Handle surpassed the previous all-time high — $761 million in November 2024 — by 9.3%. It was also 19.5% higher than last October’s total spend and 12.8% higher than this September.

Data from the Virginia Lottery revealed $824 million was wagered online during October. A further $7.6 million was spent betting at retail sportsbooks inside land-based casinos across the state.

Turning to adjusted gross revenue, this amounted to $75.3 million for the month. The total was 53.7% more than October 2024 and 16.7% above September’s $64.5 million haul.

Despite spending hitting an all-time high, Virginia was not able to set a new record for revenue. This remains at $86.4 million, reported in November 2024.

For October, $74.6 million of all revenue was generated online and $739,551 at land-based venues. As for statewide hold, this stood at 9.05%.

Monthly tax cleared $11 million in Virginia

Some 14 mobile operators and three casinos were authorised to accept wagers in Virginia in October. Among them were leading brands including FanDuel, DraftKings, BetMGM, Bet365 and ESPN Bet, which this week rebranded as theScore Bet.

However, the Virginia Lottery does not publish breakdowns for individual operators active in the state. As such, it is not possible to determine which brand led the market in October.

Other data that was made available included $751 million returned to customers for winning bets during the month. The lottery also noted $5.3 million worth of other, undisclosed deductions. No allowable bonuses and promotions were reported during October.

As for tax, the monthly total from sports betting stood at $11.3 million. Of this, $11 million went to the General Fund Allocation and $282,793 the Problem Gambling Treatment and Support Fund Allocation.

Goodman will exit the company on 12 December, unless an earlier date is agreed with the provider. Scott will serve as interim CEO while Golden Matrix seeks a permanent replacement.

Goodman became CEO in January 2016. During this time, he oversaw a shift in the business from a micro-cap operator to a NASDAQ-listed international gaming group. This included expansion into multiple regulated markets and the growth of its portfolio of both B2B and B2C platforms.

Prior to joining Golden Matrix, Goodman worked as CEO for Articulate Play for almost 23 years.

Next phase of ‘strategic execution’ for Golden Matrix

Golden Matrix said appointing a new CEO is part of a planned leadership transition for the business. This, it added, aligns with the company’s next phase of “strategic execution and operational scale”.

“Golden Matrix is committed to innovation, compliance and delivering consistent results in a dynamic industry landscape,” the provider said.

In addition to serving as interim CEO, Scott will chair the board committee responsible for appointing a new permanent CEO. Scott is an experienced gaming executive, having held senior executive roles at GTECH/Lottomatica.

“Golden Matrix is built on solid ground – diversified, profitable and prepared to scale,” Scott said. “Brian laid the foundation. Our next chapter is about execution, scale and consistent performance.

“With strong fundamentals, global reach and disciplined execution, we believe we are positioned to outperform the market and deliver exceptional long-term value for our shareholders.”

The joint effort took place 28-29 November in locations in both Sweden and Spain. However, Europol said the criminal network in question operates in the Stockholm area of Sweden.

Europol said the criminal group runs illegal gambling operations and launders “significant” criminal proceeds. During the raids, police discovered an illegal gambling operation with an estimated annual turnover of €20 million ($23.2 million).

Evidence was also found related to money laundering services for the network and other criminal groups. This, the agency added, was being used for its own benefit and for other criminal actors, with additional links to drug trafficking in Sweden and across the Nordics.

Illegal gambling probe leads to five arrests

The coordinated strike saw almost 150 police officers search six premises in Sweden and two in the Spanish city of Murcia. Police arrested five suspects, including three in Sweden and two in Spain.

Police also seized several hundred thousand euros’ worth of valuable items, including luxury watches and cash. In addition, during a search of a property in Sweden, which police said was being used as an illegal gambling club, authorities seized drugs prepared for resale and found signs of possible human trafficking.

“The suspects form the core of a local criminal network known for its use of violence and intimidation, allowing the group to secure revenues, enforce debts and control sections of the illegal gambling market in the Stockholm area,” Europol said.

“By offering services to other criminals, the group operated as a key facilitator within the wider criminal environment.”

Europol committed to wider criminal clampdown

The agency said the strike is part of a wider, multi-agency strategy to “systematically” dismantle networks that harm local communities while relying on international criminal connections.

“Europol plays a central role in this approach by linking international intelligence with local enforcement actions,” the agency said. “By connecting national authorities across borders, Europol ensures that information collected in one jurisdiction can be turned into operational impact in another – including on the streets of Stockholm.”

The trade-off is clear. Regulated businesses offer durable, if slower, returns and build genuine institutional equity value. Unregulated peers deliver rapid ROI but sacrifice longevity and rarely accumulate lasting equity.

For years, investors accepted this sustainability vs. speed equation. Recently, however, the “regulated markets offer certainty” argument has collapsed spectacularly.

Whatever happened to the grey?

The distinction between regulated and unregulated is now binary. Enforcement risk and institutional pressure have made operating in between untenable. Bet365 made headlines last May as bankers circled and liquidity-event rumours intensified. The backdrop: withdrawals from India in 2023 and China in 2025. Analysts estimated around £185 million in lost Chinese revenue – a trade-off the company appeared willing to accept to refocus on fully regulated markets.

Bet365’s retrenchment underscores that institutional-scale operators can no longer justify regulatory ambiguity – and how quickly crypto challengers move to occupy the space. Stake, BC.Game and other crypto-first platforms have expanded aggressively, serving global audiences from offshore jurisdictions.

Below is a Google Trends chart which shows a stark reality of the bleed from Bet365 to Stake over the past three years.

In 2025 we witnessed eye-watering valuations for unregulated crypto iGaming startups, often trading at parity or even a premium to regulated peers. Capital is impatient. With leverage expensive and M&A markets weak, allocators prioritise near-term cash generation. The traditional “safe” bet is being strangled by red tape and legal frameworks that squeeze onshore margins and stretch ROI timelines. As players and affiliates migrate offshore, liquidity and capital inevitably follow.

The protagonist: Tax and compliance burden

In key markets, the public take now exceeds 50% of GGR on certain products. Pennsylvania taxes online slots at 54%. New York takes 51% of sports-betting revenue. Germany taxes turnover on slots and poker, forcing operators to cut RTP and pushing players to unlicensed sites where their money goes further. The Netherlands hiked its online gambling tax to 34.2% this year and 37.8% in 2026. These policies wreck channelisation. Players chase value; affiliates chase traffic; investors chase cash.

Governments treat online gambling like tobacco or alcohol, forgetting that gambling lives on a borderless internet where VPN use is second nature (global data shows VPN penetration exceeding 40% in several key iGaming territories). Tobacco and alcohol cannot be consumed online (joking aside).

By copying policies built for physical vice markets, regulators ignore the elasticity of demand. When taxation and restrictions rise, players don’t stop gambling; they simply move to unregulated sites that offer better odds and familiar product features. Over-taxation and blunt restrictions will ultimately reduce treasury revenue while undermining player protection. Offshore operators often ignore responsible gaming tools and aggressively target vulnerable users. Until policymakers wake up, the gap between the regulated and unregulated sectors will only widen.

Reality cheque, please

Today’s hot thesis promises juicy yields, but is it worth the risk? Australia offers a sobering reminder. Since 2017, the ACMA has blocked approximately 1,000 illegal sites, resulting in more than 200 offshore exits.

One rule change or a coordinated payment squeeze can flip economics overnight. Crypto is no invisibility cloak – blockchains are traceable. The moment value hits a KYC off-ramp, identities attach. That limbo leaves a paper trail.

So why are valuation multiples converging? Two forces are at play: First, public-market compression: Regulated gaming stocks trade at roughly half the multiples of average tech peers, reflecting regulatory headwinds and slower growth. Private regulated deals anchor even lower. Public buyers can’t pay up without diluting their own stock unless synergies are ironclad. That structural ceiling compresses valuations across the regulated M&A chain.

Second, cash-yield hunger and scarcity. Unregulated valuations are driven by capital rotation and simple supply-demand dynamics. Investors are buying yield streams, not future listings. They price cash-flow yield, not blue-sky equity. The strongest bids go to businesses with high double-digit growth, minimal capex, unrestricted product features and borderless reach.

Unregulated assets can still sell, but the buyer pool shrinks with scale and multiples drop to low single digits. Policy sets the spread. Turnover taxes and GGR rates above ~35% crush onshore margins. Ad bans and product restrictions inflate CAC and shrink LTV.

Germany compounds the pain with stake limits and strict advertising bans, making market recovery nearly impossible. The result is more capital chases grey cash cows while they last.

The US has delivered shocks before: UIGEA (2006) and Black Friday (2011) reset online poker overnight. A similar jolt would reprice unregulated assets.

Operator signals matter. Tim Heath pioneered crypto-first betting withSportsbet.io and Bitcasino; his public pivot toward licensed frameworks is telling. If you want a strategic exit or institutional capital, play by the rules. The market ultimately rewards cash-generative and licensable over cash-generative and opaque.

What’s persistent, what’s transient?

Persistent (micro): As long as regulators overreach, then high taxes, blunt limits, weak channelisation and a vacuum remain. Nimble unregulated players will fill it, and risk-tolerant capital will fund them for yield.

Transient (macro): 2025’s volatility should fade (absent black swans). Falling rates and looser liquidity typically lift gaming equities. Cheaper capital also makes regulated cashflows more valuable, pulling pricing back toward licensed, auditable businesses. In the near term, quality assets may see narrow spreads; overtime, the premium should drift back to licensed operators as enforcement and traceability tighten.

As liquidity cycles turn, risk capital will again chase the highest yields, until policy/enforcement resets the spread. Each cycle brings the same lesson: yield can price anything until it can’t. Every yield has a half-life; know which one you’re buying.

Takeaway for capital allocators?

Don’t overpay for cash cows. If equity value and capital appreciation are capped, price for run-off, not fairy-tale exits. Price the licence. Value credible paths to regulated revenue; without them, expect earnouts and holdbacks. Audit the rails. Payments and AML posture determine bankability – weak rails mean a governance discount.

Assume traceability. The “anonymous” premium is gone. Investment always sits somewhere on the risk spectrum. Just make sure the reward justifies the ride.

BEN ROBINSON is managing partner of Corfai and an entrepreneur, investor and adviser with over 25 years of experience in iGaming, payments, tech and media. Since entering iGaming in 2009, Ben has led a global publishing business, co-founded and exited a crypto exchange and, through establishing RB Capital and Corfai, completed over 20 transactions and raised millions in investment capital.

All three will now move on to the last round of consideration by the New York State Gaming Commission (NYSGC). The commission is to make its final licensing decision by 31 December. Up to three downstate licences may be awarded, at a minimum cost of $500 million each.

Most of the meeting was procedural – GFLB’s announcement and remarks lasted all of about 10 minutes. The board has been convening weekly behind closed doors since 8 October.

Board chair Vicki Been said in prepared remarks that the group “determined that awarding all three licences best advances the state’s long-term economic, fiscal and community objectives”.

This question of whether all three projects would advance had become increasingly uncertain as the process unfolded. Several previous applicants voluntarily withdrew and two of the three remaining finalists – Metropolitan Park and Resorts World – are both in Queens, raising questions about cannibalisation from competition. The final licensing decision now rests with the NYSGC.

In any case, board members were met with vitriol following the announcement. Chants of “Shame on you!” broke out at the meeting for several minutes until the shouters were removed. It was not immediately clear which decision was being protested.

All three New York casino bids selected but costs vary

Once the shouting was quelled, board member Greg Reimers explained why all three had been approved.

“No alternative scenarios produce comparable revenue or fiscal benefits,” he said, with regard to other licensing outcomes. “Each project proposes to deliver substantial community benefits, including infrastructure and transit improvements, local business partnerships and significant commitments to community-based organisations.”

The planned investment costs listed on Monday for the projects were below the total cost projections offered by the applicants, which took licence fees, community benefits and other costs into account.

The capital investment for Bally’s was listed at $2.3 billion, from $4 billion total. Metropolitan Park was tagged at $5.3 billion, from $8 billion total, and Resorts World was listed at $3.3 billion, from $7.5 billion total.

Applicants eager to clear final licence hurdle

In a statement after Resorts World’s approval, Genting New York chief Robert DeSalvio said the ruling “represents more than 15 years of work to generate jobs, revenue and opportunities for our neighbours”.

Bally’s said in a statement that it was “grateful for the board’s confidence” and was “honoured” to be selected.

“Our team has worked closely with community leaders, union partners and local stakeholders to build a project that delivers real jobs, lasting economic benefits and a world-class entertainment destination for the Bronx,” the statement said.

Metropolitan Park spokesman Karl Rickett said in a statement that the board “has validated the positive economic impact this project will have with billions of dollars in tax revenue, 23,000 union jobs and over $1 billion in community benefits. We look forward to the Gaming Commission’s review.”

Both Bally’s and Metropolitan Park have projected openings in 2030, whereas Resorts World, as an existing facility, has pushed the limit in scheduling its ramp-up. Originally, it projected a July 2026 opening, but its latest projection has it moved up to March.

Bright spotlight for the GFLB

The five-member GFLB was thrust into the spotlight this autumn after a quick formation in 2025. Four of the five members were appointed this year, the most recent of which came on 30 September. None of the members have experience in or connection to gaming.

In a press conference following the announcement, Been indicated the board leaned heavily on consultants in forming its decision. This was especially true with regard to performance projections and market concerns.

“We ask our consultants to be extremely searching and thorough, and we ask them to be very conservative,” she told reporters. “They disagreed with some estimates by the applicants and thought that they were quite high, so all of our estimates about the revenue potential are based upon our consultants’ views, not the applicants’ views.”

The board estimates that the three applicants could generate $7 billion in gaming tax revenue and $5.9 billion in other tax revenue in the 10-year period from 2027-2036.

According to the selection rationale document, the gaming analysis was “led by Tailored Hospitality Advisors with support from Advantage Partners Consulting, Klebanow Consulting, Hall Hospitality Advisors, Ben Mammina Development Group and Thompson Consulting and Analytics”.

Been was adamant that the board’s approval is not a “rubber stamp” for an identical ruling from the NYSGC. When asked whether there are “strong odds” for such an outcome, she said simply, “I am not a betting person.”

Strong market potential but timelines ‘ambitious’

The rationale document showed that all three applicants were approved unanimously. There were points of concern with each, but the market overall was viewed as being fundamentally solid.

“The downstate gaming market is among the nation’s strongest, given the area’s dense population, high income levels and tourism volume,” the rationale said. “The large local population base residing within a two-hour drive of the proposed casino sites is expected to anchor longterm visitation, supplemented by domestic and international tourism. Each proposal is positioned to compete for premium gaming customers through brand strength, amenities, and facility design.”

Applicants’ suitability and integrity was not included in the board’s consideration – that will be the purview of the NYSGC. Commission chair Brian O’Dwyer has vowed repeatedly that applicants will be held to the highest standard.

Aside from the concerns with the individual applicants, the board noted that construction timelines might impact each. All of the proposed timelines were seen as “ambitious” by members.

“Resorts World New York City’s projected March 2026 opening may underestimate regulatory and construction complexities, and Bally’s Bronx and Hard Rock Metropolitan Park’s mid-2030 timelines may be optimistic given project scale and urban constraints,” the rationale reads. “Continued and diligent oversight and coordination will be necessary to ensure timely delivery.”

It is the first major online launch since March 2024 and operators large and small are hopeful it can provide a fruitful expansion to the US sports betting market as the online gambling industry continues to evolve.

“This is an important launch for BetMGM and the broader industry,” said Matt Prevost, BetMGM chief revenue officer. “For us, it marks our 30th launch since we started in 2018 and also tips us into serving an addressable market of 50% of the adult US population.

“We have thousands of existing customers in the state, as they have travelled to the border states of Kansas, Illinois and Kentucky to engage with BetMGM.”

BetMGM launched online Monday morning and opened its BetMGM Sportsbook at the Century Casino & Hotel Cape Girardeau. The sportsbook is partnered with the Kansas City Chiefs.

While some of BetMGM’s competitors are launching prediction markets and will be able to use that product to capture more customers, even in states where sports betting is not legal, Prevost believes there is plenty of sustainable sports betting growth ahead. DraftKings, FanDuel and Underdog are all in the process of deploying prediction markets, and Underdog pulled out of the Missouri launch process to do so despite having received a licence.

Prevost cited Grand View Research data that projects 10.9% to 12.2% compound annual sports betting growth rate and a projected US market of more than $33 billion by 2030.

“We believe that this is a healthy, sustainable growth rate and the presence of prediction markets might actually increase the rate of adoption of legislation to promote regulated gaming in US states,” he said.

Circa treads new territory

In August, Missouri regulators awarded Circa, a niche brand which is now in six states, with one of the two untethered sports betting licences available. The other went to DraftKings, one of the two US market leaders.

Circa prides itself on going after different bettors than major sportsbooks by advertising high limits and “player-friendly pricing”. Circa founder Derek Stevens told the Missouri Gaming Commission the sportsbook’s hold is approximately 3.5% compared to the national companies, which hold around 10%. The lower hold means less revenue for the operator.

That approach to attract different customers was enough for the MGC to award the licence to Circa.

Circa Director of Operations Jeff Benson said the untethered licence is helpful for the sportsbook as it allows entry with just the $500,000 licence fee, not extra market entry deals and revenue share with casino or sports team partners.

“It allows us to offer a more competitive product to users,” Benson said. “As many [options as possible] leads to competition, which breeds better bonuses and comps.”

Benson said the untethered licence alone likely will not help gain market share, but a new app with added user friendliness could help. It will also help free up some costs for marketing or ancillary spends that could boost handle and revenue.

Benson said the four other launches outside its home state of Nevada have helped shape this rollout.

“We’ve continued to get better each and every time,” he said. “Whether that’s deal points we get, figuring out how to tailor our marketing efforts or boots on the ground, there’s a number of things we looked at to figure out and get better.”

DraftKings goes big with party

The other untethered licence holder, DraftKings, held a party highlighted by Missouri sports legends for its launch at The Palladium, an event space in St Louis.

Former St Louis Rams receiver Isaac Bruce, Kansas City Chiefs tight end Tony Gonzalez and St Louis Blues forward Brett Hull placed the first bets on DraftKings. Missouri House Speaker Jon Patterson was also at the DraftKings launch party.

“DraftKings is built for passionate sports fans, making Missouri an exciting jurisdiction for us to enter with its rich sports culture and several professional teams across the state,” DraftKings Chief Revenue Officer Greg Karamitis said. “This is an incredible time of year for sports fans with NFL, NBA, NHL, college football and college basketball all in-season, and we look forward to elevating the experience for Missouri sports fans, responsibly, with our top-rated online sportsbook.”

Fanatics rolled out its own Missouri sports star, former Kansas City Royals outfielder Alex Gordon, to place the first bet at the brand’s in-person sportsbook at Ameristar Casino Hotel Kansas City. Fanatics also has an in-person sportsbook at Ameristar Casino Resort Spa St Charles.

FanDuel, which applied unsuccessfully for an untethered licence, enters the state through a deal with St Louis City FC. FanDuel announced a $300,000 donation to Guns ‘N Hoses, a St.Louis first responders nonprofit organisation. It also announced a $300,000 donation to the Veterans Community Project in Kansas City.

Bet365’s key Missouri sports betting partner

Bet365 enters the Missouri market partnered with the St Louis Cardinals. The Cardinals were a key cog in the process that legalised sports betting. Cardinals President Bill DeWitt III helped launch the ballot initiative in 2024.

“We’re thrilled to bring our world-class mobile sports betting experience to Missouri and to partner with one of Major League Baseball’s most storied franchises,” said Trip Stoddard, Bet365 head of development. “Missouri has a passionate sports community, and we think fans will love Bet365’s unique betting features and industry-leading odds.”

It is the 16th US state for Bet365.

Ceasars, Penn go live in casinos

Ceasars and Penn Entertainment each operate casinos in Missouri. Their online brands have licences through the land-based casinos.

For Penn, it marks the switchover from ESPN Bet to theScore Bet, which was announced last month. Customers who previously downloaded ESPN Bet will see it update automatically to theScore Bet. Penn opened in-person theScore Bet sportsbooks at River City Casino and Hollywood Casino.

Along with its app, Caesars launched its in-person sportsbooks at Harrah’s Kansas City and Horseshoe St Louis. Harrah’s hosted a party on Monday morning with former Kansas City Chiefs star Christian Okoye. Former Chiefs and St Louis Rams quarterback Trent Green began the day at Horseshoe, but he made a stop at Harrah’s and Isle of Capri Boonville.

“Caesars Sportsbook is proud to deliver a premier sports wagering experience to Missouri and a special promotion that’s true to the experience sports fans in the state should come to expect,” Caesars Digital President Eric Hession said in a release. “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.”

Long and winding road to Missouri sports betting

There have been multiple legislative attempts over the past five years to legalise sports betting in Missouri. Senator Denny Hoskins played foil each year, filibustering the legislation in hopes of adding language to legalise video lottery terminals in the state.

Eventually, the professional sports teams launched a ballot initiative to go around the legislature. It gained enough signatures with millions of dollars from FanDuel and DraftKings.

The ballot push also had to survive a legal battle that pit major industry players against one another.

Once on the ballot, it barely passed with 50.05% of the votes.

That same election elevated Hoskins to secretary of state, a position in which he denied emergency rules for sports betting. If emergency rules had been permitted, the MGC hoped for a summer 2025 launch.

Instead, the MGC settled on Monday’s launch date.

The state has a 10% tax rate on sports betting revenue, which is lower than in most states. The majority of proceeds will be used to fund public education in the state, with a portion also allocated to responsible gambling awareness and treatment programmes.

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.”

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

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

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

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

RMG and ARC talk up revenue potential

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

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

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

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

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

More expansion for the UAE gambling landscape

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

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

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

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

It’s such a simple question. One we’ve all been asked at dinner parties, picking the kids up from school, or just on a social night out. Most people answer without a second thought. But for me, there’s always a split-second pause.

“I work in gaming”, I’ll say. Sometimes I’ll add “computer games” and hope they don’t ask more. It’s not dishonesty, it’s self-preservation. The moment you say “gambling” or “betting,” you see it: the shift in expression, the awkward pause, the slight recalibration of how they see you.

Believing in what you build

I understand that reaction. However, here’s what people outside of the industry don’t see. iGaming has given me extraordinary opportunities. It has allowed me to travel the world, meet people from diverse cultures, contribute to causes I genuinely care about, and, perhaps most importantly, give other people the opportunity to do the same. This is something that I am learning to be incredibly proud of.

We are not naïve enough to bury our heads in the sand and pretend that the industry doesn’t carry a certain degree of social stigma. However, there is so much to celebrate, not least of which is the incredible community of women that exists within the industry.

The power of women in iGaming

One of the most rewarding aspects of my role at BettingJobs has been the opportunity to challenge assumptions and open doors for people entering the industry. My role has allowed me to champion people I believe in, time and time again.

My experience within the industry has taught me the strength of speaking up when I need to. There have been many times when I’ve been on a call with a client and they have said something like “when we hire him”. I’m quick to call it out, and nine times out of ten, I see an instant correction.

This is a key reason I have become such an advocate for women within the industry. The industry has come a long way, and while it is still not perfect, I believe it is a place that can offer equal opportunities for men and women, and this is something I will continue to advocate for.

I am also constantly inspired and blown away by the women who operate within the space. The various women in iGaming groups, WhatsApp chats, and conference meet-ups are not just networking opportunities; they provide a genuine support network that bolsters us, allows us to share our experiences, and, when needed, guides us through a difficult time.

Inspired by these communities, I wanted to create something similar closer to home. As such, I’ve not just joined networks, I have also started my own, the AyeGaming Group. I started this alongside Elaine Gardiner, the managing director of TAG Media, with the intent of connecting people in the industry who were based in Scotland. There were a lot more Scots in the industry than I’d anticipated, and finding them has been invaluable.

What started as something small has grown into a thriving network and a place where I have met many fantastic people. This has become another source of pride that I have within what I do.

Championing the next generation of iGaming

In the two decades since I started in this industry, I’ve watched it transform into a more inclusive space that provides opportunities for ambitious people.

I am now in the incredible position where I can help shape what comes next. To ensure that opportunities are easily accessible and that the industry continues to improve its efforts to be a diverse and welcoming place that champions innovation and success, no matter your gender, nationality, or background. So that the next generation doesn’t have to have that split-second calculation when someone asks what they do.

Reframing the conversation

When someone asks what I do now, I hold my head high and I tell them. This industry has given me a platform to advocate for women, to challenge bias, and to create meaningful opportunities. It has allowed me to build a team and a network I’m proud of and be part of a community that I constantly feel inspired and amazed by. And that, well, that is something to be proud of.

After joining as the first female hire in 2006, Jennifer is now CEO of BettingJobs, leading the company’s global vision and strategy with a deep understanding of the iGaming industry and its evolving talent needs. Since taking on the leadership role, she has overseen significant international growth, strengthening partnerships with major operators and emerging brands across key global markets.

With a strong focus on quality, innovation and long-term relationships, Jennifer is known for her clear leadership, industry expertise and commitment to delivering outstanding recruitment solutions at every level.

In the role, the government confirmed that Eldhagen will support the minister for financial markets, Niklas Wykman. Alongside gambling regulation, Eldhagen will oversee the financial market, state properties and the financing of new nuclear power.

Eldhagen takes on the new position having most recently served as head of international secretariat Sveriges Riksbank. Previously, he worked in various management roles at the Ministry of Finance and as an advisor at the World Bank.

The government said Eldhagen will commence his new role with effect from 1 December.

Another new face in gambling regulatory leadership

The appointment comes after the Swedish gambling regulator in September also announced a change in leadership. Johan Röhr is now its acting director general following the departure of Camilla Rosenberg.

Röhr took on the temporary role from 1 November and is overseeing Spelinspektionen until further notice. He has worked as chief legal officer at the regulator since June 2008.

Spelinspektionen confirmed that Rosenberg would be stepping down as director general on 31 October. She had led the body as its director general since 2017.

Changing face of Swedish gambling market

Aside from regulatory leadership, the Swedish market has also seen several changes to laws and rules over the past year.

In September, Sweden’s Ministry of Finance published Marcus Isgren’s report, outlining amendments designed to strengthen the country’s regulatory framework. This included closing loopholes that enabled illegal operators to market to locals via English-language sites with payments accepted in euros.

Other proposed amendments included broadening the prohibition on promoting illegal gambling in Sweden. Beyond advertising, this would extend to payment processors, financial services and other providers that support unlicensed operations.

The memorandum also proposes adjustments to criminal provisions, meaning unlicensed gambling and the promotion of unlicensed services would be made illegal and subject to criminal charges.

Aside from this, the government in October published the full text of legislation imposing a blanket ban on using credit for gambling. This will extend the Swedish Gambling Act, which already prevents players from using credit to gamble with licensed operators.

The new rules will come into effect from 1 April 2026.

This year also saw the end of the country’s land-based market. Svenska Spel confirmed the closure of its final land-based casino in Stockholm, after the Swedish Parliament voted to end land-based casinos in April.

The draft, “The Case For a National Online Gambling Tax“, stressed that while land-based bookmakers and casinos are currently taxed between 6%-9% of winnings or gross gaming revenue by the licensing provinces, they still generate employment and other communal benefits for the citizens. The same cannot be said about online and interactive gambling despite the significant spike in its user engagement.

A recent publication from the market’s regulatory bodies showed GGR from online gambling went up 60% on data from the previous year.

According to a report from Statistics South Africa, firms providing bookmaker and online gambling services saw a massive income boost up to R152.6 billion ($8.9 billion) as of 2023, representing a 72% increase between 2018 and 2023, a figure which clearly surpassed all other activities in the sports and recreation sector.

Why this proposed tax rate is cause for concern

With online gambling being in direct competition with land-based casinos as part of the interactive gambling industry in most countries, tax rates should be aligned to ensure fairness, the draft stipulated.

And as up to 11 other jurisdictions are already charging a 20% tax on GGR, with a further 16 regulators collecting an even higher tax rate, the National Treasury explained why the proposed rate should be upheld and implemented. The national gambling tax would be in addition to the provincial tax rates and would lead to a tax rate of between 26% and 29% for all online gambling activities.

The new rate is expected to translate to an additional R10 billion in revenue generation to the South African government. However, the proposed reform was not particularly aimed at further revenue generation but to curb the issue of problem and pathological gambling and its consequences.

Enforcing oversight

In respect to that, the National Treasury has also mapped out a procedure to ensure oversight and the collection of the proposed tax rate when approved.

Every online operator will be required to register and provide the South African Revenue Service with similar information to that currently available to the provincial gambling boards they are licensed to, which is used for gambling tax revenue collection. That way, compliance will be enforced.

Local industry players who are involved in interactive gambling will also be subjected to the proposed tax, depending on the extent of the GGR of every gaming activity in which they are involved.

In its conclusion, the Treasury’s proposal noted that regulatory bodies have not kept pace with the evolving market over the years as forms of gambling (like online and interactive gambling) other than lotteries and sports pools have been let off, hence the need for the new rate on their operations.

The betting and gaming consultancy questioned some of the figures put forward by the Office of Budgetary Responsibility (OBG). Previously, the OBG said the changes could bring in up to an additional £1.6 billion in tax receipts.

This figure, however, was reduced to £1.1 billion when accounting for “behavioural change” expected among consumers due to tax increases. These reflect a possible fall in player demand due to a reduction in bonuses as operators seek to mitigate the impact of higher tax, with some users also turning to the black market.

However, H2GC said the increase in tax receipts would be more modest. Its own estimates place the rise at around £800 million by FY28, after accounting for behavioural change among players.

That said, prior to behavioural change, H2GC noted that its estimates were in line with the OBR at £1.6 billion in additional tax income.

Behavioural changes from GB gambling tax hike

The most variation appears within the iGaming sector, which faces the higher rate of 40%. Based on its own calculation, H2GC said the “static” increase – prior to behavioural change alterations – would be £1.35 billion by FY28. However, it placed the adjusted figure at £649 million, almost half the initial, static figure.

As for sports betting, which will see its tax rate rise to 25%, the static estimation was £204 million. After behavioural change, the adjusted figure was considerably lower at £149 million.

Chancellor Rachel Reeves confirmed the tax increases in the autumn budget announcement on Wednesday. These include a rise in remote gaming duty from 21% to 40%, which will come into effect in April 2026.

A new general betting duty for remote betting will also be introduced in April 2027 at 25%, up from 15%. This will apply to online betting profit but exclude self-service betting terminals, spread betting, pool bets and horse racing bets.

Higher tax could push revenue down 14%

H2GC also compared the impact of higher tax rates on gross gaming yield (GGY) and gross gaming revenue (GGR) in the UK. It said both would be impacted by operators withdrawing from the UK, due to the rise in tax, and an increase in players switching to unlicensed sites in search of better bonuses and promotions.

By FY28, GGY – based on the market after the tax increases – would be around £6.69 billion. However, if rates were to be kept the same, GGY would reach approximately £7.79 billion. In total, H2GC said GGY would drop £1.1 billion, or 14%, if the tax rise goes ahead.

Again, iGaming would be the hardest hit, with a 16% drop in GGY expected after the new tax rules come into effect. Sports betting GGR would be 8% lower based on the same estimates.

In terms of GGR, current regulations mean this could hit £9.14 billion by FY28. After the tax rises, GGR would be approximately £7.12 billion, meaning a decline of £1.97 billion, or 22%, as a direct result of higher tax rates.

H2GC said iGaming GGR could be as much as 25% lower in FY28 if the tax rise goes ahead. Sports betting GGR would be 11% lower, with the rate increase here coming into effect later than for iGaming.

Black market in Great Britain to double in size by FY28

Much of the behavioural changes accounted for by the consultancy relate to players moving to black market sites.

Based on current taxation rates, total channelisation for the online market will be 94% by FY28, in terms of GGY. This would reach 97% for sports betting and 93% for iGaming. However, after the new rates, channelisation for the entire market could be as low as 87%, H2GC said. Sports betting channelisation could drop to 94% and iGaming 83%.

As for GGR, based on current taxation, channelisation is on track to be 93% in FY28, with a split of 97% for sports betting and 92% iGaming. Should the tax increase go ahead this would be around 84% for the whole online market, with sports betting at 93% and iGaming 80%.

In essence, H2GC said the black market could more than double in size based on the new tax rates. Offshore GGY would be 111% higher by FY28 if the changes takes place, with offshore GGR also rising 110%.

“We have little doubt that, if the direction of these forecasts materialise, then a reduction in the onshore market will be viewed by politicians as a major victory,” H2GC said. “Not only have they been able to curb the size of the onshore online gambling industry, but they have increased tax revenue at the same time.

“However, what will be completely ignored will be the at least doubling in size of the illegal market and all the negative implications this has, not least on player welfare.”

Industry hits back at planned changes

Announcement of the tax increases, unsurprisingly, led to criticism from the industry. Many major operators hit out at the decision, saying this would not only impact their own business but also have a detrimental impact on the wider market.

Primary concerns included increased traffic to the black market, a reduction in bonus offers and cut-backs on spending, with some businesses warning jobs could be lost as they seek to mitigate the impact of higher taxes.

Part one of this series showed us that vulnerability creates connection. After that piece went out, more men reached out. They wanted to contribute, to be honest, to share the parts of their journey that rarely make it into boardroom conversations or LinkedIn updates. This second column brings together four very different experiences – recovery, entrepreneurship, identity and brotherhood – but all echo the same truth: silence serves no one.

‘Keeping quiet was killing me’ – Mark Schmidt

managing director, Africa, EveryMatrix (South Africa)

Mark doesn’t soften his language when he speaks about addiction and mental health – and that is part of the impact.

“It was very clear to me that keeping quiet and not talking was one of the major reasons life became unmanageable,” he says. His most recent visit to rehab was a turning point: “I let go of the shame I was carrying. I started having very open and very difficult conversations.”

In an industry where leaders are often expected to remain composed at all costs, he made a different choice – he chose truth over image. “I realised that in iGaming, addiction, substance abuse and mental health struggles aren’t isolated to me. They are everywhere. Speaking up wasn’t courage; it was survival.”

He is open about the challenges of early sobriety, especially while leading a fast-growing African region. “The first few months were difficult,” he says. “But over time, managing stress, expectations, rapid growth and entertainment became easier. I have very firm boundaries. And I’m incredibly fortunate to have my wife by my side – she knows me better than anyone.”

Sobriety changed not only his lifestyle, but his entire leadership identity.

“This has been the most successful year of my career,” he reflects. “It’s down to being authentic. Not worrying about what others think. Being honest, direct, human.”

For men who are quietly struggling, his message is beautifully simple: “Your situation isn’t unique. People all over the world are dealing with the same battles. Ask for help. I’ll always be open to being the person they reach out to.”

Today, Mark works with the Recovery in Gaming (RiG) initiative; offering support, anonymity and community to others who need it.

His honesty reminds us that vulnerability is not an interruption to leadership, but it’s part of the foundation of it.

‘It’s been a lonely journey, but I believe in the vision’ – Ayofemi Akinlaja

founder and CEO, Shacks Evolution Studios (Nigeria)

Ayofemi represents a different kind of pressure: the pressure of building something no one else in Africa has built before.

“When I started this company, I wanted to be the biggest provider from Africa,” he says, not with arrogance, but with clarity of purpose. His story is defined by persistence, discipline and faith. And he is frank about the emotional cost of building ‘from scratch’ in a market dominated by global giants.

“It’s really tough not to be emotional,” he says. “You quit everything to focus on one thing, knowing that if it fails, you’re done.” As a solo founder, he has faced technical setbacks, scepticism and moments that would have broken many. He recalls losing a “major, major deal” in 2022 because of early technical issues – a blow that could have ended the story.

“But I kept showing up,” he says. “People used to ask, ‘Who is this young guy trying to do what nobody has done?’ But the more they saw me, the more they respected the work. Eventually the ‘no’ became ‘maybe’. And then ‘we’re listening’.”

Navigating credibility, age bias and an evolving African market requires a mix of strategy and emotional resilience. “I gave myself five years to build something meaningful,” he explains. “My belief in this dream has never wavered.”

His wellbeing strategy is refreshingly practical: “Hire the right people. Reassess constantly. Keep evolving. Fear will try to creep in – don’t let it.”

And to other African men wanting to launch gaming or tech ventures, he offers advice both grounded and hopeful: “Cast away fear. Build lean. Be persistent, resilient, diligent. Challenges will come but they won’t be the end of you.”

His journey is a reminder that innovation in Africa is not emerging – it’s already here, carried by founders who refuse to give up.

‘You may feel unseen, but you are not alone’ – Sipho Hobongwana

personal assistant to the chief strategic advisor, National Gambling Board (South Africa)

Sipho’s experience shines a light on a quieter, often overlooked mental health reality: the emotional labour of navigating identity in environments where LGBTQ+ representation is limited.

“Being an LGBTQ+ professional at a National Regulator has been a balancing act,” he says. “I’ve had to read the room before being fully myself. Sometimes just being publicly present feels like the first step towards change.”

He speaks warmly about the executives and colleagues who have become unexpected champions: “One of my highs has been finding supporters who value my work ethic, integrity and perspective – regardless of identity. They helped build my confidence and self-leadership.”

But he is honest about the loneliness too. Without visible LGBTQ+ networks in African gaming, much of the journey has been walked alone. “There have been moments where I’ve had to conceal parts of myself to avoid unnecessary attention,” he shares. “But as I’ve grown, I’ve gained confidence in maintaining my boundaries while being transparent.”

His mental health practice reflects maturity beyond his years: community, therapy, grounding routines and remembering that identity is only one part of who he is. “Before my title, I’m a human,” he says. “Checking in with myself has become essential.”

His message to others is both gentle and powerful: “You may feel unseen, but you are not alone. Your existence already challenges the narrative of who belongs. Authenticity is not a weakness – it’s a quiet form of leadership.”

Sipho’s story widens the lens on representation, reminding us that inclusion is not abstract – it’s deeply personal.

‘We don’t compete. We build together’ – Moshe & Ashley Adir

founder and co-founder, Vegas Kings (South Africa)

Very few business stories sound quite like this one. For more than 27 years, Moshe and Ashley have built Vegas Kings – and built it together, shoulder-to-shoulder, as brothers.

