Stretched insurers hit back at new EU stress test plans

first_imgThursday 24 March 2011 9:15 pm whatsapp Stretched insurers hit back at new EU stress test plans Show Comments ▼ Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap THE insurance industry voiced concern yesterday at European regulators’ plans to run a new series of “stress tests” on more than 200 companies across the region.The second round of tests to check how well-capitalised insurers are against different risks was launched by the European Insurance and Occupational Pensions Authority on Tuesday. The new tests will be based on the planned Solvency II legislation, which requires insurers to hold more regulatory capital against different risks. They will be carried out by the Financial Services Authority from now until the end of May. But the Association of British Insurers branded the tests a “distraction from vital regulatory change” that would put extra strain on firms racing to comply with other requirements that are still to be finalised.“Rather than demand stress tests on the basis of a yet to be agreed framework, it would be better to focus on finalising the proposed rules and helping the industry put the infrastructure in place to make them work by 2013,” said ABI director Peter Vipond.PwC partner Philippe Guijarro said the tests would “put a huge strain on the industry’s already stretched resources” while the unfinished nature of Solvency II at present may render the results unreliable. center_img Tags: NULL Ad Unmute by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeHealth.recetasget5 Common Cancer Signs to Pay Attention ToHealth.recetasgetUndoDaily Sport XThese Women Have Inspired A Lot Of Women WorldwideDaily Sport XUndoalldelishHere is what happens to your body when you start eating 2 eggs every dayalldelishUndoWalk In Tubs | Search AdsNew 2021 Bathroom Trend? Walk-In Bathtubs Prices Might Surprise YouWalk In Tubs | Search AdsUndoYahoo! SearchSearch For Plumbers Near Me – See Top ChoicesYahoo! SearchUndoSumabisPut Vaseline On Your Feet, See What HappensSumabisUndoStar BlvdTom Selleck Reveals This Is The Woman He Truly LovesStar BlvdUndoBuzzingThis Picture Shows Who Prince Harry’s Father Really IsBuzzingUndoTriviaBoss.comAlmost Nobody Aces This 70s Shows Quiz. Can You?TriviaBoss.comUndo Share KCS-content whatsapplast_img read more

ARM boosted by Microsoft tie-up

first_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesMoneyPailShe Was An Actress, Now She Works In ScottsdaleMoneyPailDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Seeautooverload.comElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Herald Share ARM boosted by Microsoft tie-up whatsapp Wednesday 13 April 2011 8:02 pm SHARES in chip designer ARM Holdings rocketed almost seven per cent yesterday after Microsoft unveiled its latest round of software running on its processors.Microsoft showcased the new version of its Internet Explorer browser running on an ARM-designed chip.The demonstration followed a similar announcement earlier this year that Microsoft would use ARM processors in a new, low-powered version of the Windows operating system.Microsoft is keen to work with Cambridge-based ARM in a bid to gain traction in the next generation of mobile devices such as smartphones and tablets.However, the developments have technology analysts speculating that ARM could soon break into the PC market – an area traditionally dominated by Intel – opening up a potentially lucrative new revenue stream for the firm.ARM has already cornered the market for low power-usage chips for mobile devices but has been unable to break into the laptop and desktop markets.Morgan Stanley responded by issuing a positive note on ARM. Analyst Francois Meunier said: “We are positively surprised that software development is already well advanced. Bears on ARM argue that Windows on ARM could be late and/or unstable, which appears not to be the case. ARM continues to make faster inroads in the PC market than Intel in tablets and smartphones.”ARM’s shares closed 6.8 per cent up at 598p, recouping losses suffered after Intel said it will introduce a rival processor for tablet computers. center_img More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPuffer fish snaps a selfie with lucky divernypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com KCS-content Show Comments ▼ whatsapp Tags: NULLlast_img read more

