Couple arrested over AU$1.2 million fraudulent casino win

A husband and wife from Kazakhstan have been arrested over allegations they defrauded an Australian casino out of AU$1.2million (US$786,059).

The BBC reports that the couple was caught cheating at Crown Sydney. Dilnoza Israilova was found to be wearing a discreet camera on her T-shirt while gambling at the venue.

Police also found “magnetised probes” and a mirror attachment for a phone allegedly used to rig games. Both she and her husband, Alisherykhoja Israilov, were arrested shortly after.

New South Wales Police charged the pair with dishonestly obtaining a financial advantage. They remain in custody over the matter.

Malta regulator issues further warning over illegal sites

The Malta Gaming Authority (MGA) has distanced itself from two websites that claim to be licensed by the regulator.

Both Lavbet321.com and Kasinoseta.com claimed to have been approved by the MGA and that they hold a Malta licence. However, the regulator said this was not the case with either site.

The MGA said that any reference to the regulator or a Malta gaming licence is “false and misleading”.

“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.

London councils join anti-gambling ad campaign on Underground

Five more London councils have declared their support for a campaign to stop gambling advertising on the city’s Underground.

Barnet, Brent, Enfield, Hackney and Lewisham councils joined the Coalition to End Gambling Ads (CEGA), the BBC reported. The group campaigns against the spread of harmful gambling promotions, with the Underground one of its focus areas.

Haringey Council was the first council to join CEGA in January 2025. The ongoing campaign calls for the end of advertising for all forms of gambling.

In 2021, Mayor of London Sir Sadiq Khan pledged to implement such a ban as part of his re-election manifesto. However, this has yet to come to fruition.

Evoplay welcomes Mantsiou as chief financial officer

The game development studio Evoplay has promoted Vasilena Mantsiou to the role of chief financial officer.

As CFO, she will oversee the studio’s financial strategy, planning and operations. This, Evoplay said, will support sustainable growth and stability as part of its global expansion plans.

Mantsiou joined Evoplay in May 2022 and was promoted to head of the accounting department in January 2024.

“Vasilena’s been an integral part of Evoplay’s journey, demonstrating exceptional leadership and deep financial expertise,” said Ivan Kravchuk, CEO at Evoplay, “Her promotion to CFO is a natural step forward. We’re confident that her strategic vision will continue to support our long-term goals as we expand into new markets.”

Caesars launches sports betting in Missouri

On the first day online sports betting became available in Missouri Monday, Caesars Entertainment has announced its launch.

Players in the state can now download the Caesars Sportsbook mobile app and place bets on a range of markets. They can also visit physical locations at both Harrah’s Kansas City and Horseshoe St Louis.

Missouri was also the first state where Caesars launched with Universal Digital Wallet on the first day of wagering. This enables deposits and withdrawals across Caesars platforms in all regulated states.

Eric Hession, president of Caesars Digital, said: “From our intuitive mobile app to our in-person sportsbooks at Harrah’s Kansas City and Horseshoe St Louis, we’re committed to providing a secure and responsible way for fans to engage with the sports they love.”

ACMA orders blocking of illegal gambling sits

The Australian Communications and Media Authority has issued banning orders against a further nine illegal gambling and affiliate websites.

ACMA said the sites did not hold a licence to offer online gambling in Australia. As such, it requested that Australian internet service providers block access to the sites.

Among the brands were Cashed, King Maker, Posido, Spinight, Spinsy, The Pokies Reviews and Topio Networks. Also flagged was wizbet.app, an imitation of the licensed WizBet service, and next2go-au.com, an imitation of the approved Next2Go service.

“Since ACMA made its first blocking request in November 2019, 1,369 illegal websites have been blocked,” ACMA said. “Around 220 illegal services have also pulled out of the Australian market since we started enforcing new illegal online gambling rules in 2017.”

PAGCOR commits funds to typhon support

The Philippine Amusement and Gaming Corporation has allocated Php32.85 million ($557,267) to assist those impacted by the recent Typhoon Tino and Super Typhoon Uwan.

The typhoons left widespread devastation across the Philippines, claiming hundred of lives and affecting over 2.5 million families. Funds from PAGCOR were used to buy 31,500 relief packs containing food and non-food essentials.

Another batch of 16,500 relief packs worth Php18.07 million will also be dispatched.

“In times of calamities, PAGCOR will always be ready to step in and extend support to our fellow Filipinos,” CEO Alejandro Tengco said. “Part of our nation-building mission is to help our kababayans rebuild their lives.”

Hippos ATG names Nurmi as COO

The newly established Hippos ATG has appointed Jussi Nurmi as its chief operating officer.

Nurmi has 10 years of experience within the iGaming industry, including time working in senior roles with Betsson and TonyBet.

In April, Sweden’s ATG announced a 50/50 joint venture with local Finnish racing association Suomen Hippos. It was later confirmed the business would operate in Finland with the ATG brand.

“Hippos ATG combines strong heritage with a clear ambition to build a modern and sustainable business for the Finnish market,” Nurmi said. “I’m excited to contribute to creating a competitive and responsible gaming company in Finland.”

Intralot extends with Arkansas Scholarship Lottery

In the US, Intralot has signed a new, 10-year contract with the Arkansas Scholarship Lottery.

The agreement, which comes into effect next August, will extend a partnership that began in 2009. It covers the introduction of new technology for the lottery.

Intralot will introduce its new lottery solution, including the LotosX Central Gaming System. Arkansas will be one of the first states in the US to roll out the technology.

“We look forward to our continued partnership with Intralot.” Arkansas Scholarship Lottery Executive Director Sharon Strong said. “With this new agreement, we remain committed to both our players and our mission of supporting Arkansas students.”

National Council on Problem Gambling appoints Maurer

The National Council on Problem Gambling has appointed Heather Maurer as its new executive director.

Maurer brings over 25 years of leadership experience in the fields of public health, policy, and nonprofit management. She was most recently CEO of the National Association of Nurse Practitioners in Women’s Health.

As executive director, Maurer will lead strategic direction and oversee national programmes, partnerships and advocacy initiatives.

“I’m honoured to join NCPG and build on its strong legacy of leadership in addressing gambling-related harm,” said Maurer.

Keith Whyte served as executive director of the national council for more than 25 years before his departure in January.

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.”

Austrac notified Entain in December 2024 that it would be taking action over what it viewed as “serious and systematic” non-compliance. It was the first time Austrac had brought civil penalty proceedings against an online betting business.

Entain commenced mediation with the regulator during the summer, with this still ongoing. Earlier in October, Entain CEO Stella David said this process would take “as long as it takes”, noting progress to date at Entain. The operator also appointed a new permanent CEO for its Australia business in August.

“I think we’re probably market leading [with the system we have in place now],” David said. She noted there was no timeline for proceedings and that the legal process could be worked out in court.

iGB has reached out to Entain for access to its full defence document.

What has Entain said in its defence?

Ina statement, published on Monday, the operator acknowledged there had been “certain deficiencies” in its previous AML/CTF compliance programme between December 2018 and August 2024. However, it disputed some of the allegations and interpretations made by Austrac in its case.

Entain also referenced certain actions it has taken in recent years to address some of the noted concerns. These included a ten-fold increase in AML/CTF staffing and significant investment in new systems and technology.

Other steps included closing higher-risk channels, such as all-cash payment channels, and shutting all customer accounts flagged by Austrac in its investigations of the operator. In addition, Entain has put in place governance, controls, processes and oversight of risks, as well as a new leadership team to oversee these efforts.

Entain added that it has fully cooperated throughout the case and that it continues to engage constructively and in good faith.

What accusations does Entain face?

In its initial filing over the matter, Austrac made several accusations against Entain. These were based on an investigation that started in September 2022.

Stand-out claims included Entain’s board and senior management not having appropriate oversight of its processes. Austrac said this limited its ability to spot risks, thus making the operator vulnerable to criminal exploitation.

Entain was also said to have allowed third parties to accept cash and other deposits on behalf of the business to be credited to betting accounts. This, Austrac said, meant people could fund gambling using the proceeds of crime.

Meanwhile, Entain also failed to carry out appropriate checks on 17 higher-risk customers. This meant a higher risk of sites being exploited by those looking to spend the proceeds of crime. As noted by Entain, it has now closed the accounts of all flagged individuals.

Entain ‘missed the mark’ with existing systems

Commenting on the case, Entain Australia & New Zealand CEO Andrew Vouris said that, while the operator fell short of expectations in the past, it has acknowledged these shortcomings and taken action to right its wrongs.

“We sincerely regret that our old programme didn’t meet expectations,” Vouris said. “We followed expert advice at the time but, looking back, we recognise the old programme missed the mark.

“We’ve acknowledged our shortcomings, taken responsibility and spent the last two years learning from them and fixing them.

“Entain has fundamentally transformed its approach to compliance. We now operate a market-leading programme, underpinned by a compliance-first culture – to win, but not at all costs.”

Criminal player activity

Further light was shed on the case when certain associated court documents were made public in March. These included accusations of Entain failing to report criminal account holders across a number of its Australian brands.

The court documents flagged a series of suspicious activities. Numerous multi-million-dollar deposits and withdrawals were detailed in the filing, between 2019 and 2022.

In one instance, an account had a lifetime turnover of over $57.3 million within the space of a couple of years. Another player account, on the Ned brand, had up to $1.8 million worth of deposits between November 2017 and April 2019 – with $1.2 million withdrawn in the same period.

The case remains ongoing but could result in a hefty financial penalty for Entain. Previous fines dished out to land-based casinos in Australia have totalled tens or even hundreds of millions of dollars.

The gambling tech giant first mooted the move in February and then in August, when it said the switch would be completed before the end of November.

Light & Wonder provided notice to the Nasdaq to delist its common stock in October, while its Form 25 (with respect to common stock with the Securities and Exchange Commission (SEC)) will be submitted on 3 November.

Nasdaq is expected to suspend trading in common stock once trading closes on 12 November, then Light & Wonder’s delisting would become effective the following day.

Its share price on the Nasdaq was down 0.68% at $75.85 at the close of play on 23 October, the day of the delisting announcement.

Strategic focus for Light & Wonder

When confirming the news earlier in the year, Light & Wonder said the switch to ASX fit in with the group’s wider “strategic focus”. It stopped short of saying when exactly it would begin trading on the ASX.

“Consistent with our previous announcements, our decision to transition to a sole primary listing on the ASX reflects our strategic focus on aligning our capital markets presence with our long-term growth plans and shareholder base,” the company said in its Friday update.

“We are seeking to consolidate trading liquidity onto the ASX, a deep and liquid market that has a robust understanding of the gaming sector.”

Light & Wonder set for ASX top 50

The group has said transitioning to the ASX will help to consolidate liquidity in a market that has deep understanding of gaming. It added that the pivot could unlock greater shareholder value and align with its wider growth plans.

Since launching its secondary ASX listing in May 2023, equity traded on the exchange has accounted for approximately 37% of the company’s total equity.

In an update during its Q2 2025 results presentation, the group said sit market cap could go from circa AU$4.5 billion to AU$12.2 billion. It is also expected to ascend from circa #90 in the ASX 100 into the ASX 50 and into the index.

More light could be shed on the switch when Light & Wonder publishes its Q3 results on 5 November.

Sho Okuyama, Kanji Kobayashi and Taishi Oba all join the PointsBet board with immediate effect. Each will serve as a non-executive director of the business.

Okuyama joined MIXI in 2016 after working in venture capital and start-ups. He is head of the investment and business development department at MIXI and also heads up its TIPSTAR business.

Kobayashi has been with MIXI since 2007 and is currently general manager of its legal affairs division. In this role, he has responsibility for general corporate legal affairs, intellectual property, M&A and crisis management response.

Oba joined MIXI in 2024 after spells with KPMG Japan and VT Holdings. At present, he works as general manager of the integration management division at the company, working across deal execution and post-merger integration.

Patton continues as chair of PointsBet

PointsBet also confirmed that Brett Patton will remain as chairman of the PointsBet board. In addition, Sam Swannell, CEO of the business, will continue as a director.

Becky Harris, Tony Symons, Kosha Gada, Peter McCluskey and William Grounds all resigned as directors of the board.

“PointsBet welcomes Mr Okuyama, Mr Kobayashi and Mr Oba to the board,” the operator said in a statement. “We are looking forward to working with each incoming director and PointsBet’s major shareholder, MIXI Australia.

“We thank each of the retiring directors for the dedication, service, professionalism, expertise and experience they have contributed individually and collectively to the company.”

Betr still has a say despite MIXI takeover

MIXI completed its takeover offer for PointsBet in September, securing 66.43% of the overall voting power in the operator.

However, its route to a majority holding was far from simple, having faced competition from Betr Entertainment. Betr hoped for a full takeover but had to settle for an increased holding after MIXI came out on top.

Betr now holds 27.72% of the total holding in the business, having previously owned 19.9% before lodging its takeover offer. Its offer closed on 25 September, with Betr now holding an additional 30,341,074 shares in PointsBet.

While MIXI will have the majority in company matters, Betr will still have its say. Upon the closure of its offer, MIXI said the additional voting powers enable it to “block” actions it deems to be against the interests of shareholders.

“This stake will be large enough to block actions that run against shareholder interests and drive constructive engagement with MIXI and the PointsBet board on value creation,” Betr said.

The enlarged holding is the result of an off-market takeover bid for all ordinary shares in the PointsBet business. This offer closed on 25 September, with Betr now holding an additional 30,341,074 shares in PointsBet.

Betr had hoped for a full takeover, or at least a majority holding, having gone toe-to-toe with MIXI Australia for control of the operator. MIXI ultimately came out on top, but the 66.43% it secured from its own takeover offer means it will still face scrutiny from other shareholders on business decisions.

Betr previously held a 19.9% stake in PointsBet. However, with its takeover bid having upped this holding to more than a quarter of all shares, Betr will have a major say in shareholder votes.

“This stake will be large enough to block actions that run against shareholder interests and drive constructive engagement with MIXI and the PointsBet board on value creation,” Betr said.

Betr opposition to MIXI meant lower payout for shareholders

Incidentally, Betr’s proposal — on paper — was valued higher than the successful offer from MIXI. Betr submitted an all-share bid worth $1.40 per share, but this was not enough to sway PointsBet, which is now comfortably majority-owned by MIXI.

Based on the offer consideration ratio of 4.375 Betr shares for each PointsBet share, Betr will issue approximately 133 million new shares to the PointsBet shareholders who accepted its offer.

PointsBet sided with MIXI throughout the saga. Its board constantly rebuffed Betr’s proposals and urged shareholders to back MIXI’s offers. However, Betr’s persistence led to MIXI having to increase its offer on several occasions.

In February this year, PointsBet’s board approved an initial proposal from MIXI. This would have seen it pay $1.06 in cash per share for a 100% holding in the operator. However, the final offer, put forward in August, eventually valued PointsBet at $1.25 in cash per share.

This could have been even higher if more shareholders had backed the offer. MIXI pledged to pay $1.30 per share, in cash, if it secured more than 90% of the total holding in PointsBet. Betr remained steadfast in its opposition, however, and refused to vote in favour of the MIXI bid, which meant the $1.25 per share price was set.

Ultimately, while Betr’s opposition reduced the overall takeover cost for MIXI, its persistence with its own offer means MIXI could run into trouble when trying to pass proposals that Betr does not necessarily agree with.    

Based on a 2024 pilot survey of 3,881 adults in Australia, the study reported 65.1% gambled at least once in the last year. This was 8% more than the 57% of adults who, when asked during a similar study in 2019, said they gambled.

Lottery was by far the most popular gambling product, with 52.7% taking part during 2024. Scratch tickets ranked second with a 24.5% play rate, ahead of poker machines on 19.8%. Racing betting scored 17.8% and sports betting 12.5%.

Queensland had the most gamblers, with 70.2% of surveyed adults in the state participating in some form. Western Australia was close behind with a 69.9% play rate, ahead of South Australia on 67.9%.

In terms of frequency, 31.9% of adults in Australia gambled at least monthly. Of those who were classed as “regular gamblers”, 73.8% played the lottery, 22.1% poker machines and racing betting 17.1%.

Australia sees increase in gambling harm

However, accompanying the rise in participation was higher gambling harm rates. Of those who were surveyed, 15% were classified as “at-risk” of or already experiencing some kind of harm.

Some 7.6% were seen as low risk, 4.8% at moderate risk and 2.6% high risk. Scoring was based on the Problem Gambling Severity Index (PGSI), first used by the British Gambling Commission. PGSI asks nine questions about a player’s gambling behaviour, with scores based on their answers.

Low-risk and moderate-risk adults differed across age groups, with those aged 35 and above who gambled regularly more likely to fall into these categories. However, it was also noted players aged 18-24 were at higher risk, with 17.8% in this segment.

As for gender, 9.3% of men who gambled regularly were at high risk of harm, compared to 5.8% of women. It was also noted that 18.9% of respondents experienced some form of intimate partner violence from a partner who gambled weekly or more in 2024, in contrast to 6.8% who said their partner did not gamble regularly.

High-risk gamblers also experienced higher rates of financial hardship. Some 65.9% in this group reported financial issues, compared to 24.1% in the low-risk and 33.9% moderate-risk categories. However, for low- and moderate-risk gamblers, financial hardship was still higher than non-risk gamblers (15.5%).

Calls for improvement in harm reduction measures

AIFS Director Liz Neville said the findings highlight the need for improvements in how the country addresses gambling harm. This, she added, should include expanded monitoring of players.

“This pilot study gives us a clearer picture of the scale of the issue, who is most affected, and how policy and regulation need to keep pace,” Neville said. “The current harm reduction initiatives need to be carefully examined and tested in view of this evidence, with ongoing measurement making for more impactful responses over time.”

“Gambling is pervasive. We need a more robust approach to help families and communities, as well as the individuals themselves who are affected by their own gambling.”

AGRC Research Fellow Gabriel Tillman added: “We know that gambling can cause deep harm to individuals and families, profoundly impacting relationships, mental health, work and other aspects of life.

“The fact that more than three million Australian adults are experiencing harms from their gambling, and these numbers have increased in recent years despite harm-reduction measures, should concern Australians.”

IG Group to acquire Independent Reserve

IG Group has struck an agreement to acquire Australia-based cryptocurrency exchange Independent Reserve.

The deal, billed as a bolt-on transaction, has an initial enterprise value of AU$178 million (US$117.3 million). IG Group said it will accelerate its entry into cryptocurrency markets in the Asia Pacific region.

The transaction is subject to regulatory approvals from authorities in Singapore and Australia, with completion expected in early 2026.

“This acquisition marks an important step in our crypto strategy in a key region,” said Matt Macklin, managing director Asia Pacific and Middle East at IG Group. “Independent Reserve is one of Australia’s largest and fastest-growing digital asset exchanges. I am delighted that the Independent Reserve team will join IG as they embark on their next phase of growth.”

Genius Sports snaps up Sports Innovation Lab

Also making an acquisition is Genius Sports, which has purchased sports fan data specialist Sports Innovation Lab.

Financial details of the agreement were not disclosed. However, Genius said it fast-tracks the expansion of its media business, combining official game data with deep fan intelligence.

Genius also said the combination will create the most comprehensive fan database in sports and entertainment. This, Genius added, will track billions of annual transactions, including purchases, attendance and viewership.

“By integrating the most comprehensive official sports data with unmatched fan intelligence, we are strengthening our foundation and providing partners with a powerful new way to understand and engage fans at scale,” Genius CEO Mark Locke said.

Police rescue men kidnapped over casino debt in Vietnam

Police in Vietnam have rescued two Chinese men who were kidnapped after accumulating debts at a luxury casino.

According to VN Express International, the men borrowed hundreds of thousands of yuan to gamble at Hoiana Casino. Wang Xiaoci and Li Yao Zong were named as the two men that gambled at the venue in Quang Nam Province.

After being unable to repay the money, it is alleged a group of men forced them to sign debt papers. They were also said to have been assaulted and given death threats if they did not pay the money back.

Police were alerted to Wang being forced into a car outside the casino. Shortly after, police tracked the car to a nearby apartment complex and carried out a raid. As well as locating both men, police made five arrests at the same location.

FDNY uncovers illegal gambling den in New York

The Fire Department of the City of New York reported it has uncovered an illegal gambling den in Manhattan.

Officers from the FDNY Bureau of Fire Prevention found a gambling parlour with slot machines. Lithium-ion batteries were found charging throughout the illegally converted cellar, which also had storage space filled with counterfeit designer bags and accessories.

“Dangerous and unlawful conditions” were also noted at the location. These included cellar hallways converted into single room occupancies, crowded with mattresses, hot plates and space heaters.

“Illegal living conditions and unsafe battery charging can create deadly conditions for residents and for firefighters responding to emergencies,” FDNY Commissioner Robert Tucker said.

FanDuel secures online market access in West Virginia

Flutter Entertainment-owned FanDuel has secured online market access in West Virginia with Delaware North.

FanDuel will deliver online sports betting and iGaming in the state through Delaware North’s Mardi Gras Casino & Resort.

The operator will also continue to run the sportsbook at the Greenbrier Resort in White Sulphur Springs, West Virginia.

“Delaware North’s been a respected name in gaming and hospitality for decades,” FanDuel Business Development Senior Vice President Jonathan Edson said. “They are an ideal partner as we continue to operate in West Virginia.”

The bid formally closed on the evening of 12 September, with MIXI having already taken a majority holding in PointsBet. Just a few days prior to the closing, MIXI said its holding in the operator had reached 51.59%.

Shareholders that accepted the offer prior to date of closure will now be paid in line with the proposal. MIXI submitted its bid in August, valuing PointsBet at $1.25 in cash per share. This was to increase to $1.30 per share if MIXI secured more than 90% of the total holding.

However, the latter price was always unlikely, given Betr Entertainment’s opposition to the bid. Betr holds a 19.9% stake in PointsBet and refused to accept the latest MIXI offer. With confirmation that MIXI only secured a 66.43% holding, this means the $1.25 per share price will remain.

In total, MIXI now holds 230,893,535 of all votes in PointsBet. At the time of writing, the operator’s shares were trading at a price of $1.27 each.

PointsBet takeover saga concludes

Completion of the takeover bid marks the end of a long-running contest to secure control of PointsBet.

Talk about a possible, overseas-led takeover have been present since the end of 2024. Betr was among the first to be linked with a bid in November but these reports were shut down by PointsBet.

However, just a few months later in February this year, PointsBet’s board approved an initial proposal from MIXI. This would have seen it pay $1.06 in cash per share for a 100% holding in the operator.

Betr then came to the table with a bid worth $360 million. This comprised a cash pool of between $240 million and $260 million, plus scrip consideration of $100 million to $120 million, as well as synergies of at least $40 million annually. At the time, the PointsBet board declared this proposal to be “superior”.

However, in June MIXI returned with an improved offer of $1.20 per share. This led the PointsBet board to formally reject the Betr proposal and vote in favour of the MIXI bid.

When the vote came, this showed apparent significant support for MIXI. Some 95.69% of all shareholders approved the offer. However, the proxy vote was more mixed, with 69.47% backing the proposal.

This led Betr to accuse PointsBet of “impermissibly excluding” its vote against the scheme without reason. Betr said its proxy vote was not included in the final tally, thus skewing the results.

PointsBet investigated the matter, with stock transfer company Computershare finding the exclusion was due to a system error. As such, it held a recount, with this drawing 70.48% approval – short of the required amount for the takeover to proceed.

Betr falls by the wayside

In the months that followed, MIXI and Betr sought to outdo each other by tabling several improved proposals. However, throughout the process, PointsBet retained its preference for a MIXI-led takeover, constantly rebuffing Betr’s bids and urging shareholders to approve the final MIXI offer.

Incidentally, Betr’s proposal – on paper – was valued higher than the final, successful offer from MIXI. Betr put forward an all-share bid worth $1.40 per share but this was not enough to sway PointsBet, which is now comfortably majority-owned by MIXI.

MIXI secured the stake last week, noting its holding in PointsBet hit 51.59% as of Friday evening. This means MIXI now has majority control of PointsBet, with the operator running as a controlled entity and subsidiary of MIXI.

The news means Betr Entertainment, which has also been seeking a takeover of PointsBet, can no longer acquire a majority interest. With this, the takeover saga, which began in February, could be coming to an end.

MIXI said in a letter on Monday that its takeover offer would remain open until 12 September. Shareholders that accept the offer prior to this date will be paid in line with the proposal.

In its letter MIXI directly referenced Betr’s proposal when confirming the holding news in a statement, squashing any possibility of a collaboration between the two parties.

“MIXI Australia notes that Betr believes there is scope for ‘potential synergy realisation’ through collaboration with a MIXI-controlled PointsBet,” MIXI said. “We do not intend to engage in any such collaboration with Betr.”

The PointsBet board has backed MIXI throughout the bidding war, despite Betr seeking to increase its deal value and synergies during the courting process.

What does MIXI’s latest PointsBet offer look like?

PointsBet once again recommended that shareholders vote in favour of the latest MIXI bid in August, which valued PointsBet at $1.25 in cash per share. This would increase to $1.30 per share if MIXI secured more than 90% of the total holding.

However, despite its now-majority holding, this latter price is highly unlikely. Betr currently holds a 19.9% stake in PointsBet and has refused to accept the latest MIXI offer.

Throughout the year Betr submitted several proposals of its own, each increasing in value. Its most recent all-share offer valued PointsBet at $1.40 per share. But PointsBet’s support for MIXI’s bid has continued and, on 22 August, it told shareholders to reject the bid in favour of MIXI’s proposal.

Betr Executive Chairman Matthew Tripp, however, maintained the operator was in a good position to take full control of PointsBet. Speaking during Betr’s FY25 earnings call on 28 August, he said the group’s proposal was “superior” in value.

Betr is yet to comment on the news of MIXI exceeding the 50% ownership milestone.

Funding confirmed for Dutch gambling addiction programme

Dutch regulator Kansspelautoriteit (KSA) has confirmed the extension of a gambling harms, addiction and prevention programme in the country.

KSA will continue to work with healthcare research and healthcare innovation organisation ZonMw on the initiative.

The programme has also secured an additional €21 million ($25 million) in funding. This will be used to fund independent research to improve the prevention and treatment of gambling addiction.

“The protection of players is a key priority for the KSA,” Michel Groothuizen, KSA chair, said on 28 August. “By continuing this programme, we are joining forces to gather more necessary knowledge on this subject, so that we can prevent gambling harm as much as possible.”

Trio of appointments for Western Australia regulator

New appointments have been confirmed at the Gaming and Wagering Commission (GWC) of Western Australia (WA).

Former WA Police Assistant Commissioner Paul Steel, lawyer Melanie Cave and former minister Bill Johnston will all join the body. The trio of appointments was announced by the state’s government.

Steel became the first full-time member at the commission. He will continue to oversee casino activities to ensure operations are lawful and responsible

Cave brings experience in commercial and property law. In addition, Johnston joins the GWC after 17 years working as a minister and retiring from parliament prior to the March 2025 state election.

BCLC hits back at anti-money laundering ruling

Meanwhile in Canada, the British Columbia Lottery Corporation (BCLC) has appealed a ruling by the Financial Transactions and Reports Analysis Centre of Canada (FINTRAC) over a notice of violation.

FINTRAC delivered findings of alleged administrative deficiencies on anti-money laundering legislation at the BCLC. The findings did not include allegations of any criminal offence.

The BCLC said it conducted a review of the findings, providing information to support its case against FINTRAC. However, FINTRAC elected to uphold the decision, with the BCLC seeking a repeal of this ruling.

“We take responsibilities under Canadian anti-money laundering legislation very seriously,” the BCLC said. “We are confident in its position we have fully complied with all legal and regulatory obligations.”

MGM to increase NFL responsible gambling messaging

Turning to the US, MGM Resorts International and BetMGM will increase responsible gambling messaging inside NFL stadiums for the upcoming season.

For the third consecutive year, GameSense messaging will appear on LED ribbons at selected stadia. Also new for the 2025 season, these messages will be featured prominently on stadium scoreboards during pre-game activities and also within gameday magazines.

GameSense is a responsible gaming programme first developed and licensed to MGM Resorts in 2017 by the BCLC. The programme focuses on engagements with guests and customers about how to gamble responsibly.

“Placing GameSense in league stadiums gives us direct access to millions of fans each week,” said Rhea Loney, chief compliance officer at BetMGM. “It’s a powerful platform to promote public awareness and amplify our commitment to provide a safe and informed gambling experience.”

Bet365 secures Maryland sports betting licence

Finally this week, Bet365, through its Hillside parent company, secured an online sports betting licence in Maryland.

The Maryland Lottery and Gaming Control Commission signed off on the licence and Bet365 has since rolled out its online sports betting platform in the state.

With the addition of Bet365, there are now 12 mobile and online sportsbooks active in Maryland. This is in addition to 13 retail sportsbook locations and Riverboat on the Potomac, in partnership with Fanatics.

Bet365 is now active in 15 jurisdictions across the US.

Publishing its FY25 results, PointsBet said revenue for the 12 months to 30 June amounted to AU$261.4 million (US$170.8 million). This represents a new record, surpassing the previous financial year by 6%.

Revenue was higher across the group’s sports betting operations in Australia and Canada. On top of this, net win – revenue minus promotional costs – improved by 6% year-on-year to $283.6 million.

First EBITDA-positive period in PointsBet history

PointsBet also posted positive normalised EBITDA for the first time in its history. Normalised EBITDA in FY25 – excluding share-based payments and one-off items – reached $11.2 million, in contrast to a $1.8 million loss in the previous year. In addition, rolling annual cash active players hit an all-time high of 295,757.

Australia growth despite reduced player spend in FY25

Breaking down PointsBet’s performance in FY25, sports betting operations in its native Australia again made up the majority of revenue. In total, revenue in the country topped $218.5 million, a rise of 3% and another new record.

The increase came despite a 14% year-on-year decline in overall player spend during the year. However, net win improved 3% to $240.6 million, with net win margin rising to 10.4%. The group has now reported six consecutive quarters of net win margin growth.

Also on Australia, PointsBet again voiced its support for gambling advertising reform in the country. The issue remains up for debate. Reforms were due to be implemented in 2024, before they were delayed to 2025 amid rumours the government did not have enough support in the Senate or from sports governing bodies.

“PointsBet remains active in encouraging the wagering industry, governments, sports bodies and media to promptly resolve sustainable and pragmatic advertising reform,” it said. “This is likely now that the federal election has been resolved.”

Turning to Canada, where revenue across sports betting and iGaming increased by 26% to $42.9 million. Total net win also climbed 26% to $43 million for the full year.

Revenue from sports betting in Canada edged up 6% to $14.8 million, with handle rising 39% to $354.9 million. Net win was 11% higher at $17 million despite what PointsBet said were “unprecedented” customer-friendly results in H1.

As for iGaming, revenue climbed 41% to $28.1 million, amid a 27% rise in player spending to $1.14 billion. Net win also increased by 39% to $26 million despite negative VIP variance on slots during the first half.

Net loss down to $18.2 million at PointsBet

In terms of spending, cost of sales increased 7%, but operating costs were marginally lower for the year. Coupled with revenue growth, this allowed gross profit to climb 6% to $137 million.

Finance expenses, including depreciation and amortisation, were also reduced. As such, PointsBet posted a pre-tax loss of $18 million, compared to $39.5 million in FY24.

The group paid just $0.1 million in income tax, meaning it ended the financial year with a net loss of $18.2 million, an improvement on last year’s $42.3 million loss.

MIXI strengthens position on proposed PointsBet takeover

Shortly after PointsBet published the results, news broke on yet another development in the ongoing battle between MIXI and Betr Entertainment to take a majority holding in the group.

MIXI confirmed its voting power in PointsBet exceeded the 50% threshold. This triggered a two-week extension to the acceptance period for its offer, which had been due to conclude on 29 August. It will now run through to 12 September, allowing shareholders more time to consider the proposal.

Earlier in August, MIXI submitted what it said would be its final bid for PointsBet. This saw it offer $1.25 in cash per share, although this would rise to $1.30 per share if it were to secure more than 90% of the total holding.

However, this latter price is unlikely, with Betr – which has tabled several takeover proposals of its own – saying it would not accept the MIXI offer. This is despite PointsBet encouraging shareholders to accept the MIXI bid and reject Betr.

This has not deterred Betr, which has returned to the table several times with improved offers. Its latest, all-share offer values PointsBet at $1.40 per share. But the initial response from PointsBet was the same, in that it said shareholders should reject the bid in favour of MIXI’s proposal.

However, writing in his post-FY25 earnings commentary, Betr Executive Chairman Matthew Tripp maintained the operator was in a good position to take full control of PointsBet.

“We continue to believe that our offer for PointsBet presents superior value for both Betr and PointsBet shareholders and we remain disciplined as we evaluate further opportunities to accelerate growth,” he said.

Wagering revenue for the 12 months to 30 June amounted to AU$132.3 million (US$154.1 million), up 129.3% from 2024.

The increase came following the completion of the merger of Betr and BlueBet Holdings in July last year. Migration completed in August 2024, with BlueBet adopting the Betr brand in Australia.

Betr expanded its business further by striking a deal to acquire TopSport in February 2025, completing the purchase in April. Migration was also completed in under two months, with TopSport now fully integrated with Betr.

“FY25 was a defining year for us,” Betr CEO Andrew Menz said. “We set bold commitments, executed with speed and discipline and delivered strong financial performance that demonstrated our ability to create meaningful value for shareholders.

“Our growth in FY25 was powered by disciplined consolidation and rapid execution. The precision and speed of these integrations give us confidence in replicating success with future opportunities, as we continue to drive consolidation in the Australian wagering market.”

Early synergy realisation benefits Betr

Swift migration, Menz said, brought with it earlier-than-expected merger synergies.

For BlueBet/Betr, this resulted in $16.9 million annualised cost synergies, some 20% ahead of commitment. Meanwhile, the TopSport transaction structure ensured all $9 million in annualised cost synergies were realised immediately upon completion.

“This proven ability to rapidly capture synergies is a cornerstone of our strategy,” Menz said. “These efficiencies create capacity to reinvest in brand, product and customer intelligence – delivering a superior wagering experience and building long-term shareholder value.”

Menz added: “With strong momentum in our core business, a repeatable and proven M&A playbook and a disciplined approach to organic and inorganic growth, Betr is well positioned to keep building scale and long-term shareholder value.”

Horse race betting draws most revenue for Betr

Drilling down into revenue performance in FY25, Betr said horse race wagering generated the most revenue at $57.7 million. This surpassed last year by 125.4%.

Elsewhere, greyhound betting jumped 114.3% to $39 million, while sports betting revenue hiked 146.2% to $22.4 million. The remaining $13 million came from harness racing, a rise of 176.6%.

As for player spend, gross wagering turnover – gross of goods and service tax (GST) – was up 140.1% to $1.42 billion. Player winnings amounted to $1.22 billion, gross of GST, while $50.9 million of promotions was noted. In addition, GST amounted to $13.2 million.

All revenue came from operations in Australia, with Betr having withdrawn from the US early in FY25. This saw it enter termination agreements for gaming licences in Iowa, Colorado and Louisiana. Under these arrangements, payments will be made over future years.