Moshe describes their partnership in a way only siblings can: “We function as two parts of one whole. The biggest strength is absolute trust.”

Every morning begins with a hug. “It sets my compass for the day,” he says.

Ashley brings his own perspective: “When the chips are down, we put our heads down and grind it out – no signalling needed. After 27 years, it just flows.”

Their dynamic is a yin-yang blend that works because it’s intentional. Moshe is the dreamer chasing “shiny objects”, while Ashley is the grounded operator with laser focus. They split responsibilities 50/50, respect each other’s lanes and refuse to let ego take root.

“People warn against working with family,” Moshe says, “but our secret is simple – stop competing. Let the ego go. Build the dream together.”

Their wellbeing approach is honest – they are workaholics. They don’t switch off, but they feed their creativity through side passions: music, AI, innovation. “It’s the entrepreneur’s curse,” Ashley laughs. “But we wouldn’t have it any other way.”

Their story is a testament to trust, consistency, emotional maturity and love – and a reminder that male vulnerability isn’t always loud. Sometimes it looks like showing up for each other every day, for decades.

Closing

These stories matter because they reveal something our industry often forgets: beneath the pressure, pace and performance, men carry complexity too – identity questions, recovery, loneliness, burnout, brotherhood, responsibility and the quiet courage to keep going.

Our work around mental health and inclusion continues, and we welcome more voices. If you – or someone you know – has a story worth sharing, please reach out. Silence helps no one.

About Women in Gaming Africa

Women in Gaming Africa (WiG Africa) is a non-profit community connecting, elevating and empowering women across the continent’s gaming industry. 

Through events, mentorship and advocacy, WiG Africa champions representation, leadership and inclusion while fostering a stronger, more connected African gaming ecosystem. Learn more or get involved at www.womeningamingafrica.org.

Revenue during the period reached €242.5 million ($281 million), Intralot reported. This was 2.9% short of the previous year but 0.3% higher on a constant currency basis.

Reflecting on the year-to-date, Robeson Reeves, who took over as group CEO in November, noted the impact of “strong” foreign exchange headwinds. He said these has skewed year-on-year comparisons for the period and backed the group to deliver its full-year goals.

“Intralot’s nine-month results as a standalone company show that it has been on track to deliver its goals for 2025, weathering strong FX headwinds,” Reeves said.

Considering the Bally’s impact for Intralot

Reference to standalone relates to the recent purchase of Bally’s international assets. The €2.7 billion acquisition completed in November, with Intralot taking full ownership of Bally’s International Interactive.

While the nine-month figures refer only to Intralot, Reeves noted the impact the addition of Bally’s will have moving forward. For the same period, Bally’s International Interactive saw revenue hit €548 million plus a 43% adjusted EBITDA margin in Q3.

“Our guidance for full-year 2025 pro forma the two entities annualised is expected in the area of €1.1 billion revenue and €435 million in adjusted EBITDA, with a combined margin of 40.65%,” he said.

B2B/B2G decline pushes revenue down

Breaking down performance during the 9M period, the B2B and B2G segment accounted for 95.1% of revenue. Excluding foreign exchanges variances, this was broadly in line with last year, falling 0.5%.

Intralot said its key markets continued to demonstrate “resilient” activity. In the US, revenue was up 2.3% in constant currency, while Australia saw 3.9% growth and Argentina 19.8%. In Turkey, however, results were negatively impacted by the application of the hyperinflation accounting treatment.

Turning to B2C, revenue increased 12.4% in Argentina. Intralot said that the local market saw strong expansion, supported by sustained economic momentum. However, the translation of results into euros was moderated by the effects of hyperinflation accounting.

For the business as a whole, lottery games drew 53.6% of overall revenue. Sports betting contributed 21.6% to the total, video lottery terminals 13% and IT products and services 11.8%.

Intralot slips to €3.1 million net loss

Gross profit for the period fell 15.9% to €83.7 million, although other operating income was up 4.8% to €23.1 million. In addition, operating costs were reduced 16.1% to €69.3 million amid lower spending in Turkey and the US, further supported by local currency devaluation.

Adjusted EBITDA edged down 1.6% to €90.1 million while margin increased from 36.7% to 37.2%.

Intralot noted €2.7 million in reorganisation expenses and a further €51.3 million worth of deprecation and amortisation. This resulted in €34.7 million in operating profit, a decline of 6.5%.

After accounting for interested and related expenses, as well as other costs, pre-tax profit was €8.8 million. This fell 17.1% short of the figure posted in the same period last year.

Intralot ended the nine months with a net loss of €3.1million, compared to a €6.5 million profit in 2024.

Intralot commits to ‘aggressive’ mitigation amid UK tax rises

The group also acknowledged news of higher tax rates on gambling in the UK. Set out in the autumn budget, these will see remote gaming duty increase from 21% to 40% and general betting duty from 15% to 25%.

Reeves said the increases were “higher than anticipated” and that Intralot will follow its “aggressive” mitigation scenarios to manage impact.

“Such tax increases have happened periodically in our markets and, historically, have led to market consolidation and market share growth for companies like Bally’s who have higher margins than other peers,” he said. “We still intend to deliver growth in the wagers accepted which combined with generosity reductions, marketing reductions and accelerated synergies will limit the tax increase impact and will only delay our growth plan by a year.”

With this, Intralot revised its 2026 EBITDA guidance to within the range of €420 million to €440 million.

An SGP, also called a Same Game Multi or Bet Builder, lets bettors combine multiple outcomes within a single match. Instead of just betting on Barcelona to win, a punter can add: over eight corners, a specific player to score and both teams to get a card – all in one bet with compounding odds. The format turns every bet into a potential payday story.

The appeal is obvious. Recreational bettors aren’t always satisfied with a $20 profit on a straight match bet. They want the $10-into-$500 story. SGPs deliver that lottery-style format.

For operators, SGPs solve a critical problem. Rising costs – licences, taxes, compliance, data fees – squeeze margins on traditional betting. Head-to-head bets return 4%-6% on turnover; SGPs consistently deliver high-teen margins, often exceeding 20%.

This margin expansion isn’t luck. Because SGP outcomes are correlated (if Barcelona wins, they’re more likely to have had shots on target), pricing becomes complex. Punters can’t benchmark value across operators and the house edge compounds with each added leg. The huge appeal to bettors and structural margin advantage have made SGPs the most important product innovation in modern sports betting.

The margin multiplier

In the US, parlays have grown to more than a quarter of total handle and more than half of revenue. For Flutter, SGPs accounted for 19.2% of stakes in 2019, rising to 24.3% in 2023, with margins on these bets increasing from 13.1% to 18.5% as bettors added more legs. In 2023, 262 million SGPs were placed across its brands, up 75% year-over-year (Source: Flutter).

Entain reports that in Spain, about 20% of football bets are now bet builders, while in Brazil the figure approaches 40%. Overall bet builder stakes more than doubled in 2024 and their share doubled again in the first half of 2025. DraftKings’ path to profitability has been driven largely by mix-shift towards parlays and SGPs.

Illustrative margin impact on $1 billion handle (assuming 5% single hold, 25% SGP hold)

How we got here

Given their impact, it is striking how recent SGP growth has been. When bookmakers first transitioned online in the 2000s, priorities centred on replicating retail. It was functional and familiar, with no major incentive to build differently.

The 2010s shifted focus to mobile and in-play. Apps, streaming, cash out and fast data feeds absorbed investment, while regulators pressed compliance hurdles and costs onto operators.

In-play looked like the natural growth engine. It delivered higher hold than straight pre-match 1X2, and made it harder for customers to benchmark fair prices in real time, producing margins in the 8%-12% range. Retail shop windows had long advertised high-margin combinations like “Team A to win to nil and Player X to score”, prefiguring the modern SGP, but there was no infrastructure to price correlated legs dynamically.

Request a bet

The first signal of changing preferences came from Twitter (now X). Sky Bet noticed customers asking for prices on markets that didn’t exist, turned the feed into ‘Request A Bet’, and put traders on it full-time, with other competitors soon following suit. Manually pricing thousands of requests was not scalable, so operators pre-packaged popular combos, but the demand was for self-service.

Coxy85’s question reached John Maguire at Sportsbet, then Paddy Power’s emerging Australian brand. Maguire’s team used correlation models developed by Paddy Power and launched SGPs for the 2016 AFL Grand Final. A $50,000 win from two $20 bets showed the pull of long-odds, small-stake builders. Flutter rolled the product across Europe and what began as manual Twitter quotes became a systematised, high-margin core product.

Engineering problem

The complexity of what Flutter and a few other operators and suppliers have built is easy to underestimate – and that complexity is the moat. When FanDuel launched SGP in the US in 2019, the core engine had been hardened in European football. By month five, SGPs were 5% of online sports betting wagered. DraftKings took two years to release their own version.

Today, the majority of SGP legs are player props. A typical ticket is no longer ‘player to score, team to win and over 2.5 goals’. It is: ‘team to win, over 2.5 goals, striker to score, defender 2+ fouls, winger 3+ shots, midfielder to be carded and 10+ corners’. Every leg pulls on the others. If the winger shoots more, the striker is more likely to score, the team is more likely to win and the game is more likely to go over.

To handle that, you need a single model that sees the whole match. Historical data has to be ingested and refreshed. Live feeds have to be mapped in real time. On top sits a projection layer that simulates how the game will play out and produces prices for every market. The SGP layer then takes the customer’s selections and asks that engine for the combined probability, instantly, every time a leg is added or removed.

Product market fit

SGPs succeed because every event becomes an opportunity to express a view. Few understand implied probabilities, but they hold opinions about the players and their attributes, and those opinions – not mathematical expectation – drive behaviour. When it comes to Ashes cricket, they talk about Joe Root and Marcus Labuschagne’s recent form, Bazball aggression, and Nathan Lyon on a deteriorating pitch.

As legs tick off, there is the same satisfaction as working through a checklist. When one leg loses, it feels like a near miss rather than a clean loss which is a powerful retention mechanic. DraftKings have even introduced a GhostLeg feature that still pays out if one leg loses.

On a seven-leg builder at 18.0, benchmarking value is tough. The true price might be 30.0, but few will rebuild across operators to check. The margin builds as small pricing errors compound and customers pay a convenience premium for doing everything in one app.

For most recreational bettors, correctly “calling the game” is more satisfying than being validated on price. FanDuel reports that around 90% of its SGP tickets are 30 dollars or less, with roughly 60% at $5 or less (Source: WSJ). This small-stake structure is suited to restrictive markets like the UK, where financial vulnerability concerns have constrained high-limit bookmaking. In Australia, where there is no online casino, or in-play online, operators need high-margin formats to avoid margin compression.

The risks for operators

The format’s popularity creates new risks operators are still learning to manage. Most SGP action is recreational – punters aren’t thinking about correlation pricing. That makes them interesting for sharps, who can disguise themselves in the flow. Books are happier to take SGP action than straight bets and thinking laterally can surface angles.

AK Bets highlighted one example: goalkeeper cards in specific game states. If a heavy favourite was trailing late, the opposing goalkeeper was often priced at 200-1 to be booked in the last 10 minutes – prime time-wasting territory. The model priced 200-1 across all game states rather than differentiating for specific situations.

Popularity also creates concentration risk. Gambling influencers regularly post their picks to large followings. Thousands of individuals backing the same 100-1+ combinations could eventually land and expose a small operator to significant liability – particularly when the correlated outcomes all hit at once.

The opportunity

For Waterhouse VC, SGPs are a case study in how regulation, consumer behaviour and innovation can align. The same forces will shape the next wave of products that let fans go deeper into the sports they care about, while giving operators defensible margins in heavily regulated markets.

Data is the starting point for any modern betting product – from pricing correlation in SGPs to creating entirely new markets and experiences. That is one of the reasons why we believe a business like Racing and Sports is particularly exciting. Those who own the data, can build the best pricing engines and control the product layer that will set the terms for everyone else.

SGPs are also a product that sportsbooks currently will offer better than any prediction market. Every contract requires full cash backing up front, limiting the breadth of combinations they can offer compared with a sportsbook’s risk model. In the near term, product depth and differentiation will remain with the books.

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

Since inception in August 2019, Waterhouse VC has achieved a gross total return of +3,880% (annualised at 81%), as at 31 October 2025, assuming the reinvestment of all distributions.

Tax rises were confirmed by the Office of Budgetary Responsibility and set out in Parliament by Chancellor Rachel Reeves during the autumn budget announcement on Wednesday.

Among the gambling-specific changes was a hike in remote gaming duty from 21% to 40%. A new general betting duty for remote betting will also be introduced in April 2027 at 25%, up from 15%. However, this only covers online betting profit and excludes self-service betting terminals, spread betting, pool bets and horse racing bets. 

The new tax rates will come into effect from the start of the next financial year in April 2026.

Unsurprisingly, the response from the industry has been negative and highly critical. Main concerns include how the new rates will impact investment in the industry, with potential job cuts on the horizon. There were also worries over the future financial performance of operators and a potential rise in black market gambling.

Tax rises will ‘significantly’ harm UK industry

The overall consensus was that higher tax will have a negative impact on the UK market. Betting and Gaming Council CEO Grainne Hurst said the new, “excessive” online tax rates will undermine jobs, investment and growth.

“Massive tax increases for online betting and gaming announced in the budget make them among the highest in the world,” Hurst said. “They’re a devastating hammer blow to tens of thousands of people working in the industry across the UK, and millions of customers who enjoy a bet.”

Per Widerström, CEO of Evoke, also raised concerns about the impact the tax rise will have on the UK market. He said the increases are “highly damaging” for the UK economy and players.

“As an industry, we have consistently warned of the significant impact on jobs, investment in the UK and player protection that these changes would have,” Widerström said. “Yet sadly the government chose not to listen. Proposals are ill-thought-through, counterproductive and highly damaging. It is clear these changes will significantly harm businesses, employees and customers.

“As a result of the actions now required, these tax changes will reduce the overall level of tax the regulated industry pays in the UK and, more importantly, it will have a significant negative impact on player protection as these changes will incentivise activity moving to the illegal and dangerous black market.”

Stella David, CEO of Entain, said she was “deeply disappointed” with the decision, saying it poses risks to the industry.

“Disproportionately increasing gambling taxes will not only have a detrimental impact on our industry but also heighten the risk for customers,” David said. “As seen in other countries, punitive tax increases often lead to lower tax revenues overall, while also driving players to illegal, unregulated operators with no player protections.”

‘Robust’ enforcement must accompany tax rate

Super Group, which owns the Betway brand, was a little more positive in its assessment. CEO Neal Menashe said that the higher rates could be “reasonable” if accompanied by “robust and strict enforcement” in terms of black market activity.

“Super Group supports the reasonable taxation of online gaming in the UK,” Menashe said. “We rely on the government to ensure the very substantial increase should be paired with robust and strict enforcement against non-paying offshore operators. This is essential to protect the regulated sector’s investment in jobs, technology and responsible gaming in the UK.”

Elsewhere, Rank Group took the budget with mixed emotions. While the online rise will hit its digital business, this impact will be partly offset by the abolition of bingo duty, which was also announced in the budget.

“The announced increase in remote gaming duty represents a very significant blow to the regulated betting and gaming industry in the UK,” CEO John O’Reilly said. “While we are pleased that the government has abolished bingo duty, which will help to sustain jobs and investment in the land-based sector, the far more significant impact on the group is the hit to digital profitability.”

Budget ‘slightly’ better than expected

Away from operators, several professional firms and analysts have also given their opinion on the budget. Deutsche Bank said the news was “slightly” better than first thought, given the reprieves for land-based gambling. It said the budget “improves” the near-term outlook for the UK gambling sector.

“From a company perspective, Rank looks to have emerged significantly better than expected,” Deutsche Bank said. “Entain and Evoke are also slightly better, albeit for the latter there remains concern over the resulting balance sheet/leverage.”

Meanwhile, Adam Rivers, managing director and global head of betting and gaming practice at Alvarez and Marsal (A&M), said while the budget was “painful” for the online sector, not all business models have fared badly.

“Scrapping bingo duty and holding machine gaming duty steady gives land-based bingo operators some breathing space, helping venues that still matter to many communities stay on the high street and supporting the wider hospitality sector.”

How will operators cope with tax rise?

Looking ahead, some operators published forecasts as to how higher tax will impact their financial performance. They also detailed some of the measures they are putting in place to offset additional tax costs.

Super Group CFO Alinda van Wyk estimated an impact of approximately 6% to 2026 group adjusted EBITDA. However, the group has several mitigation levers in motion that are intended to offset the tax impact.

“Our strategy remains unchanged: sustainable growth and disciplined capital allocation,” van Wyk said. “We don’t expect the news to alter our long-term trajectory nor our capital return priorities.”

Entain’s David also offered insight into how the business will cope with the higher tax rate. She said it will mitigate approximately 25% of this impact through actions including reducing marketing and promotions. Consistent with the dates of proposed implementation, this equates to an EBITDA impact of approximately £100 million in 2026 and £150 million from 2027.

In addition, David hinted that Entain would likely pick up more UK-based players. This would come as other, smaller operators are forced to exit the market due to the higher tax rates.

‘Thousands’ of jobs set to be cut

Evoke’s Widerström also offered insight into potential mitigation steps. Approximately 50% of higher tax costs will be mitigated in the medium term. This includes through supplier savings, reduced marketing, retail store closures, operating cost savings and potential changes to the customer proposition.

Widerström added that Evoke will begin immediately to execute these mitigation plans, with redundancies set to be part of this approach. He said: “This will involve a significant reduction in investment into the UK and, very regrettably, the likely need for thousands of jobs to be cut up and down the country.

With Rank, the group said it expects an additional duty cost of £46 million on its UK digital business. However, this will be partly offset by the abolition of bingo duty. Rank also noted the impact of the 4.1% rise in the hourly National Minimum Wage to £12.71. It said this will represent an additional cost impact of approximately £5.5 million.

Some positivity over future financial prospects

Flutter UK and Ireland CEO Kevin Harrington was also among the voices of concern over the mooted changes. However, in terms of Flutter’s future performance, he remained optimistic.

Harrington said direct first order mitigation, including reduced operational, promotional and marketing spend, will be approximately 20% of gross impact during the first six months after implementation, rising to 40% thereafter.  As such, net impact on adjusted EBITDA for FY2026 would be approximately $235 million and $339 million in 2027.

“Despite this impact, I am confident that through both our scale and leading position in the UK, as well as the proactive cost initiatives that we are taking, we are well placed to navigate through the changes,” he said.

Playtech also issued a statement acknowledging the increases. It said that impact in group adjusted EBITDA for 2026 would be in the “high-teens millions of euros” before mitigation. However, it added that its operations outside the UK would help offset these declines.

“Given the group’s geographic diversity across regulated markets and strong performance and prospects outside of the UK, Playtech remains comfortable that it can meet market expectations for the full year 2026,” Playtech said.

Enlarged black market argument remains

The underlying theme was the impact the rise in tax will have on black market gambling. In the lead up to the budget, industry voices raised concerns about growth among unlicensed operators after tax rises.

The BGC’s Hurst said these concerns will now be realised. She said: “The budget is a massive win for the incredibly harmful, unsafe, unregulated gambling black market, which pays no tax and offers none of the protections that exist in the regulated sector.”

Flutter’s Harrington agreed, saying the increases hand a “big win” to unlicensed operators, who will become more competitive overnight. He said: “These black market operators don’t pay tax and don’t invest in safer gambling. At 40%, the UK’s remote gaming duty is now above countries such as the Netherlands, where a recent tax increase saw a rise in illegal gambling and a fall in government receipts.”

Regulus echoes black market concerns

Regulus was of a similar mindset. Analysts said the expected reduction in bonuses – as operators seek to mitigate the costs on the tax rises – will drive more players to unlicensed sites, which may offer more bonuses and promotions. With this, it said as much as £2.5 billion in gross gaming revenue could flow into the black market.

“The idea that people are going to gamble less because the licensed sector does not offer bonuses, has a slowly worsening offer due to a lack of profits to invest, or because the Gambling Commission has another £26 million ‘to tackle the illicit market’ is naïve at best,” Regulus said. “Instead, around £2.5 billion of GGR will flow directly into the black market, as is already happening on a smaller scale due to other regulatory interventions.

“The black market therefore gets to fill the vacuum of cuts in marketing, product and operating expenditure in the licensed sector – meaning its product will be better, stand out and will be sought out.”

Play 971 launched earlier this week, stating on its website that it is the maiden online gaming site to launch in the UAE with a licence from the General Commercial Gaming Regulatory Authority (GCGRA).

The regulator updated its site to add Play 971 to its internet gaming and sports wagering licensees on 28 November, with sources suggesting it is undergoing a trial rollout in a limited area. The site appeared to be available in Abu Dhabi and Ras Al-Khaimah, but not Dubai, on Wednesday.

The site is operated by Coin Technology Projects LLC. That entity shares an address with The Game LLC, the business behind The UAE Lottery, which launched ticket sales a year ago today.

Whether the site going live marks its official launch is unclear. Sources close to the project suggested an official launch was planned in the first quarter of 2026.

Which suppliers are providing games for Play 971?

A number of the games featured on Play 971’s homepage are from the supplier OneTouch, which falls under the licensed entity of Live Online Gaming Services, a subsidiary of Yolo Group.

However, in the live casino section, the Speed Dragon Tiger is supplied by Evolution, which isn’t yet listed among the licensees.

Aside from OneTouch and two other Yolo Group B2B brands – Hub88 and Live88 – geolocation provider Xpoint and sports data specialist Sportradar, the vast majority of supplier licensees announced to date appear focused on land-based and lottery gaming.

Play 971 marks UAE’s first foray into iGaming

The Play 971 launch – whether as a trial or as an official rollout – marks a major step as the UAE expands its regulated gambling market, by adding online sports betting, racing and iCasino to the nascent market. To date, the UAE Lottery is the only legal product, with Wynn’s Al Marjan Island resort not due to open until early 2027.

Sources suggest regulations allow for one online licensee per emirate, meaning there could in theory be up to seven operators in the market. This of course would depend on all seven emirates supporting an online gaming offering.

While regulations state emiratis are not permitted to gamble, a population made up of roughly 88% expats provides an addressable market for operators. Rumours of an online launch have persisted throughout 2025, as far back as the second quarter of the year.

Building Momentum

Momentum LLC became a key player in the UAE last July, when it beat local incumbents Mahzooz and Emirates Draw to secure the UAE Lottery licence. That business is operated via its subsidiary TheGame LLC, while Play 971 is linked to Coin.

The rollout may be just one step in Momentum’s growth plans. Its website lists a game publishing arm, mixed reality gaming and esports alongside lottery operations and commercial gaming as areas of focus. This, it says, is underpinned by an embrace of AI.

Personnel changes at the GCGRA

Play 971 emerges in the wake of the GCGRA’s founding CEO Kevin Mullally stepping down from his role earlier this month. Mullally, who oversaw the establishment of the regulator’s core governance and regulatory structures, is departing to spend more time with his family. Chairman Jim Murren takes over in the interim.

As well as building the foundations for regulated gaming in the UAE, Mullally also oversaw the launch of the UAE Lottery and Wynn’s licensing.

In its first year, the UAE Lottery awarded prizes of over AED147 million ($40 million) to more than 100,000 players.

The GCGRA and Momentum have both been approached for comment.

This story was updated on 28 November to reflect the GCGRA adding Coin Technology Projects to its internet gaming and sports wagering licensees.

CLSA analysts Jeffrey Kiang and Leo Pan anticipate total GGR of MOP258.43 billion (US$32.3 billion) for the coming year, “implying daily GGR of MOP709 million per day”. They further expect the gaming sector “to deliver low-teens GGR growth in the first half”.

Macau’s official budget projections are more modest. According to figures released on 21 November, the government expects GGR of MOP236 billion next year. The forecast reflects “caution amid global economic uncertainties”, officials stated.

At the end of the third quarter, CLSA projected total GGR for 2025 of MOP244.830 billion. It has since revised its estimate, “marginally [raising] that projection … by 0.4% as we insert the actual GGR print for October while keeping our forecast unchanged”.

Macau to end 2025 on a positive note

CLSA noted that revenue “momentum since June has continued into the fourth quarter of 2025”. Through October, GGR rose 8% year on year, to MOP205.43 billion.

In December 2024, Macau set a GGR target of MOP240 billion for 2025. Following a slow start to the year and ongoing economic turbulence, it reset the projected total to MOP228 billion.

Morgan Stanley, meanwhile, says the city’s gaming sector will end 2025 on a high note, with GGR up 16% for the fourth quarter following strong Golden Week performance.

An estimated 1.14 million people visited Macau for the eight-day national holiday, slightly below the government’s target of 1.2 million but surpassing the 2019 total of 974,000 arrivals.

October’s total surpassed the prior record – $800.3 million set this September – by 11.5%. It was also 19.3% ahead of the $748.1 million wagered in October 2024, figures from the Massachusetts Gaming Commission showed.

Players spent $879.2 million betting online and a further $12.6 million at retail sportsbooks.

As for revenue, the October total amounted to $71.3 million. This comfortably surpassed the prior October by 47.6% and September’s haul by 36.3%. However, taxable gaming revenue fell some way short of the all-time high of $96.4 million, set in January 2025.

Online wagers accounted for $70.7 million of all sports betting revenue during the month, with retail contributing just $598,901.

Based on these figures, the monthly statewide hold for Massachusetts was 7.99%.

Massachusetts was by no means the only state to see betting handle reach a record level in October. Pennsylvania also reported record betting activity, while betting revenue in Michigan hit an all-time high.

No stopping DraftKings in Massachusetts

Turning to operators, DraftKings remained the online market leader in its home state by some margin. Taking $38.5 million off $447.4 million in bets meant a hold of 8.61%.

FanDuel was again the closest challenger, posting $17.3 million in revenue from a $237.3 million handle, resulting in a 7.38% hold. Fanatics moved up a place to third with $7.5 million off $82.4 million for a 9.1% hold.

BetMGM took $3.6 million in revenue from handle of $55 million, which meant a hold of 6.55%. ESPN Bet followed with $2.1 million from $27.7 million for a 7.58% hold. Next was Caesars at $1.4 million off $25 million, meaning a 5.6% hold.

Bally Bet was the only other online operator, taking $314,452 from $4.8 million for a 6.69% monthly hold.

As for the land-based market, Plainridge Park Casino narrowly took top spot with $306,328 in revenue. Based on a $5.4 million handle, this meant a hold of 5.72%. Encore Boston Harbor posted $292,573 off $6 million for a 4.91% hold, but MGM Springfield failed to post any revenue despite a $1.3 million handle.

Massachusetts casino revenue exceeds $96 million

In terms of casino gaming activity, total revenue for the month was $96.9 million. This beat last year by 2.3% and September by 1.3%.

Gross gaming revenue from slots topped $71.7 million while table games revenue hit $25.1 million. Encore Boston Harbor was the market leader with $57.6 million in casino revenue, ahead of MGM with $24.1 million and Plainridge Park with $15.2 million.

Looking to tax revenue, the total collected by the state in October was $42.1 million. This included $27.9 million from casino gaming and $14.2 million from sports betting.

Thirty Illinois representatives have warned Chicago’s 50 alderpersons that layering a steep city levy on top of the state’s new tiered and per‑bet taxes risks driving bettors to untaxed offshore sites and shrinking overall revenue.

Their intervention comes after a full month of per‑wager fees led to fewer bets but higher average stake. It also resulted in a slight increase in tax revenue, underscoring how fragile the balance has become between maximising tax collections and keeping the legal market competitive.

Johnson proposed the local tax in his $16.6 billion budget last month, projecting it would help boost the city’s revenue by $26 million.

State lawmakers suggest Illinois could lose out on tax revenue, however, as the increasing costs of betting could cause bettors to go offshore.

“If you increase the tax so it becomes cost prohibitive for gamblers, they will seek out overseas sites that … are more dangerous, more predatory, untaxed and unregulated,” Rep. Dan Didech, chair of the House Gaming Committee, told the Chicago Sun-Times. “That’s a direct loss in tax revenue for the state. That impacts our ability to invest in infrastructure.”

Didech introduced a bill prohibiting local taxes on sports betting after Johnson’s initial proposal.

The City Council Finance Committee has already rejected a new corporate tax that Johnson hoped to implement. That was projected to help generate $100 million in revenue.

Illinois sports betting taxes already an issue

When Illinois launched sports betting, lawmakers implemented a 15% flat tax on sportsbook revenue. In 2024, however, lawmakers changed it to a tiered system of 20% to 40%, depending on revenue volume.

This year, the state added a per-wager tax. Sportsbooks pay 25 cents for each of their first 20 million bets taken, and 50 cents for every bet thereafter. The sportsbooks have come up with various tactics to mitigate their losses, such as charging per-bet fees or imposing minimum bet values.

Sportsbooks were responsible for their first full month of per-wager taxes in September.

Bettors placed 30.6 million bets statewide in September. That was approximately 5 million fewer bets compared to September 2024, or about 15% less. But bettors are wagering more per bet, with the average size climbing 28% and the overall handle growing to $1.42 billion, a 9% year-over-year increase.

The state collected $28.7 million in taxes in September, with $10.6 million coming from the new per-wager tax. Ultimately, the state gained $740,920 in taxes, as sportsbooks generated $103 million in revenue compared to $135 million last September.

Flutter CEO Peter Jackson said the fees had “no impact” on FanDuel during his recent third quarter earnings call.

“As you’d expect, we’re seeing a reduction in the number of bets but increasing handle per bet,” Jackson said during the call. “When we look to the September data, Illinois is definitely behaving in line with other states.”

Tax increases pile up

Recent legislative sessions have seen multiple states reexamine their tax rates, with several of them increasing their burdens on sportsbooks.

In Maryland, lawmakers raised the sports betting tax from 15% to 20% after Governor Wes Moore proposed a jump to 30% in his budget.

In 2023, Ohio Governor Mike DeWine successfully pushed to double the state’s tax rate from 10% to 20%. He wanted to double the rate again this year, but legislators denied that move. DeWine has since come out against sports betting following several recent scandals, including one involving Cleveland Guardians pitchers Emmanuel Clase and Luis Ortiz.

New Jersey lawmakers scaled back Governor Phil Murphy’s proposed jump to a 25% tax rate, instead raising the rate from 13% to 19.75%. Louisiana, meanwhile, increased the sports betting tax from 15% to 21.5%.

Industry stakeholders tell iGB that with states needing to increase revenue, they expect lawmakers to propose more tax increases in the 2026 legislative sessions.  

A new general betting duty for remote betting will be introduced in April 2027 at 25%, up from the current rate of 15%. However, the new rate will only be paid on online betting profit and exclude spread betting, pool bets and horse racing bets.  

Bets made at self-service betting terminals will also be spared from the new rate.

The chancellor had been hinting at a gambling tax increase in recent months, after an initial consultation was launched in April to consolidate the current three tax rates: remote gaming duty, remote betting duty, and gaming machine duty.

The new rates are expected to raise £4 billion in tax receipts in 2025-26, marking a 9.8% increase on last year. In 2026-27, gambling tax receipts will increase by a further 24.8% to £5 billion.

Elsewhere in the budget, it was announced the current 10% rate for bingo duty will be abolished and casino gaming duty bands will be frozen in 2026-2027.  

The government said it expected operators to pass on up to 90% of the duty increases to consumers by increasing prices or reducing payouts. This, it said, will lead to a reduction in consumer demand which reduces the yield from the measure by £500 million by 2029-30.   

How have we gotten here?

In April HM Revenue & Customs (HMRC) and the Treasury proposed a single remote gambling tax to replace the current three-rate system. The sector hit back at the suggestion, flagging the impact a rise in remote betting duty would have, particularly on the retail and horse racing sectors.

Various think tanks got involved in the conversation, proposing the government raise the remote gaming duty to as high as 50%.

Since then, the Treasury Select Committee carried out an investigation into what format a gambling tax restructure, or hike, should take. It questioned various sector stakeholders and think tank experts in October about the impact a tax hike could have on problem gambling rates.

It also quizzed members of the BGC on why many operators maintain offshore bases and whether the sector was overstating its concerns for their retail businesses.

In its follow-up report, the committee advised the government to tax verticals separately based on their risk profile.

In October, Allwyn announced it would combine with OPAP to create a business worth €16 billion ($18.5 billion). Allwyn will hold a 78.5% economic interest in the new company, with OPAP taking 21.5%.

Allwyn currently owns a 51.78% share of the total holding in OPAP through KKCG, its controlling shareholder, which first invested in OPAP in 2013. The merger is expected to close in H1 of 2026.

“For Allwyn, this represents the natural next milestone in our journey, with a public market listing expanding our capital markets access to equity markets and elevating the profile of Allwyn’s global platform,” Chvatal said.

Speaking during the operator’s earnings call, Chvatal said these agreements, coupled with the group focusing on establishing Allwyn as a consumer-facing brand, would prepare the business for further growth and strategic process over the coming years.

“We see the introduction of a single brand as an important enabler of our growth strategy, allowing us to connect with new audiences in new and existing markets and to achieve marketing synergies across the group,” he said.

“Our progress so far this year reinforces the strength of our proven strategy and, looking forward, we are well prepared to deliver the next phase of our growth story and further strategic progress.”

M&A drive

This was not the only M&A activity in recent months at Allwyn. In September, it agreed to acquire a majority stake in daily fantasy sports operator PrizePicks. Allwyn will acquire a 62.3% stake in PrizePicks, paying an initial cash consideration of $1.6 billion.

There was also an agreement to acquire a 51% majority stake in Logflex MT Holding Limited, the owner of online sports betting and gaming group Novibet, in H1. In addition, Allwyn will sell land-based casino assets in Germany and Australia and has acquired the remaining minority stake in Greece- and Cyprus-facing online operator Stoiximan.

Lottery remains king for Allwyn

Breaking down its Q3 results, total group revenue for the three months to 30 September reached €2.20 billion. This was 4% higher than the previous year.

Of this total, €2.12 billion was classed as gross gaming revenue, surpassing last year by 5%. Net revenue for the group in Q3 also climbed 5% year-on-year to €1.02 billion.

Again, lottery drew the most revenue at €551 million, a rise of 7%. Video lottery terminal (VLT) and casino revenue increased 6% to €139 million while sports betting revenue was 3% higher.

Allwyn drew €120 million from iGaming operations, up 2% from 2024. Incidentally, total online net gaming revenue for the quarter reached €343 million, some 8% more than last year. An additional €84 million was noted in revenue from non-gaming activities, which was level year-on-year.

Geographically, Continental Europe remains the group’s primary source of revenue at €729 million, up 6% year-on-year. This covers operations in Austria, Czech Republic, Greece, Cyprus and Italy. Within the region, Allwyn noted a “strong” lottery performance and “solid” growth in sports betting and VLTs and casinos.

In the UK, where Allwyn operates the National Lottery, revenue also increased by 6% to €250 million. Allwyn said digital was a key growth driver, with online gross gaming revenue up 10%, while it was also helped by high jackpots in the EuroMillions and targeted promotional activity.

However, it was North America where growth was most apparent. Revenue for the region was 15% higher at €55 million, helped by the consolidation of Instant Win Gaming stake in September last year.

Customer-friendly sports results hit Q3 earnings

Despite an upward revenue trend across the business in Q3, the same could not be said for earnings. Adjusted EBITDA for the period was 8% lower year-on-year at €374 million.

Allwyn said this was mainly due to a lower contribution from equity method investees, down €36 million from last year. This was driven by Betano, the performance of which was affected by customer-friendly sports results in September.

The group also noted the impact of recurring non-operating items that supported results in the comparative period. Simplification of the group structure on corporate costs increased €14 million year-on-year, hitting earnings this year.

Allwyn did not publish a full breakdown of its bottom-line performance but did reveal data for the year to date. In the nine months to the end of September, total revenue was €6.65 billion, up 6% from last year.

Of this, €6.39 billion went through as gross gaming revenue, 6% more than last year. Net revenue for the period topped €2.99 billion, which was 5% more than at the same point in 2024.

Adjusted EBITDA for the year-to-date came in at €1.09 billion, level with last year’s figure.

OPAP also reports Q3 growth

Just hours before Allwyn released its Q3 preliminary results, OPAP also published its figures for the quarter. These revealed a 6.6% increase in gross gaming revenue to €602.9 million, while net revenue jumped 6% to €409.9 million.

OPAP said the revenue rise was mainly due to the performance of its Tzoker lottery game and “robust” growth from its Powerspin offering.

Lottery gross gaming revenue climbed by 9.8% to €219.6 million, helped by a record Tzoker jackpot during August. Instant and passives revenue was also 10.8% higher year-on-year at €24.9 million, while VLT revenue was up 6.0% to €88.4 million.

There was a slight decline in sports betting revenue, with this down 0.7% to €180.1 million. Again, this was on the back of customer-friendly sporting results that impacted the wider market in September.

As for iGaming, growth showed no signs of slowing down as revenue increased 14.4% to €89.8 million. OPAP referenced “strong demand for gaming experiences” among players as the reason for ongoing growth in this segment.

Uptick in net profit for OPAP

Looking towards the bottom line, gross profit from gaming was 4.8% higher at €253.4 million in Q3. Operating expenses increased 10.9% to €111.6 million, although revenue growth meant EBITDA edged up 0.5% to €214.2 million.

Net profit for the quarter topped €127.9 million, an increase of 6.1%. In addition, recurring net profit at OPAP was 2.9% higher at €129.9 million.

For the year-to-date, gross gaming revenue in the nine months to 30 September was 6.5% ahead at €1.76 billion. Net gaming revenue also increased by 6.3% to €1.20 billion.

Other key year-to-date figures include gross gaming profit of €740.4 million, up 6.9%, and higher EBITDA of €612.6 million, a rise of 4.4%. Net profit climbed 6.3% to €361.3 million, with recurring net profit up 4.4% to €363.3 million.

“Overall, profitability has risen in tandem with healthy margins and a solid cash position,” OPAP CEO Jan Karas said. “These positive trends reinforce our confidence in achieving our outlook for FY2025, as well as our broader strategic and business goals.

“In this context, we are working toward a strong finish to the year and are looking forward to operating in 2026 under the new brand of Allwyn, which will mark a new era of growth opportunities, innovation and best-in-class gaming entertainment experiences for our customers.”

Earlier in November, the regulator suspended the company’s operating licence amid anti-money laundering failures. These included issues with the casino’s AML policies, procedures and controls, all of which are required by licence.