Icahn pushes for Caesars sale despite board agreement

first_img US casino giant Caesars Entertainment has reached an agreement with Carl Icahn, which will see the activist investor support all proposed board nominations at the operator’s 2019 Annual General Meeting. Casino & games US casino giant Caesars Entertainment has reached an agreement with Carl Icahn, which will see the activist investor support all proposed board nominations at the operator’s 2019 Annual General Meeting.However Icahn, who was last week revealed to have built up a 9.8% stake in Caesars, has reiterated his calls for the board to pursue a merger or a sale of the business.As a result of the agreement a trio of new directors have been appointed to Caesars’ board. Keith Cozza, chief executive of Icahn’s Icahn Enterprises conglomerate, Icahn Enterprises director James Nelson and Courtney Mather, portfolio manager for the investor’s Icahn Capital fund, all join with immediate effect.Mather and Cozza will serve until the 2019 AGM, at which point shareholders will vote on whether to extend their terms, while Nelson will be up for re-election in 2020. As a result of the trio of appointments, three unnamed existing board members are to step down.Icahn will have the option to add a fourth director to the board if Caesars fails to select a candidate to replace outgoing chief executive Mark Frissora within 45 days of the agreement.“Our new colleagues bring diverse and relevant experience, and we look forward to them joining our board in our ongoing efforts to further enhance value for all shareholders,” Caesars board chairman James Hunt said of the new appointments.“Since the completion of Caesars’ restructuring, we have been undergoing a strategic process to create value, and we will continue that process working with our new directors,” he explained. ”On behalf of the entire board and Caesars’ nearly 68,000 employees, I want to thank our departing director colleagues for their distinguished and tireless service to the company.”In connection with the operator’s 2019 AGM, which is yet to be scheduled, the Caesars board is to put forward a series of enhancements to its governance processes. Shareholders will be asked to vote on a proposal to allow those with a holding of at least 15% to call a special shareholder meeting. Another proposal, to prohibit the adoption of a shareholder rights plan with a triggering threshold of below 20% of outstanding shares, will also be put forward.The agreement with Icahn has been reached as he pushes for the operator to pursue a merger or sale. A sale, Icahn said in a regulatory filing to the Securities and Exchange Commission last week, would enhance shareholder value.In the filing, Icahn also stated that he expected Caesars to refrain from appointing a permanent CEO, or extending current CEO Mark Frissora’s tenure, until he had engaged with the board. It has been widely reported in the US media that Icahn has proposed Tony Rodio, currently chief executive of Affinity Gaming and former CEO of Tropicana Entertainment, as Frissora’s replacement.Following his agreement with the board, Icahn reiterated his belief that a sale was the best way forward for the business.“I believe the best path forward for Caesars requires a thorough strategic process to sell or merge the company to further develop its already strong regional presence, which will allow Caesars to continue to take advantage of the Caesars Rewards program bringing more and more players into Caesars’ Vegas market,” Icahn explained.“I expect this to make Caesars the most powerful competitor in Vegas, the gaming capital of the world,” he continued. “Caesars would be a great opportunity for certain investors who have already expressed interest, and I’m glad the board will explore these opportunities. “Independent of strategic alternatives, I believe Caesars should also be focused on leadership succession, disciplined capital allocation, improving operating performance and optimizing real estate and other assets.” 1st March 2019 | By contenteditor Subscribe to the iGaming newsletter Icahn pushes for Caesars sale despite board agreementcenter_img Regions: US AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Casino & games People Strategy Email Addresslast_img read more

