Greek gaming and betting operator and Europe’s 4th biggest betting firm Opap reported on Monday an 8.7% drop in net profit for the first quarter of 2017, as it is hurt by costs for the rollout of a new video lottery business. Opap said its net profit for the first quarter of 2017 came in […]

Greek gaming and betting operator and Europe’s 4th biggest betting firm Opap reported on Monday an 8.7% drop in net profit for the first quarter of 2017, as it is hurt by costs for the rollout of a new video lottery business.

Opap said its net profit for the first quarter of 2017 came in at €39 million, down from €42.8 million for the same period in 2016. The privatized Greek operator offers via a network of approximately 5,750 outlets in Greece and Cyprus sports betting and lotteries through a system of revenue sharing with agents.

In a statement Opap said “Following the kick-off of VLTs (video lottery terminals) operations in January 2017, revenues for the quarter reached €1.8 million”,“The roll-out is in progress”,“53 Gaming Halls along with we OPAP agencies were already operational hosting a total of 1,355 VLTs.”,“Expenses for rolling out the terminals.. which is expected to be concluded next year.. and other games weighed on its bottom line”.

However, Opap’s gross gaming revenues reached 5.3 percent to €358.9 million with robust performance in its lottery operations more than offsetting weakness in sports betting as Opap’s strongest performance came from the Lottery segment in Q1 as gross gaming revenue (GGR) due to jackpots for Joker.

Bitcoin price topped $3,000 on Sunday afternoon according to CoinDesk’s Bitcoin Price Index (BPI), for the first time in history, continuing this year’s massive surge. After spending much of the last week seeking direction in the $2,700 to $2,900-range, the cryptocurrency climbed to a new all-time high of $3,012.05, gaining an additional 15% this week. […]

Bitcoin price topped $3,000 on Sunday afternoon according to CoinDesk’s Bitcoin Price Index (BPI), for the first time in history, continuing this year’s massive surge.

After spending much of the last week seeking direction in the $2,700 to $2,900-range, the cryptocurrency climbed to a new all-time high of $3,012.05, gaining an additional 15% this week. On Bitfinex, bitcoin traded at a lower $3,003, while on Chinese exchange OKCoin, the digital currency traded at a higher $3,185.66.

Cryptocurrency’s price was around $2,300 at the beginning of June and between $2,700-$2,850 on the second week of June after starting above $2,500 last Monday. Prices crept above $2,900 on Saturday. Bitcoin’s price jumped from $2,925 to $3,000 in just over 2 hours, on Sunday afternoon.

Increased demand from Asia-based investors is helping fuel Bitcoin’s bull run rising by more than 200 percent in value since January 2017 and easily outperforming stock market benchmarks like the S&P 500 Index and the Nasdaq composite. Bitcoin is been approved by the Japanese government as a legal method of payment, sparking a trend of adoption amid increasing awareness of bitcoin in the country.

In an interview with CNBC, Brian Kelly, CEO and founder of BKCM said that cryptocurrency was “in the first years of what is likely to be a multi-year bull market. Of course there will be corrections and even crashes along the way, but bitcoin is here to stay.”

BEIJING – 76 entertainment venues have been shut down across China while 26 others had their operations suspended during a crackdown on gambling launched by the Ministry of Culture (MOC), Chinese media outlets reported. This year 100,000 law enforcement officers have investigated more than 38,000 entertainment venues nationwide and busted 355 cases, according to the […]

BEIJING – 76 entertainment venues have been shut down across China while 26 others had their operations suspended during a crackdown on gambling launched by the Ministry of Culture (MOC), Chinese media outlets reported.

This year 100,000 law enforcement officers have investigated more than 38,000 entertainment venues nationwide and busted 355 cases, according to the China Youth Daily.

MOC reported on the news “any entertainment venues that allow their customers to gamble or contain video machines on which people can gamble will be shut down and have their business licenses revoked.”, as Gambling is banned in China.