Betr net loss cut to $2.3 million

Looking towards the bottom line, gross profit for the year rocketed 89.6% to $58.4 million. However, with expenses higher across the board, this left a pre-tax loss from continuing operations of $19.5 million, compared to $8.7 million in FY24.

Betr received $4.6 million in tax benefit, resulting in a net loss from continuing operations of $14.8 million. This surpassed last year’s $6 million loss.

However, the situation was greatly improved when accounting for discontinued operations. For FY25, these generated an $8 million profit, whereas in the previous year, loss stood at $40.9 million.

When also including $4.5 million worth of fair value gain, there was a comprehensive net loss attributable to Betr of $2.3 million. This was a stark improvement on $47.5 million in FY24.

“FY25 showcased Betr’s ability to pivot with speed, scale rapidly and deliver profitable growth,” Menz said. “In FY26, we will expand our scale through disciplined, strategic investment and grow our brand presence with a clear focus on the next generation of wagering customers.

“We will also continue to deliver innovative products that our customers and wagering consumers love.”

PointsBet plays down improved takeover bid

The results come after Betr lodged another improved offer to acquire the shares it does not currently hold in PointsBet. Betr secured an initial 19.9% stake in PointsBet this April and, almost ever since, has been seeking to take full control.

However, its efforts have been thwarted by MIXI Australia, which has submitted several of its own bids. PointsBet has so far favoured the offers from MIXI, recommending shareholders vote in favour of these bids.

MIXI recently submitted an improved and final bid for PointsBet. The all-cash offer is valued at $1.30 per share. However, this price would only apply if it acquired at least 90% of the total holding. If it fell short of this, then the company would pay at the previously stated rate of $1.25. Betr, with its 19.9% holding, has already stated it would not back the bid.

Betr has now returned to the table with its own improved offer, increasing its all-share offer to $1.40 per share. But the initial response from PointsBet remains the same, in that it has said shareholders should reject the bid in favour of MIXI’s proposal.

“PointsBet shareholders that accept the unsolicited Betr offer will receive Betr shares, and in effect reduce their economic interest in PointsBet in exchange for an economic interest in the Betr business,” PointsBet said. “The PointsBet board considers to be inferior to that of PointsBet.”

Betr remains upbeat on PointsBet chances

However, Betr appears unmoved by the apparent rebuttal. Writing in his post-FY25 notes, Betr Executive Chairman Matthew Tripp maintained the operator was in good position to take full control of PointsBet.

“Our track record in identifying and integrating strategic, accretive acquisitions is now firmly established,” he said. “We continue to believe that our offer for PointsBet presents superior value for both Betr and PointsBet shareholders and we remain disciplined as we evaluate further opportunities to accelerate growth.”

Revenue for the 12 months to 30 June 2025 amounted to AU$2.61 billion (US$1.70 billion), Tabcorp said. This surpassed the previous year by 11.8%, amid double-digit growth within its core wagering and media segments.

The increase follows a more positive year for Tabcorp, with the business having endured a tough FY24. During the previous year, the company fell to a heavy net loss on the back of hefty impairment charges for its wagering and media division, in addition to transformation expenses and costs associated with its new 20-year Victoria licence. Tabcorp’s FY24 also saw previous CEO Adam Rytenskild resign over allegations of using “inappropriate and offensive” language in the workplace.

However, costs for FY25 were significantly lower after the $1.38bn recorded in FY24, allowing the operator to return to a net profit.

McLachlan, who took the helm at Tabcorp in August 2024, oversaw this change in fortunes. He referenced a change in senior leadership – with various other new faces also joining him at the operator – as well as greater cost and capital discipline, a focus on execution and evolved strategy as drivers of growth not just in FY25, but for FY26 and beyond.

“We’ve increased our wagering and media capability at the leadership level, developed a simpler, more cost-effective operating model and are operating with a bias for action and increased accountability,” he said.

“We have an evolved strategy with a broader focus on unlocking the value that lies within our unique asset base. We have commenced executing the strategy, including the creation of a structurally profitable retail business that will in time increase patronage to pubs and clubs with a true omnichannel offering.”

Tabcorp now ‘digitally competitive’, targets national tote

On the subject of omnichannel operations, McLachlan described Tabcorp as being “digitally competitive”. This, he said, will support its established retail base and position the group for further growth moving forward.

“Now that we are digitally competitive our focus has broadened to using our entire asset base to create the ultimate sports and racing entertainment experience,” he said. “This is the omnichannel offering that will drive growth in the future.”

McLachlan pledged greater integration between all Tabcorp’s assets and said launching a nationwide tote offering remained a key goal for the business.

“[We] will be working collaboratively with industry to try to achieve this,” he added.

Double-digit wagering and media growth in FY25

Analysing Tabcorp’s performance in FY25, wagering and media generated the majority of its revenue. Division revenue hit $2.44 billion, an increase of 12.8% from the previous year.

Within this area, wagering revenue jumped 15.9% on the back of its new licence in Victoria. This marked the end of an existing joint venture in the state, allowing Tabcorp to draw more revenue from Victorian operations.

Domestic wagering revenue increased 16.7% to $2.04 billion, with $1.07 billion of this from digital activity, despite digital turnover falling by 4.8%. Active users also slipped 0.8% year-on-year during the year.

Cash revenue in Australia was also 17.5% higher, with turnover increasing 2.1%. Meanwhile, international wagering revenue was 9.4% ahead year-on-year at $232.2 million, mainly due to new customers and increased world pools.

As for media, revenue edged up by 2.7% to $370.6 million, reflecting an increase in vision distribution. This was, however, partly offset by the impact of the softer domestic wagering market on turnover-linked revenues.

The group’s other business, integrity services, saw reported revenue decline 0.2% to $175.8 million. However, on an underlying basis – adjusted for the sale of the Max Performance Solutions business in H1 of 2024 – revenue was 7.6% higher.

Better bottom line for Tabcorp

Variable contribution for the group was 16.9% higher at $1.09 billion while operating costs jumped 13.6% to $697.2 million. However, such was the impact of revenue growth that EBITDA before significant items climbed 23.2% to $391.5 million.

Depreciation and amortisation expenses were reduced by 7.9%, leaving $188.8 million in operating profit, a rise of 93.7%. Net interest costs topped $91.5 million and tax expense $51.5 million. As such, net profit before significant items reached $49.5 million, some 76.8% ahead of last year.

In terms of significant items, these had much less impact than in FY24. For 2025, significant items amounted to $12.9 million, compared to the previous year’s impairment charges-driven $1.36 billion.

This meant Tabcorp ended FY25 with a bottom-line net profit of $36.6 million, in contrast to the $1.36 billion loss reported in FY24.

“When I joined Tabcorp I said I was drawn to the value that can be unlocked within our unique set of strategic assets, but to do that we needed to get fit,” McLachlan said.

“Today we are a fitter business. A business with an improved cadence, a simpler, more cost-effective operating model and an improved culture of cost and capital discipline. We have a clear strategy and clear lines of accountability that are allowing us to execute on a bolder strategic plan.”

Shares in Tabcorp closed up 23.94% at AU$0.88 per share in Sydney Wednesday morning.

Previous incumbent Dean Shannon stepped down on 30 June, agreeing it was time for change. Vouris was given the role on an interim basis while the process to appoint a permanent CEO commenced.

But Vouris has now been given the role permanently after a global talent search. He brings with him 17 years of leadership experience in wagering, operations and innovation.

Vouris spent nearly 10 years with Tabcorp, including a role as general manager of its wagering business, before serving as chief operating officer of Entain Esports between October 2021 and March 2024.

In a statement released on Tuesday, Vouris voiced his excitement at taking on the role of permanent CEO.

“I am grateful for this opportunity, and the responsibility that I have been given,” Vouris said.

“My priority is to embed a ‘win, but not at all costs’ culture and get back to the basics of selling bets. I will also be focusing on leading innovation in our sector while protecting our customers.”

Stella David, Entain group CEO, believes Vouris is the right man to lead the company’s ANZ business. She said of the appointment: “Andrew stood out as the right leader for Entain ANZ.

“His leadership as interim CEO has demonstrated his commitment to our people, our partners and to building a sustainable, compliance-led and customer-focused culture.

“Andrew has made great progress since he arrived at Entain and I am very much looking forward to continuing working with him.”

Entain ANZ ‘well-positioned for growth’

Vouris’ permanent appointment comes at an interesting juncture for Entain ANZ, with ongoing legal proceedings in Australia and a new monopoly in New Zealand.

Entain reported a 7% year-on-year drop in Australian online revenue during its Q2 earnings.

On the earnings call in August, David addressed its ongoing legal situation with Australian Transaction Reports and Analysis Centre (Austrac).

Proceedings were initiated against Entain in December over “serious and systematic” non-compliance with anti-money laundering and counter-terrorism financing laws.

David said a £50 million ($67.4 million) balance-sheet provision in Entain’s Q2 earnings was an accounting entry, rather than a reserve set aside for a possible penalty from Austrac.

Mediation between the two parties is still ongoing, with no update on the proceedings forthcoming until those discussions have concluded.

TAB NZ granted online betting monopoly in New Zealand

More positive news for Entain in New Zealand saw its partner TAB NZ granted a monopoly over online sports and racing betting in June.

New legislation came into effect on 28 June and Entain has committed to injecting NZ$100 million ($58.5 million) into New Zealand’s racing sector. This comes after penning a 25-year partnership with TAB NZ in March 2023 to provide it with wagering, broadcast functions and funding.

Further opportunity appears to be on the horizon, too, with New Zealand set to launch a liberalised online casino market in 2026. TAB NZ has already shown an interest in entering.

Vouris is enthused by the potential of Entain ANZ, explaining: “I am excited about the future of our business and, while there is still much more to do, we are well positioned for growth.”

Group revenue for the 12 months to 30 June 2025 amounted to NZ$825.2 million (US$479.5 million), SkyCity reported on Thursday. This was 4.2% short of the $861 million recorded in the operator’s previous financial year.

SkyCity said the decline was mainly due to a reduction in customer spend and a lower churn of VIP players in Adelaide. CEO Jason Walbridge also made reference to a “difficult operating environment”, with economic recovery in New Zealand slower than expected.

“Our financial results reflect the difficult operating environment we’ve navigated in FY25,” Walbridge said. “The delayed economic recovery in New Zealand led to lower discretionary spend impacting our business and that has come through the same time as a period of elevated investment.

“This investment has been centred around regulatory systems upgrades, pre-opening costs for the New Zealand International Convention Centre (NZICC) and preparation for online casino gaming in New Zealand.”

Is SkyCity ready for legal iGaming in New Zealand?

New Zealand in July moved closer to legal iGaming with the Online Casino Gambling Bill. This followed the government cabinet’s earlier decision to regulate the currently unregulated online casino sector.

The bill revealed 15 three-year licences will be made available for the new market. Interested parties are required to submit detailed business plans to the country’s regulator.

SkyCity is one of several operators that have shown an interest in entering the New Zealand iGaming market. TAB NZ, 888 and Bet365 have also said they would consider launching online gambling in the country.

However, when asked about the prospect of legal iGaming in New Zealand, Walbridge remained relatively tight-lipped. He said the group was awaiting further government guidance.

“We are awaiting more details from the government and regulator on the auction process and licence terms,” Walbridge said. “We know it will be a three-year licence with a five-year renewal period.”

Online generates $1.8 million loss in FY25

Taking a closer look at SkyCity’s figures for FY25, almost all areas of the business reported a drop in revenue.

Auckland saw revenue fall 11.6% year-on-year to $209.6 million, while revenue in Hamilton and Queensland also dropped 3.7% to $33.7 million. In its Adelaide location, SkyCity also posted a 21.5% decline in revenue to $31.1 million. Earlier in August, following a lengthy regulatory investigation, it was confirmed that SkyCity could keep its Adelaide casino licence.

Total visitation across its casino properties was up 4.6% at 10.5 million during the year. This was despite the slower-than-expected economic recovery in New Zealand.

The group’s online business slipped from $3.6 million in revenue in FY24 to a $1.8 million loss. SkyCity put this down to competitor behaviour and continuing investment ahead of the planned regulation in New Zealand.

SkyCity back in the black

There were more positive results across SkyCity’s bottom line.

On the whole, costs were lower year-on-year, offsetting the decline in revenue. For FY25, there were no expenses related to the NZICC fire that occurred in October 2019, while last year SkyCity also faced certain regulatory charges.

As such, operating profit hit $121.9 million, a rise of 164.4%. SkyCity did see a rise in finance expenses to $53.7 million, although pre-tax profit was still able to climb 126.6% year-on-year to $68.2 million.

The group also benefitted from a lower income tax bill of $38.9 million, compared to $173.5 million in FY24.

Last year, SkyCity faced a one-off tax expense of $129.4 million due to a change in tax laws in New Zealand. The government removed the ability for property owners to depreciate commercial buildings with a useful life of 50 years or more for tax purposes.

As such, SkyCity ended FY25 with a net profit of $29.2 million, compared to a $143.3 million loss in FY24. However, underlying EBITDA declined 15.9% to $233.7 million.

SkyCity issues earnings warning for FY26

Looking to FY26, SkyCity said it will be impacted by several factors, including the launch of carded play in New Zealand. This measure requires players to provide a valid membership or loyalty card before they can start gambling at any of SkyCity’s venues.

“Carded play is now live across all our New Zealand sites,” Walbridge said. “While still early days, we’re pleased with the response from customers so far. We are also confirming the previous guidance regarding the impact on previously uncarded revenue, equivalent to $20 million to $30 million EBITDA in FY26.

“This is a significant change for SkyCity and our customers. We continue to work hard on raising our host responsibility measures. It will also create operational efficiency over time and, importantly, deliver meaningful and actionable customer insights.”

Aside from this, SkyCity again referenced “challenging” market conditions in the short-term and that this will continue to impact performance.

“This continues to be a challenge for us as the ongoing delay in the economic recovery in New Zealand comes at the same time as elevated costs related to upgrading our regulatory systems and B3 programme, pre-opening costs for NZICC in February and the expected launch of regulated online casino gaming in winter 2026,” Walbridge said.

As such, underlying EBITDA in FY26 is forecast to range from $190 million to $210 million, which would fall short of its FY25 total. Reported EBITDA is also likely to decline year-on-year, SkyCity said.

The operator added that net profit after tax will reflect up to $40 million in interest costs, as much as $100 million in depreciation and amortisation, as well as higher tax from the recent changes. As such, no dividends are expected to be paid in FY26.

Could FY27 be brighter for SkyCity?

However, looking towards FY27, Walbridge was upbeat about the expected launch of legal iGaming in New Zealand.

He said: “In FY27, we expect earnings to improve with NZICC expected to be breakeven on a stand-alone basis and the regulated online gaming business targeted to deliver breakeven in the first year of operation in FY27.

“We remain optimistic that we will see a recovery in spend per visit across our properties as the New Zealand economic backdrop improves, supported by a full year of visitation benefits from NZICC and the spend expected from that. SkyCity is well placed to maximise that opportunity when it occurs.”

The all-cash offer values PointsBet at AU$1.30 per share. This surpasses the previous offer of $1.25 per share, despite MIXI having stated that it was its final offer.

The new, improved offer is contingent, however, on how many shares MIXI is able to acquire in PointsBet. The AU$1.30 per share price would only apply if it acquired at least 90% of the total holding. It it fell short of this, then the company would pay at the previously stated rate of $1.25.

MIXI made clear that this would be its final offer and it does not intend to increase it further.

At present, MIXI has acceptances for a 37.12% holding in PointsBet. To allow shareholders time to consider the improved proposal, MIXI has extended its offer acceptance period to 29 August. This, it added, would also not be extended further.

Could this be the end of the PointsBet takeover saga?

The battle for PointsBet has been rumbling on for several months with both MIXI and Betr Entertainment lodging several offers. PointsBet has favoured MIXI throughout the process but a recent development appears to have pushed MIXI into improving its offer.

Betr formally opened its takeover offer on 18 August, having revealed the bid at the end of July. The all-share, unsolicited proposal saw Betr offer 4.219 of its own shares in exchange for every PointsBet share.

After the offer opened, PointsBet said it had acknowledged several revisions that eased some of its concerns over the proposal. However, it maintained its support for the MIXI offer, urging shareholders to take “no action” over the Betr offer.

This followed a pattern that has been seen throughout the process. Both MIXI and Betr have increased their respective proposals on several occasions, but PointsBet has always favoured the former.

Betr could decide MIXI takeover cost

MIXI came close to securing approval for one of its offers at a shareholder vote in June. This saw 95.69% of shareholders vote in favour of the bid, which then valued PointsBet at $1.20 per share. However, the proxy vote was more mixed, with 69.47% backing the proposal.

This led Betr to accuse PointsBet of “impermissibly excluding” its vote against without reason, with investigation finding a system error excluded Betr votes. Following a recount, 70.48% of votes were in favour of the proposal, which was short of the amount required for a takeover to progress.

While the final offer from MIXI does not require such a high level of shareholder approval, Betr’s holding could still be a sticking point in terms of price. Betr currently holds a 19.9% voting power in PointsBet.

Betr has indicated that it will not vote in favour of the MIXI offer. As such, the takeover price will now likely be $1.25, rather than the higher $1.30 if 90% of shareholders were to vote in favour.

Tabling the proposal, Novomatic said this was its “final” offer to take full control of the Australian slot machine supplier. It added the bid was “unconditional” and that the price would not be increased further.

Novomatic initially tabled a scheme implementation deed in April this year, also valued at $1 per share, or a total enterprise value of $336.5 million. However, the IBC viewed the latest proposal as an “alternative takeover bid”, with it running parallel to the existing offer.

Ainsworth’s Independent Board Committee (IBC), comprised of three non-executive directors, has recommended shareholders vote in favour of the scheme. The IBC added the offer is in the best interests of Ainsworth shareholders, “in the absence of a superior proposal”.

Should shareholders approve the bid, they will receive $1 in cash for each Ainsworth’s share they hold within 10 business days of acceptance. A scheme meeting on the matter is due to take place on 29 August.

Novomatic seeks international growth

Ainsworth is listed on the Australian Securities Exchange (ASX). Its headquarters are in Newington, Sydney and has operations worldwide. The company provides gaming machines in Australia, Asia and the Americas.

At present, Novomatic holds 52.9% of the total shares in Ainsworth. The company acquired the majority stake in January 2018, with the remaining 47.1% shared between other holders.  

Any full takeover would be subject to various other approvals. These include sign-off from the Australian Securities Exchange, Australian Securities Investments Commission and the Federal Court of Australia.

Speaking at the time of the April agreement, Novomatic executive board member Stefan Krenn said the acquisition fit in with the company’s international growth plans.

“The acquisition of Ainsworth is consistent with our international growth strategy and the expansion of our presence across the Asia-Pacific and the US region,” Krenn said. “As a long-term shareholder we are familiar with the business and believe that integrating Ainsworth into our operations is in the best interest of this strategy.”

Ainsworth slips to comprehensive net loss in H1

The new offer follows Ainsworth posting its financial results for the first half of 2025. These revealed a 25.3% year-on-year increase in revenue, mainly due to higher land-based sales in all key regions, particularly in North America and Asia Pacific.

However, Ainsworth said its margin of 56% for H1 was impacted by mix of product sales in North America and Latin America, as well as a decrease in online revenue, with high margin during the half.

Cost of sales jumped 66.2% but revenue growth meant gross profit increased 4.8% year-on-year. However, with spending also higher in other areas, operating profit dipped 24.6% to $9.5 million.

After finance costs and foreign exchange loss, pre-tax profit hit $1.6 million, down 89.8%. The group was able to claw back $3.4 million in income tax income, meaning net profit during H1 reached $4.9 million, a drop of 65%.

However, it also included $9 million in negative foreign currency translation impact, with this only partially offset by $4.9 million in profit attributed to owners of the company. As such, Ainsworth ended H1 with a comprehensive net loss of $4.1 million, in contrast to last year’s $18.1 million profit.

In addition, EBITDA for the six-month period fell 48.2% to $14.6 million.

Detailing the case, the regulator said Crown allowed customers to use poker machines without having installed pre-play gambling limits. These limits are required by state law.

In Victoria, licensees are required to install the government’s YourPlay programme on all poker machines. Furthermore, mandatory carded play and pre-commitment applies to poker machines inside casinos.

YourPlay enables players to set limits to time or money spent on the machine and lets them keep track of their own gaming machine play across the entire state of Victoria.

According to the VGCCC, the flagged breaches took place between December 2023, when mandatory carded play and pre-commitment was introduced in Victoria, and July 2024. Crown was found to have allowed 22 customers to continue using machines after reaching their nominated time or spend limit.

The VGCCC also found another 10 customers had gambled using a card linked to a YourPlay account not in their name. These incidents occurred between December 2023 and August 2024.

Crown Melbourne avoids financial penalty

Concluding the case, the VGCCC elected to formally censure Crown. It noted the operator’s cooperation with the investigation and evidence that the breaches were isolated. The regulator also acknowledged remedial efforts had been undertaken to address the issue, including additional monitoring and staff training.

However, the VGCCC emphasised the reprimand will remain on Crown’s record. It added that it could take “more serious disciplinary action” should similar or further breaches occur.

“Poker machines are a high-risk, high-harm product,” VGCCC Chairman Chris O’Neills said. “This is why we place so much emphasis on holding the industry to account when they fail to honour their legal and social licences to protect customers from gambling harm.

“Pre-commitment programmes empower people to manage gambling by making decisions before they start gambling, about the amount of time and money they will spend. Research has shown that well-designed pre-commitment systems with binding limits can be effective in preventing harm from poker machine use.

“It is imperative, therefore, from both a legal and ethical perspective, that the casino is vigilant about meeting its pre-commitment obligations.”

The warning comes after the VGCCC recently fined QuestBet for accepting bets from a user displaying signs of gambling-related distress. The online bookmaker was fined AU$80,000 (US$51,928) over the matter.

Reporting its H1 results on Tuesday, this is the first time the London-listed operator provided a breakdown of topline earnings excluding US operations. In this case, group NGR (not counting BetMGM) was up 3% (6% cc) to £2.6 billion.  

Online NGR grew 14% including US and 8% excluding US, while retail NGR remained flat.  

While growth slowed in some online markets like Australia (-7% YoY) and Poland (+2%), group revenue was buoyed by a surprising performance in Spain (+39%), thanks to an effort Entain CEO Stella David described as “awakening a sleeping giant”.  

This, David said, was down to an executive team reshuffle in Spain last year and a reviving of the Bwin brand in the market through a targeted marketing campaign. David said she was confident Bwin could return to a podium position in Spain.  

Mikel López de Torre, former JDigital chairman and digital director for Entain’s Spanish JV Sportium, joined Entain as head of Iberia in June 2024 to lead the Bwin and Party brands across Spain.  

Meanwhile, Entain’s core UK and Ireland (UK&I) segment “outperformed the market”, the operator said, as revenue grew 21% in the six-month period.  

David put this down to growth across volume of players and increased player value. She told analysts once again that product improvements like increased app speeds and a new bet builder offering had positively impacted its performance in the UK.  

Retail remains sluggish, UKGC reviewing AGCs’ impact on operators  

Meanwhile, the UK&I retail business remained flat as revenue decreased 2% compared to last year.  

Despite continued revenue decline across UK retail, CFO Rob Wood told analysts during the earnings call he was happy with the segment’s performance and it had improved slightly in Q2 compared to the first quarter.  

He said there was a continued uptick since “sluggish numbers in Q3 last year” that had coincided with an acceleration in online revenue.  

Wood previously blamed Adult Gaming Centres (AGCs) for stealing market share from retail gaming operations in Q1, but he said on Tuesday the Gambling Commission was taking “a much closer look” at these AGCs.  

Despite slowed revenue growth, he said retail was still positively contributing to online growth. “It’s a pleasurable business for us to run and a really valuable asset,” Wood said.  

“UK retail [employee engagement] scores have never been better and turnover has never been lower.”  

Poland woes down to increased competition on iGaming hopes 

Turning back to online, Entain H1 8% CEE growth was powered by a 14% uptick for NGR in Croatia, but was impacted by flat revenue in Poland.  

When asked what had set Entain back in Poland, David said the market had become increasingly competitive as the sector prepared for potential iGaming regulation. She said heavy bonusing and a tax on winnings had resulted in a challenging period. This was further exacerbated by the prospects of legal iGaming disappearing for now.  

David said the operator would not run a race to the bottom by competing aggressively in the short term. “Poland is a long-term attractive market,” she added.  

Wood said although revenue here dipped, EBITDA in Poland had increased. “Sometimes you have to decide between topline and EBITDA and we’re actually growing EBITDA year-on-year.” He said only two operators were profitable in the market and Entain was number one on the list.  

Entain H1: Brazil ‘on track’ for full-year expectations

Entain’s Brazil business marked its first six months of operation with a 21% year-on-year uptick in NGR. David said that, while the business launched on day one of the market (1 January), the journey had “not always been plain sailing”.  

Compliance efforts had proved a mammoth task as players of the Sportingbet brand had to be re-registered to meet regulatory requirements. David said the operator had seen strong results from the Club World Cup tournament with record player activity and turnover reported.  

While the market is highly competitive, Wood said it was on track to meet expectations for the full year.  

AUSTRAC mediation under way 

Prior to questions from analysts commencing during the call, David addressed the elephant in the room – Entain’s ongoing legal proceedings with Australia’s AUSTRAC. 

Proceedings were initiated in December over “serious and systematic” non-compliance with anti-money laundering (AML) and counter-terrorism financing (CTF) laws at Entain.  

David described a £50 million balance-sheet provision (about AU$100 million) as an accounting measure rather than a specific provision allocated as a potential penalty.

“The provision is purely accounting driven,” she said. Mediation between the two parties commenced in July and is still in motion, David noted.  

There will be no update on the proceedings until discussions have concluded, she added.  

AUSTRAC documents filed in April said the two parties were required to attend a mediation before 4 August and, if the matter is not resolved by then, Entain would need to file its defence by 12 September. 

How much cash will Entain receive from BetMGM this year?  

Cash flow was a hot topic during the Entain H1 analyst call, as Wood noted BetMGM’s plans to return cash to its parents this year, upon reaching a positive EBITDA of $150 million.  

As of the end of H1, adjusted cash flow for Entain sat at £80 million, compared to a deficit of £35 million last year. This is expected to be “broadly flat” for the year.  

When pressed on what the returns from BetMGM could look like in 2025, Wood said nothing had yet been agreed with the JV, but he hinted the amount could easily be calculated by taking BetMGM’s EBITDA guidance for 2025 and deducting its capex, then dividing by two and converting to GBP.  

“To give a feel for it, we came into the year with a good amount of cash on the balance sheet. We’ll probably want to leave a reasonable amount for year-end as well in order to allow for working capital cycles and so on,” Wood said of Entain’s cash flow plans for the year.

Underlying EBITDA across the group hit £583 million in H1, up 11% from last year. Meanwhile, gross profit rose 3% to £1.6 billion.

Detailing its ruling, the VGCCC said that the failings took place between April and June 2023. During this period, the player contacted QuestBet over 20 times to request additional credits and bonus bets.

On six occasions, the customer mentioned having experienced several large losses while gambling. This, the regulator said, was a “clear sign” the player was struggling and that QuestBet should have picked up on this.

“It was a sign QuestBet chose to ignore,” VGCCC CEO Suzy Neilan said. “Instead, the bookmaker encouraged and enabled the customer to keep gambling with the aid of bonus bets in five of the six occasions.”

The player in question raised the issue directly with the VGCCC, with the regulator carrying out an investigation. In total, the customer lost approximately $15,000 in the space of just two months.

Regulator blasts QuestBet over inadequate protection

Within its ruling, the VGCCC set out how staff must provide assistance to customers facing negative consequences from gambling. It also referenced how workers have access to a range of resource tools to further support at-risk users. These include setting time and spending limits, as well as self-excluding from gambling.

“QuestBet suggested none of these,” Neilan said. “Thereby, the operator breached the Victorian Bookmakers’ Association Responsible Gambling Code of Conduct and caused further distress to the customer.

“Nor did the bookmaker formally respond to our request for an explanation for its lack of care or a reason not to be sanctioned, despite requesting, and being granted, several extensions to do so.”

Concluding the ruling, the VGCCC said QuestBet failed to have in place “adequate systems” to protect individuals identifiably at risk of harm. Therefore, it proceeded to issue the fine.

“Minimising gambling harm is an obligation every operator holds – including bookmakers – who must monitor customer wellbeing and intervene if they observe signs of distress,” Neilan said.

“This substantial penalty demonstrates the seriousness of the bookmaker’s failure to meet its legal and moral obligations.”

An independent review led by retired Supreme Court Justice Brian Martin acknowledged the mistakes SkyCity Adelaide made in the past. However, the report said changes to its systems have allayed many of its concerns.

The report did note that SkyCity must further improve its processes related to AML and CTF. But the operator’s immediate future in Adelaide has been secured with confirmation that it can keep hold of the licence.

The case dates to September 2019, when an industry-wide compliance campaign was launched in Australia. SkyCity was notified of alleged wrongdoing in June 2021, while an investigation led by Martin began soon after.

Following this, the Australian Transaction Reports and Analysis Centre (AUSTRAC) launched federal court proceedings against SkyCity Adelaide for AML failings in December of 2022. Martin continued his independent review of the operator and this week the report was published in full.

“If I’d been asked to determine suitability of the licensee and SCEG (SkyCity Entertainment Group) at the end of October 2021, the inevitable answer would have been that neither were suitable,” Martin said. “Since then, the situation has changed.

“The significance of past failures needs to be considered in the context of the licensee’s subsequent behaviour, changes in personnel and the licensee’s current corporate culture and governance.

“I am satisfied that, today, the licensee is a suitable person to hold the licence and operate the casino.”

What did SkyCity Adelaide do wrong?

Setting out its initial concerns over the casino, AUSTRAC said SkyCity Adelaide demonstrated a pattern of “serious and systemic non-compliance” with AML and CTF laws.

This included not having risk-based systems and controls in its AML and CTF programmes. It also failed to establish a proper framework for board and senior management oversight for these projects.

Other issues included not creating a monitoring programme for transactions and identification of suspicious activity that was appropriate to the nature, size and complexity of SkyCity. In addition, AUSTRAC said SkyCity lacked an “appropriate enhanced customer due diligence programme” for additional checks on higher risk customers.

In May 2024, SkyCity settled its initial case with AUSTRAC with the operator agreeing to pay a penalty of AU$67 million (US$44 million). It had set aside $45 million in anticipation of a civil penalty over the matter, but the final amount was substantially higher.

Will SkyCity be ready for 2027 remediation?

As for Martin’s findings, these have been set out in a 541-page report. He referenced a “poor and inadequate culture” in the past, but accepted the efforts made to rectify such issues.

According to Martin, this culture and management’s approach to AML and CTF did not fully change until April 2024 when Jason Walbridge joined as CEO. Other changes included Julie Amey resigning as CFO and Andrew McPherson joining as chief information officer.

Martin also noted that progress from mid-2024 continues, with remediation set to complete by June 2027. However, he raised doubts as to whether this time frame is realistic, given the volume of work to carry out.

“Notwithstanding good intentions, experience has demonstrated that the magnitude and complexity of the tasks is such that full remediation by June 2027 will be difficult to achieve,” the report said.

“Although full remediation by June 2027 appears unlikely, the significance of the change in culture and ongoing progress should not be underestimated. Further, there exist strong reasons for concluding that as remediation progresses, the licensee will successfully comply with its primary obligations under the regulatory regime.”

As Martin was satisfied SkyCity is suitable to maintain its licence, the Adelaide casino will remain open for the foreseeable future.

SkyCity committed to further improvements

Responding to the findings, SkyCity’s Walbridge accepted its past failings. He also reiterated the operator’s commitment to continuing to improve and strengthen its systems.

“We fully accept and acknowledge the findings of the report that we did not measure up to the standards required, and we apologise for those failings,” Walbridge said. “We further acknowledge that we still have work to do.

“We’ve made significant enhancements in terms of leadership, resourcing and systems. This includes a commitment to invest $60 million over three years to transform our culture, uplift our financial crime and host responsibility practices.

“Our team has worked hard to rise out standards, better meet obligations and improve how we look after our customers.”

‘No clean bill of health’ for SkyCity

South Australia Liquor and Gambling Commissioner Brett Humphrey also commented on the report. He said while SkyCity will retain the licence, he could not rule out further action or measures for the operator.

“I accept Mr Martin’s findings that SkyCity Adelaide is suitable to hold and operate the casino licence and SkyCity Entertainment Group is suitable to be SkyCity Adelaide’s close associate,” he said. “But let me be clear, this is by no means a clean bill of health for SkyCity Adelaide.

“Even though many of the issues raised have either been addressed or are being addressed through a programme of work being supervised by the independent monitor since August 2023, the deficiencies and breaches uncovered are deeply concerning.

“I am considering Mr Martin’s findings as well as ongoing work by Consumer and Business Services to determine what enforcement action I may take in light of these breaches.

“I will also be looking at what measures may be required for the ongoing future operations of the licence,” Humphrey concluded.

The group increased its offer to AU$1.25 per share in cash after shareholders rejected a AU$1.20 bid in June.

The new offer from the Japanese tech firm’s Australian division implies an enterprise value of AU$419 million. The previous bid collapsed after rival bidder Betr Entertainment demanded a recount.

MIXI has declared the offer unconditional after receiving approval from Australia’s Foreign Investment Review Board. It has waived the earlier 50.1% minimum acceptance condition.

MIXI will pay shareholders who accept by 29 August or within 10 business days of acceptance. The takeover offer remains open until the evening of 25 August. MIXI currently holds a 28.2% stake in PointsBet.

The new offer represents an implied EV/EBITDA multiple of 38.1x based on PointsBet’s FY25 guidance.

PointsBet directors back MIXI bid

PointsBet directors, who supported the previous bid, again unanimously recommend shareholders accept MIXI’s offer. The bid is 50.6% above the 25 February closing price, when MIXI announced its proposed acquisition. It is also 46.1% above the one-month average price of AU$0.865 for the period ending 25 February 2025.

PointsBet directors again expressed their concerns about Betr’s all-scrip reverse takeover offer of 4.219 shares for every 1 PointsBet share. They said Betr’s offer depends on synergy estimates that were “materially overstated” in June.

“MIXI Australia’s increased offer is now unconditional and we encourage all PointsBet shareholders to accept our increased offer with the certainty of knowing that they will be paid expeditiously,” MIXI said.

Betr’s most recent offer

Betr submitted its latest offer at the end of July. At the time, it said the all-scrip offer equates to AU$1.35 per PointsBet share, based on its capital raising price of AU$0.32 per share. Betr already holds a 19.9% voting power in PointsBet.

“We continue to firmly believe in the combination rationale and that we can create material value for PointsBet and Betr shareholders by integrating these two businesses, allowing us to profitably grow our share of the Australian wagering market,” Betr said.

“That upside is not available to PoinstBet shareholders under the inferior all-cash MIXI offer.

“PointsBet shareholders should continue to take no action until both offers are open. We expect the PointsBet board will reconsider its recommendation that PointsBet shareholders accept the MIXI offer and will now recommend the Betr offer.”

PointsBet rejected the previous proposal from Betr, as it was “materially less” than MIXI’s increased offer.

Betr was proposing 3.81 of its own shares in exchange for each PointsBet share. It said this on-market offer equated to AU$1.22 per PointsBet share, based on a Betr share price of AU$0.32.