COE warns Malta to improve AML controls

first_img Email Address The Council of Europe (COE) has called on authorities in Malta to enhance their measures to combat money laundering and the financing of terrorism, after a new report highlighted a number of failings in the country’s current system. Tags: Online Gambling Casino & games COE warns Malta to improve AML controls Regions: Europe Southern Europe Malta Topics: Casino & games Legal & compliance 16th September 2019 | By contenteditor The Council of Europe (COE) has called on authorities in Malta to enhance their measures to combat money laundering and the financing of terrorism, after a new report highlighted a number of failings in the country’s current system.Published by the COE’s Committee of Experts on the Evaluation of Anti-Money Laundering Measures and the Financing of Terrorism, known as Moneyval, the report highlighted a lack of understanding or analysis on a number of key areas.In particular, Moneyval noted, money laundering was largely investigated in tandem with other, linked offences. It said that the level of investigations and prosecutions were not in line with the country’s risk level, and high-level and complex money laundering cases, related to financial, bribery and corruption offences, were not being effectively pursued due to limited human or financial resourcesFundamental improvements to the mechanisms for confiscating the proceeds of crime from money laundering and linked offences were also necessary, Moneyval added.For the financing of terrorism, Moneyval said while Malta has a sound legal framework for such cases, only few investigations have been conducted so far and none have resulted in any prosecutions or convictions. It noted that while Malta has made progress in this area, as with money laundering, its activity level did not match the country’s level of exposure to possible terrorism financing risks. As such, it recommended that authorities could co-ordinate their activities with the implementation of targeted financial sanctions’ regimes to more effectively combat the risk of terrorist financing.Risk-based controls were also found wanting. While the banking and gambling sectors were said to have a good understanding of risk and preventative measures, Moneyval raised concerns about low levels of suspicious transactions reporting in other industries in Malta. Furthermore, it added, punishment for non-compliance with the AML controls was not viewed as effective enough to deter criminals.“Moneyval noted that supervisory authorities do not have adequate resources to conduct risk-based supervision, for the size, complexity and risk profile of the country’s private sector,” it explained. “Sanctions for non-compliance with anti-money laundering and countering the financing of terrorism requirements are not considered effective, proportionate and dissuasive.”The report also said Malta failed to provide sufficient insight into how legal persons and legal arrangements could be exploited for money laundering and terrorist financing. Again, the punishments for non-compliance were not seen as effective or proportionate.However, MoneyvalL did say that Malta has a comprehensive framework for international co-operation, which enables its authorities to provide assistance to other countries.Malta will now be tasked with addressing the issues flagged in the Moneyval report, and has been invited to report back on any progress made in December 2020. Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Rootz promotes duo to C-level roles

first_img Email Address Topics: People Subscribe to the iGaming newsletter People 24th January 2020 | By Daniel O’Boyle Platform provider and Wildz Casino operator Rootz has announced two C-level appointments: Melanie Hainzer as chief marketing officer and Tony Kjäldström as chief operating officer.Hainzer joined Rootz as a senior igaming consultant in June 2019, before becoming head of marketing in October. Hainzer had previously worked in customer retention, marketing and country manager roles for Mr Green, LeoVegas, BetHard and Mansa Gaming.“It’s an honour to be not only considered, but promoted to an executive position at Rootz,” Hainzer said. “I’ve been very happy to work for this company and am excited to assume a larger role. I’m looking forward to 2020 and beyond.”Kjäldström also joined Rootz in 2019, as head of casino. Prior to this, he had held a product owner role for Gaming Innovation Group and been head of customer operations for Guts Gaming, as well as holding customer support roles for Nordic Gaming Group.“These are exciting times at Rootz and Wildz,” Kjäldström said. “I’m very grateful for this new position and will remain committed to seeing that Rootz doesn’t rest on its previous success and instead redoubles its efforts to make fantastic casino products even better.”Lasse Rantala, chief executive of Rootz, said both Hainzer and Kjäldström had played crucial roles in the early stages of Rootz’s growth.“Melanie and Tony are two of the hardest-working people in a company full of impressive workers,” Rantala said. “To be able to excel where there are so many motivated people is a testament to their extraordinary work ethic and ability.“Both Melanie and Tony helped to guide the company through opening months. Those first month required extraordinary time commitments and a focused attention to detail as Rootz worked to finesse our strategies and our custom platform in those early months.”Rantala added that he had “no doubt” the pair would prove tremendous assets to the business, adding that he was especially pleased to have filled the executive roles with internal appointments.center_img Rootz promotes duo to C-level roles Tags: Online Gambling Platform provider and Wildz Casino operator Rootz has announced two C-level appointments: Melanie Hainzer as chief marketing officer and Tony Kjäldström as chief operating officer. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Svenska Spel profit and revenue fall in “tumultous” 2019