Concerns regarding decision-making processes and responses to identified AML and counter-terrorist financing risks were also flagged. At the time, the commission said these “serious” issues warranted a licence suspension while it carried out a broader review.

Changes to casino leadership

However, issuing an update on the case, the regulator confirmed the suspension has been lifted. This, the commission said, followed significant action taken by the operator.

These steps included widespread changes to the casino’s leadership, AML and compliance supervisors. VGC Leeds has also implemented new AML and safer gambling policies and procedures, improved staff training on AML and social responsibility. In addition, the venue committed to undergoing an independent audit within six weeks

This was enough for the commission to lift the licence suspension. However, its review of the operator will continue, with monitoring of its actives to remain ongoing. The commission said this will ensure “full and sustained compliance” with licensing requirements.

Based in Leeds city centre, the casino offers slot machines, table games and electronic roulette games. It also houses bars and lounges for watching sports events and hosting live entertainment.

The suspension was the second regulatory ruling against VGC Leeds in recent years. During October 2021, the company was ordered to pay a £450,000 regulatory settlement after the regulator flagged social responsibility and AML failures at the casino.

Commission taking no prisoners in clampdown

VGC Leeds was one of several companies to have faced regulatory action in Britain in recent weeks.

Deadheat Racing had its licences suspended while the commission carried out a review of the operator. This was in response to suspected social responsibility and AML failures and covered the operator’s remote and non-remote betting licences.

Meanwhile, Videoslots was fined £650,000 for breaching AML and social responsibility rules. NetBet was also recently ordered to pay £650,000, again over AML and social responsibility failings.

In addition, the commission suspended Spribe OÜ’s software licence in October for failing to comply with hosting requirements. The commission said this was due to “serious” non-compliance. The supplier said it was applying for the relevant hosting licence and hoped to be running again within a few weeks.

Billups, a five-time NBA All-Star, uttered several one-word replies at his New York arraignment in response to a series of questions from US District Judge Ramon Reyes. The 2024 Basketball Hall of Fame inductee is facing felony charges of money laundering conspiracy and wire fraud conspiracy. Each charge carries a potential sentence of up to 20 years in federal prison if convicted.

Billups appeared as part of a status conference in US vs Aiello, a sweeping probe into an alleged mob-backed illegal poker network. All 31 defendants in the case were present at Monday’s hearing including Angelo Ruggiero Jr and Thomas Gelardo, two mob figures who have been denied bail. The conference was held in an expansive ceremonial courtroom, usually reserved for immigration naturalisation proceedings.

Billups and attorney Marc Mukasey declined comment as they walked to a van outside a Brooklyn courthouse. Billups retained Mukasey, a former attorney for US President Donald Trump, following his arrest in Oregon last month.

Chris Heywood, an attorney who represented Billups last month in Portland, referred to the former NBA star at guard as a “man of integrity” and denied the allegations against him. Billups also fits the profile of an unindicted co-conspirator described in US vs Earnest, a parallel case being prosecuted out of Brooklyn concerning illegal sports betting.

A complex case

In the poker case, Reyes addressed several procedural matters at the status conference that lasted nearly two hours. Billups and Jones are not the only athletes indicted in the case. An attorney for boxer Curtis Meeks unsuccessfully petitioned the court to modify the bail restrictions for his client. Meeks has pleaded not guilty to charges that he worked with other defendants to provide poker cheating technology for the rigged games.

Reyes declared it a “complex case” of multiple schemes involving the rigged poker games and alleged extortion and robbery. He denied a petition from Assistant US Attorney Michael Gibaldi seeking to break the case into three different groups of 10-11 defendants in order to streamline proceedings.

Gibaldi said at Monday’s hearing that several defendants have begun plea negotiations with the government.

Reyes scheduled the next status conference for 4 March 2026.

Update on Jontay Porter case

Separately, federal prosecutors submitted a pre-sentencing letter against a defendant on Tuesday in an illegal sports betting conspiracy involving former Toronto Raptors center Jontay Porter. In July 2024, Porter pleaded guilty to wire fraud in connection with charges that he manipulated the outcome of a prop bet to defraud a gambling company. Prosecutors charged five other defendants – Timothy McCormack, Mahmud Mollah, Long Phi Pham, Shane Hennen and Ammar Awawdeh – in the brazen scheme.

The government recommended a prison term of 41 months to 51 months for McCormack, whose sentencing is scheduled for January. McCormack and two other defendants conspired to place “under” bets on Porter’s performance in two games during the 2023-24 NBA season, resulting in profits of $33,250 and $36,000 from the wagers.

Joseph Nocella, interim US Attorney for the Eastern District of New York, stated at a press conference last month that Porter may have been a victim of extortion. In a 2024 complaint, prosecutors accused Awawdeh of pressuring an NBA athlete, referred to in court records as “Player 1”, to extinguish his gambling debts. It was suggested the player could reduce the debts by leaving several games prematurely to secure the outcomes on the prop bets.

The Nevada Gaming Control Board reported on Tuesday that the state reaped $1.35 billion in gross gaming revenue in October, a 5% increase year-over-year. The Strip came roaring back from a September decline to post GGR of $748 million, an 8% jump YoY.

Through the first four months of the fiscal year, the Strip is +3.3% above its pace of a year ago. America’s gambling capital is now on track for its fourth YoY gain in the last five fiscal years.

Despite the uptick in revenue, tourism numbers for October were lacklustre again. The Las Vegas Convention and Visitors Authority reported that citywide visitation slid 4.4% to 3.4 million for the month. That continues a streak of 13 months without a YoY visitation gain of more than 1%.

The Strip was down in all of its metrics, including total occupancy (-2%), average daily rates (-5.5%) and revenue per available room (-7%).

Convention attendance, driven in part by the industry’s annual Global Gaming Expo, was up 8% YoY to 603,600. Yet that too was perhaps underwhelming in the sense that it was markedly lower than 2023 (640,000) and 2022 (628,000).

Baccarat again powers success on the Strip

From a business perspective, the Strip has been heavily reliant for many months on boom-or-bust baccarat performance to help mask other declines.

Such was the case in October – Strip casinos won $116 million on the game, an eye-popping 69% gain from last year. For context, that one total is more than any other market reported as a whole except for the Las Vegas locals segment.

The vacillating performance of the game is illustrated by the fact that the Strip is +20% on baccarat in the past three months but just +2% in the past 12. October’s strong table game performance was enough to overcome a 2.3% decline in slot revenue, a rarity for the market.

Table games consultant Bill Zender explained that the amount of money being wagered on baccarat is what actually makes for the up-and-down performance. The gameplay itself is “pretty level”, he said, in the sense that it is mostly one-to-one or one-to-0.95 payouts versus high-multiple payouts and side bets that are possible in other games like blackjack, craps and roulette.

“Baccarat is not really a volatile game,” Zender told iGB. “What makes it volatile is the amount of money wagered on it. I think, for the bigger players, they have to be going in excess of $100,000 max bet in some of the bigger clubs.”

That dynamic would fall in line with overall Las Vegas tourism and revenue trends of bringing in fewer players but making more from them.

F1 race arrives at time of need for Las Vegas tourism

This past weekend, Formula One (F1) fans flocked to southern Nevada for the third instalment of the Las Vegas Grand Prix, which resulted in another dominant win for Red Bull’s Max Verstappen. Verstappen has won two of the three Las Vegas races and managed to climb even higher up the F1 season standings after McLaren drivers Lando Norris and Oscar Piastri were disqualified post-race for car-related violations.

Gaming stakeholders were counting on a boost from the third annual race after seeing a significant stepdown in economic impact from year one to year two. The first race generated an estimated $1.5 billion in impact, as opposed to just under $1 billion last year, though the first year was boosted by infrastructure costs paid by F1 parent Liberty Media.

LVCVA CEO Steve Hill told the Las Vegas Review-Journal after this year’s race that he expects the event to post “at least” $1 billion in impact.

MGM CEO Bill Hornbuckle thanked local residents for their patience in dealing with construction and noted there are more issues still to be resolved. Still, he stressed how important the international event has become for Las Vegas tourism, especially during what was previously among the slower weekends of the year.

“Obviously for our high-end guests and our high-end corporate partners, it pays off,” Hornbuckle told the Review-Journal. “We’ve been at this now for our third year, and we did invest a lot of money in what I call our big erector set out front here (of the Bellagio), so it takes a couple of months to bring up and take down. But it’s all worth it. It may seem for three days that it’s kind of crazy, and it is, but it is all worth it, I can promise you.”

US District Judge Andrew Gordon’s ruling on Tuesday rejects Kalshi’s argument that its Commodity Futures Trading Commission registration shields its markets from state oversight. He found that the company’s reading of the Commodities Exchange Act would pull sports betting nationwide into federal derivatives jurisdiction and “upset decades of federalism” in gaming law.

Kalshi anticipates appealing the decision.

“We respectfully disagree with this decision,” a Kalshi spokesperson said in a statement Tuesday. “As other courts have recognised, Kalshi is a regulated, nationwide exchange for real-world events and it is subject to exclusive federal jurisdiction.

“It’s very different from what state-regulated sportsbooks and casinos offer their customers. We are evaluating the decision and anticipate making an appeal to the Ninth Circuit.”

Gordon initially granted Kalshi a preliminary injunction in April. During a lengthy hearing earlier this month, he hinted the reversal was likely.

Tuesday’s decision sharpens a growing split among courts in Nevada, New Jersey, Maryland and California over whether prediction markets are bets or financial products, increasing the odds that the Supreme Court will ultimately have to decide how far federal commodities regulation can preempt state and tribal control of wagering.

Nevada’s new Kalshi ruling

Nevada gaming regulators sent Kalshi a cease-and-desist order in March, causing Kalshi to seek an injunction to prevent regulatory action. Regulators argue Kalshi’s event trading products constitute gambling and aren’t permitted since it does not hold a Nevada gaming licence. Kalshi argues that its registration with the CFTC allows it to offer its event contracts nationwide.

“Kalshi relies on a strained reading of the already convoluted Commodities Exchange Act in an attempt to evade state regulation,” Gordon’s order reads. “Kalshi’s interpretation would require all sports betting across the country to come within the jurisdiction of the CFTC rather than the states and Indian tribes. That interpretation upsets decades of federalism regarding gaming regulation, is contrary to Congress’ intent behind the CEA and cannot be sustained.”

After Gordon’s initial Kalshi ruling this spring, he did not grant a similar injunction to Crypto.com in October. He questioned whether Kalshi’s products qualify as derivatives, as it argues under its CFTC regulation.

“Kalshi has raised serious questions about how to properly interpret the statutory language, to divine congressional intent and to resolve the tension between what constitutes state-regulated gambling versus federally regulated derivatives,” Gordon’s order reads.

Nevada sets prediction markets lawsuit pace

Following Gordon’s initial injunction ruling in April, a New Jersey judge also granted Kalshi a preliminary injunction. Thirty-four state attorneys general sent a brief to support New Jersey’s case against the company. In Maryland, a judge denied Kalshi’s request for an injunction against the state regulator. Both of those cases are under appeal.

Earlier this month, Kalshi secured a significant win in California when a judge denied a motion from tribal parties seeking to prevent it from operating on tribal land. The judge ruled that the CFTC regulation means prediction markets do not qualify as bets and therefore do not violate the Indian Gaming Regulatory Act. In Wisconsin, the Ho-Chunk Nation has filed a similar lawsuit trying to prevent Kalshi from offering its products on tribal land.

There are multiple additional court cases involving Kalshi ongoing, including in New York, Massachusetts and Ohio. A Massachusetts court will hold a hearing on 9 December.

In addition, other states have sent cease-and-desist letters to Kalshi.

Meanwhile, state regulators are also warning sportsbook operators that their licences could be in jeopardy if they launch prediction market products. Those warnings came as operators including DraftKings and FanDuel prep prediction markets for launch.

In total, consumers in Ontario spent CA$9.25 billion (US$6.56 billion) on iGaming last month. This beat the previous record of $8.55 billion, set in September, by 8% and surpassed the prior October’s total spend by 24%.

Data from iGaming Ontario showed online casino games remain the most popular form of iGaming among Ontarians by some margin. Players spent $7.89 billion in total, which accounted for 85% of the entire market.

Internet sports betting drew $1.23 billion in wagers, or 13% of the overall spend and 16% more than September. However, online poker wagers dipped 9% month-on-month to $131 million in October.

Ontario iGaming revenue surpassed $360 million

Turning to revenue, non-adjusted gross revenue from iGaming during October was $367.7 million. This was 9% more than the previous record of $338 million in May 2025.

October’s total was also up 38% up year-on-year and 12% ahead of September this year,

Revenue from online casino topped $303.8 million, up 9% from September. Sports betting revenue climbed 25% month-on-month, while online poker revenue was 10% higher at $5.6 million despite a fall in spending.

iGaming Ontario also reported that active player accounts for the month totalled 1.3 million, up 9% from September. Average revenue per player account edged up 2% to $286 for the month.

FanDuel, BetMGM, Bet365 and BetRivers are among the major operators active in the province.

In its pre-budget preparations, which included a Select Committee meeting with industry stakeholders and think tank representatives, the Treasury has raised concerns around parts of the UK sector being based offshore in hubs like Gibraltar and Malta.

During its meeting in October, the committee probed Betting & Gaming Council CEO Grainne Hurst and Tax Committee Chair Stephen Hodgson on why many UK-facing gambling firms maintained an offshore presence.

The committee’s suggestion was that companies were based offshore to avoid corporation tax in the UK. But Hignett explains the reasoning is much more nuanced.  

“There’s a history as to why different parts of the industry are offshore and some are onshore, which needs to be understood to sort of realise how we got here,” says Hignett.

“They’re there for reasons that are well explained,” he adds. Hignett notes that operators have flitted between having offshore and onshore bases for years, to ensure they can compete on equal footing.

Dynamic regulatory environment

Additionally, in the UK remote gambling was illegal until the 2005 Gambling Act came into force in 2007. During this period mobile and online betting was increasing in popularity and operators remained or returned offshore to leverage this opportunity across Europe.

“If you’re an operator in 2007, the question is ‘Why would you come onshore voluntarily, when all of your competitors remain offshore?’ You’re volunteering to pay a whole load of taxes that’s just going to put you at a massive competitive disadvantage,” Hignett tells iGB.

“I can tell you about some of the musings of the Court of Appeal, in particular income tax cases where they look at gambling companies that have gone offshore and said, ‘We kind of understand why you went offshore, because everyone else had gone offshore, and therefore you would be the only people paying duty in the UK when the rules were like that’. So they were pretty sympathetic of that.”

But the Treasury has made some progress in better understanding the sector, he suggests. “You can see that in the differences between the Treasury Select Report and the rather blunt [gambling tax] consultation earlier in the year. But I think they’ve got a way to go to really understand those differences,” Hignett says.

A long way since the consultation

The consultation was launched in April by the Treasury, requesting stakeholder feedback on the current three-rate, profit-based tax system for operators. The initial report hinted at consolidating the three rates into one single rate across all verticals.

But stakeholders largely objected to this idea, as it would raise betting duty from 15% to 21%, in line with Remote Gaming Duty. This could hugely impact, and possibly decimate, the retail betting and horse racing industries.

Various other policies were then suggested by think tanks, including increasing remote gaming duty to 50%, and machine games duty from 20%. But we won’t know which the government has settled on until Wednesday’s budget session.

“If anyone has the ability to sort of shoulder an increase in tax, it’s probably not various people within the general betting duty camp — you know, the high street shops, particularly bookmakers, who are taking bets on horse racing, where they’ve got to pay the levy as well,” Hignett reflects on the initial consultation.

“The industry reacted badly to this consultation, thinking it wasn’t a very good idea, because I think it was based on a false premise, which was essentially, because various types of gambling can be consumed online they must be sufficiently similar, and therefore we can merge them all together.”

Taxes on high-risk verticals in the UK

In its report following the Select Committee meeting, the Treasury has advised the government to consider increasing the tax for high-risk verticals, like online casino.

“I think they are on a journey and I think they’ve probably got a way to go, because what we’re looking at is a very complex ecosystem,” Hignett says of the committee’s meeting and subsequent findings.

“The Treasury select interview process was really interesting because it was meant to be all about gambling tax policy,” he adds. “And most of the questions that were being thrown, particularly of the BGC, were more regulatory-related questions and around gambling creating social ills. I think everyone accepts that. That’s why it’s regulated, to try and make sure we can control that.”

When could a new gambling tax policy come into force?

On the timeline for a potential gambling tax hike, Hignett says the chancellor has a choice on when to introduce a new policy that is announced during the budget.

“She will either bring them into effect from midnight of Budget Day or from the beginning of the next financial year. If it’s a transactional tax, like capital gains tax or a tax on transactions like stamp duties, rate rises often take effect from midnight.

“For the types of gambling duty that we have been talking about, rate rises often take effect from the start of the next financial year (this is what happened when RGD was increased from 15% to 21%, with effect from 1 April 2019). As regards rule changes (rather than just rate changes), these will typically come into effect on a date prescribed in the Finance Act that enacts those rule changes.”

He says a date for operators to formally change their systems could be included in the budget speech.

The Federal Revenue Service in Brazil published its monthly tax update on Monday. The BRL1.09 billion figure was 9.4% lower than the BRL1.21 billion generated in September.

However, it did take the total market tax contribution to BRL7.95 billion for the year. This is the latest indicator the market has reaped sizeable financial benefits since regulation launched in Brazil on 1 January.

Brazil government set to vote on tax increase on Wednesday

The tax situation for the regulated Brazil betting sector could change imminently, with a vote scheduled on Wednesday for the current rate to be doubled.

Currently, the tax rate on GGR stands at 12%. However, operators have to pay a number of other taxes, meaning their overall rate is in excess of 40%.

The Senate’s Economic Affairs Committee is expected to vote on PL 5,473/2025 on Wednesday, with the bill doubling the tax rate to 24%.

If it is approved the bill will go straight to the Chamber of Deputies, unless an appeal is made for the Senate plenary to vote on it.

The bill is facing opposition, however, with a previous vote postponed reportedly due to the Chamber of Deputies President Hugo Motta stating the proposal would fail to have the required support to pass.

Brazil government intent on hiking gambling taxes

With an election looming next year, President Lula’s administration appears determined to increase gambling taxation as it seeks to hit its fiscal targets.

The government recently faced a major setback when its provisional measure proposing a 50% hike in gambling taxes failed.

According to Brazilian iGaming analyst Elvis Lourenço, this defeat has triggered renewed and increasingly urgent efforts by the administration to push tax rates even higher.

“That’s the main reason that they struck back so fast, because it was embarrassing for them,” Lourenço, managing partner of EX7 Partners, previously told iGB.

“This becomes an election agenda, because this is good for the audience and the public to get votes because we are a conservative country in some ways. So, to put this on their agenda, ‘we increase the taxes of the billionaires, of the gambling world’, it is good for the speech of the actual government.”

Lourenço warns that doubling the current tax rate would be an “insane” decision, one that could jeopardise the regulated market.

Data from ATG placed channelisation at between 74% and 85% for the third quarter of 2025. This was ahead of the 70% to 82% range the operator reported in the same period last year.

The upper end of the estimate also lined up with the 85% rate stated by Spelinspektionen for all of 2024. The regulator published its estimated rate in September, placing it behind the 86% figure of 2023.

However, both the latest ATG rate and Spelinspektionen’s estimate for 2024 fall short of the government’s channelisation target of 90%. This was set in 2019 when the country opened its regulated iGaming market.

Sports betting channelisation continues to lead casino

The 74% to 85% range stated by ATG covers the entire online gambling sector. However, when this is broken down, a clear gap remains between online casino and sports betting.

Assuming average revenue per visit (ARPV) was 10 times higher for unlicensed operators, the overall rate was 85%. However, sports betting scored higher at 90% whereas casino came in lower at 79%

Should ARPV be raised to 20 times higher for unlicensed operators, the overall rate was set at the bottom end of the range for 74%. Based on the same assumption, sports betting rate was 82% and online casino 65%.

All rates, however, have shown constant improvement since “bottoming out” early last year. In Q1 of 2024, online casino channelisation was estimated as low as 56% based on ARPV being 20 times higher for unlicensed operators. Sports betting was around 77% and overall market rate 67%.

Unlicensed website visits down in Q3

Visits to unlicensed websites have also been on a steady decline since Q1 last year, the ATG report said. The proportion of visits to unapproved sites stood at 2.3%, compared to a peak of around 3.4% in Q1 2024.

As for which unlicensed websites are most popular with Swedish players, Infiniza Limited owned the top three. Unlimitcasino.co led the way in Q3 with 174,391 total visits, ahead of Luckyjungle.com on 144,992, then Refuelcasino.com with 139,097 visits.

Of the 20 most visited, unlicensed websites, ATG said 16 offered games from leading content providers. The operator also noted eight offered direct deposit and withdrawal from Swedish bank accounts with BankID via payment technology company Krofort.

In addition, three of the top-20 sites featured on the Spelinspektionen’s prohibited list.

ATG CEO reiterates call for bonus ban

Hasse Lord Skarplöth, CEO of ATG, welcomed the rise in channelisation and downward trend in unlicensed website visits. However, he said more must be done to tackle illegal gambling in Sweden.

“It is pleasing to see a positive trend,” Skarplöth said. “The work against unlicensed players is starting to have an effect.”

He also referred to ATG’s joint proposal with Svenska Spel for a blanket ban on bonuses in the country’s iGaming market. This has drawn criticism from some quarters, including BOS, Sweden’s Trade Association for Online Gambling, that such a move could push players to illegal gambling.

However, Skarplöth maintained that if efforts are increased to block unlicensed websites, it will create an even safer online gambling environment for players in Sweden.

“I have long advocated a total bonus ban,” he said. “I am often met with the argument that it would drive players to the unlicensed market where bonuses flow. But if we succeed in strangling unlicensed gaming further, that protest will lose its force.”

Following uproar over a proposed policy change that would have allowed student-athletes to wager on professional sports, the NCAA reversed the decision last week. After a procedural 30-day period, two-thirds of Division I member schools voted to rescind the rule change.

In a separate release, the NCAA Committee on Infractions announced betting violations involving three individuals who have been connected with the Temple men’s basketball programme, including former guard Hysier Miller. According to the findings, Miller placed 42 impermissible wagers on Temple basketball, including three against his own team.

Miller, Temple’s leading scorer in the 2023-24 college basketball season, has been declared permanently ineligible by the NCAA.

A policy reversal

Last month, SEC Commissioner Greg Sankey wrote a letter to NCAA President Charlie Baker urging him to rescind a policy change intended to allow student-athletes to bet on professional sports, while keeping college wagers off limits. Days earlier, the NCAA’s Division I cabinet had approved the modification, which received support from management councils in Division II and Division III. In the end, other schools joined Sankey and SEC schools in undoing the planned change.

Sankey’s letter had informed Baker that the majority of SEC university presidents and chancellors at a 13 October meeting reached a consensus that the rule change represented a shift in the wrong direction. Sankey’s letter was dated 25 October, two days after Brooklyn federal prosecutors announced charges against 34 defendants in a joint sports betting-illegal poker investigation that involved NBA participants.

Charles Barkley, now a broadcaster for ESPN, had not been shy expressing his views about the NCAA’s planned policy change, describing it as foolish. Another broadcaster, CBS Sports sports betting expert Todd Fuhrman, also took exception with the change, telling iGB that it creates a “slippery slope” for further issues down the road.

The proposed policy change apparently stemmed from legal complexities surrounding an Iowa collegiate betting investigation in 2023. More than two dozen student-athletes faced criminal charges over betting, including then Iowa State quarterback Hunter Dekkers. During an investigation by the Iowa Division of Criminal Investigation, state authorities used technology from a geofencing company without a warrant. The practise raised legal and privacy questions, leading to the dismissal of some of the charges.

The issue of betting by collegiate athletes is not the only hot gambling topic the NCAA has been dealing with. Over the last two years, Baker has barnstormed the nation in an attempt to convince lawmakers to issue a blanket prohibition on college player props. Earlier this month, Baker applauded the NFL’s own efforts to work with regulators and sportsbook operators on efforts to limit prop bets that are vulnerable to manipulation.

Attorney: No evidence of point shaving in NCAA probe

The NCAA, meanwhile, released details of an investigation connected to participants in Temple’s programme, most notably Miller.

Over a two-year period through 2 March 2024, Miller placed a total of $473 in wagers involving his former team, an NCAA investigation found. Miller interviewed with NCAA enforcement staff and admitted to placing bets on Temple men’s basketball games but did not recall betting against the team, the NCAA wrote in a statement. The window closed several days before a Temple-UAB matchup that drew scrutiny due to the rapid movement of the betting line in the hours leading up to the game.

He never placed a standalone bet on Temple men’s basketball games, the NCAA’s investigation determined. Rather, Miller’s wagers were all individual components of several larger, multi-leg parlays. On Friday, ESPN reported that the wagers pertained to a 22 November 2023 game against Mississippi, as well as an 8 February 2024 game against Memphis.

A source, who spoke with iGB on the condition of anonymity, confirmed Miller’s wagering patterns on the contests. Miller appeared to bet small amounts on the three wagers, with none exceeding $20.

Before the Ole Miss contest, a 77-76 win by the Rebels, Miller wagered $6 on a 12-leg parlay with a regulated sportsbook. Miller went 7-of-21 from the floor for 21 points, considerably above his 15.9 per game average. Mississippi closed as a 3.5-point favourite  but led at halftime by five to cover the first-half line.

The guard also bet against the Owls on a $12, 10-leg parlay that included the Memphis matchup. Finally, he took Memphis on the same night as part of a $5, 7-leg parlay. Miller finished 4-of-15 for 12 points in an 84-77 loss to the Tigers.

Bet structure anathema to point shaving

One view of the patterns is that it may not be indicative of point shaving since the wagers contained numerous games, beyond ones involving the Owls. Because the multi-leg parlays required outcomes outside of Miller’s control, the structure of the wager undercuts the likelihood of a potential payout.

A single wager on a fixed outcome, such as allegations that NBA player Terry Rozier prematurely left a game to guarantee a result, usually clinches a financial reward. An instance of alleged match fixing as part of a larger parlay does not.

“The key takeaway here is the NCAA found no evidence that Hysier shaved points,” Miller’s attorney, Jason Bologna, told iGB. “The NCAA conducted a long and thorough investigation before reaching that conclusion.”

Rozier, a former Charlotte Hornets guard, is facing federal charges in connection with alleged match manipulation in 2023.

Others from Temple involved

Besides Miller, the committee’s Temple investigation found that Camren Wynter and Jaylen Bond also made impermissible wagers while on the Owls’ staff. Wynter, a former special assistant to head coach Adam Fisher, is accused of making at least 52 impermissible bets for approximately $9,642.

Bond, a former Temple graduate assistant, placed 546 impermissible bets totaling approximately $5,597, according to the committee. The wagers included roughly $200 in bets on college football and basketball. Neither Wynter nor Bond were accused of betting against Temple.

Bologna added that Miller gave the NCAA full access to his cellphone and bank account and answered every question posed to him.

“He admitted to placing parlay bets, but he denied shaving points in any game, and the NCAA’s findings confirm that they accept Hysier was honest and cooperative with their investigation,” Bologna wrote.

Miller has not been charged criminally in the matter. Over the summer, multiple outlets reported that the US Attorney’s Office for the Eastern District of Pennsylvania had launched an inquiry into alleged point shaving in college basketball.

When reached by iGB, a spokesperson for the district declined comment. As of Monday, a grand jury in the district has yet to issue any indictments in the matter.

Roque was once the official spokesman for former Philippine president Rodrigo Duterte. As an attorney, he provided legal counsel to Lucky 99 South, a Philippine Offshore Gaming Operation (POGO) in Porac, Pampanga. He represented Cassandra Li Ong, purported head of the facility, in her dealings with the Philippine Amusement and Gaming Corp (PAGCOR).

President Ferdinand Marcos Jr banned POGOs in July 2024 following reports that they engaged in online romance and crypto scams, often powered by forced labour. A raid of the Pampang facility freed about 150 foreign and Filipino workers. They said they faced beatings when they failed to meet daily quotas. Some rescued workers displayed signs of physical abuse. Police found one victim handcuffed to a bedframe.

In October 2024, the Presidential Anti-Organised Crime Commission charged Roque with qualified human trafficking at the Pampang POGO. The fugitive, claiming political persecution, is seeking asylum in the Netherlands.

Stiff penalties under expanded anti-trafficking law

If tried and convicted, Roque faces severe penalties. Last week, disgraced “POGO mayor” Alice Guo was convicted of running a POGO in Bamban, Tarlac. Guo was elected mayor of Bamban in 2022 and removed when the POGO allegations surfaced. She then slipped across the border and eluded capture for several months until September 2024, when she was arrested in Jakarta.

Investigators say Guo is not Filipina but a Chinese national who used a phony birth certificate to run for mayor. She reportedly used Chinese money to fund the Bamban POGO.

On Friday, the Pasig City Regional Trial Court found Guo guilty of the same charge lodged against Roque: qualified human trafficking. She was sentenced to life in prison. The court ordered her and seven co-defendants to pay fines of PHP2 million (US$34,000) and compensate several trafficking victims.

It was the country’s first conviction under expanded anti-trafficking laws that allow the government to prosecute people who “organise and direct others” to enslave workers.

“We can implicate people who, even if they were not the ones who physically hurt, recruited or exploited the trafficking victims themselves,” Justice Undersecretary Nicholas Ty told the Philippine Inquirer.

To limit Roque’s movement, the government has cancelled his passport.

Roque says Philippines out to ‘pulverise’ critics

In remarks to Politiko.com, Roque said he is beyond the reach of the Philippine government.

“An Interpol red notice … does not override a receiving state’s obligations under refugee and asylum law” he said. “The protections that follow from my pending asylum claim remain in force.

“I will continue to assert the protections that international law grants to asylum seekers,” Roque continued. “And I will use every legitimate legal channel to present evidence, seek accountability and defend my professional reputation.”

He said the charges against him “stem from long-running efforts by this administration to silence and to ‘pulverise’ critics”.

Allwyn and UK National Lottery set for Christmas

Allwyn has launched a new scratchcards campaign for the UK National Lottery for the 2026 festive season.

The fully integrated campaign focuses on how scratchcards can help bring people together at Christmas. This includes playing Musical Scratchcards at the dinner table and other games in a variety of settings.

The campaign has gone live in the week that the National Lottery also celebrates its 30th anniversary.

“Christmas is all about shared moments, many times involving games and a healthy dose of competitiveness,” said Steve Parkinson, brand and marketing director at Allwyn. “Scratchcards are all about adding some fun and excitement – so are the perfect thing to bring along to festive gatherings.”

LeoVegas scores Valletta FC deal

LeoVegas Group has entered into a partnership with Malta Premier League football club Valletta FC.

LeoVegas will serve as the team’s exclusive online gaming partner for the 2025-26 and 2026-27 seasons. The deal includes match kit sleeve branding for the men’s squad.

Other aspects of the agreement include visibility across all club facilities such as the training grounds and the matchday fanzone. LeoVegas branding will also appear on the squad’s training bags.

“Our Group has considered itself a partly Maltese company almost since its inception,” said Stefan Nelson, LeoVegas Group CFO and Malta managing director. “We are thrilled to collaborate with the capital’s club to create exciting opportunities for fans, employees and future talent alike.”

William Hill launches Racing Bet Builder

William Hill has announced the launch of its Racing Bet Builder product in the UK and Ireland.

Bettors can combine multiple selections from the same race into one customised bet. This will be the first time an option like this will be available to customers.

Same-race bets include horses to finish in the top three, beat one another, exact finishing positions, betting without runners, and winning distance.

“Our customers have been asking for more customisable ways to bet on racing,” said Mark Howarth, William Hill’s director of racing. “We’re delighted to deliver this fantastic product.”

Swintt to expand Italian offering

Swintt has announced plans to extends its offering in Italy following early success in the country’s iGaming market.

The software provider entered Italy in October via an exclusive partnership with Eurobet.it. This included an initial roll-out of content such as Pirates Pledge Hold & Win, Battle of Myths, Supa Crew, Wizardz World and Crystalium.

Swintt will now seek approval from the regulator to roll out a second round of releases from Elysium Studios on the Italian platform. Additional games may include A Hopping Kiss and Enigma of Egypt.

David Mann, chief executive officer at Swintt, said: “Having only launched with Eurobet.it at the end of October, we’ve been really encouraged by the reception our Elysium Studios titles have received from Italian players, and work is already under way to roll out our next round of releases.”

Stakelogic eyes engagement with mini games

Stakelogic has launched five new mini games with a focus on player engagement and instant-win excitement.

Golden Kick, Mouse on the Run, Gold Pick Legend, Flip N Win and Tiki Tiki Twist are all now available from Stakelogic.

The developer said the collection blends “simple play with high engagement”. This, it added, gives players something “compelling” to dip in and out of between longer sessions.

James Jelliffe, head of slots at Stakelogic, said: “This latest collection showcases just how much personality and excitement can be delivered in short-form play. We’re excited to see them live across our operator network.”

The suspension is effective immediately and covers the operator’s remote and non-remote betting licences. London-headquartered Deadheat has held both licences since January 2015.

The regulator noted the suspected failures were “key considerations” in its decision to suspend these licences.

“The review and consequent suspension follow concerns that activities have been carried out in a manner which is inconsistent with the licensing objectives, not in accordance with conditions of their licence and that the licensee may be unsuitable to carry on the licensed activities,” the commission said.

“We have made it clear to the operator that during the suspension, we expect it to focus on treating consumers fairly and keeping them fully informed of any developments which impact them.”

James Grassi and Antony Komui are listed as company directors at Companies House, and both have been in their roles since April 2012. Christos Symeon also started out as a director at the same time but resigned in August 2019.

Gambling Commission continues clampdown on rule-breakers

Deadheat is the latest operator to have been targeted by the commission. The regulator has made a series of announcements regarding suspension and fines in recent weeks.

Days ago, Videoslots was fined £650,000 for breaching several regulations AML and social responsibility. NetBet was also ordered to pay £650,000 earlier in November, again due to AML and social responsibility failings

Elsewhere, the commission suspended Spribe OÜ’s software licence in October for failing to comply with hosting requirements. The commission said this was due to “serious” non-compliance. At the time the supplier said it was applying for the relevant hosting licence immediately and expected to be back up and running within a few weeks.

Under the deal, the financial terms of which were undisclosed, the Goma team will operate as a standalone unit. The business will run side-by-side with the existing EveryMatrix front-end division.

EveryMatrix said the acquisition will strengthen its front-end capabilities across casino and sports betting. This, it added, will focus on improved customer experience and a wider range of alternatives for its clients.

Launched 20 years ago, Goma Gaming has worked with tier-one operators in markets around the world. Current and existing clients include Betsson, with Goma supporting its launch in the French market.

According to Goma, operators that partner with the company generate higher retention and longer engagement, with an average 30% margin uplift.

EveryMatrix to accelerate ‘rapid’ business growth

EveryMatrix Group CEO and co-founder Ebbe Groes said the acquisition will support the group’s ongoing growth plans. He said the addition of Goma and its expertise will “further accelerate” business growth for EveryMatrix.

“Our front-end development has made huge strides, creating bespoke sites and features for some of our largest customers such as Bet-at-home and the Hungarian Lottery,” Groes said.

“The addition of Goma means we will immediately have more front-end firepower to deploy and deliver to both existing and new sports and casino turnkey customers who require differentiation that moves the dial when it comes to higher retention, engagement, margin and revenues.”

Andrew Brown, CEO of Goma, also talked up the deal. He said it will allow the company to work with more operators active across the EveryMatrix network.

“We’ve made great progress developing Goma in the last five years,” he said. “But joining the EveryMatrix Group now means we have greater resources to rapidly scale our capacity whenever it’s needed and to make an even bigger impact.”

Another new addition for EveryMatrix

The acquisition follows EveryMatrix striking several other deals in 2024. These included the purchases of UK-based betting and iGaming platform FSB in July 2024 and the purchase of Fantasma Games later that year.

With FSB, EveryMatrix said its full end-to-end turnkey solutions, including its player account management software and horse racing products, would enhance its OddsMatrix platform.

As for Fantasma Games, this focused more on content. Fantasma titles were made available to its network of more than 250 operators including Paddy Power, Betsson, LeoVegas and DraftKings.

EveryMatrix also recently made changes at the top for its management team. Earlier in November, the group announced Jonas Groes will become co-CEO with effect from 1 January 2026.

Groes, brother of Ebbe Groes, will bring experience from across technology, finance and policy, having spent over 11 years with EY. This includes the past nine and a half years as a partner in the business’ Nordic Consulting practice.

He also worked for the European Regions Research and Innovation Network, the South Denmark European Office and in local government Denmark. In addition, he has chaired Management Rådgiverne, a Danish organisation for management-consulting businesses, for the past two and a half years.

Gross gambling revenue in Pennsylvania from all types of commercial gaming reached $597 million in October, according to the Pennsylvania Gaming Control Board (PGCB). This surpassed the same month last year by 20.2% and was 11.4% higher than this September.

While record iGaming revenue was the headline figure in the month, the sports betting haul also turned heads. This followed a disappointing September when sports betting revenue fell to a six-month low.

Pennsylvania iCasino revenue jumps 32.8%

Starting with online casinos, revenue in this segment was 32.8% higher year-on-year. It was also a new state record, surpassing the previous all-time high – $238.2 million in March 2025 – by 5.4%.

Of this, $190.8 million came from online slots, 35.5% ahead of the previous year. Internet table games revenue climbed 25.7% to $57.7 million and online poker revenue was 13.6% higher at $2.5 million.

Hollywood Casino at Penn National Race Course and its online gaming partners again led the market. Their monthly revenue reached $98.7 million, up 42.2% from last year.

Valley Forge Casino Resort and partners remained second with $71.4 million, 37.5% ahead of October 2024. 40.8%. Rivers Casino Philadelphia completed the top three with $38.2 million, an increase of 15%.

Pennsylvania was not the first state to report record revenue from the online sector in October. Both New Jersey and Michigan saw revenue reach new heights during the month.

Record handle drives sports betting recovery

Turning to sports betting, revenue more than doubled year-on-year during October to $60.7 million. This included $56.2 million from online betting and a further $4.5 million from retail sportsbooks across Pennsylvania.