The authorities have joined forces with Philippines to persecute transnational cyber gambling operations that have multiplied in the Southeast Asian country.

An official with the ministry said “the next step will be to expand inspection nationwide in a bid to standardize the market”.

The ministry encourages the public to report illegal activities.

The Philippine Amusement and Gaming Corporation (PAGCOR) is looking to limit the number of the online offshore gaming licences to 50 in order to avoid “oversaturation” in the industry, as per the local media. Assistant Vice-president of PAGCOR’s Philippine Offshore Gaming Operators (POGO), Jose S. Tria Jr., told reporters that his agency is considering to […]

The Philippine Amusement and Gaming Corporation (PAGCOR) is looking to limit the number of the online offshore gaming licences to 50 in order to avoid “oversaturation” in the industry, as per the local media.

Assistant Vice-president of PAGCOR’s Philippine Offshore Gaming Operators (POGO), Jose S. Tria Jr., told reporters that his agency is considering to limit the country’s online gaming operators and that there are 42 licensed offshore gaming operators, with 12 still awaiting approval.

“We will be able to assess the saturation of the market through the audit system.”, “If the income of each operator goes down from their previously reported income, this means there are too many operators.” he said.

He couldn’t offer a specific timeline as the agency is still waiting to develop an audit system that automatically tracks cash flow.
“It depends on the evaluation. Our audit system is delayed at the procurement”, “Our latest estimate on its installation is September,” he told reporters on the sidelines of a forum yesterday.

As per the PAGCOR, it estimates that it will generate P6 billion (US$121.6 million) in taxes in annual revenue from licensees.
“We are looking at more or less P3 billion in taxes, POGO alone. If we are able to streamline operations, (it can go as high as) P6 billion a year, in tax revenues,” he said.

Operators that obtain a licence will be subject to a 1.5% tax rate on gross gaming revenue, with funds to be paid to PAGCOR on a monthly basis.

The German state of Hesse’s efforts to allow sportsbook operators a way into the country’s sports betting market has been paused by the Administrative Court of Kassel. Since that permanent regulations are not in force, the court decided that the state is not entitled to demand operators secure a Duldung (toleration) to continue offering their […]

The German state of Hesse’s efforts to allow sportsbook operators a way into the country’s sports betting market has been paused by the Administrative Court of Kassel.

Since that permanent regulations are not in force, the court decided that the state is not entitled to demand operators secure a Duldung (toleration) to continue offering their services in Germany, responding to an appeal filed by a Malta-licensed operator.

A number of factors have been cited by The Court such as the application process wasn’t entirely transparent and that Hesse’s scheme was less about opening up its market and more about imposing penalties on unauthorized operators. Τhe Court concluded that online sports betting was a transnational issue, and thus beyond the scope of an individual state to dictate rules to international companies.

When the 16 states adopted a federal state treaty on gambling in 2012, it was considered illegal by many domestic judgments and the European Union as a result the states agreed for a new treaty in March due to enter into force in 2018. This treaty already considered unsustainable by the European Commission and wants from Germany to remove all artificial limits on the number of sports betting licenses and to extend the scope of the Treaty to include other flat Peaks like poker and casino.

The Estonian gambling operator Olympic Entertainment Group (OEG) has announced that it has completed the liquidation of Olympic Casino Bel IP in Belarus which it is now totally removed from. “OEG has completed the liquidation of its Belarusian subsidiary Olympic Casino Bel IP. The aim of the liquidation was the adjustment of the group’s structure. […]

The Estonian gambling operator Olympic Entertainment Group (OEG) has announced that it has completed the liquidation of Olympic Casino Bel IP in Belarus which it is now totally removed from.

“OEG has completed the liquidation of its Belarusian subsidiary Olympic Casino Bel IP. The aim of the liquidation was the adjustment of the group’s structure. The liquidation of this subsidiary has no direct influence on the economic activities of OEG Group. The members of the management and supervisory boards of OEG have no personal interest in the liquidation.” published on a short corporate statement on Monday signed by the CEO Madis Jääger.