first_img Regions: Europe Nordics Sweden Casino & games Tags: Online Gambling Email Address Topics: Casino & games Finance Lottery Sports betting Svenska Spel profit and revenue fall in “tumultous” 2019 13th February 2020 | By Daniel O’Boyle Svenska Spel’s revenue declined and new taxes slashed profits in what chief executive Patrik Hofbauer called “the most tumultuous year in the history of the group and the [Swedish] gaming industry.”The former monopoly operator’s net revenue for the year fell 2.4% to SEK8.58bn (£682.1m/€818.1m/$888.9m), which Hofbauer (pictured) said was largely down to the new 18% gross revenue tax introduced as a result of the re-regulation of the Swedish gaming market, which amounted to SEK1.62bn for the operator. Svenska Spel’s revenue for the year came on turnover of SEK19.50bn, down 7.2%. The Tur division, which deals with lottery games, brought in the majority of net gaming revenue, at SEK4.74bn, down 1.0% year-on-year. Net revenue from Svenska Spel’s online Sport & Casino division rose 5.9% year-on-year to SEK2.12bn while net revenue from Casino Cosmopol and Vegas, Svenska Spel’s land-based casino and gaming machine division, fell 14.7% year-on-year. Other income declined 16.2% to SEK249m.Online revenue for the year increased year-on-year by 11.1% to SEK3.02bn. However, this still remained behind the total revenue earned from lottery agents, which fell 9.4% to SEK 3.58bn.While the SEK1.62bn in new gaming taxes weighed on Svenska Spel’s bottom line, the operator cut direct operating expenses, which fell 7.9% year-on-year to SEK1.20bn. As a result, the company’s net sales from gaming operations came to SEK6.01bn for the year, down 23.7%.The business paid SEK1.17bn in personnel costs, up 2.4%, while other external costs grew to SEK2.06bn and SEK345m in depreciation and impairment costs, up 39.1%, was recorded.This meant that Svenska Spel’s operating profit for the year came to SEK2.47bn, down 45.5%. Removing gambling taxes, the total figure would be 9.7% below 2018.After a SEK21m net financial gain, Svenska Spel’s profit came to SEK2.49m. The operator received a further SEK228m through tax refunds, though, for an overall profit of SEK2.72bn. This total was 40.0% below 2018’s profit.The year ended on a more positive note though, as Q4 revenue rose 3.6% to SEK2.48bn. Although turnover still declined year-on-year in Q4, the fall was only 4.6%, to SEK5.44bn.All three major verticals performed better in Q4 of 2019 than they did in the prior three quarters. Net Tur revenue rose slightly to SEK 1.37bn, net revenue from the sport and casino division increased 15.4% to SEK661m, while Casino Cosmopol net revenue declined 9.8% to SEK 441m.Svenska Spel paid SEK460m in tax, while direct operating costs fell 5.7% to SEK329m. This led to net sales from gaming operations falling 18.5% to SEK1.75bn.The operator’s personnel costs came to SEK304m, up 1.3%. Other external costs rose 3.3% to SEK588m while deprecaition and impairment costs came to SEK98m, up 58.1%.Svenska Spel’s operating profit for the quarter came to SEK774m, down 37.2%. If not for the addition of gambling taxes, its operating profit would have increased by 0.2% for the quarter.The business made a net financial gain of SEK32m, and after paying SEK139m in taxes, net profit came to SEK667m, down 45.8%.Hofbauer noted that in 2019, the operator had to stabilise itself and adjust to the newly re-regulated market, but now that the year is over, Svenska Spel has a chance to grow in 2020.“The most important thing during the year has been to stabilize the business after the major transition to a new gaming market, which we have now done, meaning that we are well equipped for the future,” Hofbauer said. “We are entering the new year with an aggressive focus going forward, but with continued concern for our customers.”Tight regulations hit many operators in Sweden in 2019 after the country opened its regulated gaming market. Gaming regulator Spelinspektionen issued a number of fines to operators throughout the year, prompting online gambling trade association Branschföreningen för Onlinespel (BOS) to request an urgent meeting with Spelinspektionen for greater clarity on regulations in July.These regulations have affected the bottom lines of other operators also working primarily in the Swedish market, such as Kindred and Betsson. Svenska Spel’s revenue declined and new taxes slashed profits in what chief executive Patrik Hofbauer called “the most tumultuous year in the history of the group and the [Swedish] gaming industry.” Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Enlabs increases stake in Global Gaming