This was helped by player spending reaching a record $968.5 million. This beat the previous high of $935.5 million in November 2024 and was ahead of October last year by 9%. Last month, $926.1 million was bet online and $42.4 million at retail locations.

As such, monthly hold for the state stood at 6.27%.

Looking to operators, DraftKings and Hollywood Casino at the Meadows climbed into top spot in October by posting $21.8 million off a $300.1 million handle, resulting in a 7.26% hold.

FanDuel and Valley Forge Casino Resort, which typically lead, slipped to second. With $18.2 million in revenue from $357.6 million in bets, this left a hold of 5.09%. BetMGM and Hollywood Casino Morgantown remained third with $4 million off a $59.6 million handle for a hold of 6.71%.

Land-based slots remain king in Pennsylvania

While expansion within the iGaming market shows no signs of slowing in Pennsylvania, land-based slots remain a key source of gambling revenue. In October, revenue in this sector was 1.4% higher year-on-year at $203.5 million.

Retail table games revenue edged up 3% to $76.1 million but video gaming terminal dipped 1% to $3.5 million. The PGCB also noted a 1.1% drop in sports fantasy contest revenue to $2.1 million.

In terms of tax for state and local governments, $252.3 million was collected during the month. Of this, online casinos provided $112.7 million, sports betting $21.8 million, land-based slots $102.8 million and retail table games $12.8 million.

He was referred to as a “bad actor”, an “AML wrecking ball” and even a “semi-wannabe gangster” at one point. Regardless, he is quickly running up the list of the most infamous figures in the history of Las Vegas.

With the approved fine, Caesars became the third Las Vegas entity to face AML fines in connection to Bowyer this year, joining MGM Resorts and Resorts World Las Vegas. This $7.8 million penalty ranks third among them, with MGM paying $8.5 million and Resorts World paying $10.5 million for similar AML offences.

In all three cases, Bowyer was allowed to frequent casinos for years despite the entities having at least suspicion of his workings as an illegal bookmaker, suspicions they sometimes shared. Bowyer was ultimately sentenced to one year in federal prison in August. The five-count complaint against Caesars connected Bowyer to Caesars Palace, Harrah’s Resort Southern California and Harveys Lake Tahoe (now Caesars Republic Lake Tahoe).

Caesars Chairman Gary Carano made a rare public appearance before the commission Thursday. His father, Donald Carano, was a legendary Nevada gaming attorney and executive. But the younger Carano had the unpleasant task of taking accountability for the company’s shortcomings.

“On behalf of Caesars, our employees, our entire leadership team, our board of directors, I sincerely apoligise for our role in the Bowyer incident and the impact it had on the gaming industry of the state of Nevada,” Carano said.

How regulators calculated Caesars fine for Bowyer

With three cases now centring on the same individual, it is difficult for regulators to avoid making comparisons. Caesars received the smallest fine of the three, potentially implying that its transgressions were the least egregious. But officials were far from agreed on that idea, and their disagreements were perhaps indicative of the added scrutiny and criticism the scandals generated.

Before the commission heard from Caesars, Nevada Gaming Control Board Chairman Mike Dreitzer explained why and how the board negotiated the proposed $7.8 million fine. According to the board’s investigation, Bowyer frequented Caesars properties from 2017 to January 2024. The company knew Bowyer had been banned from other casinos and categorised him as “high risk” for five years before banning him, which only came after federal authorities raided his home.

Caesars won a total of $2.6 million from the bookie, Dreitzer said, so the fine represents a tripling of that. This was done to quell any notion of Caesars still ending up with a net gain from Bowyer. But in reference to the MGM and Resorts World cases, Dreitzer asserted that Caesars’ conduct was the least offensive.

“Here, we do have the conduct occurring over a significant period, certainly, seven years,” Dreitzer said. “However, it’s important to state that there is no evidence of any Caesars employee engaging in any intentional conduct. This was a case of systematic negligence that led to this complaint, and that stands in contrast to other matters that this commission has previously heard where there have been bad actors who have acted intentionally within the employ of the licencees in question.”

‘One bad actor’ vs ‘systematic negligence’ for Caesars

Dreitzer’s comments proved to be a point of debate among commissioners. While MGM was not named specifically, much of the disagreement appeared to center around its conduct as opposed to Caesars’, as the former’s fine was higher. Commissioner Rosa Solis-Rainey was the most notable detractor, and later cast the lone vote against the settlement.

“I see some similarities and some differences between this case and others that we’ve handled recently,” Solis-Rainey said. “Some of the differences are more egregious, in my mind, than what we saw previously.”

In the case of MGM, Solis-Rainey noted that “a bad actor” was at fault for intentionally contravening AML protocols, which she felt mitigated MGM’s culpability as a company. This might have been a reference to Scott Sibella, the now-banned executive featured in both the MGM and Resorts World cases. Caesars, meanwhile, could be seen as more at fault given that it does not have a specific person to blame.

“I think it’s worse in [Caesars’] case where the programme worked, [Bowyer] was reported to the AML officer, and nothing was done,” she said.

Commission Chairwoman Jennifer Togliatti was more aligned with Dreitzer, saying she felt the fine was “placed appropriately on the spectrum of fines that this commission has imposed” so far this year. She noted the stipulations included in the settlement, Caesars staff changes and the effort of the board to negotiate the fine as reasons for supporting it.

“I don’t know that it’s more egregious, necessarily, I think it’s different,” Togliatti said.

Commissioners Brian Krolicki and George Markantonis, both of whom have become increasingly irritated at the volume of AML cases, sounded exasperated in their comments.

“It’s almost numbing that we continue to have this conversation, particularly because of the acts of one individual,” Krolicki said, referencing Bowyer.

Both commissioners ultimately voted for the settlement.

Contrition from the C-suite at Caesars

In addition to Carano, Caesars CEO Tom Reeg and CLO Ed Quatmann also attended to atone for the company’s misconduct. The scandal adds to what has been a tough year for the operator, whose stock price has dropped precipitously in the midst of poor Las Vegas performance and a failed New York City casino bid.

“We know that this entire matter has been a stain on the state and we’re embarrassed that we’re a part of it,” Reeg told the commission. “We never sacrifice compliance for revenue. There is no customer that’s worth illegitimate profits. We didn’t catch Bowyer and we should have, full stop.”

Quatmann, as the legal and compliance chief, faced more extensive questioning. He acknowledged the company did not do enough in relation to Bowyer but noted several remediation efforts. Caesars’ 2020 takeover by Eldorado Resorts, the Carano family business, was also discussed, given that it occurred in the middle of the misconduct. Quatmann joined Caesars from Eldorado.

“Our AML headcount overall has increased considerably since this matter has occurred,” Quatmann said. “And as has been mentioned earlier, our AML spend is roughly twice what it was in 2017.”

Company did not admit to wrongdoing

Quatmann now has final say on all AML matters as part of the changes. All “high-risk source of funds decisions” now funnel to him, even on vacation, as he promised to commissioners.

When pressed about why Caesars only took action on Bowyer after his arrest was made public despite having intel from other casinos, Quatmann indicated a level of hubris on behalf of the company.

“I think what happened is we saw other licencees and their issues and said, ‘Well, that’s not us,'” he said.

The contrition from the various officials was clear over the course of the lengthy debate. But Caesars attorney Michael Alonso specified that his client did not admit to or deny any wrongdoing in the settlement, and that language was agreed to by the board.

“It’s obvious from what you’re seeing today, we’re taking responsibility for what happened, but for reasons and consequences that have nothing to do with the state of Nevada, we felt it was important to have that language in the stipulation,” Alonso said.

Alonso did not elaborate on what those reasons were and commissioners did not ask. MGM did admit to wrongdoing in its settlement earlier this year.

“After a comprehensive business review and after a thorough assessment of long-term business planning … SJM Resorts will not proceed with the acquisition,” said the Hong Kong-listed company in a Wednesday statement. As part of a termination agreement with 51%-owned subsidiary Pier 16 Entertainment Group Corp, Ponte 16 will close at midnight on 28 November.

Its gaming tables and machines will move to other SJM casinos. Locals employed by SJM Resorts will “be reassigned to other casinos”, the company said. Ponte 16 workers who do not work directly for SJM can “apply for related vacancies within the group”.

SJM to proceed with L’Arc Macau acquisition

Under Macau’s amended gaming laws, satellites have until 31 December to shift from a profit-sharing model to one in which they are directly owned by licensees. The acquired casinos will then make their money through management fees, not shared revenues.

SJM originally planned to close seven of its nine satellites and acquire both Ponte 16 and L’Arc Macau. The latter deal is still on. SJM inked a deal to buy Arc of Triumph Development Co Ltd for HKD$1.75 billion (US$225 million). It described L’Arc as a “well-established” property in the peninsula’s “most concentrated and high-performing entertainment and hospitality cluster”.

SJM Chairwoman and Executive Director Daisy Ho said the casino at L’Arc Macau is “currently operating below its full potential”. However, she added, “[W]e see considerable room for growth as part of a stronger, integrated network under SJM Resorts. This acquisition will allow us to enhance coordination across our peninsula properties in a unified structure that enhances operational efficiency and unlocks cross-promotional synergies.”

Long-term effect of satellite closures

Macau Chief Executive Sam Hou Fai says the satellite closures will have minimal impact on the city’s financial system.

“As of the end of September, loans to companies managing satellites accounted for less than 1% of total bank loans, making the financial impact controllable,” Hou said.

But analysts have expressed concern about the effect on businesses in the neighbourhoods where satellites once operated.

Ricardo Siu, associate professor of business economics at the University of Macau, has warned that loss of the satellites could hamper local economies. “It’s reasonable to expect that the flow of consumers and the absolute value of spending in these areas will slow down,” Siu told Plataforma Media in June. “The vitality of businesses and employment opportunities in these areas will be negatively affected.” 

Real estate consultancy Jones Lang LaSalle added that property values in the ZAPE and NAPE districts could drop by up to 40% after the closures.

Revenue for the year was on par with 2023, data from national regulator Kansspelautoriteit (KSA) showed. The published figures cover both online and land-based gambling, including casinos, sports betting and lotteries.

It was bad news for land-based casinos, which have been in steady decline since the Covid-19 pandemic. Revenue for the sector as a whole was 5.5% lower at €1.30 billion but still represented 30% of the total market.

Physical slot machine revenue dropped 5.4% to €654.4 million. However, machines placed in Holland Casino venues also posted a rise, with revenue edging up 0.5% to €396.1 million. Table games revenue, meanwhile, fell 9.3% to €247.6 million.

The KSA also reported a decline in the number of player positions in most land-based venues. Arcade machine player positions dropped 15% to 20,997, while Holland Casino places fell 0.3% to 6,233. There was, however, an uptick in machines in “catering” venues, with the total rising 17.35% to 7,992.

As was the case in 2023, lotteries drew the most revenue at €1.5 billion, a year-on-year rise of 3.%. This represented 34% of total gambling revenue for the year, while lottery turnover edged up 4.2% to €2.43 billion.

Dutch online casino revenue edges down

Elsewhere, the KSA reported a 1.1% drop in revenue from online casino in 2024. It did not publish a breakdown for the area but did note that the segment drew 26% of total market revenue for the year.

Turning to sports betting, growth was reported across both the online and land-based areas. Online sports betting revenue increased 17.7% to €352.6 million while land-based revenue was 27.4% higher at €77.1 million for the year.

Horse racing accounted for just €3.9 million of the online total, with the rest spread across other sports. It also generated €1.6 million worth of online revenue.

Land-based player losses continue to outweigh online

Player losses data was also released by the KSA in its update on Thursday. On average, players lost €197 each from land-based gambling during the year, only slightly lower than €198 in 2023. In contrast, online loss reached an average of €101, up from €99 in the previous year.

As for tax, the total collected for the year topped €1.03 billion. Despite a decline in revenue, land-based casinos generated the most income for the country. In total, tax from land-based casino activity in 2024 was €396.1 million, only slightly lower than 2023.

Online casino followed with a tax contribution of €342 million, up 2.2%, then lotteries with €156.3 million. Internet sports betting generated €107.5 million in tax and land-based betting €23.4 million.

Tax is very much a hot topic of discussion in the Netherlands at present, with another gambling tax rise on the horizon. From 1 January 2026, operators will be taxed at a rate of 37.8% of gross gaming revenue. Operators already faced an increase to 34.2%, which came into effect in January 2025.

Nederlandse Loteri secured an initial majority stake in the platform in 2021. It said the full acquisition would strengthen its position in the charity lottery market within the Netherlands.

Lotify works with sports federations, sports clubs, charities, events and companies across the country. The platform provides a solution for organising lotteries and competitions that meet Dutch reguatory requirements.

Financial details of the acquisition agreement were not disclosed.

Lotify acquisition will support fundraising efforts

Arjan Blok, CEO of Nederlandse Loteri, welcomed the acquisition. He said that the deal will allow the organisation to help more organisations around the country to raise funds.  

“As a fully integrated part of the Dutch Lottery, Lotify can leverage our knowledge, network and impact even more effectively,” Blok said. “This allows us to support even more sports federations, clubs and charities, who are especially looking for new ways to raise funds during these times.”

Lotify founder Guy van Iperen also talked up the deal. He said the “time was right” to hand full control to Nederlandse Loteri, adding that this will strengthen Lotify’s offering.

“After four years of intensive collaboration, the time has come to transfer Lotify to the Dutch Lottery,” van Iperen said. “This is in line with the agreements we made in 2021, when the Dutch Lottery acquired a majority stake.

“I look back with pride on what we have built together and am confident that the platform will continue to grow under this new owner. This way, Lotify can help more organisations generate additional funding.”

Nederlandse Loteri seeks to offset impact of tax hikes

The acquisition comes as Dutch operators prepare for another rise in gambling tax. From 1 January 2026, operators will be taxed at a rate of 37.8% of gross gaming revenue. This will follow an increase to 34.2% that came into effect at the start of 2025.

Nederlandse Loteri is one of several operators to have hit out at the decision, saying it will not only impact their own operations, but also damage the country’s regulated market.

Being state-owned, lottery is somewhat limited across its operations and activities. There was speculation that it could be privatised but such reports were put to bed earlier this year when the government confirmed Nederlandse Loteri, as well as Holland Casino, would remain under its control. However, this did not stop both operators criticising the government over tax rises.

Concerns over the hike were heightened in August when the Licensed Dutch Online Gambling Providers (VNLOK) trade body suggested the higher rate could result in a €200 million tax black hole.

The Ministry of Finance had expected to collect an additional €200 million annually between 2025 and 2028, it said last September when the tax hike was approved.

From 2 December, residents in the following countries will be unable to place bets with William Hill; Angola, Bolivia, Burkina Faso, Cameroon, Kenya, Mozambique, Nepal, Nicaragua, Nigeria, Republic of Congo, Democratic Republic of Congo, Somalia, Vietnam.

As explained on the William Hill website, any open bets will be settled as normal up to 2 December. Any bets due to be settled after that will be voided and refunded to accounts.

Customers will be able to log in to their accounts until 5 January to withdraw their funds.

From 6 January onwards, players’ login details will no longer work. To withdraw their remaining funds, they will have to contact the customer service team.

In 2022, Evoke licensed the 888 brand to the Africa-facing joint venture 888Africa for regulated online markets in the continent. Evoke retains a stake in the venture.

Ex-Paddy Power head of competitive intelligence Christopher Coyne serves as CEO of 888Africa, while former William Hill online manager director Andrew Lee holds the position of chief product officer.

Threat of retail closures in the UK

The withdrawal from these 13 markets comes after Evoke warned it could close up to 200 William Hill retail shops in the UK should the government increase gambling tax in the November budget, which is due next Wednesday.

Evoke is reportedly mulling the closure of up to 15% of its UK William Hill stores, with 1,500 jobs potentially being lost.

An Evoke spokesperson said: “As part of our ongoing planning, we are assessing the potential impact of different overall tax scenarios on our UK operations. This includes the difficult but necessary consideration for shop closures.

“We are mindful of potential tax increases in the forthcoming budget which would impact investment in the UK and drive more customers to the black market.”

Brazil has captured much of the gambling sector’s interest this year after regulation launched on 1 January, with a number of international giants entering the market.

One such company was Flutter, which created its new Flutter Brazil business after acquiring a 56% stake in NSX, the parent company of Brazil-facing brand Betnacional.

That deal was concluded in May and, in Q3, Flutter achieved $87 million in revenue from its Brazil venture. This was 412% higher than the $17 million it generated in the same quarter last year prior to the completion of the NSX deal, which largely came from its existing Betfair business.

But while Betnacional achieved record iGaming revenues in Q3, excluding M&A Flutter’s revenue during the quarter was actually down 18%, which Flutter attributed to the fact that Betfair Brazil was still continuing its recovery from the friction derived from the re-registration required at the start of regulation in January.

Despite the Betfair struggles, Flutter CEO Peter Jackson remains confident the company will succeed in Brazil.

“Brazil is an exciting growth opportunity for Flutter and we retain a strong conviction that scale operators with the best products will win the largest share of the market,” Jackson said in the Q3 report.

Entain hampered by poor sports margin

Entain, meanwhile, enjoyed a successful transition to the regulated market with its Sportingbet brand, reporting a 21% year-on-year NGR rise in Brazil during H1.

But Q3 was a different story, with NGR in Brazil down 11% despite 14% volume growth.

Entain deputy CEO and CFO Rob Wood put this down to “genuine bad luck from sports results”, stating the company is still trading on the right side of expectations when it comes to volume.

He expects sports margin to normalise over time, with the volume growth demonstrating why Flutter continues to be enthused about its future in Brazil.

It’s not just sports betting where Entain struggled during Q3, however, with Wood saying slow game authentication has hampered the company’s iGaming efforts in Brazil.

“iGaming is not particularly strong at the moment and all the growth is coming from sports,” Wood said on the earnings call. “We think this is a market-wide phenomenon, not just Entain.

“The good news is we think there’s a lot more growth to come out of gaming as we look forward. But so far in 2025, it’s been slow.”

BetMGM investing heavily in Brazil

Last August, MGM Resorts International struck a partnership with Grupo Globo, LatAm’s largest media group, to introduce the BetMGM brand to the Brazilian market as a joint venture.

The company has stated on a number of occasions that it is aiming to reach 10% market share in Brazil, and it reiterated this target in its Q3 presentation.

MGM achieved “strong growth” in Brazil during Q3 without giving direct figures. The company is focused on efficiently building brand awareness and customer acquisition, powered by its on-the-ground team led by MGM Brazil CEO Almir Ribeiro.

However, MGM Resorts International CFO Jonathan Halkyard said the company’s heavy investment in Brazil will likely lead to MGM Digital reaching an EBITDA loss of close to $100 million for the year.

Halkyard explained the company’s investment is in line with its roughly 50% stake in the JV, which is already showing positive signs.

“The venture has seen encouraging growth quarter-over-quarter throughout the year in active players, deposits and GGR,” Halkyard said on the company’s earnings call.

Record LatAm casino revenue for Betsson in Q3

Betsson continues to make significant efforts in LatAm, launching in Brazil and Paraguay during 2025 to add to its existing markets which include Argentina, Colombia and Peru.

It is proving a successful venture, with Betsson achieving year-on-year revenue growth of 10.2% to €76.5 million in LatAm over Q3.

This was powered by record casino revenue in the region, rising from €46.1 million in Q3 2024 to €56.6 million in the same period this year.

Casino growth helped to offset a year-on-year drop in sportsbook revenue from €23.1 million to €19.8 million. Betsson put this down to tough comparisons with last year’s Q3 which included the European Championship and Copa America football tournaments.

LatAm accounted for 26% of Betsson’s revenue in Q3, down from 28% in Q2.

Betsson CEO Pontus Lindwall pointed to Argentina, Peru and Colombia as key areas of focus, with the former continuing to show strong underlying growth in terms of deposits and turnover.

Codere Online positioned to become a leading player

Codere Online is currently operating in the LatAm markets of Mexico, Colombia and Panama, as well as certain provinces in Argentina.

Its current total addressable market (TAM) is €4.8 billion, although it noted in its Q3 presentation the combined TAM of online expansion markets, which includes Brazil, Peru and Uruguay, could be €8.4 billion by 2029.

In the presentation, the company said: “Codere Online is especially well positioned to become a leading player across the region.”

Mexico continues to be Codere Online’s biggest market, achieving market revenue of €26.8 million in Q3. This is ahead of the €22 million generated in its home market of Spain.

However, with Mexico’s government weighing up increasing the gambling tax rate from 30% to 50%, Codere Online said it may have to reconsider its investment into the market.

Outgoing CFO Oscar Iglesias, who will shortly be replaced by Marcus Arildsson, expects the tax to come in from 1 January.

“The discussions around capital allocation, I think, is a broader one, and it’s in the context of the discussions we’re having at the board level,” Iglesias told analysts.

“The tax obviously factors into … our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.  

“It’s still a little bit early to say what that means in terms of our plans for next year to invest in Mexico.” 

Codere Online is also working under the assumption that the 19% VAT in Colombia, which is set to end from the start of 2026, will be renewed.

Codere Online Executive Vice Chairman Moshe Edree explained the operator’s short- to mid-term strategy “does not include Colombia”, echoing CEO Aviv Sher’s post-Q2 comments that the company was pulling back in the market.

RSI confident Colombia VAT won’t be renewed

But while Codere Online is expecting the VAT to be renewed, Rush Street Interactive CEO Richard Schwartz said on the company’s post-Q3 earnings call that the business is predicting the tax will be scrapped.

Rush Street Interactive followed many other operators in absorbing the tax through player bonusing. This meant in Q3, while GGR from Colombia grew over 50%, net revenue was down 27%. Revenue across LatAm fell 11%.

Despite this, Rush Street Interactive believes it holds second place in Colombia, while it also claims to be among the top seven operators in Mexico.

Monthly active users in LatAm during Q3 were up 30% year-on-year to around 415,000.

Rush Street Interactive listed Brazil, Ecuador, Argentina and Chile as potential expansion opportunities.

When asked on the earnings call whether the situation in Colombia may dampen the company’s interest in further LatAm expansion, Schwartz responded by saying the company was still excited by the region.

“We believe those markets are at the infancy of growth,” Schwartz said. “And as we see in our growth ourselves, there’s lots of opportunity there, and it’s a very large population across Latin America that are in the process of or will be legalising online gaming in the future. So we certainly remain very excited for it.”

Kambi lowers FY2025 guidance due to slow Brazil progress

In its Q3 report, Kambi announced it was lowering its full-year 2025 guidance from an adjusted EBITDA of €20 million-€25 million to approximately €17 million.

The company said this was in part down to the Brazilian market developing more slowly than expected, with CFO David Kenyon stating the company isn’t seeing the growth in Brazil it had “hoped for”.

Kambi CEO Werner Becher said on the earnings call that while the Brazil market is continuously growing, he believes the overall pre-regulation market size was overstated.

“There’s a little bit of disappointment, I would say, in the entire industry about the Brazilian market,” Becher claimed.

“The legalised regulated market grew slower than expected because the black market is still very big there.”

The new voluntary code is not legislation and will not be legally binding for prize draws and competitions (PDCs) operators. It will also not replace existing regulations on issues such as consumer law, advertising and data protection.

In June, the government pledged to publish the code before the end of the current year. This was despite calls from some industry stakeholders, including the UK’s Lotteries Council, for the sector to be regulated. PDCs do not require a licence under the Gambling Act 2005, due to a free entry route option being offered.

There was some speculation that the Gambling Commission could oversee implementation of the code. However, the DCMS confirmed that it will assume responsibility for the code, including carrying out periodical reviews of its effectiveness.

PDC operators that want to sign up must implement the code within six months of it being published. The code was officially released on 20 November, meaning operators have until 20 May next year to adhere to guidance.

“All operator signatories agree to act in good faith in relation to the measures set out,” it said. “Other relevant signatories who are not operators but connected to the sector, such as web developers, agree to promote compliance with this code to the best of their abilities.”

Player protections a key part of voluntary code

Going into detail as to what the code sets out, a primary focus of the guidance is protection for players. It includes points for operators to follow to ensure they are effectively protecting people from potential harm.

These include only allowing users aged 18 and over to participate in PDCs. Operators should also monitor players’ behaviour for signs of harm and properly signpost users to approved help when harm is identified.

Players should have the option to set monthly spend limits – as low as £0 – while operators can also enforce their own spending limits on users. Credit card spending is permitted in some cases but up to a maximum of £250 per player each month. However, credit cards should not be allowed for instant win games.

Also specific to instant win draws, paid and free entry routes must be equivalent in terms of chance of winning. Operators should display clear information about how free entries work and ensure these draws not make up the majority of their total draws.

Users should be allowed to suspend their account for minimum of six months, a period in which they should not be sent any marketing messages. In addition, there must be a clear complaints process and dispute resolution for players to follows.

Additional market guidance comes with operators to comply with existing advertising codes, including both CAP and BCAP. PDC operators must also ensure their marketing is socially responsible and not target players under 18.

Transparency over prize draws

The code also emphasises the need for transparency with all prize draw and competitions in the UK. This includes operators setting out how each draw works and, where possible, the chance of winning.

Operators were also advised to ensure the prize allocation is fair and independently verified. There is, however, an exception for when a computer or random audited mechanism is used in the draw.

Focusing on the free entry route, operators should ensure this is clearly shown before players opt for a paid entry. The free route method must be no more costly or less convenient than paid entry and allow enough time for people to use it.

As for prize delivery, operators should commit to giving the prize advertised or a fair cash alternative. They must not reduce the prize value or cancel or modify draws due to low ticket sales.

In addition, if a donation is made to charity as part of the draw, operators should detail the amount, frequency and how that is calculated.

Operators should take accountability

The final part of the code refers to accountability. This include operators monitoring and reviewing compliance with the code and acting to fix issues, as well as ensuring that any third-party partners also abide by the code.

Operators will be encouraged to share best practices across the sector, including player protection and transparency. In addition, operators should publish on their websites the measures they have in place around these areas.

Finally, operators will be urged to work with the DCMS going forward after implementing the code. This, the DCMS said, will help amend, develop and evolve the code as time goes on.

Early support for the voluntary code

Despite having only just been published, the code has secured signatories from across the market. Among those to have backed the code are Omaze, Daymade, BOTB and Dream Car Giveaways, which was recently acquired by Jumbo Interactive.

Also signing on as a signatory was Elite Competitions, which has been running prize draws since 2016. Elite CEO Alex Beckett described it as a “major milestone” and said it will bring “complete confidence” to players.

“For the first time, prize draw operators have come together to set clear, consistent standards that protect players and build trust,” Beckett said. “By working closely and collaboratively with the DCMS, we have put transparency, fairness and integrity at the centre of how this sector moves forward.

“Players deserve complete confidence in how our draws are run, prizes are fulfilled and what safeguards exist to protect them. This new code gives them exactly that. Its clear rules mean players can check that the companies they play with are trustworthy.

“The code ensures they can take part in online prize draw competitions knowing that operators are being held to the same stringent standards.”

Lotteries Council repeats call for regulation

However, the Lotteries Council was not as welcoming of the code in its response. Chair George Collins repeated calls for the PDC sector be regulated and urged the government to reconsider its stance.

“Free prize draws continue to operate with no meaningful oversight, while society lotteries face strict limits, including a maximum prize of £500,000,” he said. “At the same time, commercial prize draws are still permitted to offer multi-million pound jackpots that were intended to be reserved for the National Lottery.

“This ongoing disparity undermines fair competition and threatens the revenue that charity lotteries and the National Lottery provide to good causes. We urge the government to monitor compliance with the code closely and to take further action to ensure a fair and consistent regulatory framework.”

Videoslots, which runs Videoslots.co.uk, MrVegas.com and Megariches.com, will make the payment in lieu of a £2 million financial penalty. It was also issued with a formal warning and ordered to undergo a third-party audit to ensure it is effectively implementing AML and safer gambling policies.

The commission said failings were identified for the period from October 2019 through to February 2022. Videoslots was ruled to not have complied with certain Licence Conditions and Codes of Practice (LCCP).

These include paragraph three of licence condition 12.1.1, which says licensees must ensure money laundering policies and procedures are implemented effectively. These should also be reviewed and revised appropriately to ensure that they remain effective.

Videoslots was also found to be in breach of paragraphs 1a, 1b and 2 of Social Responsibility Code Provision (SRCP) 3.4.1. These require licensees to identify and interact with customers to minimise the risk of gambling harms.

“Social responsibility failures stemmed primarily from a reliance on systems that did not effectively monitor customer activity to identify harm or potential harm associated with gambling,” the regulator said.

“The Commission’s investigation determined that although the operator’s monitoring systems automatically set a monthly deposit limit for customers, that limit ran across a calendar month and did not include the customer’s initial deposit.”

Videoslots users lost thousands despite deposit limits

Setting out some of the issues identified at Videoslots, the commission flagged one user who lost £5,000 in a month. This was despite the same player having in place a £3,000 monthly deposit limit.

Another customer lost £5,000 in less than 24 hours despite a £3,000 monthly deposit limit, while a further customer lost £7,500 over 18 days despite a £2,000 monthly deposit limit.

The commission also raised concerns over the monitoring systems deployed by Videoslots. It said these did not effectively identify customers who were potentially at risk of gambling harm. One player did not receive interaction from the operator despite losing £6,550 in three active days across a two-month period.

‘Gaps’ in Videoslots’ AML and countering terrorist financing

Meanwhile, the regulator found issues with Videoslots’ AML/Countering Terrorist Financing (CTF) policies and procedures. These included record management omissions and an over-reliance on an algorithm to identify and monitor customer behaviours, which the regulator said appeared “ineffective” in some instances when tested.

One example was a customer who demonstrated a high level of depositing and gambling activity over a 16-day period. The user funded their account with digital pre-payment vouchers, totalling in excess of £75,000. After gambling, proceeds were transferred to four different bank accounts, while the same customer was found on occasion to be accessing their account from outside Britain.

The commission said despite these high-risk factors, the user’s automated AML risk score did not trigger the threshold for Videoslots to request source of funds information in a timely manner. This led to “unacceptable” delays in an account review and an absence of “effective customer due diligence and effective oversight”.

“One of the key failures was that the automated scoring system in place at the time did not identify the activity as high risk,” the commission said. “There was a presumption that the activity was funded from recycled winnings without any supporting evidence to explain why the customer was adopting a complex and unnecessary deposit and withdrawal pattern.”

In another case, a player’s risk profile was not appropriately escalated despite high deposit and withdrawals during a certain month. According to the commission, Videoslots relied on the fact the player had significant wins and assumed the account was funded from recycled winnings. This was “without sufficient scrutiny or any acceptable form of interaction” to validate this assumption.

Commission updates open-loop payment systems advice

Commenting on the case, John Pierce, director of enforcement at the commission, criticised the over-reliance on ineffective systems. He said controls were not applied to the standards expected by the regulator.

“The investigation identified a serious example where pre-paid digital vouchers had been used for gambling without effective oversight and early intervention,” he said. “The over-reliance on an algorithm to monitor risk meant that the customer was able to carry out a high volume of deposits and transfer the proceeds of gambling to multiple different destination accounts with insufficient and timely checks or robust source of funds verification taking place.”

Pierce also flagged the acceptance of digital vouchers as a method of payment. He said this requires “robust controls” from a safer gambling perspective, particularly where it is possible to purchase digital vouchers using credit or crypto via third-party websites

“Open-loop payment systems are high risk in nature because they could enable anonymous deposits and make it harder to trace funds,” he said. “In this case, the licensee failed to implement timely customer interactions and did not conduct enhanced customer due diligence until the customer had reached significant spend thresholds. Such failings are unacceptable.

“Operators must review how open-loop payment systems such as prepaid digital vouchers are managed in a gambling environment. This is because they are high risk and present operational challenges in terms of effective monitoring.

“While our position on the use of open loop payment systems has not changed, we have updated our risk information to reflect our concerns about digital vouchers.”

Another financial penalty for Videoslots

This marked the second large financial penalty for Videoslots in 2025. In April, it was ordered to pay SEK12 million ($1.3 million) by Sweden’s Spelinspektionen for failing to counteract excessive gambling.

Videoslots employs an automated system to monitor bettors’ behaviour, which triggers when certain risk indicators are met. It also prevents users from making further deposits when certain thresholds have been reached. However, Spelinspektionen ruled 12 players were gambling excessively and Videoslots’ attempts to halt such activities were insufficient.

Meanwhile, in Great Britain, the Gambling Commission has been clamping down on other operators that have breached regulations. These include NetBet, which was ordered to pay £650,000 earlier in November, also due to AML and social responsibility failings.

Elsewhere, Spribe OÜ’s software licence was suspended for failing to comply with hosting requirements. The commission said this was necessary on “grounds of suitability” due to “serious” non-compliance. In addition, the regulator suspended the operating licence of VGC Leeds Limited, which operates the Victoria Gate Casino land-based venue in Leeds, England.

As Wednesday’s Wisconsin Assembly floor session went into closed caucus, Dominic Ortiz, CEO of the Potawatomi Casinos & Hotels, stated on The New Normal podcast that a vote on Assembly Bill 601 would move to the full legislative session in January. Ortiz said the legislative proposal creates a “fair playing field and unites the tribes” as the Sports Betting Alliance argues for a different framework.

“We’re about partnership, not ownership,” Ortiz told The New Normal. “The clear indication from the SBA is if they can’t have their rules, they’re going to come in and burn down the market.”

Assembly Majority Leader Tyler August said the sports betting proposal was pulled from the agenda during a press conference Wednesday morning. He said lawmakers would have approved the bill if they voted. The Senate will not reconvene before the January session.

August sent a memo this week urging support from lawmakers as a road to keeping sports betting revenue in Wisconsin as prediction markets take hold across the US.

“There’s really no rush on this,” August said at a news conference Wednesday. “I had a conversation with a couple of members over the weekend that brought up some points that I hadn’t considered yet, so we’re going to work through those and I expect that we will be voting on it early next year.”

Wisconsin sports betting proposal

In-person sportsbooks are already legal in Wisconsin, after Governor Tony Evers agreed to tribal compact additions in 2021 allowing sports betting. Evers told UpFront Sunday this week that tribal control of sports betting is “the ultimate goal”.

If passed, the latest proposal would create a “hub-and-spoke system” for online sports betting. It would allow the 11 Wisconsin tribes to partner with sportsbook operators, if the server is on tribal land. A similar setup is how the Seminole tribe in Florida holds a sports betting monopoly for Hard Rock Bet.

Ortiz said the Milwaukee Brewers and Milwaukee Bucks are in full support of the tribal proposal. He also said the push for sports betting expansion is to help raise revenue to offset inflation and rising costs. The Potawatomi are longtime sponsors of the teams.

The bill would require the tribes to renegotiate their gaming compacts with the state. The expansion would also require approval from the federal Bureau of Indian Affairs.

Tribes push to stop prediction markets

Earlier this month, lawmakers began discussing the expansion of sports betting in Wisconsin. Senator Howard Marklein told the Senate Committee on Agriculture and Revenue the proposal would legalise what Wisconsinites are already doing illegally.

Several lawmakers have expressed concerns with legalising additional forms of gambling in Wisconsin.

While the Sports Betting Alliance, made up of major national sportsbook operators, supports expanding sports betting in Wisconsin, it does not agree with the current legislative proposal. A representative from the SBA told the committee that operators would need to send 60% of revenue to the partner tribes under the proposed framework.

The representative pointed to the framework of tribal-commercial partnerships in Michigan as a more positive example.

Ortiz said the recent development of national sportsbook operators such as DraftKings and FanDuel planning to launch prediction markets highlights a potential end-around in the Wisconsin market. Prediction markets operate under the regulation of the Commodity Futures Trading Commission, which allows them to operate nationally.

There are multiple court cases in which state regulators argue that sports event markets violate state gaming laws. There are also tribal lawsuits, including from Wisconsin’s Ho-Chunk Nation, contending prediction markets violate the Indian Gaming Regulatory Act. Regulators have also sent sportsbooks warnings that their licences could be in jeopardy if they offer prediction markets.

“They have indicated and made public statements that they can and will operate prediction markets where sports betting is not legal,” Ortiz said of the major commercial sportsbooks. “Their clear intent is to have ownership of Wisconsin. They’re not here to be our partner.”

The GRA has a “broad and overarching scope” to oversee ship-based, land-based and online operations with the exception of lotteries and social games. It will govern licensing and taxation, manage revenue collection and standardise problem gambling safeguards.

“The regulator will also ensure that casinos operate according to rules and concerns about money laundering,” said Deputy Minister of Economic Development Anil Jayantha Fernando.

The launch effectively repeals the Betting on Horse Racing Ordinance, the Gaming Ordinance and the 2010 Casino Business Act.

Minister: No rapid expansion of gaming

A handful of land-based casinos now operate in Colombo, the commercial capital of Sri Lanka. In October 2024, a $1.2 billion integrated resort opened in the port city. Developed by John Keells Holdings and Melco Resorts and Entertainment, City of Dreams Sri Lanka offers a 16,725-square-metre gaming floor.

Melco Chairman and CEO Lawrence Ho has said Sri Lanka “can be to India what Macau is to China”.

However, Sri Lanka is not looking to rapidly expand its gaming industry or hand out additional licences, according to Fernando. “The focus is on regulation,” he said. “That regulation will define which gambling activities are permitted, the restrictions that apply and matters such as the revocation or cancellation of licences.”

New tax structure increases levy by 3%

The introduction of a sole independent regulator was accompanied by a higher tax rate. On 1 October, the Betting and Gambling Levy increased from 15% to 18%. The casino entry fee for Sri Lankan citizens doubled from $50 to $100.

Sri Lanka’s gaming sector is projected to generate $410 million by 2026, up from $240 million in 2020. Analysts predict a compound annual growth rate of 5.4% through 2031.

Player spending was up 16.3% year-on-year, figures from the Arizona Department of Gaming showed. The September total was also 39.4% ahead of the $610.7 million spent in August of this year.

Of this, $847 million was bet online, while players spent $4.4 million at retail sportsbooks across the state.

As to revenue, however, adjusted gross receipts before free bet and promotional deductions reached $55 million. This, calculated after operators paid out $794.3 million in winnings, fell 28.9% short of last year and was 8.2% behind August.