This also included AU$44.9 million of expected annual cost synergies, which provided a potential deal value of AU$1.89 per PointsBet share.

However, without estimated synergy costs, the offer was the same as an earlier proposal, also rejected by PointsBet.

Also included in this offer was an $80 million selective buy-back for PointsBet shareholders accepting the bid. However, PointsBet took issue with this, and indeed the wider bid, raising it with the government’s Takeover Panel.

The Las Vegas-headquartered group said the transition to the Australian Securities Exchange (ASX) will help consolidate liquidity in a market with deep understanding of the gaming sector. L&W — formerly Scientific Games Corporation — expects the move to unlock maximum shareholder value and align with its growth plans.

In an update delivered during its Q2 2025 results presentation, the group predicts that market cap will go from circa AU$4.5 billion to AU$12.2 billion. L&W is also set to ascend from circa #90 in the ASX 100 into the ASX 50 and into the index.

Why L&W is making the switch

Since initially announcing the plan to switch in February, L&W said it has actively engaged with shareholders, index providers and other stakeholders to ensure the process goes as seamlessly as possible. Since launching the secondary ASX listing back in May 2023, equity traded on the ASX now accounts for approximately 37% of L&W’s total equity.

Matt Wilson, L&W’s president and chief executive, said: “Our transition to a sole listing on the ASX marks an exciting new chapter for the company as we continue to execute to our initiatives to create shareholder value over time.”

The announcement follows the release of L&W’s multi-year growth strategy in May. Speaking to investors at the time, the group announced 2028 financial targets of Consolidated AEBITDA of $2.0 billion and doubling of Adjusted NPATA per share to over $10.55. The Gaming segment is targeting to expand its North American Premium footprint market share by 400 basis points while also increasing revenue per day by 2028. L&W is also targeting an expansion of its Global Game Sales market share by 400 basis points over the same time frame.

How did L&W perform in Q2 2025?

In the three months to 30 June, L&W delivered earnings growth and margin expansion across all business segments. The group attributed the performance to strong game performance, disciplined investment and its cross-platform strategy.

Consolidated revenue of $809 million decreased slightly by 1%, while net income increased 16% to $95 million and consolidated AEBITDA increased 7% to $352 million.

L&W said challenges during the period included macroeconomic uncertainty during the quarter leading to more cautious purchasing behaviour and delayed capital expenditure among some of its customers. While this impacted the timing of game sales, L&W’s Gaming business sold over 9,000 new units globally.

According to the group, SciPlay revenue continued to outpace the market while its iGaming business delivered quarterly record revenue.

During the period, L&W completed the acquisition of Grover and is executing on planned integration ahead of schedule. L&W has added over 600 active units since the acquisition announcement back in February 2025.

Wilson added: “We remain committed to R&D investment to further proliferate our high-performing content across channels and continue to realise the benefits of strong game performance. Our North American installed base and revenue per day increased as we continue to execute on the key initiatives to both expand and extend the longevity of our fleet for maximum value.

“Additionally, I am pleased that the integration of Grover is progressing ahead of schedule, and we are very well-positioned in the charitable gaming business with a range of growth opportunities ahead of us.”

Numerous examples come to mind, some of which ended in victory while others fell just short. Think of the Indiana Pacers’ memorable run to a Game 7 of this year’s NBA Finals, or Leicester City’s 2015-16 Premier League title, or the Boston Red Sox’ historic comeback from down 3-0 against the Yankees in the 2004 ALCS.

In gaming, the notion of wins and losses is far less binary. Nobody is hoisting a casino championship trophy or parading down the Las Vegas Strip. But if there were ever an example of an improbable team that continues to outkick its coverage, it would be Bally’s Corp.

The Rhode Island-based company is a corporate entity cobbled together in such a way that Doctor Frankenstein himself might have second thoughts. It is financially stretched tighter than a snare drum and has not hosted an earnings call with analysts for multiple quarters. Its interests are flung far and wide from Las Vegas to Chicago to New York to Australia, with holes that can be picked apart in every example. And yet, things have had a way of working themselves out.

A substantial funding agreement with Gaming and Leisure Properties effectively saved its Chicago and Las Vegas interests. A reverse-merger with Intralot provided critical funds and disposed of its international digital business. And, most recently, its New York City bid was saved by Mayor Eric Adams while its Australian subsidiary stumbled into re-acquiring substantial assets.

Bally’s ability to find answers, however convoluted they may be, is undeniable. The question now is just how long the company can continue this uphill tightrope sprint.

Boogie down Bronx

Perhaps nothing highlights this Bally’s phenomenon better than its New York casino bid. Bally’s is proposing a $4 billion integrated resort on a golf course it owns at Ferry Point in the Bronx. The project, for various reasons, has always been considered a long shot.

One reason is the cost – the company is struggling to stay on track with its Chicago casino, which costs less than half (about $1.8 billion) what it says it would spend in New York. In Q1, Bally’s reported $209 million in cash versus net debt of $3.4 billion, although that was multiple transactions ago by now. In addition to the massive development costs, the New York licence fee is also $500 million, up front.

For Bally’s in particular, winning a spot in New York would be costly for another reason. The company purchased the golf course from the Trump Organization for $60 million in 2023. If the project is awarded a licence, Bally’s is obligated to pay an additional $115 million kicker, meaning its pre-construction costs would actually be at least $615 million. This connection to US President Donald Trump has been among the biggest criticisms of the project, but it hasn’t been enough to stop it.

Before the 27 June deadline to submit its casino application to the state, Bally’s needed key zoning approvals from the city council and state legislature. In late May, the council tabled a vote on the matter, setting up a last-minute dash throughout June. Bally’s Chairman Soo Kim told the New York Post the council’s action showed that its members were insinuating that “‘If Bally’s wins, Trump benefits’. That’s crazy.”

From the top rope, twice

At the time, it seemed as though the obstacles in New York were mounting too quickly for Bally’s to overcome them. The company needed a “home rule” vote on its zoning bill, meaning that the council needed to approve it before the legislature could. That required a two-thirds majority vote from the council, until Adams intervened.

Prior to the vote, Adams submitted a letter of support for the bill, lowering the threshold to a simple majority. The final vote came in at 32-12, with seven abstentions. Adams has maintained that his actions are not an endorsement of the project. Rather, he says he wants to keep the pool of applicants for the three available casino licences as wide as possible.

“It does not matter which proposal is selected by the state so long as it’s in New York City,” his office said at the time. “We would be supportive of more than one selection in New York City, but that requires more than one competitive proposal.”

After Bally’s officially lodged its bid, it had to go back before the council for another, specific municipal zoning item. That 15 July vote was a resounding defeat, with 29 against versus just nine in favour. Again it seemed that the project was all but dead.

No appetite for a fight

But there again Adams saved the day, as he vetoed that vote on 30 July and sent it back to the council, where it now sits. This has prompted fresh criticism over the connections between Adams, Bally’s and Trump.

According to Spectrum News NY1, Vito Pitta, Adams’ election attorney and head of his legal defence fund, is a lobbyist for the Bally’s proposal. His campaign chairman, Frank Carone, is a consultant for the company, although both connections have been downplayed.

And perhaps most notably, Trump’s Justice Department permanently dismissed significant federal corruption charges against Adams earlier this year, which many feel has made the mayor subservient to the president’s wishes.

In any case, the council could technically override the veto with a two-thirds majority vote by 11 August, but that now appears unlikely. City and State NY reported on Tuesday, citing unnamed sources, that council members “didn’t have the appetite to take up a veto override fight”. Their hope is that the project is simply left out of the ultimate licensing decision by the state.

A local community advisory committee meeting for the Bally’s project is now slated for Friday afternoon. It is unclear whether the company will make a presentation then or await further clarity.

Thunder down under

While the New York saga has become increasingly complicated for Bally’s, the same is true some 10,000 miles away. For multiple years running, beleaguered Australian operator Star Entertainment has been battling with bankruptcy, such that the company became increasingly desperate from January onwards.

As a significant employer and tax contributor, Star fought to the end to stay independent, but its financial troubles coupled with a litany of regulatory violations were too much to bear. That’s when Bally’s stepped in.

Bally’s swooped up majority control of Star in April in an AU$300 million takeover bid. The company again struck what seemed to be a miraculous deal and it was also able to reduce the investment by AU$100 million by offloading that stake to existing Star shareholder Bruce Mathieson. At the time the deal was struck, Star had just two properties in its portfolio, Star Sydney and Star Gold Coast.

Days before Bally’s submitted an initial offer in March, Star had announced its intention to exit its Queen’s Wharf Brisbane joint venture and sell its stake back to the project’s other two partners. The multibillion-dollar mixed-use development was poised to become Star’s biggest asset, but was too expensive. The deal was struck primarily to get out of equity and debt contributions.

Not so fast

Bally’s made clear that it did not support the Queen’s Wharf exit and it sought to keep all assets together. For months it appeared that the withdrawal was in fact final, until it wasn’t.

Star announced on 30 June that certain requirements had still not been met, which prompted the partners to retract the deal. An extension was subsequently granted through July but that too was unsuccessful. The agreement was officially dissolved on 1 August.

To be clear, the dissolution of the agreement is not necessarily a full positive. Star now faces additional financial penalties for not finalising the terms and is again saddled with big financial commitments at a time when every dollar counts. It is also under a federal money laundering investigation that could result in hundreds of millions in further fines.

In spite of all of that, Bally’s got what it wanted and, in a way, it could make its purchase more prudent. The company essentially bought when the value was lowest and gained a massive asset through no work of its own.

Bally’s declined multiple requests for comment for this story.

One man’s vision

In all, the breakneck flurry of activity for Bally’s has accelerated since its buyout last July from Standard General. SG is a New York-based hedge fund also run by Kim. Kim had tried twice before to buy out the company, significantly lowering his bid each time. Ultimately, the final price was $18.25 per share, down from the initial 2022 offer of $38 per share.

As part of the deal, Bally’s was merged with Queen Casino and Entertainment, a regional operator also owned by SG. This brought the total Bally’s US portfolio to 19 casinos across 11 states, although Bally’s itself is the former Twin River Holdings with the Bally’s name purchased from Caesars. This highlights the company’s ability to grow like something of a corporate snowball, largely inorganic yet effective nonetheless.

While the company is mostly silent to the media and financial analysts, Kim has become the face of the brand, regularly giving direct interviews and quotes about the company’s doings.

Some comments haven’t been received as well as others – like when he told the Chicago Tribune that his company was “going to be eating a lot of people’s lunches” in the market – but that too has not prevented Kim from securing a litany of deals across the world.

On Wednesday, Bally’s announced that it will report second-quarter earnings after the market closed on 11 August. Its stock was up 2% to $9.48 at closing, but is down more than 50% year-to-date.

More than 50 bodies, including those representing rugby, football and cricket, have called for a rethink over the recently announced Online Casino Gambling Bill.

The legislation, introduced by Internal Affairs Minister Brooke van Velden, would establish a licensing system for up to 15 online casino operators. However, sports leaders are concerned that these new online licensed operators will not be obliged to contribute back to the community. This is in contrast to the existing arrangement, with around NZ$170 million of gaming trust revenue from pokies machines diverted to amateur sport each year.

In July, MPs voted 83-39 in favour of the iGaming bill during its first reading in parliament.

Cycling chief calls for consultation

Cycling New Zealand Chair Martin Snedden told the New Zealand Herald there should have been greater consultation before the legislation was introduced.

He added: “This is a crazy move by the government. Sport has thrived for decades off the back of community gambling grants. It all goes to clubs, not professional sport.

“The government should be saying to the international operators, you are going to be contributing if you want to operate in New Zealand. Part of the reason you’re allowed to do so is that part of your money is going to be going into community and that’s a good thing.”

He further added: “The prime minister, the minister of sport, Mark Mitchell, the associate minister of sport, Chris Bishop, they all love sport dearly. I’m sure they’re not going to allow something to go through that is ultimately going to have a dramatic negative impact on the future of community sport.”

However, Minister Van Velden confirmed that while online casino operators will be taxed and required to fund problem gambling services, there are currently no plans for them to contribute towards grassroots sport.

How the bill is progressing

The bill sets out plans for operators to pay a goods and services tax and an offshore gambling duty of 12%, as well as a mandatory levy of 1.24% of profits to fund services for gambling harm.

Licensed operators are expected to go live by July 2026. Licensees would be allowed to advertise gambling activities with limitations, such as avoiding marketing to children. A suitable age verification tool will be required.

The 15 available licences would be awarded by auction. A number of operators have previously expressed an interest in being awarded a licence, including SkyCity, 888, Bet365, Super Group (owner of Betway) and TAB NZ, the monopoly operator of sports betting in New Zealand.

The bill will now advance to the Governance and Administration Committee. The following stage would be a second reading in parliament, before being sent to the Committee of the Whole House.

Van Velden has motioned for this to happen by 17 November. This would then lead to a third reading before the bill could be signed into law. This could mean the bill is voted into law before the end of the year.

Star announced plans to exit the joint venture in March this year. It had been agreed that its partners – Far East Consortium and Chow Tai Fook Enterprises – would acquire its holding for AU$53 million (US$34 million).

As part of the same agreement, the partners also relinquished stakes in another venture, Star Gold Coast, back to Star. Effectively, this would have seen Star divest one casino and consolidate full ownership of another.

However, doubts over the agreement came to light in June, with reports that the partners were ready to walk away. This came after all parties failed to meet a deadline to complete the transaction. This was then extended to 31 July in the hope of resolving the sale.

Star proposed a further extension to 6 August, saying talks were still ongoing over a possible resolution. However, this was rejected by its partners, meaning that the Heads of Agreement (HoA) has now officially fallen through.

What does this mean for Star?

Failure to complete the stake sale has resulted in several consequences for Star.

It will retain Queen’s Wharf Brisbane stake and its one-third interest in a separate development on the Gold Coast. It will also retain its Treasury Brisbane hotel and car park and a 50% equity interest in Charlotte Street Car Park.

On top of this, it must repay $10 million of proceeds it received from the venture partners by 6 August. Star must also reimburse its partners for its share of equity contributions they made since 31 March. This is anticipated to be approximately $31 million and is payable by 5 September.

Should Star not make these payments, it will be required to transfer its one-third interest in Tower 1 Hotel at the Gold Coast to the venture partners.

At the same time, the partners must reimburse Star for their share of equity contributions made by Star to the Gold Coast development since 7 March. This is expected to amount to $1 million.

Other aspects include Star’s 50% share of the debt facility for Queen’s Wharf remaining. In total, this facility is worth approximately $1.4 billion. Star will also be responsible for its share of future equity contributions to the development, estimated at $200 million.

The original casino management agreement for Star Brisbane remains in place, with Star to continue as operator of the venue. In addition, a $35 million prepayment to Star for its share and net proceeds from the sale of apartments at Queen’s Wharf will not be impacted by the termination.

Could there still be a resolution over Queen’s Wharf?

While the HoA termination will come as a blow to Star, the operator hinted that all may not be lost. It said it will continue discussion with partners outside the HoA in an effort to find an alternate resolution.

“Star is continuing to engage with partners and will provide an update if there are any material developments regarding the parties’ respective interests,” Star said.

“Given the termination of the HoA, Star is considering what alternative options may be available to it in relation to its 50% equity interest in DBC, along with the Treasury Brisbane hotel and car park and its 50% equity interest in the Charlotte Street Car Park.”

In its latest all-share offer, Betr has offered 4.219 of its own shares in exchange for every PointsBet share. This applies to all PointsBet shares not already owned by the operator. This, it said, makes its proposal “superior” to MIXI’s current all-cash bid of $1.20 per PointsBet share.

Betr’s latest offer equated to AU$1.35 per PointsBet share, based on its capital raising price of $0.32 per share. This is also based on $0.321, the most recent closing price for Betr shares.

The offer is also based on $1.33 per PointsBet share based on the two-day volume weighted average price of its shares of $0.3161.

Betr intends to further increase its offer after the formal opening of its offer.

“We continue to firmly believe in the combination rationale and that we can create material value for PointsBet and Betr shareholders by integrating these two businesses, allowing us to profitably grow our share of the Australian wagering market,” Betr said.

“That upside is not available to PoinstBet shareholders under the inferior all-cash MIXI offer.

“PointsBet shareholders should continue to take no action until both offers are open. We expect the PointsBet board will reconsider its recommendation that PointsBet shareholders accept the MIXI offer and will now recommend the Betr offer.”

PointsBet complains to government over existing Betr proposal

The new offer is the latest chapter in the courting battle between MIXI and Betr for PointsBet.

PointsBet had rejected the previous proposal from Betr, as it was “materially less” than MIXI’s increased offer.

Betr was proposing 3.81 of its own shares in exchange for each PointsBet share. It said this on-market offer equated to AU$1.22 per PointsBet share, based on a Betr share price of $0.32.

This also included $44.9 million of expected annual cost synergies, which provided a potential deal value of $1.89 per PointsBet share.

However, without estimated synergy costs, the offer was the same as an earlier proposal, also rejected by PointsBet.

Also included in this offer was an $80 million selective buy-back for PointsBet shareholders accepting the bid. However, PointsBet took issue with this, and indeed the wider bid, raising it with the government’s Takeover Panel.

PointsBet said the Betr proposal was “highly misleading” and “unbalanced”, also flagging concerns over the expected synergies and how these skewed the value of the offer. It also accused Betr of inflating its own share price by announcing details of the buy-back.

In addition, PointsBet hit out at the actions of Betr Executive Chaiman Matthew Tripp. It said that he had failed to disclose the true extent of his and his associates’ voting power in Betr. The wagering operator currently had a 19.9% holding in PointsBet.

Responding to the complaint, the Takeover Panel restrained Betr from despatching its bidder’s statement. This, however, applied to the existing bid, with Betr’s latest proposal coming several hours after this announcement.

PointsBet Groundhog Day: Betr vs MIXI

While PointsBet is yet to respond to the new Betr offer, it has been steadfast in its support for MIXI. The PointsBet board has recommended shareholders accept several offers from MIXI, including the latest tabled in mid-July.

MIXI’s all-cash proposal offers AU$1.20 per share in PointsBet. This implies an enterprise value of AU$402 million (US$260 million) for the operator. This is the same as an earlier offer that failed to progress but requires lower acceptance from shareholders.

The only reason its earlier bid failed was due to it not gaining enough shareholder support. This was ultimately down to Betr.

PointsBet held a shareholder vote on the MIXI offer on 25 June, with 95.69% approving the offer. However, the proxy vote was more mixed, with 69.47% backing the proposal.

Betr then accused PointsBet of “impermissibly excluding” its vote against without reason, saying its proxy vote was not included in the final tally.

An investigation found a system error excluded Betr votes. PointsBet organised a recount, with the updated results showing 70.48% of all votes cast in the poll were in favour of the proposal, with 29.52% against. Therefore, the scheme resolution was not carried forward and the MIXI proposal was not approved.

However, with MIXI’s new bid, which is now open, only requiring 50% approval, this raises the chances of it passing. PointsBet is yet to schedule a vote on the latest offer, with Betr’s improved proposal potentially throwing a spanner in the works again.

Meanwhile pokies giant Mount Pritchard District and Community Club also faces civil action from AUSTRAC over anti-money laundering failures.

An Australian Communications and Media Authority (ACMA) investigation found Betfair had sent 148 emails and text messages between March and December 2024 to players who had either not consented to, or had withdrawn consent to receive messages.

The ACMA highlighted the incident in a statement on 30 July.

The investigation also found Betfair sent six text messages and emails without an option for customers to unsubscribe from them.

All messages during the period were sent to Betfair VIP customers, offering inducements including account deposits and free event tickets.

Ruling on the case, ACMA ordered Betfair to pay the AU$871,000 financial penalty. The operator also entered a two-year court-enforceable undertaking.

This requires it to invest in an independent review of its marketing messages and implement improvements. It must also undertake staff training, quarterly internal audits and report to ACMA regularly.

ACMA’s ‘zero tolerance’ approach to spam breaches

Authority member Samantha Yorke hit out at Betfair over the case. She said spam laws have been in place for 20 years and it is “unacceptable” not to respect customer rights.

“VIP programmes are generally designed to attract and retain customers with high betting activity, however this doesn’t mean VIP customers are well off or can afford losses,” Yorke said.

“Sending promotional gambling messages to these customers without consent or with no option to opt-out is incredibly irresponsible in addition to being non-compliant.”

This marks the second occasion ACMA has taken action against a gambling operator over a VIP-related spam issue. In June, ACMA ordered Tabcorp to pay $4 million for sending over 5,700 marketing messages to VIP customers.

Tabcorp sent 2,598 messages to users between 1 February and 1 May 2024, without an option to unsubscribe. A further 3,148 messages, across SMS and WhatsApp, did not contain “adequate sender information” during the same period.

In addition, 11 SMS messages were sent without consent between 15 February and 29 April last year.

AUSTRAC takes action against Mounties

In other news, the Australian Transaction Reports and Analysis Centre (AUSTRAC) has launched Federal Court civil penalty proceedings against Mount Pritchard District and Community Club (Mounties).

The case relates to “alleged serious and systemic non-compliance” with anti-money laundering and counter-terrorism financing (AML/CTF) laws.

Mounties is one of the largest and most profitable club groups in New South Wales. It owns 10 venues, eight of which operate approximately 1,400 poker machines.

AUSTRAC regulates AML and CTF in Australia. It said Mounties contravened the AML/CTF Act by providing gaming services to customers in circumstances when it did not have an AML/CTF programme in line with national law.

Mounties, based in Sydney, was ruled to not have an adequate risk assessment in place. It also did not carry out appropriate staff training, nor did it have suitable, risk-based systems and controls across transaction monitoring and enhanced customer due diligence.

Other failures included not being subject to an independent review and failing to monitor certain customers with a view to identifying, mitigating and managing money laundering risks. In addition, Mounties was accused of failing to appropriately maintain its AML/CTF programme.

The Federal Court of Australia will now determine whether Mounties contravened the Act and, if so, what action it faces. 

AUSTRAC: Mounties has responsibility to manage risks

With such a large network, AUSTRAC CEO Brendan Thomas said the business has a responsibility to manage risks.

“This is a big company with an even bigger responsibility to ensure its clubs are managing the risks that criminals can run dirty money through its gaming machines,” Thomas said on the actions from AUSTRAC.

“Our 2024 Money Laundering in Australia National Risk Assessment identified pubs and clubs as a medium risk sector. But when those businesses are exposed to cash, especially in circumstances where known money laundering risks are not being managed, the risk increases.

“A business operating at this scale, in a cash intensive sector, is exposed to a high degree of risk.”

Pickup will officially join the omnichannel lottery business on 24 November this year. His appointment is subject to certain regulatory approvals in relevant jurisdictions in Australia.

An experienced executive, Pickup has led Allwyn North America since March 2018. This included before it rebranded from Camelot Illinois after its acquisition by Allwyn in January 2023.

Prior to this, Pickup served as the chief executive of Lotto New Zealand between March 2012 and December 2017. This followed an earlier spell with the business between August 2003 and March 2008, during which he held several roles.

Aside from this, Pickup had spells with GTECH Interactive and IGT, as well as Ace Interactive.

“I am honoured by the appointment and excited to join the Lottery Corporation at such a pivotal time,” Pickup said. “The Australian lottery market has tremendous potential for innovation and growth.

“I look forward to working with the talented team at the Lottery Corporation to deliver value for shareholders while enhancing the lottery experience for millions of customers across Australia.”

Pickup replaces outgoing van der Merwe

The appointment comes after Sue van der Merwe, the company’s current CEO and managing director, announced her retirement in March. She will step down having led the business for more than three years.

As part of her exit plan, van der Merwe will continue in her role until Pickup joins, working with the board to help ensure a smooth transition.

Lottery Corporation Chairman Doug McTaggart paid tribute to the outgoing van der Merwe. He said: “She has had a long and successful career in lotteries which has spanned almost 35 years. This includes leading the Lottery Corporation over the past three years.

“Her deep experience and expertise have helped us become the leading operator of lottery and keno games in Australia and one of the best performing lottery businesses in the world.”

On the new appointment, McTaggart added: “Having held senior leadership roles in technology, product management and game management, Wayne brings a diverse skill set and understanding of high-performing lotteries businesses.

“He is a high-calibre appointment who takes over from Sue at an exciting time for the Lottery Corporation, its shareholders and its customers.”

Three years since Tabcorp demerger

The Lottery Corporation was born out of a demerger from Tabcorp, which completed in June 2022.

Tabcorp announced plans to spin off its Lotteries and Keno arm in July 2021 after a strategic review considered several structural and ownership options. The group eventually elected to retain its wagering arm and spin off the lotteries business.

This resulted in two separate companies being formed. First was the Lottery Corporation, comprising most of the former Tatts business, but without gaming services. The second was named New Tabcorp and includes the wagering and media arm alongside gaming services.

An ACMA-led investigation found Victoria-licensed ReadyBet sent 273 texts and push notifications from its mobile app to self-excluded individuals. Communications were sent between 23 August 2023 and 21 December 2023.

All licensed operators in Australia are required to comply with rules related to the BetStop national self-exclusion register. BetStop launched in August 2023, around the time the identified issues began at ReadyBet.

Regulations state that Australian licensees may not market their services to those registered with BetStop. As ReadyBet breached these rules, ACMA proceeded with remedial direction for the operator.

Breaches included 250 contraventions of subsection 61LA(2) of the Interactive Gambling Act 2001. This relates to sending electronic messages to registered individuals. ACMA also found 23 contraventions of subsection 61LA(4), which refers to “reckless” action by an operator by contacting excluded players.

In addition, ACMA flagged 2,342 contraventions of subsection 61JP(5). This is in reference to failing to promote the BetStop service to customers.

What will ReadyBet have to do?

Setting out the remedial direction for ReadyBet, ACMA said the operator must take a series of steps.

First, it is required to commission an independent review of marketing systems, including its use of third-party suppliers. Any recommended changes should be implemented within six months of receiving the auditor’s report.

ReadyBet must also engage a provider to deliver training to staff to avoid messages being sent to self-excluded individuals. This must take place within 120 days of the remedial direction notice.

ACMA also ordered ReadyBet to self-report any potential or alleged non-compliance with the highlighted sections of the Interactive Gambling Act 2001 for 12 months. In addition, it must comply with record-keeping requests from ACMA for a 12-month period.

Should ReadyBet not fulfil these directions, ACMA could seek civil penalties.

ACMA clamping down on self-exclusion failures

ReadyBet is the latest operator to feel the wrath of ACMA for violating regulations on self-exclusion.

In June, ACMA flagged Buddybet, Ultrabet, VicBet and Topbet for also breaching regulations on gambling self-exclusion. Ultrabet was told to review its compliance systems while VicBet and Topbet were issued formal warnings. Buddybet had already exited Australia and therefore faced no further action.

The quadruple ruling came after ACMA in May also penalised Unibet over self-exclusion failures. Unibet was ordered to pay AU$1 million (US$661,207) for more than 100,000 contraventions of the Interactive Gambling Act 2001.

ACMA said Unibet failed to close 954 user accounts in a timely manner after they registered with BetStop.

On 15 July the bill made it through the first reading in parliament and was approved by 83 votes to 39. It will now advance to the Governance and Administration Committee and a consultation has been initiated to draw feedback from the industry.

Once the legislation is passed, up to 15 operators will be granted licences in New Zealand’s regulated iGaming market, which is expected to go live by July 2026.

According to legal experts, this is a particularly tight timeline, considering the time needed for a successful consultation period. They note that various important regulatory details have also been left out of the bill.

Jamie Nettleton, partner at law firm Addisons, tells iGB: “Having looked at the bill, there are a lot of gaps still to be filled. In my view, it’s lacking in detail with respect to the legislation. There are a lot of broad brush statements, in terms of how the licensing should work.”

Samuel Gauci, a senior foreign lawyer at Addisons, agrees, adding the consultation time will be particularly short if June 2026 remains the targeted launch date.

“The problem is they’ve given themselves such a short timeframe from the announcement to bringing it into play, that they’re not going to have the consultation time they need. Consultations are ongoing, but will they have enough time to draft regulations?”

Is New Zealand’s iGaming bill timeline feasible?

An issue for operators at this stage is whether they can budget effectively to enter the auction on time. The vetting and auction process is set to begin in February 2026.

With the lack of information regarding many of the specifics required within the regulation, it will be difficult for operators to decide whether it is worth putting themselves through the process.

“This really is crystal ball stuff,” Nettleton says. “The government is looking for 15 operators and that’s essentially what they would like to get. How will they get to 15? What price do you put on the option process? It’s got to be economically viable. You won’t keep your competitors out with 15 licences available, so you have to factor in that they will be there.”

Defined terms in the bill

Brooke van Velden, New Zealand’s minister of internal affairs, introduced the bill in April. Under the terms of the bill, operators would have to pay a goods and services tax and an offshore gambling duty of 12%.

They would also be required to contribute 1.24% of profits to a mandatory levy, which would fund services to prevent gambling harm.

Gambling advertising would be allowed with limitations, including a ban on advertising during times that children may view ads. Suitable age verification tools will be required.

Undefined terms

Further advertising restrictions are likely to include a ban on paid endorsements by influencers, celebrities and athletes, as well as a requirement for a portion of each gambling ad to be dedicated to harm minimisation messaging. It is believed, however, that inducements and bonuses will likely be permitted.

The problem with those particular measures is they are not set in stone, so after the bill passes into law, many of these regulations would need to be determined by the regulator.

“Operators need more information. The bill is not satisfying them at this time. When they have that information, they can decide if they want to join the auction process or not.”

Operators can obtain one of the 15 licences available by entering into the auction process Gauci outlined.

Several operators have already expressed an interest in claiming a licence, including SkyCity, 888, Bet365, Super Group (owner of Betway) and TAB NZ, the monopoly operator of sports betting in New Zealand. According to RNZ, however, Van Velden has previously stressed that TAB NZ will not be able to apply for an online casino licence.

A confusing approach from the coalition

In the 2023 general election, the Labour Party lost its majority, leading to a change in government. A coalition was formed between the National Party, a right-leaning party which has the largest number of seats, and the ACT Party and New Zealand First.

Potential changes to gambling legislation have come to the fore since. On top of the current progress the Online Casino Gambling Bill is making, TAB NZ, run in partnership with operator Entain, was recently granted a monopoly to run the country’s online sports betting market.

Offshore operators, which had previously been allowed to operate in New Zealand, were banned, with Betfair recently removing its services from the market.

Jarrod True, director at local law firm True Legal, believes the shift to a centre-right government has given iGaming a boost in the country after putting it back on the agenda.

True tells iGB: “The incoming administration inherited a struggling economy in the wake of Covid-19 and viewed the regulation and taxation of online gambling as a pragmatic means of generating new revenue without increasing the tax burden on voters. Had a left-leaning government been elected, it is unlikely that legislation enabling an expansion of gambling would have been pursued.”

Is there mixed messaging in New Zealand?

The government’s willingness to open up the online casino market, while also placing more restrictions on the online sports betting market, could be perceived as mixed messaging.

“When New Zealand was first talked about as a potential destination for licensing, people were approaching us on the basis they would be able to operate all verticals, other than lotteries [lotteries are operated exclusively by Lotto New Zealand]. The approach to casino and sports betting seems completely inconsistent,” Nettleton adds.

True highlights this by emphasising the huge value placed on the racing industry and, subsequently, the betting industry in New Zealand.

“The racing sector is highly valued in New Zealand, both for its economic contribution and the substantial number of people it employs. Political support has also played a role, particularly from Winston Peters, leader of New Zealand First, who is a longstanding advocate for the racing industry,” he adds.

What’s next for New Zealand’s iGaming bill?

Should it pass through the Governance and Administration Committee, the bill will move to a second reading in parliament before being sent to the Committee of the Whole House. Van Velden previously indicated that this would happen by 17 November.

While the bill is expected to be signed into law, there could still be issues from opponents in a number of sectors.

Prior to the first vote on the bill, various politicians spoke out against it, including Labour Party politician Lemauga Lydia Sosene, who argued there is not currently a strong enough plan for gambling harm reduction.

Additionally, the land-based sector in New Zealand could have issues with the regulations when they are confirmed. The non-casino gaming machine sector in particular is operated by non-profit entities who return their profits to the community through grants. The online casino regulation is not set to subject operators to the same restrictions as the land-based sector, such as maximum bets and prizes on gaming machines.

“Implementing the new legislation and regulations is unlikely to be without challenges,” True says. “The government is expected to face opposition from problem gambling treatment organisations, who are already advocating for a complete ban on gambling advertising. These groups perceive the proposed regulatory framework as too lenient and insufficient in addressing the risks associated with gambling-related harm.

“While gambling-related issues typically generate significant public feedback and concern, the current administration remains committed to launching the system.”

Black market protections needed in New Zealand

Nettleton ultimately believes the government regulating iGaming is the right thing to do, but he says more restrictions will be needed to curb the black market.

“Let’s be very clear: the government are doing the right thing by creating a regulated market. It’s better than what they had beforehand with optional access and no control. That ticks one box, but if they make it too hard to enter, there is still a real risk of a black market. That’s the balance you need. More restrictions means more attraction to the black market. The operators will participate, so long as it’s reasonable for them to do so,” he concludes.

It aired concerns over the value of the deal changing due to it being all-share over cash or a mixture of both. PointsBet also flagged some “unattractive” elements of the Betr business which it did not want to be exposed to.

Betr lodged a new proposal with PointsBet on 16 July. This, Betr said, presented the operator with a “superior” offering than the one tabled by MIXI.

In its proposal, Betr pledged 3.81 of its own shares in exchange for each PointsBet share. It said this on-market offer equated to AU$1.22 per PointsBet share, based on a Betr share price of $0.32.

This also included $44.9 million of expected annual cost synergies, estimated at $0.67 per PointsBet share if fully realised. Cost synergies, coupled with all-share offer, provided a potential deal value of $1.89 per PointsBet share.

However, without estimated synergy costs, the offer was the same as an earlier proposal already rejected by PointsBet.

Why did PointsBet rebuff Betr?

In response, PointsBet said the latest Betr approach was “materially inferior” to the improved MIXI offer.

Setting out its reasons, PointsBet had concerns over Betr’s all-share proposal as the offer would change in value over time as the price of shares fluctuated.

PointsBet flagged a number of “unattractive” elements within the Betr business it did not want to be exposed to, including its “volatile” VIP-heavy customer base.

The operator also highlighted a “sub-scale” sports business heavily skewed towards racing, and high levels of customer churn, despite Betr’s level of gratuity spend.

It said synergies would only be available if Betr took a 100% holding in the group. It suggested Betr’s proposed synergies were “materially overstated” due to the investment that would be required.

Also on synergies, PointsBet said revenue dis-synergies would reduce impact, due to high levels of customer crossover between the businesses. PointsBet also referenced “significant” integration and implementation challenges that would hit any potential synergies.

Finally, the company flagged how a proposed potential buyback was “uncertain” in that it is separate to the offer. Therefore, PointsBet shareholders would not be entitled to vote to approve this buyback.

MIXI takeover offer now open

PointsBet also took the opportunity to again urge shareholders to vote in favour of the latest MIXI proposal. The MIXI offer is now officially open, with the PointsBet board unanimously recommending approval from its shareholders.