first_img Email Address Enlabs increases stake in Global Gaming Tags: Online Gambling Finance Topics: Finance Strategy Subscribe to the iGaming newslettercenter_img Baltic-facing operator Enlabs has agreed a deal to purchase an additional 11.3m shares in Ninja Casino operator Global Gaming.Enlabs said the agreement comprises the acquisition 11.3m shares in Global at a price of SEK8 per share, thus valuing the deal at approximately SEK90.4m (£7.7m/€8.7m/$9.7m).The acquisition will be funded with 50% cash payment and 50% in newly issued shares in Enlabs, trading on the Nasdaq First North Growth Market.The deal means that Enlabs now holds a total of 12.2m shares in Global Gaming, which translates to a total holding of 29.9% in the operator.Last month, Enlabs reported a year-on-year increase in revenue for the first quarter, with growth across all major gaming segments. Revenue in the three months to 31 March amounted to €10.5m, up 16.7% from €9.0m in the same period last year.Enlabs said it drew 94.0% of revenue from operations in Baltic markets, namely Estonia, Latvia and Lithuania, while 6% of revenue came from its rest of world segment, through its licences in Belarus, Malta and Sweden.Global Gaming’s revenue fell 64.3% to SEK57.8m in the same period, as the operator’s Swedish licence cancellation continued to drag down revenue. However, the slashing of costs – especially marketing expenditure – cut the business’s losses. Baltic-facing operator Enlabs has agreed a deal to purchase an additional 11.3m shares in Ninja Casino operator Global Gaming. 9th June 2020 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

BGC slams government as casinos remain closed

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address 23rd June 2020 | By Daniel O’Boyle UK gambling trade and standards body the Betting and Gaming Council (BGC) has condemned the country’s government for forcing casinos to remain closed as other hospitality and leisure venues reopen, a decision it called “inconsistent and nonsensical”. Regions: UK & Ireland Casino & gamescenter_img Topics: Casino & games Legal & compliance BGC slams government as casinos remain closed UK gambling trade and standards body the Betting and Gaming Council (BGC) has condemned the country’s government for forcing casinos to remain closed as other hospitality and leisure venues reopen, a decision it called “inconsistent and nonsensical”.Prime Minister Boris Johnson confirmed that hotels, pubs and restaurants will be allowed to reopen from 4 July as the UK eases lockdown measures intended to limit the spread of novel coronavirus (Covid-19). However, casinos, which closed on 20 March, were not included among businesses that may reopen.The BGC, however, said casinos were ready to reopen, having put measures in place to ensure the safety of customers and staff. Earlier this month, the BGC said its land-based casino operator members in England will be ready to reopen from 4 July,“Casino operators have worked round the clock to ensure their premises, and the way they operate, adhere to the government’s strict anti-Covid guidelines,” the BGC said. “They now want to work urgently with ministers on any outstanding issues which will enable them to re-open their doors safely as soon after 4 July as possible.”These measures  include ensuring customers use hand sanitisers before entering the casino, as well as when joining and leaving a gaming table. The number of players at gaming tables would be limited, while floor layouts have been re-designed to ensure social distancing at all times.“We welcome the fact that the lockdown is being eased further,” BGC chief executive Michael Dugher said. “The whole country has made sacrifices over the past few months to combat the coronavirus and it’s good news that the Government is determined to get the economy moving again by reopening the likes of pubs, restaurants, cinemas, amusement arcades and bingo halls, whilst protecting public health.“But it is inconsistent and frankly nonsensical that casinos are being forced to remain closed, when other parts of the hospitality and leisure industry are opening up again.The BGC added that, as the casino industry employs 14,000 people and contributes £300m in taxes to the UK treasury, reopening could provide a major economic boost.“Our casino members make a huge contribution to the economy, sustaining thousands of jobs and providing large amounts of much-needed tax revenue to the Treasury,” Dugher said. “Casinos have done everything that they were asked to do by the government and they have pulled out all the stops to ensure they are able to open their doors safely for both staff and customers from 4 July.“It is therefore extremely disappointing that the government has not yet cleared casinos to reopen. We want to urgently work with Ministers to ensure that casinos are reopened safely and as speedily as possible this summer”. Subscribe to the iGaming newsletterlast_img read more