After deducting $35.4 million in free bets and promotional credits, final adjusted revenue for September was $19.6 million, the lowest monthly total since July 2022. This was also 48% less than the same month last year and 53.1% behind this August.

In terms of the state’s hold, based on revenue before free bet deductions, this was 6.46%. After promotional-related deductions, hold was just 2.3%.

FanDuel still the one to beat in Arizona

As for active operators, FanDuel again led the market in September. It posted $8.5 million in adjusted revenue off $254.5 million in bets for a monthly hold of 3.34%.

DraftKings remained second with $4.3 million in adjusted revenue but with a larger handle of $270.2 million. This resulted in a September hold of 1.59%.

Not far behind in third was BetMGM, which took $4.2 million in adjusted revenue off $98.3 million in sports bets for a 4.07% hold. Caesars followed with $1.7 million from $45.5 million, resulting in a hold of 3.74%.

No other operator was able to post six-figure adjusted revenue. Fanatics, which was fourth in revenue terms in August, failed to report any revenue, while Bet365 also drew a blank for the month.

Tax-wise, sports betting generated $1.9 million for Arizona in September. All but $79,416 of this came from online betting.

The House Industries and Professional Activities Subcommittee approved PCS for HB 189 Tuesday afternoon. HB 189 is a nearly 100-page gambling bill that would overhaul Florida’s gambling laws, including provisions related to match-fixing.

The proposal creates new felony offences tied to sports betting integrity, including betting with knowledge of a fixed result and bribery-related conduct. That includes felonies for anyone who conspires or promises a bribe to influence a game, anyone who accepts a bribe as part of a match-fixing scheme and anyone making a bet with knowledge of the bribe. Those newly proposed felonies come after the arrest of Miami Heat guard Terry Rozier last month as part of an FBI sports betting probe.

The subcommittee’s approval comes two months ahead of the start of Florida’s legislative session in January. The measure was referred to the Commerce Committee and the Criminal Justice Subcommittee.

Lawmakers discussed the bill little on Tuesday, and nationwide industry stakeholders were absent from the hearing. A variety of nonprofit organisations from the state, including the VFW, American Legion and Florida Moose Association, testified in opposition. However, they are in support of “getting illegal gaming out of the state” and hope for clear definitions of charitable gambling.

Rep Dana Trabulsy filed the bill and guided it through Tuesday’s hearing. She said she is willing to work with concerned parties and lawmakers to make it a stronger bill.

Florida fantasy sports defined

The gambling bill would regulate daily fantasy sports operators, which have operated in the grey market in Florida. It defines fantasy sports as a contest with an entry fee where a user controls a simulated sports team.

It includes language that outcomes cannot be based on individual performance and the contests cannot involve collegiate participants.

The Florida Attorney General’s Office sent cease-and-desist letters to Betr, PrizePicks and Underdog for offering prop-style games in 2024.

The Seminole tribe of Florida does not comment on proposed legislation but does support efforts to eliminate illegal gambling. The Seminoles hold sports betting exclusivity in the state through a state-tribal compact, in addition to operating Las Vegas-style resort casinos. FanDuel and DraftKings pumped nearly $40 million into a failed ballot initiative attempt to legalise commercial sports betting in 2022.

Along with its daily fantasy sports language, the bill cleans up portions of state law concerning live racing taxes and provides definitions for penalties for online gambling and illegal sports betting. A bill penalising operators outside of the tribal compact was shelved earlier this year.

The bill would also increase criminal penalties against illegal slot machines. Last week, Carl Herold, director of law enforcement for the Florida Gaming Control Commission, told a Florida House panel it needs more help. He said the existing misdemeanours are not enough for proper enforcement.

Michigan surpassed by 12.7% the previous record of $312.5 million set in August this year for combined online casinos and sports betting. Revenue, referred to by the Michigan Gaming Control Board as gross online gambling receipts, was also 38.9% ahead of October 2024 and 16.4% more than September this year.

This was helped by record gross receipts from mobile casino play. In October, $278.5 million in gross revenue was drawn from this segment, a new monthly high and 26.2% more than last year.

As for online sports betting, gross revenue rocketed by 123.6% year-on-year to $73.8 million. This was one of the highest monthly totals since Michigan launched its legal market in August 2020.

In terms of adjusted gross receipts, which accounts for promotional spending, the market total was 49.1% higher than last year at $310.9 million. Adjusted icasino gross receipts climbed 31.8%, while adjusted sport betting gross receipts jumped 397%.

The regulator also published data on player spending within the sports betting market. In October, the handle reached $605.9 million, an increase of 8.1%. This meant Michigan ended the month with a hold of 12.18% based on gross receipts and 8.12% for adjusted revenue.

FanDuel and MotorCity continue to lead in Michigan

Looking to operators, FanDuel and MotorCity retained top spot in the online casino market. In total, the partnership generated $76 million in gross revenue and $71.4 million in adjusted revenue.

MGM and BetMGM remained second with $68.8 million and $64.7 million in gross and adjusted revenue, respectively. DraftKings and the Bay Mills Indian Community were again third with $44.7 million and $42.1 million.

FanDuel and MotorCity also led the way in the online sports betting market in Michigan. The duo took $29.9 million in gross receipts and $17.5 million adjusted receipts. Based on gross revenue and a $230.5 million handle, this left a hold of 12.97%.

DraftKings posted the second-highest gross revenue monthly total at $21.4 million and $16.8 million in adjusted revenue. Hold, based on gross receipts and $180.5 million in wagers, was 11.86%.

BetMGM completed the top three with $10.7 million in gross revenue and adjusted revenue of $7.3 million. Having processed $70.5 million in bets, hold for the month was 15.18%.

Tax-wise, the state took $58 million from online gambling activities. This included $54.6 million from casinos and $3.4 million in sports betting payments. A further $15 million was paid to the city of Detroit by its three commercial casino operators, while tribal payments topped $6.5 million,

Detroit casino revenue back above $100 million

Data for the three land-based casinos in Detroit was also made public. In October, they posted $107.4 million in revenue, up 4.4% year-on-year and 8.6% more than September.

Revenue from slots and table games edged up 2.2% to $105.9 million. However, qualified adjusted gross receipts from sports betting revenue fell 33.3% to $1.6 million. Monthly sports betting hold, after $13.5 million in bets, was 11.59%.

MGM Grand Detroit retained its healthy lead in the city with a 49% market share. MotorCity Casino followed with 29%, then Hollywood Casino at Greektown with 22%.

Following the failure of a provisional measure to increase the tax rate from 12% to 18%, new proposals were made in October to hike the current rate on gross gambling revenue to 24%.

An initial vote for the proposal was postponed earlier this month, prior to Tuesday’s meeting of the Economic Affairs Committee (CAE) also being pushed back.

Reportedly, Chamber of Deputies President Hugo Motta believed the bill did not have the required support to pass. He informed Senate chief Davi Alcolumbre of his intention to prevent the bill from going to a vote. This ultimately led to CAE president Renan Calheiros cancelling the meeting.

It is expected that negotiations over what the bill includes will continue with a vote potentially scheduled for next week.

The bill also contains a higher social contribution on net profit for fintechs and other financial institutions.

However, it could be a long process, with 172 amendments to PL 5,473/2025 having already been presented in the CAE.

If the bill is approved, it will head straight to the Chamber of Deputies unless there is an appeal for it to be voted upon in the Senate plenary.

Brazil government determined to hike gambling tax

With a general election coming up next year, the government, led by President Lula, seems set on increasing gambling taxes to meet its fiscal targets.

The government suffered a humiliating defeat when its provisional measure to raise the gambling tax by 50% failed.

Brazilian iGaming analyst Elvis Lourenço has told iGB this has led to desperate continued attempts to raise the tax rate.

“That’s the main reason that they struck back so fast, because it was embarrassing for them,” Lourenço, managing partner of EX7 Partners, told iGB in October.

“This becomes an election agenda, because this is good for the audience and the public to get votes because we are a conservative country in some ways. So, to put this on their agenda, ‘we increase the taxes of the billionaires, of the gambling world’, it is good for the speech of the actual government.”

Lourenço believes doubling the current tax rate would be an “insane” move that could risk a collapse of the regulated market, which only launched on 1 January this year.

Groes is the brother of company co-founder and co-CEO Ebbe Groes and brings experience from across technology, finance and policy having spent over 11 years with EY. This includes the past nine and a half years as a partner in the business’ Nordic Consulting practice.

Prior to this, Groes worked for the European Regions Research and Innovation Network. He also spent time with the South Denmark European Office and worked in local government in his native Denmark.

In addition, for the past two and a half years, he has chaired Management Rådgiverne, a Danish-facing organisation for management-consulting businesses.

Groes backed to help EveryMatrix reach ‘ambitious’ targets

Groes said joining EveryMatrix — alongside brother Ebbe — was a “dream come true”.

“What [games CEO] Stian Hornsletten and the rest of the team have built is nothing short of phenomenal,” Groes said. “I’ve seen close hand just what it takes. We work well together and our differences and combined strengths complement one another. I can’t wait to get started.”

Ebbe Groes said the appointment would support long-term growth plans at EveryMatrix.

“As the company’s growth continues, tripling our headcount in the last five years, and as we work with more of the largest gaming brands and lotteries, I needed to find someone who knows what it takes to scale a business and reach the ambitious targets we have for the next five years,” he said.

“Doing this means I will have more time to work on strategy and execute all the things we want to do to become a global top three tier-1 technology provider by 2030.

“To share a CEO position requires complete trust at both personal and professional level. Jonas is the perfect candidate. I know he will go on to do amazing things at EveryMatrix.”

Earlier this year, Ebbe Groes spoke with iGB about the provider’s expansion strategy. This included the acquisition of UK-based betting and iGaming platform FSB in July 2024 and the purchase of Fantasma Games later that year.

Through 2032, those investments will total an estimated US$16 billion. They are part of a larger strategy to shore up the local economy and reduce Macau’s reliance on gaming.

Through its “1+4” development strategy, Macau is committed to the growth of the medical, technical, finance and events sectors. Together, they are expected to strengthen the hospitality industry and support Macau as a global tourism destination. The government has set a target to derive 60% of gross domestic product from non-gaming attractions by 2028. It’s an ambitious goal, as in 2019 they contributed just 16% of GDP.

Ongoing global turbulence poses a risk to any economy that relies on a single industry, Sam noted. That vulnerability became plain during the Covid-19 pandemic, which shut down the city and its chief industry for three years.

Macau must move swiftly, he said, “cultivating internationally competitive new industries [and] effectively implementing the ‘1+4’ objectives”.

‘Tourism-plus’: Promoting Macau on the world stage

Currently, almost 73% of visitors to Macau come from mainland China. Maria Helena de Senna Fernandes, head of the Macao Government Tourism Office, is working to change that. She has travelled the world to promote the city in medium- to long-haul markets including India, the Middle East, Europe and other regions including Northeast Asia.

Senna Fernandes has noted Macau’s global appeal: “more than 400 years of East-meets-West historical heritage, side by side with state-of-the-art integrated resorts”.

Visitor arrivals reached nearly 30 million through September, with international tourists accounting for approximately 1.19 million. For the same period, GDP reached about MOP301.33 billion, up 4.2% year-on-year. The government collected MOP88.8 billion in tax revenue, an increase of 3.3%.

Consultant: Gaming still the star of the show

Can Macau reach its target of 60% non-gaming GDP by 2028?

“Unfortunately, this is unrealistic,” Steve Gallaway of GMA Consulting told iGaming Business. “It’s customer preference-driven. While significant enhancements and offerings of non-gaming products will help diversify the economy, gaming will still receive the majority of customer spend.”

He said concessionaires should invest in “enhanced transport infrastructure, airport upgrades, monorail extensions, roads, etc”. He added that the city should expand family- and child-friendly offerings and entertainment.

Total gambling revenue for the month amounted to $611.1 million, the New Jersey Division of Gaming Enforcement reported. This was 22.3% ahead of October 2024 and 8.4% ahead of this September.

iGaming was the main source of gambling revenue in New Jersey, ahead of the land-based and sports betting segments. However, it was the sports wagering market that reported the largest year-on-year growth.

Another iGaming record for New Jersey

Breaking down the monthly figures, iGaming revenue was 21.8% above last year’s total while clearing $250 million for the first time. It surpassed the state’s prior record – $248.8 million this August – by 4.8%.

Some $257.7 million of iGaming revenue came from online slots and table games, up 22% from last year. Peer-to-peer internet poker revenue also increased 11.1% to $2.6 million.

FanDuel and partner Golden Nugget remained the frontrunners in this market, posting $60.9 million in revenue. DraftKings and Resorts World were second at $48.5 million and BetMGM and the Borgata took third with $33.2 million.

Sports betting revenue rises 49.8% in October

Turning to sports betting, monthly revenue was 49.8% higher year-on-year at $116.1 million. Of this, $110.7 million came from online betting, up 45.9%, while retail revenue rocketed by 242.5% to $5.4 million.

In terms of customer spending, total handle for the month was $1.24 billion, a 10.7% increase from last October. This total included $1.19 billion in online wagers and retail spend of $43.8 million.

As such, New Jersey ended October 2025 with a statewide betting hold of 9.39%.

Operator-wise, FanDuel and Meadowlands again led the online sector, posting $39.9 million in revenue. DraftKings and Resorts World remained second at $30.5 million, followed by BetFanatics and Bally’s with $11.4 million.

As for retail locations, Meadowlands retained top spot with $2.3 million in revenue. Borgata was again its closest challenger, reporting $1.5 million in total monthly revenue. New Jersey does not publish handle information for individual operators.

Double-digit land-based casino growth

The remaining $234.7 million in revenue came from land-based casinos, up 12.5% from last year.

This included $174.4 million from physical slot machines, an increase of 9.1%. In addition, the land-based table games sector posted $60.3 million in revenue, some 23.5% higher than October 2024.

As for the year-to-date, total gambling revenue in New Jersey for the 10 months through the end of October was $5.74 billion. This was 10% higher than at the same point last year.

iGaming revenue was 22.6% higher at $2.39 billion, while sports betting revenue was 0.2% ahead at $914.6 million. Land-based casinos generated $2.44 billion in the same period, up 3.4% year-on-year.

As part of the agreement, the full Yield Sec platform, including the technology and team, will be integrated into GCI’s operations. Founder and CEO Ismail Vali will also move into the role of president of GCI.

Yield Sec operates an intelligence platform which utilises player data to assess the size and impact of illegal gambling markets. The company works with operators, policymakers and other stakeholders on mitigating black market leakage and improving channelisation.

GCI’s AI-driven platform provides in-house player protection, advertising and
media content monitoring. It provided black market mitigation efforts prior to the deal, but the combined operation is expected to build scale and support even more stakeholders.

GCI pledges ‘unprecedented’ market awareness with Yield Sec

Matt Holt, CEO of GCI, said clients would have “actionable awareness” of the iGaming market with Yield Sec’s technology.

“Yield Sec’s innovative platform for effective and efficient disruption will become a cornerstone of our offering, enabling regulators and operators to gain unprecedented awareness and actionable awareness across the total online gaming marketplace,” he said.

“This acquisition accelerates our mission to deliver transparency, integrity, player protection and certainty for regulated jurisdictions worldwide.”

Holt has held a number of prominent roles within the compliance technology space. Prior to joining GCI he led integrity and anti-fraud services supplier IC360 (formerly US Integrity) as CEO.

Vali continues fight against black market proliferation

As CEO for Yield Sec, Vali has been a prominent voice in the sector’s fight against the growing black market. Yield Sec’s data has painted a concerning picture of illegal gambling’s proliferation globally. He has long called for stronger enforcement against illegal sports streaming and illegal sites that target vulnerable players.

“All legal stakeholders should be involved in the fight against black market operators,” Vali wrote in a September 2024 op-ed for iGB. “Legal online gambling can only stamp out the black market once every stakeholder takes action and acts in their own best interest.”

At GCI Vali will lead a global team in monitoring polices and optimising marketplaces across online gaming, streaming, crypto and consumer goods. This will ensure they are adequately protected from the threat of the black market.

Yield Sec’s integration is expected to help deliver awareness-and-action solutions for clients, without impacting their gaming operations. GCI said this offering will be available for marketplace monitoring and black market mitigation, as well as compliance and auditing.

In a statement announcing the deal on Tuesday, Vali said joining GCI was the “next stage” in Yield Sec’s mission.

“Yield Sec was founded to help regulators and operators see the entire online marketplace – legal and illegal – and act with certainty,” he added.

“GCI strengthens that foundation, expanding our ability to serve clients across commerce, community and consumers. The purpose remains the same: to secure a sustainable, compliant and fair marketplace that benefits everyone.”

A cross-industry campaign that has been running for several years, Safer Gambling Week focuses on promoting safe gambling behaviour among players. This includes highlighting the various tools available to consumers in European markets.

The 2025 campaign runs from 17-23 November, with the hashtags #SGWeek #SGWeek25. It will again be organised by the European Gaming and Betting Association (EGBA), with support from local organisations in participating countries.

What are operators doing this year?

Flutter Entertainment has announced it will run a series of activities during the week. This includes hosting a town hall, where brand CEOs will share best practices and insights on how their teams are advancing responsible gambling goals. This forms part of the group’s Play Well responsible gambling initiative.

Flutter will also run a lived experience panel with EPIC Global Solutions, demonstrating to staff how education drives progress in the sector.

Meanwhile, a Central & Eastern Europe Play Well Day will share progress across the region to facilitate meaningful development. In addition, sustainability reporting manager Ryan Heslop will join an EGBA webinar on how to turn data into action when measuring what works in player protection.

“Collaboration is how we make meaningful progress – both within Flutter and across the industry – and this week is an important moment for it,” Flutter said in a statement on Monday.

Meanwhile, Merkur Casino UK said it would share key messages that encourage informed, balanced play across the operator.

Is AI the future of safer gambling?

Playtech has used Safer Gambling Week 2025 to speak about its work with AI and responsible gambling. In a LinkedIn post, Playtech said AI remained “central” to advancing player protection, with machine learning enabling early detection by analysing behavioural patterns across millions of data points, identifying risk before harm occurs.

However, Playtech said this must be supported by wider collaboration across the industry, and projects such as Safer Gambling Week help champion this approach.

“We’re continuing to explore generative AI to deliver personalised support at scale, real-time insights and adaptive messaging that meet individual player needs while preserving human empathy,” Playtech said.

“But technology alone isn’t enough. Safer gambling requires collaboration, transparency and a shared commitment to measurable outcomes. Together, we can build an ecosystem that protects the vulnerable and remains commercially sustainable for the long term.”

Seeking to better record Safer Gambling Week 2024

Organisers have utilised the campaign to improve player uptake of safer gambling tools. Last year in the UK and Ireland, over 1.5 million unique accounts used a safer gambling tool throughout the week, up 22% year-on-year. Deposit limits also climbed 14%, with nearly half set for the first time.

In addition, the 2024 programme set new social media records. Last year’s campaign generated over 60 million impressions across platforms including X, Facebook, LinkedIn and Instagram.

“The week sees the whole industry coming together to further promote safer gambling for the millions of people who enjoy a regular flutter,” Betting and Gaming Council CEO Grainne Hurst said. “It’s a time to highlight all the tools available so that customers can stay in control. And to signpost help and advice to those who need it.”

Over the years, the campaign has also drawn support from the government and the British Gambling Commission. This year the regulator noted that player protection tools were progressing, but warned the sector must ensure these measures are “widely promoted”.

“Collaboration and evidence-based action remain central to making gambling in Great Britain fairer, safer and crime-free.” Gambling Commission CEO Andrew Rhodes said in a statement. “Safer Gambling Week is an important moment for the industry to demonstrate its commitment to protecting customers and promoting responsible play.”

Baroness Twycross, Under-Secretary of State for DCMS reiterated the government’s committment to “reducing harmful gambling and protecting those at risk”.

“We welcome the contribution that Safer Gambling Week makes. It provides a good opportunity to highlight the tools and support that is available to people who may need it,” she added.

Codere Online reported its Q3 earnings on Monday. It said net gaming revenue for the period had dropped slightly to €51.6 million from the €51.7 million reported last year. 

Adjusted EBITDA for Q3 was up €2.9 million or 93.3% compared to €1.5 million last year, with Codere Online reiterating its full-year NGR guidance of between €220 million-€230 million and adjusted EBITDA of €10 million-€15 million. 

The company’s NGR in Mexico was €26.8 million, a 0.4% year-on-year rise. Codere Online CEO Aviv Sher noted revenue had been flat in Mexico despite a 5% devaluation of the peso and a consistently low sports betting margin. 

However, Mexico is in the process of increasing its tax rate on gambling from 30% to 50%, as part of the government’s 2026 budget. 

The hike hasn’t yet been approved, but CFO Oscar Iglesias, who will shortly be replaced by Marcus Arildsson, expects it to come into effect from 1 January. 

“The discussions around capital allocation, I think, is a broader one, and it’s in the context of the discussions we’re having at the board level,” he told analysts during the earnings call, in response to questions on its position in the market.  

“The tax obviously factors into that in terms of our appetite and willingness to invest into the market because it has an impact on the unit economics, the flow-through of every dollar of NGR to EBITDA in the business.  

“It’s still a little bit early to say what that means in terms of our plans for next year to invest in Mexico.” 

Mexico government targeting the wrong side of legality 

Mexico continues to be Codere Online’s biggest market, with its €26.8 million in Q3 revenue ahead of the €22 million achieved in its home market of Spain. 

Its monthly active players in Mexico soared by 39% to approximately 88,300, compared to 50,200 in Spain. 

Elsewhere, Codere Online is working with the Mexican government to highlight the prevalence of the black market in the country.  

Iglesias said the government should be looking to bring illegal operators onshore as a source of additional revenue. 

“Directionally, obviously, a tax increase is not good,” Iglesias explained. “We always are looking for governments to look to increase compliance with anyone operating offshore or operating in the grey or black markets. That’s the first place we prefer for governments to look for additional revenues.  

“We are partnered with the Mexican government. We are partnered with governments in every market in which we operate, and we are going to find a way through this and continue to be confident that the Mexican market is going to be a winner for us over the short, medium and long term.” 

Tax rise might ease competitive landscape in Mexico 

Iglesias did note the incoming tax increase could dampen the competitive landscape in Mexico, perhaps benefitting well-established players such as Codere Online. 

“While it is difficult to know how other operators will react, we are expecting that this tax increase may have a chilling effect on both new market entrants in regards to their appetite for further investment in the Mexican market and on those not yet operating in Mexico, but with near or medium-term plans or ambitions to enter the market,” Iglesias said.  

“It is difficult to quantify the impact of that chilling effect, [but] we would at least directionally expect a more benign competitive landscape in Mexico going forward, which we believe will be to our and other incumbents’ benefit.” 

Codere Online five-year strategy does not include Colombia 

In the company’s Q1 results, Codere Online said it was pulling back in Colombia because of the 19% temporary VAT. Sher reiterated this strategic change on the business’ post-Q2 earnings call. 

The VAT is set to come to an end from the start of 2026, but the company is working under the assumption it will either be renewed or made permanent. 

Speaking on the Monday call, Codere Online executive vice-chairman Moshe Edree said the operator’s short to mid-term strategy “does not include Colombia”.  

“We just monetise it as it is. So we’re not going to invest any further unless the tax will change,” he said.  

Iglesias added more colour: “We continue operating under the assumption that this will continue, that this will get legislated in a more permanent way.  

“That said, that may not necessarily be the case. If it’s not the case, then we will rethink what it is we want to do. Obviously, that’s a game changer and fixes the primary problem in Colombia, which is the unit economics are not good in the context of a tax on customer deposits. It is a situation we’re monitoring. 

“As things stand today, it’s a tough market for us to find a way forward that makes sense for us.” 

Carried out in partnership with IFF Research, the report considered neurodivergent peoples’ needs in terms of gambling harm. It focused on the support currently available to them and how this can be improved to improve the quality of help.

This included how neurodivergent people often face barriers to access support and being unaware of specialist treatment available to them. It also flagged how stigma and fear of judgment discourage people from seeking help for gambling-related harm.

GambleAware urges improved neurodiversity focus

Among the key recommendations from the new report was to build a neurodiversity-aware gambling industry workforce. GambleAware said operators should consider the needs of neurodivergent individuals when developing harm minimisation and protection measures.

The charity also called for the embedding awareness of neurodivergent characteristics in support access, risk assessment, support and treatment approaches. This should include making screening for neurodivergent characteristics, and adapted support plans, a required part of assessments.

Other key recommendations were to adopt a peer-led and co-produced support as standard. The charity said this should include developing structured peer support programmes led by trained neurodivergent mentors or facilitators.

On top of this, GambleAware called for strengthened data collection and monitoring for support and treatment improvements. In addition, it called for more funding to improve understanding on what works and build a movement to put this knowledge into practice.

Alongside these conclusions, the report set out six key principles on which gambling support and treatment approaches should be based to provide the best help for service users with neurodivergence.

These included understanding and adapting to the diversity of communication needs that neurodivergent people have; ensuring clarity and simplicity in communications, as well as providing support to promote the autonomy and independence of neurodivergent users.

Other principles were to provide support in environments that consider the sensory needs of people with neurodivergence. GambleAware also urged promoting the use of self-directed approaches such as self-help tools and to ensure staff are trained in neurodiversity awareness and different communication methods.

Increased likelihood of gambling harms

The report follows earlier GambleAware research that highlighted an increased likelihood of neurodivergent people experiencing gambling harms. Published in March, the report said people with conditions such as ADHD or autism may use gambling as a “coping mechanism”, despite not gambling more than those who are neurotypical.

“Characteristics like difficulty navigating social interactions, impulsivity, hyperfocus, preference for order and a need for stimulation can drive gambling in neurodivergent people,” the latest report said: “Gambling may also help neurodivergent people experiencing social isolation to cope with its effects.

“However, many of the reasons why neurodivergent people gamble in the first place can also serve as drivers of gambling harm for those who experience it. This can result in negative consequences including financial strain, relationship breakdowns, negative impacts on health and wellbeing and setbacks in employment or education.”

New resources to support neurodivergent people

GambleAware has made available new resources to further support neurodivergent users.

These, it said, were designed to enable therapists and practitioners to improve the support they provide for clients with gambling harms and neurodivergence. GambleAware said this would help ensure those clients can get the tailored support they need.

Resources include training materials, toolkits and case studies designed to build confidence, reduce barriers and promote inclusive, effective support. They were developed from a mix of research evidence, insights from lived experience and expert guidance.

“The new report highlights the complex link between neurodivergence and gambling,” said GambleAware CEO Anna Hargrave. “Characteristics of neurodivergence like impulsivity, hyperfocus, social difficulties and a need for stimulation drive gambling behaviour and increase harms, while stigma, shame and lack of tailored support further isolate neurodivergent people and make it harder for them to seek help.

“The resources we have produced are designed to support therapists and practitioners working with clients who experience both gambling harms and neurodivergence. They address a critical evidence gap in understanding how gambling harms affect neurodivergent people and how treatment can be tailored most effectively to ensure it is as effective as possible.”

GFLB members made site visits to the three locations on Monday after poring over financial records and application details.

Board members were not made available to the media, and the purpose of the visits was to “obtain an understanding of the physical location and, if necessary, seek clarification regarding the transportation, parking, infrastructure and layout components of the proposal”, per the board’s website.

Meanwhile, two bidders have made headlines recently, neither for positive reasons. The US Tennis Association (USTA) last week volleyed a lawsuit at New York City Mayor Eric Adams’ administration, which could quickly become a major hurdle for the Metropolitan Park project. The suit alleges the city broke its lease agreements with the USTA by allowing the bid to move forward, although stakeholders say an agreement has been reached.

And on Monday, Bloomberg cited anonymous sourcing in a report that Resorts World will ask the board to reconsider the terms of its proposal. The casino had been the most aggressive in its bid terms, offering a $600 million licence fee and tax rates of 56% and 30% for slots and tables, respectively.

Board making New York casino site visits

Monday’s site visits were likely the only ones of those for the five-member board. All of their other meetings have been conducted behind closed doors. Since the previous round’s deadline of 30 September, the GFLB has convened a total of seven times, including Monday.

The board has established a once-weekly cadence for its meetings so far. That would leave just one more meeting opportunity before the 1 December deadline, although the Thanksgiving holiday next week could complicate schedules.

Most of the previous meetings were held on Wednesdays but the board had scheduled a longer, formal meeting after the site visits Monday. That would allow for another meeting on 24 November before the holiday if the schedule remains the same. In any case, the board’s recommendations are technically non-binding, as the New York State Gaming Commission will ultimately have the final say over how many licences are awarded and to whom.

During the upstate New York casino licensing process in 2014-15, the GFLB recommended four casinos but only three were licensed initially. The fourth, Tioga Downs Casino Resort, was not licensed until the following year.

USTA says city, Metropolitan Park have ignored its lease

The USTA’s suit against NYC was the latest unforeseen development in a process riddled with twists and turns. Filed 12 November in New York state Supreme Court, the association alleges the city will violate its lease obligations if Metropolitan Park is allowed to move forward without its input. The USTA operates the Billie Jean King National Tennis Center, located adjacent to Citi Field.

Metropolitan Park itself is not a defendant in the litigation, but the project is slated for the same Citi Field parkland that is leased by the USTA from the city.

According to the suit, the USTA’s lease grants a number of rights over the land when it hosts the annual US Open tennis tournament for roughly three weeks from late August to early September. This is ensured through a “superiority clause” granted to the USTA, and includes the following protections during tournament days:

• Special parking rights for Citi Field parking lots.
• Protection from “competing events that would materially and adversely affect the US Open”, other than MLB games at Citi Field.
• Exclusive rights over “concessions, marketing, and hospitality offerings in the Park during the US Open”.
• Guarantees that the protections stretch for 23 days, the entirety of tournament play and qualifying rounds.

The USTA said it does not oppose the project overall, only the elements that would conflict with its lease. Its suit only seeks declaratory and injunctive relief instead of monetary damages.

Spokesman says a compliant agreement has been reached

Metropolitan Park is projected to cost $8 billion, the most ambitious of the remaining New York casino bidders. But the USTA pointed to the existing benefits of the US Open, which could be harmed if the city and Metropolitan Park fail to uphold the superiority clause. The tournament generates an estimated $1.25 billion in economic impact annually and welcomed 1.1 million visitors in 2025.

The suit alleges that USTA has “repeatedly asked the City to share the draft lease agreement” with Metropolitan Park, but the city “has refused to do so”.

Last Friday, Manhattan Supreme Court Justice Nancy Bannon granted a temporary restraining order preventing the city from ratifying a new pre-development agreement (PDA) with Metropolitan Park. Under the latter’s New York casino application from June, a PDA for the site was expected to be negotiated by Monday and signed by 31 December.

Metropolitan Park spokesman Karl Rickett told iGB that a PDA has in fact been reached with the city. The agreement is said to have complied with the court order and all sides will continue discussions moving forward.

“We have successfully signed our pre-development agreement with the city,” Rickett said. “This moves forward Metropolitan Park as a comprehensive transformation of the area that embraces the existing sports attractions to create a world-class sports and entertainment destination in the heart of Queens. This is a positive step forward for the local community and fans.”

Resorts World showing hesitancy after bullish campaign

Meanwhile, as Metropolitan Park charges forward, Resorts World appears to be trying to pull back on the extent of what it is offering the state. The racino has outdone all competitors in its quest to ensure licensure but could be getting cold feet at the last minute. Bally’s has proposed slot and table tax rates of 30% and 10%, and Metropolitan Park proposed 25% and 10%, the minimum allowed.

In its application, Resorts World dwarfed those rates by offering 56% and 30%, and it bumped its proposed licence fee by $100 million to $600 million. Bloomberg’s anonymous source said the casino will ask the state to lower its rates or raise those of its competitors.

That is likely a worrying sign for regulators and state officials. Over the last year, three big casino operators willingly withdrew from the process: Las Vegas Sands, Wynn Resorts and MGM Resorts. MGM was considered a shoo-in alongside Resorts World, and its withdrawal was the most surprising of the three. A withdrawal or downsizing from Resorts World, the most bullish bidder, could throw the entire process into disarray.

The state’s Metropolitan Transportation Authority is banking on at least $1.8 billion in casino licensing fees and tax revenue in the coming years. That seemed more than attainable six months ago but now looks increasingly shaky, especially if fewer than three licences are awarded. New York state as a whole faces a projected $34 billion cumulative budget gap through fiscal year 2029.

The university released findings last week from a poll that found 79% of sports bettors said the recent sports betting scandals are affecting their trust in the integrity of NBA games. Nearly 40% of those bettors said the investigations are impacting their trust “a lot”.

Sacred Heart partnered with GreatBlue Research on the 23-question survey of 500 US sports bettors conducted during the first week of November. The survey has a 4.3% margin of error and was weighted according to age, gender and education.

With their trust impacted, nearly 36% of respondents said the investigations make them less likely to bet on the NBA. Of those, 45% plan a shift to other professional leagues like the NFL. More than 27% said they intend to reduce sports betting overall.

Still, nearly 30% said they are more likely to bet on NBA games.

“The kneejerk reaction among nearly a third of respondents to switch, at least temporarily, from betting on NBA games isn’t surprising,” Andrew Miller, director of Sacred Heart’s sports communication and media graduate programme, said in a release. “What was interesting is how many – close to 30% – said they’re now more likely to bet on NBA games, perhaps assuming games will be more closely monitored.”

With recent NCAA and MLB investigations also emerging, 75% of the respondents said they believe corruption extends beyond the NBA. A similar percentage said they now question the integrity of college athletics.

NBA gambling scandal hits earlier concerns

Sacred Heart previously released an Effects of Sports Gambling Poll in the spring. That poll, conducted well before the latest NBA scandals, found more than 60% of Americans were concerned that legalised sports betting increases the risk of corruption in sports.

“While sports betting is now widely accepted and easily accessible, a clear majority of Americans are uneasy about the potential for corruption and the erosion of fair play,” Miller said at the time. “And while the question wasn’t included in the survey, obvious solutions might include advocacy for regulators, legislators and law and game enforcement to be more vigilant and more public service outreach around potential gambling problems such as addiction.”

Coaches, players should take responsibility

Nearly half of the respondents said they believe individual players and coaches should be more accountable for gambling violations.

Leagues and sportsbooks took smaller blame, with 20% of bettors saying leagues should take responsibility. Just over 13% of bettors said sports betting platforms should take the heat.

More than 80% of respondents said they support stricter enforcement, including 44% “strongly” supporting more oversight.

Older respondents were more likely to place responsibility on individual players and coaches. Younger demographics placed accountability with the sportsbooks.

Sports betting advertising increases risks

Nearly 70% of bettors believe that sports betting advertising might encourage “risky or unethical behaviour”. More than 30% of those bettors are “very concerned”. The concerns are higher in older gamblers, men and college-aged bettors.

Fewer than 10% of bettors reported having no concern about the effect of sports betting advertising.

In Sacred Heart’s poll from the spring, more than 26% of Americans believe the amount of gambling-related coverage in sports is “too much”.

“Gambling is making sports more interactive for viewers, but many people – especially those most engaged – are seeing firsthand how quickly it can become problematic,” Sacred Heart Sport Management Program Director Josh Shuart said then.

Lawmakers in the US are wary of the deluge of sports betting advertising since the overturning of PASPA in 2018. Gambling advertising is at the heart of several legislative proposals, including the SAFE Bet Act from US Rep. Paul Tonko and Senator Richard Blumenthal.

Sacred Heart, located in Connecticut, plans to conduct a follow-up survey in spring 2026.  

The act prohibits any app or online platform that offers money-based gaming or related services. It makes no distinction between games of chance and games requiring an element of skill, such as fantasy sports. At the same time, it actively promotes esports, educational games and social gaming.

Despite the ban’s speedy passage, the government has yet to issue a notification that permits enforcement of the law. Offenders face fines of up to Rs21 crore (US$113,000) and/or up to three years in jail. Celebrities and influencers who back real-money games could also face criminal charges. Players are not subject to punishment.

Minister: RMG ban ‘avoids a big evil’

Proponents of the ban cited the risks associated with gambling, including financial losses and psychological harm. India Technology Minister Ashwini Vaishnaw said RMG platforms “exploit users with false promises of profit”. In his view, the act “avoids a big evil that is creeping into society”.

Jaya Chahar, founder and CEO of JCDC Sports, said banning the legal industry will do little to stop online gambling. In fact, she told ABC Asia, it “pushes fan engagement away from regulated Indian platforms into unregulated offshore spaces, which defeats the very intent of consumer protection”.

Smrita Singh Chandra, former communications officer for RMG provider Dream11, slammed the “overnight ban”. Chandra joined other critics in saying it was introduced “without transition, nuance or consideration of economic realities”.

“Declaring a platform illegal after years of validation, taxation and judicial recognition isn’t just wrong,” she wrote. “It is deeply unethical.”

RMG shuts down, losses mount up

Losses were reflected in the latest earnings quarter. According to the Economic Times, US-based Flutter Entertainment posted a $556 million impairment following the shutdown of India subsidiary Junglee Games. Canadian private equity firm Clairvest Group wrote off its investment in Head Digital Works, operator of A23 Rummy.

India’s Nazara Technologies recorded an impairment of $103.2 million on its investment in Moonshine Technologies, parent of PokerBaazi. Fintech firm Paytm recorded a 98% net profit loss after booking a $21.4 million impairment on a loan to First Games Technology.

In total, over 90 days RMG platforms have reportedly recorded asset write-downs of more than $840 million. In addition, about 7,000 Indian workers have lost their jobs.

Ban creates ‘significant regulatory risk’

Going forward, India will emphasise esports and online social games whose “outcome is determined solely by factors such as physical dexterity, mental agility, strategic thinking or similar skills”.

But media and technology attorney Probir Roy Chowdhury told Fortune India the RMG ban could have a chilling effect on investment. “This … sharp policy reversal [abandons] the government’s earlier plan for industry self-regulation under the 2021 IT Intermediary Rules,” Chowdhury said. “Such a drastic shift signals to investors that the government can arbitrarily dismantle a thriving sector, creating significant regulatory risk.”

Prior to the ban, RMG contributed approximately Rs20,000 crore (US$42.256 billion) per year in direct and indirect taxes. It also supported nearly 20,000 direct and indirect jobs.