MIXI’s all-cash proposal offers AU$1.20 per share in PointsBet, implying an enterprise value of AU$402 million. The main difference with the new offer is that shareholder acceptance requirements are lower.

The offer requires the backing of at least 50.1% of PointsBet shareholders. MIXI has already secured acceptances of 17.18% through shares held by PointsBet directors and pre-bid agreements with Long Short Equity Management and Pictet Asset Management.

In addition, MIXI’s proposal has gained regulatory approvals from both the Alcohol and Gaming Commission of Ontario and the Northern Territory Racing and Wagering Commission. This means the latest bid could proceed without the need for repeat approvals, unlike the Betr proposal.

What now for Betr?

So, is this the end of the line for Betr? The company is yet to respond to the formal rejection from PointsBet, but when it lodged its latest proposal, it hinted that this could be improved further.

“This is just the start of the value creation journey we envisage for Betr and PointsBet shareholders for the combined business,” Betr said at the time.

Betr has been tenacious in its pursuit of PointsBet. Its previous proposal was also rejected by PointsBet for being “materially” below the existing MIXI offer, which failed to gain enough shareholder backing to proceed.

PointsBet held a shareholder vote on the MIXI offer on 25 June, with 95.69% approving the offer. However, the proxy vote was more mixed, with 69.47% backing the proposal.

In response, Betr accused PointsBet of “impermissibly excluding” its vote against the scheme without reason. Betr, which holds a 19.9% voting power in PointsBet, said its proxy vote was not included in the final tally.

An investigation identified a system error excluding Betr votes, with PointsBet organising a recount took place. The updated results showed 70.48% of all votes cast in the poll were in favour of the proposal, with 29.52% against. Therefore, the scheme resolution was not carried forward, and the MIXI proposal was not approved.

As for how Betr will proceed now that its latest proposal has been turned down, this remains to be seen.

The casino sale is expected to generate approximately €105 million ($122 million) in gross proceeds for Allwyn. Currently, German and Australian casino operations are reported under the group’s Austria segment.

The Germany sale comprises 10 casinos in Lower Saxony, with gross proceeds amounting to €67.7 million. Completed on 1 July, the deal included a €16.2 million dividend and €52.5 million in sale proceeds.

On 11 July, Allwyn also accepted a bid for the Reef Hotel Casino in Australia, held through Reef Casino Trust (RCT). Allwyn, which has a 42% interest in the complex, said sale proceeds will be approximately €54.0 million, should the deal complete in H1 of 2024 as expected.

Allwyn secures remaining 15.5% Stoiximan interest

Meanwhile, on 18 July, Allwyn agreed to acquire the remaining 15.5% minority interest in Stoiximan. Brokered through its OPAP subsidiary, the deal is valued at €191.6 million on a cash-free, debt-free basis.

OPAP acquired an initial 36.8% stake in Stoiximan in September of 2018. It has gradually increased in holding over the past seven years. At present, it owns 84.5% of the business.

Should the minority stake acquisition proceed as expected, OPAP would take full ownership of Stoiximan in Q3. Completion remains subject to approval from regulatory authorities in Cyprus, with the deal to be financed by cash resources and liquidity facilities at OPAP.

“The transaction will increase OPAP’s ownership interest in Stoiximan to 100%,” Allwyn said. “It is in line with Allwyn’s strategy of increasing its interest in existing operations that are not wholly-owned.

“It will also increase Allwyn’s exposure to the high-growth online sports betting and iGaming segments, which are complementary to the resilient growth profile of the group’s lottery operations.”

Stoiximan CEO Nikos Fligos added: “This milestone marks a new chapter in Stoiximan’s journey. With the dedication and passion of our 300-strong team, who are the driving force behind our market leadership, we remain fully committed to delivering outstanding experiences to our customers, shaping the future of online gaming in Greece and Cyprus.” 

Digital driving growth at Allwyn

Movement towards online-focused operations follows digital growth at Allwyn in Q1. For the first three months of 2025, group revenue climbed 6% to €2.24 billion, driven by growth in digital operations.

In total, digital revenue jumped 15% year-on-year and represented 39% of all gross gaming revenue during the quarter. That said, Allwyn still retains a strong retail presence, including in the UK where it now controls the National Lottery.

The full Stoiximan ownership will also support further growth in Greece and Cyprus. During Q1, revenue in this segment was 8% higher at €616.9 million, with increases across both online and retail.

Revenue in the Austria segment, where the outgoing land-based casinos are reported, was also up 6% at €423.6 million. However, Allwyn noted a weaker trajectory across video lottery terminals and casinos, with this being offset by double-digit growth in numerical lotteries and a strong showing in iGaming.

As for Q2, Allwyn issued a short update, saying it is trading broadly in line with expectations. It said there has been no “material impact” on demand from what it described as an “unpredictable macroeconomic outlook”, referencing international trade tariffs. Allwyn added it does not have any material direct exposure to potential increases in tariffs

“In general, demand for our products has remained resilient in prior periods of weaker economic growth, reflecting their low-price point and low-average spend per customer, as well as our large number of regular players,” Allwyn said.

Signing off on senior secured notes agreement

Also in recent weeks, Allwyn entered a new €2.15 billion senior facilities agreement with a syndicate of international banks. Allwyn will use this to refinance an existing syndicated bank, support ongoing growth plans and for general corporate purposes.

Following on from this, Allwyn has launched an offering of €500 million in aggregate principal amount of senior secured notes. Proceeds, together with cash on balance sheet, are set to be used to redeem in full a previous offering. The existing €500 million under 3.875% senior secured notes is due in 2027.

MIXI’s all-cash proposal offers AU$1.20 per share in PointsBet. This implies an enterprise value of AU$402 million (US$260 million) for the operator. The stand-out difference with the new offer is that shareholder acceptance requirements are lower.

MIXI’s offer requires the backing of at least 50.1% of PointsBet shareholders, and MIXI has already secured acceptances of 17.18% through shares held by PointsBet directors and pre-bid agreements with Long Short Equity Management and Pictet Asset Management.

Crucially, MIXI’s proposal has also gained certain regulatory approvals. This includes from both the Alcohol and Gaming Commission of Ontario and the Northern Territory Racing and Wagering Commission. As such, it has been able to proceed with its latest bid without the need for repeat approvals.

The PointsBet board has maintained its unanimous recommendation for shareholders to accept the MIXI offer.

Will the offer gain enough support from PointsBet shareholders?

In essence, the value of the offer is the same as MIXI’s previous bid, which last month failed to gain the required level of shareholder support. However, as per the terms of a bid implementation deed signed in June, MIXI committed to an off-market takeover should its initial effort fall short.

Initially, the June shareholder vote suggested the original offer had gained enough support, with 95.69% approval. However, the proxy vote left a more mixed result (69.47% approval).

Betr challenged PointsBet over the case, accusing the operator of “impermissibly excluding” its vote against the scheme without reason. Betr holds a 19.9% voting power in PointsBet but said its proxy vote was not included in the final result.

PointsBet said a system error led to the Betr votes being missed and so a recount took place. However, the updated results showed 70.48% of shareholders were in favour of the proposal, with 29.52% against. The scheme resolution was not carried forward.

With shareholder acceptance requirements now agreed at a lower level, this could be the push MIXI needs to get the green light on its updated bid.

Where does this leave Betr?

Betr continues to do its utmost to disrupt MIXI’s attempts and provide a “superior” offering including $44.9 million of expected annual cost synergies, estimated at $0.67 per PointsBet share if fully realised.

In its latest bid this week, Betr pledged 3.81 of its own shares in exchange for each PointsBet share. It said this on-market offer equates to AU$1.22 per PointsBet share, based on a Betr share price of $0.32

Excluding the estimated synergy costs, the offer is the same as its previous proposal that was rejected by PointsBet.

Cost synergies, coupled with the AU$1.22 per share offer, provides a potential deal value of $1.89 per PointsBet share. This, Betr said, would far exceed the proposal put forward by MIXI.

PointsBet urges ‘no action’ on latest Betr proposal

However, a statement published by PointsBet on Thursday advised shareholders to take no action over the Betr bid until further details are provided.

It said the implied value of the unsolicited, all-share offer is $1.03 per PointsBet share, when calculated using Betr’s 20 trading day market volume weighted average price to 16 July.

PointsBet intends to make its recommendation on the latest Betr proposal clear in the near future. It reiterated its support for the rival MIXI bid.

Betr said it could further increase its offer and will issue an update if needed.

The Australian operator has tabled an improved, all-share takeover offer for PointsBet, and has said its latest proposal is “superior” to that of MIXI Australia, which failed to gain a shareholder majority during a vote recount in June.

In its latest offer, Betr has pledged 3.81 of its own shares in exchange for each PointsBet share. This on-market offer, it said, equates to AU$1.22 per PointsBet share, based on a Betr share price of $0.32.

On paper, these are the same figures set out in its previous proposal, which was rejected by PointsBet for being “materially” below the $1.20 cash per share proposed by MIXI. However, Betr set out other points of its offer that it believes makes it superior to MIXI’s.

Betr said its offer provides PointsBet shareholders with the opportunity to participate in the “significant value creation” available to the combined business. This includes $44.9 million of expected annual cost synergies, estimated at up to $0.67 per PointsBet share if fully realised.

Cost synergies, coupled with the AU$1.22 per share offer, provides a potential deal value of $1.89 per PointsBet share. This, Betr said, would far exceed the proposal put forward by MIXI.

Betr could further improve its takeover offer

The offer is expected to open on 31 July and close on 8 September, subject to any additional extensions. There is no minimum acceptance condition but it is subject to approval from Betr shareholders. Betr added that it could further increase its offer and will issue an update if needed.

“This is just the start of the value creation journey we envisage for Betr and PointsBet shareholders for the combined business,” Betr said.

“PointsBet shareholders can benefit from additional, longer-term value upside and potential re-rating from the Betr management team’s unparalleled record of success, and the advantages of scale in a fast-consolidating market, as Australia’s only ASX-listed, pure-play digital wagering operator, with increased institutional investment appeal and pathway for ASX 300 index inclusion,” its updated offer said.

Neither PointsBet nor MIXI have officially commented on the new proposal.

What’s happened to PointsBet’s previous offers?

The race to acquire PointsBet seemed to hit a wall when Betr’s last proposal was rejected. However, a controversial PointsBet shareholders vote recount last month left the door open for a fresh Betr offer.

PointsBet held a shareholder vote on the MIXI offer on 25 June, with 95.69% approving the offer. However, the proxy vote was more mixed, with just 69.47% backing the proposal.

This led to Betr accusing PointsBet of “impermissibly excluding” its vote against the scheme without reason. Betr, which holds a 19.9% voting power in PointsBet, said its proxy vote was not included in the final tally.

After an investigation identified a system error excluding Betr votes, a recount took place. The updated results showed 70.48% of all votes cast in the poll were in favour of the proposal, with 29.52% against. Therefore the scheme resolution was not carried forward, and the MIXI proposal was not approved.

MIXI vs. Betr … again

In response to the recount, MIXI presented an amended proposal offering all-cash in contrast to Betr’s all-share. It implied an enterprise value of $402 million for PointsBet, the same valuation as MIXI’s previous offer.

The updated deal also offered a premium of 44.6% to the closing share price on 25 February 2025 of $0.83 per PointsBet share. This was the last closing price before the announcement of the scheme.

This latest offer requires a 50.1% minimum acceptance from PointsBet shareholders as well as certain regulatory approvals. In July, regulatory approval was achieved in Ontario, Canada where PointsBet also operates.

The PointsBet board agreed to unanimously recommend that shareholders approve the latest MIXI offer.

The bill, introduced by Minister of Internal Affairs Brooke van Velden in April, would allow up to 15 operators to be licensed in the regulated iGaming market, with licences running for three years. Licensed operators are expected to go live by July 2026.

Opposing voice

During Tuesday’s session, Labour Party politician Lemauga Lydia Sosene spoke against the bill, arguing it opened New Zealand up to international operators without providing a strong enough plan for gambling harm reduction.

Sosene said: “It is important that the government is serious about supporting the reduction of online harm and, specifically, consumer protection, because the bill in its current form does not address those particular actions wholeheartedly. They are listed vaguely.”

Jamie Arbuckle, MP for the New Zealand First Party, which is part of the ruling coalition, supported the bill, noting it would curb the currently thriving unregulated market the country currently faces.

“This bill is to stop the unregulated situation that we find ourselves in at the moment. [It] will create a robust framework to regulate online casino gambling and protect consumers and minimise harm,” Arbuckle said.

“We want to make sure that only trustworthy operators are allowed to operate in the online gambling market.” 

Rules and regulations

The bill sets out plans for operators to pay a goods and services tax and an offshore gambling duty of 12%, as well as a mandatory levy of 1.24% of profits to fund services for gambling harm.

Licensees would be allowed to advertise gambling activities with limitations, such as no advertising to children. A suitable age verification tool will be required.

The 15 available licences would be awarded by auction. A number of operators have previously expressed an interest in being awarded a licence, including SkyCity, 888, Bet365, Super Group (owner of Betway) and TAB NZ, the monopoly operator of sports betting in New Zealand.

However, van Velden has previously stated TAB NZ will not be able to apply for an online casino licence, according to RNZ. TAB was recently granted the online monopoly for sports betting, meaning no other operators can legally offer betting in the online market.

The bill calls for the vetting and auction process to start in February 2026 before licensed operators can commence trading.

What’s next for New Zealand iGaming bill?

The bill will now advance to the Governance and Administration Committee. The following stage would be a second reading in Parliament, before being sent to the Committee of the Whole House.

Van Velden has motioned for this to happen by 17 November. This would then lead to a third reading before the bill could be signed into law. This could mean the bill is voted into law before the end of the year.

Once we get through the usual diversions – Ed’s footballing prowess, Christina Aguilera’s first number one single and famous people from New Zealand – we get down to the important stuff. 

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Are politicians trying to shut down the Dutch gaming market?

First up is the Netherlands online gaming market, in the wake of a ban on gambling sponsorship in sports and new player data from the Kansspelautoriteit. This leads into a discussion on lotteries, in particular whether a vertical driven by instant win games can be considered totally distinct from commercial peers. 

But the key question remains; do Dutch politicians essentially have buyer’s remorse and want to pull back from regulated operations?

Will New Zealand igaming bill bring players onshore?

And online casino in New Zealand will be regulated, with a bill introduced in the country’s parliament. But considering there’s a monopoly in place for sports betting, Ed is doubtful about whether that’s going to bring players into the regulated market, with data to back it up.

Betfair confirms New Zealand exit

Flutter Entertainment-owned Betfair has announced it will cease operations in New Zealand later this month.

Betfair will continue to accept bets up until 23 July. After that date, players in the country will no longer be able to access Betfair, according to The Straight.

The withdrawal comes ahead of significant change within the New Zealand online gambling market. In July 2024, the government set out plans to regulate iGaming in the country, with changes now imminent.

“We apologise for any inconvenience caused by the upcoming change and poorer user experience,” Betfair said in statement. “Unfortunately, Betfair has to make the upcoming change to comply with the legislative amendment.”

Last month, the government introduced the Online Casino Gambling Bill into the House of Representatives. This included plans for 15 licences in the newly regulated market. It is unclear whether Betfair will apply for a licence.

Funding issues forces GamCare to end young people initiative

In the UK, GamCare has confirmed it will halt its young people-focused harm prevention programmes due to funding issues.

GamCare has delivered programmes to over 250,000 children and young people, parents and professionals across the UK since launching the initiative five years ago.

However, from October this year, GamCare said it will cease the programmes, blaming lack of sustainable funding. The charity will continue to run its Youth Advisory Board to ensure young people’s voices still inform its work.

“GamCare remains committed to reducing gambling harm and none of our other services are affected by this change,” it said.

Luckbet welcomes Paulin as new marketing chief

Brazil-facing Luckbet has appointed Vitor Paulin as its new chief marketing growth officer.

Paulin brings with him experience in various industries and a range of management roles. This includes working across branding, digital marketing, data-driven strategies, CRM and user experience optimisation.

He joins the operator from Open Mind Brazil. Paulin has also worked for Grupo Aposta Ganha, Serasa Experian, DDM Company and Excola Conquer.

“Leading Luckbet’s marketing is a unique opportunity to consolidate the brand in a sector undergoing transformation,” Paulin said. “Our goal is to build a brand presence that combines light and fun entertainment with a fluid and personalised user experience, reinforcing our commitment to responsible gaming.”

Evolution enters Rhode Island with Bally’s

In the US, Evolution has secured access to the Rhode Island market through a partnership with Bally’s.

Under the deal, Bally Casino’s iGaming offering in the state will now feature content from Evolution. This includes games from NetEnt, Red Tiger and Big Time Gaming.

Also linked to this deal, Evolution will introduce exclusive Bally’s-branded live dealer blackjack tables in New Jersey and Pennsylvania.

“We’re thrilled to deepen our collaboration with Bally’s by delivering world-class gaming experiences and extend our reach into Rhode Island, a first for Evolution,” said Jacob Claesson, CEO Evolution North America.

Betano scores Bayern Munich deal

Sports betting provider Betano has entered into a new partnership with German Bundesliga football club Bayern Munich.

The agreement will see Betano becoming an official partner of FC Bayern for a number of years.

Betano is owned and operated by Kaizen Gaming. The brand is active in Germany, as well as Portugal, Brazil, Romania, Bulgaria, Czech Republic, Chile, Peru, Ecuador and Ontario in Canada.

“Germany has always been one of the most important markets for us, the second where Betano ever launched,” Kaizen Chief Commercial Officer Julio Iglesias said. “Now, we are announcing our biggest partnership in the country.”

Minister of Internal Affairs Brooke van Velden introduced the Online Casino Gambling Bill to the House of Representatives on Monday. The move follows the Cabinet’s earlier decision to regulate the currently unregulated online casino sector.

According to the bill, licensed operators will be allowed to advertise, although restrictions will apply. Unlicensed operators could face fines of up to NZ$5 million ($3 million) for breaking the law.

Applicants for one of the 15 three-year licences must submit detailed business plans to the regulator. These include operational strategies for New Zealand. So far, the likes of SkyCity, TAB NZ, 888 and Bet365 have shown an interest in entering the New Zealand iGaming market once it opens for business.

Van Velden confirmed that detailed regulations on advertising and harm prevention are in development. The government will specify the requirements that operators must meet.

“The Online Casino Gambling Bill will introduce a regulatory system for online gambling in New Zealand, which will prioritise harm minimisation, consumer protection and tax collection,” said Van Velden.

“The bill will proceed to select committee later this year and New Zealanders will have the ability to have their say through the select committee process.”

Three-step New Zealand gambling licensing procedure

While the finer details of the regulatory system are being developed, the bill sets out key licence conditions.

The bill establishes a structured three-step licensing procedure, starting with an invitation for expressions of interest. This is followed by a competitive process, and finally, formal applications.

The Department of Internal Affairs will maintain full regulatory authority, including licensing, oversight, enforcement and the publication of a public operator registry. It will also hold powers to issue take-down notices, formal warnings and binding undertakings.

Operators must take all reasonable steps to minimise the risk of harm caused by online casino gambling. They must also exclude anyone who identifies as a problem gambler or requests to be banned from the platform.

The bill bans offering credit to gamblers when the operator knows – or should know – it is intended for gambling. It also prevents licensees from offering products that closely resemble existing National Lottery games.

The Online Casino Gambling Bill’s introduction comes just days after a law was passed that confirms TAB NZ as the sole legal provider of online sports and racing betting in the country. It is thought that the new regulations could provide a major boost to the nation’s betting industry.

TAB partner Entain this week committed to injecting NZ$100 million into the racing sector after the amendments came into effect. 

The ruling National Party backed gambling reform ahead of its election victory in 2023. During the campaign, New Zealand’s two main parties clashed over the subject of offshore gambling revenue. National said it could raise NZ$179 million per year from offshore operators.

Earlier this year, H2 Gambling Capital estimated just 10% of New Zealand’s online gaming revenue was generated onshore.

In early March, Star announced plans to exit the joint venture, of which it owned 50%. The other two partners in the JV, Far East Consortium and Chow Tai Fook Enterprises, bought out Star’s stake in the project for AU$53 million. Despite the long-term potential upside of the venture, which just opened last August, Star’s perilous financial situation necessitated the exit.

Key for Star was the ability to divest the monetary commitments related to the development, which were said to be hundreds of millions of dollars worth of equity and debt contributions. As part of the agreement, the two partners also relinquished their stakes in another venture, Star Gold Coast, back to Star. Thus, Star effectively divested one casino and consolidated full ownership of another.

However, that transaction is now reportedly in question. The original terms of the deal had set a 30 April deadline for certain long-form documentation, which was not met. This fact was not announced independently, but was tucked in the company’s general meeting notice from late May. With the deadline having lapsed, Star said that all three parties then had the option of exiting the deal. Despite ongoing negotiations in the interim, it appears that the two partners have thrown in the towel.

“This morning, The Star received from the Joint Venture Partners a notice to terminate the HoA which will become effective five business days from today, unless withdrawn earlier (i.e. any termination of the HoA would take effect on Monday 7 July 2025),” the company said in an ASX filing.

Not over yet?

Importantly, the operator said that despite receiving the notice, “The Star remains willing to continue negotiations with the Joint Venture Partners to give effect to the DBC transaction.” Given Star’s ongoing struggles, the ability to exit the project’s financial commitments would still be favourable.

But Far East Consortium, for its part, was not as optimistic. Its statement on the matter contained no such language and merely plotted out next steps. Once the deal is terminated, FEC said, all parties must be restored as best as possible to how they were prior to its announcement.

“Among other things, The Star is required to repay to the JV Partners (in equal shares) a total of AU$10 million (equivalent to approximately HK$51.3 million) by no later than 30 days of the date of termination,” the statement said, adding that the partners are also “no longer required” to make a separate AU$8 million payment to Star.

If the payment is not made within the time frame, Star will relinquish its stake in one of the Star Gold Coast hotel towers as collateral.

Chow Tai Fook had not publicly commented on the deal as of writing.

Blessing and a curse

The potential dissolution of the Queen’s Wharf agreement represents a significant fork in the road for Star. What made the deal interesting, apart from Star’s willingness to walk away from such a new venture, was its timing. As things were unfolding, Star was also in buyout talks with US-based operator Bally’s Corp. The Brisbane exit was ultimately announced 7 March, with Bally’s extending an offer just two days later.

In the weeks following, Bally’s made it clear that it did not support that deal, as it wished to keep all of Star’s assets intact. Despite this, Bally’s and Investment Holdings still agreed to secure majority ownership of Star in a combined AU$300 million deal in early April. After acquiring Star Bally’s Chairman Soo Kim then confirmed to Inside Asian Gaming that the divestment still appeared to be on track to close despite the objection.

On 25 June, Star shareholders voted overwhelmingly in favour of the Bally’s-Investment Holdings takeover. Based on that history, it would seem that Bally’s would be happy for Star to reengage Queen’s Wharf, especially as it attempts to turn its fortunes around.

“We believe that these assets sort of work together,” Kim told IAG in an interview posted on Monday before the Queen’s Wharf news had broken. “Problems that are faced by one are sort of faced by all three [of Star’s casinos]. So we plan to solve those problems and we have a responsibility to manage Brisbane out of the box one way or another. Management is as important than who or how it’s owned.”

AUSTRAC looming

Lurking in the background of this saga is AUSTRAC, Australia’s federal financial crime watchdog. Star has been under investigation by the agency for multiple years and is accused of a host of AML and KYC violations, the extent of which has already been laid bare by several state suitability inquiries.

Star’s casino licences for its Sydney and Gold Coast properties are suspended and both are under state-appointed management. Sydney in particular has been a sore spot, as Star’s flagship property has twice been found unsuitable for licensure. Another suitability review is set to come after 30 September. As a result of the tumult, Star has long been flooding cash, which has been the driving reason for most of its transactions over the last year or so.

The embattled operator entered into court proceedings with AUSTRAC this month. Prosecutors detailed Star’s problematic relationships with junkets and the multitude of AML risks they presented. Chief among them was Suncity Group, the notorious junket whose ringleader Alvin Chau is currently imprisoned in Macau on illegal gambling charges.

AUSTRAC is reportedly seeking penalties of AU$400 million, which would fall in line with the AU$450 million fine paid by fellow operator Crown Resorts in 2023 for similar violations. Star, meanwhile, has cautioned that such a fine would ensure its death. The case is ongoing.

“We contend for a $100 million fine,” Star’s attorney, Steven Finch, SC told regulators, per the AAP. “That amount… is all the money that we have and reasonably anticipate being able to borrow, hoping but not certain that we will be able to survive that.”

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.”

Sportsbet self-reported the breach to the state commission, admitting it sent the text messages to 30 self-excluded players and 24 customers taking a break from gambling, on 2 October 2024.

The operator said it quickly identified the issue and put in place measures to prevent similar faults in the future. It added one player who was messaged flagged the issue to Sportsbet but did not pursue a formal complaint.  

Ruling on the case, the Commission referenced both the Racing and Wagering Act of 2024 (RWA) and Northern Territory Code of Practice for Responsible Service of Online Gambling 2019.

Code section 4.6 requires licensees to have in place measures to ensure marketing materials are not set to self-excluded consumers. Meanwhile, section 5.6 states licensees must not directly market to players after they close their account. In addition, section 8.9 requires operators to stop sending marketing to anyone who opts out within 24 hours.

As for the RWA, this states that licensees in the Northern Territory must fully comply with the state’s code. Those that breach rules could face a maximum penalty of 2,500 ‘penalty units’, depending on the offence.

The maximum penalty for this breach is 1,000 penalty units. However, Sportsbet’s penalty was set at 500 units, which equates to AU$92,500.

This is payable within 28 days of the notice, which was dated 19 June but was only made public on 25 June. “The penalty is intended to reflect the seriousness of the violation, while also acknowledging the licensee’s efforts to address the issue responsibly,” the Commission said.

Where did Sportsbet go wrong?

Analysing the case, the Commission said Sportsbet had been using a third-party communications platform to send SMS messages.

On the day the messages were sent, Sportsbet was using this platform to train staff on SMS campaigns. However, two new employees accessed and edited the same live campaign at the same time, with one failing to apply the correct filters for distribution.

This led to messages with a survey participation link being sent to an intended group of 747 people, plus a broader group of customers who were not eligible. Within this latter group were the self-excluded players and those taking a gambling break.

But Sportsbet said if the unintended recipients attempted to access the content, they would not have been able to. It added that its marketing operations team quickly identified the error and halted the send-out, preventing a further 48,891 messages from reaching unintended recipients.

The operator said it has updated its procedures to prevent training in live campaigns and added segmentation controls to templates. It is also working with its platform partner to reduce the risk of further errors.

Northern Territory opts for reduced penalty

Ruling on the case, the Commission said that Sportsbet breached the Code of Practice by sending messages to excluded players. As such, this also place the operator in breach of the RWA.

The Commission acknowledged this was not intentional and that improvements have been made. As such, it settled in a reduced financial penalty for Sportsbet.

The maximum penalty for this breach is 1,000 penalty units. However, Sportsbet’s penalty was set at 500 units.

Despite the setback MIXI has vowed to push ahead with a rejigged off-market all-cash takeover offer of AU$1.20 per PointsBet share.

Prior to the recount, ordered by Betr, after it said its proxy vote against the previous MIXI deal was not included, it appeared shareholders had backed MIXI.

The first vote’s results showed 95.69% approved the offer at a meeting on 25 June. However, the proxy vote was more mixed, with 69.47% backing the proposal.

This led Betr to accuse PointsBet of “impermissibly excluding” its vote against the scheme without reason. Betr, which holds a 19.9% voting power in PointsBet, said its proxy vote was not included in the final tally, thus skewing the results.

PointsBet has since investigated the matter, with stock transfer company Computershare finding the exclusion was due to a system error. As such, it published amended voting results from the meeting. These showed MIXI did not gain enough support to proceed with the offer in its current form,

The updated results show 70.48% of all votes cast in the poll were in favour the proposal, with 29.52% against. This meant that the scheme resolution was not carried forward.

Betr slams ‘irresponsible’ PointsBet

Responding to the matter, Betr said that while it was pleased with the outcome, it hit out at PointsBet. Betr has lodged several takeover proposals of its own to take control of PointsBet. Twice PointsBet has declined these offers in favour of MIXI’s higher-value proposal.

Betr was offering an all-share deal in which 3.81 Betr shares would be exchanged for each PointsBet share. This valued each PointsBet share at AU$1.22, based on a $0.32 Betr share price.

But, PointsBet said this was “materially” below the $1.20 cash per share offer by MIXI. In addition, PointsBet had entered a bid implementation deed with MIXI and secured approval from Australia’s Foreign Investment Review Board.

In its statement dated 20 June, Betr accused PointsBet of a “failure of appropriate governance”.

“There is an ongoing contested auction for control of PointsBet,” Betr said. “It is in the interests of all PointsBet shareholders that this auction be conducted openly and fairly to maximise the value received for their shares.

“Betr considers the approach taken by PointsBet, including by subsequently making assertions to the ASX and to media as to the conduct of Betr in relation to the vote, was unprofessional and irresponsible, reflecting a failure of appropriate governance, and not merely an error by Computershare as PointsBet has suggested.”

Betr added it is “concerned” PointsBet is seeking to transfer control to MIXI without offering a genuine contest to shareholders. This, it said, may not mean an optimal outcome for PointsBet shareholders.

“Betr calls on PointsBet not to permit the early despatch of MIXI’s bidder’s statement and opening of MIXI’s takeover offer,” the company said. “It is important PointsBet’s shareholders have a reasonable opportunity to consider and comment on the MIXI statement before the MIXI offer is capable of acceptance by shareholders.

“In the interim, Betr continues to prepare its takeover offer direct to PointsBet shareholders. We will share further details with the market in coming days.”

MIXI amends PointsBet takeover proposal

While the shareholder vote did not go its way, MIXI has maintained it intends to push ahead with an offer. As such, its amended proposal offers all-cash in contrast to Betr’s all-share. It implies an enterprise value of $402 million for PointsBet. This is the same valuation as MIXI’s previous offer.

The updated deal also offers a premium of 44.6% to the closing share price on 25 February 2025 of $0.83 per PointsBet share. This was the last closing price before the announcement of the Scheme.

This latest offer requires a 50.1% minimum acceptance from PointsBet shareholders as well as certain regulatory approvals, including in Ontario, Canada where PointsBet also operates.

However, MIXI noted that the PointsBet board has agreed to unanimously recommend shareholders approve the offer.

MIXI intends to lodge an official bidder’s statement for the offer in the coming weeks. This will be made available to the ASX and PointsBet shareholders, with another vote expected soon after.

“We look forward to progressing the takeover offer in a timely manner and paying PointsBet shareholders promptly in cash for their shares as and when the conditions to the offer are satisfied,” MIXI said.

“In contrast, under the proposed Betr offer, PointsBet shareholders face an uncertain proposition of receiving Betr shares assessed by the PointsBet board as having low liquidity on the ASX and at a significantly lower value.”

Betr holds a 19.9% voting power in PointsBet and, unsurprisingly, voted against the proposal during a proxy vote. Combining both the proxy and direct shareholder votes, 81.9 million shareholder votes rejected the MIXI offer, against a majority of 350.2 million in favour.

Shareholders present in the meeting overwhelmingly backed the scheme, with 95.69% voting in favour. This came despite a more mixed result during the proxy vote, where 69.47% approved the takeover.

PointsBet could face Betr challenge over vote

Betr, which has submitted several proposals competing against to the PointsBet takeover, has criticised the vote, insisting the chair of the meeting “impermissibly excluded” its vote against the scheme without providing a reason.

“The company confirms it validly lodged its proxy vote against the scheme as recorded in the PointsBet announcement,” Betr said. “Betr did not, at any time, revoke that proxy.”

With this, Betr called on the chair of the meeting to conduct a recount and include its proxy. Should this not take place before the scheduled court hearing on 26 June, Betr said it would challenge the vote

“If the chair of the meeting fails to do so and announces the results prior to the court hearing on 26 June, Betr will challenge the exclusion of its vote at the hearing,” it said.

Could Betr return with new takeover proposal?

Betr ended its statement with confirmation that it will continue to work on its own proposal, the latest of which was rejected this week by PointsBet, in favour of MIXI. Betr was offering an all-share deal in which 3.81 Betr shares would be exchanged for for each PointsBet share. This valued each PointsBet share at AU$1.22, based on a $0.32 Betr share price.

In its proposal document, Betr said PointsBet shareholders would benefit from “significant value enhancement” in the combined business. It added that more than $40 million in material synergies would be realised under a 100% acquisition scenario.

However, this was seemingly not enough to convince PointsBet, which turned down the offer. PointsBet said it was “materially” below the $1.20 in cash per share offered by MIXI.

The group had already entered a bid implementation deed with MIXI and Australia’s Foreign Investment Review Board has already approved the mooted takeover. This means the shareholder vote was the latest hurdle passed for MIXI’s bid.

MIXI welcomes ‘strong’ shareholder support

MIXI also responded to the vote, saying it welcomed the backing of shareholders. In addition, it acknowledged the comments from Betr, saying it would monitor the situation.

“MIXI welcomes the strong support from PointsBet shareholders which PointsBet has announced as endorsing MIXI’s $1.20 per share proposal,” MIXI said.

“MIXI also notes the announcement made by Betr in respect of the Scheme Resolution. MIXI is monitoring the situation closely and will provide an update when it has further information.”

ACMA, which regulates online and land-based gambling in Australia, has reported a rise in influencers promoting illegal online casinos via their social media. This includes on platforms such as Instagram, Facebook and TikTok.

This activity is in breach of the Interactive Gambling Act 2001, which prohibits the promotion of illegal gambling services. As such, those found to have broken the rules could face hefty penalties.

Only sports wagering and certain lotteries are legal online in Australia through licensed sites and operators. All forms of online casino, as well as in-play sports betting, remain illegal in the country.

“Influencers must understand the promotion of illegal gambling services in Australia is illegal and substantial penalties apply,” ACMA said. “If you’re an influencer and profit from promoting illegal games and wagering services to Australians, you are breaking the law.”

Maximum penalty of $2.5 million for influencers

For individual influencers, ACMA said breaching the law could result in civil penalties of up to $59,400. This could relate to actions such as live streaming an illegal service or offering promotional giveaways via an influencer’s channel.

However, those who facilitate access to illegal online gambling, such as providing hyperlinks to websites, face a maximum penalty of $2.5 million.

“The risks of using illegal gambling services are high,” ACMA said. “These services don’t provide the consumer protections Australians expect, so players can be scammed out of their money.

“Young Australians who are active online can be more vulnerable. You may be putting people that follow you at real risk of harm. ACMA is monitoring what influencers are promoting very closely.”

ACMA clamps down on rule-breakers

The regulator has issued a series of penalties and warnings in recent months to operators that have breached regulations.

Earlier in June, Buddybet, Ultrabet, VicBet and Topbet were all rapped for breaking rules on gambling self-exclusion. Breaches included VicBet and Topbet sending marketing material to a self-excluded person.

In May, ACMA also penalised Unibet over self-exclusion failures. Unibet was ordered to pay $1 million for more than 100,000 contraventions by Unibet of the Interactive Gambling Act 2001. ACMA said Unibet failed to close 954 user accounts in a timely manner after they self-excluded.