Last year the company announced that it would withdraw its market operations from Belarus and Poland because of their unfavourable business and tax conditions but the removal of their business interests there would not impact on their results.
According to a financial statement of year 2016 OEG accounted a €9 million cost for withdrawing from the markets.

This follows the last week’s announcement by OEG that it has been forced to restructure assets within Riga’s ‘historic city center’, as the Riga City Council has banned all gambling parlours and premises from operating. OEG has 54 casinos in Latvia and employees circa +900 staff members.

The Department of Trade and Industry (DTI) said on Saturday that it had confiscated the winnings of several gamblers who won a total amount of R1.25m in online gambling sites. Minister of Trade and Industry Rob Davies had previously cautioned that online gambling was illegal and that their winnings would be forfeited to the State […]

The Department of Trade and Industry (DTI) said on Saturday that it had confiscated the winnings of several gamblers who won a total amount of R1.25m in online gambling sites.

Minister of Trade and Industry Rob Davies had previously cautioned that online gambling was illegal and that their winnings would be forfeited to the State after an application through the High Court. He has also expressed concern that online gambling could be utilised to launder money. “It is on this basis that the banks continue to collaborate with the National Gambling Board to confiscate the unlawful winnings” he said.

The DIT said in a statement on Saturday “The unlawful winnings to the amount of approximately R1 250 000 were derived from illegal gambling activities specifically online gambling”, “The National Gambling Board is the national regulator in the gambling industry in South Africa and in terms of Section 16 of the National Gambling Act, 2004 is obliged to investigate the circumstances of illegal gambling activities including illegal online gambling”, “The public is hereby cautioned to be weary of online gambling offerings, as online gambling is illegal in South Africa, and thus anyone participating in any illegal online gambling activity would be unable to receive any winnings and would expose themselves to criminal prosecution”, “Citizens caught gambling illegally or running an illegal gambling establishment such as internet cafes that provide illegal online gambling will be targeted and they will face criminal charges or a hefty fine to the maximum of R10m or both.”

National Gambling Board accounting authority Caroline Kongwa said: “The NGB is encouraged by the judiciary system in considering gambling related matters and in a related matter, the High Court of South Africa, Gauteng Division, granted a court judgement in favour of a licensed gambling operator prohibiting an illegal gambling operator from offering illegal online gambling.” “The public is hereby cautioned to be weary of online gambling offerings, as online gambling is illegal in South Africa, and thus anyone participating in any illegal online gambling activity would be unable to receive any winnings”.

A public appeal has been made by the board that anyone can report websites which advertise online gambling and establishments in South Africa which offer online and illegal gambling activities to the public.

Philippine casinos and online gaming operators will face new AML (Anti-Money Laundering) rules as the legislators try to limit the industry’s freewheeling reputation. The Philippine Senate is about to approve amendments to the Anti-Money Laundering Act (AMLA) after a pressure by Senator Chiz Escudero who is the chairman of the Senate Committee on Banks, Financial […]

Philippine casinos and online gaming operators will face new AML (Anti-Money Laundering) rules as the legislators try to limit the industry’s freewheeling reputation.

The Philippine Senate is about to approve amendments to the Anti-Money Laundering Act (AMLA) after a pressure by Senator Chiz Escudero who is the chairman of the Senate Committee on Banks, Financial Institutions and Currencies.

On Wednesday, the Senate approved the second reading of SB 1468, which will bring casino operators under the Anti-Money Laundering Act (AMLA) for the first time. The third and final reading will be on next week, in order to comply with a deadline imposed by the Asia-Pacific Group on Money Laundering (APG).

As Escudero said on Thursday, the Senate should pass Senate Bill No. 1468 before the June 2017 deadline given by the Asia/Pacific Group on Money Laundering (APG). “Failure to enact the required legislation within the given time frame would put the Philippines under monitoring of the International Review Group of the FATF, which could eventually result in the possible blacklisting of the Philippines,” Escudero said.

