shot up from 18% to 22% in July 2024. This was despite strong opposition from stakeholders, including Skarplöth, who branded it a “horse tax” due to its significant impact on the operator’s earnings.

In ATG’s 2024 results Skarplöth advised the government to adopt an alternative approach so as not to harm the racing betting sector.

“The increased gambling tax has a negative impact,” Skarplöth said. “In my eyes, this is a horse tax as ATG accounts for around 40% of the state’s tax revenue from the gambling industry.

“We are therefore pushing for a tax rate of 18% for betting and 26% for commercial online gambling. This would benefit both the state and public health. The work will continue in 2025.”

In October a motion was filed in the Swedish parliament for the government to reconsider the current gambling tax rate. The motion was filed by Moderate Party member Carl Nordblom, who has argued decreasing the tax rate could improve channelisation rates for onshore online operators.

Sports betting and casino growth

Net gaming revenue from horse betting remained largely unchanged. For the 12-month period, revenue in this segment was 0.5% lower year-on-year at SEK3.89 billion.

On the other hand, sports betting revenue was 7.8% higher at SEK778 million in 2024. This was helped by several major sporting events such as football’s Euro 2024 and the summer Olympic Games in Paris.

In addition, casino revenue was up 8.2% at SEK689 million. More than 600 new games were launched during the year, while the ATG Casino Jackpot was introduced in December.

ATG also noted a 7.7% increase in total active customers to 1.4 million. This was despite the challenging market conditions highlighted by Skarplöth.

Turning to costs, operating expenses were slightly lower but the change in tax rate meant gaming tax payments increased 13.8% to SEK1.21 billion.

Income tax totalled SEK386 million, leaving ATG with a bottom line net profit of SEK1.48 billion, an increase of 1.7%.

Horse betting decline for ATG in Q4

Looking at the final quarter of the year, revenue in Q4 climbed 3.1% to SEK1.65 billion. This was despite a decline in the horse betting business, with both sports betting and casino seeing increases in revenue.

Again, while operating costs were lower but gaming tax increased, operating profit improved by 5.1% to SEK574 million. Pre-tax profit was also 5.5% higher at SEK594 million for the quarter.

After paying SEK347 million in income tax, net profit in the quarter topped SEK246 million, a year-on-year rise of 9.8%.

“My employees and I look forward to 2025 with the goal of continuing to offer exciting gaming experiences to our customers and increasing revenue,” Skarplöth said.

However Joe’s true passion was horse racing and he started his career in 1991 as a member of the UK’s Jockey Club graduate programme. From there he featured as a prominent voice in racing media.

He contributed to the coverage of horse racing in Racing Post, Financial Times, The Times, The Telegraph and Bloomberg.

“An influential and distinguished figure in British racing”

Joe joined the BHA in December 2014 as a non-executive director and was appointed chairman in 2022. The BHA credits Joe as a driving force in forging close ties with the betting sector.

“He played a vital convening role in drawing the racing and betting industries closer together and was a welcome source of authoritative advice and guidance to the government, principally through his engagement with the department for culture, media and sport at both political and official levels,” the authority said in its statement.

Joe’s enthusiasm for horse racing “shone through in everything he did”, according to interim BHA chair David Jones. “His enthusiasm for the sport shone through in everything he did. He had such a deep knowledge of all aspects of the industry and I and other board colleagues will really miss his insight.”

Outside of racing, Joe was an open and honest source to gambling industry media. He selflessly contributed a great deal of time and expertise to journalists covering the sector, including many of the iGB team early in their careers.

New Year and birthday honours lists nomination

He was diagnosed with lung cancer in June 2023 and stepped down from his role at the BHA in January of this year. The authority noted that even throughout his illness Joe worked tirelessly to promote British horse racing overseas.

He had been nominated by the BHA for honours in the King’s birthday and New Year honours lists this year. Conservative peer Lord Herbert of South Downs CBE supported the nomination.

Joe “has given to the BHA and racing far more than his job specification required”, Lord Herbert said following his passing. He devoted “immense time and energy to his role” even when undergoing cancer treatment, the peer added.

The agreement, announced today (5 February) by BlueBet, will also include potential further payments. These are contingent on BlueBet’s share price reaching certain milestones and the net gaming revenue performance of the assets.

To support the cash portion of the purchase price, BlueBet has successfully undertaken an equity raising. This will raise $15 million in gross proceeds via the issue of approximately 44.1 million new shares in BlueBet.

Why is BlueBet acquiring the assets?

Operated by father and son duo Lloyd and Tristan Merlehan, TopSport offers both sports and racing betting in Australia. In the first half of its 2025 financial year, TopSport posted $198.9 million in turnover and an $11.8 million net win.

BlueBet will only take ownership of certain assets in TopSport. These include its customer database, brand and intellectual property, select material contracts valued by BlueBet and certain employees. This includes TopSport CEO Tristan Merlehan joining BlueBet’s executive team as chief trading officer.

Detailing its decision to acquire the assets, BlueBet noted TopSport players have “attractive wagering characteristics”. These include a skew towards sports wagering, which it expects to deliver material revenue synergies on the Betr platform. BlueBet completed its merger with Betr in July last year and has since adopted the Betr name and branding for its Australian consumer-facing operations.

Subject to certain closing conditions and approvals, the deal is expected to complete in April 2025.

Acquisition improves BlueBet’s profitability and scale at Bluebet

Commenting on the deal, BlueBet CEO Andrew Menz said it fits in with a wider, long-term goal of driving shareholder value.

“The acquisition of TopSport materially enhances BlueBet’s profitability and scale, is highly accretive for our shareholders and brings us closer to our strategic target of 10%+ market share in Australia,” he said.

“Inorganic growth remains a key opportunity. We have a laser focus and a repeatable M&A model to drive shareholder value by further consolidating the Australian wagering market.

“This transaction is a blueprint for further M&A and delivers a high conversion of net gaming revenue to EBITDA as we leverage our previous investment in our proprietary technology, brand and best-in-class management team.”

TopSport CEO Merlehan also welcomed the deal. He said TopSport conducted a “thorough” process to identify the best partner, with BlueBet the “clear choice”.

“BlueBet’s recent and long-term record in successful customer migrations and scaling wagering businesses is unrivalled in this market and I am pleased to play a key role in its bright future as we grow our share of the Australian wagering market.

“I am very proud of what we have achieved at TopSport. Customers will continue to receive the same levels of service going forward, together with the benefits of a significant uplift in their wagering experience.”

BlueBet reveals Q2 growth

The acquisition comes after BlueBet also published details of its financial performance in Q2.

Turnover was up 131% at $357 million for the three months to 31 December 2024, while gross win increased 146% to $52.2 million. Net win in Q2 also rocketed by 142% to $39.2 million.

The update also included certain data for H1, with this being the first half as a combined business following the Betr merger. Turnover for the six-month period jumped 116% to $645.1 million, gross win 128% to $91.3 million and net win 120% to $67.4 million.

On top of this, BlueBet was normalised EBITDA positive for the half – ahead of schedule for the enlarged business.

“We reached this milestone ahead of schedule through strategic customer reactivation, product and platform delivering higher margins, a strong performance during the Spring Racing Carnival and the accelerated realisation of cost and revenue synergies,” Menz said.

“This momentum has continued into January, as we continue to focus on profitably scaling the business through organic and inorganic growth. Our market-leading product, experienced team and ready-to execute M&A playbook remain key strategic differentiators for us.”

However, at present the deal excludes all Arena Racing Company (ARC) racecourses within the Britbet partnership. Talks over pool betting between ARV, Britbet and UK Tote Group remain ongoing.

Under the renewed deal, all covered racecourses will continue to control the delivery of on-course betting at their racing venues. Tote’s brand will remain associated with this offering while Tote will also provide all off-course services.

“The delivery of a daily pool betting service ranges from 500-plus staff on each day of the Cheltenham Festival, through to meetings where everyone knows each other on a weekday winter evening,” Britbet managing director Nigel Roddis said.

“To be viable it requires a collective approach, sharing resources and spreading costs as widely as possible. Britbet is tangible evidence of the benefits that the customer can receive from racecourses acting together.”

Evolving Tote drives turnover growth

Britbet began working with the Tote in July 2018. The initial seven-year deal, which was due to expire this year, was valued at an estimated £50 million (€59.2 million/$61.2 million).

Since the partnership began, Tote has introduced a range of new innovations to make horseracing betting more accessible. These include a new website and app, as well as Tote Guarantee, which guarantees the Tote will exceed or match the Industry Starting Price on win bets.

In 2024, on-course turnover across Britbet racecourses amounted to £72 million, a 26% increase from 2018. Via the existing deal, UK Tote Group has returned over £40 million to Britbet over the last five years. It has also invested over £100 million in the business to support the future growth of pool betting.

Access to global betting opportunities

Meanwhile, the overall UK and Irish pool has increased 50% and boasts over 100,000 online active customers. In addition, several Britbet courses have access to the World Pool which, founded in 2019 by the Hong Kong Jockey Club, combines pools from around the world.

“This is another significant moment in the evolution of the modern Tote as we work with our partners across British racing and around the world to rejuvenate pool betting in the UK and Ireland,” UK Tote Group chief executive Alex Frost said.

“It allows us to work together to develop the digital and racecourse customer experience to ensure we are offering racing fans a competitive and appealing experience when betting with the Tote.

“In addition, this partnership provides the stable platform British racing needs to work with international pool betting partners. This will allow the sport to benefit from the further evolution of World Pool and further opportunities to grow pool betting on British racing which is a key revenue driver in the years ahead.”

After the first investigation was opened, Sanborn and the state began a legal battle that lasted almost a year. He was originally given a June deadline to sell, but that was extended multiple times. A deal was said to be in place for months but the state ultimately refused to sign off in late November.

Sanborn’s team has vowed to appeal the decision. But as of now it would appear that all the months of back-and-forth were for naught. In the aftermath of the saga, more details are slowly emerging. The Concord Monitor reported on 8 December that at least two companies – Bettor Investments Inc and Full House Resorts – were involved in discussions. It’s unclear if either was the prospective buyer who was turned down.

In the end, all the fuss related to the sale was not actually about the casino itself. It’s a small facility inside a sports bar. Someone could still buy the real estate if they wished. Rather, the prize here was Sanborn’s historical horse racing (HHR) licence, which is now suspended for at least two years.

HHR becoming a staple among gaming offerings

Since the turn of the century, HHR machines have evolved into a distinct form of gaming that has revitalised numerous ailing markets across the US. They are not Class III machines, which are the “Las Vegas-style” slots most are familiar with. They are also not Class II machines, which are bingo-based and used in tribal casinos around the country.

Instead, they allow players to “handicap” previously run (historical) horse races. The names of horses, jockeys, races and tracks are withheld, in an effort to randomise play. Most players simply “autopick” their selections in order to replicate more traditional spin-style slot play. The back-end maths to make these systems functional and compliant is complicated.

While HHR machines differ from Class III in that they do not operate independently and have to connect to a central determinate system, they are similar to Class II in that they are a form of pari-mutuel wagering. That means that players bet in a pool against each other rather than against the house.

As technology has advanced, HHR machines are now visually virtually indistinguishable from Class III and Class II counterparts. Nearly all major suppliers have started to port over their games into HHR format, meaning that HHR casinos look and feel just like any others.

Sector has been invaluable for tracks, regional markets

For several decades, the US horse racing industry has been declining. In a lot of cases, race tracks are located in rural areas in states without much gaming. HHR has thus emerged as an effective way for tracks to stay open and even grow. States also benefit from the rejuvenated revenue streams.

Over time HHR has spread outside tracks and into regional casinos such as Concord. As such, several smaller operators such as Churchill Downs have now invested in the space as a way to grow in small pockets of the country without having to compete with big markets and deep-pocketed competitors like MGM and Caesars.

Buddy Frank, a longtime slot executive and principal at BF Slot Strategies, told iGB that there’s a simple reason for the growth of HHR: “Because that’s the only thing that’s legal.”

Suppliers and operators have done well to improve the technology and experience of HHR gaming. So much so, Frank said, that HHR has in some ways become a quicker way to offer Class III-style gaming without having to go through the legislative legwork associated with it. In many cases, the games can be grandfathered into existing horse racing or pari-mutuel regulations.

“These are just slot machines and when the bottom line comes to it, there’s no difference really, other than how the outcome is determined,” he said. “And it’s all because (stakeholders) want to get around the laws.”

Several states seeing quick growth

Regardless of how it came to be and why, there’s no denying the success of HHR.

Take New Hampshire, where Sanborn’s saga is playing out. That state legalised HHR in 2021. According to the state lottery commission, total handle for October was $176.9 million. Revenue for operators was $11,597,471, a year-over-year increase of 43%. Through October, year-to-date operator revenue was $105,445,230, a 64% increase over last year.

Kentucky, America’s horse racing capital, also legalised in 2021. In July of that year, the first with data, handle was $548.9 million. As of this October, that had ballooned to $819.6 million. Virginia is another big HHR market – its first revenue report from April 2019 shows $15 million in handle, compared to $415.2 million this past August, the most recent data.

Such figures make it easier to see why companies like Bettor Investments and Full House may be interested in such a licence. Sanborn’s is temporarily unobtainable. But lucky for New Hampshirites, there does appear to be a new HHR casino on the horizon. The Cordish Companies is building a $200 million casino with 900 HHR machines in Salem, slated to open next year.

Much of the criticism of affordability checks has come from the horse racing sector, which feels it’s being unfairly treated compared to other more high-risk forms of betting such as slots.

Zarb-Cousin feels that horse racing must separate itself from such verticals, with the belief it shouldn’t be included in affordability checks.

“I think horse racing needs to get as far away as possible from online casino, [which] is bringing the industry down,” Zarb-Cousin said on the Barstewards Enquiry podcast this week.

“My argument, and it has been a consistent argument, to those involved in advocating on behalf of racing is, the fact racing has not been able to extricate itself from online casino has meant it’s been caught up in these kinds of regulations.”

He calls for the sector and regulator to approach horse racing betting differently to online casino from a risk and licensing perspective.

“If racing was to delineate from the current online casino and slots operations, if it was a separate licence or a separate platform, we wouldn’t be having a situation where racing could be subject to affordability checks,” Zarb-Cousin added.

“It’d be a completely different risk profile in terms of the products.”

Zarb-Cousin critical of the GC

Affordability checks have been one of the most contentious point of the Gambling Act review and subsequent white paper. The Gambling Commission previously said the measure had dominated the responses to its white paper consultations.

Horse racing trade body the Jockey Club has estimated the introduction of affordability checks could cost the UK industry in excess of £250 million over the next five years.

Zarb-Cousin believes the Commission needs to better outline how the checks will be conducted.

“I think the problem we have at the moment is the Gambling Commission describes itself as an outcome-based regulator, it wants operators to prevent or reduce harm, but it’s not explaining how it expects operators to conduct these checks,” Zarb-Cousin explained.

“It’s not prescriptive enough and that’s a big problem because what ends up happening is you get this very sporadic implementation of this idea of affordability checks where one operator will ask for a certain amount of information while another operator will ask for different information, a different loss threshold.

“It’s cumbersome, there isn’t a very streamlined technological solution, so what we’ve seen is I think the worst of all worlds.”

Zarb-Cousin doesn’t feel the checks are being implemented correctly, believing they are asking too much of bettors.

“I don’t like the way the industry conducts them and this is why we’ve campaigned for a much more prescriptive set of rules that would govern how operators have to carry these out and the circumstances and situations in which they are expected to do so,” Zarb-Cousin said.

“We’ve seen very, very intrusive checks that have not been effective and, from my perspective, the problem is in the way the Gambling Commission regulates,” he concluded.

The report covers not just the last fiscal year, but references financial reports dating back to legalisation dates for each genre of gambling.

The commission noted that FY24’s growth was “largely driven by the steady expansion of video gaming, elevated lottery sales and rapid growth in sports wagering”. The first two sectors generated the majority of tax revenues – $886 million from the lottery and $848 million from slot routes. Sports betting contributed $190 million in taxes and licensing fees, with horse racing contributing $6 million.

Casinos, meanwhile, generated $158 million, nearly identical to FY23’s total of $157 million. Two new casinos opened during the year, but authors wrote that that has not made “a pronounced impact” on tax revenues. This, they said, was “due to a number of factors including a reduced tax structure, credits issued and higher administrative costs.”

Slot routes challenging for top spot

From an industry perspective, the rise of slot routes is perhaps the most notable trend. The market was legalised in 2009 but operations didn’t begin until September 2012. At that time, there were 61 video gaming terminals (VGTs) online across the state; as of June, there were 48,176.

For FY14, state and local tax revenue from slot routes was $145.6 million. FY24’s total was $997 million. Starting in FY25, the tax on net terminal income (NTI) will rise from 34% to 35%. This, coupled with the steady increase in terminals, is expected to boost tax revenue even more in years ahead.

This development is a key concern to the state’s casino industry, which has not seen nearly as much growth since slot routes were legalised. Authors noted this shift, which was most noticeably felt during the Covid pandemic. According to the report, adjusted gross receipts (AGR) for state casinos declined 4.8% in FY21, whereas NTI from slot routes jumped 30.8%.

“It appears that Illinois gamblers chose the convenience and smaller crowds of the video gaming parlors over the larger and more public casinos,” the report reads. “Video gaming locations have been perceived as a “safer” option to gamble, which has aided in elevating these video gaming figures.”

More Illinois casinos = more growth?

Illinois legalised riverboat gambling more than 30 years ago, with the first launching in September 1991. Since then, the sector has seen ups and downs – at the peak, there was a five-year stretch from FY2003 to FY2007 where casinos were the chief gaming tax revenue generators, but that has not happened since.

In 2019, new legislation allowed for six new casino and three ‘racino’ licences. The most notable was the Chicago casino, which is currently being built by Bally’s. That multibillion-dollar project is expected to open in September 2026, although a temporary casino has been open since September 2023. In addition, the legislation also allowed for existing casinos to increase their machine count from 1,200 to 2,000.

Total AGR for Illinois casinos was $1.61 billion in FY24, the highest since FY12 and a 13.2% increase year-over-year. But authors were cautious in presenting this number, mainly because the increased competition and cannibalisation from the new licences was listed as the primary reason for AGR declines.

“Most casinos, however, recorded flat or slightly decreased AGR totals relative to FY2023,” the report said. “This includes the highest generator of adjusted gross receipts in Illinois, Des Plaines’ Rivers Casino, which saw its AGR total slide from $557.6 million in FY2023 to $526.7 million in FY2024.”

Of the 15 casinos currently operating in the state, 10 qualified for 10-year AGR comparisons. Nine of those have seen AGR decreases of at least 18% during that span, with Rivers being the only exception.

Sports betting tax changes loom large

FY24 was the fifth fiscal year for Illinois sports betting, although FY20 was severely impacted by pandemic disruptions. Since then, the sector has seen substantial growth each year, with a total of 13 licences issued.

Sports betting AGR was $1.1 billion in FY24, the first time the state has eclipsed the $1 billion mark. State tax revenue was $166 million, meaning that both AGR and taxes increased 16%. Licensing fees also accounted for an additional $30.1 million, some of which won’t be counted until FY25.

Authors predicted “moderate” growth for the sector moving forward. This was attributed to the continued rise of online sports betting as well as “continued investment in advertising”. Three stand-alone master licences not tethered to a land-based casino are also still available, with licensing fees of $20 million.

But the elephant in the room is the state’s new tiered tax structure, implemented in July. FY24’s record number came under the old flat rate of 15% of AGR. The new system will see retail and online betting taxed on a sliding scale from 20%-40%, based on AGR levels. DraftKings, inspired in part by the Illinois increase, briefly proposed a surcharge on winning bets in response to the increased tax burden in August. Yet authors asserted that this will not deter sports betting growth.

“There is a concern that the additional tax burden will result in a reduced advertising budget for sportsbook operators, which would contribute to less overall sports wagering adjusted gross revenue,” the report read. “Despite this possibility, sports wagering revenues have grown rapidly each year since its inception within the state. Given this trend and the recently added sportsbooks, it is believed that sports wagering will continue to grow overall despite a higher tax structure.”