New Zealand is in the process of creating a regulatory framework for a legal online gambling market which is expected to launch in 2026. 

Several leading brands have already expressed an interest in operating in the country once the market opens. 888, Betway and Bet365 all previously stated that they would be keen on securing a licence.

Now, the DIA, which is set to regulate iGaming in New Zealand, has issued a call for other interested parties. Online Gambling Implementation Programme Director Trina Lowry said this will help the government ensure a safe and fair gambling environment.

“As we continue to design and implement the system, we want to ensure it is clear, efficient and supportive for potential operators,” Lowry said. “To help us achieve this, we want to engage with operators to understand what information would be most helpful as the process unfolds and understand their experience and needs.”

New Zealand committed to protecting players

Lowry said online gambling is not a new concept for players in New Zealand. Online casino is not currently permitted but thousands of consumers gamble with offshore, unlicensed operators.

However, the country is seeking to turn this around with the launch of its legal market. For this licences will be issued by a competitive process, with operators required to meet a host of regulatory requirements.

Among these will be to have in place protection measures to help prevent gambling-related harm among players. Such measures, Lowry said, are not required with offshore operators and consumers who continue to use these websites could be putting themselves at risk of harm.

“Regulating this sector will help protect consumers, minimise gambling harm and provide regulatory oversight of online casino gambling providers operating in New Zealand,” she said.

Earlier in June, Minister for Mental Health Matt Doocey announced an increased investment of NZ$81 million (US$48 million) to support an updated strategy for minimising gambling harm.

Services will be funded through the new Problem Gambling Levy Regulations, paid for by non-casino gaming machine operators, casinos, TAB and lottery monopoly Lotto NZ. Online operators are also expected to contribute to the strategy. 

There is also potential for advertising rules to be relaxed in New Zealand. At present, it is not permitted to advertise or promote online gambling in any form, as per the Gambling Act 2003.

However, should the legal iGaming market open as expected, legislation proposes making it legal for licensed operators to advertise online casino gambling. This, supporters said, would help players distinguish between licensed and illegal operators.

Betr’s fresh proposal offers 3.81 Betr shares for each PointsBet share, valuing each PointsBet share at AU$1.22, based on a $0.32 Betr share price.

PointsBet previously rejected an existing proposal from Betr which was worth AU$360 million. Instead PointsBet’s leadership team urged shareholders to accept an updated bid from Japanese gaming group MIXI which valued PointsBet at $402 million.

MIXI’s latest bid offered $1.20 for each PointsBet share, which was improved from its February offer of $1.06 per share, which was previously approved by the PointsBet board.

To support the offer, Betr completed an oversubscribed offering of $130 million. The Australian betting group intends to facilitate a selective buy-back of shares issued to PointsBet shareholders that accept the bid.

This, it said, will allow them to receive a cash offer of $1.22 per share. The buyback will be initially capped at $80 million but may rise to $200 million should Betr secure at least 90% of PointsBet shares.

Betr added that its offer will not be subject to any minimum acceptance condition. It said it only requires approval from its own shareholders and that of the Australian Competition and Consumer Commission.

Betr: proposal offers ‘significant’ value to PointsBet

In its proposal document, Betr said PointsBet shareholders would benefit from “significant value enhancement” in the combined business. It added that more than $40 million in material synergies would be realised under a 100% acquisition scenario.

“This is a compelling opportunity to consolidate in the Australian wagering sector,” Betr Chairman Matt Tripp said. “Our offer provides PointsBet shareholders with flexibility, either cash for immediate liquidity or the ability to participate on the long-term upside of the combined entity.

“We’re offering real value, execution certainty and the leadership experience needed to deliver.”

What does PointsBet think?

PointsBet has responded to the latest Betr deal, insisting it is “materially” below the $1.20 in cash per share offered by MIXI. It issued a short response on Friday.

PointsBet said the bid had an implied value of $1.086 per share, based on the 19 June closing price.

The operator did not make any further comment on the matter.

How does this compare to the MIXI proposal?

PointsBet has already entered a bid implementation deed with MIXI, setting out specifics of the offer. The takeover would be subject to a 50.1% minimum acceptance from shareholders and regulatory approval in Ontario, Canada, PointsBet’s remaining global market after selling its US operations to Fanatics in April last year.

Australia’s Foreign Investment Review Board has already approved the mooted takeover. Meanwhile, PointsBet shareholders had been due to vote on the MIXI proposal on 25 June.

An ACMA-led investigation found Tabcorp sent 2,598 SMS and WhatsApp messages to users between 1 February and 1 May 2024. This, the regulator said, was done without an option for customers to unsubscribe.

A further 3,148 messages, across SMS and WhatsApp, did not contain “adequate sender information” during the same period. In addition, ACMA said 11 SMS messages were sent without consent between 15 February and 29 April last year.

Australia’s Spam Act 2003 requires all businesses to have consent before sending marketing messages. The act also states these messages must contain a working unsubscribe option and information about the sender.

As Tabcorp fell short of these requirements, ACMA ruled it was in breach of national law. As such, the regulator deemed it necessary to issue a financial penalty. It marks the first time that ACMA has investigated and found spam breaches in a gambling VIP programme.

ACMA slams “unacceptable” behaviour by Tabcorp

ACMA member Samantha Yorke hit out at Tabcorp over the matter. She said the breaches were “deeply concerning” as they involved non-compliance by a large and established gambling operator.

“The gambling industry needs to understand that spam laws apply to all direct marketing – whether it’s generic campaigns or personalised messages,” Yorke said.

“VIPs should not be confused with gambling ‘high-rollers’. These types of programmes can involve customers who are not well off and are experiencing significant losses. It is utterly unacceptable that TAB did not have adequate spam compliance systems in place.

“When people make choices to unsubscribe from a service they must be able to do so easily and their decisions must be respected by companies.”

In addition to the penalty, Tabcorp has entered a three-year, court-enforceable undertaking. This includes an independent review of its direct marketing systems, making improvements, running quarterly audits of its VIP direct marketing, training staff and reporting to ACMA regularly.

“ACMA will be watching closely to ensure TAB meets its commitments and complies with the spam laws in future,” Yorke added.

Another breach by Tabcorp

Tabcorp has faced several penalties for rule breaches in Australia in the past 12 months. This includes a record $4.6 million fine for a series of failures in the state of Victoria.

Failures include sending direct marketing material to users who had opted out of receiving such material. State regulator the Victorian Gambling and Casino Control Commission also flagged issues such as inadequate employee training and failing to support a user showing indicators of potential gambling harm.

More recently, it was fined $262,920 in November 2024 for breaking rules on in-play betting. Tabcorp was found to have taken 854 in-play bets across 69 tennis matches between April and October 2023. Australia does not currently allow consumers to place in-play wagers.

Tabcorp blamed a technical bug in its systems for the breaches, adding that it voided all bets. This meant consumers did not suffer losses and the operator did not profit from the errors. However, ACMA proceeded with the penalty having previously warned Tabcorp over in-play betting.

Tabcorp has not commented on the latest penalty.

Betr and MIXI have been battling it out for several months in an attempt to take ownership of PointsBet. However, the race now appears to have reached a conclusion, with the PointsBet board turning down Betr’s proposal.

Detailing its decision, PointsBet said an improved offer from MIXI, presented earlier in June, was seen as “superior”. MIXI’s takeover proposal was valued at AU$402 million (US$261 million), which surpassed a rival offer from Betr.

Should the deal proceed, PointsBet shareholders will receive $1.20 for each share they hold in the company. This represents a 44.6% premium on the 25 February closing price of $0.83, and improved upon the $1.06 per share proposal that had already been approved by the PointsBet board in February.  

As such, PointsBet has entered a bid implementation deed with MIXI, setting out specifics of the offer. These include that any takeover would be subject to a 50.1% minimum acceptance from shareholders and regulatory approval in Ontario, Canada, PointsBet’s remaining international market after selling its US operations to Fanatics in April last year.

Last week, it was confirmed Australia’s Foreign Investment Review Board had already approved the mooted takeover. This ticked off another condition of the deal.

PointsBet shareholders are scheduled to vote on the MIXI offer on 25 June. The company said it will publish further updates as and when they become available.

Why did PointsBet reject Betr?

At one point, Betr was declared the frontrunner in the race to take control of PointsBet. In May, the PointsBet board announced Betr’s proposal as “superior”, with this seemingly having pushed MIXI into improving its own offer.

However, just a few weeks later, Betr looks set to fall by the wayside with its offer being rejected. As to why Betr’s proposal fell short, PointsBet set out several reasons. This followed its due diligence on the offer.

Firstly, the total value of the Betr offer fell short of MIXI’s improved bid tabled earlier in June. Betr’s proposal was worth approximately $360 million, around $42 million shy of the fresh MIXI offer.

Betr ‘materially overstated’ cost synergies

PointsBet’s due diligence also considered the longer-term implications of the proposal. The company picked out the value of cost synergies stated by Betr were “materially overstated” due to the level of brand and digital investment that would have been required as part of the forward business plan.

PointsBet also noted high levels of customer crossover between PointsBet and Betr, as well as customer behaviour, meant it risked cannibalising its own revenue.

In addition, it flagged “significant integration and implementation challenges” with the Betr proposal. It said how Betr assumed PointsBet’s Canadian business could have been carved out and large synergies realised. However, PointsBet said that this would likely have further reduced the overall achievability of synergies.

“The board notes its own assessment of the value of the proposal differs materially to that of Betr,” PointsBet said. “The key reason for the difference in value is the calculations underpinning Betr’s value are reliant on a number of assumptions that PointsBet considers to be unrealistic.”

Betr, previously known as BlueBet Holdings before rebranding, is yet to comment on the decision.

Published this week, the performance audit considers the current initiatives in place in NSW. This includes the effectiveness of efforts from the Independent Liquor and Gaming Authority (ILGA) and the Department of Creative Industries, Tourism, Hospitality and Sport.

While the report acknowledged that the entities regulate gaming machines in a “structured and consistent manner”, it added they are not supporting harm minimisation outcomes effectively.

Concerns over venue staff not acting on gambling harm

Key points highlighted include the department’s regulatory strategy not having a sufficient focus on areas considered high risk for gambling harm. It also does not set any targets for reducing harm associated with gaming machines

The report also noted compliance and enforcement activities have largely focused on recent legislative changes relating to the layout and signage for gaming machine rooms. However, it said the department does “relatively little” to assess actions from venue staff to identify and prevent harmful activities.

“The department assesses the knowledge venue staff have of mandatory training courses they have completed,” the report said. “However, it does not test whether staff apply this in practice.”

The Audit Office also raised concerns over licensing in NSW. It said while there are processes for assessing applications, the ILGA does not proactively review licence conditions after issue. This, the report said, means some venues may not have had a licence review for some time, noting how only two of the 20 largest clubs in NSW have applied to change operations since 2019-20.

Gaming machine numbers increase in NSW

Finally, the report made reference to efforts to reduce the number of gaming machines in the state. While a tradeable machine entitlement scheme in The Gaming Machines Act 2001 (the Act) has contributed to a fall in entitlements, this reduction was “gradual”.

In addition, it was noted that the number of machines in NSW since 2021–22 has increased. The report placed the current machine total in NSW at 87,749, the highest of any state in Australia by some margin.

“ILGA only reviews licence conditions for venues with gaming machines when a venue makes an application to change its gaming machine operations,” the report said. “ILGA has the power to impose conditions on venues with a licence to operate machines.

“However, most of the venues that have the largest number of machines have not had licence conditions reviewed for at least the past five years because they have not applied for changes to their gaming machine operations.”

What can NSW do to address concerns?

In its analysis, the Audit Office set out several recommendations to address concerns flagged within the report. First, it recommended the department increase the focus of its regulatory strategy on improving harm minimisation outcomes. The deadline for this is June 2026.

This includes establishing baselines and targets for improvements relating to gambling harm minimisation. The department should also focus on regulatory requirements with the most direct impact on these outcomes, such as staff compliance with these rules.

The Audit Office also urged the department to review the gaming machine forfeiture scheme to ensure it helps reduce machine numbers. According to the report, this should include removing certain exemptions and proposing additional measures for venues to forfeit entitlements voluntarily.

As for the ILGA, the report also set a deadline of June 2026 for it to implement changes to its measures. Recommendations include commencing reviews of licence conditions of machine venues in the highest risk locations.

The ILGA is also recommended to increase the clarity about its decision-making for gaming machine applications. This, the report said, may include ensuring statements of reasons for decisions are published in a timely manner, and providing venues whose applications are refused with rationale for the decision.

“Many factors can contribute to gambling harm levels, including policy settings and social and economic factors,” the report said. “While effective regulation alone cannot deliver harm minimisation outcomes, the department and ILGA have a clear responsibility for implementing legislative objectives relating to harm minimisation.”

Civil penalty proceedings against Star and its entities commenced in late 2022 after the case was opened in June 2021. The operator is accused of numerous AML violations over a period of several years, ranging from insufficient reporting protocols to a lack of managerial oversight and more.

Much of the shortcomings outlined in the investigation relate to Star’s dealings with Chinese-linked junket operators. Chief among them was the infamous Suncity Group, whose former chairman Alvin Chau is currently serving an 18-year prison sentence in Macau on illegal gambling charges.

Initially charged with 289 criminal counts, Chau received the conviction although a judge acquitted him on infractions pertaining to money laundering. Prosecutors accused Chau of facilitating a series of undeclared bets that exceeded HK$8.25 billion (US$1 billion) in taxable income. Among the local Chinese media, Chau received the nickname “Washing Rice Wa”, after a sitcom character.

A potential AU$400 million fine

According to the Australian Financial Review, AUSTRAC said on Wednesday that from November 2016 to October 2020, Suncity junkets had turnover of more than AU$70 million (US$45.5 million) per week at Star Sydney alone.

In the case of Star Queensland, Suncity was not an approved operator, but the entity held 180 junkets for Suncity associates during that time, regulators said. Overall, international visitors on junket tours spent upwards of $125 billion with the operator over the period.

The agency is pushing for a $400 million fine, which would be slightly less than the $450 million fellow operator Crown Resorts paid in 2023 for similar violations. Star, which has been on the brink of collapse for nearly two years, has said that even a $100 million penalty could imperil its future.

Soon after the case opened Wednesday, proceedings were moved to closed court for the cross examination of Star CFO Frank Krile. Last December, Krile joined Star from Lendlease.

Customers one and two

Insufficient due diligence checks were among the biggest violations cited in relation to Suncity. The investigation found that Star was aware Suncity was funded by a “customer one”, who also owned the outfit alongside “customer two”. Star supposedly knew as early as November 2016 that customer one was linked to organised crime.

Additionally, the company only stopped dealing with Suncity and Chau when he was arrested in 2021, despite being alerted about potential AML risks as early as 2019. In court filings, Star admitted that from 2018 to 2021, at least $1 billion came from junkets known to pose “higher” than normal AML risks.

“Appropriate risk-based controls were not in place to enable Star Sydney and Star Queensland to understand the sources of money moving through these high-risk channels, or whether there was a risk that money was illicit,” the filings read, per AFR. “These business practices and risk management failures exposed Star to the risk of money laundering.”

The Hong Kong-listed Suncity changed its name to LET Group Holdings in 2022 after Chau’s former stake was acquired by Andrew Lo.

Double whammy

Star’s federal proceedings largely rehash what has already been unearthed in various state-led inquiries from recent years. At the state level, both of its existing casino licences are suspended and its properties are under the supervision of outside manager Nicolas Weeks. The company has already paid hundreds of millions in state fines and has recycled most of its board and C-suite.

In New South Wales, Star’s flagship Star Sydney property has twice been deemed unsuitable for licensure, most recently in October. The NSW Independent Casino Commission subsequently ruled in March that it was extending Star Sydney’s licence suspension and Weeks’ term again, through 30 September. Such a ruling indicates that a licence revocation may remain on the table, which would throw a huge wrench into the company’s plans.

In Queensland, Star faces a looming 90-day suspension of its licence, which was ordered in 2022 but has been delayed since. Despite this, Weeks has also been in charge of Star Gold Coast throughout that time. That suspension is also slated to begin after 30 September.

Star made the aggressive move to divest of its Brisbane operations in March by selling its 50% stake in the multibillion-dollar Queen’s Wharf development back to partners Chow Tai Fook and Far East Consortium. By doing so, Star helped ease its financial hardships by relinquishing substantial commitments related to the project. The company also consolidated full ownership of Star Gold Coast, viewing that as a better long-term investment.

Bally’s in the background

The threat of a massive AUSTRAC fine is complicated by the fact that Star agreed to a $300 million takeover offer from US-based Bally’s Corp and billionaire Bruce Mathieson in April.

In January, the operator sounded the alarm that it was bleeding cash and had limited time left to secure a lifeline. That then kicked off a frenzied search for lenders and refinancing deals before the Bally’s-Mathieson deal was ultimately agreed to.

Star has already received the first $100 million tranche from the two investors, which did not require approval. The company is scheduled to hold a shareholder vote on the remaining $200 million tranche at its annual meeting 25 June.

When the deal was agreed to, there was serious doubt as to whether Bally’s could afford such an investment, or whether Star would need multiple capital infusions to ultimately survive. In Q1, Bally’s reported cash reserves of $209 million versus total debt of nearly $3.5 billion. The company is heavily leveraged as it builds casino projects in Chicago and Las Vegas and continues to lobby for a New York casino licence at its golf course in the Bronx.

It is unclear at this time how such a massive penalty would impact the nascent takeover. As of writing, Star stock was trading at 11 cents, down more than 75% in the last year.

Doocey said the funding will help improve access to support for players experiencing harm. It will also strengthen prevention and early intervention and reduce the impact of harm across the market.

Legal iGaming on the horizon in New Zealand 

New Zealand is currently building out a regulatory framework for a legal iGaming market, to launch in 2026.  

In August, a local lawyer told iGB the government expects the licensed iGaming market to be worth NZ$500m (US$300.8m) once it launches.  

A number of leading global brands have expressed interest in gaining a local licence for the online market, including 888, Betway and Bet365.  

In a letter to government dated July 2024, TAB New Zealand, the market’s online betting monopoly, estimated Jackpotcitycasino held the largest share (15%) of the iGaming grey market in 2023. Next was Casumo with 9%, Spincasino with 7%, LeoVegas with 5%, Guts with 4%, SkyCityCasino with 4% and Royalvegascasino holding a similar 4% share.  

Land-based and online operators to provide funding 

The government’s latest strategy was developed through a two-stage consultation process and the minister said it strongly reflects the voices of people with lived experience. 

Services will be funded through the new Problem Gambling Levy Regulations, paid for by non-casino gaming machine operators, casinos, TAB and lottery monopoly Lotto NZ. The department is also considering how licensed online casino operators will contribute to the strategy.  

As part of the process, Doocey said 18 new clinical internship positions would be established. This will help to improve players’ access to support.  

“It is expected these interns will be supported to develop gambling harm expertise by working closely with a supervisor in a clinical setting. This approach is necessary to bridge the gap between education and work. It will give interns the practical experience needed to help people affected by gambling harm,” Doocey said.  

“The strategy focuses on delivering timely, effective support for individuals, families and communities affected by gambling harm. Key areas of investment include increasing access to treatment and support, improving prevention and early intervention initiatives and improving the effectiveness of support for those experiencing gambling harm,” Doocey concluded. 

According to ACMA, the four operators failed to comply with rules on BetStop, Australia’s National Self-Exclusion Register (NSER). Its findings followed separate investigations into each of the operators.

With Buddybet, ACMA said the operator failed to close wagering accounts for people on the NSER and sent content marketing to them. Buddybet has since exited the Australian market.

As for Ultrabet, the regulator found the brand reopened the account of a user at the end of their self-exclusion period and allowed that person to bet with that same account. Ultrabet also sent marketing to another player who had self-excluded.

NSER rules say that when a consumer registers with BetStop, operators must close their account as soon as practicable. These accounts most not be reopened, even after a player completes their self-exclusion period. Operators should also not send self-excluded people electronic marketing such as emails or texts.

As Buddybet has exited the market, it will face no further action. However, with Ultrabet, a court-enforceable undertaking commits the operator to review its compliance systems and processes and implement improvements.

ACMA flags more marketing breaches

ACMA also carried out investigations into VicBet and Topbet, both of which operate online. It found both brands contravened NSER rules by sending marketing material to a self-excluded person.

Both VicBet and Topbet were issued with a formal warning over the breaches.

“Wagering providers should know their obligations under the rules and know that we are enforcing them,” ACMA member Carolyn Lidgerwood said. “The rules about account closure must be complied with.

“People on the NSER have made a conscious effort to exclude themselves from online gambling services. Sending gambling marketing messages to people who are trying to stop gambling is unacceptable.

“Betting services must have systems in place that respect the decisions of people to self-exclude, or face further consequences.”

The quadruple ruling comes after ACMA last month also penalised Unibet over self-exclusion failures. Unibet was ordered to pay AU$1 million (US$649,170) over more than 100,000 contraventions by Unibet of the Interactive Gambling Act 2001.

ACMA said Unibet failed to close 954 user accounts in a timely manner after they registered with the NSER.

PointsBet had already approved a proposal from Japanese digital entertainment and sports group MIXI‘s Australian arm back in February. The initial offer was valued at $353 million, with PointsBet shareholders to receive cash consideration of $1.06, a premium of 27.7% to closing price on 25 February.

However, Betr last month appeared to have gained an upper hand, with the PointsBet board declaring its offer “superior” in May. The Betr proposal, also put forth in February prior to its rebrand from BlueBet, was valued at $360 million.

MIXI has returned to the table with a fresh offer. This sets out how PointsBet shareholders would receive $1.20 per share, representing a 44.6% premium on the 25 February closing price of $0.83.

This also implied PointsBet has an enterprise value of $402 million, some $49 million above the previous figure.

PointsBet confirmed the news on Tuesday and initiated a trading halt on the Australian Stock Exchange. The group said it expects to resume trading no later than Thursday, once a decision has been made.

Off-market takeover a possibility for MIXI

As a further incentive, the new proposal also includes another route if shareholders do not approve the offer. Payment terms would be similar but would require only half of PointsBet shareholders to give the deal the green light.

Referred to as an “off-market takeover”, shareholders would still receive $1.20 in cash for each of their shares.

MIXI noted it is still in the process of finalising the terms of any takeover offer. It added there is no certainty any takeover will take place.

To allow shareholders to consider the new proposal, a scheme meeting scheduled for 12 June has been pushed back to 25 June. This has been approved by the Federal Court of Australia.

The PointsBet board has retained its “unanimous” recommendation that shareholders vote in favour of the improved proposal. This, however, is only in the absence of another “superior” offer.

Where does this leave Betr?

The PointsBet board’s comments have left the door open for Betr. Its proposal was previously seen as superior by the board but is now valued significantly lower than the new MIXI offer.

PointsBet and Betr are currently carrying out due diligence over this proposal, with an initial focus on the value of synergies and Betr’s scrip. In Australia, a scrip is a takeover offer where shares are offered partly or wholly in place of cash. The scrip is a document given to shareholders showing they should receive a certain number of stocks.

Betr’s $360 million proposal comprises a cash pool of between $240 million and $260 million, plus scrip consideration of $100 million to $120 million. In addition, Betr identified synergies of at least $40 million annually.

“PointsBet and Betr are continuing with the due diligence as the PointsBet board, with the input of its external advisers, further assesses the Betr proposal in light of the improved proposal,” PointsBet said.

“PointsBet will keep shareholders and the market informed of any material developments in relation to the Betr proposal.”

The Gambling Legislation Amendment (Pre-commitment and Carded Play) Bill 2025 was passed by the state parliament on Tuesday.

The bill establishes a framework for introducing a mandatory pre-commitment system – commonly known as “carded play” – on gaming machines in Victoria. Patrons will eventually be required to insert a player card to operate a gaming machine. The card will also give patrons access to information about their gambling and allow them to pre-set limits on how much they are willing to lose.

In further reforms, any new gaming machines approved by the Victorian Gambling and Casino Control Commission (VGCCC) from December 2025 must have a spin rate of at least three seconds per game. This will slow games down by 40% compared to the current rate of 2.14 seconds.

Discussing the legislation, Minister for Casino, Gaming and Liquor Regulation Melissa Horne said: “Almost 30% of Victorians who play gaming machines experience gambling harm. These laws will save lives and livelihoods by giving control back to patrons.

“Gambling harm has consequences, not just for the person gambling but for everyone around them. These reforms provide important protections for people using gaming machines and for their loved ones.”

Victoria’s carded play trial postponed

The time frame to implement the reforms will now be updated following the passage of the bill. However, the Victorian government also announced this week that the carded play trial scheduled for the coming months has been postponed.

The Victorian Gambling and Casino Control Commission said that the additional time will enable the examination of nationwide best practices and the exploration of technology-neutral options to test and facilitate the scheme.

“Further ministerial directions and supporting regulations will be developed for consideration along with consultation with industry and stakeholders on timelines for the future implementation of the trial before it commences,” the VGCCC said in a statement.

According to an article in The Australian, Intralot made an initial approach to Tabcorp over a potential purchase. The same article said Max Gaming could be worth up to AU$610 million (€348 million/US$394 million).

Sources told the newspaper Macquarie Capital, an investment banking and financial services group, is working for Tabcorp. Gresham, an M&A advisor, could also be involved in the talks, sources said.

Tabcorp launched a strategic review in August last year after reporting a $1.37 billion loss for the 2024 financial year. However, the newspaper said no decision has been reached as to whether it will sell Max Gaming.

Gillon McLachlan, CEO of Tabcorp, earlier this month reiterated this, saying it does not need to sell the business to reduce debt.

Intralot rejects speculation over discussions

Responding to the reports, Intralot said in a statement that no such talks have taken place. It did not reference Tabcorp or Max Gaming directly, but did acknowledge reports of a mooted deal in Australia.

“Intralot clarifies that no binding agreement of this kind exists,” it said. “Currently, Intralot is not conducting any negotiations relating to any acquisition in Australia.”

This was the second statement put out by Greece-headquartered Intralot about a possible overseas acquisition in the past few weeks. An earlier statement in April also denied reports of a “cross-border merger”, saying no binding agreement had been reached.

Intralot does have a presence in Australia. It holds the monitoring licence in Victoria until 2027, though the state recently opened a bidding process for the next licence term. It also previously held a lotteries licence in the country but handed this back in 2014.

What is Max Gaming?

Although owned by Tabcorp, Max Gaming has no synergies with its core wagering and media operations. The business primarily focuses on integrity services, including the monitoring of slot machines.

According to The Australian, via Max Gaming, Tabcorp is the largest slot machine monitor in Australia. Holding mostly exclusive licences, it has an estimated market share of 67%.

Its approximate $610 million value includes the New South Wales monitoring licence, which was renewed last year. The licence will now run through to 2032. Without this licence, the value of the business would be around $400 million, analysts said.

Intralot keen to expand global footprint

As for Intralot, the group reported a mixed set of results for 2024. Revenue was 3.4% higher at €376.4 million and adjusted EBITDA edged up 1%, but net income after tax and minority interest slipped 16.5% to €4.9 million.

Interestingly, the earnings report made reference to opportunities in international markets and expanding the group’s global footprint.

“With a strong presence in key international markets and a continuous focus on digital transformation, we are well-equipped to seize new opportunities in the evolving gaming industry,” Intralot said.

“By leveraging our expertise in next-generation gaming solutions, we aim to enhance player engagement, expand our global footprint and deliver long-term value to our stakeholders.”

ACMA found over 100,000 contraventions by Unibet of the Interactive Gambling Act 2001 (IGA) by Betchoice Corporation, trading as Unibet. The investigation revealed Unibet failed to close 954 user accounts in a timely manner after they registered on the National Self-Exclusion Register (NSER).

IGA rules state that once someone has registered with NSER, licensed operators must close their account as soon as possible. Should a player choose to return to gambling after their self-exclusion ends, they must open a new account.

Where did Unibet go wrong?

In its investigation, ACMA found 45 of the accounts remained open for 190 days or more. This included many consumers who had opted to self-exclude from online and telephone betting on the day the NSER launched.

ACMA noted none of these customers were able to gamble during their self-exclusion period.

However, the investigation also revealed Unibet did provide wagering to 45 customers after they were deregistered with NSER, through older accounts that should have been closed in line with NSER rules. According to ACMA, players in this group wagered thousands of times, with one customer placing over 1,200 bets.

As such, ACMA issued the penalty to Unibet. This is in addition to a two-year court-enforceable undertaking that commits Unibet to an independent review of its compliance systems and processes and the implementation of recommended improvements.

Unibet has also voluntarily undertaken to issue refunds to customers who could access old accounts that should have been closed.

ACMA blasts Unibet over ‘serious’ breaches

Carolyn Lidgerwood, an ACMA member and gambling lead, referred to the case as a “significant” lapse by Unibet. She added it should serve as a warning to other licensees to follow the rules.

“Our investigation found very serious breaches by Unibet over a sustained period of time,” Lidgerwood said. “NSER rules are also there to ensure that people are making a clear and deliberate choice to recommence gambling. That is not the case if they can simply access old accounts.

“We recognise that no bets were made from these Unibet accounts or marketing sent while customers were self-excluded. However, this outcome puts the industry on notice that they must comply with the rules or face potential financial penalties and other actions available to the ACMA under the IGA.”

ACMA identified over 800 messages from PointsBet that breached spam laws in Australia. It also said the operator flouted laws related to the BetStop national self-exclusion register (NSER).

Setting out the case, ACMA said between September and November 2023, PointsBet sent out 705 emails with a direct link to its betting products without including an unsubscribe function. The regulator said PointsBet “mischaracterised” these emails as non-commercial despite promoting their services, thus making them subject to spam rules.

ACMA also identified seven marketing emails that were sent without recipient consent, as well as 90 commercial texts without sender contact information.

PointsBet falls foul of self-exclusion rules

ACMA also flagged issues related to PointsBet contacting consumers who had self-excluded from gambling. An NSER investigation found PointsBet sent 508 marketing messages to self-excluded individuals in August and September 2023.

NSER laws in Australia prohibit licensed wagering service providers from sending marketing materials to those registered with NSER. By contacting these people, PointsBet was ruled to have breached regulations.

ACMA Chair Nerida O’Loughlin hit out at PointsBet over the failures. She said there are no excuses for gambling companies that fail to understand their legal obligations to consumers.

“It is deeply concerning that these failures have impacted PointsBet’s customers, some of whom had taken proactive steps to exclude themselves from online wagering,” O’Loughlin said.

“People signing up to the NSER are taking positive steps to remove online gambling from their lives. Their decision must not be compromised by companies like PointsBet.

“Wagering providers must also appropriately identify where messages promote or advertise their services and ensure that those messages comply with the rules, including the obligation to promote the NSER.”

Committed to improvements

Summing up the case, ACMA acknowledged no excluded customers were able to place bets with PointsBet during the period investigated. This is because their registration with NSER prevents them from gambling with any licensed provider in Australia.

ACMA also said it accepted court-enforceable undertakings from PointsBet committing it to reviews into its compliance with spam and NSER laws. The operator will also carry out all recommended improvements and provide regular training to staff to avoid further breaches.

“This action should serve as a warning to all wagering providers that they must meet their legal obligations or face the consequences,” O’Loughlin said. “We will closely monitor PointsBet’s compliance with its undertakings and with the spam and NSER laws.”

Announced as part of the 2025-26 budget, the increase will take effect on 1 July this year. The Northern Territory government will amend the Racing and Wagering Act 2024 to reflect the new cap.

The annual tax cap will be set at two million revenue units, up from the current level of one million. As such, the government expects bookmaker tax income in 2025-26 to rise to $32.6 million. Betting exchange tax is set to reach $2.9 million.

Alongside this tax increase, a uniform 50% tax rate has been placed on all internet gambling licensees. This is also due to come into effect on 1 July and will override existing agreement-based tax setting for licensed operators. The government said this will raise an additional $17.7 million in tax per year.

In total, gambling tax for 2025-26 is forecast to reach $145 million. If this is the case, it would be 25.5% more than in 2024-25. Community gaming machine tax, lotteries tax, community benefit levy and wagering tax all remain unchanged for 2025-26.

Responsible Wagering Australia ‘blindsided’ by tax increase

However, the budget has been met with criticism from some quarters.

Responsible Wagering Australia was particularly critical of the annual tax cap increase, saying it will shock the market. The RWA noted the decision has been made without any industry consultation.

“RWA have participated meaningfully in the review and eagerly anticipated a new strategic vision for racing in the Territory,” RWA CEO Kai Cantwell said. “This decision has blindsided wagering service providers. 

“We will continue to advocate for a licensing environment in the Northern Territory that upholds the highest standards of consumer protection while also incentivising business to invest in the local economy.”

Northern Territory yet to publish racing review

The RWA also said the change precedes the final report of the government’s own Racing Industry Review. This was commissioned to inform long-term sustainability settings for wagering and racing.

“It sends a message that consultation, process and industry sustainability have taken a back seat to short-term revenue grabs,” Cantwell said. “Rather than imposing blunt tax increases, the government should be working with industry to identify growth opportunities that will ensure the Territory’s continued leadership as a licensing jurisdiction.

“We are calling on the treasurer and chief minister to reconsider this decision and to engage in genuine consultation with the industry before moving forward.”

In a statement released Monday, PointsBet said it had reached the decision with the assistance of external advisers. The company has now proposed a mutual due diligence be undertaken with Betr.

This due diligence, PointsBet said, will be phased, with an initial focus on the value of synergies and Betr’s scrip. In Australia, a scrip is a takeover offer where shares are offered partly or wholly in place of cash. The scrip is a document given to shareholders showing they should receive a certain number of stocks.

Betr tabled its bid worth AU$360 million (US$231 million) in February, prior to its rebrand from BlueBet. This comprised a cash pool of between $240 million to $260 million, plus scrip consideration of $100 million to $120 million. In addition, Betr identified synergies of at least $40 million annually.

PointsBet said shareholders did not need to take any action at this time and it would issue further updates as appropriate.

Where does the PointsBet declaration leave MIXI?

While the declaration may give Betr the edge, PointsBet’s position on a rival bid from MIXI Australia remains unchanged. An independent expert is in the process of reviewing the MIXI offer, after a takeover was proposed in February.

PointsBet approved the initial proposal from MIXI Australia, at the time. This scheme arrangement proposed the transfer of 100% of PointsBet’s shareholding to the Australian arm of Japanese digital entertainment and sports group, MIXI Inc.

The MIXI deal would see shareholders receive cash consideration of $1.06 per share. This represents a premium of 27.7% to PointsBet’s closing price on 25 February – the day before the offer landed – totalling approximately $353 million.

While the PointsBet board considers Betr’s proposal “superior”, it continues to recommend its shareholders vote in favour of the MIXI offer.

“The PointsBet board remains committed to, and unanimously recommends, that PointsBet shareholders vote in favour of the MIXI scheme, in the absence of a superior proposal [from Betr] and subject to the independent expert continuing to conclude that the MIXI scheme is in the best interests of PointsBet shareholders,” the company said.

According to a December balance sheet, MIXI had over JP¥100 billion or AUD1 billion of cash and deposits.

What could a Betr deal mean for PointsBet?