On Friday US District Court of Nevada Judge Andrew Gordon said he is leaning toward reversing his initial decision, given in April, when he granted Kalshi a preliminary injunction against Nevada’s enforcement of gambling laws. Gordon reserved judgment after a hearing and expects to issue a written ruling within two weeks.

“We’re always happy to be heard in court and take the judge’s instruction to confer with the state seriously,” a Kalshi spokesperson said in a statement. “In the meantime, we will continue to operate our national exchange in compliance with federal law.”

Kalshi sued Nevada gaming regulators in March after receiving a cease-and-desist letter directing it to stop offering unlicensed gambling. The prediction markets operator argues it is federally regulated by the Commodity Futures Trading Commission and should not be bound by the state order. Kalshi contends the event contracts it offers are derivatives and are recognised financial tools.

Following Gordon’s initial Kalshi decision, he did not grant a similar injunction to Crypto.com in October. During Friday’s hearing, he questioned whether some of Kalshi’s products, largely sports event trades, qualify as derivatives.

“It seems like your definition is so broad that pretty much anything can become a swap, anything can have a financial consequence,” Gordon said, per Bloomberg. “Nobody thought sports bets were commodities or excluded commodities or swaps until some brilliant people at Kalshi.”

Kalshi will likely appeal any decision against it, and multiple industry sources expect the legal battle between state regulators and prediction markets to head to the US Supreme Court.

Prediction markets lawsuits abound

Friday’s hearing came after Kalshi notched a significant win in California last week. A judge denied a motion from three tribes requesting that Kalshi be prevented from operating on tribal lands. The judge said because Kalshi is regulated through the CFTC, the Unlawful Internet Gambling Enforcement Act applies, and the markets do not qualify as bets and therefore do not violate the Indian Gaming Regulatory Act.

Following Gordon’s initial decision in April, a New Jersey judge also granted Kalshi a preliminary injunction to prevent state regulatory enforcement. Since then, 34 state attorneys general sent a brief to support New Jersey’s case.

In Maryland, a judge denied Kalshi’s request for an injunction against the state regulator.

There are also pending lawsuits in other jurisdictions, including Massachusetts, New York and Ohio. Last week, 22 Native American tribes, including the Seminole Tribe of Florida, sent a brief in support of Ohio.

Suffolk County Superior Court in Massachusetts will hold a hearing on 9 December to hear that state’s motion for a preliminary injunction against Kalshi.

Multiple other states have also sent cease-and-desist letters to Kalshi, including Arizona, Illinois and Montana.

As commercial sportsbook operators look to launch prediction markets products, including DraftKings and FanDuel, states have also begun to warn them their licences might be at risk if they offer sports event trades. Last week, FanDuel and DraftKings surrendered licences and withdrew applications for sports betting in Nevada.

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.

Svenska Spel and ATG on 7 November submitted a joint op-ed article to the Svenska Dagbladet newspaper, outlining their support for a possible ban, which would put an end to any form of online bonuses awarded by licensed operators in Sweden.

In the article, Svenska Spel’s Anna Johnson and Hasse Lord Skarplöth of ATG argued bonuses could lead to gambling-related problems. They noted the particular appeal of the bonuses to younger people, drawing them to gambling and causing long-term issues.

The op-ed also highlighted certain statistics from a recent report by the Swedish Association for Alcohol and Drug Education. One piece of data suggested gambling among boys in their second year of high school increased from 27% to 43% in five years.

While BOS Secretary General Gustaf Hoffstedt shared concerns over young people and gambling, he rejected the direct link to bonuses. He said a ban on bonuses in online gambling would not solve the problem.

“We believe that everyone agrees and is concerned that gambling among young people under the age of 18 is a growing problem,” he said.

“But to claim that this is due to the welcome bonuses that are currently offered to adult players, without mentioning how today’s young people learn to play for money through so-called skins and loot boxes in their favourite games, is not serious.”

Gambling monopolies’ motive

Hoffstedt insisted the ban would benefit both Svenska Spel and ATG by reducing the size of Sweden’s legal market and pushing more players to play with the gambling monopolies.

“Both of these gambling companies, which emerged from the Swedish gambling monopoly, took significant market shares with them from the start when the Swedish gambling market was re-regulated in 2019,” he said.

“The fact that their competitors, who in many cases start with zero customers on their data base, are prohibited from offering a bonus when a new customer is recruited is of course tempting for the old monopolists.

“But they bite their own tail. Because with demands for further restrictions on the legal licensed gambling market, they can only defend their market share in an increasingly shrinking licence market.”

“These two companies could have brought together the gambling market, or at least the members of their own trade association, for some common good. However, they ignore this and run solo games for short-term benefit for themselves, but not for Sweden and above all not for consumer protection in the gambling market,” Hoffstedt added.

Black market concerns from bonus ban

Hoffstedt also flagged concerns over how a ban could drive players to unlicensed sites, which may offer bonuses but not the same protection measures as approved brands.

With this, he called for balance in gambling regulations to consider both consumer protection and gambling pleasure. This, he said, would ensure a higher proportion of users gambling with regulated websites.

“A high proportion of legally licensed gambling is achieved through striking a balance between consumer protection and gambling pleasure,” he said. “The gambling consumers must themselves want to be in the licensed gambling market. If this is not achieved, the entire system will collapse.

“Now Johnson and Lord Skarplöth also want to remove the possibility of giving a bonus to a new gambling customer. If they get their way, we probably haven’t seen the bottom yet in how low the proportion of legally licensed gambling can fall.”

Sweden is in the process of overhauling part of its gambling regulation to deepen enforcement against the black market.

A review of the Gambling Act reached a milestone in September when the Ministry of Finance published investigator Marcus Isgren’s report, outlining amendments designed to strengthen the country’s regulatory framework and close loopholes that enabled illegal operators to market to locals.

But Hoffstedt previously told iGB the long-awaited update was unlikely to solve some of the market’s deeper-rooted struggles relating to the proliferation of illegal gambling.

Caesars is the third Las Vegas gaming company to face fines related to Bowyer, joining MGM Resorts and Resorts World Las Vegas. Caesars’ shortcomings were detailed in a five-count, 21-page complaint also filed on Thursday but dated 10 November.

Bowyer, 50, reported to federal prison to serve a one-year sentence in October. Considered to be one of the biggest bookies in the US at his peak, Bowyer is most well-known for taking more than $325 million worth of action from baseball star Shohei Ohtani’s former interpreter, Ippei Mizuhara.

The Nevada Gaming Commission will consider the matter at its next meeting on 20 November. All of the AML fines administered this year have been accepted by the commission. If approved, Caesars’ $7.8 million fine would rank third among those levied this year. Resorts World paid $10.5 million and MGM’s total was $8.5 million.

“The board’s investigation revealed that Caesars and/or its subsidiary properties, including Caesars Palace, had identified, as early as April 2017 and on multiple subsequent occasions until he was banned by Caesars, suspicions regarding Bowyer’s activities, including that there was a lack of information regarding his source of funds and/or that his source of funds failed to justify his level of play,” the complaint reads in part.

What’s included in the Caesars complaint?

The five counts listed against Caesars in the complaint are:

• Failure to establish Bowyer’s source of funds
• Failure to ban Bowyer
• Failure to conduct adequate due diligence on Bowyer after receiving negative information
• Failure to elevate Bowyer to Caesars’ AML officer
• Failure to conduct an investigation

Caesars released the following statement:

“At Caesars Entertainment, integrity and regulatory compliance are paramount. We fully cooperated with the Nevada Gaming Control Board throughout its investigation and are committed to maintaining strong anti-money laundering and ‘know your customer’ programmes. We take our compliance responsibilities seriously and are dedicated to continuously strengthening our practices to meet and exceed the highest standards.”

Investigators said the misconduct by the operator ran from “sometime prior to 2017 until 22 January 2024”, when Bowyer was banned by Caesars. Bowyer was allegedly categorised as a “high risk” patron continually from June 2019 until he was banned nearly five years later. Caesars had documentation that “two other Las Vegas casinos had banned Bowyer” from May 2017.

The decision to ban the bookmaker came after news reports surfaced about his home being raided by federal authorities, the complaint says.

Overall, Bowyer was said to have “won and lost millions of dollars” at Caesars properties, including Caesars Palace, Harrah’s Resort Southern California and Harveys Lake Tahoe (now Caesars Republic Lake Tahoe).

Flurry of AML scandals for Nevada regulators

Often dubbed as the “gold standard” of US gaming regulation, Nevada has been besieged by AML scandals this year. In addition to the three Bowyer-related cases, Wynn Las Vegas was also fined $5.5 million in a separate AML-related case, and word of an additional investigation involving the Fontainebleau leaked earlier this year.

Regulators have expressed displeasure about the spread of these cases. NGCB member George Assad has been particularly vocal about the misconduct and Nevada Gaming Commission member Brian Krolicki has said the large fines should serve as a “clarion call” for the Las Vegas Strip. Nevada has two regulatory bodies: the NGCB handles day-to-day regulation and the NGC has final say.

Former Gaming Arts CEO Mike Dreitzer took over as NGCB chair in June, becoming the fifth chair since January 2019. Regarding repeated AML fines, Dreitzer told iGB at the Global Gaming Expo in October that the board “will have no problem” ratcheting up enforcement efforts if there is “recidivism” in the misconduct.

“Fines make headlines, but at the end of the day from my perspective it’s even more important that the operators, the licensees are acting in a corrective way, and that we are regulating and verifying that as we go along. … Certainly we are not afraid to continue to ramp up enforcement, if that means fines, whatever makes sense,” Dreitzer said.

The misconduct by Caesars is similar to the complaints against MGM and Resorts World. In all three cases, internal AML procedures were ignored and Bowyer was allowed to frequent the casinos freely for years despite the known risks.

Largely a year to forget for Caesars

For Caesars, the fine is the latest headache in what has been a tough year for the operator. Performance has been ho-hum in all three quarters this year, and Las Vegas profits in particular tanked in Q3.

Its digital segment has been the biggest bright spot, although analysts are largely expecting a spin-off or sale as it outpaces its retail operations. As competitors like FanDuel and DraftKings move ahead with prediction market deals, Caesars feels constrained by regulatory warnings from the NGCB. The board has made it clear that offering prediction markets could put Nevada licences at risk. As such, the company is stuck in limbo.

“As we’ve said before, we can’t be out in the lead on this one,” Caesars Digital president Eric Hession told analysts in October. “We’re going to monitor it, make sure we’re not left behind if there’s regulatory clarity. … Our best approach at this point is to monitor it, put our plans in place, make sure we’re adequately resourced and be ready to move if there’s a legalisation or definition in either direction.”

The company was also charging hard this year for a New York casino in Times Square. Theatre unions rallied to oppose the bid, however, and it was rejected by a local community board in September after more than 12 hours of public hearings.

Caesars’ share price dipped below $20 in trading Friday, and the stock is now down 41% year-to-date and 50% over the last 12 months. The company reported $11.9 billion in debt in Q3, markedly above its chief competitors Wynn ($10.5 billion) and MGM ($6.1 billion).

The developments highlight both the legal complexity and rapid evolution of event-trading markets across the United States.

This week, the US District Court for the Northern District of California denied a motion from three tribes to prohibit Kalshi from operating on tribal lands in the Golden State. The Blue Lake Rancheria, Chicken Ranch Rancheria of Me-Wuk Indians and Picayune Rancheria of the Chukchansi Indians filed the lawsuit against Kalshi in July, arguing its offerings on tribal land violate the Indian Gaming Regulatory Act. Tribes have Class III gambling exclusivity in California.

The ruling states because Kalshi is federally regulated through the Commodity Futures Trading Commission (CFTC), the Unlawful Internet Gambling Enforcement Act applies to Kalshi and its “internet contracts are not bets or wagers under the UIGEA and therefore do not constitute ‘unlawful internet gambling’ even if the contracts are received, placed or transmitted from persons on Indian lands where internet gambling is illegal.”

“The court does not take lightly plaintiffs’ concerns about the effects Kalshi’s activities might have on tribal sovereignty and the tribes’ finances,” the ruling reads. “Indeed, by self-certifying the legality of its event contracts in a way that insulates its activities from judicial review, Kalshi may have found a way around prohibitions on interstate gambling that were created with the tribes’ best interest in mind.

“But, on the record currently before the court, and in light of the Commodity Exchange Act’s self-certification process, plaintiffs have not met their burden of showing a likelihood of success on their IGRA claim.”

Prediction markets in court across US

California is not the only state with tribal gaming interests looking to stop Kalshi offerings on tribal land, as Wisconsin’s Ho-Chunk Nation also filed a lawsuit against the prediction markets operator.

Kalshi is in multiple court battles across the US in states where regulators argue it is offering gambling without appropriate licensure. In New Jersey and Nevada, Kalshi received initial injunctions to prevent regulatory enforcement. In Maryland, a judge denied Kalshi’s request for a preliminary injunction. Those cases are under appeal.

Meanwhile there are also court cases in Massachusetts, New York and Ohio. Other states, including Arizona, Illinois and Montana, sent cease-and-desist letters to Kalshi. Also, 34 state attorneys general filed a brief supporting New Jersey’s court case.

Trading platforms including Robinhood and Crypto.com are also facing legal challenges about their prediction markets offerings. Crypto.com recently pulled out of Nevada amid an ongoing lawsuit with the Nevada Gaming Control Board. In Massachusetts, a judge ruled Robinhood cannot block the state’s gambling enforcement.

PrizePicks launches event trading product

On Friday, daily fantasy sports operator PrizePicks announced it is live in 38 states with prediction markets through a multi-year partnership with Kalshi. The DFS company agreed to sell to international gaming giant Allwyn last month in a $1.6 billion deal.

The offering comes through PrizePicks subsidiary Performance Predictions II, a federally approved Futures Commission Merchant. An FCM registration allows PrizePicks to offer prediction market contracts approved by the CFTC.

“Expanding into prediction markets delivers on what our customers want, innovative products with more ways to play,” PrizePicks CEO Mike Ybarra said in a release. “Together with Kalshi, we will welcome new customers across many states to the PrizePicks experience, and we couldn’t be more excited about the opportunity ahead in this fast-growing space.”

Earlier this week, PrizePicks announced a partnership with prediction market competitor Polymarket. Polymarket’s full reentry into the US was delayed by the government shutdown, but the partnership remains in place and PrizePicks will offer markets from multiple exchanges.

Customers will be able to trade on sports, entertainment and pop culture on the PrizePicks app through Kalshi’s library of offerings.

PrizePicks is not alone in its foray into prediction markets products. Underdog, which like PrizePicks started as a daily fantasy sports operator, also recently launched prediction market offerings. Underdog has also launched a sports betting product.

Despite multiple states warning sportsbooks that offering prediction markets might affect their licences, market-leading sports betting operators FanDuel and DraftKings are both readying launches of event trading platforms.

In a memo disseminated to all 32 teams on Thursday, the league wrote that it is working with legislators and regulators on the state level to limit and, where possible, “prohibit altogether” prop bets on the sport. The NFL cited the criminal probe as impetus for engaging with state leaders in reviewing props it views as detrimental to the integrity of the sport.

The league drew particular attention to props that can be controlled by one player on a specific play. The NFL alluded to wagers on a kicker to miss a field goal or for the next pass to fall incomplete, as examples that fit the criteria.

“Our commercial agreements are regularly reviewed and updated to prohibit wagers that are tied to the kind of conduct that was identified in recent federal law enforcement activity,” the NFL wrote in the memo. “We maintain regular contact with state officials to ensure that these wagers are appropriately addressed.”

Potential prohibited NFL prop bets

The league outlined several categories of prop wagers for further review:

• Inherently objectionable props: The NFL views these props as markets or bets that are inherently designed to be “derogatory, inflammatory or otherwise based on subject matter against public policy”. Props on player injuries, fan safety and misconduct fall within the category, according to the memo.
• Officiating-related bets: The league is pushing for restrictions on props associated with officiating. The NFL alluded to wagers on officiating assignments, penalties and replays there.
• Pre-determined outcome props: In this category, the NFL flagged wagering activity on pre-determined outcomes directly related to on-field competition. The NFL has frowned upon props on whether the first offensive play will be a run or a pass. The league is also deterring operators from offering props on which quarterback will start in a given week. On Polymarket, a leading prediction market website, customers can trade on whether Shedeur Sanders will start a game this season. The NFL issued a memo over the summer stating that it believes that trading on prediction markets constitutes “prohibited gambling activity”.

On the collegiate level, NCAA President Charlie Baker has barnstormed the country to advocate for a nationwide ban on props involving student-athletes. In response to Thursday’s memo, Baker commended the NFL for its vigilance toward protecting the integrity of the sport.

NFL discussions with state gambling regulators

While the NFL said it has met with various state regulators on prop activity, the league did not disclose the names of the actual states. At the moment, sports betting is legal in more than 35 states nationwide.

Given the fragmented landscape, it is up to each state to develop a sports wagering catalogue for the approval of certain props. In Colorado, for instance, the Division of Gaming rejected a proposed wager on whether any scoring drive in the Super Bowl would be shorter than the length of the national anthem. Last month, the division rejected a proposed wager on whether the jersey number of a touchdown scorer would be odd or even. However, the division approved a prop that enables customers to bet on whether the first offensive play will result in a safety.

On Friday, iGB spoke with a regulator from another state on the condition of anonymity who indicated that he is in favour of any action by a professional sports league that contains positive steps to “ensure the integrity” of its betting products.

Landscape for NFL prop bets memo

The NFL memo comes amid a number of gambling scandals involving US pro leagues.

The federal investigation in the Eastern District of New York has ensnared more than three dozen defendants in a joint poker and illegal sports betting probe involving prominent NBA players.

Separately, Cleveland Guardians pitcher Emmanuel Clase made an initial appearance on Thursday at a federal courthouse in Brooklyn. Both Clase and teammate Luis Ortiz have pleaded not guilty to a slew of charges in connection with a comprehensive pitch-rigging scheme.

Since the 2018 PASPA decision on sports betting, the NFL has suspended several prominent players for league violations on sports wagering, most notably Calvin Ridley, Jameson Williams and Isaiah Rodgers Sr.

“From the earliest days of legal sports betting, we have recognised the particular risks associated with prop bets and the corrosive effect they have on fan perceptions, league reputation and the safety of players, club staff and game officials,” the NFL wrote in the memo.

Platinum was fined £10 million ($13.1 million) in October for “serious” failings related to anti-money laundering and social responsibility. It was also handed a formal warning and ordered to undergo a third-party audit over the matter.

While the failings were primarily social responsibility issues specific to British regulation, certain AML systems and controls failings from 2023 were flagged as part of the same investigation.

In addition to its British licence, Platinum holds a licence in Gibraltar. As such, the Gibraltar regulator has considered its position, publishing a statement over the matter.

It said there was no specific evidence of money laundering or criminal spend and that there was “very limited financial benefit” to Platinum from the cases. However, it also flagged a “lack of adequate due diligence” for deposit levels and other failures of due diligence and approach to risk.

Examples flagged by the British regulator included failing to identify a user who exceeded their £2,500 loss limit within 16 minutes of registering their account as being at risk of potential harm. Another user staked £73,000 and lost £4,100 in 23 days without any interaction from Platinum.

Meanwhile, Platinum’s customer interaction system failed to identify a player as at risk of harm. This was despite the user losing £5,000 within 24 hours of registration, then over £16,000 in less than three months.

No further action against Platinum in Gibraltar

Despite raising concerns over Platinum’s conduct, the Gibraltar regulator elected not to pursue any further financial penalty.

Setting out its reasoning, the regulator noted the historical nature of the failings, which date back to 2023. It also acknowledged the “significant” value of the fine already issued by the British regulator.

In addition, the Gibraltar commission said Platinum’s systems and controls in relation to the Gibraltar regulatory regime have been improved. It said they are considered “satisfactory”, subject to third-party review in respect of the British regulator’s requirements.

However, given the circumstances of the case, the Gibraltar regulator saw it appropriate to issue a formal caution to Platinum.

“On balance, the licence holder is considered fit and proper to hold a Gibraltar licence given the documented improvements it has made to its systems, controls and approach to risk over time,” the commission said.

“Licence holders that are dual licensed are reminded they are expected to comply with the regime not only in Gibraltar but also of other relevant jurisdictions in which they operate.

“The fact that a formal caution has been issued will be taken into consideration if other matters come to light in the future.”

The £10 million fine was the second time Platinum has faced a financial penalty in recent years. In March 2023, it was slapped with a fine of £2.9 million, again for social responsibility and anti-money laundering failures. At the same time, Kindred’s 32Red brand was fined £4.2 million for similar issues.

Revenue for the three months to the end of September was marginally higher than SEK6.68 billion in Q3 2024. However, the monthly total fell 4.4% short of the SEK7.02 billion posted in Q2 of this year.

Figures from regulator Spelinspektionen showed commercial online gambling remained the primary source of gambling revenue by some margin. Total revenue from the sector, which includes online casino, topped SEK4.51 billion in Q3, up 3.5% year-on-year.

This segment also covers online sports betting, with the increase coming despite a tough comparable period last year. Q3 of 2024 included the latter stages of football’s Euro 2024 tournament, as well as the 2024 summer Olympic Games.

Mixed news from the land-based sector in Sweden

Turning to land-based gambling, revenue from the state lottery and physical slot machines was 7.2% lower year-on-year at SEK1.26 billion.

Revenue from lotteries classified as “gaming for public benefit” edged up 0.5% to SEK822 million. Meanwhile, bingo games under the public benefit umbrella generated SEK48 million, which was level year-on-year.

Elsewhere, land-based commercial gaming, including restaurant casinos, drew SEK67 million in revenue, a rise of 3.1%.

Finally, Q3 was the first quarter in which the former Casino Cosmopol land-based operations did not generate any gambling revenue. Svenska Spel closed its final physical casino in April, just weeks after Sweden’s government voted to abolish land-based casinos. 

Land-based casinos will officially be banned in Sweden from 1 January 2026.

Extended credit gambling ban edges closer in Sweden

Also soon to be banned in Sweden will be gambling with credit. The Swedish Gambling Act already prevents players from using credit to gamble with licensed operators. However, a change in regulation will take this further.

From 1 April 2026, both licensees and gambling agents will be banned from processing transactions that involve any form of credit. This will extend to credit agreements with other actors, such as loan agreements and bank overdrafts, where they may be misappropriated for the purpose of gambling.

Licensees and agents must also take measures to counteract gambling with credit. This could include blocking credit card payments and not promoting third-party lenders to customers.

However, the government said Spelinspektionen could make certain exceptions to the ban. This may cover licensed operators running gambling for public benefit, like charity lotteries.

On Thursday the Massachusetts Gaming Commission gave sportsbook licensees notice that they are prohibited from offering sports-related event contracts in Massachusetts, either directly or via an affiliate. The MGC’s warning follows the state’s action against prediction markets earlier this year. Massachusetts Attorney General Andrea Campbell filed a lawsuit against prediction market operator Kalshi in September to stop sports event markets.

Thursday’s warning notes “several Massachusetts sports wagering licensees are considering or have begun the process of partnering with entities in the prediction market space”.

Both FanDuel and DraftKings have announced their plans to launch prediction market products with sports event trading. Those operators cite the ability to capture markets where traditional sports betting is not legal, such as California and Texas.

While the MGC’s warning is specific to offering the event trades in Massachusetts, it does note other regulatory action against the licensees related to prediction markets might also influence future action. This week in Nevada, FanDuel surrendered its sportsbook licences and approvals while DraftKings withdrew sports betting applications.

“In the event you offer sports-related event contracts in Massachusetts or direct patrons to such event contracts being offered in Massachusetts, the Commission may take steps up to and including revocation of your licence,” the letter reads. “In addition, to the extent any other regulator takes action against your licence due to your operation in the prediction market space, such action may inform decisions related to your suitability in Massachusetts.”

Growing list of regulatory warnings against prediction markets

The MGC’s warning adds to a list of regulator letters to licence holders, including action taken in Arizona, Illinois, Michigan, Nevada and Ohio.

At least eight states have sent cease-and-desist letters to Kalshi, contending the prediction markets constitute gambling without proper licensure. Kalshi argues it is legally operating nationwide under the federal purview of the Commodity Futures Trading Commission.

Massachusetts is also just one of several states involved in ongoing litigation about prediction markets. Kalshi recently filed suit against the New York State Gaming Commission, seeking to block enforcement of a cease-and-desist order it issued.

Kalshi has filed similar suits against Maryland, Nevada, New Jersey and Ohio. A coalition of 34 state attorneys general filed a brief in support of New Jersey’s case against Kalshi. Crypto.com and Robinhood are also involved in lawsuits.

Multiple tribes have also sued prediction markets. They argue the operators are violating the Indian Gaming Regulatory Act by offering event trades on tribal land.

About 5% of gamblers are believed to be young people between the ages of 10 and 19.

“Because online gambling is conveniently accessible with just a smartphone, there are fears that children may become increasingly addicted to gambling without their parents realising it,” Toshiaki Tsuneoka, psychiatrist and associate professor at Showa Medical University, told the Japan News.

The government strategy would also remind citizens that the activity remains illegal in Japan, even if the operators are regulated in other jurisdictions. Penalties include fines of up to JPY500,000. Repeat offenders could face up to three years in jail.

Legal gaming to grow with Japan’s first casino

Japan’s legal gaming sector now includes pachinko, state-run lotteries and bets on horse racing and other public sports. In 2030, land-based casino gaming will join the list with the opening of the nation’s first integrated resort. The casino at MGM Osaka, on Yumeshima Island in Osaka Prefecture, will offer 2,000 slot machines, 200 tables and thousands of electronic games.

MGM’s local partner, Japanese developer Orix, predicts the IR will attract 20 million visitors a year and generate JPY520 billion (US$3.4 billion) in revenue. Orix has said the IR will stand up to competition from established resorts in Macau and Singapore.

Japan nationals who patronise MGM Osaka will have to pay an entry fee of JPY3,000. Osaka residents will be required to pay an additional municipal levy, doubling the fee.

Legal gaming currently generates an estimated JPY20 trillion per year, with just JPY840 million allocated for prevention programmes, said Noriko Tanaka, of the Society Concerned about Gambling Addiction. Tanaka says Japan is decades behind other countries in its efforts to mitigate gambling harm. She points to government data documenting 398 gambling-related suicides in 2024. Tanaka said that is likely about one-fifth of actual cases.

“Almost no progress has been made on gambling addiction countermeasures in Japan,” she told UCA News in September.

Illegal online gambling can lead to other crimes

The government’s gambling prevention strategy was first approved in March. In June, it updated the 2018 Basic Act on Measures to Counter Gambling Addiction. The measures prohibited new online casinos and related advertising and called for greater public awareness.

One case of illegal iGaming sparked headlines across Japan: a 15-year-old boy who said he started gambling in sixth grade, then resorted to crime to support his habit. The boy allegedly conducted online romance scams, posing as a female college student to defraud dozens of men.

Emerging prediction markets like PredictIt and Kalshi have also created new opportunities to place wagers online.

In a Joint Committee on Economic Development and Emerging Technologies hearing, Rep. David Muradian presented his H4431, a bill aiming to legalise online casino in Massachusetts. The committee did not take action on the bills and will accept written testimony until 20 November. House matters require a report by 17 December.

“Consumers in the commonwealth have operated in illegal markets and will continue to do so,” Muradian told the panel. “This bill brings it out of the shadows into a safe, transparent system.”

The bill would allow the state’s three casinos to offer iCasino products. Muradian said the bill establishes strong consumer protections and taxes operators 15% on online casino revenue.

“We would welcome conversations to enhance these protections,” he said.

Multiple industry stakeholders spoke to the committee, including consultant John Pappas, DraftKings Senior Government Affairs Manager Rebecca London and West Virginia Delegate Shawn Fluharty, who also is head of government affairs at Play’n GO. Fluharty helped pass sports betting and iCasino legislation in West Virginia.

“iGaming [legislation] is bipartisan,” he said. “It shrinks the black market, raises revenue and protects the customer. The current system is the wild, wild west. This weeds out bad actors and rewards good actors who want and desire a regulated market.”

iCasino opposition heard in Massachusetts

Several Massachusetts lawmakers who supported legalising sports betting expressed remorse that it could have caused an increase in problem gambling. They warned about iCasino expansion and supported bills putting stronger guidelines on the sports betting industry. Senator John Keenan’s S302 would ban prop and in-play bets while raising sports betting taxes to 51%.

A representative from the National Association Against iGaming (NAAiG) highlighted various statistics from states with online gambling and the rise in calls to problem gambling. That included a 200% increase in calls in Massachusetts since sports betting launched. Several regional casino companies, including The Cordish Companies and Churchill Downs Inc, launched NAAiG this year to oppose the nationwide push to legalise iCasinos.

The NAAiG stated there has been a 26% decrease in the Pennsylvania land-based casino workforce since online casinos went live. It also projects a 16% cannibalisation of land-based casino revenue in Massachusetts.

Problem gambling consultant Brianne Doura-Schawohl detailed risks tied to gaming expansion. She stated that fewer than 2% of Massachusetts residents utilise tools available to prevent problem gambling.

Multiple other gambling-related bills that were on the committee’s agenda included ways to protect land-based casinos, allow fraternal organizations to conduct bazaars, allow peer-to-peer cardrooms and encourage investment into in-person sportsbooks.

The October total surpassed the prior record of $685 million, set in March this year, by a comfortable 18.5%. It was also 32.6% higher than October 2024 and 18.3% ahead of this September.

Data from the North Carolina State Lottery Commission showed paid wagering during the month topped $784.3 million. Some $27.1 million was also put through by operators as promotional wagers.

Cancelled and voided wagers amounted to $4.3 million, while players received back a total of $729 million. This resulted in $78.1 million in gross wagering revenue for October.

The revenue total beat last year by 60.4% and was also 16.9% more than this September. However, it was not enough to surpass the record $105.3 million set in April 2024, falling 25.8% short of the all-time high.

As such, hold for the month stood at 11.4%. The commission also noted $14.1 million in tax income from sports betting during the month.

North Carolina wagers surpass $2 billion in year-to-date

The state’s regulator does not publish data for individual operators. However, it did issue an update on the market’s performance during the financial year-to-date.

In July-October, total spend on sports betting amounted to $2.35 billion. This comprised $2.26 billion in paid wagering and $82.8 million in promotional bets.

Voided and cancelled bets amounted to $15.5 million, with player winnings topping $2.11 billion. This resulted in $221.7 million in revenue for operators active in the state, with a hold of 9.45%. Total tax collected for the period was $39.9 million.

FanDuel, DraftKings, Fanatics, ESPN Bet, Bet365 and BetMGM are among the operators that are active in North Carolina.

Addressing analysts on a third-quarter earnings call, Flutter CEO Peter Jackson noted that the company will launch a prediction market, FanDuel Predicts, at some point next month. Just about five minutes before the call began, Nevada regulators issued a statement that the company had agreed to surrender its gaming licence due to the leap into prediction markets.

FanDuel has only one retail sportsbook in Nevada, a small book in partnership with Boyd Gaming at the Fremont Hotel and Casino in Las Vegas. The company does not have any online sportsbook offerings in the state.  

As with DraftKings, FanDuel intends to accept trading on sports event contracts in states that have yet to legalise sports wagering. That covers just 11 states, but they represent a large portion of the US population.

While Jackson acknowledged that Nevada regulators needed to “protect their interests”, he emphasised that FanDuel must also do so. He said that FanDuel Predicts will allow the company to go after “half the market”, which has previously been untapped. Without mentioning the names of any states, Jackson hinted that FanDuel will target California and Texas as primary markets for event contracts on sports.

Quarterly earnings

For the three-month period that ended 30 September, Flutter generated revenue of $3.79 billion, a decline of 5% from the year-ago quarter. Flutter failed to meet analysts’ estimates of $3.9 billion. The company blamed a series of customer-friendly sportsbook outcomes at the start of the NFL season for the decline in revenue.

However, Flutter still reported adjusted earnings per share of $1.64, far above per share estimates of $0.79. In the US, a metric for FanDuel’s volume of sportsbook customers per month rose by 5% on average for the quarter.

Despite the revenue decline, FanDuel still maintained a 38% share of the US sportsbook market by gross gaming revenue and remains the top company in the US by market share, according to Flutter. In terms of net gaming revenue, FanDuel’s share ticked slightly higher at 41%.

By 2030, Flutter projects that the total addressable market for US gambling will balloon to $63 billion. An analyst from Third Bridge finds the projection credible, supported by new state openings and further expansion throughout the market.

Elevated spending abroad

With the launch of FanDuel Predicts, Flutter anticipates an EBITDA cost of $40 million to $50 million for the fourth quarter, said Flutter Chief Financial Officer Rob Coldrake. Flutter is also allocating about $200 million to $300 million in investments into the prediction market for full-year 2026.

In August, Flutter bought back a 5% stake in FanDuel from Boyd Entertainment for $1.8 billion. Outside of the US, the company has also invested heavily in Brazil and Italy in recent months, Citizens JMP analyst Jordan Bender wrote in a research note. The spending spree has dampened available resources, with free cash flow down 43% year-to-date, according to Bender. In response, Citizens has lowered its 2026 EBITDA model for Flutter by 7%.

Jackson also expressed disappointment with the enactment of the Promotion and Regulation of Online Gaming Act in India. The act led to the shutdown of real-money operations at Junglee, an Indian subsidiary. Flutter acquired Junglee in 2021 for approximately $200 million.

FanDuel Predicts launch

During an earnings call on 7 November, DraftKings CEO Jason Robins noted that he sees prediction markets as a significant incremental opportunity for the company. While DraftKings has not set an exact launch date, Robins indicated that it will occur in the coming months.

Flutter predated DraftKings’ entry into prediction markets with the announcement of a partnership with the CME Group over the summer. However, at the time, Flutter did not indicate if it planned to offer event contracts on sports.

Under the terms of the deal, the CME Group will receive 50% of gross revenue from FanDuel Predicts, Truist Securities analyst Barry Jonas wrote in a research note. FanDuel will be responsible for 100% of costs to support the FanDuel Predicts app while CME will be responsible for all exchange-related costs, according to Jonas.

Over the last year, prediction markets have generated considerable buzz throughout the gambling industry amid concerns that sports event contracts could threaten the commercial interests of legal sportsbooks. Bender, the analyst from Citizens JMP, wrote Wednesday that he views prediction markets as a meaningful earnings driver for Flutter in 2027.

Lower guidance

Jackson indicated that Flutter will not have a parlay offering for FanDuel Predicts upon the initial launch. Instead, he anticipates that a pre-packaged offering will be available by early 2026. With the added investment in FanDuel Predicts, Flutter now expects full-year 2025 EBITDA in the range of $2.8 billion to $3.1 billion.

Flutter also lowered its full-year revenue in part due to the unfavourable sports outcomes. The company now expects full-year 2025 revenue to fall within the range of $16.4 billion to $17.3 billion.

In pre-market trading on Thursday, Flutter fell 3.4% to $226 per share. Since clearing $300 a share in July, Flutter has dropped by nearly 25%.

The Nevada Gaming Control Board on Thursday announced FanDuel had surrendered its Order of Registration and related licences and approvals for sportsbooks in the state. Meanwhile, the board approved DraftKings’ request to withdraw its pending sports betting licence applications. FanDuel has one in-person sportsbook in Nevada.

“It has been made clear to the board that Flutter Entertainment/FanDuel and DraftKings intend to engage in unlawful activities related to sports event contracts,” an NGCB release reads. “The conduct is incompatible with their ability to participate in Nevada’s gaming industry.

“The board takes seriously its obligations to operate a thriving gaming industry and to protect Nevada citizens.”

Nevada has been steadfast in its opposition to the unchecked nationwide growth of the prediction market industry, particularly sports event contracts. The NGCB previously warned licensees about potential disciplinary measures related to offering sports event contracts. The regulator said that offering prediction markets constitutes unsanctioned gambling activity.

That warning came after the NGCB sent a cease-and-desist letter to prediction market operator Kalshi in March. Kalshi sued and won a preliminary injunction in April. The NGCB also sent letters to Crypto.com and Robinhood – both of whom sued in response. Unlike Kalshi, a judge denied Crypto.com’s injunction request in October.

Prediction market operators argue they can operate nationally under the federal purview of the Commodity Futures Trading Commission (CFTC).

FanDuel, DraftKings prep sports event trading

During Flutter’s third quarter earnings call Wednesday, CEO Peter Jackson said FanDuel Predicts will launch sometime in December. This summer, FanDuel announced a partnership with CME Group for a prediction markets product.

FanDuel Predicts will offer sports event contracts in states without legal sports betting, such as Texas and California.

“While we’re sad to have to surrender the licence, that’s what we’ve done,” Jackson said during Wednesday’s call. “Nevada were protecting their interest. We need to protect our interest. And FanDuel Predicts will allow us to go after the half of the market that we haven’t previously been able to go after.”

Last week, DraftKings CEO Jason Robins said DraftKings will launch its prediction markets offering, including sports event contracts, in the coming months. Robins said it represents a significant opportunity for the company.

Underdog announced in September it would integrate sports prediction markets into its app. The operator is partnered with Cypto.com, which is registered with the CFTC.

Legacy land-based gambling operators, like Caesars and MGM, have not jumped into the prediction markets industry.

Growing battle between states, prediction markets

This summer, an outgoing CFTC commissioner warned of the unchecked prediction market growth.

Nevada is just one front in the battle between sports betting regulators and prediction markets. Other regulators and attorneys general have entered lawsuits against prediction market operators, including Maryland, Massachusetts, New Jersey, New York and Ohio. Likewise, several tribes have sued prediction markets contending they are violating the Indian Gaming Regulatory Act by offering their products on tribal land.

Other state regulators have also sent warnings to sports betting licence holders similar to Nevada’s warning, with Ohio, Arizona, Michigan and Illinois having done so.

All the state actions come as prediction markets continue a push into the mainstream. The National Hockey League recently partnered with Kalshi and Polymarket. Google Finance also now includes prediction market data from the companies. This week, Yahoo also partnered with Polymarket for similar uses.

Super Group made the announcement on Thursday, with the purpose-built ZAR Supercoin to operate under a new division of the business called Super Money SA. The digital wallet is expected to launch in Q1 of next year.