Decree 6: Cumbersome, unclear and ineffective

According to the Tuoi Tre News, the conversation centred on Decree 6, implemented in Vietnam in 2017. The legislation ostensibly opened the door to legal betting on horse races, greyhound races and international football. It also laid out a framework for sports betting operators.

But speakers at the Hanoi seminar said the rules are vague, prohibitive and out of step with the times.

For gamblers, Decree 6 limits legal gambling to 20 pilot jurisdictions in Vietnam and caps bets at VND1 million (£33.20/€40/$42). For operators. It requires demonstrated capital of at least VND1 trillion for horse racing and football bets and VND300 billion for dog races. It also requires that 5% of revenue go to the state. Experts argue for 5% of profits.

But the biggest barrier, in the internet age, may be the reliance on paper and phone bets, as Decree 6 does not permit mobile and online gambling.

Business leader Nguyen Ngoc My, chairman of the Vabis Group of Ho Chi Minh City, said Vietnam policymakers must embrace digital applications, as igaming is an “inevitable and irreversible strategic trend”.

Rules could change in 2025

Hoang Ngoc Nhat, chairman of Thien Phuc Joint Stock Company, said Vietnamese gamblers spend up to $10 billion annually, mostly on football, but the majority of revenue now leaves the country.

He argued for business-friendly regulations to keep that taxable bounty at home, instead of enriching offshore operators.

VAFIE chairman Nguyen Mai called sports betting a “regulated sector but without [the government’s] willingness to manage it”. But that could change in the new year.

According to The Investor, the National Assembly Standing Committee has set 2025 as the deadline for the Vietnam government and the ministry of finance to amend the decree. Suggestions made at the seminar will be filed with the ministry in hopes of developing the industry.

As economist Can Van Luc noted, sports betting is “a cultural, recreational and tourism need” that will go on regardless of Decree 6. The government might as well reap the benefits.  

But Japan dominates the field, with a total of 19 entrants. Forever Young from Hokkaido’s Northern Farm is among the contenders to win Saturday’s $7 million (£5.4 million/€6.4 million) Longines Classic, along with Irish-trained City of Troy and US favourites Fierceness and Next.

Japan contingent “exceeded expectations”

In 2021, Japan sent eight horses to Del Mar and came away with two trophies: Loves Only You in the Filly & Mare Turf and Marche Lorraine in the Distaff. That momentum is now a tsunami.

The volume and diversity of Japanese entries “exceeded all of our expectations”, Breeder’s Cup executive vice president Dora Delgado told the BloodHorse. Japan-bred horses “are kind of breaking out – they’re covering the gamut from dirt to turf, babies. They’re all over the place.”

In seven races, three-year-old Forever Young has lost just once: a third-place photo finish at this year’s Kentucky Derby.

Otherwise, he’s unbeaten since his maiden outing at Kyoto in October 2023. He won the Mombetsu and Kawasaki later in the year, and the Saudi and UAE derbies in 2024. After the loss at Churchill Downs, the frequent flyer won the Japan Dirt Classic in Ohi on 2 October. To date, the Yoshito Yahagi trainee has earned almost $3 million.

Japan’s appetite for sports

By law, those living in Japan may only wager on horse racing, a national lotto and certain motorsports. But they make the most of these options and horse racing generates the most interest. According to Statista, last year Japan residents wagered more than $23 billion on the sport.

Those living in Japan are restricted to betting on four international races. In 2023, they were responsible for $19.2 million of the almost $25 million in separate-pool wagering at the Breeder’s Cup.

The country’s sports-loving fans watch their favourites compete in simulcasts from around the world. For example, an estimated 15.9 million Japanese watched the 2024 World Series. As the New York Times reports, that’s more than 10% of the entire population of Japan – and more than the American audience of fewer than 11.45 viewers.

Japan’s favorite Major League Baseball player is Shohei Ohtani, a five-time all-star who pitches and is a designated hitter for the Los Angeles Dodgers. Ohtani started his career with Hokkaido Nippon-Ham Fighters before signing with the Dodgers in 2018.

Japanese fans were rewarded for their devotion to baseball when the LA Dodgers, including Ohtani and starting pitcher Yoshinobu Yamamoto, rallied to beat the New York Yankees, 7-6 in Game 5 on 30 October. With the win, the Dodgers won their eighth World Series in franchise history.

Rooting for their favourites, two-legged and four-legged

There’s no question Japan has become a force in international horse racing. For the Japanese, it’s a matter of pride, prestige and the potential for big money from a breeding perspective.

On Saturday, Forever Young and two other Japanese horses, Derma Sotogake and Ushba Tesoro, will enter the gate for the mile-and-a-quarter Longines Classic. US Racing calls them part of “Japan’s juggernaut”.

Trainer Yahagi says his colt is ready to run. “We had a frustrating experience in the spring (at the Kentucky Derby), so I have a strong desire to get revenge,” he told the news outlet. “I hope to show off a strong Forever Young again. He will continue to do his best and I want to win the next in the United States.”

The NetX case dates back to December 2022 when KSA first investigated the operator for illegal activity in the Netherlands. KSA found Dutch players were able to access and gamble via its Pferdewetten.de website.

Website visitors could bet on horse racing and trotting which KSA classes as games of chance, which are not prohibited in the Netherlands without the relevant licence. The site said it was only licensed in Malta.

KSA reinvestigated the site in April of the following year, discovering Dutch players could still access the website. It also noted no technical measures were put in play to block access to consumers in the Netherlands.

As a result, KSA issued NetX with a penalty payment order, informing the operator it must cease all activity in the country. NetX complied and shut down the website last September.

However, upon reinvestigation, KSA found players could still access the same site, open an account and gamble. In addition, NetX was found to be running another website – Betbird.com – which offered similar gambling options to Dutch users.

This led KSA to take further action, with a hearing taking place earlier this year.

NetX criticised over “inactivity” costs

During the hearing, NetX produced documentation to support its case. This included claims that horse betting should not be classed as games of chance in the same way as casino gaming is.

NetX also said it took steps to stop players from the Netherlands accessing its site and an IP blocking error was causing players to be able to regain access to the site.

However, KSA maintained its position that NetX had breached Dutch law. It also crticised a policy whereby NetX was fining players for inactivity, imposing a monthly penalty of €5 from the 13th month of user inactivity. It argued this was standard practice in the industry. KSA disagreed with NetX on the matter and elected to move forward with a fine.

In total, NetX was issued a fine of €675,000. Of this, €600,000 related to offering gambling in the Netherlands without a licence, while €75,000 applied to the inactivity clause.

KSA: Dutch players must be protected

Commenting on the case, KSA chairman Michel Groothuizen welcome the ruling. He said a tough approach to rule-breakers is required to protect players in the Netherlands.

“We see that illegal providers often pay little attention to the player and do not comply with a duty of care,” Groothuizen said. “Here, for example, we saw the practice that players who are inactive for a long time after creating an account are given a ‘fine’ by the provider.

“If they do not play for a certain period of time, an amount of €5 per month is charged. In that case, a player is punished if he does not participate in the (illegal) games of chance offered. Of course, that goes beyond all bounds.”

The scam ran from 2013 to February 2019, claiming to be a lay betting horse racing gambling scheme. Members were invited to invest funds supposedly for collective gambling controlled by Stanley.

However, Stanley instead used new investments to pay earlier members, creating a Ponzi-type scheme. He also lied about the amount of successful gambling that took place, falsely inflated the value of investments and paid money from the scheme into his own accounts.

At its peak, the scheme had over 6,000 members, including friends and family of Stanley.

Estimated £10.5m loss for scam betting scheme

During its investigations, Kent Police found members invested a minimum of £44.2m in the syndicate during its operation. The scheme, however, collapsed in February 2019 with many members making a substantial net loss.

It is estimated that the syndicate made an overall net loss of at least £10.5m.

Stanley, who served as a police officer in the 1980s, was declared bankrupt in 2019.  He took at least £4m from the syndicate and misused funds to pay for a lavish lifestyle. This included 23 racehorses, a villa and apartment in Spain, new cars, private number plates and jewellery.

Stanley now faces six years behind bars and has been disqualified from acting as a company director for 15 years. In addition, a Serious Crime Prevention Order has been imposed by the court to cover a five-year period. This starts with the date he is released from prison.

Syndicate “doomed to collapse”

Commenting on the case, Rachael Barber from the Crown Prosecution Service said Stanley “betrayed the trust” of investors in a scheme that was “doomed” to collapse.

“Stanley operated a massive fraud which he marketed to unsuspecting members as ‘virtually risk free’, while boasting of the huge profits from the syndicate,” Barber said. “In reality, Stanley’s gambling losses far exceeded any winnings and the scheme was doomed to collapse at some point.

“When this inevitably happened in 2019, devastated members were left out of pocket and money they believed they had legitimately invested for weddings, retirement funds, medical treatment and other purposes was all gone.

“Stanley totally betrayed the trust placed in him by investors to manage their money wisely and we are pleased to have secured justice for these victims.”

Bankruptcy proceedings are ongoing against Stanley. The CPS will pursue a Proceeds of Crime confiscation to ensure any assets that may become available in the future can be recovered.

Access depends on securing rights, with rising costs creating natural barriers to entry. AI and machine learning is now being applied to premium sports data to unlock new opportunities for fan engagement, especially in the wagering industry.

Data hasn’t always been as central to sport and wagering as it is today. Before televisions, attending a sporting event was the only way of knowing what really happened. Radio helped, but listeners were still reliant on the commentator’s account. In betting shops, trying to gauge how your bet was faring over shouting and excitement would have been a real challenge.

As the internet grew, companies like Sportradar and Genius Sports emerged. Initially focused on serving the wagering market through an odds aggregation tool, their role expanded to monitoring the integrity of sport through tracking suspicious betting patterns. Today, data companies drive everything from broadcasts and advertising to fantasy sports, wagering and league operations.

Sportradar turns to AI

Sportradar now has established partnerships with various sports leagues including the NBA, UEFA, ATP Tour and MLB, giving fans access to detailed stats on every team and player. Using AI models and in-venue scout coverage, they continue to redefine the fan experience. For teams, Sportradar provides advanced analytics through machine learning which helps with team selection, scouting and tactical decisions.

Through their partnership with the NBA, fans can purchase a league pass to stream games and bet live, with prices updating automatically through Sportradar’s data. This automation eliminates the need for operators to run trading teams to manage their risk, significantly reducing their costs. In 2023, Sportradar’s revenue totalled €877.6 million, of which €649 million was generated from betting related services, whether that be from content, odds feeds or full-suite managed trading services (MTS). Other revenue streams include advertising and broadcast enhancement as well as integrity services for sports leagues.

Sports leagues partnerships unlocking new fan experiences

With partnerships with the EPL, EFL, FIBA and NFL, Genius Sports is changing the game for how fans consume and engage with sports. Their BetVision product for the NFL also capitalises on the rapid growth of sports betting in the US, with fans able to stream and bet in-play which is a high margin product for bookmakers. For 2023, 76% of total betting volume from streamers was from in-play betting during the NFL season.

Genius Sports is also working with respective leagues to improve the game itself. At Premier League grounds for example, the introduction of offside tracking powered by computer vision cameras will reduce game delays and the burden of big decisions for referees. The Premier League data zone showcases some of the capabilities which Genius can deliver to engage fans. In 2023, Genius generated US$413 million in revenue and they have just launched Genius IQ, offering unparalleled game analysis, performance insights and sportsbook optimisation for in-play betting.

Genius Sports and Sportradar cover some of the most-watched and bet-on sports leagues in the world and, as such, the distribution rights are costly, running into the hundreds of millions of dollars. However, the growth of global sports betting, especially in emerging markets, enables both companies to leverage technology to deliver significant returns on these investments.

Can data help revive horseracing?

Racing has historically been behind the curve when it comes to fan engagement, particularly when compared to global sport franchises like the Premier League and Formula 1. This is an issue because racing’s audience is ageing, a trend that threatens the sport’s long term sustainability.

To attract a younger, global audience, racing must follow the lead of innovators like Genius Sports and Sportradar who have shown that data is the lifeblood to any sport. RAS Technology Holdings (RAS) (ASX:RTH), with whom Waterhouse VC has just entered into a strategic partnership, is poised to lead this transformation.

RAS, better known as ‘Racing and Sports’, is a global leader in data, analytics and technology for the racing and wagering industry. Founded 25 years ago, they now possess one of the most comprehensive global racing databases, covering over 33 jurisdictions and extending to greyhound and harness racing.

Racing is a complex sport, often producing more questions than answers which can overwhelm newcomers. However, the solution lies in providing fans with digestible, actionable information about racing that demystifies the sport and makes it engaging. Racing and Sports is uniquely positioned to fill this void. RAS offers fans access to detailed race overviews, runner comments, speed maps, tips, proprietary rating and sibling reports for global racing.

With over 25 years of data, RAS is now showcasing the value of their data to operators, fans, racing bodies, trainers and bloodstock agents. Since listing in 2021, RAS’s annual revenue has grown from AU$5.3 million to AU$16.2 million, driven by effective distribution capabilities and partnerships that recognise the immense value of their offerings.

For operators, racing has always been a high-margin product and unlike any other sport, it runs 24/7, but to maintain and grow this profitability, it’s essential that punters feel informed enough to engage with the sport.

Stake is re-engaging younger racing fans

The recently launched partnership with online crypto operator Stake.com (discussed in our August newsletter) where RAS has built a complete racing solution, coupled with a surge of interest from crypto operators seeking new products, positions racing to re-engage with a younger, more global demographic. RAS also offers a managed trading service, allowing operators to leave the risk management to their highly sophisticated, AI-driven, automated trading platform, which provides rapid trading decisions, making it easier for emerging operators to succeed.

RAS has a critical role to engage racing fans and attract new audiences. Increased interest naturally leads to ownership opportunities and, as the sport becomes better funded through operator contributions, the prize money can make it an even more attractive proposition and help secure the sport’s future through genuine long-term interest.

Its Global Tote division, which has a presence in more than 35 countries, drew in the majority of the revenue. It delivered AU$54.8m, representing 58% of total revenue – a 3% year-on-year increase.

In FY2024, BetMakers entered into or renewed contracts with 29 operators around the world. International customers are a growth focus while its domestic platforms and the loss of its contract with Betr held it back, it explained.

During the year it signed a two-year market access and content agreement with Bet365 to distribute horseracing content to customers in New Jersey and Colorado in the United States. Caesars Entertainment has launched BetMakers’ Embedded Tote solution across 22 venues in Nevada, as well as in Iowa and Nebraska.

It also delivered racebook services to Gaming Innovation Group’s SportX platform and through Kambi’s sportsbook.

Cutting costs in search of profitability

BetMakers executive chair Matt Davey has also credited the company’s restructuring process as key to reducing costs.

It is not yet complete but the “streamlining” of its workforce has resulted in a reduced headcount from 456 to 414. This has helped to lower operating costs overall by 26% from AU$88.2m to AU$65.3m as staff costs diminished by AU$19m 

The company has focused on reaching profitability, with the latest results showing progress.

Its earnings before interest, taxes, depreciation and amortisation (EBITDA) loss was also reduced by 74% to AU$7.2m from AU$27.8m in FY2023. 

Technology investment and lower staff costs were crucial in increasing operational efficiency and achieving cost reductions, BetMakers said.

After finance costs, the business posted an AU$38.7m net loss after tax, down marginally year-over-year.

BetMakers’ future ambitions

International expansion is core to BetMakers’ growth strategy for FY2025.

A 10-year agreement has also been signed for Global Tote to enter the Norwegian market in Q2 of FY2025. Chile has then been identified as another key target market.

In Norway, Global Tote’s Quantum platform will replace the current system operated by Norsk Rikstoto. Norsk Rikstoto is the sole purveyor of betting on horse racing in the country.

The deal will see Global Tote cover all thoroughbred and harness race wagering in Norway.

Technology is also a key aspect for BetMakers in FY2025, with a rebuild of its core tech platform Next Gen close to completion.

Next Gen is expected to drive further financial improvements in 2025 by reducing cloud costs and ensuring increased efficiency.

“We are excited about the development of the Next Gen platform and that the final stages will go live in Q1 FY25,” BetMakers chair Matt Davey said. “We expect Next Gen to deliver improved operational efficiencies and an enhanced user experience, with benefits to be realised from FY25.

“In the Australian market, where soft trading conditions have remained, BetMakers’ fixed-odds managed trading services’ customers will benefit from increased speed, an upgraded user experience and a host of new features from Next Gen.”

The final stages of Next Gen are expected to go live in Q1 of the 2025 financial year.

The company is aiming to decrease costs by at least 16%, to below AU$60m and drive future growth in FY2025.

Before joining the organisation, Truesdale worked at British Gas for almost five years. This included spells in various senior financial roles.

Truesdale will continue to lead the Jockey Club in the coming months. He will work with the board of stewards and executive team to manage the transition to his successor.

Under his leadership, the Jockey Club has seen growth across all revenue lines and attracted new commercial partners to racing. The organisation has also expanded its customer base and digital platforms.

Truesdale has also played a prominent role in campaigns against various issues facing the racing sector. These include leading the petition to parliament against betting affordability checks and tackling illegal protest groups in 2023.

“The Jockey Club has a unique role,” Truesdale said, “being run solely to invest the money it makes back into our sport. It has been a true privilege and my career highlight to work for and then lead this organisation over the past 11 years.

“Together we have laid strong foundations for the future which will enable my successor to continue to grow the Jockey Club and ensure it continues to invest for the benefit of our sport and the communities it serves.”

Truesdale praised for outstanding contribution

Sandy Dudgeon, senior steward of the Jockey Club, paid tribute to the outgoing Truesdale. She hailed his “outstanding contribution” to both the organisation and the horse racing industry.

“Nevin took over the role of chief executive at an extremely challenging and unprecedented time both for the business and the whole racing industry,” Dudgeon said. “He steered us successfully out of the impacts of the Covid-19 pandemic and cost of living crisis.

“He has also overseen a period of significant business transformation and improvement, as well as the building of a very strong team, for which the board of stewards and I are immensely grateful. Nevin will leave our business and sport in a better place thanks to his leadership, with a new long-term plan to strengthen and grow our business and sport.”

Dudgeon added Truesdale announcing his exit now will allow the Jockey Club to identify and appoint a successor ahead of time. 

“By putting in place an orderly transition, we will ensure a smooth handover to new leadership and continuity in running the Jockey Club,” Dudgeon said.

“Nevin leaves with our very best wishes for success in his future career but, for now, there is much to do and it is very much business as usual.”

Bet365 will be licensed to distribute BetMakers’ thoroughbred racing content to players in New Jersey. The arrangement also covers thoroughbred and harness racing in Colorado. 

In New Jersey, Bet365 will pay BetMakers a market access fee. This is based on a percentage of all fixed-odds bets placed in the state on thoroughbred racing events. In addition, Bet365 will pay a content fee based on a percentage of fixed-odds bets placed in both New Jersey and Colorado on applicable BetMakers Global Racing Network content. 

BetMakers said the deal marks the entrance of the first major operator to New Jersey’s fixed-odds horse racing market. As such, BetMakers said the revenue value of the deals is yet to be established.

However, BetMakers did say it expects the contracts to be material to its strategic progress. It also noted the initial deals could encourage other operators to enter similar arrangements and for other states to further consider fixed-odds approvals.

BetMakers CEO hails significant milestone 

Speaking about the deals, BetMakers CEO Jake Henson said he is excited to be launching fixed-odds betting with Bet365. He said the partnership is a “significant” milestone for the group.

“This is a significant milestone for BetMakers and aligns with our strategy for fixed odds betting on thoroughbreds in the US,” Henson said.

“The sports betting market in the US is starting to mature and the interest from operators in horse racing as a product is expected to become even stronger. The high frequency of horse racing can deliver high engagement and high margin returns to operators. 

“We believe the opportunity for both BetMakers and the racing industry more broadly to be significant in the long term.”

Henson added that BetMakers will look to build on this partnership and seek other, similar deals in the US.

“We are always actively working with rights holders to deliver opportunities for sustainable industry returns and open new opportunities in expanding growth markets,” he said.

“This opportunity ticks both of those boxes. We look forward to helping our partners build out a global race book.”