Should PointsBet opt for the Betr proposal, this could lead to the company being partially broken up.

Sources familiar with the proposal have suggested Betr could sell off the Canada-facing business of PointsBet. This would allow it to focus on the operator’s core Australian operations.

In April, Betr confirmed it had received a non-binding proposal from Hard Rock Digital to acquire PointsBet Canada. Reports emerged last week that Hard Rock Digital has also applied for an online gambling licence in Ontario in anticipation of a deal being agreed.

Of course, any sale of PointsBet Canada would depend on Betr acquiring the entire PointsBet business. However, the reports, coupled with PointsBet’s “superior” declaration, suggest the momentum is now with Betr.

In a trading update released Tuesday, SkyCity said group EBITDA could drop approximately 4% below the bottom end of full-year guidance, which is between NZ$225 million (US$124 million) and $245 million.

Upon publishing H1 data in February, the operator said this followed declines across revenue, underlying EBITDA and net profit during the first half of its financial year.

Why will SkyCity miss full-year targets?

With tough market conditions continuing in the second half, SkyCity said spend per visit across its venues continued to fall. This, the group said, made forecasting difficult.

SkyCity’s Auckland property saw reduced spend per visit across both hospitality and gaming in H1. However, casinos in Hamilton and Queenstown have performed broadly in line with expectations.

Focusing on Adelaide, SkyCity said performance has been hit by lower visitation and spend by VIP customers. It puts this down to an uplift in its anti-money laundering and gambling harm minimisation programme.

On the flip side, electronic gaming machine terminal turnover in South Australia grew year-on-year. SkyCity noted an uplift programme continued at the Adelaide property. Total spend on this initiative is set to be $60 million between FY25 and FY27.

Difficult conditions having ‘significant’ impact

Speaking in the update, CEO Jason Walbridge said while he was pleased with overall visitation across SkyCity properties, “difficult” market conditions continued to impact SkyCity.

“The difficult market conditions that businesses like ours – which are reliant on discretionary consumer spending – are experiencing continue to have a significant impact on both our revenue and earnings,” Walbridge said.

“We continue to be pleased with the levels of visitation we are seeing across our precincts. We are adjusting our underlying cost base where appropriate, in response to lower revenue levels we are currently experiencing.”

However, Walbridge remained upbeat in the longer term. He pointed to next year’s scheduled opening of the New Zealand International Convention Centre (NZICC) as a key highlight.

“Notwithstanding these challenging conditions, we remain optimistic that as consumer confidence returns and spend begins to lift, SkyCity is well placed to maximise opportunities in front of us,” he said. “This includes the NZICC opening in February 2026.”

A future online for SkyCity?

Another area of note for SkyCity is online gambling. Although not referenced by Walbridge in the update, the group did say it was preparing for the launch of regulated online casino in New Zealand. This is due in 2026 and SkyCity is working with the government as it prepares regulations for the market.

Cabinet papers filed in September 2024 said SkyCity was one of a few grey market operators interested in applying for an iGaming licence.

Tab NZ, Grand Casino Dunedin, Christchurch Casino, Class 4 societies, 888, Bet365, SpinBet, Spin City and Super Group (including Betway) were also listed as interest parties.

Ainsworth is listed on the Australian Securities Exchange (ASX). Its headquarters are in Newington, Sydney and has operations worldwide. The company provides gaming machines in Australia, Asia and the Americas.

The scheme implementation deed between the two companies will see shareholders receive AU$1 (£0.48/€0.56/US$0.64) per Ainsworth share. This represents a 35% premium on the last closing price of shares in Ainsworth on 24 April.

As such, Ainsworth said this places a total enterprise value of $336.5 million on the business. The supplier’s independent board committee (IBC) is recommending that shareholders vote in favour of the scheme. Novomatic said it will not increase the offer.

“The proposal put forward by Novomatic, already the majority shareholder, represents a significant premium to long term trading value and is compelling for minority shareholders,” Ainsworth Chairman Daniel Gladstone said.

“The IBC has carefully evaluated the proposed consideration against the company’s medium-and long-term growth prospects and alternative opportunities. We unanimously formed the view that the proposal represents attractive and certain value for minority shareholders.”

A meeting for Ainsworth shareholders to vote on the proposal is due to take place after July. This will happen after an shareholders receive an independent expert report on the deal.

If the deed is approved, the deal will be submitted for final court approval. Ainsworth expects this in August.

Novomatic talks up international growth

Should shareholders vote in favour of the scheme, it would, however, still be subject to several other approvals. These include sign-off from the Australian Securities Exchange, Australian Securities Investments Commission and the Federal Court of Australia.

If Novomatic secures these approvals, it expects to complete the acquisition in the second half of 2025. Novomatic confirmed this in a statement of its own, also published today.

Novomatic executive board member Stefan Krenn said the acquisition fits with the company’s international growth plans.

“The acquisition of Ainsworth is consistent with our international growth strategy and the expansion of our presence across the Asia-Pacific and the US region,” Krenn said. “As a long-term shareholder we are familiar with the business and believe that integrating Ainsworth into our operations is in the best interest of this strategy.

“We look forward to welcoming the highly qualified and experienced Ainsworth employees into the Novomatic family to become part of our international growth and success.”

Bally’s has pledged AU$200 million of that total and Investment Holdings, led by Star’s biggest shareholder Bruce Mathieson, will supply the remaining capital. Star received the first tranche of AU$100 million on 9 April, which allowed it to stay afloat for the time being.

Overall group revenue for 1H25 was AU$649.6 million, down 25% year-on-year. Gaming revenue accounted for AU$464 million, down 32% YoY. Non-gaming revenue increased 1.8% to AU$185.6 million. EBITDA tumbled from AU$113.6 million in 1H24 to a loss of AU$26.4 million a year later.

“Significant items”, accounting for AU$166.2 million worth of fines, debt refinancing costs and other considerations, more than doubled Star’s net losses to the AU$302 million total.

Liquidity top of mind

Of particular interest to the investing and gaming communities was Star’s cash balance, which was AU$98 million as of 11 April, two days after receiving the funds from the first AU$100 million takeover tranche. This indicates that its reserves were all but depleted before agreeing to the lifeline.

The company’s cash reserve has been front and centre since 8 January. That day Star warned that it was haemorrhaging money and had burned through AU$107 million in 4Q24. But the first takeover tranche, coupled with Star’s AU$60 million sale of the Star Sydney Event Centre, will keep the company afloat until Bally’s can step in. A shareholder meeting to approve both developments is expected in late June.

However, a familiar line was included again in Star’s report: “There remains material uncertainty regarding the group’s ability to continue as a going concern.” The company has included the line in several of its announcements in recent months. There has already been speculation that multiple capital injections could be needed for the business to ultimately recover.

Property-level highlights

At the property level, the flagship Star Sydney posted net revenue of AU$362.2 million, down 19.5% YoY. EBITDA went from AU$37.4 million for the prior period to an AU$24.6 million loss the following year. Star attributed this to “continued impact from implementation of uplifted controls, casino operation reforms (including mandatory carded play and restrictions on the use of cash), loss of market share and the macro economic environment”.

Mandatory carded play and cash limits were imposed on 19 October 2024, the company said. Star Sydney’s casino licence is suspended through 30 September after failing two separate suitability inquiries. The casino remains under state supervision.

Star Gold Coast, also under supervision and with a licence facing a looming suspension, posted AU$218.2 million in net revenue for the period. That was a decrease of 8.4% YoY, far less than Star Sydney but still impacted for the same reasons, Star said. EBITDA, while positive at AU$18.1 million, was still a 59% drop from the prior period.

Treasury Brisbane posted AU$54.8 million in net revenue for the period, but it was closed on 25 August 2024. Its replacement, Star Brisbane, opened the following month.

Brisbane deal expected to continue

Speaking of Star Brisbane, it appears that the company’s decision to exit the joint venture by selling its 50% stake to partners Chow Tai Fook (CTF) and Far East Consortium (FEC) on 7 March for AU$53 million will in fact go through as announced. Bally’s did not support that exit and had tendered its offer just days after it was announced. The US-based operator had sought to keep all available assets together.

But Star confirmed in its report yesterday that the withdrawal is progressing, with long-form documentation expected by the end of April. The transaction is expected to close by the end of June.

Star’s chief motivation for exiting the just-opened venture was cost savings. By selling out, the company is “released from the parent company guarantee in relation to its 50% share” of the project’s debt facility, which had a drawn balance of AU$1.4 billion as of last month. At least AU$212 million in future equity contributions were also wiped out through the sale. Additionally, Star’s operating fee for the casino was doubled to AU$5 million per month through June 2026.

As part of the deal, Star also consolidated full ownership in both of the hotel towers at Gold Coast from CTF and FEC. The site has development space and plans for three additional towers. CTF and FEC retained development rights for one additional tower but Star can buy those rights for AU$17 million.

Given Star’s day-to-day fight to stay afloat, the deal was split into tranches of AU$100 million and AU$200 million. The first tranche is to help the company survive in the near term and is not subject to approvals. It is split between convertible notes and subordinated debt.

Once shareholders and regulators approve the deal, the second tranche can be drawn, but no later than 7 October if approvals are still pending. A shareholder meeting is expected to be held in June, but there is no timetable for regulatory approvals.

Mathieson, a billionaire pub and slot mogul, previously owned 10% of Star shares. Under the new arrangement, he will acquire 5% of the convertible notes and a third of the subordinated debt from the first tranche. Those represent about AU$11 million and AU$22 million of his investment, respectively. The remaining balance will be applied to the convertible notes in the second tranche.

Star has yet to comment on the deal publicly. The company is still working to file its financial report for the period ended 31 December. Its stock, as a result, has been halted from trading at 11 cents since late February.

Kim: “New Star” to be brighter than last iteration

After the deal was announced, Bally’s chairman Soo Kim gave an extended interview to Inside Asian Gaming. He broke down several aspects of the transactions and how his company views the new investment.

With regard to the two-tranche deal, Kim said this was done “so that [Star] has enough liquidity to get us to the point where we actually take control”.

The soonest that could happen, he posited, was about 90 days. That waiting period will be crucial for Bally’s to “understand the business” and formulate “a Day One action plan”, he said.

Notably, Kim was also asked about where things stand with Star’s interests in Brisbane. Star in early March agreed to exit the multibillion-dollar Queen’s Wharf joint venture by selling its 50% stake for AU$53 million. Bally’s did not support that decision, which was struck just days before it tendered an offer. However, Kim’s response indicates that the exit will go through after all, leaving Star with two casino assets instead of three.

“We acknowledge that [Star] has signed an agreement,” he said. “I believe that they are still in the process of going to long form on that. What I would tell you is, we’re just getting a handle on the entire situation.”

Asked about Mathieson, Kim said Bally’s had conversations with him from the beginning. Kim called Mathieson “a long-suffering shareholder for quite some time” and confirmed the two sides would be partners. Overall, the Bally’s chief was more than confident his team has the goods to turn Star’s ship around.

“The ‘new Star’, which is what I’d call it for now, will be brighter than the Star in the past,” he asserted.

Regulatory hurdles lie ahead

Peter Cohen served as the chief regulator in Victoria for eight years before transitioning to consulting with The Agenda Group. He told iGB that the Bally’s deal is “interesting in that it puts another American company in charge of an Australian casino business”. This was a reference to Blackstone, which purchased fellow operator Crown Resorts for AU$8.87 billion in 2022.

Cohen posited that “the great unknown” is whether New South Wales and Queensland regulators will pursue their current disciplinary actions against Star given the ownership transfer. Star’s casino licences in both states are currently suspended and pending further review. The company is also expected to receive a significant fine from AUSTRAC, the federal financial crime watchdog.

When Blackstone took over Crown, state regulators lauded the changes but ultimately held steady in their punishments. In Victoria alone, Crown paid hundreds of millions in fines, in addition to a AU$450 million AUSTRAC penalty. Star could very well face similar penalties in the near future.

“Certainly, we know Blackstone discovered that the Victorian regulator was unforgiving,” Cohen said. “It remains to be seen what happens in New South Wales and Queensland. However, under this proposed arrangement, the Star entity continues to exist, so it is understandable why disciplinary action by way of significant financial penalties could still be taken by the Queensland and New South Wales gaming regulators.

“In addition, it is difficult to see how AUSTRAC will agree to forgo a large financial settlement for previous AML breaches.”

At the time, Entain acknowledged it could face a material penalty as a result of the investigation. 

Court documents filed by AUSTRAC with the Federal Court of Australia, New South Wales Registry, flagged numerous AML failings relating to four accounts across Entain’s brands. These were made public on 31 March.  

In 2019, the operator did not disclose one affiliate partner’s “serious criminal history” which included a history of drug dealing and gun crime.  

The 640-page court filing details every instance Entain failed to flag or report a money laundering or terrorist financing risk during the reported period. 

Unusually large deposits and withdrawals and failure to report source of wealth

A number of multi-million-dollar deposits and withdrawals were detailed in the filing. One of the four flagged accounts had a lifetime turnover of over $57.3 million within the space of a couple of years.  

Another player account, on Entain’s Ned brand, was flagged for depositing and withdrawing unusually large amounts, as up to $1.8 million was deposited between November 2017 and April 2019. Of that, $1.2 million was withdrawn during the period.  

The same account was also linked to multiple expired debit and credit cards and AUSTRAC has said Entain was aware of this.  

On another occasion, one of the four flagged accounts refused to provide source of wealth information over a two-month period in 2021.  

In September and December 2022, a gambling integrity body flagged one of the suspicious accounts’ betting activity over a nine-month period. Then in May 2023, a law enforcement agency made an inquiry about one of the accounts’ betting activity.  

One of the account holders was also reported in the media to have been charged by the police with one count each of extortion, possessing dangerous drugs and possessing a knife in a public place. 

In a statement on 31 March, Entain said it acknowledged the allegations made and would take some time to review AUSTRAC’s statement of claim.  

What’s next for AUSTRAC’s case against Entain?

The operator said it had cooperated fully with AUSTRAC throughout the investigation and, in December 2022, commenced a programme of further enhancements to its AML and CTF financing systems and processes. 

The two parties are required to attend a mediation before 4 August. If the matter is not resolved by then, Entain will need to file its defence by 12 September.

However, the VGCCC said some venues have continued to fall foul of the new regulations on opening hours. As such, it has today (9 April) reached out to the industry to warn of the dangers of not complying with regulations.

This comes ahead of the Good Friday and ANZAC Day public holidays, which this year fall on 18 April and 25 April, respectively. Additional restrictions may apply to venues’ liquor licence hours on public holidays.

Victoria venues fined AU$195,000 in 2024

The VGCCC also revealed several operators breached opening hours laws for these days last year, prior to when the rule change came into effect last summer. Some 14 venues were fined a total of AU$195,000 (£90,910/€105,532/US$116,686), while censure warnings were issued to an additional four locations.

Melbourne Racing Club was the hardest hit last year with fines totalling $60,000. These were issued to three venues that allowed poker machine play outside permitted hours on Good Friday. Steeples, The Coach and Horses and Peninsula Club all breached regulations.

Meanwhile, Hoppers Crossing Club was fined $30,000 for breaches on both Good Friday and ANZAC Day. Operating outside its permitted hours generated poker machine turnover of $22,234 for the venue.

Goulburn Valley Hotel was issued a fine of $20,000, while $15,000 penalties were handed to the Peninsula Hotel Motel and Court House Hotel. In addition, letters of censure were sent to the Sale & District Greyhound Racing Club, Wonthaggi Golf Club, Altona RSL and the Portland Memorial Bowling Club.

New VGCCC chief urges caution

Suzy Neilan, who recently took over as CEO of the VGCCC, urged venues to check the rules ahead of time. She said this will make clear as to when they can allow poker machine areas to open.

“In Victoria, the availability of poker machines is restricted to a venue’s liquor licence hours,” she said. “This may have additional restrictions on them on Good Friday, ANZAC Day and Christmas Day.

“With Good Friday almost upon us, I strongly advise venues to ensure they know, understand and comply with the obligations of their licence and only operate their poker machines during permitted hours.”

For those Victoria venues that do breach regulations, Neilan said the financial penalties may differ. When issuing fines, the VGCCC considers the length of time outside permitted hours customers were able to gamble, revenue generated and the venue’s history of compliance.

The Victoria regulator is certainly not shy about fining venues that do not comply with rules in the state. In March, the Peninsula Club in Dromana was fined $7,000 for underage gambling. The club allowed a child to enter its gambling area on two occasions on 10 June 2023.

In February, fines were also issued to two other Victoria venues, concluding a long-term separate investigation into how an underage, neurodivergent boy was able to gamble at several locations.

Under terms of the deal, Bally’s will supply Star with an AU$100 million injection by Wednesday without need for shareholder approval. That first tranche will convert to approximately 15% of shares, as well as AU$66.6 million in subordinated non-convertible debt.

The remaining AU$200 million will be paid out in a second tranche. That portion requires shareholder and regulatory approvals and could be split into AU$100 halves at the receipt of each, but no later than 7 October if regulatory approvals are still pending.

All told, Bally’s could control up to 56.7% of Star’s shares, more than the 50.1% outlined in the original bid. The notes mature on 2 July 2029 with an interest rate of 9%. Bally’s paid a conversion rate of eight cents per share, down from Star’s existing price of 11 cents, although its trading has been halted for over a month after failing to submit its latest financial report.

Kim: Star, Bally’s to have “brighter future together”

Star is planning to hold a shareholder meeting in June, the company said. In its filing, Star indicated that its board “intends to unanimously recommend that The Star shareholders vote in favour of the transaction”.

Bally’s chairman Soo Kim commented on the deal in a press release.

“This transaction provides Bally’s the opportunity to infuse The Star with what it needs to regain its position as Australia’s preeminent gaming destination,” he said. “And it allows The Star shareholders to share in what we confidently believe will be a brighter future together.”

Bally’s president George Papanier added that the company is “excited to bring our reputation and operating expertise” to the Australian market. Bally’s operates 19 casinos across 11 US states and late last year purchased the former Aspers Casino in Newcastle, UK. Its foray into Australia won’t be easy, but Papanier asserted his team is “up for the challenge”.

Mathieson could provide up to AU$100 million

The terms of the deal could change slightly, depending on Star’s largest individual shareholder, Bruce Mathieson. The billionaire pub and poker machine magnate had previously lobbied for the Bally’s deal. The figure offered at that time, notably, was AU$50 million.

Star said Monday that it is now negotiating with Mathieson to potentially supply up to AU$100 million of the financing. If he should agree, Bally’s would decrease its commitment by a like amount to AU$200 million. The term sheet for the deal is laden with contingencies depending on Mathieson’s capital input.

Mathieson currently owns 10% of Star’s shares but recently indicated that he had already received requisite approval to increase that stake. Regardless, both he and Kim will be installed as board observers, per the term sheet.

Wish upon a star?

The deal involves two companies beset with questions and/or problems. In Star’s case, the last few years have been an epic, multi-year freefall plagued by regulatory scandals, massive penalties and staff exodus. At its peak in the late 2010s, Star’s stock traded above AU$5. It now sits halted at 11 cents. Both of the company’s state casino licences are currently in jeopardy and have been for some time.

In New South Wales (NSW), its flagship Star Sydney property has twice been found unsuitable in regulatory inquiries, most recently in October. The casino now has until 30 September to show that it has returned to suitability and this is likely complicated by the Bally’s transfer of ownership. In Victoria, Star Gold Coast was also deemed unsuitable for licensure in 2022. A planned 90-day suspension of that property’s licence has also been pushed to 30 September.

Both casinos remain under state supervision. On the federal level, Star is still under investigation from Australian financial crimes watchdog AUSTRAC and a substantial fine is expected in the near future.

Finally, Star last month exited perhaps its most promising venture, the multibillion-dollar Queen’s Wharf Brisbane development. It sold its 50% stake in the joint venture for AU$53 million in efforts to shrug off debt and other commitments to the project. As part of the transaction, Star was also able to consolidate full ownership of its Gold Coast property. However, Bally’s did not support that deal and wished to keep all of its assets together.

Queen’s Wharf is only mentioned once in the term sheet, to say that Bally’s “acknowledges [Star’s] existing agreement to exit Destination Brisbane Consortium and consolidate The Star’s position at the Gold Coast announced on 7 March 2025”.

Bally’s plate keeps growing

For Bally’s, the takeover of Star is another item on a growing to-do list.

In addition to its existing properties, the company is stretched thin with projects across the US. It is building its flagship casino in Chicago thanks to massive financing help from Gaming and Leisure Properties (GLPI); it is developing a new casino-resort on the site of the former Tropicana on the Las Vegas Strip, also with help from GLPI; and it is bidding for one of three available downstate New York casino licences with a resort proposal on its Bally Links golf course in the Bronx.

And perhaps most notably, Bally’s itself was bought out last year by Standard General, a hedge fund owned by chairman Soo Kim. Since the start of 2024, the company has faced scrutiny for hiccups with all of its projects, but it continues to press on. The fascination with the Australian market is perhaps the riskiest move yet, given the problems facing Star coupled with Bally’s inexperience in the region.

Despite this, Kim has been clear that Bally’s views Star as a distressed asset with underlying value.

“I just think that it is very clearly an operating issue and these operating issues are familiar to us because, again, when we step into a situation, others before have tried and said ‘We can’t make it work,'” he told iGB at the NEXT Summit in New York City in mid-March. “We’re
looking forward to the opportunity to make it work.”

The national self-exclusion register reported on Friday that 27,763 people had active self-exclusions in place as of 31 March. The number of people who have cancelled or completed their exclusion now stands at 12,358.

The Australian government launched BetStop in August 2023. Gamblers can self-exclude for a minimum of three months or for the rest of their lives. Once on the register, operators can no longer allow that person to open an account or send marketing materials.

BetStop covers all licensed interactive wagering service providers, as well as online or telephone-based operators.

BetStop by region

New South Wales has the highest number of self-exclusion adopters at 12,531.

Victoria self-exclusion electives have grown to 10,800 since the programme started, putting it in second place, while Queensland is third with 8,125 adopters.

However, the number of new participants is slowing.

In the last quarter, New South Wales saw 1,376 new signees, down from 1,710 in the previous year’s compounding quarters. Sign-up numbers across all three reported quarters for BetStop’s 24/25 year are down compared to the previous year.

Every reported quarter in 2024-25 has seen a slowdown in the number of new signings. The one exception is Australia’s Northern Territory, which saw 38 rise to 44 in the third quarter.

Total registrants fell from 7,496 in the first quarter of 2023-24 to 4,521 in BetStop’s last-reported first quarter.

BetStop age demographics and exclusion timeframes

BetStop has reported that younger gamblers are the most likely to participate in the self-exclusion scheme. It noted that 46% of its 40,000 self-excluders are under 30 years of age, while those aged between 31 and 40 account for 32% of users.

The rate of uptake decreases significantly as age groups rise.

As a result, gamblers over 60 only account for 3% of listed registrants. The 41 to 50 age group makes up 13%.

Breaking down the time span of exclusion that people have chosen, BetStop noted that lifetime bans were selected by 39% of users.

Three months was the preference of 17%, while 39% opted for time spans ranging from three months to two years.

As part of Australian compliance measures, licensed operators must promote BetStop on their websites, apps and marketing materials.

Star had previously extended an exclusivity period for the negotiations in hopes of pushing it over the line, but certain conditions could not be met.

“The withdrawal of the Refinancing Proposal follows extensive engagement by The Star with Salter Brothers Capital and relevant third parties, including state governments and regulators,” the company said. “As a result of that engagement, it became apparent that it was unlikely that a number of the conditions precedent to the refinancing proposal would be able to be satisfied, either at all or in sufficient time to address the current liquidity needs of the company.

“In particular, lender requirements for specific priority arrangements and enforcement rights in relation to their proposed security over non-gaming assets of The Star could not be met.”

Without an agreement, Star is still unable to file its H1 financial report for the period ended 31 December. Its shares remain halted from trading as a result.

Bally’s talks back on

The extension of the Salter Brothers negotiations was an indication that Star favoured that route. But following the withdrawal, no other lifelines appear available to keep the company afloat independently. As such, Star has begun “engaging with Bally’s Corporation in relation to the proposal received on 10 March”.

Bally’s in February sent reps to meet with Star and tour its properties. Then on 10 March it submitted an AU$250 million offer for 50.1% of the company. That offer expired without action 28 March, but things could move quickly without other options.

Bally’s did not respond to a request for comment Wednesday.

Star’s largest individual shareholder, Bruce Mathieson, lobbied heavily for the Bally’s deal. The Australian Financial Review reported on 22 March that Mathieson was willing to inject an additional AU$50 million to help facilitate it, in exchange for a larger stake and board seat.

Queen’s Wharf deal a factor

The Bally’s offer is complicated by the fact that Star on 7 March announced its intention to exit its multibillion-dollar Queen’s Wharf joint venture in Brisbane. Its 50% stake in the JV was sold for AU$53 million to existing partners Chow Tai Fook and Far East Consortium. The price was heavily discounted, but the key for Star was relinquishing its financial commitments and debt stake in the project.

Bally’s, however, did not support that deal and wished to keep all of Star’s assets together. Its offer letter, tendered just days after the announcement, contended that “our proposal offers Star and its stakeholders far greater value and operational flexibility, as well as the upside from retaining Star’s current projects and other assets”.

Bally’s chairman Soo Kim previously told the AFR that “it is not too late” to pursue a deal. It is unclear at this time whether Star would be able to cancel its Queen’s Wharf sale.

A total of five adverts were published by Ryman Racing sub-brand PuntHub across Facebook and Instagram.

The New South Wales Betting and Racing Act 1998 states gambling adverts must adhere to strict requirements designed to protect players from inappropriate content and potential gambling harm.

However, the court ruled the ads in question failed to meet standards of decency, dignity and good taste. As such, it convicted and fined Colossalbet – representing the first time an operator has faced such charges in the state.

New South Wales regulator calls penalty ‘serious’

Liquor & Gaming New South Wales’ acting executive director of regulatory operations, Bernadette Beard, welcomed the decision. She said it should serve as a warning to other operators as to the consequences for breaking the rules.

“This is the first time a wagering operator in New South Wales has been prosecuted and convicted for publishing ads which offend standards of decency, dignity and good taste,” Beard said.

“We actively monitor gambling advertising across all platforms and will not hesitate to take enforcement action where necessary.

“This is a serious penalty. I would urge betting providers take note and ensure the standards in the Act are being met in their advertising.”

Public transport ban for gambling advertising

The ruling comes after the New South Wales government in January announced plans to further restrict gambling advertising in the state.

All forms of gambling advertising will be banned on public transport. This covers casino, lottery and online betting adverts on trains, metro, buses, light rail and at train stations and ferry terminals.

The ban will apply to all assets owned and controlled by Transport, which operates a large portfolio of advertising assets. This includes 798 advertising boards at Sydney train stations, 49 road-facing digital billboards, adverts on up to 3,711 urban buses, 76 trams and across the Tangara train fleet.

The government will now work with advertising contract holders to implement the changes over the next 12 months.

BlueBet has made a cash payment of AU$1.5 million (£735,890/€879,870/US$950,669) as part of its initial settlement. This represents the completion payment less TopSport customer account balances, pending bets and employee entitlements.

BlueBet has also issued 8,823,529 fully paid ordinary shares to TopSport’s nominee entity, Merlehan Family Investments. A further 23,000,000 performance options and additional cash payments may be due should TopSport hit certain milestones.

The acquisition, BlueBet said, brings the Betr brand closer to a 10% to 15% market share “sweet spot” in Australia.

BlueBet pledges ‘frictionless’ experience for TopSport users

The deal completes after over 63 million rows of TopSport customer data were securely migrated overnight. This includes transactional data, pending bets and account balances. Doing so, BlueBet said, ensures a frictionless experience for TopSport customers, who will now have access to the Betr platform.

In addition, TopSport CEO Tristan Merlehan has joined the BlueBet management team. He takes on the role of chief trading officer within the enlarged business.

Commenting on the purchase, BlueBet CEO Andrew Menz highlighted the pace at which the deal was able to complete.

“We have successfully completed the acquisition of TopSport, executing an innovative transaction structure that enabled us to migrate TopSport customers onto the Betr platform prior to completion,” Menz said.

“This materially de-risked the transaction and ensured that all anticipated cost synergies were fully realised within just 55 days of announcing the deal. This was without the need to operate the TopSport brand or wagering platform during the transition.

“This outcome reflects our repeatable and scalable M&A model, underpinned by the speed and precision of our migration team. Our ability to rapidly execute on the integration and migration with no disruption to our offering remains a key competitive advantage, delivering immediate value for our shareholders.”

BlueBet still keen on PointsBet deal

Menz also took the opportunity to update on BlueBet’s pursuit of PointsBet.

In February, BlueBet tabled a bid worth $360 million to acquire PointsBet. This comprises a cash pool of $240 million to $260 million, plus scrip consideration of $100 million to $120 million. In addition, BlueBet has identified synergies of at least $40 million annually.

The offer represents a scrip bid which, in Australia, is a takeover offer where shares are offered partly or wholly in place of cash. The scrip is a document given to shareholders showing they should receive a certain number of stocks. BlueBet estimates more than 20% of PointsBet shareholders would prefer a transaction including a scrip component over a cash proposal.

However, it has not been straightforward for BlueBet. In February, PointsBet approved a rival bid from MIXI Australia. This scheme arrangement would transfer 100% of PointsBet’s shareholding to the Australian arm of Japanese digital entertainment and sports group, MIXI Inc.

Should PointsBet shareholders also approve the deal, they would receive cash consideration of $1.06 per share as part of the deal. This represents a significant premium of 27.7% to PointsBet’s closing price on 25 February, totalling around $353 million.

A vote to approve the deal will occur in late May

While uncertainty remains over the MIXI bid, Menz maintains that BlueBet has in place an attractive offer. He added that further talks with the PointsBet board are planned.

“With the successful integration of TopSport, our focus now shifts to further inorganic growth opportunities in the Australian market, including our compelling and fully funded proposal to acquire PointsBet,” he said.

“By providing the flexibility for PointsBet shareholders to choose a mix of cash and scrip, we believe ours is a superior proposal for shareholders to realise value in the short and long term.

“Our engagement with PointsBet shareholders remains overwhelmingly positive and we look forward to progressing our discussions with the PointsBet board.”

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.”

The suspension was due to expire on 31 March, as well as the term of state-appointed independent manager Nicholas Weeks. Both have now been pushed back six months.

Star Sydney has been the subject of two suitability inquiries in the last three years and has been deemed unsuitable both times, most recently in October. Weeks has been in place since the first ruling, handed down in late 2022. The casino has had its licence suspended since then.

After the second inquiry, there was speculation that the NICC could revoke Star Sydney’s licence altogether. The casino was discovered to have failed in its remediation efforts from the first investigation and devolved further into a toxic culture. However, several factors, including the introduction of Star Entertainment CEO Steve McCann last June, led regulators to extend the suspension ultimately through September.

Financial woes driving factor for Star

Since McCann’s arrival, Star seems to have steadied its remediation but has faced significant financial challenges.

In January, the company announced it was hemorrhaging cash and was fighting for survival. Since then it has sold off assets and is currently in talks with Salter Brothers Capital on a massive AU$940 million (£456.9 million/€261.5 million) refinancing package. It appears that these factors led Star to request the extension instead of fight against it.

“NICC chief commissioner, Mr Philip Crawford said that the submissions demonstrated steady
improvements in The Star’s remediation but uncertainty around The Star’s financial situation meant
that progress was slow and The Star’s licence suspension should remain in effect,” the NICC said in a release.

McCann said in Star’s filing that his company “appreciate(s) the comments made by the NICC in respect of the company’s progress”. He added that Star “recognises the importance of continuing to deliver on its commitments under the remediation plan and returning to suitability”.

Gold Coast suspension deferred

In contrast to Sydney, Star also announced that a planned 90-day suspension of its Gold Coast licence in Queensland has been pushed to 30 September. Weeks is also overseeing that property and will have his tenure extended there to the same time.

Star first came under investigation in Queensland in 2022 and was subsequently deemed unsuitable for licensure in October that year. In addition to fines and the appointment of Weeks, a 90-day licence suspension was ordered but has been delayed several times.

The Queensland state government in a release mentioned similar reasons as the NICC in approving the latest postponement.

“In making its decision, the government reviewed The Star’s progress across priority remediation
measures, as outlined in the February report prepared by special manager, Mr Nicholas Weeks,” the government said. “Mr Weeks also acknowledged the impact of The Star’s recent challenges on its ability to make material headway on some key measures within the set timeframe.”

Future uncertain but possibilities abound

With both extensions in tow, Star now has more time to evaluate its current options, which are numerous. In some ways, the company has already committed to a smaller, more streamlined version of itself.

On 7 March Star announced it had sold off its 50% stake in the multibillion-dollar Queen’s Wharf development in Brisbane for AU$53 million. The stake was sold to Chow Tai Fook and Far East Consortium, the other partners in the joint venture. Just opened last August, the development was supposed to be a major driver for Star but proved too expensive. By offloading the stake Star was freed from any further financial commitments as well as its portion of the project’s debt facility.

As part of the deal, Star was also able to buy back full ownership of Gold Coast from the two partners. The operator essentially punted on Queen’s Wharf and doubled down on Gold Coast. This plan, it said, “will enhance The Star’s customer offering and provide further depth to its accommodation mix on the Gold Coast”.

Meanwhile, US-based Bally’s Corporation also in March submitted a takeover offer for Star. In February, Bally’s was discovered to have sent officials to Australia to meet with Star and tour its properties. The offer was for AU$250 million for 50.1% of the company, but Bally’s made clear it was “very open” to a larger deal. Bally’s ran up on a deadline on Friday listed in the offer.

Bally’s also made clear that it did not support the Queen’s Wharf deal and wished to keep all of Star’s assets together. The US operator said its proposal “offers Star and its stakeholders far greater value and operational flexibility, as well as the upside from retaining Star’s current projects and other assets”.

Star said Tuesday that “SBC is working towards making a binding offer” for the proposal by 31 March.

If finalised, it would “provide The Star with sufficient liquidity to refinance all of the group’s existing corporate debt and is not conditional on either the purchase of the existing senior debt at a discount to par or any government tax deferrals or waivers”, the company said earlier this month.

SBC’s offer joins a similar restructuring proposal submitted by US-based Oaktree Capital in mid-February. That proposal included up to AU$650 million in relief across two debt facilities with a term of five years. As of 7 March, however, Star said that “certain conditions of the Oaktree Proposal have not yet been met”. Thus, the proposal could not be approved.

Bally’s offer also outstanding

As Star continues to mull financing options, another offer from Bally’s Corporation also looms large. The two companies have been linked since early February, when Bally’s sent officials to meet with Star and tour its three properties.

On 9 March, Bally’s submitted an offer letter to Star to acquire 50.1% of the company for AU$250 million. Bally’s indicated at the time it was also “very open to discussing a larger transaction”. Officials noted that the deal would be fully funded by Bally’s and not subject to any contingencies. The letter indicates that the offer is valid until 28 March.

The US-based operator is entering a new era, having been bought out by hedge fund Standard General in a deal that closed in February. It acquired Aspers Casino in Newcastle, UK late last year and appears to be angling for more of an international presence.