The stablecoin will be used as a payment option for its Betway sportsbook brand, with the business looking to capitalise on the growing popularity of blockchain. An in-house cryptocurrency was first hinted at during Super Group’s Q2 earnings call, with CEO Neal Menashe saying the payments system could help mitigate high operating costs and leverage the growing popularity of crypto among consumers.

Africa’s stablecoin volumes are estimated to be worth around $100 billion across key markets, the company said.

The new blockchain-focused segment will also introduce a new Supercoin Wallet with the hopes it will provide a smoother payment process for the population in South Africa and the wider continent.

Alinda van Wyk, Super Group chief financial officer, said now was the right time for the company to move into the crypto space, due to the growing demand for convenient payment solutions.

“We have always been at the forefront of tech advancement in the gambling industry and this offering will also benefit the millions of customers who enjoy our brands in South Africa and in the rest of the continent,” Van Wyk said.

“The launch of Supercoin will position us for continued success, as alternative payment methods and digital asset frameworks become more integrated into the regulated gaming ecosystem. This also underscores our commitment to innovation and the use of advanced technology to position Super Group for sustained growth.”

Super Group’s Supercoin listed on Luno in SA

The stablecoin will be listed on leading regulated cryptocurrency exchange Luno and will be made available to customers in South Africa initially, the company said. As it gains traction, it will be added to other exchanges across the continent.

Tier 1 South African bank ABSA Group will hold custody of the Supercoin’s fiat currency backing reserves. The ZAR Supercoin will be deployed on the Solana blockchain, while Chainalysis will provide compliance solutions so that Super Money can establish risk policies and monitor transactions.

Growing acceptance of crypto

In a post-Q3 earnings call earlier this month, Menashe said the launch of its stablecoin marked a “significant and strategic step forward” in the company’s approach to payments.

“We intend Supercoin to be more than just a rewards tool,” Menashe explained. “It marks a crucial first step in integrating digital assets into our product stack.”

He said the wallet option would provide customers with a seamless and secure way to store, send and transact using Supercoin. “We expect it will lead to cost efficiencies over time,” he added.

Interest in crypto within the regulated gambling space has been heating up of late, particularly after Yolo Group announced in September that it was bringing its crypto casino brand into regulated markets.

At the time, Yolo said its decision was in part down to crypto becoming “mainstream”, with iGaming and sports consultant Stefan Kovach recently telling iGB: “Having been in the [crypto] space for seven, eight years, it’s definitely moved beyond a very core niche into something much, much bigger.”

This week, UK Gambling Commission CEO Andrew Rhodes also highlighted the increasing interest in crypto among gamblers. In a speech to industry CEOs, he cautioned the government could no longer overlook crypto gambling.

He refrained, however, from suggesting the UK might soon grant licences for crypto-based betting, emphasising instead that new regulatory measures must be established by policymakers.

Problem gambling data was among several key statistics included in the regulator’s “Young People and Gambling 2025” report. Produced by Ipsos, the report is based on data collected from 3,666 pupils within the 11-17 age group in Britain.

Key findings included the problem gambling rate among those young people who responded to the questionnaire. Those in this category said they had undertaken four or more behaviours or activities in a youth-adapted problem gambling screen.

Some 1.2% of respondents fell into the problem gambling category, which the commission said was “statistically stable” with last year’s rate of 1.5%. Those who scored two or three were seen as “at risk”, with 2.2% in this category. A further 27% scored one or zero and were classed as not experiencing problems with gambling.

Findings were based on the Diagnostic and Statistical Manual of Mental Disorders Fourth Edition – Multiple Response Juvenile (DSM-IV-MR-J) screen. This psychometric tool is used to give young people a score for gambling harms similar to the Problem Gambling Severity Index (PSGI).

DSM-IV-MR-J features nine items to assess if those who gamble are defined as experiencing problems. Among these are thinking about or planning to gamble, using gambling to escape problems, and gambling leading to arguments with family or friends.

More youngsters spending their own money on gambling

Other stand-out findings from the report include that 49% of pupils surveyed participated in gambling in some form during the past 12 months. Of those who gambled, 30% spent their own money, a slight increase from 27% in the previous year.

The reason for this increase, the commission said, was primarily a rise in unregulated gambling. Some 18% of young people who gambled did so via an unregulated vertical, a rise from 15% in 2024.

The most popular form of gambling young people spent their own money on was either legal or did not feature age-restricted products. Some 21% played arcade gaming machines such as penny pushers, 14% bet with friends or family, while 5% played cards for money with friends or family.

It was also noted that 23% of respondents spent their own money on regulated gambling, including arcade gaming machines. When these machines were removed, the rate fell to 6%, in line with last year.

Social media influencers promoting gambling

The report also flagged lasting concerns over the impact of social media advertising on young peoples’ gambling habits.

Some 49% said they saw gambling adverts on social media at least once a week, while 47% reported seeing ads within apps. Boys were seemingly most exposed, with 53% reporting seeing ads on YouTube, compared to 31% of girls.

Also on social media, the commission raised the issue of influencers. Of those surveyed, 31% who saw gambling content on social media reported influencers who advertised such content.

As to why young people choose to gamble, 78% who used their own money said they did so as they saw gambling as a “fun” activity. Some 36% gambled to win something, even if it was not a big prize, while 34% wanted to win money.

In terms of other impact on the behaviour of young people, 29% said they had seen family members they live with gamble. Of this group, 7% indicated it had resulted in arguments or tension at home. However, 9% said gambling by a family member helped to pay for things like holidays.

Commission commits to improved protection

Commenting on the report, Tim Miller, executive director of research and policy for the Gambling Commission, played down the increase in gambling activity among young people.

He said that rather than children being encouraged or allowed to gamble driving the rise, it was higher participation in gambling that is either legal or does not require regulation, such as private betting between friends.

“Even with that increased participation, the percentage of those scoring four or more on the youth-adapted problem gambling screen has not increased but has moved from 1.5% last year to 1.2% this year, which is classed as statistically stable,” he said.

However, Miller said the commission would use the latest dataset to consider how the regulator can further improve protection measures for young people in Britain.

“Where it relates to regulated forms of gambling, we use the data to continuously keep under review and, where needed, strengthen the suite of protections for young people that we require gambling companies to have in place,” he said.

Data from the Gambling Commission on Wednesday reported GGY was up 8% from £1.32 billion in Q3 2024 but 5% behind £1.49 billion in Q2 of this year.

Total bets and spins for the quarter increased 3% year-on-year to 26.1 billion. However, the commission noted a 7% decline in the average monthly active accounts for the three-month period.

Online slots remain king although monthly actives drop

Breaking down the market, online slots remained the main source of GGY by some distance in Q3. Total GGY for the segment was £747 million, marginally ahead of the existing record – £745 million – in Q2 and 9% higher than last year.

Total spins were up 4% year-on-year, and on par with Q2’s record, at 24.4 billion. However, average monthly active accounts fell 0.4% from last year to 4.4 million per month.

Average session times were slightly shorter than the previous year at 16 minutes. The number of slot sessions over an hour dropped 15% to 8.6 million, although total sessions were 13% higher at 188.8 million for Q2.

Growth within the sector came despite the introduction of new measures for online slots in Britain. Refreshed online slot stake limits came in at the start of Q2, with players aged 25 or over now only able to wager a maximum of £5 per spin. Players below the age of 25 face a lower limit of £2 per spin.

Improvement in real event betting GGY

Elsewhere, the real event betting segment recovered from a year-on-year decline during Q2 to report growth. GGY for this sector increased 12% to £508 million, although this was 11% less than Q2.

The total number of real event bets was down 3% from last year, while the average monthly active accounts dropped 14%.

Meanwhile, other online gaming GGY, including table games, dipped 4% from Q2 of 2024 to £141 million. Internet poker GGY fell 15% to £11 million, while virtual betting GGY was down 17% to £8 million.

A further £4 million of GGY came from esports betting, a drop of 5%, although GGY from other activities climbed 35% to £2 million.

Betting shop GGY drops 5% in Q3

Turning to the land-based sector, betting premises GGY for the quarter was 5% lower at £508 million. Bets and spins in this segment were also down 2% year-on-year to 3.1 billion.

Machines again generated the most GGY at £272 million, although this was 3% less than the previous year. Over-the-counter GGY dropped 10% to £137 million, but self-service betting terminal GGY climbed 14% to £115 million.

Focusing on machines, sessions total dipped 1% to 22 million but the number of sessions that lasted more than an hour increased 4% to 575,063.

The e-games sector rose 17%, generating PHP41.95 billion versus PHP35.71 billion in the third quarter of 2024. However, that growth was mostly attributable to volume in July, prior to the mandatory delinking of e-wallets from licensed iGaming platforms.

Revenue from land-based casinos in the Philippines dropped 10.2% to PHP45.56 billion. Pagcor-branded casinos saw an 11.6% decline to PHP3.22 billion. Bingo revenue was down 16.2% to PHP3.79 billion.

In total, the take from licensed casinos accounted for 48.2% of revenue. E-games, consisting of e-bingo, e-casino, sports betting and online poker, contributed 44.4%.

First-half surge sparked addiction concerns

In the first half of 2025, the Philippine Amusement and Gaming Corp (Pagcor) posted GGR of PHP214.75 billion, up 26% over last year. Although land-based casinos were down almost 6% from 2024, e-games rose 82.67% year-on-year.

That surge sparked concerns among anti-gaming activists including the clergy and some Philippine legislators. They criticised the industry for stoking addictive behaviour, especially among the young and the poor. Senator Juan Miguel Zubiri introduced Senate Bill 142, the Anti-Online Gambling Act, which would shut down all online gambling websites and apps and bar e-wallets and payment service providers from processing e-games transactions.

“The taxes earned are not worth the social cost,” Zubiri said.

Erwin Tulfo of the Senate Committee on Games and Amusement agreed, saying, “As long as online gambling exists, we are breeding the next generation of addicts, debtors and broken families. No amount of tax revenue can justify this human cost.”

Pagcor chief Alejandro Tengco called for stricter regulation, rather than a total ban. “As the country’s gaming regulator, our foremost responsibility is to ensure that growth comes with accountability,” he said. “We are committed to always strike a balance between enabling industry expansion and ensuring it aligns with responsible gaming standards.”

E-wallets blocked for gambling

In August, the Philippines Central Bank ordered e-wallets like GCash and Maya to immediately remove in-app links that direct users to gambling sites. That order suppressed electronic games’ performance through September.

“The delinking … resulted in a short-term decline in activity toward the latter part of the quarter,” Tengco acknowledged. “However, these measures are vital to protect players and ensure secure, transparent transactions. The figures reflect an industry that is adjusting to necessary safeguards.”

Tulfo applauded e-wallet firms for complying with the new restriction. “This is a sign that the business sector is willing to work with the government in addressing the problem of online gambling addiction.” But he warned that some online gambling operators would shift to other mobile apps like Viber, Telegram and Lazada.

Tengco advised Filipinos to avoid unauthorised platforms. “They do not follow responsible gaming standards, do not pay taxes and put players at risk of data theft and fraud,” he said.

“As a group, we’re deliberately shifting away from that short-term cash mindset,” Falzon tells iGB.  

She says the company is leaning on its “truly unique” technology platform to drive its new strategy.  

“It’s highly agile, allowing us to enter new markets quickly and deliver exactly what customers want,” Falzon tells iGB. “We believe that, combined with our ecosystem of live studio, slots and aggregation products, this agility gives us a strong advantage.  

“In the regulated space, this means we can move faster than competitors, adapt to local requirements efficiently and provide a superior, compliant experience for players.” 

In September, Yolo announced it would incorporate its Sportsbet and Bitcasino brands into the single Yolo.com brand, which it would utilise to target Tier-1 regulated markets. 

Yolo has already secured two gaming-related vendor licences for its Hub88 Holdings and Live Online Gaming Services subsidiaries in the UAE. These licences will allow Yolo to supply iGaming content to the regulated market in the UAE.

With Yolo having enjoyed a hugely successful period as an unregulated operator, the move away from grey markets raised questions over how exactly the company would manage this seismic shift. 

Shift from quick-buck mentality 

In its announcement the company said it had a responsibility to bring the crypto casino experience to regulated domestic markets. 

This has necessitated a cultural shift for Yolo, and Falzon describes the strategy change to one of heavy regulatory compliance as “by far the biggest hurdle”. 

“In terms of changes, I think the biggest one is mentality,” Falzon explains. “I’m not saying we’re done yet.  

“Historically, our business has operated at a pace of speed, speed, speed – let’s get the money, let’s move fast. But when you’re dealing with regulators, it’s a completely different world. 

“There’s a lot of paperwork, processes and procedures that we have had to implement. It requires patience and discipline, and it changes how people think – some initially resist because it doesn’t feel immediately revenue-generating. But that’s part of the regulated environment and embracing it has been a major shift for us.” 

A long-term financial outlook for Yolo Group

Falzon raises an interesting point on margins, with iGaming and sports consultant Stefan Kovach previously telling iGB that Yolo’s strategy change could “significantly impact” its profitability, at least in the short term. 

But this is something Yolo is well aware of, says Falzon, and it has formed a large part of its strategy.

“I believe it’s about more than just margins – it’s really instant cash versus long-term valuation,” she adds. “It’s the million-dollar question that many business owners ask themselves: do you prioritise immediate cash and dividends, or focus on building sustainable, long-term value?  

“We’d rather invest in creating a robust, high-value proposition that positions Yolo for growth, stability and leadership in regulated markets over the long term.” 

Will Yolo Group face increased scrutiny from regulators? 

In the announcement of its plans, Yolo acknowledged domestic regulators “are not keen” on operators continuing activities in other pre-regulated markets. 

Elizabeth Dunn, partner at UK law firm Bird & Bird, suggested Yolo’s previous position as a grey-market crypto operator could raise concerns among Tier-1 regulators. 

“Regulators in most Tier-1 markets continue to struggle with the idea of operators directly accepting cryptocurrencies and/or being funded through cryptocurrencies,” Dunn previously told iGB. 

“Yolo’s history as a crypto-first operator is, therefore, likely to come under scrutiny when regulators are assessing its suitability to hold a licence.” 

But while Falzon emphasises the strategy change hasn’t been an “easy ride”, Yolo’s collaboration with regulators has made the transition smoother. 

“I believe proactive engagement, transparency and collaboration is paramount,” Falzon says. “We are not shy of our crypto origins; it defines who we are. However, at the same time, we want to collaborate closely with regulators, educating them about our platform while learning about their concerns.  

“By working together as a team, we can find a middle ground that ensures player protection, transparency and compliance, while allowing our technology and ecosystem to deliver the best possible experience for our players.” 

This week, UK Gambling Commission CEO Andrew Rhodes warned the government cannot ignore crypto gambling.

However, he stopped short of saying the UK could soon issue licences for crypto-based betting, instead stating the government must take steps to regulate the activity.

A total of 1,024 players have been suspended, the TFF confirmed on Monday as an investigation is carried out, including footballers from some of the leading teams in Turkey including Galatasaray, Besiktas and Trabzonspor.  

All players were referred to the Professional Football Disciplinary Board (PFDK) as part of the process.

One of the most high-profile names on the list is Turkish international Eren Elmali, who plays for Galatasaray. The club currently sits first in the Süper Lig, the country’s top division. Following publication of the list, Elmali was withdrawn from the Turkish national team squad ahead of the upcoming World Cup qualification matches against Spain and Bulgaria.

Elmali has since posted a statement on social media, in which he claimed his name appeared on the list in reference to a bet made five years ago. He denied placing any other bets since this wager.

“I want to make clear that my name is included in this file because of a betting transaction I made about five years ago involving someone other than my own team,” Elmali said on Instagram. “Since then, I have neither placed a bet nor had any connection to this matter.”

Lower Turkish leagues suspended amid betting probe

To support clubs during the suspension, the TFF has agreed with Fifa to grant a 15-day transfer and registration period. This will allow clubs to sign new players for a limited time outside the traditional transfer window.

In addition, the TFF has elected to suspend all matches in two lower divisions for two weeks. No games will take place in either the TFF 2. Lig or TFF 3. Lig for at least the next fortnight.

All scheduled matches across the top-tier Süper Lig and TFF 1. Lig will run as planned. No matches are due to take place this coming weekend due to the international break.

“The TFF is continuing correspondence with official institutions, and the investigation will be expanded and continued based on these responses,” the TFF said.

Potential damage to football in Turkey

In terms of the wider impact on Turkish football, Bıçak Law Firm founder Vahit Bıçak tells iGB it could damage the reputation of Turkish football, both reputationally and structurally.

“If the allegations prove accurate, this suggests that betting-related misconduct is not confined to isolated incidents but may indicate systemic weaknesses in integrity education, monitoring and enforcement mechanisms across the football pyramid,” Bıçak says

“The investigation’s scale risks undermining public trust in the fairness and transparency of domestic competitions. Sponsors, broadcasters and fans all expect clear evidence that the sport is governed by strong ethics and accountability. Hence, the PFDK’s proactive stance – although dramatic in scale – should also be viewed as a reaffirmation of Turkey’s commitment to protecting the integrity of the game.”

TFF regulations state any player found to have participated in betting or gambling on football matches, domestic or international, could face disciplinary penalties. These can range from match suspensions and monetary fines to long-term or permanent bans.

However, Bıçak says there are broader criminal law implications. If a player is found to have participated in, facilitated, or benefited from illegal betting, this could trigger prosecution under Law No 7258, which may lead to fines or imprisonment.

A turning point for Turkish football?

He believes the case is so serious that betting regulations in Turkey could be overhauled. This, he said, would introduce clearer oversight mechanisms and reduce the appeal of unregulated markets.

“This investigation has the potential to become a turning point for Turkish football,” Bıçak said. “While it exposes serious integrity concerns, it also presents an opportunity to strengthen regulatory frameworks, improve compliance culture and restore confidence in the sport.

“The key will be ensuring that enforcement is balanced with education and preventive measures, so that future generations of players understand both the ethical and legal consequences of betting activity.

“The distinction between casual betting and organised illegal betting activity is crucial in determining the level of liability and potential criminal exposure,” Bıçak adds.

He explains the case could lead to widespread reform of Turkish sport, as well as the approach towards betting regulation and education. This could include improved education and integrity programmes, closer cooperation between regulators and law enforcement and increased transparency and digital monitoring.

The report, published on 6 November, was based on internal Meta documents viewed by Reuters. It says the company exposed billions of Facebook, Instagram and WhatsApp users to bogus investment schemes, illegal online casinos and purveyors of outlawed medical products. It estimates that revenue from scam promotions could total from $7 billion to $16 billion.

The Malaysian Communications and Multimedia Commission (MCMC), which previously criticised Meta for failing to remove illegal gambling ads, called the report “very worrying”. Commissioner Derek Fernandez said the matter is “disturbing” and of “grave concern”.

In a statement, Meta spokesman Andy Stone said Reuters took “a selective view that distorts Meta’s approach to fraud and scams”.

Malaysia: Meta failing in cybercrime fight

Starting in January, Malaysia required all social media and messenging services with at least eight million registered users to have a licence to operate in the country. Penalties for non-compliance include fines of $118,500 and up to five years in jail.

But Meta insists it polices its own platforms, “regardless of the licensing regime”. In comments reported by the South China Morning Post, Meta Director of Public Policy Rafael Frankel said, “We don’t need any licence to continue that work.”

Meanwhile, the MCMC claims Malaysians lost almost $60 million from 2023 through August 2025 to e-commerce scams promoted on Meta platforms, primarily Facebook. To date this year, the government has sent more than 168,000 requests to remove illegal Facebook content, particularly online gaming ads and gambling-related posts.

“These figures show Meta has not fully cooperated in combatting cybercrime, leaving room for offences to continue,” said Malaysian Communications Minister Datuk Fahmi Fadzil.

According to the Reuters investigation, Meta does not act to ban advertisers until it is at least 95% certain they are pushing illicit products or services. If it suspects the advertiser is a scammer, it simply charges more for the ads.

At the same time, Meta analyses consumer data to deliver ads based on user preferences. In other words, viewers who click on scam ads are likely to get more of the same.

Fernandez has proposed a “public safety and online-harm rating system” for digital platforms that will grade them for transparency and effectiveness.

Is more regulation in order?

The world’s most popular social network has consistently failed to block the use of credit cards used to pay for illegal ads, Fahmi added. “If a gambling ad is paid for using a credit card and Facebook knows this content is illegal in Malaysia, they should block the account. But Facebook has refused to do so.”

Fraud consultant Sandeep Abraham, a former Meta safety investigator, agrees. “If regulators wouldn’t tolerate banks profiting from fraud, they shouldn’t tolerate it in tech,” he told Reuters.

Reeves will succeed Nikolaos Nikolakopoulos, who will now hold the position of president. Chrysostomos Sfatos will serve as COO.

Reeves has also been elected to Intralot’s board of directors following the resignation of Konstantinos Farris, the company’s group chief technology officer.

Reeves had been serving as CEO of Bally’s International Interactive when Intralot agreed to a deal in July to acquire the division. The €2.7 billion ($3.1 billion) transaction was completed in October.

At the time the deal was announced, it was confirmed Reeves would replace Nikolakopoulos as Intralot CEO. Nikolakopoulos will lead the lottery division.

Intralot’s board of directors is now as follows;

Intralot acquisition of Bally’s international assets

The Intralot and Bally’s deal sees the Greek lottery and gambling operator acquire the US operator’s technology business, with Bally’s becoming Intralot’s majority shareholder.

With the deal, Intralot is positioned to become a leading digital gaming operator and technology provider for lottery solutions, with a strong presence across key markets in Europe and North America.

The company stated that its enhanced technological capabilities will enable it to seize new growth opportunities in gaming and lottery sectors worldwide.

Bally’s reports revenue gains for Q3

Bally’s announced its Q3 earnings on Monday, with revenue increasing by 5.4% year-on-year to $663.7 million.

Its UK online revenue increased by 8%, although its international interactive revenue dipped by 6.9%. Bally’s attributed that decline to the sale of its interactive business in Asia late last year.

Reeves believes the agreement with Intralot will prove fruitful for Bally’s, saying the company has created a “scaled, global omnichannel provider of retail and online experiences”.

“We continue to demonstrate strategic and prudent use of our capital resources to drive growth and returns for our stakeholders,” Reeves said.

“Combined with our operational expertise and long-term vision, we are eagerly and aggressively pursuing the many growth opportunities before us.”

The planned gaming platform “may potentially be offered to other third-party operators, including the group’s own proposed Vietnam operation”, according to the filing.

The group, incorporated in Bermuda, has declared its intention to “[transition] from mobile game solutions to a broader online gaming platform business”. Century said it is “positioned for high-end leisure [and] entertainment consumption”. It is also “proactively identifying other business opportunities that would further diversify business risk and bring new revenue streams”.

Loss-maker looks for a turnaround

Formerly Amax International Holdings Ltd, the group once operated VIP rooms in Sihanoukville and Dara Sakor, Cambodia. It posted a net loss of HK$45.7 million (US$5.9 million) for the fiscal year that ended 31 March – almost double the previous year’s loss of HK$24.2 million.

In June, Century formed a joint venture with Philippines-based World Platinum Technologies Inc, a gaming systems and content provider licensed by the Philippine Amusement and Gaming Corp. With the deal, the partners will “market and distribute gaming system platforms and related content across the Asia Pacific region”.

To date, the joint venture has generated revenue of HK$800,000 in July, HK$1 million in August and HK$3.268 million in September.

The group says the Vietnam incursion and its online gaming platform will create “mutual operational and marketing synergies”. It is also setting up a new business line to source and distribute premium camellia oil “to capitalise on this high-growth market”.

Trading suspended since June

In June, Century suspended trading following a disclaimer of opinion on its financial statements. In September, it engaged a new auditor, Crowe (HK) CPA Ltd, following the resignation of Fan, Chan & Co Ltd. It also appointed Zeng Qin as an independent non-executive director. According to TipRanks, the appointment will “enhance the company’s governance structure by strengthening its audit, nomination and remuneration committees”.

Trading in Century shares remains suspended until further notice.

Better Gambling Forum reveals global strategy

The Better Gambling Forum has announced its framework for global player protection at the UN General Assembly.

The Responsible Gambling Practice and Policy Pillars (RG3P) Framework comprises six pillars. The framework, the organisation said, was designed to complement, rather than compete with, existing responsible gambling efforts

Pillars include Education, Informed Choice and Harm Prevention; Risk Detection and Intervention; Support, Treatment and Recovery; Gambling Environment, Product and Marketing; Ethical Industry Practices and Accountability; and Research, Evaluation and Sustainable Funding.

“The pillars are designed to address this challenge and serve as a foundational structure for jurisdictions seeking to create a ‘gold standard’ guide for gambling awareness, treatment programmes and regulations,” said Francis Keyser, a committee member and senior vice president of product at Everi Holdings.

Konami confirms vice president promotions

Konami Gaming has announced a series of internal promotions to vice president, expanding its senior management team.

Jeff George has been appointed as vice president of customer support within the company’s research and development department. Adriane McGrath will become the vice president of professional services and Eddie Sepich will be vice president of embedded and interface development.

Meanwhile, Brian Alu will serve as vice president of information technology, Jeanie Griese as vice president of human resources and Noah VanWetten as vice president of supply chain, purchasing and manufacturing.

“The latest additions to Konami’s senior management team exemplify the level of service, integrity, innovation and teamwork that is core to our company values and long-term success,” said Tom Jingoli, president and chief operating officer at Konami.

Gaming Corps hands top commercial role to Greensmith

Gaming Corps has appointed Graham Greensmith as its new chief commercial officer.

Greensmith joins with more than 20 years of experience from commercial management roles within the industry. He was most recently head of commercial development at Inspired.

“I’m thrilled to be joining Gaming Corps at the most exciting phase of their ambitious journey,” he said. “The goal is clear, to become the vendor of choice for operators, producing games of the highest quality, known and enjoyed on a global scale.”

Big Daddy Gaming lands Swedish licence

Slots studio Big Daddy Gaming has secured a gaming software supplier licence in Sweden.

Issued by regulator Spelinspektionen, the licence enables the studio to bring its slots games to the regulated Swedish market. This will begin before the end of the year, with the first deals to be confirmed in the coming weeks.

“This is a major validation of our compliance standards and technical readiness,” Big Daddy Gaming CEO Erland Hellstrom said. “Sweden is an essential market in our growth strategy. Securing this approval allows us to immediately begin servicing our operator partners here.”

Bragg expands iGaming presence in Romania

Bragg Gaming Group has announced the launch of its premium content suite with Napoleon Romania.

Customers of Napoleon Romania have access to Bragg’s exclusive online casino content and aggregated online casino content. These include titles such as Golden Gal’s Cash Towers, Almighty Pegasus and Big Roar.

Bragg said the roll-out supports its 2025 strategic goal of scaling its aggregation business.

“This strategic deployment further strengthens our market presence in Romania,” Bragg said. “It expands our already fantastic partnership with the Superbet Group brand. A huge commendation to our team for making this happen.”

“That is a challenge that probably didn’t really exist a few years ago, or not at this level,” he said during his “CEO Briefing 2025” speech this week. “What I thought was a five-year-away problem, perhaps a year or two ago, I think is now an 18-months-to-two-years challenge.”

Rhodes addressed several issues facing both the regulator and the market in general, with crypto gambling among the areas of focus for the commission.

He said growth in cryptocurrency use among younger demographics has led to a “pressure building” within the system. Rhodes added that in years to come, a “significant cohort” of consumers will use crypto regularly as this is what they will have become accustomed to.

As to the impact on gambling, Rhodes said it could serve as a demographic shift, whereby these consumers “have no place in legitimate industry because of the currency they use”. As such, he said action needs to be taken now to prevent such issues in the future.

No plans for Gambling Commission to license crypto

Despite such concerns, Rhodes stopped short of suggesting licences could soon be issued for crypto-based gambling. He said the government must first take steps to regulate such activity, with the commission’s role to enforce laws being set in Parliament.  

“This is going to have to be government-level discussion,” he said. “It is a government-level decision because once you open that door, you cannot close it.

“It brings questions around are you considering crypto as a source of wealth? Are you considering that as a source of funds? What conditions would you put in place? What are the risks and how do we manage that?

“But the reality is, and this growth in those demographics means, I don’t think governments can ignore that pattern. And it’s good to see the Financial Conduct Authority are doing a lot of work in looking at how we might create a regime for this.”

Rhodes flags concerns over funding for commission

Rhodes also used the speech to set out other issues for the regulator moving forward. These included a concern over funding for the commission and an overdue fees review.

The commission is funded solely by fees and does not receive any taxpayer funds. However, its fees are not linked to inflation or uprating, meaning the funds agreed during the last review may not be in line with current spending requirements.

A review is due every five to seven years and was scheduled to take place in 2024, in line with the far-reaching white paper. However, with this having been pushed to the end of 2025, Rhodes has aired his concerns over the funding of certain measures in the interim period. He warned that the regulator’s funds could be exhausted by mid-2026.

“This does mean the extra investments we have made in areas like illegal gambling, criminal investigations and data capabilities, among other areas, are not funded beyond the middle of next year, as they have been funded from our excess reserves built up in 2021-22, which will now be exhausted,” he said.

“Just as there is a very active debate about taxation and the sector at the moment, there is also a very active debate about the role of regulators and ‘arm’s length bodies’ and to what extent we stand between you and growth and to what extent we ensure a level playing field, which will no doubt be a consideration for the government as it considers the commission’s future programme,” Rhodes told sector representatives.

“Our programme over the next year is to continue this work as much as we possibly can, while we await an outcome from the pending fees review.”

Gambling Commission remains committed to tackling illegal gambling

Despite these concerns, Rhodes was steadfast in his praise of the regulator. He set out the commission’s ongoing work to counter illegal gambling in the UK and the work the regulator has done to block unlicensed operators.

During the financial year-to-date, the commission has issued 480 cease-and-desist notices to advertisers and operators. It has also reported 188,297 URLs to various search engines and seen 104,192 URLs removed as a result.

Meanwhile, some 659 websites were referred to search engines for delisting. In addition, the commission has disrupted 504 websites so that they have either been taken down or geo-blocked in the UK.

“We’ve been extremely active in this space and in talking to a huge number of regulators around the world we haven’t found any that have invested in the way that we have,” Rhodes said.

“Nonetheless, for the avoidance of doubt, because every time I give a speech, there are people who will pore over it and feel the need to tweet about it, we have been extremely active in this space. But we know we don’t have coverage of all the risks that are out there.”

On Monday, the SPA published Normative Ordinance No 2,579 and Normative Instruction No 31, which will reinforce its policies of protecting bettors and promoting responsible gambling.

The centralised self-exclusion platform, which has been developed by the Federal Data Processing Service, is expected to be available by the end of 2025.

The measure will allow bettors to voluntarily request the blocking of their registration to betting platforms, with the tool available either for application to specific operators, or as an all-encompassing version which will cover all federally licensed betting platforms.

This can either be for a fixed term or indefinitely.

Additionally, operators will have to implement mandatory self-limits on time and wagering amounts at the time of registration.

These new measures align with the SPA’s 2025-26 regulatory agenda, which it laid out in April, with the regulator stating at the time the implementation of a national platform for players to self-exclude was the “most important” item.

SPA chief Regis Dudena reiterated the protection of players was the regulator’s chief concern and he expects the self-exclusion scheme will prove to be successful.

“We are giving people the possibility to decide whether they want to temporarily restrict their exposure to betting, in a centralised and secure way, including reducing their access to advertising,” Dudena said. “This is a step forward that puts Brazil in a leading position in the world in caring for our population.”

Brazil operators given 30 days to adjust to self-exclusion requirements

The measures will mandate operators to verify a user’s status in the centralised self-exclusion database through Sigap, Brazil’s betting management system, using players’ Individual Taxpayer Registration (CPF) numbers.

This must be done at account registration, at first login each day and every 15 days for all active users.

Operators must immediately block new bets of users marked “Blocked – Centralised Self-Exclusion” and close their account within three days from the date of the query.

Operators should refund any remaining funds or value of open bets to bettors within two days, with the record of the communication maintained for at least five years.

It will be forbidden for operators to carry out active communication, targeted advertising or direct notifications to users to inform them of the possibility of readmission to the betting system.

Within 30 days of Monday’s publication of the new measures, operators must integrate with the centralised self-exclusion system.

A 90-day period has been granted for operators to adapt their betting systems, implement the self-limit tools and update their registration forms.

The self-limit tools will allow bettors to set daily, weekly or monthly betting limits, either on time spent or amount wagered. Users can choose to receive program alerts or usage blocks according to the time elapsed in their betting session.

Bettors can also pause their accounts temporarily. They will still have access to their accounts but will be unable to place bets.

Ott will replace Alex Thursby, whose departure as non-executive chairman was confirmed by Rank in September. Thursby served in the role for six years and formally stepped down at Rank’s AGM in October.

Karen Whitworth has served as the interim chair since Thursby’s departure. She will switch back to her role as both senior independent director and audit chair when Ott assumes his new position.

Ott is currently a senior advisory partner at the UK arm of Bain & Company. He has worked at the business consulting and services company since 2006.

Ott has also been a founder, investor and board member for two private businesses. These include financial services company Funding Xchange and global fractional ownership business The Hideaways Clubs.

Prior to this, he was group strategy and M&A director at Barclays Bank. In addition, he spent time as a partner at McKinsey & Company and assistant vice president for US Bancorp.

“During a rigorous and wide-ranging selection process, John emerged as the stand-out candidate to become Rank’s chair,” interim chair Whitworth said.

“His wealth of experience in highly regulated industries, and advising and working with boards across the globe, will provide the group with the expertise and leadership that it requires as we embark on the next phase of our strategic journey.”

Widespread growth for Rank in Q1

Thursby’s exit from Rank coincided with the group publishing its results for Q1 of its 2025-26 financial year. These revealed a 9% year-on-year increase in revenue during the three-month period.

Net gaming revenue totalled £210.2 million ($275.9 million). Rank’s digital arm again saw the most growth. Revenue jumped 13% year-on-year to £61.6 million, with a 31% spike in Grosvenor digital revenue and a 9% rise within its Mecca online segment. In Spain, however, revenue fell 1% due to previously reported platform capacity issues.

At the time, CEO John O’Reilly set out his opinion on speculation on tax changes in the UK in the upcoming budget, saying Rank already pays its fair share of tax in the UK.

“Last year the group generated £44.6 million in profit, having paid HMRC and local authorities £188.0 million in taxes,” he said. “Rank Group, with its strong UK focus, is certainly paying its fair share.”

The $5.1 billion Wynn Al Marjan Island, a joint venture with RAK Holdings, is on track to open in 2027.

“We were factoring in two incremental competitors and a market that is $3 billion to $5 billion of GGR,” Billings said. “With no announced competition that we’re aware of in the market thus far, there probably is some conservatism in those estimates.”

Billings acknowledged that the market is “very small geographically”, but he said it offers many advantages. Those include “a tremendous amount of airlift, a very robust locals market [and] a very, very high GDP per capita”. Wynn’s planned IR is less than an hour from Dubai International Airport. Last year, DXB handled more than 92 million travellers, up from 83.9 million in 2023.

The IR will offer 1,530 rooms and suites, 22 restaurants, an events centre, an upscale retail corridor and a 99-slip marina. Its 18,500-square-metre casino will be among the largest in the world.

Wynn is also building a companion property, Janu Al Marjan Island, slated to debut in 2028. Wynn will invest up to $50 million in Janu, with a wellness centre, additional F&B outlets and a private beach. Marjan CEO Abdulla Al Abdouli said the resort’s “soulful luxury” will enhance Al Marjan’s profile as a destination for discerning travellers.

Wynn is first to market in UAE

Crews are now pouring concrete for the upper levels of the Wynn IR’s 70-story tower. Billings called the UAE “the most compelling development opportunity in the industry”. The US company is already “actively marketing to the folks that we will want in the building on a one-to-one basis”, he added. “You should expect to see a lot more on the mass marketing side as 2026 progresses.”

The UAE’s General Commercial Gaming Regulatory Authority is helmed by US gaming industry veteran Jim Murren, who is the former CEO of MGM Resorts. He became the UAE regulator’s interim CEO last week after Kevin Mullally stepped down. Mullally was previously chief legal officer for Gaming Laboratories International.

Wynn Resorts won the UAE’s first gaming licence in October 2024, with a term of 15 years. It controls 40% of the joint venture, with a total investment to date of $835 million.

MGM Resorts International has also applied for a gaming licence in Abu Dhabi. MGM CEO Bill Hornbuckle made the announcement at a Skift Global Forum in New York in September 2024. “We’ve applied for something there and hopefully will win something there” he said of the seven-emirate UAE. “Each ruler has their say. It’s like a state, where each state says yes or no.”

Murren has said he expects up to four integrated resorts in the UAE in a mature market.

The committee made these recommendations in its report on the taxation of gambling in the UK on Friday. These follow an inquiry into proposed increases in gambling tax held in October and will inform the government on what route to take on gambling taxation, ahead of the 26 November autumn budget.

First, the committee said the government must take account of the different harms caused by different types of gambling. It said the Treasury must ensure Remote Gaming Duty and Machine Gaming Duty are always set at a higher rate than Gaming Duty.

“Different forms of gambling cause varying level of harm to individuals, families and society,” the report said. “We are not convinced that current Treasury policy on the taxation of gambling captures the varying extent of those harms.

“We are urging the government not to cave in to industry scaremongering and to tax online betting games at a rate that reflects the level of harm they inflict.”

Risks differ across gambling verticals

The report insisted current Treasury policy on gambling taxation did not “capture the varying extent of [the] harms” caused by online casinos.

“The government should sharpen the differentiation between physically present gambling related to horse racing or arcades, versus the online games that promote harmful, addictive, high frequency betting that bring no engagement with or benefit to life in our communities,” the report stated.

Stewart Kenny, a former industry executive who was co-founder of Paddy Power, was among those who contributed to the inquiry, calling for tax rates to be based on the level of harm associated with each vertical.

“If there is only one message that I get through to you, it is that betting on horse racing or betting on the next general election is less harmful than betting on fixed-odds betting terminals or online slots, mainly,” he said during the October panel.

“There are two ways of seeing whether a product is highly addictive: how quick is it between investment and result, and how quickly can you repeat the dose?”