BetMakers cuts adjusted EBITDA loss in Q3

The deals come on the back of BetMakers posting its Q3 results in late April. While the group saw revenue slip 4.1% to AU$22.3m (£11.9m/€13.7m/US$14.8m), there was better news on the bottom line.

BetMakers put this down to soft Australian trading results. It also noted the impact of slightly delayed delivery of key international deals with clients outside of Australia.

In terms of activity in the US in Q3, BetMakers said its roll-out of an embedded tote solution with Caesars in Nevada is progressing. BetMakers is also now active in Iowa, with the Bet365 deals expanding on this.

Adjusted EBITDA loss for Q3 amounted to $10.7m, some 25.6% less than in the previous year. Furthermore, net cash from operating activities in Q3 hit $1.0m, in contrast to the $5.0m loss reported last year.

The additional funding means the HBLB has been able to increase prize money contributions by £3.2m to £70.5m.

“The trend that was seen towards the end of 2022-23 has continued,,” HBLB chairman Paul Darling said. “Betting turnover is lower and bookmakers’ profits higher than recent norms. In the light of reports and analysis from the HBLB executive during the year, the board had been anticipating income of around the total that is expected.

“The effect of this financial outturn gives the board additional comfort in its expenditure commitments already made for 2024 and further flexibility when it comes to considering options for 2025.”

BGC CEO hails “extremely welcome” news

BGC CEO and acting chair Michael Dugher praised members for their commitment in 2023-24. He said the record contribution is “extremely welcome news” and demonstrates how regulated betting supports British horseracing.

“Despite a double-digit decline in horserace betting turnover over the past five years – and a double-digit decline in racecourse attendances – this shows that levy contributions and prize money are both up and it once again provides a timely reminder that racing could not survive without the record financial support that is flowing from betting,” Dugher said.

“Our members remain committed to the long-term success of horseracing and the huge economic contribution it makes across the country, especially in rural communities.

“Attention must now turn to how we challenge vested interests, introduce real change and reform the sport, ensuring we reverse the current decline and provide racing with a genuinely long-term sustainable future.”

Industry commitment to horseracing

On this, the BGC is working with the British Horseracing Authority and the government to resolve a settlement on a new voluntary levy to support horseracing.

In addition, the BGC last month raised £15,000 for good causes as part of its Grand National charity betting effort. 

Each year, the BGC invites members of parliament (MPs) to place charity bets on the Grand National showpiece horseracing event. Operators hand over all winnings from these wagers to each MP’s charity of choice.

Other news from the BGC includes a new measure for operators taking part in its voluntary code. This relates to a risk assessment on customers wanting to make a net deposit of over £5,000 per month.

The new Code on Customer Checks will sit alongside the Gambling Commission’s frictionless affordability checks. The official pilot scheme for such checks was announced on 1 May. This is alongside a timeline of implementation for the other proposals included in the first round of Gambling Act review white paper consultations.

“Developed with the Commission and backed by government, this code will operate as a voluntary interim scheme,” the BGC said. 

“It brings consistency across the regulated sector for operators who adopt it. This is until the frictionless financial risk assessments set out in the white paper can be developed, tested and implemented.”

That revenue growth was primarily down to increases in ATG’s horse racing sector, which was responsible for SEK968m in NGR, or 74.5% of the company’s Q1 total. That figure was also 13.3% ahead of the SEK854m in NGR accumulated by the horse racing sector in Q1 2023.

Casino also saw an increase of 13.8% year-on-year, with SEK165m in NGR generated from the sector in Q1. The growth in horse racing and casino helped to offset decreases in sports betting, which reported SEK173m in NGR, 10.8% behind last year’s Q1 figure of SEK194m.

ATG attributed poor sports betting performance down to “player-favourable” sports results during the quarter.

Lotta Nilsson Viitala, ATG’s chief financial officer, believes the company’s Q1 performance was a strong one considering the current recession. Viitala also explained the reasons for the horse racing growth, as well as its importance to ATG.

“In addition to positive calendar effects with an early Easter weekend, we had more jackpots on our major gaming brands than during the same period last year,” Viitala said. “For horse racing, we also had a weak Q1 in 2023 with a very good first quarter in 2024, which contributes to the strong increase in the comparison.

“Being an efficient company and having a high result is important to us because ATG is and must remain the driving force in the Swedish horse industry.”

Costs also up for ATG in Q1

Total revenue for Q1 reached SEK1.5bn, up over 9% from Q1 2023. This is despite costs rising SEK50m to SEK1.1bn including tax.

ATG attributed the increase in costs to its increased NGR and its subsequent effect on tax, costs rights as well as commissions. The company also outlined that its second highest cost item following tax is equestrian information and rights, an expenditure that increases when horse racing betting increases like it did during Q1.

ATG’s operating profit for Q1 stood at SEK389m, up SEK72m from the same quarter last year, while operating margin also increased from 23% to 26%.

The number of active customers rose from 1.3 million to 1.4 million, and Viitala believes ATG’s strong customer base places more responsibility on the company to protect them from irresponsible play.

“ATG has many and committed customers and it is very important to us that they feel good about their gambling,” Viitala continued. “We therefore continue to develop our gambling responsibility in different ways.”

Strong 2023 carrying over despite black market threat

ATG’s upwards growth trajectory it displayed in 2023 looks set to continue with a solid Q1 report. Last year, ATG reached SEK1.45bn in net profit, up 7.5% from 2022. Net gaming revenue also edged up by 0.9% to SEK5.27bn.

However, ATG has also noted what it described as “worrying” channelisation rates in Sweden as a potential threat.

Its Q4 channelisation report estimated igaming channelisation rates to be around 69%-82%. Those numbers are way off the 90% target set by the Swedish government.

That channelisation rate has now fallen in consecutive quarters since Q3 2023, and ATG also highlighted that unlicensed operators’ visitor traffic has increased tenfold since 2019.

The ANJ outlined that French online gambling was on an upwards trajectory, having seen its numbers stabilise in 2022. The market is still recovering from the negative impacts of the Covid-19 pandemic.

Isabelle Falque-Pierrotin, ANJ president, is confident the relatively tight regulation when compared to other markets is benefitting the French industry.

“This good health of the market demonstrates that demanding regulation is not an obstacle to development,” Falque-Pierrotin said. “This growth makes all the more relevant the objective of reducing the number of excessive gamblers that the ANJ has placed at the centre of its action for the years to come.”

France online gambling on the rise

ANJ pointed to online as an area that is performing particularly well in France, with the sector’s GGR reaching €2.3bn in 2023, a rise of 7.2% year-on-year. This follows moderate growth in 2022, which only saw a 0.8% increase on 2021.

The number of online players stood at 3.6 million, with that figure increasing in all segments bar sports betting. However, online sports betting is still the most invested segment across the online market, with 16 legal operators in the market.

Online sports betting posted GGR growth of 6.4% when compared to 2022, reaching €1.5bn despite the lack of a major sporting event. With a summer coming up that includes Euro 2024 and the Olympic Games, the latter of which will be held in the French capital of Paris, that growth looks set to continue.

Sports betting made up 63.3% of online GGR, with poker and horse racing accounting for 21.6% and 15.1% respectively.

Despite the rise in online GGR, the pool of unique players dropped by 7.3%, while the number of active accounts also fell by 3.9%.

Football was the dominant sport in France in 2023 according to the ANJ, accounting for €4.4bn in handle, while tennis was responsible for €1.9bn. Basketball and rugby were third and fourth with €899m and €247m respectively. Those four sports alone made up 88.5% of online sports betting handle in 2023.

FDJ and PMU flourishing

France’s two exclusive operators, La Française des Jeux and Pari-Mutuel Urbain (PMU), both saw growth in 2023, accounting for 62.7% of France’s total GGR.

The FDJ performed particularly well with a GGR of €6.6bn in 2023, up 1.8% on 2022. Approximately 27 million French people played with FDJ in 2023, a rise of 6% year-on-year.

FDJ’s 2023 growth was driven by point-of-sale sports betting and competing activities, which rose 10.4% in GGR on 2022. Those activities accounted for 16.2% of FDJ’s group GGR for the year and €1.1bn in gross profit.

FDJ’s strong 2023 has carried over in 2024. Its revenue hit €710m during Q1, a year-on-year revenue rise of 7.2%. Gaming revenue also hit €645m, again a 3.1% increase compared to the same quarter last year.

In January, it was announced that FDJ had submitted an offer of SEK27.96bn (£2.10bn/€2.45bn/$2.67bn) to purchase all of the outstanding share capital of Kindred Group, with FDJ stating afterwards it was looking to form the second biggest operator in European gambling.

PMU, meanwhile, also saw its betting activity grow, although those increases slowed compared to years prior, with GGR at €1.7bn, just a 1% rise on 2022.

ANJ highlights casino as growing sector in France

Casino activity rose by 8.1% in 2023, with the sector reaching a record GGR of €2.7bn over the year.

The ANJ highlighted that those increases affected a majority of casinos in France, with 73.8% of establishments seeing GGR higher than 2019, prior to the pandemic. Slot machines are still a key factor in that growth, with the ANJ approximating slots to contribute over 80% of casino GGR.

Of the seven gaming clubs in France, GGR hit €119m in 2023, 10.9% higher than 2022’s figure of €107.3m.

ANJ warns of gambling practices ahead of busy sporting summer

Despite the increasing GGR in France, the ANJ noted that the rise in betting activity should serve as a warning for operators to pay particularly close attention to harmful play ahead of the packed sporting schedule over the rest of this year.

The decrease in online sports betting players coincided with an approximately 6.3% increase in average stakes per active player, a sign of more intensive play. The ANJ warned operators to be “particularly attentive” to how players are gambling to protect against vulnerable bettors from playing too excessively.

Earlier this month, the ANJ stated “significant progress” had been made in the mission to reduce problem gambling when reviewing operators’ action plans on protecting vulnerable players.

Falque-Pierrotin explained: “In a 2024 context, marked by the holding of two major sporting events (Euro 2024 football and the Paris Olympic Games), the ANJ reminded operators that, due to the risk of intensification of gaming practices, they will have to exercise increased vigilance with regard to the prevention of gambling among minors and gambling behaviour, particularly among vulnerable people (notably 18-24 year olds).” 

He will work with SIS stakeholders around the world to improve its live racing offering. In addition, McSorley will lead the supplier’s non-Americas international racing portfolio.

McSorley takes on the new role having served as head of international horseracing at SIS for the past two years. Prior to this, he was commercial manager for the UK and Ireland at the supplier.

Before joining SIS, McSorley worked as business development director at Gbet. He also had a spell as commercial director at Metric Gaming, head of business development at BragBet and general manager for Boyle Media at Boylesports.

In addition, earlier in his career, McSorley worked in marketing director roles for Betabet, Easyodds.com and Aspiritus. 

McSorley “honoured” with new role at SIS

“Our 24/7 racing offering delivers great value to operators all over the world,” McSorley said. “It is an honour to be handed the task of overseeing a product that drives revenues while being enjoyed by millions of people.

“We will continue striving to further develop our high-quality product, which offers a constant stream of regular betting opportunities.”

SIS chief operating officer Andy Purkiss added: “Conall has shown in his time with SIS that he has the product knowledge and commercial acumen that will help us to continue leading the way in delivering top-class products to a growing number of partners. 

“We’re excited to see him take on this new role and look forward to building on the strong momentum our racing offering has produced in recent months, while adding value for our customers and rights partners.”

SIS carries over 35,000 horse races and more than 27,000 greyhound races annually. This includes action from over 170 tracks, producing 8,760 hours of betting content for global operators.

I Am Maximus, ridden by Paul Townend, owned by JP McManus and trained by Willie Mullins, was the 7/1 favourite winner. Christian Wakeford MP, Maria Caulfield MP, Justin Tomlinson MP and Peter Aldous MP were among those who backed I Am Maximus.

In total, more than 50 MPs took part in the initiative. Others included Sir Alok Sharma, Dame Caroline Noakes and Scotland minister John Lamont.

For the nominated charities whose partner MPs were not so lucky, charities will still receive a donation. BGC members including William Hill, Ladbrokes, Coral, Paddy Power and Betfred jointly pledged £250 to each featured charity. 

After combining these donations with winning bets, this means charities will receive a total of £15,115. This is an increase on last year’s £13,500.

BGC chief: Grand National betting part of British culture 

The Grand National is one of the most famous horse races in the world. First held at Aintree Racecourse in 1839, the current race takes place over four miles and 514 yards. Red Rum still holds the record for the most wins, finishing first in 1973, 1974 and 1977.

“600 million people from all over the world tuned in to watch one of the best Grand Nationals,” BGC chief executive Michael Dugher said. “An estimated 12 million people in the UK – roughly a third of adults – enjoyed a bet on the National. This shows once again that for millions of us having a flutter is part of our great British culture.

“I would like to thank all those MPs who took part for supporting so many fantastic good causes and for taking the time to visit constituents working in betting shops. We had more MPs than ever before, from right across the political divide, ministers and shadow ministers, supporting the BGC and supporting the Grand National.”

United Tote primarily supplies totalisator systems, services and equipment. It also provides a range of technology services to process bets and pay-outs and pari-mutuel tote services.

The original deal said CDI would work with NYRA to provide a pari-mutuel solution through United Tote to reach customers. It was also agreed the United Tote pari-mutuel settlements business would be excluded from the sale and remain with CDI.

NYRA is a not-for-profit corporation that operates the three largest thoroughbred horse racing tracks in New York. These include Aqueduct Racetrack in South Ozone Park, Queens; Belmont Park in Elmont; and Saratoga Race Course in Saratoga Springs.

Record revenue for CDI in 2023

The sale comes on the back of CDI reporting record financial results for 2023. During the 12 months to 31 December 2023, revenue reached a record $2.46bn (£1.94bn/€2.27bn), up 36.0%.

Revenue was up across all business areas. However, it was CDI’s live and historical racing segment where this growth was most apparent. This means the division surpassed the gaming business to become CDI’s primary source of revenue.

While record revenue was the headline figure, adjusted EBITDA was also 39.0% higher at $1.02bn, a new annual high for CDI.

However, increased spending pushed net profit down 5.0% year-on-year to $417.3m.

CDI details new historical racing venues

Alongside the results, CDI also announced plans to open new facilities in both Virginia and Kentucky.

Phase one of The Rose Gaming Resort in Virginia has been approved and is now scheduled to open in September. It will feature 1,650 historical racing machines, a hotel and food and beverage options. 

Meanwhile, plans are in place to also open Owensboro Racing & Gaming in Kentucky in Q1 of 2025. The facility will house 600 historical racing machines, a retail sportsbook, simulcast wagering and multiple food and beverage offerings.

And then came 1 April when Minnesota’s horse racing commission voted to allow historical horse racing at horse tracks. Some say this is a violation of the state’s exclusivity agreement with the tribes and others say is outright illegal. The machines look similar to slot machines and in most jurisdictions are considered games of chance. This is also an area for which the tribes have exclusivity.

Whatever the situation, the decision has raised tempers. On 3 April Stephenson said in an informational hearing before the House Commerce, Finance and Policy Committee, of which he is chair: “I just want to be clear; in no universe will a bill leave this committee with historical horse racing.”

New bills to consider

A day after the hearing, Senator John Marty dropped a bill that would put a 40% tax rate on legal sports betting. It also prohibits HHR, bans in-game wagering and sends significant funding to problem and responsible gambling programmes. Stephenson added an amendment to his wagering bill and a separate bill that expressly prohibits HHR.

House and senate committees will hold hearings on the new bills today (8 April) and tomorrow.

The Minnesota Indian Gaming Association (MIGA), which has been present and is monitoring the progress of betting bills throughout the session, used its strongest language yet in response to the racing commission.

“Slot machines not located on tribal land remain illegal in Minnesota,” MIGA executive director Andy Platto said in a statement Tuesday according to the Minn Post. “After decades of debate at the capitol on the topic, the Racing Commission decided to usurp legislative authority and unilaterally authorise slot machines at the state’s horse tracks. We will strongly oppose any efforts to implement the Commission’s decision and will be looking at all available options.”

For tribes, exclusivity, sovereignty at stake

It is clear that MIGA will continue to lobby against HHR and any bill that would infringe on its exclusivity. MIGA could also take legal action if necessary.

Among the key sticking points in passing legal sports betting in Minnesota over the last four years has been how the state’s horse tracks fit into the equation. The tribes want to protect their exclusivity and, by extension, sovereignty.

Minnesota’s horse racing industry has been in decline for many years. In some states, such as Illinois, Louisiana and Massachusetts, horse racing has been propped up by legal sports betting. This is because it is legal in those states for the tracks to offer on-site and, in some cases, digital sports betting.

Study: HHR would bring $5.9m for purses

However, there is no precedent for a state with gaming tribes with majority market share to then cede provision to horse racing tracks. Legislators have offered up ways to compensate the tracks to try to prop them up. Stephenson’s latest bill has $625,000 that would be directed to purses, which commerce committee member Ann Neu Brindley called “pennies”.

The Minneapolis Star-Tribune reported that a study commissioned by the tracks showed that HHR would bring in $5.9m for purses and could also fund retired racehorse programmes, the state breeders fund and cover regulatory costs.

But the situation in Minnesota just got more heated and likely more difficult to solve.

There was no vote, and HF 2000 is currently sitting in the House Taxes Committee awaiting a vote there. But Stephenson, who is the chair of the Commerce Finance and Policy Committee, said he wanted to have an informational session about Minnesota wagering legislation with his committee as the bill moves forward.

Stephenson’s bill, which was carried over from last session, has been heavily amended, including doubling the tax rate and adding in daily fantasy sports regulation. Stephenson also brokered a deal between the state’s charitable gaming foundations and the tribes that is reflected in the latest version of the bill.

But Commerce Finance and Policy Committee members were vocal in their concerns about several issues, including the tracks and what legal wagering will look like on Indian lands. Stephenson made it clear that his bill does not – and will not – include allowing historical horse racing (HHR) at tracks.

HHR is a dealbreaker

“I just want to be clear that in no universe will a bill leave this committee with historical horse racing,” he responded during a line of questioning about how HHR could be considered a game of skill versus chance.

“I’ve left a lot on the table (to discuss) and have given very few redlines, but this is one.”

Representative Ann Neu Brindley also called the $625,000 earmarked for purses at the state’s two racetracks “pennies”.

Instead Stephenson’s bill would further expand the gaming monopoly enjoyed by the state’s tribes, which have previously said they would not support a bill that allows the tracks to have sports betting.

In states where tribes have exclusivity, Indian Country traditionally won’t get behind any legislation that would chip away at that right.

While Stephenson has massaged his proposal over the last four years, the biggest sticking point likely remains how to mollify the horse tracks and allow the tribes to retain exclusivity.

Stephenson: Take sovereignty seriously

Another line of questioning from committee member Tim O’Driscoll involved asking if there was a way to level the playing field for tribes or to dictate how they would partner with commercial operators.

He voiced concern that smaller tribes would not benefit as much as the bigger tribes and suggested that the state legislate revenue sharing among the tribes.

Stephenson shot down the idea, saying that unlike with brick-and-mortar gambling venues, location doesn’t matter. A tribe of any size could partner with an operator of any size, he said.

The best example of this comes from Michigan. When the state legalised online sports betting, the Bay Mills Indian Community, located 350 miles north of Detroit, partnered with DraftKings, the second biggest operator in the country.

Stephenson also said that he does not believe it is up to the legislature to determine how or with whom tribes will partner. They are sovereign nations entitled to make their own decisions, he added.

The bill is one of two moving through the legislature. On the senate side, SF 3803 (previously 1949) has passed through two committees, but remains stalled in State and Local Government and Veterans.

The Minnesota legislative session is set to close on 20 May and there is no crossover deadline.

RMG took the decision to combine its teams as more bookmakers are approaching rights acquisition on a global basis. Dowding will now oversee the enlarged team, taking on the new role with immediate effect.

Dowding is a long-serving member of the RMG team having joined the business in March 2013 as head of partnerships. He went on to become head of B2B and then director of betting, holding the latter role for more than six years.

Prior to his time with RMG, Dowding worked for The Jockey Club. Here, he spent time as sponsorship manager and regional sponsorship manager.