One stakeholder who has thrown support behind the Bally’s proposal is Bruce Mathieson, Star’s biggest individual shareholder. According to the Australian Financial Review, Mathieson is backing the proposal. He has also pledged an additional AU$50 million to help facilitate it. The billionaire currently holds about 10% of the company and has been approved to increase that stake to 20%. If the Bally’s deal were to go through, he could extend that stake further and take on a board seat.

Queen’s Wharf exit a major factor

The other consideration that surrounds the Bally’s deal is Star’s decision to sell off its stake in its Queen’s Wharf joint venture to partners Chai Tow Fook and Far East Consortium. That decision, announced on 7 March, was the most aggressive yet for Star as it looks to avoid insolvency. Queen’s Wharf, a multibillion-dollar development, was expected to be a major revenue driver for the operator.

However, Star brass, led by CEO Steve McCann, ultimately viewed the project as being too expensive for a company on the brink of collapse. As part of the deal, Star relinquished its future contributions to the project, which were at least AU$212 million. It was also freed from its 50% stake in the project’s debt facility, which has a drawn balance of AU$1.4 billion.

The sale price for Star’s 50% stake was AU$53 million. In turn, the company also consolidated full ownership of its Star Gold Coast property from the two partners.

Bally’s, meanwhile, does not support that deal and wishes to acquire all of Star’s assets. The company said in its offer letter that it “understand[s] the rationale for Star’s recently announced transactions”. But ultimately, Bally’s believes “our proposal offers Star and its stakeholders far greater value and operational flexibility, as well as the upside from retaining Star’s current projects and other assets”.

Bally’s chairman Soo Kim told the AFR earlier this month that “it is not too late [to make a deal]. Our proposal is not subject to due diligence or consents or anything. We can do this.”

An experienced senior executive with nearly 20 years of expertise, Neilan has worked in both the public and private sectors. She is currently executive director for strategy within the Environment Protection Authority Victoria (EPA) organisation.

Prior to this, she had spells in senior roles with the Victorian Building Authority, including executive director of service delivery. She also spent six years with Tenix Solutions, which specialises in infrastructure maintenance and engineering products and services.

Neilan backed to ensure integrity and fairness

VGCCC chair, Chris O’Neill, said that Neilan will bring significant senior leadership experience in regulation, transformation and customer service. He also noted her track record in delivering large scale technology and legislative change programmes in regulated settings.

“As the VGCCC enters the next phase of the programme of transformation we began three years ago, Suzy’s experience leading digital and technology transformation, and her deep understanding of education, enforcement and compliance will continue to ensure the Commission is well placed to meet future challenges and ensure the integrity, safety and fairness of the gambling industry,” O’Neill said.

“Suzy’s commitment to achieving regulatory outcomes that benefit Victorians makes her a strong leader to support the Commission and head the agency’s executive leadership team.”

O’Neill also paid tribute to the outgoing Kimmitt, noting she has been instrumental in the regulator’s evolution.

“Annette’s holistic vision and tenacious drive led the Commission’s transformation in its first years. And with strategic focus, determined how we would work with the industry to ensure that our mandate to regulate in the public interest would be met.”

Regulator clamping down in Victoria

The appointment comes amid a flurry of regulatory activity at the VGCCC. In recent weeks, the regulator has handed out a series of fines to operators that have breached rules in the state.

Last week, the Peninsula Club in Dromana was fined AU$7,000 (£3,406/€4,040/US$4,396) for underage gambling. The club allowed a child to enter its gambling area on two occasions on 10 June 2023.

During the second visit, the child used a poker machine for approximately five minutes before staff intervened.

In February, fines were also issued to two other Victoria venues, concluding a long-term separate investigation into how an underage, neurodivergent boy was able to gamble at several locations.

Correct Bet, operator of the Coburg TAB outlet, was fined $3,000, and Supreme Edinburgh, trading as the Duke of Edinburgh in Brunswick, $2,500. Both venues pleaded guilty to underage gambling charges.

The VGCCC announced its first fines in relation to its underage gambling crackdown in September 2023. In total, almost half a million dollars in fines were handed out to a host of venues.

An additional AU$10 million will be due by the end of the month. The remaining AU$8 million will be paid either by 30 November or on completion of the Andaz hotel tower at Star’s Gold Coast property, whichever is earlier.

By selling its Queen’s Wharf stake, Star no longer has any financial commitment to the project. This is noteworthy, given that its expected future contributions were at least AU$212 million. It is also “released from the parent company guarantee in relation to its 50% share” of the project’s debt facility, which has a drawn balance of AU$1.4 billion.

The original casino management agreement for the development was also terminated. Star will remain in place as the operator through March 2026 until a new operator is brought on board. In exchange it will receive AU$5 million per month. If that transitional period is extended, the price will increase to AU$6 million per month.

Disappointing exit from promising development

Overall, the move is the most aggressive yet for Star as it continues to fight off administration. Queen’s Wharf was beset by delays and nearly doubled in cost to AU$3.6 billion. But it was still expected to be a key driver for Star moving forward. The first phase of the mixed-use development opened last August.

“This transaction is an important milestone for the company and contributes to providing a potential pathway towards financial viability,” Star CEO Steve McCann said in a statement. “Our team has worked hard to deliver The Star Brisbane and establish a new precinct for Brisbane.

“We are grateful for the efforts of all of our employees and we will work with our joint venture partners and the regulator to transition to a new casino operator in due course.”

Even though the deal has been agreed to, there’s still no guarantee that state regulators will sign off. CTF has come under previous scrutiny for alleged links to junket operator Suncity Group. Suncity, whose founder Alvin Chau is serving 18 years in a Macau prison on illegal gambling charges, collapsed in 2022. Queensland officials are likely to question CTF’s growing stake in a big development.

Star to consolidate Gold Coast ownership

As part of the transaction, Star will acquire CTF and FEC’s stakes in the non-gaming assets of Star Gold Coast. This includes the 313-room Dorsett hotel tower and the 202-room Andaz tower, which is still under construction.

The company will retain full ownership of the property. In effect, Star is punting on Queen’s Wharf and doubling down on Gold Coast. This move, it said, “will enhance The Star’s customer offering and provide further depth to its accommodation mix on the Gold Coast”.

Additionally, Star will “retain its rights to future development, noting that the 6.7-hectare site has freehold title and existing plans to develop up to three additional towers”. CTF and FEC will retain development rights for the next tower, but Star can buy out those rights for AU$17 million.

In addition to exiting Queen’s Wharf, Star also agreed to relinquish its Treasury Hotel building and its accompanying garage to CTF and FEC, as well as its interests in a separate garage. Treasury was the predecessor to Queen’s Wharf. Star sold the site’s casino building to Griffith University last September for AU$67.5 million. This means that in total, Star has completely divested its Brisbane assets.

“We are excited about our future in the Gold Coast,” McCann said. “We will have almost 1,200 hotel rooms at the Gold Coast following the opening of the 5-star Andaz Hotel in late 2025 and believe that once we optimise these operations and our strategy, our full ownership of these hotels will enhance our integrated offering and provide an opportunity to improve the performance of the business.”

New loan and potential financing deal

Also on Friday, Star announced it secured a new AU$250 million bridge facility from US-based King Street Capital Management. The facility is available to be drawn until 29 April, if requisite conditions are met.

Those conditions include “entering into an intercreditor agreement with The Star’s existing lenders, obtaining relevant probity approvals and regulatory consents for The Star to provide first ranking security over The Star Gold Coast (and associated assets)” and others, the company said.

The announcement also mentioned a refinancing proposal from an undisclosed lender. If finalised, it would “have the capacity to provide total debt capacity of up to AU$940 million”. However, it is non-binding and there is no certainty it will be implemented.

Star said the proposal would provide for “sufficient liquidity to refinance all of the group’s existing corporate debt and is not conditional on either the purchase of the existing senior debt at a discount to par or any government tax deferrals or waivers”.

On 17 February, Star confirmed it had been approached with an AU$650 debt financing proposal from Oaktree Capital. But in its Friday announcement, it said conditions for that proposal have not been met.

Hard to forecast Star’s future

From a 30,000-foot perspective, Star’s future has never been murkier. Even as it races to divest of assets, it faces significant headwinds. As of writing, its shares were still suspended from trading after the company failed to submit earnings on time.

Perhaps the biggest looming question is its ability to regain control of its Star Sydney casino licence. The casino has been the subject of two separate suitability inquiries and was deemed unsuitable both times. As a result, Star has paid millions in fines and has been a carousel for executives.

State regulators in New South Wales are due to deliver a third ruling after 31 March. If it is again deemed unsuitable, Star Sydney’s licence could be revoked altogether. The company has already sold the property’s event centre for AU$60 million as part of its asset sell-off. As a result of the inquiries, Star is also under investigation by Austrac, Australia’s financial crime watchdog. A substantial fine is expected to be handed down, but that investigation is still ongoing.

Given its distressed state, opportunists are said to be circling the operator. Perhaps the most notable is US operator Bally’s Corp., which sent officials in February to meet with Star and tour its properties.

“The company still faces various risks, including the availability of funding, the ability to restore our licences (including implementing our remediation plan and various regulatory reforms relating to carded play and cash and time limits), maintaining support from stakeholders, resolving the various litigation and claims from historical issues and managing the business in a period of continuing lower revenue and negative cashflow,” McCann warned Friday.

According to ACMA, a virtual banner promoting a gambling operator that appeared during Foxtel’s live coverage did not include an “adequate” responsible gambling message.

Section 3.12 of Australia’s Commercial Television Industry Code of Practice requires gambling ads in live sports broadcasts to carry this messaging. This applies to the promotion of odds or ads referencing gambling in any way.

Quick response from Foxtel

Detailing the response from Foxtel, ACMA said the broadcaster cooperated after being contacted over the issue. Foxtel quickly added a responsible gambling tagline to the advert.

Additionally, Foxtel agreed to further staff training on regulatory requirements around gambling advertisements. It will report back to ACMA on the steps it is taking to ensure the gambling ads it broadcasts have sufficient responsible gambling messages.

“Messages must emphasise the potential harms and risks of gambling if it is not undertaken responsibly,” Authority member Carolyn Lidgerwood said. “An 18+ logo on its own is not an adequate responsible gambling message.”

ACMA clamping down on broadcasters

Foxtel is the second major Australian broadcaster to feel the wrath of ACMA in a matter of weeks.

Last month, ACMA also warned Network 10 after it was found to have breached regulations on gambling advertising. Network 10 aired four gambling ads at prohibited times during the first practice round of a Formula One Grand Prix stream.

Gambling adverts cannot feature in broadcasts of sporting events between 5am and 8.30pm, as per the Code. This includes the five minutes before and after the event.

Network 10 said adverts were shown as a result of human error and it has taken steps to avoid similar issues in the future.

The broadcaster’s 10 Play streaming service was also reprimanded last August for breaching online gambling advertising rules during two live-streamed sports events.

The Peninsula Club was found to have allowed a child to enter its gambling area on two occasions on 10 June 2023. During the second visit, the child used a poker machine for approximately five minutes before staff intervened.

The VGCCC deemed this a double breach of the Victoria Gambling Regulation Act 2003. The Magistrates’ Court of Victoria agreed and issued the fine to venue owner Victorian Amateur Turf Club. However, no conviction was recorded in relation to the breaches.

Ruling on the case, magistrate Julian Ayres said the court took into account the venue’s self-reporting, lack of prior convictions, early plea and remediations implemented to reduce the chance of future offending.

Victoria regulator: A warning to all venues

Commenting on the case VGCCC CEO Annette Kimmitt said she welcomed the court ruling. She added that this should serve as a warning to all other gambling venues in Victoria.

“The onus is on you to ensure that children cannot and do not enter the gambling area or participate in any gambling activity, even if they’re with an adult,” Kimmitt said. “Equally, staff must be adequately trained and present in the gambling area to supervise while machines are in use.

“Research tells us that people who begin gambling at a young age are at greater risk of developing gambling problems as an adult. The rules exist to protect children from exposure to, and harm from, gambling.”

No let-up after other venues fined

The Peninsula Club case is the third VGCCC prosecution involving minors to be finalised in court this year.

Last week, fines were issued to two other Victoria venues, concluding a long-term separate investigation into how an underage, neurodivergent boy was able to gamble at locations across the state.

Correct Bet, operator of the Coburg TAB outlet, was fined $3,000, while Supreme Edinburgh, trading as the Duke of Edinburgh in Brunswick, was issued a $2,500 fine. Both venues pleaded guilty to underage gambling charges.

Both relate to the case of a boy gambling between May 2022 and October 2023. Then aged 17, he accessed and gambled on electronic betting terminals at 10 venues.

The VGCCC announced its first fines in relation to its underage gambling crackdown in September 2023, with updates issued about the case over the following 18 months. In total, almost half a million dollars in fines were handed out to a host of venues.

This amount also equates to an EV/EBITDA multiple of 25.2x – 32.1x based on PointsBet’s FY25 EBITDA guidance range.

The deal has been unanimously recommended by the board, as published in its half-year financial earnings report on 25 February.

A vote to approve the deal will occur in late May, and the ‘scheme’ is expected to pass and be implemented in mid-June.

MIXI’s Japanese parent company operates a number of sports and digital gaming business arms, including the FC Tokyo football team, horse racing betting site Net Dreamers and betting platform Chariloto.

BlueBet submits competing $360 million bid

Meanwhile, a competing bid for PointsBet was filed by BlueBet on 18 February, which proposed an acquisition by way of a scheme of arrangement. The offer comprises a cash pool of $240 million to $260 million, plus scrip consideration of $100 million to $120 million.

This puts the total bid at around $360 million, plus identified synergies of at least $40 million annually.

In Australia, a scrip bid is a takeover offer where shares are offered partly or wholly in place of cash. The scrip is a document given to shareholders showing they should receive a certain number of stocks. BlueBet estimates over 20% of PointsBet shareholders would prefer a transaction including a scrip component rather than a cash proposal.

In a note published today, BlueBet said the proposal presents a “highly attractive” offer for PointsBet shareholders.

“Our proposal offers compelling strategic and financial benefits for PointsBet shareholders,” said BlueBet chairman Matt Tripp and CEO Andrew Menz, who jointly submitted the offer.

“The transaction offers Betr immediate additional scale, access to important technology assets and key marketing contracts, all of which will accelerate our growth ambitions.”

BlueBet added it has secured equity funding arrangements from Jarden, Morgans and Ord Minnett. In addition, it expects to complete due diligence within 20 business days.

Earlier this month, BlueBet entered an agreement to acquire certain assets of Merlehan Booking, the Australia-facing sports and racing betting company trading as TopSport.

BlueBet will pay an initial AU$10 million to acquire TopSports’ assets. The agreement also includes potential further payments, contingent on BlueBet’s share price reaching certain milestones and the net gaming revenue performance of the assets.

MIXI deal presents “compelling opportunity”

Speaking during PointsBet’s half-year earnings call on 25 February, group CEO Sam Swanell said the board believed the MIXI offer represented “a compelling opportunity for PointsBet shareholders to realise immediate and certain cash value at a premium to the recent trading prices and at a high implied FY25 EBITDA model.”

End of a chapter for PointsBet?

Incidentally, towards the end of last year, PointsBet denied reports it was in discussions over a $300 million sale to an overseas party. Media reports suggested talks had taken place with several potential suitors, including at least one in Asia, but PointsBet shut these down.

Takeover talk had been rumbling on for some time prior to this. Betr, the Australian sportsbook operator co-founded by News Corp Australia and Tekkorp, was linked with a bid by Earnings+More in November last year. Betr was then acquired by BlueBet in April 2024.

Stake.com founders Ed Craven and Bijan Tehrani, meanwhile, have built up a shareholding of more than 5% in PointsBet.

PointsBet reduces net loss in H1

Turning to the company’s results, PointsBet posted figures for the first half of its 2025 financial year yesterday. This covers the six months to 31 December 2024. Group revenue for the period increased 5.8% to $124. million, with growth across both its Australian and Canadian operations.

Total sports betting revenue was 4.7% higher at $112.6 million, while igaming, only available in Canada, climbed 18% year-on-year to $11.8 million.

Geographically, Australia’s revenue jumped 4.4% to $106.2 million, despite a 21.8% drop in sports betting handle. Gross win margin, however, improved from 10.9% to 13.4%.

In Canada, player spend was higher across both sports betting and igaming, pushing total revenue up 14.5% to $18.2 million. Canada’s sports betting revenue increased 14.3% to $7.2 million and igaming 14.7% to $10.9 million.

Group gross profit improved 11.1% to $65 million, while operating costs were reduced by 3.9%. Finance income was lower, but revenue growth meant pre-tax loss was cut by 47.4% to $17.2 million.

PointsBet accounted for $165,000 in negative foreign exchange difference. As such, it ended H1 with a $17.4 million loss, an improvement on $37.0 million in the previous year.

PointsBet’s US days of yesteryear

Up until last year, PointsBet also had a presence in the US market, stretching across a host of states. However, Fanatics Betting and Gaming in May 2023 agreed to acquire the PointsBet US division for $150.0m.

It was not quite all plain sailing with the sale though. In June of the same year, DraftKings submitted a higher proposal of $195.0m. PointsBet said it would engage with DraftKings over what it said could be a “superior” proposal and eventually agreed on a higher purchase price of $225.0 million.

Fanatics completed its takeover of PointsBet’s US operations after going live in New Jersey in May last year.

Among them was rumoured to be chairman Soo Kim, whose hedge fund Standard General (SG) is now the majority owner of Bally’s following a buyout last July. The delegation was said to have toured Star’s three properties, Star Sydney, Star Brisbane and Star Gold Coast.

Bally’s operates 19 casinos in 11 US states but does not have any international holdings. In addition to existing operations, the company has its hands full with projects in Chicago, Las Vegas and New York.

The company declined to comment on the Star report.

Bally’s has multiple projects in progress

The question, however, is whether a Bally’s-Star marriage makes sense for both sides. Las Vegas-based consultant Brendan Bussmann of B Global Advisors noted that even in the US, Bally’s is stretched thin. On top of that, Star as a distressed asset is not exactly an easy acquisition. Operators with an existing Asian presence in Macau, Singapore or elsewhere would likely make more sense.

“Consider the projects [Bally’s] has here right now,” Bussmann told iGB. “You’ve got challenges with Chicago, you’ve got challenges with Las Vegas. I’m just not sure at this point in time why you’d want to take on another challenge. Now you’re walking into a situation where there have been significant compliance issues… it’s just a difficult situation to walk into.”

Star has been subject to two suitability inquiries for its Star Sydney licence and was deemed unsuitable both times, most recently last October. It currently awaits another assessment after 31 March. It has been fined hundreds of millions for its shortcomings. The company anticipates another large fine from federal financial watchdog Austrac.

A growing list of Star suitors

For Star, Bally’s is the latest company to be mentioned as a potential saviour since its 8 January announcement of depleting cash and liquidity. It has already sold off its Star Sydney Events Centre assets for AU$60 million (£30.1 million/€36.4 million/US$38.1 million) and may continue to divest.

According to a 4 February report from The Australian, US private equity giant Blackstone is also believed to be interested. However, the firm will reportedly only extend an offer if Star enters administration.

There are other hurdles in that scenario as well. Blackstone already owns Star’s chief rival Crown Resorts, which operates casinos in Sydney, Melbourne and Perth. It purchased the operator for US$6.3 billion in June 2022. State regulations in New South Wales (NSW) prohibit one company from operating both Sydney casinos. But it is possible Star’s struggles may cause officials to soften their stance.

Additionally, on 10 February, Star announced it had received buyout offers for its Star Brisbane joint venture from partners Chow Tai Fook and Far East Consortium. The multibillion-dollar project opened last August and Star said those offers have not “provided sufficient value”. Finally, on 17 February the operator confirmed it had received a AU$650 million debt refinancing proposal from US-based Oaktree Capital.

In the midst of these developments, Star said on the Oaktree announcement that “there is no certainty that any of these discussions or negotiations will result in one or more definitive arrangements that might materially increase the group’s liquidity position. In the absence of one or more of those arrangements, there remains material uncertainty as to the group’s ability to continue as a going concern.”

What would the transition process look like?

Star CEO Steve McCann, appointed last June, held the same post at Crown. There he helped guide the Blackstone takeover, but he previously said that Star needed more time before considering M&A possibilities. Over the course of its regulatory troubles there was a belief that the company was “too big to fail”. It employs thousands across multiple states. The January cash haemorrhage announcement, however, seemed to change those sentiments.

But what would a takeover look like from a regulatory perspective? There are, of course, standard protocols in place, but the extent of Star’s failures have basically rewritten the rulebooks. In NSW, the NSW Independent Casino Commission (NICC) was formed in 2022 as a casino-specific body. It was split off from the overall umbrella of Liquor and Gaming NSW. This was in direct response to the multitude of scandals between Star and Crown.

Peter Cohen, a consultant with The Agenda Group and former CEO of the Victorian state regulator, told iGB last July that any takeover would be tricky and slow. He surmised that the vetting process would likely be split between multiple agencies.

“It is possible that the process might be a hybrid of NICC checking for probity suitability while another department, such as NSW treasury, examines the bidders’ finances and operational capability,” Cohen explained at the time.

Ongoing projects would be further along

The transition timeline could vary from 18 to 24 months or beyond, Cohen said. That means it could go into late 2026 or 2027 before a Star acquisition would be finalised. By that time, Bally’s would be much further along in its current projects. It would be nearing or fresh off the opening of its flagship Chicago casino, set to be completed in September 2026.

The company has also said it wants to debut its Las Vegas casino alongside the completion of the MLB stadium on the same site. That would make for a spring 2028 opening, not long after a potential Star takeover.

In New York, bids for three available downstate licences are due by June, with those being awarded by the end of the year. Bally’s is seeking to build a $2.5 billion resort on a golf course it owns on Ferry Point in the Bronx. If awarded a licence, that project would also presumably be in progress in late 2026 or 2027.

The VGCCC announced its first fines in September 2023, with updates issued on the case over the following 18 months. Today (24 February), the regulator confirms it has concluded action against guilty parties after further hearings at the Magistrates’ Court. Two more venues have been charged.

Correct Bet, operator of the Coburg TAB outlet, which pleaded guilty to two charges, was fined AU$3,000 (£1,511/€1,821/US$1,911) without conviction and ordered to pay VGCCC costs of $5,500.

The court took into consideration that Correct Bet had no prior convictions in 14 years of operation across multiple venues. It also noted how it has implemented additional measures, including staff training, mobile phone policy changes and regular CCTV monitoring.

Supreme Edinburgh, trading as the Duke of Edinburgh in Brunswick, also pleaded guilty to three counts of breaching the Gambling Regulation Act 2003. The operator was fined $2,500 and ordered to pay VGCCC costs of $4,950.  

“It is a venue’s responsibility to ensure minors do not access a designated gambling area, let alone gamble, no matter how determined or convincing a child might be,” VGCCC CEO Annette Kimmitt said.

Victoria regulator issues $499,000 in fines

The final fines come after more than 2,000 hours of investigations in underage gambling failures. In total, the VGCCC secured 14 prosecutions against 10 entities and 98 charges, while overall fines hit $499,000.

Incidentally, it was the individual’s mother who first shone a light on the failings. She raised concerns about how his neurodiversity, in addition to his age, placed him at higher risk of gambling harm.

“I can only imagine how difficult it was for the mother to come to us,” Kimmitt said. “We commend her for doing so. I hope the outcomes and conclusion of these proceedings bring her some comfort, following the significant trauma she and her family have gone through.”

When news of the case first broke in September 2023, Tabcorp faced a total of 54 charges. A further 27 charges were filed against the venues and a Tabcorp-owned TAB agency.

Tabcorp was handed fines totalling $274,000 over the case. It was found guilty on 30 counts of allowing a minor to gamble and 13 charges of failing to supervise.

In addition, the Australian Leisure and Hospitality Group was fined $175,000 in October last year. It faced some 23 charges across five venues: Albion Charles Hotel, Cramers Hotel, Doncaster Hotel, Excelsior Hotel and The Rose Shamrock & Thistle Hotel.

Smaller fines were also issued to venues, the largest of which – $15,000 – went to Preston Hotel. It was found guilty on four counts of allowing a minor to gamble, with a further charge for failing to supervise its players.

VGCCC: case will leave a painful scar

Summing up the case, Kimmitt again hit out at the venues for their failings. She said by not having the appropriate measures in place to protect players, this leaves them at risk of harm and can potentially have long-term, negative effects.

“When the industry is not diligent about complying with its legal and social obligations, the consequences for everyday Victorians can be serious and long lasting, which is why the VGCCC is determined to hold operators to account,” Kimmitt said.

“We welcome the outcome of these court hearings, which bring to a close all prosecutions involving this family. Unfortunately, the family’s recovery from this experience is likely to take a lot longer and leave a painful scar.”

The operator reported declines across several operating segments, including its online arm. Activities in Adelaide and Auckland also led to small revenue declines.

Commenting on the half year, CEO Jason Walbridge said that SkyCity continues to be impacted by “challenging” market conditions.

This, he added, has led to “subdued consumer confidence”, although he noted that casino visitor numbers are improving. In total, 5.4 million people visited SkyCity locations in H1, up 5.9% from the previous year.

It did say it was preparing for the launch of regulated online casino in New Zealand in 2026 and working with the government as it prepares regulations for the market.

Cabinet papers filed in September 2024 reported SkyCity was one of a few grey market operators interested in applying for an igaming licence.

Tab NZ, Grand Casino Dunedin, Christchurch Casino, Class 4 societies, 888, Bet365, SpinBet, Spin City and Super Group (including Betway) were also listed as interest parties. 

Auckland decline hits SkyCity

Breaking down revenue performance, gaming accounted for 71% of total revenue in H1. The other 29% came from non-gaming, split across food and beverage (14%), hotels (8%) and entertainment and other (7%).

Auckland operations, SkyCity’s primary source of total revenue, reported a drop in total underlying revenue to $258.3 million from $280.6 million the previous year. Softer market conditions were only partially offset by stronger contributions from the Horizon Hotel, increased carpark income and higher contribution from the Sky Tower.

On its Auckland activities, SkyCity provided an update on the opening of the New Zealand International Convention Centre (NZICC). The new facility is due to welcome visitors from February 2026, with SkyCity saying this will be a “game changer” for the region.

“We expect to see a boost of around 500,000 visitor days a year to SkyCity Auckland with the facility providing a significant lift to the wide Auckland and New Zealand economies,” Walbridge said.

Elsewhere, in Hamilton and Queenstown, underlying revenue was down slightly to $38.3 million, despite a rise in gaming and non-gaming visitor numbers. However, H1 revenue in Adelaide was 5.5% higher at $123.2 million amid a higher number of visitors during H1.

Online underlying revenue fell 62.5% to $2.1 million. SkyCity put this down to an “uneven regulatory environment” and increased investment in future team capability, as the group continues to build its online offering.

The remaining $100,000 in revenue came from corporate activities, down 90.9%.

Underlying EBITDA for the group was $113 million in H1, down 22% year-on-year.

SkyCity set to miss full-year target

On the back of declines in H1, SkyCity has adjusted full-year expectations. Underlying group EBITDA for the year is now forecast at between $225 million and $245 million, compared to earlier guidance of $245 million to $265 million.

This, Walbridge said, is due to the expected continuation of current “challenging” economic conditions. SkyCity also maintained that no divided is expected for the 2025 financial year.

The Commercial TV Code of Practice states gambling adverts cannot feature in broadcasts of sporting events between 5am and 8.30pm. This includes the five minutes before and after the event.

ACMA noted practice rounds and qualifying rounds for motorsports are subject to the same restrictions on gambling advertising as the main event. As such, Network 10 was deemed to have breached regulations by showing the four adverts.

First-time offence for Network 10

However, ACMA acknowledged this is the first breach by Network 10. The broadcaster noted the adverts were shown as a result of human error and it has taken steps to avoid similar issues in the future.

According to ACMA, Network 10 voluntarily improved the planning, checks and balances it has in place for advert scheduling. At ACMA’s request, it also agreed to review its processes to introduce additional quality controls.

On top of this, Network 10 has committed to training staff and supplying a written progress report to the ACMA.

“Broadcasters should have strict controls in place to ensure compliance with the restrictions on gambling ads during sporting events,” ACMA member Carolyn Lidgerwood said. “ACMA will closely monitor these actions and Network 10’s compliance with the broadcasting and online gambling advertising rules.”

While this is a first breach for Network 10, its 10 Play streaming service was reprimanded last August. 10 Play breached online gambling advertising rules during two live-streamed sports events.

Awarded in December 2023, the new Victoria licence came into effect in August 2024. It grants Tabcorp exclusive rights to offer wagering and betting in Victoria for the next 20 years. While still in its infancy, the licence impact was clear to see in Tabcorp’s H1 results, published today (20 February).

The licence means Tabcorp no longer need to collaborate on the joint venture arrangement with the Victorian racing industry. Other industry funding obligations were also terminated, with Tabcorp instead paying wagering taxes and racing and sports product fees on the same basis as other operators.

Improved cost discipline at Tabcorp

Alongside this, CEO and managing director Gillon McLachlan highlighted other factors that are helping to drive growth. These include new product innovations and more “discipline” in terms of spending.

“The improvement in earnings reflects the commencement of our reformed Victoria licence, cost discipline and increased competitiveness that was amplified with new innovations during the TAB Everest, Melbourne Cup Carnival and Magic Millions,” McLachlan said.

“We are executing with a more aggressive cost and capital discipline. We’re targeting opex savings in FY25 of $30m, 50% more than our previous target. Capex is expected to be $110m-$120m, around $25m lower than previous guidance.

“As we improve execution we will transition to an evolved strategy, with a broader focus on unlocking the value which lies within our unique set of assets.”

Wagering & Media revenue tops $1.24 billion

Breaking down revenue performance in H1, Tabcorp’s Wagering & Media division reported $1.24 billion in revenue. This beats the previous year by 11.3%.

Wagering revenue was up 14.1%, helped by higher revenue in Victoria because of the new licence. Excluding this impact, wagering revenue edged up 0.8% year-on-year.

Meanwhile, media revenue increased 1.6%. Tabcorp said that this reflects growth in vision distribution, partly offset by the impact of a softer domestic wagering market on turnover-linked revenues. Incidentally, domestic turnover was 4.3% lower than the previous year.

As for Tabcorp’s other core division, Integrity Services, revenue increased by 9.7% to $88.1 million in H1. The group put this down to consumer price index-linked fee increases, a rise in the number of monitored electronic gaming terminals and growth in project work.

Tabcorp noted that the Integrity Services figure was adjusted to account for the sale of the Max Performance Solutions (MPS) business in H1 of 2024.

Tabcorp back in the black

While McLachlan outlined increased cost discipline at Tabcorp, operating expenses in H1 were 12.2% higher year-on-year. However, depreciation and amortisation was reduced by 18.6%.

Finance costs for the half hit $46 million, meaning a pre-tax profit of $38.9 million. The group paid $24.1 million in tax but drew $3.2 million back from the net impact of statutory items.

As such, Tabcorp ended H1 with a net profit of $25.3 million, which is a stark contrast to the previous year’s $636.8 million loss. However, Tabcorp in H1 of 2024 – and indeed FY24 – was heavily impacted by impairment charges.

The group also noted a 12% year-on-year rise in underlying EBITDA before significant items to $190.2 million.

“Today’s pleasing results demonstrates a company executing better,” McLachlan said. “The outcomes of an improved cadence and a culture of accountability. We have taken significant action over the last six months to improve our cost and capital discipline.

“When I joined Tabcorp, I said I was drawn to the value that can be unlocked within our unique set of strategic assets. Unlocking that value and taking a broader strategic focus will be the key to growing value for shareholders in the years ahead.”

New-look leadership team

On top of financial growth during H1, Tabcorp has made several senior hires to reshuffle the makeup of its management team. McLachlan was recently confirmed as CEO after several months as CEO-elect, while Brett Chenoweth became chairman in September.

McLachlan was appointed CEO elect in June after Adam Rytenskild resigned in March amid allegations of “inappropriate and offensive” language in the workplace. Rytenskild has since hit out at how Tabcorp handled the situation, saying he was put “six feet under” without warning.

Meanwhile, in December, Tabcorp announced changes to its executive leadership team. These included Jarrod Villani taking on the newly created role of chief commercial and media officer role.

Narelle McKenzie was also appointed chief legal officer, while Robert Fraser was named chief technology and transformation officer.

Speaking at the time, McLachlan said the new-look team represents a simpler model that will help bring the wagering team together.

The British Horseracing Authority (BHA) has expressed concern in the proliferation of illegal betting in the UK following the release of a new study that shows a significant rise in player activity across illegal gambling websites in the UK.

Published by the International Federation of Horseracing Authorities’ council on anti-illegal betting and related crime, the report shows 522% growth in website traffic to unlicensed sites between 2021 and 2024,

During that time unique visits to 22 of the most popular non-licensed sites skyrocketed, the report claimed. From January to September 2024, more than 600,000 unique visits were reported every month.

In the same period, the report claims unique visits per month to 10 legal UK licensed sites grew by just 49%.

“From the outset of the Gambling Act Review, British racing has repeatedly warned of the unintended consequences of well-meaning policy decisions on our sport, including the threat of inadvertently growing illegal market activity,” BHA acting chief executive Brant Dunshea said. “This study certainly demonstrates that very concerning threat is becoming reality.”

More illegal gambling websites blocked in Australia

On the subject of illegal gambling, the Australian Communications and Media Authority (ACMA) has issued blocking orders for eight websites.

JokaRoom, AUDPokies888, Aura Play, Instant Casino, Leon, Rich Papa, UUSpin and Wild Pokies all face being blocked. ACMA has requested Australian internet service providers block access to each site.

Some 1,154 illegal gambling and affiliate websites have been blocked since ACMA made its first blocking request in November 2019.

In addition, approximately 220 illegal services have exited Australia since ACMA started enforcing its new illegal online gambling rules in 2017.

“ACMA is reminding consumers that even if a service looks legitimate, it’s unlikely to have important customer protections,” ACMA said.

Aristocrat Interactive welcomes new igaming MD

In the US, Aristocrat Interactive has appointed Nir Hakarmeli as the managing director of its igaming and sports division.

Hakarmeli joins Aristocrat Interactive having worked in the gambling industry since 2014. He started out as head of gaming at William Hill before moving to Ladbrokes Coral.

Hakarmeli then became chief marketing officer of Addison Global, the company behind the MoPlay brand. He was most recently managing director for international at Evoke.

“What excites me most about this role is the opportunity to drive growth by delivering a diverse range of innovative offerings to operators worldwide,” said Hakarmeli, as he officially took on his new position at Aristocrat Interactive in January.

“The chance to contribute to this growth and lead a team with the potential to become a true global leader in the coming years is incredibly motivating.”

Abios partners Kindred on esports betting

Finally this week, Kambi Group subsidiary Abios has entered into an esports betting deal with Kindred Group.

As part of the agreement, Abios will provide its range of esports betting solutions to Kindred. This includes odds, data, widgets and always-on content.

This will be in addition to the esports odds service Abios currently provides to Kindred as part of Kambi’s turnkey sportsbook service. 

The new content will be available across Kindred’s Unibet and 32Red brands.