Dutch igaming launch delayed for third time

first_img Topics: Casino & games Casino regulation Online casino Legal Regulation Regions: Europe Western Europe Netherlands Subscribe to the iGaming newsletter Dekker added that despite the delays in other areas, cross-channel self-exclusion scheme Cruks is well on course to be ready by 1 October. Last year, Dekker dismissed any concerns that Cruks would be delayed when he warned that the online market’s launch may be pushed back from the 1 January start date that was planned at the time. The Dutch Remote Gambling Act (KOA) has been delayed yet again, with Minister for Legal Protection Sander Dekker pushing the date the law comes into effect back to 1 April 2021, and the date the market opens back to 1 October. Tags: Sander Dekker Cruks Dutch igaming launch delayed for third time Dekker noted that slot machine association VAN Kansspelen had expressed a similar view, but said he disagreed, as Dekker argued it could be a useful tool when combined with other measures such as spend.  Initially, KOA was scheduled to enter into law on 1 July 2020, with the market to open six months later at the start of 2021. However, in November 2019, the act’s start date was pushed back six months, meaning the market would open on 1 July 2021. Finally, he said that, as Cruks already performs checks before players enter, it would not provide any significant burden to keep track of how often each player enters. In September 2020, the launch was pushed back again, with the date the act was set to come into effect moved to 1 March 2021, after preparations to launch had been disrupted by the novel coronavirus (Covid-19) pandemic. The Minister added that if visits were not recorded, it would “depend solely on the observations of staff members” to notice how frequently customers were appearing at venues, something he said was “too fragile”.  The latest delay is the third, and means the law is now set to come into force nine months later than originally planned. In his responses to questions from MPs, Dekker also told socialist MP Socialist Party politician Michael van Nipsen that the Dutch government would commission a report into how legalisation of online gambling has affected lottery sales in other European countries. However, he said that it was “unlikely that there is a causal relationship” between these two factors, pointing to countries such as the UK and Norway that saw lottery sales increase following legal igaming, while others such as Denmark and Italy saw sales fall. 19th January 2021 | By Daniel O’Boyle “For the sake of completeness, I would also like to inform you that, in my opinion, all conditions for the anticipated timelines with regard to the introduction of Cruks are still met,” Dekker said. “This means that CRUKS must be implemented by all concerned providers by 1 October, 2021.” He added that the Dutch online gaming market will be reviewed after three years, and if it is believed KOA has led to a decline in lottery sales, then a mandatory levy towards sport and good causes could be implemented to make up for the lost proceeds. “Earlier I informed you that we are aiming for entry into force on 1 March 2021,” Dekker said. “ Although the implementation is proceeding energetically, it has now become clear to all involved that careful implementation takes a little more time. Regulation AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter “For this reason, we shall postpone the entry into force of the Koa Act by one month until 1 April, 2021, so that De Kansspelautoriteit (KSA) and the gambling sector have sufficient opportunity for complete preparation. The opening of the market will then take place on 1 October 2021.” Responding to a series of questions from legislators, Dekker announced that the latest delay was necessary as the Government had realised a slower implementation of the laws may create a stronger environment of regulation. When the Gambling Act does come into effect, the bonuses that operators may offer will face significant restrictions, while gambling may not be advertised between 6am and 9pm.The Dutch government has already notified the European Commission of certain other parts of its new regulation. These include a requirement for licensees to create a policy on addiction prevention, while players must set maximum credit allowed on their account, as well as details of technical standards, record-holding and reporting requirements for licensees. Democrats 66 MP Kees Verhoeven, meanwhile, questioned whether it was necessary under the new gambling regime for land-based operators to record how frequently each player visits their premises. Email Addresslast_img read more

Illinois breaks sports betting revenue and handle records in January

first_img11th March 2021 | By Robert Fletcher Finance Casino Queen and DraftKings ranked second with $15.6m in revenue, ahead of Midwest Gaming & Entertainment and Rush Street Interactive on $10.8m. Online wagering accounted for $47.1m of total revenue for the month, whereas retail sportsbooks only contributed $860,392 in revenue. Email Address Read the full story on iGB North America. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter In terms of operators, the Par-A-Dice Gaming Corporation, which runs a FanDuel sportsbook, led the market with $16.8m in revenue.center_img Illinois’s sports betting handle reached a record $581.6m in January, while the US state also saw revenue reach an all-time high during the month. Regions: Illinois Topics: Finance Sports betting Online sports betting Retail sports betting Revenue in January amounted to $49.4m (£35.4m/€41.3m), more than double the $23.9m posted in December last year, though the previous month’s figures were impacted by the temporary closure of casinos due to novel coronavirus (Covid-19) measures. Subscribe to the iGaming newsletter Illinois breaks sports betting revenue and handle records in Januarylast_img read more