In addition, for the past three years, he has combined his duties at RMG with serving as a non-executive director at BocaSports.

Racecourse Media Group eyes international opportunities 

“Ben has a huge amount of expertise in the sector,” RMG chief commercial officer Nick Mills said. “I wish him every success leading the team to capture new international opportunities.”

Dowding added: “I am delighted to have been asked to expand my responsibilities internationally. There are significant and exciting opportunities to enhance further both revenues and awareness for British and Irish racing via this new collaborative approach to the domestic and global betting markets.”

RMG is the umbrella organisation for the 35 shareholder racecourses that hold an interest in Racing TV, GBI Racing and Racecourse Data Company. Content from these racecourses is broadcast in approximately 7,000 licensed betting offices across the UK and Ireland. 

Racecourse Media Group member courses include Aintree, Cheltenham, Exeter, Kempton Park and York.

The channelisation rate has fallen since the third quarter of 2023. ATG believes there is little sign of the trend being halted.

ATG found visitor traffic to unlicensed operators has increased tenfold since 2019. The research also highlights that out of 20 unlicensed sites with the highest Q4 visitor traffic, 19 shared the same platform providers as licensed operators.

Additionally, of the 20 black-market sites included in the report, none were on the Swedish regulator Spelinspektionen’s banned list.

“It is a very worrying development and our investigation shows that more still needs to be done to keep the unlicensed companies away,” ATG chief executive Hasse Lord Skarplöth stated. “Unlicensed gambling is the biggest threat to the Swedish gambling market and the vulnerable target group with gambling problems.”

ATG requests help from Sweden banks

Of the 20 unlicensed sites with the most Q4 traffic, seven of them offered direct deposit and withdrawal from a Swedish bank account. Black market players can use the identity verification company BankID with payments business Krofort.

Skarplöth has called upon banks in Sweden to halt such transactions, instead driving them towards the legal market.

“In the light of our report, it is absurd that the Swedish Gambling Authority and banks impose high anti-money laundering requirements on us licensed gambling companies while at the same time watching unlicensed gambling companies,” Skarplöth declared.

Europe’s black-market problem

While some European countries excel in channelisation, Germany and France are among those struggling with the black market.

A 2023 study from the University of Leipzig found that nearly half of all online gambling in Germany takes place with unlicensed operators.

The research estimated that three-quarters of online revenue in Germany is generated by the black market. As a result, hundreds of millions of euros in tax revenue are missed out on.

At a conference in October, it was said that Germany’s licensed operators are under more pressure from the black market than ever before.

In France, meanwhile, the country’s gambling regulator l’Autorité Nationale des Jeux (ANJ) estimated the illegal gambling market in the nation to be worth up to €1.5bn (£1.28bn/$1.62bn). This would account for more than 10% of the total wagered across the country each year.

The study, carried out by PwC, approximated the gross gaming revenue generated by illegal gambling is between €748m and €1.5bn. This would be responsible for between 5% and 11% of France’s total gambling market, which was worth a record €12.9bn in 2022.

ATG records rise in FY2023 net profit

Despite the concerns over channelisation rates in Sweden, ATG reported a 7.5% year-on-year rise in net profits to SEK1.45bn (£111.2m/€129.9m/$140.9m) for its 2023 financial year.

While total group revenue was marginally lower at SEK6.04bn, net gaming revenue edged up 0.9% to SEK5.27bn.

“I feel proud of the 2023 figures,” Skarplöth said. “ATG had growth when the total gambling market landed at plus or minus zero.”

Governor Hochul said the new 275,000 sq ft grandstand will offer “the modern amenities and hospitality offerings fans now expect”. New York Racing Association (NYRA), which will oversee construction, has now released a series of renderings ahead of commencement.

The demolition of the current Belmont Park grandstand/clubhouse is slated to begin in March and will continue through early July. This summer’s Belmont Stakes Racing Festival will be held at Saratoga to allow for uninterrupted construction at Belmont Park.

New York authorities said the multi-year project will generate $1bn in construction-related economic benefits and create 3,700 construction-related jobs. The New York authorities are providing the NYRA with a $455m loan to fund the project. Following the return of racing in 2026, activities at the new facility will generate $155m in annual economic output. Some $10m in new state and local tax revenue per year will also be generated.

“The redevelopment of Belmont Park is a critical investment in one of New York’s most historic sporting venues,” Governor Hochul said. “The new facility will support year-round racing, thousands of new jobs for Long Islanders and provide an enhanced experience for customers attending the iconic Belmont Stakes for generations to come.”

Belmont Park hopeful of hosting Breeders’ Cup

NYRA has developed a plan that will allow for the Belmont Stakes to return in June 2026 prior to the full opening of the new building in September 2026. Although a venue for the 2026 Breeders’ Cup World Championships has yet to be determined, the new Belmont Park will be complete and ready to host the 2026 Breeders’ Cup should the opportunity arise. The Breeders’ Cup has announced its commitment to add Belmont to its list of host venues following NYRA’s modernisation of the facility.

The new grandstand, which is being designed by Populous, will increase the amount of unstructured green space available to fans. The overall footprint of the building is reduced from its current 1.25 million sq foot.

While the venue will have the same 50,000-person capacity, the layout has been adjusted to accommodate flexible seasonal attendance.

NYRA president and CEO David O’Rourke said: “The transformation of Belmont Park will secure the future of thoroughbred racing. It will create thousands of jobs and drive tourism to Long Island and the region for decades to come. NYRA is committed to building a world-class destination that will set the global standard for a racing facility. We thank Governor Hochul for the opportunity to completely re-imagine Belmont.”

January’s GGR was a hefty 67% increase on the same month last year, while it was also a 4.1% hike on December 2023.

Despite the figures, Macau’s January GGR still fell 14.4% behind the MOP22.1bn recorded in the final January before the pandemic started.

Macau’s Covid recovery expected to continue

Macau’s response to the devastating Covid-19 lockdown has been impressive, with 2023’s cumulative gross income of MOP183.1bn a 333.8% year-on-year increase. While that is still just 59.8% of the final full year before Covid, the growth seen since the easing of lockdown restrictions is expected to continue.

In early-January, Fitch Ratings altered its outlook on SJM Holdings from “negative” to “stable”, in large part due to the continued growth in regards to visitation and gaming revenue in Macau, where SJM has heavily invested into its integrated Grand Lisboa Palace Resort.

Macau’s success also stands to benefit Las Vegas Sands, with its success in the region driving revenue up to $10.4bn for its 2023 financial year. Macau was a huge factor in that growth, with revenue rocketing 303.1% to $6.6bn.

With Covid restrictions only largely cancelled in Macau in January of last year, Sands chief executive and chairman Rob Goldstein has lofty expectations for the region.

“There is an ongoing speculation of the future growth of Macau,” Goldstein said. “Can the Macau market grow to $30bn, $35bn, even $40bn and beyond? We believe that it will.”

The fact Macau is now flourishing is made even more impressive when considering the struggles of China, which holds sovereignty over Macau. Lottery ticket sales in China for November 2023 decreased 2.5% year-on-year, while sports lottery sales were also down 13.3% from the same month last year.

Jockey Club forced to cease operations

Despite the success seen in Macau gambling, one area that is yet to take off is horse racing. So much so, that the Macau Horse Racing Company has agreed to cease offering horse racing from 1 April 2024.

The company – which operates the Macau Jockey Club – signed an agreement with the special administrative region’s government. This agreement terminated the concession awarded to the Club to exclusively operate horse racing in Macau.

Lei Wai Nong, secretary for economy and finance, signed the agreement on behalf of the government.

In the statement, the company blamed its cumulative loss of over MOP2.5bn on the “limited room for development and growth”, as well as the “adverse effect” of the pandemic.

David Brown, a UK bookmaking industry veteran since 1976, and ex-trading director for William Hill, Coral and LadbrokesCoral, is certainly worried. 

“I’ve been in the industry for 47 years and this is the most pessimistic I have ever been over the health of the UK sports betting market,” he states.  

2023’s earnings: A sign of things to come  

Earnings reports throughout 2023 have arguably precipitated this decline.

What should have been a record-breaking period – first the 2022 World Cup and then a packed holiday season of horse racing – instead became grim reading.

Bet365, the UK’s largest online operator by market share, raised the first warning flag. In a trading update issued at the beginning of 2023, the company announced operating profit was down by 88% over the last financial year.

The second major warning came from 888/William Hill. In publishing its Christmas and World Cup earnings at the start of 2023, it went to great lengths to omit like-for-like gross win performance compared to Russia 2018. 

Throughout the year UK-listed Entain, once one of the industry’s brightest prospects, has also seen its outlook worsen.

With its growth slowing in each quarterly earnings report throughout 2023, its outlook is not bright. In November, investment bank and financial services giant Goldman Sachs downgraded Entain to “sell” from “buy”.

Amid concerns over business growth, it now also forecasts Entain’s pro-forma online growth to be negative in Q4 of 2023 and H1 of 2024.  

The UK white paper: Creating a cloud of uncertainty 

Dismal operator earnings, however, only form part of the picture. The fallout from the white paper, published in April 2023, presents the bigger issue. In particular, affordability checks being introduced in 2024.

In their present form, these checks greatly risk sending punters to the black market due to their intrusive nature.

The issue, as many see it, is the increasing polarisation of views between the GC and the industry.  

For example, it has been previously claimed by the GC that only 3% of accounts will be subject to affordability checks. Much of the crux of the current debate has been centred around whether this figure is actually correct. 

The GC’s own measure of how many betting accounts would be subject to affordability checks has been roundly criticised as inaccurate by many commentators.  

“Rhodes now introduces another measure, ‘gambling at the time’, to support his own data but without definition of what that exactly means,” comments David Brown.  

The issue, in short, is that many of the accounts included in the other 97% belong to “occasional” punters.

These include those who only bet on major events, such as the Grand National and thus are unlikely to place another bet for 12 months.  

Inevitably intrusive checks, if they continue as planned in 2024, will see many regular punters, who form much of the backbone of the industry, stop using regulated online bookmakers.  

The rise of the black market

With this, comes the rising spectre of the black market. UK black market gambling operators are increasingly targeting vulnerable players, according to new data published by Yield Sec.

The intelligence platform, led by CEO, Ismail Vali, recently published findings that the number of illegal operators in the UK have increased “fourfold” between 2021 and 2022.

That number doubled again to 231 during 2023. In total, more than 1,000 affiliates helped to publicise illegal operators.

According to Yield Sec, this means that illegal gambling now makes up 4% of the UK’s online gambling market share and gross gaming revenue (GGR).

This results in a significant drop in tax revenue, as well as funding for responsible gambling initiatives such as GAMSTOP.

Via its latest research, Yield Sec has recorded Google searches bidding to aid the avoidance of self-exclusion.

By January 2024, Yield Sec detected millions of “not on GAMSTOP” and other similar Google search results. This allows vulnerable gamblers to bypass self-exclusion strategies with legal operators.

As a result, at-risk players are falling through the “trap door” of looking to bet with illegal and potentially dangerous operators, who are not monitored by tools such as Yield Sec and GAMSTOP.

The Yield Sec platform also reveals a far more extensive, largely unmonitored landscape where illegal operators are strategically exploiting vulnerable audiences as a basic tenet of their go-to-market strategy.

At the heart of this disconcerting trend are two pivotal metrics: Cost per Acquisition (CPA) and Revenue per Player (RPP). Illegal operators navigate the acquisition landscape by targeting audiences shunned by the legal industry, effectively minimising their costs. 

Commenting, Ismail Vali, founder and chief executive of Yield Sec, stated: “Our surveillance highlights the disturbing and cynical growth of a certain type of illegal operator present in the UK over the past three years.

“The evidence of illicit gambling options that seek to cynically work around and enable vulnerable problem gamblers to avoid GAMSTOP self-exclusion is distressing and demands immediate and meaningful intervention.”

Navigating 2024: Focusing on the positives    

The UK, however, has proven itself extraordinarily resilient in the past and can do so again. 

The first bright prospect for growth in the regulated sector is the re-emergence of UK retail. Playtech Sports is fast making it a rival to online sportsbooks.  

At the forefront of this digital revolution are the company’s Self Service Betting Terminals (SSBTs), which are experiencing double-digit growth.

SSBTs now offer everything a punter can find online, with the same transactional speed.   

“We’re seeing everyone wake up to terminals in betting shops. This has been particularly evident since Covid”,  says Lee Drabwell, managing director for Playtech Sports.   

The key to retail’s rise in popularity, as Drabwell sees it, is the ability for Playtech Sports to offer speed and convenience, and the ability to place a bet as quickly as online.

“Gone are the days of customers asking for a price at the desk. Everything they want online is now available in a betting shop via terminals. All operators are fully engaged with this and we’re seeing a significant increase in retail traffic as a consequence.”  

Drabwell is fully confident that Playtech Sports’ SSBTs have a major role to play in 2024. It is clearly a case of supply meeting demand.

“As long as that investment by operators continues in 2024, we’ll continue to see increased traffic. BoyleSports for example, have expanded into the UK and are doing very well,”  Drabwell states confidently.

“JenningsBet is another great example of investment and expansion and we are now seeing nearly 100% of independent operators taking our terminals.”  

Retail: A bright future   

So how much potential for growth do we see for this in 2024?

“There is plenty of potential for more growth,” Drabwell says with the full confidence of an industry veteran with close to 35 years’ experience.

“There’s clearly market demand for this. The realisation is that if you don’t harness the digital experience and give customers an engaging and seamless experience, then you’ll struggle.

Take in-play betting for example, we now offer a massive range as part of the betting shop experience.” 

“We’re now seeing over 40% of football bets taking place through in-play. Of course, the only way you can do that in a betting shop is via a terminal. 

In total, about 80% of all in-shop football bets in shops take place via terminals and I am confident that this will grow to nearly 100% in the next two years.  

“Our Betbuilder for football is also performing particularly well in shops. This an excellent example of digital demand transferring to shop success.” 

The ability to innovate and offer the same as online is what is driving demand. Not only that, but it’s also attracting plenty of new customers.

“This is the great thing about making the betting shop experience digital-first. In effect, we’re taking everything that’s available online and delivering it to the world of retail.” 

The pitch is simple, catering to those who like that tangible feeling of the cash-based win twinned with a simple mechanic to bet.

Playtech Sports’ technology and tools also give operators the ability to deliver all customer safeguarding measures in a responsible manner. This makes it a win-win for both market demand and regulation.

“We’re seeing plenty of new sports driving popularity too.” He adds. “Baseball, cricket, American football and basketball are all growing in popularity. These are just a few examples of betting events that are drawing customers into the shop.

“Again, it’s another area where our Betbuilders are performing well, with a full range of betting opportunities for NFL, tennis, basketball – and baseball to follow soon.” 

So, which operators will be best placed to lead in 2024? “It’s definitely a case of those who invest the most will have the most success,” highlights Drabwell.  In short, bet on any UK operator investing in retail and especially Playtech Sports’ SSBTs.   

Investing in brand loyalty will be key 

Going above and beyond for the customer will be another key indicator of operator performance in 2024. Star Sports is an excellent example of this. By focusing on the customer experience, they are bullish on their outlook.  

“We have made great progress in 2023 with our online product (app), acquired more retail estate and stood at more tracks than ever before,” says Flynn Goward, head of operations at Star Sports.

The company has been quick to capitalise on demand, staking its claim on new pitches on racetracks. The first at the Newbury National Hunt and the second at the Ascot National Hunt.  

“We’re now standing for approximately 150 days a year across horse racing and greyhound racing.

Our space in the market currently is to lay some of the largest bets around, while ensuring we give the best service possible for whatever size of punter.” 

Where others see crisis, Star Sports sees opportunity. This aggressive approach is paying dividends. “We are trying to be present in as many areas as possible. As other firms are leaving the high street and on-course, we are buying up retail and pitches.”  

As Goward has noticed. “Bigger punters are now roaming the betting rings,” he says. “We are seeing larger cash-based bets now on-course compared to previously when affordability checks weren’t being mentioned.

“I’m assuming the on-course bookmakers have been left alone so far, as they only present a limited opportunity to bet (typically six or seven races that day) and possibly the away meetings.”  

Indeed, the thought of making affordability checks happen at the likes of Cheltenham in March will be almost insurmountable. “I’m unsure how we would manage this when the punters are climbing over each other to get the price they want in the Champion Hurdle!” Goward adds.   

Investing in success  

As a customer-focused operator, Goward is very proud of just how much Star Sports has carved out a niche for itself in retail, on-course and online.

“In terms of the online product, I believe we offer the best service around.” He states with pride. The final piece of the puzzle in Goward’s view, is all about having a presence. When asked for his key takeaway, he summarised it shortly. 

“Part of our success is by not being faceless. You will often see myself, or Ben Keith (our owner), standing at the big meetings or at the Greyhound Derby,” and it certainly goes a long way.

“We like to think we have a personality, which is backed up by the service we strive to give via our knowledgeable and friendly team at Star. 

“We also want to give back to the game. Sponsoring the Brighton Summer Racing Festival (we are Hove-based) as well as sponsoring the Greyhound Derby for years now, which is very close to Ben Keith’s heart.  

This rings especially true when it comes to future investment and they have high hopes to continue increasing market share throughout 2024.

“We are always looking to improve our product offering, overall betting experience and reach within the marketing space. This is a huge focus for 2024. Hopefully meaning more customers will find us at Star but more importantly will stay loyal to us as their go to betting firm,” Goward finishes.   

Bridging the divide between the GC and the industry  

Unfortunately, however, innovation and pro-activity – such as that which Playtech and Star Sports have put on the table – will not be enough to ensure that the UK industry can weather the storm in 2024.

The increasing polarisation between the Commission and the industry needs to be solved. David Brown, with almost 50 years’ service to the industry, is doing his best to offer a solution to bridge this gap.

“There is a perception within many betting operators, especially racecourse bookmakers, that the GC doesn’t quite ‘get’ betting or understand how bettors think and behave. So, it’s a little surprising that of the seven newly appointed commissioners, none of them have any experience of the betting industry.”  

So, what steps can we take to ensure this can be done in 2024? For Brown, the first step is to agree what can be agreed on and then focus forensically on where the differences occur and where obstacles lie.

“I have been involved in this industry for nearly five decades and it is resilient. It has emerged from challenging times before and I have little doubt it will do so again. Leaders, please step forward.” 

Indeed, this resilience is what will be key. Goward certainly agrees. “At Star we will always be resilient, but it would be naïve of me not to recognise the potential risk to the gambling/racing industry with regulation.

“We all want people to gamble safely and abide by AML regulation, but we need really clear guidance on what this looks like.”  

Now, it’s over to the GC for the next move. 

The entity will supply viewers with live and post-race tracking data. TPD‘s in-play odds will also be made available to racecourses worldwide.

In addition to the merger, the companies announced a shake-up of their management team. TSD founders Carlos Santo and Sebastian Scholz will join TPD’s board. Here, they will assist with managing a global team comprising more than 40 people.

Brad Higgins, executive director at TSD, is set to lead APAC sales. John McBroom, commercial director at TPD, will lead global sales.

Horse racing competing for attention

Will Duff Gordon, CEO of TPD said the merger improves TPD’s existing offering.

“We are extremely pleased to welcome the passionate and determined TripleSdata team to create a global champion of racehorse tracking and revenue generation,” he said. “We are aware that today’s consolidated bookmakers seek the maximum amount of product from each partner and we’re pleased to add three more countries of top class racing to the existing eight.”

He added that the horse racing industry is increasingly competitive and that focusing on tracking content can improve its offering.

“As with all industries and sports, the sport of horse racing is having to compete hard for attention, TPD and its racecourse partners share a vision that the tracking content can make the sport more appealing and in the process make betting more fun.”

Santo said the merger will see both companies provide a high-quality data product to customers.

“This merger brings together two visionary companies dedicated to pushing the boundaries of possibilities through technology and poised to unlock new opportunities and expand our product offerings,” said Santo. “This marks the beginning of an exciting journey.

“Together, we will continue to innovate, adapt and thrive in an ever-evolving landscape, delivering unmatched data solutions and experiences to our customers and stakeholders in the racing and wagering industries.”