Ben Colley, sportsbook director of Kindred, said: “Esports continues to grow in popularity and it’s essential that we offer our customers the best possible experience in this exciting category.”

The NSW government said it is building “strict parameters” into the reforms that aim to protect the privacy of patrons who visit clubs and hotels that have deployed the facial recognition technology.

As such, venues will be prohibited from using the software to track customers for marketing or surveillance purposes.

Additionally, the government is looking to introduce a third-party exclusion scheme. This would allow the family and friends of bettors to seek a ban that would be applied to problem gamblers.

The proposed minimum period for exclusion under the third-party scheme would be 12 months, up to a maximum of three years. Gamblers could be banned temporarily for 21 days while the application is under consideration.

“Third-party exclusions are designed to help those experiencing gambling harm and their loved ones when other avenues to seek help may have failed,” the Australian minister for gaming and racing David Harris said.

“It recognises the physical, psychological, emotional and financial flow-on effects of gambling on a person’s family and friends. This is complex reform which is why we are seeking feedback on a range of issues.”

Harris stated that the facial recognition technology would act as an “important harm-minimisation tool” that can be used by venues, clubs and hotel staff to identify excluded patrons in crowded environments.

The consultation period for the ‘third-party exclusion consultation paper’ and ‘facial recognition technology in pubs and clubs consultation paper’ will close on 14 March.

Minns NSW Labour government aims to curb gambling

The NSW government has introduced a raft of measures to tackle the gambling industry in recent years. Last month, NSW set out plans to ban all forms of gambling advertising on public transport across the state.

Led by the Chris Minns NSW Labour government since 2023, NSW has implemented anti-gambling measures such as banning all external gambling signage outside all pubs and clubs across the state.

NSW has also put cash input limits in place on new gaming machines from AU$500 to AU$5,000. The donation of political funds from clubs with electronic gaming machines has also been banned.

Last year, the NSW regulator carried out a number of compliance checks in the state.

Inspectors from the regulator visited 528 hotels and clubs across NSW, enforcing new requirements. For instance, venues are required to establish a responsible gaming officer and gambling incident register.

Plarium develops free-to-play social mobile and PC games, including Raid: Shadow Legends and Vikings: War of Clans.

Aristocrat Leisure acquired the Israeli-founded Plarium in 2017 for $500 million (£353 million/€423.5 million). The Australian-based gambling machine and games producer initiated the sale of Plarium following a strategic review of the company.

In the 12 months that ended 30 September 2024, the Plarium business unit generated revenue of $613 million, with an EBITDA of $137 million.

Commenting on the deal last November, MTG’s CEO Maria Redin said: “They bring an exciting and highly successful portfolio of live games spearheaded by Raid: Shadow Legends, an exceptional evergreen mid-core IP, to our line-up. The studio also has three additional strong live games and an exciting new games pipeline in both the mid-core and the casual segments, which creates healthy optionality for future growth.

“Plarium also has best-in-class tools for user acquisition and monetisation. These tools will complement our own Flow Platform and boost the performance of some of our existing live titles.”

MTG is a Sweden-based digital games business that invests in gaming companies such as Ninja Kiwi, InnoGames and the digital network company Zoomin TV.

Aristocrat Leisure shifts focus

As part of its internal review, Aristocrat Leisure said it would refocus on building growth with its social casino, real money gaming and land-based gaming offerings.

Aristocrat Leisure said the money from the Plarium deal will be used to establish a “capital management framework” and result in a “gain on sale” in its full-year results 2025.

In its full-year results 2024 published on 13 November, Aristocrat Leisure posted revenue of AU$6.6 billion (£3.38 billion/€4.05 billion/US$4.31 billion), up 4.9% year-on-year.

It reported a total net profit of $1.56 billion, up 17.2% compared to 2023. EBITDA was $2.45 billion, up 18.5% on the previous year’s results.

The group also stated this week that it would restructure its Big Fish Games operation. Moving forward, Big Fish will be “solely focused” on its existing titles and will receive reduced investment.

“With the completion of the strategic review of our casual and mid-core gaming assets, Aristocrat is well-placed to accelerate our refreshed growth strategy,” Aristocrat CEO Trevor Croker said.

“We are deepening management focus and targeting investment behind our core strengths in regulated gaming and gaming-themed content, to unlock new and adjacent opportunities across global markets.”

First, a proposal has been put forward in Australia to allow gamblers to view live losses on betting apps.

Submitted by independent MPs Andrew Wilkie and Rebekha Sharkie, the proposal is aimed at helping protect players from gambling harm. The two MPs say monthly statements are currently not transparent enough for players to understand how much they have lost.

“This would cost the government very, very little to police,” Sharkie said according to the Canberra Times. “But this would stop lives being lost.

“Right now, young people across Australia are losing thousands of dollars. They can’t see a way out and this would help them to see exactly how much they’re losing.”

Communications minister Michelle Rowland faces rising pressure to act on gambling reform. A draft policy that would have banned adverts on children’s programming and either side of sports broadcasts was recently scrapped ahead of May’s elections.

BetMakers acquires Protocol Zone assets

Staying in Australia, BetMakers Technology Group has acquired certain intellectual property and software from specialist developer of wagering software Protocol Zone Private (Protocol Zone).

Detailing the deal, BetMakers said the purchase includes digital tote technology, API data feeds, proprietary trading and ratings models. This, it said, will form part of its new GTX software due to release soon.

Protocol Zone managing director Kartik Modi also agreed a contract with BetMakers exclusively for an extended period of three years. He will act as country manager in India overseeing local operations and exploring opportunities in Asia.

“This partnership represents more than just a business transaction,” Modi said. “It’s a testament to the innovation, dedication and expertise our team has demonstrated in developing cutting-edge wagering technology over many years and we look forward to continuing this journey as part of BetMakers.”

Illinois attorney general issues illegal betting warning

Into the US now and Illinois attorney general Kwame Raoul has urged players in the state to take care when betting online.

Certain sports betting apps and websites are licensed to operate in Illinois. However, sites that are not approved are also accessible in the state and are targeting Illinois-based players.

In recent weeks, the Illinois Gaming Board has issued cease and desist letters to Bovada.com and PrizePicks for alleged unlicensed activity.

Issuing a call ahead of the weekend’s Super Bowl, Raoul said players should first check if the site they want to use to bet is licensed.

“Using an unlicensed betting service puts your personal information and your money at risk,” Raoul said. “Even if a sports betting website or app is licensed, it’s also important to read the details of any promotional offers to make sure there are no hidden costs or obligations.”

Bally’s completes Queen Casino merger

Other news out of the US this weekend was Bally’s Corporation completing its merger with Standard General and its affiliates including regional casino operator The Queen Casino & Entertainment (QC&E).

Announced in July, the deal sees Bally’s combine with QC&E. The operator runs four casinos across three states, including the Queen Marquette in Indiana and the Queen Baton Rouge and the Belle of Baton Rouge, both in Louisiana.

Confirming the deal, Bally’s said both the Belle of Baton Rouge and Queen Marquette are currently undergoing land-side conversions. These are due for completion later this year.

With the merger, it means Bally’s now owns and operates 19 casinos across 11 US states. This is in addition to a golf course in New York and horse racetrack in Colorado, as well as online sports betting licences in 13 jurisdictions in North America.

Livespins lands Malta licence

Finally this week, games provider Livespins has secured a supplier licence from the Malta Gaming Authority (MGA).

The approval means Livespins can now provide its content to gambling operators that also hold an MGA licence. The new licence was confirmed earlier today (10 February).

Livespins’ online casino offering includes ‘Bet With Streamers’, which allows operators to tap into demand for streaming content. Players can watch and bet alongside their favourite online streamers.

The provider falls under Evolution‘s portfolio of games providers.

Michael Pedersen, chief commercial officer at Livespins, said: “With our licence in hand, we will now be striking deals with tons of MGA operators and taking the Livespins revolution to even more markets across the world.”

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.”

Data published yesterday (30 January) by PointsBet reveals sports betting net win was marginally higher (0.2%) at $63.6 million, while igaming net win declined 1.6% to $6.3 million. However, it was the operator’s geographical performance that most impacted the results.

In Canada, customer-friendly results across both sports betting and igaming had a negative effect. CEO Samuel Swanell noted online slots and betting on the NFL as two areas where customers won more.

“Q2 group net win was negatively impacted by circa $3.9 million, due to customer-friendly results in Canada across NFL and slots,” Swanell said. “This NFL season has been the most customer-friendly, since the launch of regulated online sports betting. We have seen the highest rates of favourites winning in nearly 20 years.”

PointsBet, however, is not the first operator to flag the impact of customer-friendly results in sports betting during late 2024. Earlier this month, Flutter issued a US profit warning on the back of “unfavourable” sports results in the country. DraftKings has also downgraded full-year revenue and earnings guidance.   

Turnover growth fails to halt Canada decline

Looking at overall performance in Canada in Q2, total net win was 10.5% lower year-on-year at $9.4 million. Declines were reported across both sports betting and igaming.

Starting with sports betting, net win dropped by 22.5% to $3.1 million due to the customer-friendly results. Player spending increased 30.2% to $97.4 million, but with lower revenue, net win margin fell from 5.4% to 3.2%.

As for igaming, there was a fall in net win but not as steep as sports betting. Net win for this segment dipped 1.6% to $6.3 million, despite player spending increasing by 19.9% to $310.6 million. Gross net win margin dropped from 2.5% to 2%.

Looking forward in Canada, PointsBet plans to expand its offering in the next financial year. In Q2 of FY25, it will launch with three new content providers and grow its overall games offering by approximately 40% to over 600 titles. Further improvements, including to its loyalty programme, will follow later in FY25.

Q2 growth in Australia despite lower spending

Turning to Australia, net win for Q2 improved 1.7% year-on-year to $60.5 million. This was despite a 34.4% drop in player spending to $591.5 million. As a result, net win margin increased from 6.6% to 10.2% for the quarter.

PointsBet only operates sports betting in Australia, with igaming activities reserved for players in Canada.

Other key figures from Australia in Q2 include an 8% rise in cash active clients. Total bets were also 38% higher year-on-year, although average stakes were 20% lower than Q2 of FY23.

Analysing PointsBet in H1

Alongside Q2 data, PointsBet also released figures for its performance in the first half of its financial year. In the six-month period to 31 December 2024, total net win hit $135.1 million, an increase of 5.5% from the previous year.

Of this, some $124.3 million came from sports betting, up 4.8%. The other $10.9 million was drawn from igaming activities in Canada, a rise of 14.7%.

In terms of geographical performance, total net win in Australia improved by 4.4% to $117.1 million. As for Canada, net win climbed 14.6% to $18.1 million, with sports betting net win up 14.3% to $7.2 million and igaming 14.7%.

PointsBet also revealed certain other group figures for H1. These include gross profit hitting $65 million, a rise of 11.1%, while normalised EBITDA loss improved from $13.3 million to $3.3 million.

“While full H1 results will be released next month, we are thrilled to report we improved our H1 EBITDA position by $10 million, coming in at a loss of $3.3 million,” Swanell said. “This in turn, means the company has passed a very important milestone, having now delivered full year EBITDA profit for calendar year 2024 of $8.2 million.”

No news on takeover reports

There was, however, no more mention of reports that emerged during Q2 of a possible $300 million takeover of PointsBet.

Reports in November said PointsBet had held talks over a possible takeover. The Australian said discussions have taken place with several potential suitors – including at least one in Asia – but did not name any of the interested parties.

However, PointsBet distanced itself from the reports. In a statement sent, PointsBet said there have been no such talks over a possible deal. No further comment was made during the post-Q2 results earnings call.

The ban will apply to all assets owned and controlled by Transport, which operates a large portfolio of advertising assets. This includes 798 advertising boards at Sydney train stations, 49 road-facing digital billboards, adverts on up to 3,711 urban buses, 76 trams and across the Tangara train fleet.

The government will now work with advertising contract holders to implement the required changes over the next 12 months. Transport’s advertising suppliers must ensure advertising material complies with all applicable laws.

The new gambling rules will be on top of other measures already facing Transport’s contract holders. These include a ban on political advertising on all assets, which applies equally to all political parties.

For non-Transport assets, the government will work with these entities to see how adverts can align with the ban. Assets not owned by Transport include bus stops, retail outlets and private property located close to public transport.

Tackling gambling harm in New South Wales

Commenting on the decision, minister for transport Jo Haylen said it forms part of a wider and ongoing effort to reduce the risk of gambling harm in the state.

“Gambling advertising has been a common sight on our public transport for a couple of years now,” Haylen said. “I’m pleased our government is taking action to remove it. Parents are rightly worried about the impact it has on their kids, so it’s not something that we think that needs to be on our transport network.”

“With over 3,500 buses, close to 800 advertising assets at train stations, as well as adverts on light rail and trains, Transport’s advertising contracts are vast. Because of the scale it will take some time to implement this change. But we will be working closely with our contract partners over the next 12 months to get this done.”

Minister for gaming and racing David Harris also voiced his support for the ban. Harris said it will further help reduce the public’s exposure to gambling advertising in New South Wales.

“This move will reduce the public’s exposure to gambling advertising and builds on the suite of reforms the government has introduced over the past 20 months to reduce harmful impacts of gambling,” Harris said.

Ongoing effort by Minns government

Other measures implemented by the Minns Labour government since it came to power in April 2023 include banning all external gambling signage. This applies to all pubs and clubs across New South Wales.

There is also a similar new measure for signage around ATMs inside gambling venues. Since 1 July last year, venues are prohibited from placing signage of adverts for gaming machines on ATMs. In addition, ATMs and similar machines must now be placed at least five metres from the entry to a gaming room and not be visible from gaming machines.

Other Minns government changes include reducing the cash input limit on new gaming machines from $5,000 to $500. Political donations from clubs with electronic gaming machines is also now banned.

Up first, a group of Sportsbet customers in Australia have launched a class-action lawsuit against the operator, seeking to recover millions of dollars in losses.

Players are demanding Sportsbet repay the money they say was lost through “illegal” live betting, the Australian Associated Press reports. Digital in-play betting on sports is prohibited in Australia.

The suit said Sportsbet should refund gamblers who have lost money using Sportsbet’s ‘Fast Code’ service in the past six years. Fast Code allows players to bet on live sports by making a selection online and calling Sportsbet to place the wager.

Principal lawyer Elizabeth O’Shea is working with the group on the case. She said: “Betting on a sporting event after the event commences is prohibited in Australia. There is an exception to this if the bet is made wholly by telephone.”

The suit has been lodged in Victoria’s Supreme Court. Bets placed on racing, including horse, harness and greyhound events, are not included.

AFL legend’s son embroiled in gambling fraud case

Staying in Australia, Dylan DiPierdomenico, son of Australian Football League (AFL) legend Robert ‘Dipper’ DiPierdomenico, has found himself at the centre of a gambling-related fraud case.

DiPierdomenico, whose father played for the Hawthorn Hawks, is alleged to have pocketed cash from former employer Protege Sport, trading as MGI Golf. The total amount taken, the Herald Sun reports, stands at AU$140,716 (£71,681/€84,867/US$87,533).

The 41-year-old sold golf gear to customers during his time as national sales manager from August 2018 to June 2019. However, he is said to have used the cash to fund his gambling habits.

DiPierdomenico pleaded guilty at Melbourne County Court today (20 January) to obtaining property by deception. His bail has been extended to front court until a later date.

Former Kindred CEO invests in compliance start-up

In other news, former Kindred Group CEO Henrik Tjärnström has invested in compliance start-up Letzz.

Confirmed in a post on LinkedIn, Letzz said that the investment will enable it to “transform compliance”. Letzz launched last year with a focus on the igaming market.

Tjärnström spent almost 14 years as CEO of Kindred, stepping down in May of 2023. He also spent time as chief financial officer of the group.

“Throughout the years, Henrik has experienced first-hand the growing pains and consequences of getting compliance management wrong,” Letzz said. “This, in addition to his strategic foresight and acumen, makes him a great addition to the team.”

FanDuel confirms launch in Puerto Rico

FanDuel launched in Puerto Rico on 16 January, bringing the total number of digital platforms in the US territory to three. BetMGM and Caesars Sportsbook are also available.

Players in Puerto Rico will be able to place bets online via the FanDuel Sportsbook. The operator is also opening a new retail sportsbook in partnership with CAGE Puerto Rico II in San Juan.

Players aged 18 and over can place bets with FanDuel. All customers must sign up in person at the retail location to use the FanDuel Sportsbook app.

Puerto Rico becomes the 24th state or territory where FanDuel offers mobile sports betting.

In the first instance, VicBet offered and provided a $1,800 bonus bet to a customer after they asked for their betting account to be closed in September 2022. For this, VicBet was handed a fine of $50,000.

Victoria law prohibits bookmakers from encouraging of offering credits, vouchers, rewards or other benefit to induce a player to keep an account open after they have requested it to be closed.

Secondly, VicBet repeatedly sent gambling material to a customer that had permanently self-excluded from the operator in March 2020. The VGCCC declared this a breach of the Victoria Bookmakers’ Association Code of Conduct on regulations and issued an $80,000 fine.

As per the Code, sending correspondence or promotional material to customers who have self-excluded is an offence in the state.

VicBet was given the opportunity to show cause as to why disciplinary action should not be taken over the two cases. Submissions from its legal representative were considered prior to the VGCCC’s ruling.

Breaches can have “serious consequences” for Victoria players

Commenting on the case, VGCCC CEO Annette Kimmitt said this highlights dangers posed to players when operators breach regulations. This, she added, includes the potential for them to experience gambling-related harm.

“Breaches can have serious consequences,” Kimmitt said. “This is not only in terms of punitive actions against the companies we catch out, but for people whose lives are affected by this behaviour.

“It is an egregious betrayal of trust, for example, to continue to send marketing materials to a person who has self-excluded from a gambling venue or closed a betting account.”

Hitting out at VicBet, Kimmitt criticised the operator for failing to adhere to both its legal and social licences. By doing so, this left it customers at increased risk of harm.

“Industry must respect the wishes of people who decide to have a break from, or quit, gambling,” Kimmitt said. “This means taking all reasonable steps to enforce harm prevention initiatives that customers commit themselves to, such as self-exclusion programmes.”

Self-exclusion focus in Victoria

VicBet is the latest operator to face financial penalties over failures related to self-exclusion in Victoria.

Last October, the VGCCC fined Crown Resorts AU$2 million for allowing self-excluded players to gamble. This was also deemed a breach of rules in the state, though much wider than the issues identified with VicBet.

Some 242 self-excluded people were able to place bets at Crown Melbourne casino on hundreds of separate occasions. Additionally, 427 self-excluded persons gained access to Crown in 750 instances.

The players in question gambled at Crown Melbourne over an eight-month period between October 2023 and May 2024. In total, players gambled a total of 451 times, with the length of visits ranging from one hour to 10 hours.

An industry veteran of 20 years, Fitzsimons has worked in gambling across Asia, Europe and the US. He has been serving as executive director of wagering products at the HKJC since September 2025. He also had a spell as its director of trading.

Prior to the HKJC, he spent over six years as director of international trading and operations at Stars Group. Here, he oversaw the roll-out of the PokerStars Sportsbook and relaunched SkyBet in Germany and Italy.

Other industry roles include trading director at Gambit, director of Sporting Hedges and trading manager for Cantor Fitzgerald.

Fitzsimons has also been serving as chairman of the Asia Pacific Lottery Association since October 2024. He is also an executive committee member of both the World Tote Association and United Lotteries for Integrity in Sports.

CEO welcomes “rare find” Fitzsimons

Tabcorp managing director and CEO elect, Gillon McLachlan, welcomed the appointment. He said Fitzsimons is a “rare find” due to his vast industry experience.

“Michael is one of the world’s most sought-after wagering executives,” McLachlan said. “He brings extensive global sports betting experience to Tabcorp. He has a deep knowledge of international sports betting, trading and tote.

“He knows digital and retail wagering and is one of the few people in the world who can connect both to grow a wagering product.”

New-look management team at Tabcorp

Chief wagering officer is just one of several new roles at Tabcorp. Last month, the group set out details of its new executive leadership team structure, which also included creating a chief commercial and media officer position.

Fitzsimons’ role, Tabcorp said, brings together the wagering functions of digital, retail, trading, marketing and product, including Tote innovation.

Meanwhile, the chief commercial and media officer role aims to deliver stronger commercial outcomes. Jarrod Villani, most recently regional leader of media business Paramount ANZ, has been appointed to the position.

“The creation of a chief wagering officer is a significant uplift in wagering capability within our executive team,” McLachlan said. “The simpler vertical structure brings all levers that grow wagering together under one executive to ensure first class execution.”

This means that in the last three months of the year, Star’s available cash fell by AU$107 million. The company attributed this to multiple factors, including “difficult trading conditions”, fees and contributions to its Queen’s Wharf joint venture, “significant” legal and consulting expenses and the first AU$5 million instalment of the AU$15 million fine from New South Wales (NSW) regulators in reference to the Bell Two inquiry.

There is still another AU$100 million tranche that could be drawn from, but Star must fulfil certain requirements to access it. The company acknowledged that those conditions “remain challenging to meet given the group’s current circumstances”. Still, recent filings indicate that some investors are doubling down.

JPMorgan and… who?

A pair of ASX filings yesterday (14 January) showed that two shareholders are increasing their positions. The first is global powerhouse JPMorgan Chase & Co, which now holds about 182 million shares for a 6.3% stake in Star. This comes two weeks after the 2 January announcement that the bank’s stake was around 5%.

The other bullish investor is Mr Xingchun Wang, who increased his stake from 5.5% to 6.5%, or about 187 million shares. Not much is known about the mystery businessman, but some have reported that he has ties to Macau.

Regardless, Wang is now Star’s second-largest shareholder. He trails only Chow Tai Fook (9.6%), Star’s business partner in Queen’s Wharf.

Avoiding the “death zone”

The ongoing investment may not be enough to save Star from collapse. The company is still in the process of massive remediation efforts at its flagship Star Sydney property following the Bell Two ruling.

The NSW Independent Casino Commission will once again assess Star’s suitability for licensure in the state at the end of March. If its licence is revoked, that would open up a whole new set of difficulties.

Melbourne-based consultant Peter Cohen, who also served as a regulator for decades, questioned whether the operator would make it that far. He posited to iGB that Star might be “nearing the death zone” in that it might be “impossible to remain financially viable”.

Bailouts are rarely popular and state governments are even more averse to being seen as sympathetic or helpful to the gaming industry, Cohen said.

Brazil’s legal online betting launch captured the most eyes in 2024’s news flow, and how the licensed market will navigate its infancy stages will pique the sector’s interest in coming months. Last summer, 113 operators applied for early-stage licences to enter the market, hoping to be among the first to launch on 1 January.

Brazil’s SPA then awarded 66 approvals at the turn of the year, including 14 full and 52 provisional licences. The latter enabling operators to provide services while finalising necessary documents and certifications required by the regulator.

Legal betting market in Brazil will remain fluid in its infancy

Clyde Harris, partner at tech consultancy Circle Squared, predicts that while Brazil will remain top line news in 2025, it will take time for the regulator to iron out the kinks and enforce all necessary regulations. Ultimately, its first year will likely not be an indication of how the jurisdiction will pan out longer term.

“Brazil will be very fluid as the market recalibrates and the impact of new regulations ripple through,” Harris tells iGB.

“The start of the year saw the ‘end of the beginning’ but definitely not the end of the period of significant change in Brazil. It will take time for the market to settle down and for the effects of all the changes to ripple through. Don’t be surprised to see additional regulations or changes to existing regulations as the authorities keep a close eye on the environment they have created,” Harris adds.

Harris also believes the entry of international players into Brazil will have a significant impact on how the market plays out over the next 12 months, particularly as players test their loyalty to local brands and dabble in the new products coming online. Both BetMGM and Caesar’s Sportsbook’s Big Brazil entered the fray in the first wave of licensees.

“The ability of these operators to leverage their existing technical and operational capabilities along with their financial muscle and marketing know-how will likely see them quickly shake up the market and grab very significant market share,” he says.

There won’t be another Brazil in 2025

While there may be new market launches in 2025, none will have the impact of Brazil, notes Harris. Other LatAm jurisdictions will make significant changes to their gaming regulations and provide opportunities for legal gaming, but the factors that have made Brazil so attractive won’t be found elsewhere at the moment, he believes.

“Brazil is the tenth biggest economy in the world by GDP, has a population of over 200 million and already had a well-established betting industry that was in a very unusual position.

“That confluence won’t be repeated anywhere else in 2025. There will definitely be territories that attract outside interest, including the rest of LatAm, Canada and parts of Africa but there won’t be the same intense ‘gold rush’ focus on one territory,” Harris concludes.

Is 2025 the year we embrace new betting options?

Every year the sector goes wild for the promise of new and novel betting options, understandably considering the legacy betting product has not changed much in years. Stock and crypto trading platform Robinhood revealed in December that it is eyeing an entry into the betting fray in some form or another.

It’s too early to tell what form a Robinhood betting product might take but its trading products have gained huge popularity for simple and innovative user experiences. It also built a hugely strong brand among novice retail traders.

Ahead of the US general election in November, prediction markets in the US were able to provide legal wagers on the election for the first time. By 6 November, the day after Trump’s election win, derivatives exchange platform Kalshi had taken in more than $700 million (£542.5 million/€651.5 million) in contracts for the election cycle.

FTP and sweepstakes in betting

Mick d’Ancona, another Circle Squared partner believes the sector will embrace more new products like this in 2025.

He notes: “Alternative ways to ‘bet’ got a lot of attention in 2024 as the industry sat up and took notice of the volumes being traded on sweepstake products and Robinhood’s binary option market on the US election.

“The circumstances that drive interest in these new products are not about to disappear overnight so don’t expect the demand for these products to disappear either. Until licensed sports betting is an available option [in all US states], or these alternative offerings are removed as an option, there will continue to be a significant market for sweepstakes and binary options.”

Sebastian Lewis, co-founder at Plucky, a free-to-play games and pool betting operator, licensed by the UK Gambling Commission, predicts a shift in the psyche of bettors this year. Notably, he believes social betting styles will return but in new forms.

“I expect that the next 12 months will see a shift in the general psyche to engage in more direct ways once again, both in everyday society, but particularly in the betting space. We will realise once again the enhanced emotions and tensions that come with shared wagering experiences,” Lewis explains.

“Sweepstakes (pooled betting to our American friends) and social wagering are so commonplace and much-loved within workplaces, families and friend groups. This could be the year that we harness this segment, empowering bettors with the social wagering opportunities they love, but in a modern day context.

“What’s been forgotten in the chase for ‘what’s next’ is a focus on what already works so well for us as social animals,” he concludes.

Could operators pull back and review sponsorships ahead of imminent marketing restrictions?

Some markets are soon to pull back and restrict sponsorship allowances for gambling companies, to help protect minors and higher-risk bettors. The UK will enforce its ban on front-of-shirt sponsorships in the Premier League as of the 2025-26 season, which will kick off in August. These measures are already challenging the sector to look for new and innovative ways to market their brands within sports.

Australia’s government is considering the role of sports sponsorships in its ongoing review and reform of gambling advertising in the country. What exactly this reform will enforce (and when) is still publicly unknown as the government has remained quiet on these details.

Although prime minister Anthony Albanese has suggested a full ban on online gambling ads and restrictions on radio and TV ads, particularly around live sports streams are in discussion, this review was delayed in 2024.

Outside of these new rules, Betting Hero co-founder and president Jai Maw expects operators and suppliers to consider new ways to innovate on long-term sponsorship deals.

“To achieve profitability and optimise customer acquisition and retention, leading operators will closely evaluate the effectiveness of their sponsorships. Sports teams and leagues must innovate, offering added value to maintain and attract partnerships, ensuring mutual benefits in a scrutinised environment,” Maw tells iGB.

In France, the gambling regulator has also ordered the four top earning online operators to reduce their planned promotional and marketing spend in 2025 and reconsider their sponsorship deals to help better protect minors. It will be interesting to see how the sector innovates in the face of a renewed approach to sports advertising.

Looking ahead

Of course 2025 will also see the continued fight against the black market’s proliferation. Many are hoping for better enforcement efforts to stamp out illegal operations but these will depend on whether governments and regulators are truly committed to the fight. The year is sure to be another pivotal one for gambling in many ways. Happy New Year!

In this edition of Weekend Report, investment banking giant JPMorgan Chase has dropped its shareholding in troubled Australian casino operator Star Entertainment Group.

JPMorgan Chase’s stake accounted for 5.09% of Star’s voting power, according to a Star filing on the Australian Securities Exchange (ASX).

The announcement comes days after the resignation of The Star Gold Coast chief executive Mark Mackay. He was only appointed to the role in September. Star Entertainment was suspended from trading by the ASX in September following a series of financial and governance failures.

Isle of Man fine for Betsson subsidiary

A Betsson subsidiary has been hit with a discounted penalty of £700,000 for a series of compliance breaches in the Isle of Man.

BMO Manx Limited was ordered to pay £700,000 as a settlement had been agreed at an early stage.

It was found to be in contravention of the Anti-Money Laundering and Countering the Financing of Terrorism Act. Breaches included a failure to carry out enhanced due diligence on customers deemed to be a risk. 

BMO held an online gambling licence issued by the Gambling Supervision Commission (GSC) from November 2021 until it surrendered it in August last year. Betsson first mentioned the potential of a fine in its Q3 results.

The operator said it was in discussions with the GSC for a potential regulatory settlement. This was in regard to certain issues identified in an inspection report on BMO Manx.

XLMedia announces liquidation plan

XLMedia has announced plans for its final months ahead of its scheduled liquidation in the middle of 2025.

The group sold its remaining assets to Sportradar in October and will return capital in the first half of 2025. The group’s shares are expected to be suspended from trading on AIM on 13 May 2025, the six-month anniversary of completion of the disposal of its North America assets.

XL Media announced plans to appoint company secretary Peter McCall to its board to help oversee the final months of liquidation. Current board members will remain in place until 30 June 2025. They will oversee the return of capital to shareholders and prepare the company for the subsequent liquidation process.

$270m Louisiana casino opening confirmed

The Cordish Companies has announced its Live! Casino & Hotel Louisiana grand opening will take place on 13 February 2025.

The $270 million Live! Casino & Hotel Louisiana is awaiting approval from the Louisiana Gaming Control Board.

As the region’s first-ever land-side casino, Live! Casino & Hotel Louisiana will span over 47,000 square feet, including 1,000+ slots and electronic table games.

German volleyball hails betting change

The Volleyball Bundesliga (VBL) welcomed the German regulator’s (GGL) decision to allow betting on the women’s and men’s 1st league in Germany.

The group believes it is a boost for sports integrity and fan experience.

The GGL added volleyball to the list of permitted bets on its website with effect from November 2024.

VBL said that the change will ensure fans can bet on their favourite sport via licensed sites. It also said sports betting is a significant factor in the reach and added value of professional leagues.

Daniel Sattler, managing director of the VBL, said: “Legal sports betting weakens the illegal sports betting market. The VBL sees the legalisation of sports betting as an important step that prevents negative effects on the sport. It is in our interest that volleyball can now be offered in Germany by licensed and state-supervised betting providers.”

H2Bet takes over Betano’s sponsorship of Atlético Mineiro

Also in the Weekend Report this Monday, H2Bet is reportedly set to become the new sponsor of Brazilian football club Atlético Mineiro. The group will take the sponsorship over over from Betano.

Itatiaia Sport reports the sponsorship will last for three years from 2025 and is worth BRL60 million (£7.9 million/€9.5 million/$9.9 million). This marks the fourth largest sponsorship in Brazil and the highest in the club’s history.

“H2 has always wanted to be on the jersey of a major soccer club and our relationship goes beyond sponsorship and investment,” group CEO Ueltom Lima said.

Meanwhile, Kaizen Gaming-owned Betano sponsored this summer’s Copa América football tournament. It is also the current sponsor of the top-flight league in Brazil.

Casinos and bingo halls contribute COP348 billion in tax over 2024

Coljuegos, the gambling regulator in Colombia, has revealed legal casinos and bingo halls have contributed over COP348 billion (£62.9 million/€75.9 million/$79 million) to the health system in 2024.

Described by Coljuegos as “one of the pillars” of the Colombian gambling industry in 2024, over 3,546 local gaming establishments and 111,000 electronic slot machines were active during the year.

Coljuegos estimates this state contribution between January and November 2024 rose 1.5% compared to the same period last year.

The total gambling sector has transferred over COP1 billion to the Colombian health system in 2024. Coljuegos president Marco Emilio Hincapié noted: “The resources generated not only benefit the health system, but also reflect the consolidation of a regulated and reliable sector.”

Study shows 20% of French people will gift scratchcards to children this Christmas

A study from Toluna-Harris Interactive has revealed 20% of France’s population will gift scratchcards to children this Christmas. The study was carried out at the request of France’s National Gaming Authority (ANJ).

Over half of respondents stated it was “inconceivable” to give scratchcards to children, although a quarter of French people have already done so.

Meanwhile, the new chief commercial and media officer role, Tabcorp said, will help deliver stronger commercial outcomes. Jarrod Villani, most recently the regional leader of media business Paramount ANZ, has been appointed to the position.

Villani will also be tasked with maximising assets across domestic and international media and the retail footprint. In addition, he takes responsibility for Tabcorp’s Max gaming services business.

Other new additions to the leadership team

Alongside this, Tabcorp has made several other appointments across its executive leadership team. These include Narelle McKenzie taking on the role of chief legal officer.

McKenzie joins Tabcorp after almost 20 years at Telstra, where she served in multiple general counsel roles. During her career, McKenzie has advised various regulated technology and telecommunications companies in Australia and the UK.

Elsewhere, Robert Fraser has been appointed as chief technology and transformation officer at Tabcorp. He previously worked as the group’s chief transformation officer, overseeing the design and execution of the Genesis Programme and successful separation from the Lottery Corporation.

Tabcorp noted that all appointments are subject to relevant regulatory approvals. The group also revealed that as part of the executive leadership team reshuffle, chief customer officer Jenni Barnett and chief information officer Alan Sharvin are leaving the business.

Tabcorp says changes will help drive growth

Commenting on the changes, Tabcorp managing director and CEO-elect Gillon McLachlan said the new-look team represents a simpler model that will help bring the wagering team together.

“The changes to our structure will increase our wagering capability and drive growth across both wagering and media,” McLachlan said. “It allows one executive to control the key wagering assets within our ecosystem.

“You’re seeing continued change. We will have an executive team with market leading experience in wagering and media. They will be responsible for driving our revenue and will have control of the assets that only Tabcorp has at its disposal in the Australian wagering market.

“We are moving quickly to execute on the exciting opportunities that lie within our unique asset base and today’s changes are an example of that.”

Year of change at Tabcorp

The announcement comes at the end of a year of significant change for Tabcorp. In March, Adam Rytenskild resigned as CEO and managing director amid allegations of “inappropriate and offensive” language in the workplace.

At the time, Tabcorp said its board had become aware of the allegations, with this language being “inconsistent” with his leadership. Following discussions with the board, Rytenskild tendered his resignation.

McLachlan was appointed as his replacement in June. He was previously chief executive of the Australian Football League (AFL).

However, the saga may not necessarily be over. In a November interview with the Australian Financial Review, Rytenskild hit out at how Tabcorp handled the situation, saying he was put “six feet under” without warning.