Questions over black market impact

As for the black market, the committee’s report urged the government to look at new ways to address the issue. It called on the Treasury to review whether additional anti-avoidance measures were needed to stop players migrating.

“For too many people, the highly addictive and harmful nature of online betting games has seriously impacted their lives and the lives of those around them,” said Dame Meg Hillier, chair of the committee.

The report also considered the sector’s argument that raising UK gambling tax could lead to a rise in black market gambling where offers and odds won’t be impacted by the higher tax rates.

Within the report, the committee considered the Betting & Gaming Council’s own recent report, which warned that a tax hike could see up to £3.1 billion lost from the economy. However, the committee said that as the EY-produced filing was funded by the gambling industry, it could be considered biased.

It also noted a separate “Harm Reduction Journal” paper which concluded that taxation of gambling was “unlikely to significantly direct consumption and drive consumption to offshore markets”.

Kenny had also dismissed black market threats in his inquiry panel session. “When I campaigned for the gambling industry, I always used to talk about black markets and job losses,” he said. “We saw it again when the FOBT legislation was brought in: ‘Oh, this will close all the shops,’ but it didn’t. It is a bit of scaremongering.”

What has been said so far on the potential UK gambling tax hike?

The gambling tax discussion commenced in April when the Treasury launched a consultation considering a proposal for a single rate for all remote gambling. This would replace the current, three-banded tax rate system.

Then in August, the IPPR advised the government to increase remote gaming duty from 21% to 50% and machine games duty from 20% to 50% of operator profit, with both measures expected to raise an additional £3 billion ($4 billion) in tax revenue per year. 

Since then, over 100 Labour MPs have backed potential gambling tax reforms and suggestions to increase the rate to 50%. Chancellor Rachel Reeves has also said previously that the industry must pay its “fair share” of tax.

“I do think there’s a case for gambling firms paying more,” Reeves told ITV in September. “On a personal level, I’ve never bet in my life. They make an important contribution to the economy, but they should pay their fair share of taxes. We’ll make sure that happens.”

October’s handle surpassed the previous record of $2.49 billion – set in January this year – by 6.02%. It was also 13.3% higher than October 2024 and 15.3% ahead of this September.

Data from the New York State Gaming Commission also revealed mobile sportsbook revenue for the month hit $238.7 million. This surpassed last year’s total by 35.4% and beat September by 23.2%.

September’s revenue haul was also the third-highest on record in New York, behind $247 million in January and the state’s all-time high of $248.9 million, set in May this year.

In terms of hold, the statewide figure for October stood at 9.03%.

FanDuel sets operator handle record in New York

Turning to operators, FanDuel was again the market leader, retaining first position with some style. It posted $100.6 million revenue off a $1.01 billion handle for a hold of 10%.

This was the first time an operator had taken over $1 billion worth of online sports bets in New York in a single month.

Longtime rival DraftKings also set a new handle record in October. It took $938 million in bets, more than in any other month in New York, and posted $82.9 million in revenue. This left a hold of 8.84%.

Fanatics was again the next closest challenger in third. It reported $18.7 million in revenue off a $205.7 million handle for a 9.09% monthly hold.

BetMGM edges clear of Caesars

As for the rest of the chasing pack, BetMGM was next in terms of revenue. It reported $14.4 million in revenue from $187.5 million in wagers, leaving a hold of 7.68%.

Caesars, which tied with BetMGM for revenue in September, was next with $13.2 million off a $175.8 million handle, resulting in a 7.51% hold. Rush Street Interactive followed with $4.4 million from $53 million for a hold of 8.30%

Next was ESPN Bet, taking $3.4 million from $60.3 million for a 5.64% hold. Incidentally, ESPN Bet will soon cease to exist as a brand after ESPN and Penn Entertainment mutually agreed this week to end their partnership. Penn plans to relaunch its theScore Bet product in the US by the start of December.

Elsewhere, Bally Bet posted $1.1 million from $16.6 million in bets for a 6.63% hold. Resorts World Bet again rounded off the New York market with $229,357 in revenue from a $2.8 million handle, resulting in an 8.33% hold.

The company indicated in an SEC 10-Q filing on Friday that Matt Kalish will depart from his role effective 31 March 2026. Kalish will remain as a director on the DraftKings board after the transition date. Kalish and DraftKings mutually agreed on the transition earlier this month, according to the filing, and financial terms of his agreement were referenced but not disclosed.

DraftKings prepares to enter 2026 in something of a transition phase. Kalish’s departure comes a few months after DraftKings announced a $10 million settlement around its Reignmakers NFT product. The company also expects the launch of a new prediction market offering following the acquisition of Railbird and it has several new media partnerships

Perhaps most notably, ahead of its third-quarter earnings release this week, DraftKings signed a multi-year partnership with ESPN in a deal that designates the company as the official sportsbook and odds provider of the network.

Robins bullish on DraftKings future

Despite a partnership that links two of the largest sports media and entertainment companies across the nation, the ESPN deal took a back seat to prediction markets on Friday’s earnings call.

Wall Street analysts spent the majority of the call discussing the offering, in light of DraftKings’ acquisition of Railbird Technologies last month. The purchase of Railbird Exchange, a federally licensed exchange designated by the US Commodity Futures Trading Commission, enables DraftKings to make its highly anticipated entry into prediction markets.

On Friday’s call, DraftKings CEO Jason Robins noted that he sees the offering as a significant incremental opportunity for the company. In spite of a down quarter due to a series of unfavourable sports outcomes, Robins told analysts that he has never been more bullish about the future of the company.

“That may sound surprising given we are revising our fiscal year 2025 guidance ranges today. However, underlying growth in our business is accelerating,” Robins said. “Overall, I believe that our long-term financial potential has never been brighter.”

Launch of DraftKings Predict upcoming

Robins said that the company will launch DraftKings Predict in the coming months, but he did not specify an exact date.

Over the last 10 months, prediction markets have created significant buzz as traditional sportsbooks grapple with a new competitor. The markets offer sports event contracts that mirror financial derivatives such as oil and grain futures. Kalshi, a leading prediction market, has faced a wave of litigation across numerous jurisdictions, which claim that the site is violating various state laws by offering an illegal product.

Robins told analysts that DraftKings has had numerous conversations with state regulators as trends on prediction markets evolve. He stressed that the company treats its relationships with those regulators with the utmost respect. As such, DraftKings only plans to offer sports event contracts in states without legal sports betting.

DraftKings disclosed in the 10-Q filing that it paid $48.6 million for the Railbird acquisition, consisting of approximately $19.9 million in cash and 0.9 million shares of the Company’s Class A common stock valued at $28.7 million. The acquisition contains additional considerations of up to $200 million, according to the filing.

Other highlights from DraftKings Q3 earnings

• DraftKings’ metric known as “monthly unique payers” (MUPs) came in at 3.6 million average customers in the third quarter, remaining unchanged from the same period in 2024. When excluding Jackpocket, the metric on monthly unique players increased by 6% year-over-year to 3.1 million.
• Another metric with the abbreviation “ARPMUPS” came in at $106, representing a slight increase from the same period in 2024. The abbreviation stands for “average revenue per monthly unique player”. DraftKings reported average revenue of $103 per monthly unique player in last year’s third quarter.
• DraftKings’ NBA handle is up 19% season-to-date, while its season-to-date handle for NFL wagering has increased by 13%. Overall, DraftKings’ sportsbook handle for October jumped 17%. For the NFL season-to-date, DraftKings’ parlay mix is up 800 basis points.
• DraftKings’ announcement of the ESPN deal coincided with news that it would mutually terminate a multi-year partnership with Penn Entertainment. DraftKings will begin its marketing partnership with ESPN effective 1 December. “Our betting approach has focused on offering an integrated experience within our products,” ESPN Chairman Jimmy Pitaro said. “Working with DraftKings will allow us to build on that foundation.”
• DraftKings’ board authorised an increase in the company’s repurchase programme from $1 billion to $2 billion. Since the inception of the programme, DraftKings has bought back 9.3 million shares, the company announced.

DKNG Q3 earnings miss

In a letter to shareholders, Robins wrote that a series of “customer friendly” outcomes negatively impacted company revenues by more than $300 million in the most recent quarter. DraftKings indicated that a handful of NFL outcomes had a “pronounced effect” on its revenue. Throughout the industry, sportsbooks have felt a pinch as favourites opened the season covering at a high rate.

While DraftKings increased revenue by 4.4% to $1.14 billion, the company still missed analysts’ consensus estimates of $1.21 billion on the quarter. DraftKings also reported adjusted EBITDA of -$126.5 million, below expectations of -$68.8 million. DraftKings’ adjusted earnings per share of -$0.26 fell in line with estimates.

As a result, DraftKings lowered its full-year 2025 revenue guidance at the midpoint by nearly 5% to $6 billion. DraftKings’ full-year EBITDA guidance of $500 million at the midpoint falls below analysts’ estimates of $746.3 million. The guidance includes the launch of DraftKings Predict, Truist Securities analyst Barry Jonas wrote in a research note. The impending launch was not factored into the guidance in the second quarter, he noted.

More than $1B in media obligations

Under the marketing partnership with ESPN, DraftKings will integrate its product across numerous channels, including its online sportsbook, fantasy and DraftKings Pick6 products. An integration through ESPN’s mobile app will link to DraftKings Sportsbook.

According to the filing, DraftKings has about $1.3 billion of expected contractual obligations over the next five years with three media counterparties. Terms of the ESPN partnership were not disclosed. DraftKings also entered into a multi-year advertising partnership with NBCUniversal in September.

As of noon ET on Friday, DraftKings traded around $28 a share, up fractionally on the session. DraftKings is down approximately 27% over the last 12 months.

“Yolo is entering the UAE market with a complete eco system offering, live studio experiences, slots and aggregation services,” Falcon tells iGB. “Thus, providing a fully connected entertainment platform that can provide quality, safety and innovation to players.

“This all-in approach builds credibility and trust, which effectively gives us a lot of opportunities as well as a head start when compared to our competitors.”

First-mover advantage for Yolo in the UAE

Yolo is aiming to “press the start button” in the UAE as early as this month, with its live studio in Abu Dhabi very close to completion, according to Falzon. “As soon as they’re ready, we’re ready to go,” Falzon declares.

Falzon believes Yolo’s first-mover advantage in the UAE is imperative to success, especially in a market that could prove to be hugely lucrative.

“Speed to market is key,” Falzon adds. “It provides the opportunity to have a local footprint and thus raising barriers to entry for competitors. This could be quite rewarding both in terms of revenue but also valuation.”

In early October, Yolo Group announced it had secured two gaming-related vendor licences in the UAE for its Hub88 Holdings and Live Online Gaming Services subsidiaries.

The licences enable Yolo to supply iGaming content to the UAE’s regulated market. As per the the UAE’s gambling regulations, one online licence will awarded per emirate.

The news of the approved licences followed Yolo’s announcement that it had decided to pivot to fully regulated markets, leaving its grey past behind.

Yolo CEO Tim Heath described the move into the UAE as a “statement of intent” and Falzon, who was appointed CEO of Yolo’s B2B brands in July, says the company’s mentality should prove a successful strategy in the market.

UAE a key market for Yolo’s future

During Falzon’s time at the company she says securing the UAE licences has been one of her proudest achievements so far.

“Beyond the commercial opportunity it represents, it fundamentally changes Yolo’s positioning in the market,” Falzon says. “The licence has elevated our credibility and opened new conversations that weren’t possible before. It’s a strong foundation for the next phase of our growth.”

It’s a big opportunity for Yolo and its B2B segment, especially considering some other more mature regulated markets are already dominated by monopolies or big operators.

The UAE, meanwhile, is described by Falzon as a “forward-thinking, well-regulated market”, which aligns with Yolo’s company values. “Yolo Group believes it has the opportunity to innovate responsibility in a high growth region,” Falzon explains.

“In the UAE, there are a lot of untapped opportunities which makes it very exciting as we don’t know where this will take us, both in terms of product offering but also from a strategical point of view.”

Falzon believes Yolo’s ability to differentiate itself in the UAE market will hinge on two strategic levers – product and technology.

“One of our core initiatives is to treat the UAE as a live lab trying to test & identify what players value most,” Falzon says. “As a content aggregator our key focus is to understand the market & identify different product offerings that appeal to the players in this region.

“The other lever is technology. Yolo can differentiate through a best-in-class tech stack which is trusted by its suppliers and customers. The technology allows for rapid iteration and deployments. Moreover, it provides other tools such as analytics, automated promotional setups as well AI-driven personalisation.”

Localisation as a safety net

One interesting finding so far has been the UAE’s affinity for camel racing. Falzon jokes: “I need to find a studio that offers camel racing first!” But while she feels localisation is important, it goes beyond simply making Yolo “fit in”.

“It acts as a safety net, reducing cultural, regulatory and engagement risk,” she says. “However, I still believe that long term success depends on how quickly Yolo ‘integrates’ into the market.

“An additional factor which is very important in the UAE is the religious and social alignment that is unique when compared to other markets.”

A transparent licensing process in the UAE

The licensing process in the UAE as tough but collaborative, she says.

“Overall, the process has been thorough, transparent and internationally benchmarked, but it’s still evolving. We had several briefing sessions, guidance calls and documents reviews whereby GCGRA offered a level of engagement that was more of a collaboration or ‘partnering’ rather than punitive,” she concludes.

“What is unique is that the UAE’s approach is to encourage innovation and co-operation while still asserting control.”

The regulator mapped out its concerns in the fourth and final chapter of its research into illegal online gambling. The report considered the challenges of estimating the size of the market and the commission’s recommendations for further progress.

The report considered three approaches to estimating the scale of illegal online gambling in Britain, including dwell time approach, which converts data on engagement and ‘time-spent-on-site’ into expenditure estimates.

The second method is the channelisation approach, based on comparing data on legal and illegal ‘channels’ of engagement with gambling. Finally, the survey-based approach involves players responding to pre-set questions.

Of these three, the Gambling Commission only pursued the dwell time and channelisation methodologies in its four-part report. It said underlying data from surveys was unreliable as consumers’ recall of past expenditure in gambling surveys is “generally poor”.

However, the regulator said neither of the other two approaches presented enough data to allow it to form an accurate view of the illegal market, saying more work is required to make progress.

Minimal findings from dwell time approach

From the data drawn from dwell time and channelisation approaches, the regulator was able to present some findings.

Referencing dwell time results, it looked at the activity of 117 players gambling with illegal websites. Sports betting was the most popular activity with an average of 34% of players taking part, ahead of bingo on 14% and slot and instant win, both with 13%.

However, the primary limitation here was the size of the sample and it not being fully representative.

Also within this section was ‘Patterns of Play’ research on expenditure per minute in the legal market. This showed casino as the main vertical, with £1.12 gross gambling yield (GGY) per minute, ahead of slots on £0.32. However, with the data coming from 2018-19, it was seen as outdated compared to the current market.

The final piece of research looked at online slots GGY per minute between 2020 and 2025. This remained relatively steady throughout, with the most recent rate being £0.24 in March this year.

“Dwell time approach allows us to attempt to convert objective estimates of engagement data using known data from legal market,” the regulator said. “This requires several assumptions to be made – each introducing additional uncertainty to these estimates. Further work on these actions is required before we will reach a position where reliable estimates can be published.”

Channelisation rate far from clear for Gambling Commission

Turning to the channelisation approach, the regulator said while there is potential with this method, more work is needed to verify the accuracy of estimates of web traffic and app use in the legal market to allow reliable channelisation rates to be estimated.

It created a list of all websites associated with operators licensed by the commission and can use digital data company SimilarWeb for estimates of numbers of visits and duration. However, there are some limitations, including that it does not usually observe app versions of illegal websites

“Given the likely strong degree of app-based spend in the legal market, we also need to obtain web traffic data for both apps-based and website-based engagement with legal sites,” it said. “SimilarWeb provides estimates of both. Ideally, we would benefit from operators’ insights to help us verify the accuracy of these estimates.”

Then there were limitations on GGY data and using this to estimate activity within the illegal market. This, it said, related to the margins of error associated with each estimate. It gave the example of statistics covering the period April 2023 to March 2024, which showed total online GGY of £6.9 billion. If channelisation rate estimate was out by just 0.5%, this would be a difference of £34.5 million in the associated estimate of GGY.

What does the Commission plan to do?

In its conclusion, the regulator said while each method has limitations, there are options to open-up a pathway to allow a “robust estimate” of illegal online gambling in Britain.

For the dwell time approach, these options include using data from consumers who have used illegal websites to understand how they differ from legal operators. It will also consider using data from licensed operators to shed light on betting spend and engagement, as well as updating the Pattern of Play report with fresh data.

The Commission also said it could look at trends in VPN downloads to see how many players could be accessing illegal, overseas sites. In relation to this is a potential focus on key search terms for unlicensed sites and the volume of these within search engines.

“Developing this estimate is a worthwhile exercise,” the regulator said. “We recognise that several third parties have published estimates.

“While we welcome the focus on this issue, and recognise the concern stakeholders have about illegal gambling, we urge caution over use of estimates where the methodologies are not clear and levels of uncertainty are not set out.”

Ongoing commitment by the Gambling Commission

The report’s conclusion echoed comments from John Pierce, director of enforcement and intelligence at the regulator. In a recent blog, he set out the commission’s commitment to improving its approach to researching and tackling illegal gambling in Britain.

Among these efforts, Pierce said, are strengthening intelligence capabilities and forging new partnerships across technological and financial sectors and with international regulators. He also noted investment in organisational resilience such as developing new tools, equipping its teams with the right skills and targeted research and data.

“Illegal gambling is not a static threat,” Pierce said. “It is adaptive, opportunistic and increasingly embedded in digital ecosystems on the international stage. Through targeted disruption, strategic partnerships and continued investment in capability, we are building a resilient and effective framework to protect consumers and uphold the integrity of the regulated sector.

“We are making progress; and we are committed to going further.”

He will be responsible for accelerating the growth of an ecosystem serving global gaming professionals with intelligence, data, marketing solutions and community activations. 

Clarion Gaming Digital, which spans the iGB, GGB, iGB Affiliate and iGB Executive brands, has been building the foundations for a dedicated digital proposition since 2022. 

New phase of growth for Clarion Gaming Digital

Holland is now tasked with unlocking new value across that digital portfolio. He will oversee work to enhance the end-to-end audience funnel, from reach and engagement through to community and membership while enhancing the solutions on offer for commercial partners. 

“Reid’s appointment represents a huge moment for us,” Sophie Webster, managing director at Clarion Digital said. “We’ve been building the foundations for a more connected, insight-rich digital portfolio that truly puts the audience first. 

“He brings exactly the right mix of strategic vision, operational experience and commercial drive to take that ambition to the next level and to deliver greater value for our audiences and partners alike.”

Experienced operator

Holland has more than two decades’ experience leading transformation and commercial growth across some of the world’s leading media brands. He served as chief marketing officer and chief revenue officer at Hearst Europe, where he evolved its approach to brand, content, audience engagement and monetisation. 

Recently he has advised The Telegraph, Saga and outsourcing specialist CDS Global on digital strategy and audience monetisation. 

“I’m thrilled to be joining Clarion Gaming at such a pivotal moment,” Holland said. “There’s huge potential to unlock growth by aligning more closely powerful content, tools and data around our users’ needs and using that to deliver smarter, longer-term solutions for global clients. I’m looking forward to building on the strong momentum that’s already under way.”

Clarion Gaming Managing Director Alex Pratt added that the appointment underpins the business’ commitment to developing a future-proofed digital ecosystem to support the global gaming industry, with connections, intelligence and community. 

“We will be making further announcements during Q4 2025 as our strategy continues to scale.”

Fileding questions from analysts during the operator’s Q3 earnings call on Thursday, Riahi said the group had no plans to dispose of its content division as there were still opportunities for growth within the sector.

“We are very happy with our development in sports betting and gaming,” he said on the call. “The Tipico acquisition was a very major event for us and we stick to our strategy here for growth in gaming.

“However, we also believe that we have very positive opportunities on the content side. So no, we don’t have any plans to sell this division.”

Banijay’s Entertainment content business exists outside the gaming industry, as a developer and producer of global media, including television and film. Within the business sits a creative marketing agency called Banijay Media Germany and a branded content arm called Banijay Branded Entertainment.

In October the group announced it would acquire a majority stake in German operator Tipico in an agreement including Tipico’s Admiral business, acquired from Novomatic in January. Banijay will take a 65% stake in Tipico in a deal that will complete in mid-2026.

After completion, Banijay will merge Tipico with its Betclic brand. Betclic has been part of Banijay for several years. In May 2022, Betclic merged with Banijay to create a new listed entity, FL Entertainment. Last May, the company rebranded to Banijay Group, with the Banijay Gaming sub-division regrouping online sports betting and gaming activities.

9M revenue hits €3.22 million at Banijay

Switching attention to Banijay’s financial performance in the nine months to 30 September and the results read positively for the group. Revenue for the period reached €3.22 billion, an increase of 3.2% from the previous year.

Content- and production-focused Banijay Entertainment and Banijay Live drew the largest portion of revenue at €2.09 billion, an increase of 0.4%. However, it was gaming where the group saw the most growth.

Banijay Gaming revenue increased 8.7% to €1.13 billion, with increases across all areas of this business. The number of unique active players within this segment also jumped 23% year-on-year.

Sportsbook drew the most gaming revenue at €857 million, up 5.3% year-on-year. The group said this was despite a tough comparable period in 2024, which included the latter stages of Euro 2024, and unfavourable sports in September.

Online casino delivered double-digit growth of 16.4%, with revenue reaching €179.1 million for the period. Banijay put this down to continued momentum in Portugal and launching in Ivory Coast. It also noted the impact of cross-selling from the sportsbook and a strengthened content offering.

As for other gaming-related revenue, poker revenue increased 32.7%, more than any other segment in the business, to €76.2 million. The remaining €17.8 million was drawn from turf activities, up 17.8%.

Adjusted net profit rises to €271.2 million

In terms of group spending, external and personnel expenses were 2.2% higher for the nine-month period. However, such was the impact of revenue growth that adjusted EBITDA was up 9.3% to €597.1 million.

Operating profit hiked 38.6% to €381.1 million while pre-tax profit jumped 76.4% to €189 million, despite higher finance-related costs. Banijay paid €60.1 million in income tax, with this leaving a net profit of €128.9 million, up 132.2%.

However, certain other factors were also accounted for. This included taking off €17.4 million in restructuring costs and other on-recurring items, €87.8 million in long-term incentive plan and employment related earn-out and option expenses, as well as €37.0 million in other costs. Banijay was left with an adjusted net income of €271.2 million some 9.3% above last year.

“Banijay delivered solid growth and strong performance during the first nine months of 2025 across all activities, underscoring the strength of our diversified model,” Riahi said of the results,

Back in July, the Federation of State Gaming Regulators of Nigeria (FSGRN) strongly opposed the enactment of the bill, which sought federal control over all games of chance. The first incarnation of the licensing regime was in the National Lottery Act 2005 but that was nullified by the Supreme Court in November 2024.

At the time the Supreme Court ruled the country’s National Lottery Act was void and its state legislative assemblies should regulate lottery and games of chance instead of the federal government of Nigeria.

But the House of Representatives has been pushing for a similar piece of law to pass, the Nigeria Central Gaming Bill, which largely mirrors the previous framework.

The chamber has come under fire for trying to flout the ruling of the Supreme Court – the final authority that defines federal laws or the constitution.

“Once the court has made a decision on a subject, it becomes final and binding on all persons and authorities – including the executive and the legislature,” Nelson Ekujumi, leader of the CCG group Comrade, said during its recent conference.

“We are at a loss to try and rationalise why the National Assembly, made up of the Senate and the House of Representatives, is attempting to illegally and unconstitutionally rewrite the law.

“This is nothing short of legislative provocation and lawlessness which stands condemned in all ramifications.

“If the Senate proceeds with this illegal bill, it would amount to a brazen defiance of judicial authority and a direct attack on the rule of law,” Ekujumi added.

Legal advisory calls the move unfounded

Clarifying the ongoing tussle between these bodies, gaming law expert and senior partner at Allen & Marylebone, Obinna Akpuchukwu says the move remains not just “unconstitutional” but “unfounded”.

Speaking to iGB, he is very critical of the National Assembly’s repeated moves to try and override the standing ruling on NIgeria’s

“The Central Gaming Bill, if passed into law will be unconstitutional,” Akpuchukwu says.

“The argument of the proponents of the bill to the effect that the bill seeks to regulate online/remote gaming activities in Nigeria and that the repealed National Lottery Act did not provide for the regulation of online/remote gaming activities, is with respect, unfounded.

“All the forms of gaming activities stated in sections 24(1) and 25(1) of the Central Gaming Bill which the Central Gaming Commission will regulate when the bill is passed into law are accommodated within the definition of “lottery” as provided in section 57 of the nullified National Lottery Act,” he continues.

“In other words, the provisions of the nullified National Lottery Act cover land-based, online and remote gaming activities and the Supreme Court did not make any distinction between land-based gaming and online/remote gaming activities.”

A diplomatic counsel to the matter?

Akpuchukwu suggests a formal process of amendment could be the only solution to achieve the National Assembly’s goals. Not to do so would render their current attempts null and void.

“In the decision of the Supreme Court in Attorney General of Lagos State & Ors vs Attorney General of the Federation & Ors (2025), the court emphatically declared that lottery and gaming are not matters listed in either the Exclusive or Concurrent Legislative Lists of the 1999 Constitution (as amended),” Akpuchukwu explains.

“Rather, gaming and lottery are items within the Residual Matters, meaning only state governments have the constitutional authority to legislate and regulate such activities within their territories. Neither the Exclusive Legislative list nor the Concurrent Legislative list contains ‘online gaming’.”

His opinion suggests that, if the National Assembly feels strongly that it needs to have a central regulatory body for online/remote gaming, then the best approach would be to begin the process of amending the constitution to include online gaming in the Exclusive Legislative list.

“The current attempt to enact the Central Gaming Bill into law will only be a wasted effort,” Akpuchukwu concludes definitively. “The Supreme Court is most likely to nullify it, just as it did the National Lottery Act.”

Damon Jones, a longtime friend of Los Angeles Lakers star LeBron James, appeared before two judges on Thursday – exactly two weeks after indictments were unsealed in a sweeping case tied to allegations of criminal sports betting and poker schemes. Jones, a former Cleveland Cavaliers guard accused of involvement in both activities, pleaded not guilty on multiple counts.

Initially, Portland Trail Blazers coach Chauncey Billups was scheduled to make an appearance on Thursday in the same courthouse for charges stemming from illegal poker games. But less than 36 hours before the arraignment, Billups received a continuance that moved his appearance back several weeks.

Jones is accused of illegally disseminating non-public information on the injury status of a Lakers player. While James is not charged in the complaint, he matches the description of the player.

Jones’ arraignment came one day after several NBA representatives met with staffers of the US House Energy and Commerce Committee in Washington DC. The historic sports betting scheme in which he was charged has spawned an inquiry from Congress on a litany of integrity concerns about the connection between sports and gambling.

Jones’ ties to King James

Last month, a Brooklyn grand jury unsealed indictments against more than three dozen defendants in a combined illegal poker-sports betting investigation. Joseph Nocella Jr, interim US Attorney for the Eastern District of New York, described the illegal activity as the “most brazen” sports betting scheme since the 2018 PASPA decision.

Jones served as an unofficial assistant with the Lakers in 2023, more than a decade after he teamed with James in Cleveland to win the 2007 Eastern Conference title. Two days after setting the league’s all-time scoring record for career points as a member of the Lakers, James missed a February 2023 tilt against the Milwaukee Bucks. Jones, according to the indictment, received $2,500 for passing information that a particular Lakers player would not appear in the game. James missed the game with an ankle injury.

Jones is one of three defendants who is charged in both the sports betting and poker cases. Jones first appeared Thursday before Judge Ramon Reyes in US vs Aiello, the poker case. From there, he walked across the hall to appear before Judge Taryn Merkl in US vs Earnest, the sports betting case.

During a brief bail hearing, Reyes released Jones on a $200,000 bond. Jones’ mother plans to post a surety bond against her Houston home by Friday, according to his attorney.

When Jones made an initial court appearance last month in Las Vegas, a federal prosecutor told a presiding judge that the former basketball player had a “serious gambling” problem. Following his arrest, the New York Post reported that Jones spent long hours at the ARIA’s high limit room where he sought out successful gamblers for loans. When asked by iGB if he could expound on the compulsive gambling aspects of the case, Jones declined to comment.

Other arraignments on Thursday

Marves Fairley, a Mississippi resident, also appeared before Merkl on Thursday. Fairley, according to the indictment, paid Jones the $2,500 fee via a peer-to-peer mobile payment platform. In addition, Fairley allegedly took part in another scheme involving Miami Heat guard Terry Rozier. While a member of the Charlotte Hornets, Rozier deliberately underperformed in a March 2023 game to enable a group of bettors to win more than $200,000 collectively on a series of props, according to prosecutors.

Deniro Laster, another defendant, allegedly sold information on Rozier’s plans to leave the game early, enabling the bettors to collect on their “under” wagers. Fairley and another co-conspirator agreed to pay Laster $100,000 from the expected winnings, prosecutors allege.

Fairley, who pleaded not guilty to several charges, also posted a bond of $200,000. A professional sports betting tout, Fairley declined comment on the case to iGB. Fairley has also been reportedly tied to an investigation on suspicious betting activity in college basketball, but he has not been charged in that matter.

NBA meeting in nation’s capital

On Wednesday, NBA officials met with staffers from the House Energy Committee for a briefing on the league’s response to the scandal. The meeting included discussion of the NBA’s partnerships with legal sportsbooks, as well as efforts to prevent the dissemination of material non-public information related to odds movements, ESPN reported. Neither Commissioner Adam Silver nor Deputy Commission Mark Tatum took part in the meeting, iGB has learned.

Separately, a Senate committee wrote a letter to the NBA last month asking the league to provide documentation regarding its internal gambling investigations dating back to 2020.

In total, 31 defendants are charged in US vs Aiello, a case that centres on a series of rigged illegal poker games. According to prosecutors, several members of New York organised crime families received a cut of the poker profits. Over the past two days, six defendants in the cases made appearances at the Brooklyn courthouse. Alleged Gambino crime family soldier Anthony Ruggiero Jr’s application to be released on a $5 million bond in the rigged poker games case was denied by Reyes.

While Billups is charged only in the poker case, he also fits the description of an unindicted co-conspirator in the sports betting investigation. Billups, an NBA Hall of Famer, is now scheduled for arraignment on 24 November. Marc Mukasey, Billups’ attorney, did not respond to a request for comment.

On the same date, Jones is scheduled to appear at a status conference with several other defendants. Rozier is scheduled to be arraigned next month.

Google Finance announced on Thursday that it will now include prediction markets data from Kalshi and Polymarket. The announcement also included news of a Deep Search upgrade, the ability to track corporate earnings and its expansion into India.

“The new, AI-powered Google Finance is built to help you make sense of the financial world,” the Google blog reads.

Google’s integration will allow users to “ask questions about future market events and harness the wisdom of crowds”. The integration will roll out over the next few weeks, according to Google.

Google’s move signals the growing acceptance of prediction markets within traditional finance and tech ecosystems.

Prediction markets continue mainstream awareness

Polymarket recently raised $2 billion from Intercontinental Exchange, the parent of the New York Stock Exchange. The raise valued the company at $9 billion. Meanwhile, Kalshi raised $300 million from Sequoia, Andreessen Horowitz and Coinbase Ventures. That valued Kalshi at $5 billion.

The Google news comes on the heels of the National Hockey League partnering with Kalshi and Polymarket. It became the first league to partner with the prediction market sites.

“Teaming up with the NHL is an important milestone for Kalshi and the industry at large,” Kalshi CEO Tarek Mansour said in a statement at the time of the deal. “It should be clear now – prediction markets are here to stay.”

Other US professional leagues have expressed concerns about the lack of regulatory oversight for sports event trading. Unlike sportsbooks, which operate under state-level gaming laws, prediction markets like Kalshi are federally supervised by the Commodity Futures Trading Commission as event futures exchanges, creating friction as their products expand into sports outcomes.

Regulated sportsbooks, under pressure from the rise of platforms like Kalshi and Polymarket offering sports event contracts, have begun to wade into the product.

Meanwhile, state gaming regulators have started challenging sports-related options from prediction markets, suggesting they run afoul of sports betting laws. There are multiple state and federal lawsuits concerning the issue of whether sports event contracts constitute illegal sports betting. Maryland, Massachusetts, Nevada, New Jersey, New York and Ohio are among states with such litigation.

Multiple regulators have also issued warnings to sportsbooks, indicating their sports betting licences could be at risk if they offer sports event contracts in addition to traditional wagering.

On Wednesday Attorney General Keith Ellison announced that he has sent cease-and-desist letters to 14 illegal gambling websites. The sites targeted include offshore sports betting and casino operators as well as dual-currency sweepstakes operators.

“Online platforms offering sportsbooks and casino games run by out-of-state and overseas operators may make it look as though online gambling is legal and safe in Minnesota, but let me be clear: it is not,” Ellison said in a release.

“Trying to rebrand poker chips as virtual currencies does not change the fact that these online gambling operations are unlawful. By continuing to operate online gambling sites in Minnesota, these operators are likely openly defying our state’s laws and I will not stand for it.”

Ellison’s letters were sent to:

• BetAnySports
• BetNow
• BetOnline
• BetUS
• BetWhale
• Bovada
• EveryGame Sportsbook
• Fortune Coins
• MyBookie.com
• Slotsandcasino
• Sportsbetting.com
• VG Luckyland
• XBet
• Zula Casino

Law enforcement sent letters this summer

According to the release, the Minnesota Department of Public Safety’s Alcohol and Gambling Enforcement Division sent letters to the same 14 operators in June.

Those letters alerted the sites to potential legal violations, but Ellison said they have continued their operations. Along with the previously mentioned criminal violations, Ellison’s letters highlighted civil consumer protection laws the sites might violate.

“Illegal online casinos and sweepstakes sites make big promises but deliver only risk to Minnesota consumers,” Minnesota Department of Public Safety Commissioner Bob Jacobson said in the release. “Most are based outside the United States to avoid laws, regulation and enforcement measures. There’s no accountability, no protection for players and no way to know if the betting will be run fairly.”

Minnesota sports betting legislative attempts

Minnesota lawmakers have repeatedly introduced sports betting legislation and were reportedly close to a bipartisan deal with every stakeholder on board as the 2024 session ended.

Despite the 2025 session beginning with a similar deal essentially in place, a bipartisan group of legislators against sports betting solidified and prevented passage of a bill sponsored by Senator Matt Klein this year. The Senate Finance Committee held a hearing in January that focused on the harms of sports betting.

Klein, a member of the Democratic-Farmer-Labor Party, said this year that lawmakers are “abandoning” Minnesotans and the state’s 11 tribes by failing to act. The DFL and Republicans have been at odds in their support for various gambling industry stakeholders. The DFL supports tribal exclusivity, while the Republicans want to include the state’s horse racing tracks as part of sports betting operations. The deal in place had the various stakeholders in agreement before the opposition reared its head this year.

Heading into 2026, Minnesota still might be the best shot for a state without legal sports betting to pass some form of legislation, according to multiple industry sources. One source put the odds at 50-50.

Unregulated sportsbook crackdowns continue

Multiple state legislatures passed sweepstakes prohibition bills this session, including California, Connecticut, Montana and New Jersey. California accounted for an estimated 20% of US revenue for sweepstakes companies, according to panellists at the Global Gaming Expo last month.

Lawmakers in Louisiana and New York also passed similar legislation. New York Governor Kathy Hochul has yet to sign S5935, but New York Attorney General Letitia James sent 26 cease-and-desist letters to sweepstakes operators this summer.

Louisiana Governor Jeff Landry vetoed his state’s bill while stating that regulators already had the power to enforce gambling laws. The Louisiana Gaming Control Board then sent 40 cease-and-desist letters to unregulated operators, including sweepstakes sites.

Other states including Maryland, Michigan and Arizona have also taken significant action against sweepstakes operators.

Bai Suocheng was the godfather-like head of one of Myanmar’s notorious “Four Families”. Starting in the early 2000s, the gangs turned the sleepy border town of Laukkaing into a hub of criminal activity with unregulated gaming halls and houses of prostitution. According to CNN, the illicit operations turned an impoverished community over time into “a glittering casino city”.

The group kept pace with the times, eventually adding online casinos and scams to the land-based operations. Before their arrests, the Bais ran 41 scam factories in Laukkaing on China’s northeastern border. There they conducted “pig-butchering scams”, building seemingly trusting romantic or financial relationships with online victims, then stealing their money, often via cryptocurrency transactions.

Often the scammers are themselves victims, working under threat of abuse or torture. The United States Institute of Peace said the workers are often “duped by fraudulent ads for lucrative high-tech jobs and trafficked illegally into scam compounds. … (I)n prisonlike conditions, they must run online romance and investment scams.”

According to a documentary about the Bai family, one worker said his bosses beat him, pulled out his fingernails with pliers and severed two of his fingers.

China to predators: ‘You will pay the price’

For years, the Bais operated with impunity, reaping an estimated 29 billion Chinese yuan (US$4.1 billion) in ill-gotten revenue. Bai Yingcang acknowledged that his family was “absolutely number one” among Laukkaing mafia gangs, enjoying protection from the local militia. “Our Bai family was the most powerful in both the political and military circles,” he said.

That started to change in 2023, when China pressured the Myanmar junta to arrest scammers who preyed on Chinese citizens. In September, a Chinese court sentenced 11 members of the Ming family to death on similar charges.

“Why is China making so much effort to go after the Four Families?” asked an investigator in the documentary. “It’s to warn other people, no matter who you are, where you are, as long as you commit such heinous crimes against the Chinese people, you will pay the price.”

Cost of criminal gangs in Southeast Asia

The online gambling boom has helped turned Myanmar, Cambodia and Laos into virtual scam centres. The US-based Center for Strategic and International Studies blames “the transnational nature of online gambling, lax governance … and ASEAN’s fractured regulatory environment”.

In Monday’s ruling, 16 other associates of the Bai family were given prison terms of between three years and life. In a separate case, the court sentenced Bai Yingcang for conspiring to manufacture and distribute 11 tonnes of methamphetamine.