ATG launched the initial trademark lawsuit back in December 2020. This was after a war of words between ATG chief executive Hasse Lord Skarplöth and his Svenska Spel counterpart, Patrik Hofbauer.

In a statement announcing ATG’s court victory, Skarplöth said: “That the supreme court also followed our line was expected. It must never be okay to use someone else’s company name and it feels good that the matter is now settled once and for all.

“It was important to establish that a competitor does not have the right to use our company name and exploit its good reputation.”

Another blow for Svenska Spel

The failed appeal comes in the wake of Svenska Spel announcing its intention to close its Casino Cosmopol venues in Gothenburg and Malmö in order to “limit losses”.

Online casino has heavily affected Casino Cosmopol’s visitor numbers in recent years, with the closures potentially impacting around 200 jobs. The liquidations mean the Casino Cosmopol in Stockholm is now the only land-based casino remaining in Sweden.

Casino Cosmopol had already been fined in December, receiving a SEK2m (£154,000/€180,000/$200,000) penalty for anti-money laundering failings. Svenska Spel was also warned.

The writing was somewhat on the wall for Casino Cosmopol in October. Svenska Spel’s Q3 report revealed a stall in retail earnings and revenue due to market-wide pressures on the sector.

In response, Svenska Spel adapted business practices at Casino Cosmopol, but ultimately it was unable to prevent the closures.

ATG shining in Sweden

While Svenska Spel is faltering, ATG seems to be flourishing in the Swedish market. A very successful three-month period up to 30 September 2023 saw ATG record a double-digit rise in operating profit.

Net gaming revenue increased 4.5% to SEK1.35bn, from SEK1.29bn last year. That was the second highest figure for a third quarter in ATG’s history, happening in spite of the Swedish market stalling in H1.

Meanwhile, ATG’s total revenue for the three-month period was at SEK1.53bn, up 3.0% year-on-year. The group made an operating profit of SEK497m, up 13.7% year-on-year.

Potential tax issue on the horizon

In September, Sweden’s government (Regeringen) announced plans to increase the gambling tax rate from 18% to 22% of gross gaming revenue (GGR). If the proposals are approved, the tax hike will come into effect in Sweden from 1 July 2024.

Regeringen stated the move could accumulate an extra SEK540m in additional tax revenue per year. Predictably though, the proposals have been met with fierce industry opposition.

Indeed, ATG is at the forefront of that opposition. Skarplöth called for the government to rethink its proposals earlier this week.

Skarplöth wants differentiated tax across the gambling sectors, with sports betting remaining at 18%, while igaming’s tax rate is increased.

“It came as a shock, the proposal for a higher excise tax on gambling companies,” Skarplöth said. “Shortly afterwards, the will to fight awoke.

“Strengthened by our research, we have now put quite a lot of energy into demonstrating the advantages of a differentiated gaming tax in Sweden as well. The hope is now that our analysis will move legislators from insight to action.

“It is a good starting point for our proposal; keep the tax on horse betting and sports, but raise it on online casinos.”

While Regeringen believes the move could bring in an additional SEK540.0m (£39.3m/€45.5m/$48.4m) in tax revenue each year, the proposals met with strong opposition from the industry, including the ATG.

In a blog, Skarplöth labelled Regeringen’s plans a “shock”, and called for taxes on horse and other sports betting to remain the same, while increasing those on igaming. Skarplöth cited examples of other European countries with differentiated gambling taxes as reasons for the Regeringen to rethink its proposals.

Skarplöth said: “It came as a shock, the proposal for a higher excise tax on gambling companies. The ensuing reaction was a sense of resignation; how would the already hard-pressed horse industry cope with the fact that the contribution from ATG was greatly reduced?

“Shortly afterwards, the will to fight awoke; can there be a way forward that fills the treasury, without jeopardising equestrian sport?

“Strengthened by our research, we have now put quite a lot of energy into demonstrating the advantages of a differentiated gaming tax in Sweden as well. The hope is now that our analysis will move legislators from insight to action.

“It is a good starting point for our proposal; keep the tax on horse betting and sports, but raise it on online casinos.”

ATG vowing to clamp down on illegal gambling in Sweden

The ATG’s proposal for differentiated tax comes in the wake of the state-owned betting business promising to crack down on illegal gambling in Sweden.

In November, the ATG flagged a ten-fold increase on visitor traffic to unlicensed websites since 2019, when legal betting launched in Sweden.

ATG data showed channelisation rates for regulated online gambling in Q3 2023 was between 70% and 82%. While online sports betting had a channelisation rate of 88%, this decreased to 74% for online casino.

ATG estimated the illegal market is worth between SEK3.4bn and SEK6.7bn annually. The ATG also said two groups, Infiniza Limited and North Point Management Ltd, accounted for 60% of illegal gambling visitor traffic in Q3.

Skarplöth voiced his concerns over the figures, declaring the ATG will do what it can to tackle the issue moving forward.

“The results of our quarterly surveys are alarming and indicate that a significant percentage of problem gamblers in Sweden are linked to unlicensed gambling sites,” Skarplöth said.

ATG flourishing in steady Swedish market

GGR from Swedish licence-holders was steady in Q3 at SEK6.7bn, the same as the prior quarter. The largest increase in turnover came from land-based casinos, registering a 30.5% increase year-on-year.

The ATG, meanwhile, had a hugely successful period in the three months to 30 September 2023, with a double-digit rise in operating profit.

Net gaming revenue was up 4.5% to SEK1.35bn from SEK1.29bn last year. The second highest figure for a third quarter in ATG’s history came despite the Swedish market stalling in H1.

Total revenue for the three-month period was at SEK1.53bn, which was up 3.0% year-on-year. The group made an operating profit of SEK497m, up 13.7% year-on-year.

Lei Wai Nong, secretary for economy and finance, signed the agreement on behalf of the government.

Request to cease concession

The Macau Horse Racing Company submitted a request to the government to terminate the concession last year. The company cited difficulties in operations and a lacklustre horse racing environment as reasons for the termination request.

“Macau Horse Racing Company Limited has been operating at a loss, accumulated in excess of MOP2.5bn,” read a statement from the company.

“Moreover, there has been limited room for development and growth of the horse racing industry in Macau over the years and, including the adverse effect brought about by pandemic over these last three years, it has become increasingly difficult to sustain the operations.”

“The board of directors has had to make a difficult decision and, commencing from 1 April 2024, the company will cease all racing related operations.”

Inside the termination agreement

As part of the agreement, the Macau Horse Racing Company agreed to handle the labour rights and benefits due for employees affected by the termination.

It will also facilitate the transportation of horses to other approved locations by 31 March 2025.

In 2018, the government signed an extension to the original concession with the Macau Horse Racing Company. At the time, it agreed to an additional 24 years and six months. This would have see the concession come to an end on 31 August 2045.

The Macau Jockey Club was created through a contract signed by the Portuguese government and shareholders active at the time. The Club has been the subject of financial issues since 1989.

In 1991, the Club undertook a restructuring which allowed it to continue operating.

As part of the new deal, the bookmaker will now hold naming rights on each day of the two-day event

Betfred will also expand its backing of races during the festival. The bookmaker will support a total of six races at each edition of the event, with the existing deal only covering two races.

Betfred boss hails “memorable” first year

“Following on from a memorable two days at Epsom last year we are delighted to further develop our support of the Betfred Derby Festival,” Betfred boss Fred Done said. “We very much look forward to working with the team to keep the fixture at the forefront of world racing.”

Amy Starkey, managing director for the east region at Jockey Club Racecourses, which owns Epsom Racecourse, also welcomed the extension. 

“Our relationship with Betfred spans many years and many major races. We are delighted to be strengthening our partnership at Epsom Downs still further.

“Betfred’s support of British racing over many years is clear for all to see. We can’t wait to get cracking with Fred and his team as we look to promote the greatest flat race in the world in 2024 and beyond.”

Betfred CEO Whittaker named on iGB Most Influential Women list

Confirmation of the deal comes after iGB last month named Betfred CEO Joanne Whittaker on its Most Influential Women 2023 list.

Whittaker took over from Done as CEO at Betfred in 2021. This followed a 20-year working relationship between the two.

During more than two years at the helm, Whittaker has overseen a successful period for the bookmaker. In 2022, turnover grew 37.5% year-on-year to £723.2m (€839.0m/$918.5m).

Upon being named among iGB’s Most Influential Women in Gaming for 2023, Whittaker said there is an emerging female leadership class in the industry today. 

The deal sees the British Horseracing Authority (BHA) and Horse Racing Ireland team up with the Japan Racing Association (JRA).

The aims of the committee include promoting Japanese horses, while easing the travel of connections between the regions. Other objectives include the enhancement of awareness of each industry, creating a regulatory partnership and “further internationalising” horse racing.

The chairman of the new committee will be Joe Saumarez Smith, who is also the BHA chairman.

Commenting on the partnership, he said: “The British and Irish horse racing industries have enjoyed a close and fruitful relationship with the JRA – and the wider Japanese racing industry – for many years now.

“We are delighted to be collaborating with the JRA and are hugely grateful for their significant support. This can only lead to increased participation in each other’s racing, resulting in deeper fan engagement and increased and new revenues.”

British horse racing looking to stem decline in betting

In 2023, the BHA has made efforts to slow what it calls a decline in betting on British races.

For its 2024 fixture list, the BHA improved prize money and quality of races to support the betting aspect.

The BHA have improved the spread of fixtures on Saturdays while strengthening its Sunday offerings. The BHA expects the schedule changes, combined with the increase in competitiveness and quality of racing, to entice punters to bet on British horse racing again.

The alterations could help improve racing’s finances by approximately £90m over a five-year period. However, BHA chief operating officer Richard Wayman warned not all of the changes would be “immediately successful”.

The move of headquarters has been made with the intention of taking advantage of Las Vegas’ growing role as a sports hub, as well as giving the NTL more opportunity to tap into strategic partnerships. The chance to grow its fan engagement also appealed to the NTL.

Tom Ludt, NTL president, stated: “We are thrilled to announce the relocation of NTL to the vibrant city of Las Vegas. This move represents a strategic decision to align our league with a community that shares our passion for sports and entertainment.

“Las Vegas provides an extraordinary platform for NTL to thrive, with a depth of talent in sports wagering and event management.”

Las Vegas’ growing importance in sport

November of this year saw Las Vegas host its first Formula One race. The Oaklands Athletics of Major League Baseball also announced they would be relocating to the city in the future.

The Athletics are following in the footsteps of the NFL’s Las Vegas Raiders in moving from Oakland to Las Vegas. The city is a growing part of the NFL’s plans, holding its draft there in 2022, while the Raiders’ Allegiant Stadium will host the upcoming Super Bowl in February.

The NTL is not the only company looking to place larger emphasis on Las Vegas, with BetMGM claiming 2024 will be the year it “unlocks” the city.

The Formula One race in November attracted 300,000 fans to Las Vegas. As a result, Bet MGM took three times the number of bets than any other F1 race in its history.

Bet MGM chief executive Adam Greenblatt highlighted the appeal of Las Vegas to its customer acquisition strategy.

“[20]24 is the year we unlock Las Vegas,” Greenblatt said. “Why that’s important, is because recruiting a player in Vegas costs 27% of the cost of acquiring that player in the open market. They’re also more than 130% as valuable.”

CDI said the project generated 400 construction jobs and resulted in over 150 permanent jobs at the venue. More than $14.0m of the investment was spent with minority, women and veteran-owned subcontracting services.

“This project is one of which I’m particularly proud because in addition to its impact of the Kentucky horse industry, it’s going to bring new energy to our downtown and stimulate investments like it,” CDI CEO Bill Carstanjen said. 

“DCG Downtown will give locals, bourbon tourists, convention attendees and all our visitors, another much needed entertainment facility in this region. Investing in downtown Louisville was more than a financial decision. It is an investment in the spirit and the culture and the future of our city.”

Kentucky’s governor, Andy Beshear, also praised the project. He said the venue fits in with the state’s racing heritage.

“As you all know, racing is a key part of our history and our culture,” Beshear said. “Churchill Downs brings folks from across the state and across our world together.

“This company isn’t just resting on where they’ve been, they’re laser focused on where they’re going. They’re working tirelessly to be even better to ensure their future and our future as Kentucky is brighter than ever.”

Sports betting now legal in Kentucky

The opening comes shorty after Kentucky opened its legal online sports betting market. Initially, the state launched retail wagering on 7 September, with online following on 27 September as part of a staggered launch.

Bet365, BetMGM, Caesars, Circa, DraftKings, FanDuel, Fanatics and Penn Sports Interactive all picked up online licences. Kambi was also issued a service provider licence, although this only covers retail operations.

As for retail, licences have been issued for a number of racetracks and satellite facilities. These include Churchill Downs and Derby City Gaming, both in Louisville; Ellis Park in Henderson; The Mint Gaming Hall Cumberland Run in Corbin; and The Mint Gaming Hall Cumberland in Williamsburg.

Other approved sports wagering operators are Newport Racing and Gaming in Newport; Oak Grove Gaming and Racing in Oak Grove; The Red Mile in Lexington; and Turfway Park in Florence.

In addition, licences were awarded to three new facilities. These include Derby City Gaming in Louisville; Ellis Park in Owensboro; and Sandy’s Gaming and Racing in Ashland.

Racing content will be offered under Great British & Irish Racing (GBI Racing). This served a similar function between 2010 and 2018.  

RMG represents 34 British racecourses including Jockey Club-operated racecourses, York and Goodwood. ARC, meanwhile, works with 16 British racecourses and several independent racecourses such as Ascot, Chester and Newbury.

Meanwhile, a separate service for various fixed-odds territories will broadcast coverage from British racecourses. This will also cover ARC’s Premier Greyhound Racing service. Broadcast services for tote and fixed-odds channels will be provided by Vermantia, ARC’s production business. 

Efficient platform for British and Irish racing

“This partnership will offer British racing a unified export service, streamlined for our various international partners,” ARC managing director of media and international, Brendan Parnell, said.

“Working with our colleagues at RMG, we look forward to offering and developing this efficient international platform to distribute and promote the sport around the world.”

RMG CEO Martin Stevenson added: “I am delighted that British racing, and Irish racing via the tote service, will be sold and promoted as one package. This will drive further value for our racecourses and provide a better product for our customers across the world. 

“I look forward to working with Brendan and his team in creating this leading international service. I would also very much like to thank SIS for the work they have done for our racecourses in this area over the last five years.”  

The story of affordability checks has created the most united front between punter, racing media and bookmaker that the UK has seen.

To his credit, we can certainly say that Rhodes has arguably done more to bring the industry together than anyone ever before.

However, that united front is now against him and the Gambling Commission, especially following his speech on 8 November.

The challenge that the GC now faces is the need to balance player protection while keeping the industry sustainable.

The speech: what went wrong

The GC has a precarious tightrope to walk. However, for many in the industry, the feeling is that the GC does not have its interests at heart.

“[The speech] reads to me rather like a party-political manifesto,” says David Brown, a UK industry veteran since 1976, and former executive trading director for William Hill, Coral and Ladbrokes-Coral.

“High on aspiration and intention but without the detail of how everything will be delivered.”

It has been previously claimed by the GC that only 3% of accounts will be subject to affordability checks.

Much of the crux of the current debate has been centred around whether this figure is actually correct.

“The GC’s own measure of how many betting accounts would be subject to affordability checks has been roundly criticised as inaccurate by many commentators,” Brown says.

“Rhodes now introduces another measure, ‘gambling at the time’, to support his own data but without definition of what that exactly means.”

Affordability checks: misrepresented statistics

The issue is that many of the accounts included in this 3% belong to “occasional” punters. These include those who only bet on major events, such as the Grand National, and thus are unlikely to place another bet for 12 months. Or if they do, it will be for only a few major races that are broadcast on national television, such as the Cheltenham Festival.

So, how many regular punters will be subject to regular affordability checks? Nobody seems to know.

“Instead of criticising data produced by different sources, and in the spirit of renewed collaboration, then surely the solution is to agree and define industry standard definitions for terms such as ‘active’ gambler and ‘dormant’ account,” Brown says.

“If all stakeholders used the same definitions, then we would see more clarity on the data supporting key debating points.

“This would avoid wasting time trying to rationalise data sources and debating the data purity itself in favour of using mutually accepted data to make the required decisions and lead to positive actions.”

Many in the industry believe that the affordability checks could cause customers to stop using regulated bookmakers.

If that were to happen, then the statutory bookmaker levy that funds UK racing will take a serious hit.

The GC: taking responsibility for horse racing

In Brown’s view, the GC cannot distance itself from how its decisions will affect the UK’s sixth largest employer.

Rhodes, however, disagrees. “It is not the job of the Commission to consider or advise on the wider implications for any given sport – that is the role of DCMS,” he told a congregation of industry leaders on 8 November.

In contrast, Brown believes differently. “If I follow his argument correctly to its conclusion, I believe his comments are saying that if racing were to ultimately cease to exist or at least be significantly reduced in size because its funding model collapses, then that’s not a matter for him.

“I doubt many would agree with that position. I certainly don’t.

“Surely, a balanced approach [is] protecting the vulnerable from harm while allowing those who wish to bet on racing within their means [to] continue to do so. Most importantly, doing so with minimum inconvenience would be the best way forward.”

Of course, hindsight has 20/20 vision. The challenge now is to move forward together in this balancing act.

According to Brown, the main issue is the lack of a clear project plan when the white paper was first set in motion. 

“Whenever a process like this is undertaken then a clear project plan should be in place for delivery with agreed timelines and named individuals accountable for delivery to scope and time,” he says.

“The continued time slippage on delivery led to scepticism of the review, which was unhelpful.”

This is understandable. Six ministers were involved in the review, as well as the original deadline being missed by a year.

“Industry leaders, please step forward”

So how do we move on from here? Let’s look at the positives. We have made significant progress in the past year to reduce severe gambling harm, as Rhodes emphasised.

Brown agrees. “I was especially pleased to read of the reduction in ‘extreme’ cases, which have been distressing to see with some dreadful human impacts involved,” he says.

“Maybe the eye-watering fines applied to betting operators have been the catalyst to force change within organisations to protect their customers from harm. If so, then that has to be accepted all round as excellent progress.”

This is a strong example of how everyone in the industry can work together to achieve common goals. Hopefully we can do the same with affordability checks.

So, what follows? “The first step is to agree on what we can agree on and then focus forensically on where differences occur or where obstacles lie,” Brown says.

“I have been involved in this industry for over five decades and it is resilient. It has emerged from challenging times before and I have little doubt it will do so again. Leaders, please step forward.”

So, what is something actionable? In Brown’s view, that depends on where you look.

“This present scenario of potentially highly intrusive affordability checks is likely to encourage illegal operators within Britain. There is no room for complacency here.

“A wise position would be to be alive to the threat of illegal activity and work collaboratively as an industry to identify it and prosecute under the law.

“Stopping illegal traffic through geo-blocking and advertising into the country is a good place to start.

“However, that will not halt British bettors engaging with betting operators outside the GC’s jurisdiction. This also does nothing to identify any black market non-digital betting within Britain.”

Highlighting the positives

So, how do we navigate the changing landscape together – and more importantly, is this possible?

In Brown’s view, which draws on decades of experience at the helm of some of the UK’s leading bookmakers, it is.

“In my experience, bookmakers themselves have for many years, and long before the Commission came along, always proactively identified illegal cash betting operations and have provided information leading to prosecutions.”

But, as Brown emphasises, the key stakeholders in the industry need to show leadership and find new ways of thinking together.

“A good starting point would be to review how in the early years of the GC, the relationships between the commission and bookmakers were very collaborative.

“There was excellent work done to identify and prosecute ‘cheats’ under the powers of the new Act when the GC first launched. This involved the GC, betting operators and the Sports Integrity Units working collaboratively together.

“Tennis in particular was excellent – we even had a direct hotline to the Tennis Integrity Unit, as well as the Commission, for highlighting suspicious activity.” 

Brown believes that identifying and understanding the problems that occurred can help improve the relationship between the parties involved.

“There is a perception within many betting operators, especially racecourse bookmakers, that the GC doesn’t quite ‘get’ betting or understand how bettors think and behave.

“So, it’s a little surprising that of the seven newly appointed commissioners with backgrounds in many sectors none of them has experience of the betting industry.”

Concluding thoughts

Andrew Black, a co-founder of Betfair, agrees that we must find a new commonality of thinking, as stated in a recent article.

“I make Andrew Black 100% correct in his judgment. Surely, to rally the industry together we do need some new thinking and ideas,” Brown says, before reiterating his plea for industry figures to stand up and be counted.

“I’ve said many times that the industry stakeholders need to show true leadership, accept mistakes that have been made in relationships and learn from them.”

Rhodes’ call to arms for the industry to rally and navigate the changing landscape certainly rings true. And by paying heed to Brown’s views articulated here, hopefully we can all see the importance of working together to solve the problems we face. Do that and the industry can look forward to a brighter 2024.

Amid conflicts with stakeholders across the UK betting landscape, Rhodes looked to outline the challenges the industry faces with the implementation of the government’s Gambling Act Review white paper.

Affordability polarisation

Acknowledging the increasing polarisation within the industry, Rhodes looked to re-iterate the Commission’s impartiality as an independent regulator.

“We have clear statutory objectives and responsibilities. We don’t have a commercial interest in what happens, but that doesn’t mean we ignore commercial realities,” he said.

“The debate on gambling has been exceptionally hard to engage in during the past year. We have challenged people where they have misrepresented statistics and we have sought to bring some balance and evidence to the arguments.

“Everyone is entitled to their opinion, but some of what has gone on has been an unedifying sight. I am not sure (it) is helping anyone,” he continued.

Rhodes has previously highlighted the controversy in certain sectors of the press around the government’s approach to gambling reform. In particular he drew attention to the “deliberate misinformation… designed to muddy the waters of debate and to torpedo the implementation of government policy.”

Rhodes went on to outline the progress made over the last 12 months towards eliminating extreme cases of gambling harm. The Commission believes this is a strong example of the collaborative approach that can be taken together with the industry.

Black market risks “overstated”

Despite the risk of illegal gambling due to “intrusive” affordability checks Rhodes believes that the risk is overstated. He added: “That does not mean there is no risk, as I have said many times. It does not mean there are no problems.

“I hear quite a lot of anecdotal examples from you, but we need to turn that into something actionable. I am genuinely grateful to those who have provided confidential information to us, which has helped us in this area.”

The key, said Rhodes, is the balancing act between the growth of the industry and the sustainability of the customer.

According to him, this is a “call to arms for the industry to rally together and navigate the changing legislative landscape”.

No special treatment for horse racing

Despite the “exceptionally difficult and sometimes very bitter debate” over the past year, Rhodes warned that the racing industry would not receive special treatment.

“It is not the job of the Commission to consider or advise on the wider implications for any given sport – that is the role of DCMS,” he said.

This statement comes as the CEO of The Jockey Club, Nevin Truesdale, sees a petition to halt affordability checks surpass 70,000 signatures.

In countering the horse racing sector’s pushback towards affordability checks, Rhodes highlighted the Patterns of Play research. The report states that the most profitable one per cent accounts for 70.4 per cent of gross gambling yield (GGY).

His conclusion is that “horseracing not only has a critical dependency on money lost to operators through gambling… but relies on 70 per cent of that money coming from a proportion of bettors five times smaller”.

Or, in other words: “The call being made here is for unlimited and, quite literally, unchecked gambling losses on a sport, to support the growth and continuation of that sport.”

Moving forward

In outlining the Commission’s vision, Rhodes confirmed that the UKGC is currently working on developing its new three-year corporate strategy. Due to be published next spring, it is to “focus on communicating clearly and building effective partnerships”.

In ending his speech, Rhodes again looked to highlight the progress made by the industry over the last 12 months. “Ultimately if we can all commit to working together it will lead to better regulation, better outcomes and safer, fairer and crime-free gambling across Great Britain.”

The plans are the first phase of a new long-term industry strategy, with changes to run for a two-year trial. The Horserace Betting Levy Board (HBLB) will support the plans by providing an additional £3.8m (€4.4m/$4.7m) in funding.

Part of the reason for these changes, the BHA says, is to support the betting side of racing. 

Switching Saturday fixtures and new Sunday betting session

The organisation has set out three primary, betting-related targets for the upcoming 2024 season. The first of these is to improve the performance of Saturday events by spreading fixtures across the day.

This will involve having 32 Saturdays with only three fixtures during the protected window between 2pm and 4pm. It is hoped that these days will outperform the other 19 Saturdays by between 6% and 7% in terms of total betting turnover. The other days will have four events in the same window.

“Analysis of historic betting data illustrates that improving the spread of fixtures across Saturdays will boost total betting activity throughout the day compared with the current more concentrated spread of meetings,” BHA chief operating officer Richard Wayman said.

The second target relates to the introduction of a new betting session on Sunday evening. This, the BHA says, will aim to outperform midweek floodlit fixtures. These are staged between Tuesday and Thursday and aim is to increase turnover by 15% to 20%.

“Changing behaviours among primarily digital betting customers indicates that Sunday evenings will outperform similar fixtures on midweek evenings,” Wayman said.

BHA: Adding Premier events to address racing betting decline

These targets tie in with the third aim, which will seek to slow a decline in betting on British racing. Wayman says the introduction of more Premier Fixtures will help, given these meets perform 1% to 2% better than other fixtures.

Linking to other targets, Wayman says measures such as the improved spread of fixtures on Saturdays, stronger Sunday fixtures, the introduction of Sunday evenings and more competitive racing across the fixture list will help slow the decline in betting activity. 

“The focus and investment in Premier Fixtures is expected to result in these fixtures outperforming the rest of the fixture list,” Wayman said.

“An improved relative performance of 1% to 2% would reflect a significant uplift, given the volume of turnover on Premier racedays compared with the remainder of the fixture list.”

Changes could bring additional £90m to British racing

Should the BHA progress with these and other proposed changes for 2024, these could help improve racing’s finances by approximately £90m over a five-year period. This is compared to if no changes were made to fixtures ahead of the upcoming campaign.  

“Not all of the changes we have introduced will be immediately successful,” Wayman said. “Some may take time to bed in – behaviour change frequently does – and some may not work at all. By setting two-year targets we are, in effect, trying to evaluate a long-term strategy through a very short timeframe.

“In addition, the short timeframe means that the targets we have set are not the ultimate, long-term ambitions for where these changes will leave us. In this narrow timescale we are instead looking for early indicators of direction of travel.

“For this reason, alongside measurement against the targets we set out below, we will also be conducting detailed, retrospective analysis of racing on an ongoing basis. However, it is crucial that any initiative and any strategy is based on measurable data and targets.

“This is everyone’s sport and we intend to be as open and transparent as possible around these targets, their measurement and our progress against them.”

BHA blasts affordability checks

One proposal the BHA does not support, separate to its own plans, is affordability checks. A proposal put forward in the government’s white paper, the topic has created much debate inside and outside the gambling industry.

Speaking at a BHA-hosted reception at the houses of parliament back in September, BHA managing director Julie Harrington hit out at proposals to introduce blanket affordability checks. 

Harrington blasted the plans as “not appropriate” and said that the BHA opposed such an approach.

Total revenue for the three-month period was at SEK1.53bn, which was up 3.0% year-on-year. Net gaming revenue for racing was up by just over 1.8% to SEK1.02bn. Sports betting was also up slightly from SEK151m to SEK159m.

The group made an operating profit of SEK497m, which was up 13.7% year-on-year. The increase was in part down to a 3% reduction in operating expenses to SEK761m. ATG said the savings came from cutbacks in marketing and consultancy costs.

Economic concerns

“We’re growing revenue – net gaming revenue in the third quarter is historically our second highest,” said ATG’s chief executive, Hasse Lord Skarplöth. “And we cut costs. But the economy going forward is still a cloud of worry.

“After a decline during the first quarter, influenced by the general economy and last year’s pandemic effects, we see continued growth in the third quarter as well. We increase revenues and lower our costs. This is an effect of continued customer focus as well as strict priorities, consultant turnover and cost control.”

Lord Skarplöth reiterated ATG’s opposition to government plans to increase gambling tax from 18% to 22% from July 2024. ATG estimates this will mean an extra SEK200m on its tax bill, which it claims will be a loss to Sweden’s racing industry.

“Our proposal is that the tax on betting is kept at 18 per cent and the tax on commercial online gambling (casino and poker) is raised to 26 per cent,” he said.

Generally positive results in Q3

Casino was the biggest area of growth, although it is ATG’s smallest vertical. Casino grew by 24.2% to SEK169m.

ATG’s retail business fell by 23.3% to SEK154m. However, the much bigger digital channel continued to grow. Net gaming revenue for digital increased by 9.7% to SEK1.20bn.

Denmark accounted for SEK92m of net gaming revenue, which was up 18.0% year-on-year.

According to Spelinspektionen figures, the Swedish market saw gross gambling revenue drop by 1% during the three months to 30 June. Commercial online gambling and sports betting, lottery, slots and land-based commercial gaming were all down during the period.

Svenska Spel saw a 1% increase in both revenue and operating profit during the most recent quarter.

The overall total was marginally down on 2022’s figure of HK$4.9bn, but still significantly up on the 2021 figure of HK3.9bn.

Meanwhile, prize money won across the 131 World Pool races in the UK and Ireland this year was at a record high of £32m. In the UK and Ireland, the international pari-mutuel pool is accessed via the Tote, at racecourses, online and via the Tote App.

Michael Fitzsimons, executive director of wagering products at the HKJC,  said: “We are really pleased with how World Pool has been received in the UK and Ireland again this year and the turnover figures look strong against a challenging economic backdrop.

“There are many more opportunities for growth in the UK and Ireland and we look forward to being able to roll out World Pool at even more of the season’s flagship race days. We look forward to adding more days in the future.

“We’d like to thank all of our partners, including the UK Tote, Racecourse Media Group and Ascot Racecourse – who have all been with us since World Pool was first created in 2019 – for all their hard work in making it another highly successful season.”

Martin Stevenson, chief executive of Racecourse Media Group (RMG), said: “World Pool has been a hugely important initiative for British and Irish racing to grow revenues and prize money and it’s been great to see such strong performance again in 2023.”

Record turnover for World Pool in UK and Ireland

Outside of the UK and Ireland, World Pool meetings in Dubai, Saudi Arabia, South Africa and Australia have all posted record turnover numbers during 2023. World Pool will be active for two further meetings – Cox Plate Day and Victoria Derby Day – in Australia this year.

This year’s Caulfield Cup broke the record for the highest turnover on a World Pool race in Australia with HK$54.2m bet into the pool, eclipsing the HKD$51.5m bet on the previous weekend’s Everest. Only two World Pool races this year, the Queen Elizabeth II Jubilee Stakes and the Dubai World Cup, have had bigger pools.

Changes will be implemented from the 2024 Grand National, which takes place on 13 April at Aintree Racecourse. One horse died during the 2023 race while the start was delayed due to protests from animal rights activists.

“The Grand National is the most iconic race in the world and one which transcends our sport,” Jockey Club chief executive Nevin Truesdale said. “For many it is also their introduction to horseracing. I believe that a competitive, fair and safe Grand National is one of the best ways of ensuring the sport continues to thrive for generations to come and remains an important part of Britain’s culture and economy.

“That means our sport, like many other sports have done, needs to recognise when action needs to be taken to evolve because the safety and care of horses and jockeys will always be our number one priority. In making these changes at Aintree we are underlining our relentless focus on welfare and our commitment to powering the future of British racing.”

Grand National start time to change

Alongside a reduced line-up, the Jockey Club set out a series of other changes that become effective from 2024. All of these, it says, are designed to offer betting protection to horses and jockeys.

These include moving the first fence 60 yards closer to the start line and implementing a standing start. This, the organiser says, will reduce the opportunity for horses to build up too much speed at the start of the race.

Meanwhile, measures will be put in place to create a better environment for the horses. The start time of the race will be brought forward to provide optimal ground conditions. This will be confirmed following talks with lead broadcaster ITV.

Horses will also be released at the end of the horsewalk to canter in front of grandstands, rather than being led out by their handler. 

Alterations to Aintree course

The Jockey Club is also committing to a series of infrastructure changes to the course. These include altering the running rail on the inside to help with the early capture of loose horses. Fence 11 will be reduced in height while foam and rubber toe boards will be installed on all fences.

Changes will also be made to ensure horses participating are in the best condition. As such, the minimum handicap rating will be raised from 125 to 130, in line with all Grade 1 races.

In addition, the Grand National Review Panel, a group of industry experts that assess horses entered to run the race, will increase its scrutiny of runners. This includes analysing horses with jumping errors in 50% or more of their last eight races before allowing them to run.

British Horseracing Authority chief executive Julie Harrington has declared her backing for the new measures. She says the steps will help protect runners while keeping the Grand National exciting for spectators. 

“The Grand National is the world’s greatest horse race,” Harrington said. “It has maintained that status through the years, in part because of the developments and changes that have been made to it. These changes have enabled it to move with the times and maintain public support while also ensuring that it remains a unique, thrilling spectacle and the ultimate test of a racehorse.

“The package of measures which will be introduced for next year’s race seeks to strike this crucial balance and the BHA endorses them in full.”

Completion comes after the French Competition Authority (l’Autorité de la Concurrence) gave its approval to the deal last month.

Founded in 2001, ZEturf employs approximately 100 people and generated over €50.0m in revenue in 2022. Alongside online horse race betting, it offers internet sports betting via the ZEbet brand.

“The acquisition of ZEturf marks a new chapter for FDJ,” CEO and chairwoman of FDJ, Stéphane Pallez, said. “It strengthens our position in the French market for online games open to competition. 

“Following the launch of our poker business, our entry into the world of online horse-race betting rounds out our diversified online range and bolsters FDJ Group’s growth prospects while remaining aligned with our responsible gaming model.”

FDJ satisfies competition regulator’s concerns

FDJ plans to put in place a new organisational structure for the business. This, it says, is in line with commitments made to l’Autorité de la Concurrence and will make the most of expected synergies.

The regulator also flagged certain other issues during its approval process. These included how the combined entity could make it more difficult for competitors to access betting pools managed by the business and would have the option of removing competitor’s bets from these pools.

In response, FDJ agreed to separate its monopoly and competitive gaming operations. It has committed to setting up separate websites and applications for each business area, with no common gateway or homepage connecting them. There will also be separate user accounts for each activity.

FDJ will also refrain from creating a customer database to promote competitive gaming activities, which would include monopoly player data.

In addition, FDJ will not promote its competitive gaming activities in any of its retail outlets or online lottery hubs. Separate social media accounts will be maintained and its sales team will receive training on how to respect these commitments.

The business also agreed to allow licensed operators in France to access the common pool of horse racing betting stakes it manages. As such, FDJ will continue to maintain current pooling agreements at the date of the acquisition.

These actions were enough for l’Autorité de la Concurrence to give the deal the green light.

In particular, FDJ has committed to separating its monopoly and competitive gaming operations. It also has said it will allow any French licensed operator to access the common pool of horse racing bets it manages.

L’Autorité outlines competition concerns

Despite both FDJ and ZeTurf offering online sports betting, their low combined market share meant this alone did not concern the regulator.

Instead, l’Autorité said problems could come from FDJ’s monopoly on lottery games and retail sports betting.

It argued that, because of its exclusive rights to offer these segments, the new combined business may have been tempted to restrict the competition for online horse racing and sports betting.

This would potentially occur by FDJ promoting online horse racing and sports betting to its monopoly customers or using a single customer account for all offered games.

Issues with horse racing betting pools

The regulator also highlighted competition issues for horse racing in particular. It pointed out the new combined entity could make it more difficult for competitors to access betting pools managed by the business and would have the option of removing competitor’s bets from these pools.

“The analysis conducted by l’Autorité demonstrated that the new entity had the ability and incentive to consider implementing such strategies and that they would have been effective to the detriment of ZeTurf’s competitors,” said the competition authority.

“L’Autorité therefore concluded that the risk of harm to competition through conglomerate effects could not be excluded.”

FDJ agrees to separate monopoly and competitive gaming activities

Due to the risks to competition highlighted by the regulator, FDJ agreed to separate its monopoly and competitive gaming operations.

As such, it has committed to setting up separate websites and applications for each business area. There will be no common gateway or homepage connecting them. It has also agreed to maintaining separate player accounts for each activity.

The lottery operator said it will also refrain from creating a customer database to promote its competitive gaming activities, which would include monopoly player data.

In addition, FDJ also said it would not promote its competitive gaming activities in any of its retail outlets or online lottery hubs. Separate social media accounts will be maintained and its sales team will receive training on how to respect these commitments.

The operator will also offer its competitive gaming through a dedicated business subsidiary to create more distance between the activities.  

FDJ to allow competitors access to common gaming pools

The business also agreed to allow any operator licensed in France to have access to the common pool of horse racing betting stakes it manages.

As such, it said it will continue to maintain current pooling agreements at the date of the acquisition. The FDJ said it would not stop pooling its online horse racing bets within the common pool that is available to third parties.

After making these commitments, l’Autorité agreed to allow FDJ’s planned acquisition to take place.

Acquisition of ZeTurf

In November 2022, FDJ announced it would be acquiring ZeTurf in a €175.0m deal. It added that an additional consideration would be paid depending on the business’ performance in 2023.

The national lottery operator had previously said the acquisition would form part of its wider plans to expand in the French online gambling market.

ZeTurf is the second largest horse racing operator in France, with a 20% market share. It employs 100 staff and reported €50.0m in revenue in 2021.

Its tracks in Virginia, Colonial Downs and Rosie’s Gaming Emporium, already house Exacta historical racing machines. This means it takes charge of the full value chain.

More historical horse racing machines (HHRMs) will be rolled out across its other properties.

Churchill Downs flexes B2B muscle through acquisition

Exacta will fold into CDI’s B2B subsidiary TwinSpires, providing content to its current third-party clients in Kentucky, Wyoming and New Hampshire.

This arm, formerly CDI’s operating business repurposed as a B2B proposition, already powers DraftKings’ horse racing app DK Horse.

Caesars Racebook is also integrated with the Caesars Rewards loyalty programme. Players earn points for each wager placed and can exchange these credits for experiences at any Caesars location across the US and Canada.

The New York launch follows successful rollouts of the racebook in a number of other states. These include California, Colorado, Florida, Indiana, Kentucky, Louisiana, Maryland, Massachusetts, Minnesota, Montana, North Dakota, Ohio, Oregon, Pennsylvania, Washington and Wyoming.

Caesars said plans are in place to also launch the racebook product in more states across the US.

Joint effort in New York with NYRA Bets

“Building on the popularity of our Caesars Sportsbook app, we are thrilled to launch Caesars Racebook in New York during the heart of the Saratoga race meet,” Caesars Digital’s senior vice-president, Dan Shapiro, said.

“Caesars has a deep-rooted commitment to horse racing and we couldn’t have a better partner to bring a premier horse racing mobile wagering experience to racing fans.”

Caesars Racebook is powered by NYRA Bets, the online betting platform of the New York Racing Association. This partnership has been active since March of last year.

“This is an important expansion of the partnership between NYRA Bets and Caesars Racebook,” NYRA Bets president Tony Allevato said. “This will contribute to the success of horse racing in New York State now and in the future.”

Caesars’ expanding New York presence

Launching Caesars Racebook in New York will further strengthen the operator’s presence in the state.

Caesars was one of the first operators to go live in New York’s regulated online market after mobile betting launched in the state in January 2022.

Some 18 months on, Caesars is now one of the front-runners in New York. However, the state remains dominated by DraftKings and FanDuel.

In July, Caesars posted $10.6m in online sports betting revenue from a $111.1m handle. This placed Caesars third out of the nine operators currently licensed in New York.

However, Caesars remains some way behind the leading pair. FanDuel reported $41.09m in revenue for July and took $384.6m in online sports bets. DraftKings was just behind with $41.09m in revenue and a $340.4m handle.

Meanwhile, adjusted earnings before interest, tax, depreciation and amortisation (EBITDA) hit a record $363.7m in Q2 – up from $291.2m year-on-year.

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The increase in turnover, HKJC said, was down to the rising popularity of simulcast races. Turnover from betting on simulcast events jumped 12.5% year-on-year to $11.80bn.

Most simulcast turnover came from customers in Hong Kong, with this rising by 11.3% to $10.50bn. Turnover from the HKJC’s World Pool overseas customers and partners was also up 23.0% to $1.30bn.

While local racing in Hong Kong remained by far the primary source of turnover, contributing $129.30bn, this was 0.5% lower than the previous season.

Of the local racing total, $104.00bn came from consumers in Hong Kong, while $25.39bn was generated by commingled pools.

Total turnover from Hong Kong players across all races reached $114.44bn, down 0.3%. In contrast, commingling turnover increased 3.9% year-on-year to $26.71bn.

Record season finale 

The HKJC also noted that the season concluded with a record meeting at Sha Tin Racecourse on 16 July. The meeting, which included seven twilight fixtures, drew $2.07bn in turnover, a record single meeting and season finale.

Meanwhile, overall betting duty for the season reached $14.15bn, a slight increase on the previous campaign. The amount of turnover retained by HKJC for operating expenses and charity increased 1.8% to $6.39bn.

In addition, the HKJC noted an increase in attendance figures, mainly due to the removal of all remaining Covid-19 measures. Visitors to the Sha Tin course jumped 210.3% to 826,000, while Happy Valley attendees hiked 234.9% to 395,000.

“Under such a challenging economic situation, our overall season racing turnover of $141.10bn is very satisfactory,” HKJC chief executive Winfried Engelbrecht-Bresges said. “The strength of the turnover reflects the quality of our products and the ongoing support of our customers.”

HKJC CEO warns of offshore threat

However Engelbrecht-Bresges warned the Jockey Club faced significant challenges from offshore and illegal bookmakers. To ensure its racing stayed competitive and maintains its world-leading position, HKJC will invest in its racecourse assets and look to enhance its customer experience.

“Hong Kong’s world-class racing is not only built on our state-of-art racing facilities, but more importantly a rich and growing pool of racing talents across all levels from trainers, jockeys, veterinarians to stable assistants and farriers,” he added.

“HKJC is committed to attracting world-class talents from overseas and nurturing high-potential homegrown talents. I am delighted to see our racing talents, and the horses they train and take care of, deliver remarkable performances this season to local and global fans. They are the future of Hong Kong’s racing.”

“At a press conference today, Animal Rising said they will cease their protest activity this summer if British racing agrees to take part in a public debate about “the morals of horseracing,” Harrington said. “We will never allow British horseracing to be coerced into any activity by threats of protests.”

Harrington said that Animal Rising’s protests at the 2023 Epsom Derby – which the BHA hailed as “reckless and dangerous” last week – shows that their public declarations are not trustworthy.

“Animal Rising have shown by their reckless actions at the Epsom Derby that their public promises cannot be trusted,” she continued. “They have demonstrated they are prepared to commit potentially unlawful acts and to directly threaten the safety of horses and people to generate publicity around their wider aims.”

Harrington added that horseracing spokespeople had taken part in “well over an hour of televised debate since April” and had communicated their belief in continuing to facilitate and promote horseracing.

“Once again I call on Animal Rising to end their reckless acts against a sport legally enjoyed by millions of people every year.”

The suspension comes amid an unusual number of horse injuries over the previous month, resulting in 12 equine fatalities.

An internal review and investigations by the Kentucky Horse Racing Commission (KHRC) and Horseracing Integrity and Safety Authority (HISA) failed to identify a single factor for this increase.

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One protestor was able to gain access to the track but failed to stop the race, one of the key events on the UK racing calendar, after being tackled by police.

Last month, the Jockey Club, operator of Epsom Downs Racecourse, secured a High Court injunction to prevent protestors disrupting the Derby Festival. This came after protestors delayed the start of the Grand National in April.

The injunction banned people from entering or throwing objects on the track, entering the parade ring and any other action that could disrupt proceedings. Those who breached the injunction were subject to proceedings for contempt of court. 

After several individuals still went ahead with protests, BHA chief executive Julie Harrington hit out at their actions and the danger this caused at the event.

Dangerous actions

“We strongly condemn the actions of the individual who ran onto the track after the Derby had started,” Harrington said. Despite Animal Rising having previously stated on multiple occasions that they would do nothing to jeopardise the safety of horses and riders, this reckless and dangerous behaviour did exactly that.

“I am grateful to Epsom’s security team for their swift response to ensure the race could be completed safely.

“I would like to extend my thanks to the staff at the Jockey Club and my colleagues at the BHA, who have worked tirelessly to ensure the Derby could be staged safely and to the race’s participants who co-operated fully during what were shortened preliminaries. 

“I also want to thank Surrey police for their decisive actions ahead of the Derby.”

Major German races, including Hamburg’s famous Deutsches Derby, will be made available to SiS’ partners worldwide.

Conall McSorley, SiS’ head of international horse racing, said: “We have established a strong relationship with the German Tote and we are delighted to extend our partnership over the long-term.

“Our racing portfolio is of the highest quality and we believe that our customers will enjoy the top-quality action we can continue to provide them with from Germany.”

The extension with German Tote adds to SiS’ content from over 170 racecourses and tracks from five continents, including meetings from Europe, Africa, Latin America and the US.

Riko Luiking, managing director at German Tote, said: “It’s great to have secured this agreement for the long-term across online and retail, as it helps to showcase German racing to a huge international audience.

“We look forward to continuing to work together, providing excellent, competitive entertainment around the clock.”

Earlier this month, SiS announced it had struck a deal with Media System Technologies (MST) to distribute the Italian Gallop Derby to operators in the UK and Ireland for the first time. It has also agreed sponsorship deals with leading races in Argentina and Chile in recent weeks.

Bettors will be able to wager on the Italian Gallop Derby’s nine races, including three group contests – the Italian Gallop Derby, the President of the Republic Grand Prix and the Carlo D’Alessio Grand Prix.

“The Italian Derby is one of the premier contests in Europe, and we are delighted to bring the 140th renewal to bettors in the UK and Ireland and around the world through our partnership with Media System Technologies,” said Conall McSorley, head of international horse racing at SIS. “With a rich history, the race resonates with racing fans in Italy and globally.

“We are sure that the increased global audience will enjoy the high-quality action from Italy’s most valuable race meeting, as we continue to expand our racing offering across the world.”

Michele Rosi, head of operations and business development at MST, called the partnership a “milestone” moment for the industry.

“The distribution of the Derby di Galoppo in the UK and Ireland to major betting brands brings MST and the entire horse racing chain to a new important milestone: the distribution of an important event such as the Derby Italiano di Gallop in the natural cradle of this beautiful discipline,” he said.

“We are sure that the high value of the day of racing, enriched by the quality of the HD images, will represent the best advertisement for a relevant market such as the UK and Ireland.

“This is precisely the image that MST has been exporting internationally since August 2022, together with the offer of Italian racing.”

“We are delighted to be named as the Official Betting Partner of this year’s Irish Guineas Festival in what is the biggest horse racing sponsorship we’ve been involved with so far,” said Novibet’s Ireland country manager Karl Riley.

“The Irish Guineas is a meeting which is one of the biggest in Irish flat racing and we are very excited to be increasing our presence in this area.”

The deal follows the business’ recent news that it is to sponsor Brazilian football team Fortaleza Esporte Clube.

Racing and sponsorship manager at the Curragh, Evan Arkwright, added: “We are very excited that Novibet has selected the Curragh to launch their biggest horse racing partnership to date, and we will work closely with their team to ensure they maximise all opportunities to raise their profile across the extensive global audience that the Tattersalls Irish Guineas Festival attracts throughout all three days.”

The agreement represents Novibet’s largest horseracing partnership to date.

Kentucky’s governor, Andy Beshear, signed sports betting into law last month.

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HBLB said the increased forecast comes amid a continuing decline in turnover, which was being partially mitigated by margins. Actual margins were markedly above average in both February and March, during which turnover fell year-on-year.

“The board will be making decisions on prize money for the September to December period at its meeting next month and this likely outturn provides additional clarity in coming to those decisions,” HBLB chairman Paul Darling said.

“Although overall yield looks to be similar to or slightly up on last year, total turnover and race-by-race turnover are down overall and were consistently down from July to the end of the levy year.

“The board will need to consider carefully what assumptions to make about future yield given this trend.”

With this, Darling warned that bookmakers’ collective initial estimates for 2023-24 are for a materially lower yield than in 2022-23. 

Since the reform of the levy collection remit in 2017, HBLB recorded a mixed set of results, with these impacted by the Covid-19 pandemic that began in 2020.

The 2020-21 figure stood at £83.0m, with HBLB noting that no racing took place in the first two months of the levy year due to the pandemic.

For 2019-20, HBLB reported £98.0m in levy income, with 2018-19 at £84.0m and 2017-18 £94.0m.

The sponsors will also have branding tied to other races, including the May Hill Stakes, the Doncaster Cup and Champagne Stakes.

“To have the Betfred name attached to the St Leger Festival is not just a sponsorship but a privilege,” said Fred Done, CEO of Betfred. “I am proud to be associated with the world’s oldest classic which is obviously synonymous with great horses like Triple Crown winner Nijinsky, Dunfermline for the Queen and Oh So Sharp for Sir Henry Cecil.”

Martin Cruddace, CEO of ARC, said the company was pleased to have Betfred involved in sponsoring the St Leger Festival.

“We are absolutely delighted to welcome Betfred as the headline sponsors of the St Leger Festival and of the Betfred St Leger itself,” said Cruddace. “Fred Done and his team have long been keen supporters of British racing and the inclusion of this historic race meeting into their sponsorship portfolio is another indication of their commitment to the sport.

“The whole sport is extremely fortunate to benefit from working in partnership with Fred and his team and we very much look forward to a fantastic Betfred St Leger Festival in September.”

Last month, it was announced that Betfred would be the new sponsor of the Oaks and the Derby at Epsom Downs.

The app will feature many famous tracks around the world, including content from each branch of the Triple Crown American horse racing championship.

The operator said that over 180 tracks total would be included on the app, from venues in the US, UK, Ireland, Hong Kong, Japan and Australia.

The platform will have in-built live streaming and replay capabilities, single user account sign-on and “deep link” integration across the business’ digital products. Also included will be statistical and factor compilation, new user education tools as well “seamless” deposit and withdrawal services.

PointsBet Racing

The product is a result of an October 2022 agreement between 1/ST Technology and the business, who then announced a multi-year strategic partnership to build a pari-mutuel wagering platform.

“The launch of PointsBet Racing marks a significant milestone in our efforts to expand our product portfolio and capture the tremendous potential of the US horse racing market,” said Johnny Aitken, PointsBet USA CEO.

“We are optimistic about replicating the success we have seen in mature global betting markets where racing is a huge engagement channel next to sports. This new offering will contribute to the growth of online horse racing in the US and we are excited to get live in advance of one of the most important racing events of the year.”

The NYRA said that the “significant” construction development would have no cost to tax payers, due to being funded through loans that the operator is obliged to pay back to the state government.

Belmont Park’s existing grandstand and clubhouse are to be replaced with a new building, designed to “reflect the evolution” of racing and wagering since the site was last redeveloped in 1968.

In keeping with the declining popularity of racing in New York, the new construction is to be smaller, with the current 1.25 million square foot facility set to be replaced with a 275,000 square foot structure.

According to the NYRA, the new building is to feature many more of the modern amenities and hospitality offerings common today at sports venues.

Transformation of Belmont Park

“The transformation of Belmont Park will secure the future of thoroughbred racing in New York State, create thousands of good jobs and drive tourism to Long Island and the region for decades to come,” said NYRA president and CEO David O’Rourke.

“We thank Governor Hochul and our legislative leaders for recognising the importance of this project to the countless New York families and small businesses reliant on a strong horse racing economy.”

The organisation highlighted the role played by Senator Joseph Addabbo and Assemblyman Gary Pretlow for advancing the project as respective chairs of the senate and assembly committees on racing, wagering and gaming.

The NYRA said it would engage organised labour to develop the project, which is set to also expand the amount of parkland available to fans by developing the “Belmont backyard”.

“NYRA is committed to building a world-class venue that honours the history and traditions of this iconic property within a modernised overall facility,” added O’Rourke. “We will deliver a revitalised Belmont Park that will reclaim its place as a global capital of thoroughbred horse racing.”

Economic impact of the project

According to an economic analysis of the project by real estate consultants HR&A Advisors, the multi-year project will create 3,700 construction jobs and produce $1bn in construction-related economic impact.

The new racing and non-racing facilities at the developed site will cause $155m in economic impact per year, as well as supporting 740 new full time jobs. Following the completion of the project, Belmont Park will annually generate $10m in new state and local tax revenue.

“A new and re-imagined Belmont Park will guarantee the return of the Breeders’ Cup World Championships to New York after a lengthy absence,” noted the NYRA. “In November, the Breeders’ Cup announced its commitment to add Belmont to the rotation of host venues following NYRA’s modernisation of the facility.”

Read the full story on iGB North America

The payment total represents a 6.9% increase from £110.0m paid out in the previous year.

“The RMG model has once again proved to be resilient and reliable – in the face of significant challenges – producing record results, and performing ahead of expectations,” RMG chairman Roger Lewis said.

“The results are a testimony and tribute to the vision and dedication of those racecourses who came together and stuck together to create, grow and develop the RMG business.”

Lewis will step down from the RMG board this year and will be replaced by former Flutter UK and Ireland chief executive Conor Grant. The change will come into effect from 1 October. 

Future

Looking ahead to the future, RMG chief executive Martin Stevenson said innovation will be key for both RMG and racecourses to grow appeal and engagement with the sport, as well as provide a platform to deliver growth in licence fees to racecourses and racing.

“A fundamental building block in technical innovation for the business is the deployment of a highly reliable and accurate tracking system, which we have achieved via the award-winning Coursetrack,” Stevenson said.

“Beyond purely providing timing, the importance of tracking is that it provides a wealth of real time data that the business can now utilise to develop new products and innovations. These include the roll-out of in-play betting on RMG’s content, currently deployed by BetVictor and William Hill, and with more bookmakers in the pipeline.

“Another key application of tracking data is to help create stimulating, insightful data – a suite of new facts and statistics – to engage our audiences and support betting markets.”

Stevenson also referenced the upcoming roll-out of RMG’s self-service betting terminal racing product this month, as well as improvements to broadcast output, including the introduction of augmented reality graphics and gradual move to remote production.

He also noted the impact of the #Raceday social media initiative, which has surpassed 20 million views and helped engage with a young demographic. In addition, free-to-play games, run in conjunction with Paddy Power, have generated two million entries.

“With media increasingly being consumed through digital channels, driving innovation is key to growing audiences and engagement through these platforms,” Stevenson said. “This approach blends well with our focus on strengthening the core capabilities which have enabled us to grow to where we are today, ensuring the business remains ready for the future.”

Dave Hammond becomes the chief commercial officer (UK) of the operator’s domestic operation. Hammond brings 25 years of experience in the industry from numerous senior operational roles in companies such as Inspired Gaming, Paddy Power, Betfair and DraftKings.  

“As we continue to execute our growth strategy for the business and, following three years of significant expansion within international markets with many more opportunities on the horizon, we now have two extremely strong leaders focussed on driving the commercial performance of our international and UK businesses,” UK Tote Group chief executive Alex Frost said.  

Hammond added: “I am excited to be joining the Tote and working alongside Alex, Jon and the wider team as we continue to grow the Tote within the UK market.  

“I have watched with interest as the team has revitalised the Tote over the last few years and hope my experience from a number of different roles across the industry will positively support the next phase of the Tote’s growth cycle.”  

In our December newsletter, we discussed the niche but highly lucrative field of professional betting. Betting successfully is incredibly challenging, with other market participants always trying to take your edge. This dynamic means that betting strategies must be adjusted all the time.

Rebating their competition away

The large betting syndicates receive generous rebates from pari-mutuel or tote betting for providing liquidity. This gives them a significant edge, which varies depending on pool or jurisdiction, over other participants.

To receive this rebate, bettors need to turn over vast sums of money. For example, US totes typically only offer rebates to bettors who wager over US$5m per year, according to Sports Trading Network. The largest pari-mutuel markets are in the US, Australia, Singapore, Japan, Hong Kong and France. 

It is incredibly difficult for new entrants to compete with the handful that currently dominate because they are already behind. The compounding of their rebate advantage has generated incredibly lucrative profits for the largest syndicates.

Alan Woods and Bill Benter are other examples of successful professional bettors focused on racing. Benter grew up in Pittsburgh and studied physics at university before taking on Las Vegas casinos at blackjack.

Data is competitive and costly

Woods grew up in Murwillumbah, a small Australian town. He was an actuary, who became a gambler with particular horse racing expertise.

After being banned from casinos, Woods and Benter partnered in 1984 to bet on horse racing in Hong Kong. Their system developed an edge by betting on overlays but it was several years before they were generating significant profits. In the first two years, they lost most of their $150,000 starting bankroll.

After a split from Woods, Benter started his own model using only 16 factors. Over several years, the number of factors used in the model grew to over 100 and complex data began to play an increasingly important role.

Today, syndicates have large teams of statisticians and data analysts assessing hundreds of unique factors. For example, analysts of horse racing assess factors related to each horse, the racecourse, turf conditions, the trainer, the jockey and track configuration. 

While the largest syndicates would win without the rebates from the totes, the rebates effectively provide further funding for their investments into data analysis capabilities, strengthening their competitive advantage. This rebate-data investment flywheel makes it extremely difficult for newcomers to break into professional betting.

Furthermore, in our discussions with professional betting syndicates, they told us that you usually need up to 5,000 individual events to work out whether you have a real betting advantage that meets expectations, with lower advantages requiring more individual events.

For example, sports betting models require more events, given their typically lower advantages than horse racing models. As Benter and Woods experienced early in their racing betting, unfortunate luck in these first few thousand individual events easily bankrupts hopeful syndicates.

As shown by the deviations of the red line – cumulative result of actual dice rolls – above and below the blue line, it takes many events to determine the actual advantage. In this example, there are 6,000 events and it is still unclear if there is an advantage.

Artificial intelligence in betting 

There has never been more data and technology applied to professional betting as there is today. The increasing power and prevalence of artificial intelligence (AI) is the latest wave of technological disruption, which presents opportunities and threats to existing and emerging betting syndicates.

As discussed above, incumbent syndicates are best funded to further strengthen their dominance through investing in AI capabilities.

AI could improve the speed and efficiency of a syndicate’s automated betting processes, ultimately bringing down the cost of placing bets. Consequently, the speed of bet placement is likely to become even more competitive.

From the bookmaker’s perspective, AI can identify new patterns and insights from betting data to ultimately make better predictions, adjust odds and minimise their losses to professional bettors. For casual bettors, AI allows bookmakers to personalise each user’s experience according to their betting data.

In November last year, David Walsh said that he was focusing his time on finding methods to protect his syndicate’s income from artificial intelligence, with the belief that having data sets with unique observations could favourably impact his syndicate’s betting results.

Some of the world’s largest global investment firms are applying their expertise to professional betting. For example, Susquehanna International Group (SIG) was founded in 1987 and has grown to around 2,000 staff and US$1 billion of annual revenue primarily through trading in financial markets. SIG established Dublin-based Nellie Analytics in 2017 to focus on sports betting.

In 2022, SIG took a 12.8% equity stake in Pointsbet, which gave Nellie Analytics the opportunity to explore a partnership to provide sports analytics and quantitative modelling services to PointsBet.

Betting on tennis betting

In our December newsletter, we discussed Tom Dry’s professional betting syndicate, which is focussed on tennis. Dry has been professionally betting on tennis since January 2020.

He has prior experience working for Tony Bloom, owner of the football club, Brighton and Hove Albion, both as a data scientist and as a football analyst.

Through his experience working for Bloom, who is widely viewed as the world’s best football bettor, Dry developed both the analytical and operational skills required to build a professional betting business.

His operational metrics are very impressive and we believe that Dry has the ability to further scale the team, increase liquidity in tennis and also expand into other sports.

Despite the challenges of breaking into professional betting, he has built specialism in a unique sport, which is much easier to leverage than multiple sports.

We believe that Dry’s edge in tennis betting would be difficult to replicate due to the quantity of proprietary historical data that he possesses and the proprietary factors that he applies to his model. On 1 July, Waterhouse VC will make an investment in the syndicate.

For bettors who are driven to put in the work and apply the latest innovations in technology, there are significant potential rewards.

DISCLAIMER AND IMPORTANT NOTES

Please note the above information in relation to David Walsh, Zeljko Ranogajec, Alan Woods, Bill Benter, Pointsbet Holdings Ltd, Susquehanna International Group, Nellie Analytics, Tony Bloom and Thomas Dry, is based on publicly available information in relation to the company and should not be considered nor construed as financial product advice. Waterhouse VC has an option deal and has signed an agreement with Thomas Dry’s betting syndicate. The information provided in this document is general information only and does not constitute investment or other advice. Readers should consult and rely on professional investment advice specific to their individual circumstances.

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Each participating MP will be given £50 to bet on a horse, with all the winnings going to a charity of their choice. Should their bet not win, BGC members will make a £250 donation to the MP’s nominated charity.

MPs can visit a Paddy Power, William Hill, Ladbrokes, Coral, Betfred or local independent betting shop in their constituency to place the charity bet ahead of the race this weekend.

Levelling Up minister Dehenna Davison, shadow DCMS minister Alex Davies-Jones, minister for Enterprise Kevin Hollinrake and COP26 president Alok Sharma are among the MPs that will take part in the initiative this year.

Shadow defence secretary John Healey, former Labour cabinet minister John Spellar, former DCMS minister Caroline Dinenage and shadow apprenticeships minister Toby Perkins will also place a charity bet.

Last year’s Grand National charity bet drive raised almost £11,000 for a number of charities.

“Millions of people, from all different backgrounds, will be coming together to watch the Grand National and place a bet on the world’s most famous horserace,” BGC chief executive Michael Dugher said.

“Betting shops support tens of thousands of jobs, bring vital revenue to the UK’s hard-pressed high streets and support the national and local economies through tax and business rates. They also provide community to millions of betting and gaming fans.

“I also want to say a huge thanks to the MPs who have made the time and effort to meet with their local constituents working in high street shops, for backing so many good causes and local charities and for promoting the Grand National which remains one of Britain’s biggest and best cultural and sporting events seen around the world.”

Betfred has previously been involved in British racing as the sponsor of a number of racing events, including the Cheltenham Gold Cup from 2012 to 2015, as well as the Group One Sprint Cup at Haydock Park.

Betfred founder Fred Done said he was “immensely proud” to be sponsoring the races.

Done said that “for me, the Derby remains the greatest flat race in the world”.

“When you look at some of the horses and characters that have won this great race, Sea-Bird, Mill Reef, Nijinsky, Sir Gordon Richards, Lester Piggott and Frankie Dettori, it has an amazing history, and I am delighted to become a part of it for at least the next three years.”

“Betfred’s support of British racing over many years has been superb and we’re proud to be working with Fred Done and his team on its next chapter to promote these two iconic races on the first weekend in June,” added chief executive of the Jockey Club, Nevin Truesdale.

Amy Starkey, managing director for Jockey Club Racecourses, expressed her gratitude towards Betfred for its “generous support”.

“As a bookmaker with a long and established history in horseracing and numerous other sports, I’ve worked with Fred and the team at Betfred for more than 20 years and know how deeply committed they are to British racing.”

Lawmakers approved the legislation 26-12, with a 23-vote threshold for passage. The two-thirds majority requirement is a result of state rules regarding revenue generating laws being passed in a session not devoted to the budget.

“After years of urging lawmakers to legalise sports betting, we finally did it! Today’s result shows that hard work pays off,” said Beshear on Twitter. “Kentuckians will soon be able to place their bets here and, for the first time, we are going to keep those dollars to support our roads and bridges, schools and communities.”

Read the full story on iGB North America

The app allows players to partake in pari-mutuel wagering on horse racing. Wagers can be placed on a number of renowned horse races, including Churchill Downs products such as Oaks and Derby.

Read the full story on iGB North America

As part of the acquisition, ARO CEO Genny Haynes, racing operations manager Willie McFarland and ARO official photographer, media and PR Debbie Burt, will remain in charge of delivering the published 2023 fixture list. The fixtures will cover a programme of Arabian races that will take place on British racecourses.

“We are delighted to confirm this deal with ARC, who have been fantastic supporters of ARO for a number of years, with the majority of our races run on ARC racecourses,” said Haynes. “ARO is now in a position to develop new commercial revenue streams, with the aim of developing the sport’s profile within the UK.

“The future of our Arabian Group races is now secure, and our aim will be that these races host some of the world’s best Arabians, as well as provide a springboard for our domestic horses to progress.”

Mark Spincer, director of ARC’s racing division, said that the company was “delighted” to have acquired ARO.

“As long-term partners of ARO, we are delighted to take this step to help secure the future of the sport in Britain,” said Spincer. “Arabian races have sat alongside a number of our summer fixtures, and we look forward to working with Genny, Willie and Debbie to continue this and look for opportunities to grow the sport over the coming years.”

Rights agreement

Also this week, ARC entered into a four-year media and data rights agreement with ATR and Ascot racecourse.

ARC said that elements of the deal will come into play from 1 April 2023 – including the distribution of images and data from Ascot racecourse fixtures by ARC, via betting shop channel The Racing Partnership, to retail betting facilities.

Currently, The Racing Partnership distributes live pictures and data from all ARC racecourses, as well as content from independent venues in the UK. From 1 April, these venues will include Newbury Racecourse.

“Alongside the recent addition of Newbury, we are delighted to welcome Ascot racecourse to The Racing Partnership with this agreement,” said Martin Cruddace, CEO of ARC. “It goes without saying that their portfolio of top class fixtures across the year will be a huge asset to TRP and its customers.”

Earlier this month, ARC announced that its chairman David Thorpe is to step down from 30 April.

Gambling on horse racing in Norway is supervised by the state-owned monopoly of Norsk Rikstoto, which collects all legal pari-mutuel bets on the vertical. The profits from this company are then shared among a variety of Norwegian equestrian organisations in order to support the sport.

Distribution of profits

The new regulations outline that the Norwegian Trotting Association, the national harness racing association, is to receive 82% of the profits. The ministry says that the grant will be used to support the development of Norwegian harness racing, horse breeding and keeping. This will be accomplished through grants to racetracks, prizes for those working in the industry, support for voluntary activity and investments in training facilities.  

The ministry also say that Norwegian Gallop – the country’s horse racing association – will receive 9.2% of the profits from horse racing bets. This horse racing authority will be directed to use the money in a similar way to the Norwegian Trotting Association, by investing money in infrastructure and individuals involved in industry.   

The final portion of the profits, amounting to 5.8%, will be distributed to the Norwegian Horse Centre, a foundation that aims to promote the quality of horse keeping and breeding. The ministry said it will provide further guidance to the organisation about how the use the funds.  

The remaining 3% of the proceeds are to be awarded to equestrian bodies beyond the ones specifically listed by the ministry. In order to qualify, the organisation must be a non-profit that promotes Norwegian horse breeding, keeping and sports, as well as being in line with the state aid regulations.

In December, the Norwegian government announced it would be extending Norsk Rikstoto’s monopoly for a further 10-year term, making the Nordic country one of the last in Europe to retain such a system.

ITV began its free-to-air coverage of British racing in 2017, with races shown across both its ITV1 primary channel, ITV4 and ITVx.

“This deal will take us to a decade of racing on ITV and we’re delighted to be able to continue to bring to viewers well over 100 days of live coverage of this wonderful sport, including some of the most enjoyable, storied and thrilling events of each year,” ITV’s director of sport Niall Sloane said.

“We look forward to continuing to work with Racecourse Media Group and our other partners within racing to bring audiences the very best racing has to offer in the coming years.” 

Racecourse Media Group chief executive, Martin Stevenson, added: “On behalf of our racecourses, we are delighted to have cemented our relationship with ITV for a further three years.

“ITV have been an excellent partner for the sport, providing more terrestrial coverage here in the UK than in any other racing jurisdiction in the world, illustrating both the commitment of the broadcaster and the enduring popularity of the sport.”

Aside from racing, ITV’s free-to-air sports portfolio also includes football’s English FA Cup, Six Nations rugby, the Rugby World Cup, cycling’s Tour de France, the British Touring Car Championships and the MotoGP motorcycling series. 

A study conducted by YouGov – which was commissioned by the affiliate Online Betting Guide (OLBG) – surveyed a total of 1,007 gamblers in the UK between 23 February and 2 March.

It found that 11% of punters are gearing up to gambling more on Cheltenham this year than they did last year, compared to 10% who said they were planning to gamble less than they did at Cheltenham 2022.

A total of 23% said they were planning on gambling around the same amount on the event year-on-year.

In addition, 6% of those surveyed said they did not bet on Cheltenham last year but planned to do so this year, while 50% said they did not place a bet on the event last year and would not this year.

Affordability concerns

Ahead of the event, gambling licensing law firm Poppleston Allen said that punters could encounter affordability checks when placing bets on Cheltenham this year – and could be turned away if they do not provide the appropriate documentation.

“Since last year’s major racing events took place, we’ve seen a rise in bookmakers undertaking affordability checks and asking players to provide documentation such as payslips and bank statements to prove they can afford to gamble,” said Felix Faulkner, solicitor at Poppleston Allen.

“If a betting establishment asks a customer for financial information and they are unable or unwilling to provide it, the company is well within its rights to refuse to take their bet.”

Faulkner emphasises that this is both a player protection measure and a licence condition for operators.

“Bookmakers have a legal responsibility under their operating licence conditions to minimise the risk of customers experiencing gambling harm,” Faulkner continued. “If they have concerns a customer might be trying to bet more than they can afford, it is advisable they refuse the bet.”

Affordability checks are a presumed part of the forthcoming Gambling Act Review white paper, a Whitehall document that will set out reforms for gambling in the UK. The racing sector in particular has frequently raised concerns about their impact on punters.

In February it began a campaign to have bettors write to their local MP to warn of the checks’ effects, which is backed by the Betting and Gaming Council.

Faulkner said that a lack of guidance on affordability checks had allowed the industry to make its own rules – resulting in a variation across the board.

“An element of uncertainty in the market”

“There is an element of uncertainty in the market at present,” he said. “However, at present there are no hard and fast rules on what is an appropriate level that should prompt bookmakers to ask customers for proof their gambling is affordable to them.”

Faulkner concluded that although it is unclear whether bookmakers will enforce affordability at this year’s event, they must always remain compliant to the GB Gambling Commission’s licence conditions.

“It remains to be seen how the various on-course bookmakers will interpret the guidance this year,” he said. “In practice it can be difficult for them to work out who can afford what if there is a race starting in one minute and there are 20 people waving money at them to put a bet on, however compliance with licence conditions is mandatory and operators should always act responsibly.”

He also served on the boards of the Horserace Betting Levy Board and British Horseracing Authority.

“I have decided that, after nearly a decade as chairman, it is the right time to step down,” Thorpe said. “I look forward to some more time in retirement, as well as the opportunity to pursue other interests.

“It has been a significant source of pride to see the company flourish and grow over the past few years and without doubt we have assembled an incredibly smart, passionate and hard-working team. I am equally delighted to have been part of creating a new industry structure, a major improvement which should serve the sport well in to the future.

“I am sure the company will only continue to get stronger and more successful over the coming years and I am proud to have played a part in that foundation for growth.”

ARC chief executive, Martin Cruddace, added: “David has been an exceptional chairman and we have been very fortunate to have benefitted from his experience and expertise for such a long tenure.

“He has played a pivotal role in the growth and transformation of the company over that time and his detailed knowledge of the industry has been an enormous help.

“Both myself and our shareholders would like to thank him for his expertise, hard work and support and completely understand his decision to step down.”

The announcement comes after ARC in November last year completed the acquisition of omnichannel content distributor Vermantia.

ARC, which has held a majority stake in Vermantia since March 2018, said the full acquisition fully aligns with its strategy to invest to build vertically integrated technologies, from content to broadcasting and distribution, creating a “unique” offering in global racing.

Vermantia will continue to develop its product line, enter new markets and expand its presence in existing regions.

Turnover of $230.1m was 0.9% above budget, in part thanks to a strong racing and sports calendar.

Following on from December, overall field sizes across all three racing codes in January were again either up on, or on par with, the year-to-date average. The peak meeting turnover of $6.6m was on 21 January for the Karaka Million at Pukekohe. 

Test cricket proved an attraction for sports customers, with the second test between Pakistan and New Zealand, as well as the third test between Australia and South Africa, topping the list of sports events by turnover for January. Basketball was the leading in-play sporting code accounting for 36% of in-play turnover and also topped pre-match singles with 31% of pre-match turnover.

TAB NZ said average weekly customer numbers climbed to an average of 78,000 since August, up from 70,000 for the same period in the previous year. TAB NZ has also won back a number of high value customers from offshore competitors, which has helped to strengthen turnover.

Gross betting revenue of $36.8m was above budget by 0.9% and gross betting margin of 16.0% was in line with budget.

Operating expenses were $11.2m for the month, which was $0.8m above budget. This was due to an increase in technology spend, strengthening the Elite customer proposition and expenses associated with the final phase of identifying an international wagering operator as a potential strategic partner, to support materially boosting the fortunes of racing and sport as well as enhancing the customer experience.

The business’ $14.6m profit was made up of betting profit of $13.3m, which was 0.2% above budget, while gaming profit of $1.3m was 0.1% above budget. Racing codes were paid $13.4m in distributions and other payments for January, versus $15.8m budgeted.

Hasse Lord Skarplöth, CEO of ATG, said that the operator had delivered good results for the period – particularly in terms of sport and casino – regardless of outside challenges.

“I ended last year’s CEO speech by saying ‘we can look forward to an exciting 2022’,” said Skarplöth. “So, a year later, I can state that I got a little more right than I wanted – but in the wrong way.

“ATG, during such a turbulent and troubled year, succeeding in increasing the net gaming revenue in both sports and casino by 8% and 49%, respectively, is a well-approved result.”

Specifically, Skarplöth was referring to recovery from the Covid-19 pandemic, the war in Ukraine and the increase in inflation.

Full year break down

Net gaming revenue for the year fell by 0.6% yearly. The total consisted of SEK4.94bn from operations in Sweden and SEK283m from operations in Denmark.

Revenue from horse betting operations made up SEK4.04bn of the net revenue total, while sports betting revenue generated SEK650m. The remaining SEK530m came from casino operations.

Gaming tax hit SEK1.07bn for the year, a rise of 1.0%, while personnel costs dipped further from SEK495m in 2021 to SEK529m in 2022. Other expenses grew by 4.5% to SEK2.51bn.

After considering these costs, as well as money from activated work for own accounts at SEK65m, and depreciation and write-downs with intangible and tangible fixed assets at SEK304m, the total operating profit for the year was SEK1.68bn. This was a decrease of 12.1% yearly.

Following results from financial items at SEK23m, the profit before tax totalled at SEK1.70bn. However, income tax of SEK357m brought the total amount for the year to SEK1.35bn, a decrease of 11.1% compared to 2021.

Fourth quarter results

Turning to the fourth quarter ended 31 December, total revenue was SEK1.55bn – up by 2.8%. This consists of net gaming revenue of SEK1.33bn and agency income of SEK58m, plus other income at SEK57m.

The net gaming revenue was made up of SEK1.02bn in horse betting revenue, alongside SEK171m in sports betting revenue and SEK146m in casino revenue.

Gaming tax for the quarter totalled SEK276m. Personnel costs came to SEK143m, while other expenses for the quarter were SEK629m. Money from activated work for own accounts was SEK17m for the quarter.

Depreciation and write-downs with intangible and tangible fixed assets totalled SEK77m.

These costs and additions brought the operating results to SEK444m for the quarter, 11.2% lower than in Q4 2021.

Results from financial items at SEK13m brought profit before tax to SEK457m. After income tax at SEK322m, the total net profit was SEK135m – down by 16.6%.

During the quarter, ATG – alongside Kindred and PinBet – received warnings and penalty fines from the Swedish Gaming Authority in regards to anti-money laundering failures.

Also during the quarter, in October, ATG announced that it would publish its responsible gambling data every six months in a move towards transparency.

The festival runs from 13-15 April.

The three races are the Grade 1 William Hill Aintree Hurdle on 13 April, the William Hill Handicap Hurdle on 14 April and the Grade 3 William Hill Handicap Chase on 15 April.

Non-runner, money-back

Daryl West, William Hill’s head of sponsorship, social and PR said the company was “delighted” to be involved as the event’s official betting partner for the next three years.

“The Grand National Festival at Aintree is one of the pinnacles of the National Hunt calendar and we are delighted to be involved as the official betting partner for the next three years,” he said.

“Horseracing is a vital part of our heritage, and it was an easy decision for us to support not just the biggest race in the sport but a huge event in the annual sporting calendar.”

William Hill also announced that it would be agreeing to non-runner, money-back terms from 9am today (20 February), meaning that a bet will be refunded into the betting customer’s account if the horse they wagered on does not end up competing in the race.  

“William Hill is synonymous with horse racing in this country so we are thrilled they are going to be involved with our flagship meeting at Aintree for the next three years,” said Dickon White, Aintree and North West regional director at The Jockey Club.

Organisational reshuffle

In January, 888 William Hill, a subsidiary of 888 Holdings subsidiary, announced that Phil Walker would be taking over as the company’s managing director of UK and Ireland operations, having previously served as UK managing director for William Hill.

Previously to William Hill, Walker had worked as group chief operating officer for the Gibraltar stock exchange.   

In his new role, he will lead the company’s customer base expansion.

De Nardo joins MyRacehorse after close to 10 years working at various Flutter Entertainment brands, spending time at Sky Betting & Gaming and FoxBet before moving on to Betfair.

“Will brings an additional and important marketing skill set to our UK and Ireland business due to his invaluable experience at Flutter,” said MyRacehorse managing partner Jules Pittam.

“He will be influential in enhancing the owner experience as well as working with new partners as he develops gaming opportunities around the world. We are delighted to have someone of such high calibre join the team.”

De Nardo said he was “thrilled” to be joining the US-based syndicate, adding that it would be his aim to replicate MyRacehorse’s success in other markets for the UK and Ireland.

“The passion MyRacehorse has for delivering best-in-class experiences for its owners was clear to me from the beginning and I’m excited to be able to help deliver this unique ownership model to racing fans across the UK and Ireland.”

The racecourse opened in 1927 and upon closure had a capacity of 35,000 seats. The venue had not hosted any form of racing since the deal with the Bears was agreed in 2021.

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“The addition of high-class Italian content further emphasises our focus to bring operators and their customers the widest range of betting opportunities from around the world 24/7, 365 days a year,” said head of international horse racing at SIS Conall McSorley.

McSorley praised the state of Italian racing, arguing that it was on an “upward trajectory”, and that he was certain that the content addition would prove successful with both bettors and operators.  

SIS will now feature content from the IRw consortium of tracks – which includes Merano, Pisa, Rome, Treviso and Varese – as well as the Agnano racetrack.

Italian flat racing content

Elio Pautasso, IRw president, said: “We are pleased to be in partnership with MST and SIS. This agreement will guarantee a worldwide audience for the Italian flat racing content represented by IRw, ensuring a high-quality racing offer for the SIS network.”

With three fixtures a week, the agreement will see 1,435 races added annually to SIS’ output, which currently includes over 68,000 live racing events streamed every year.

“SIS is renowned for providing the best racing action from all over the world and it’s fantastic to sign this deal that establishes the Italian racetrack offer represented by MST within that portfolio and brings our racing product to a significantly wider audience,” added Michele Rosi, MST head of operation and business development.

“This deal will be integral in achieving our goal of promoting Italian flat horse racing content worldwide and providing customers with attractive betting opportunities.”

BetConstruct deal

The news follows the 30 January announcement that gaming tech provider BetConstruct would be integrating SIS’ portfolio of horse and greyhound racing content onto its platform.

SIS said the deal with the supplier represented an important step within its ambition of expanding its relationships with some of the platforms.

In September, SIS tapped Bartlomiej Michalek as commercial manager for the UK and Europe as part of an effort to drive expansion in these regions.