Casinos would report to the Anti-Money Laundering Council if the accumulated bets within a 24-hour period reached P3 million ($60,000), as per the proposed amendment.

Last year’s cyber-theft of $81 million from the Bangladesh Bank account in the Federal Reserve Bank of New York is the reason of reviewing the Law. The stolen money was diverted to four fake bank accounts in the Philippines. To date, only a small amount of that money has been recovered. US security officials have suggested that North Korea was behind it.

The online gaming operator GVC Holdings has withdrawn its application for a licence from the Czech Ministry of Finance, as it has said the country’s new licensing regime is unworkable. Last week GVC informed its players living in the Czech Republic through the gaming sites of Bwin and PartyPoker that it has withdrawn its licence […]

The online gaming operator GVC Holdings has withdrawn its application for a licence from the Czech Ministry of Finance, as it has said the country’s new licensing regime is unworkable.

Last week GVC informed its players living in the Czech Republic through the gaming sites of Bwin and PartyPoker that it has withdrawn its licence application as the new Czech gaming law it is not compliant with the European Union principles.

That was the message in Bwin’s site, translated in English, according to Poker Arena which is the local poker news outlet:

“Our goal is always to offer our customers a reliable and secure gaming experience and ensure that we offer our gaming products only if we are sure that everything is in full compliance with the law. As stated above, we have asked for the release of several Licences that will allow us to provide our gambling services within the Czech Republic. However, during the process of these applications, it has been shown that the recent changes in the legislation of the Czech Republic, together with the application in practice by the Czech authorities, are incompatible with the principles of the European Union and can not therefore be applied. We fully support the development of a regulated and well-functioning online gaming market in the Czech Republic and we hope that the Czech authorities will consider the emerging issues and will work with operators to successfully achieve this goal.”

According the new Czech gaming law, the taxes of the online operators are from 23% of sports betting revenue to as high as 35% for online slots play, on gross revenue.

With this decision of lawmakers to impose such a high tax, it will result in the country’s negative attractiveness to foreign entrepreneurs.

Bitcoin hits a new price record as it has reached the amount of $2,185.89 per coin in the early hours of Monday morning. Bitcoin was trading for about $1,300 per coin at the end of April and now, three weeks later it jumped to $2,000 per coin. The cryptocurrency’s market capitalization has climbed to $33 […]

Bitcoin hits a new price record as it has reached the amount of $2,185.89 per coin in the early hours of Monday morning. Bitcoin was trading for about $1,300 per coin at the end of April and now, three weeks later it jumped to $2,000 per coin. The cryptocurrency’s market capitalization has climbed to $33 billion, for the first time in history.

For many months, the value of Bitcoin was rising. Four years ago, the cryptocurrency system first broke the $1,000 valuation threshold, however after this period it dropped in price. As per some analysts, they claimed that the dip relates to the Mt. Gox hack.

Monday 22th is also celebrated by Bitcoiners as the Bitcoin Pizza Day. On this day in 2010 Bitcoin Talk member Laszlo spend 10,000 bitcoin for two Papa John’s pizzas – the most expensive pizzas in history. Not only is the transaction deemed the first bitcoin exchange for real-world value, the trade is now appraised at $20 million at today’s exchange rates.

“I’ll pay 10,000 bitcoins for a couple of pizzas.. like maybe two large ones, so I have some leftover for the next day — I like having leftover pizza to nibble on later,” explained Hanyecz. At the time, Hanyecz believed that the coins he had “mined” on his computer were worth around 0.003 cents each.

Some pundits believe that Bitcoin has the potential to reach the price of $10,000 per coin, but to achieve this the community would likely have to sort out the scaling issue, which would give confidence to investors that bitcoin’s infrastructure be able to support it as it grows.

The Cyprus Government grants casino licence to the consortium between Macau’s Melco and Hard Rock on Thursday 18th, to construct and operate a €500-million integrated resort in Limassol and set up satellite casinos in the other towns of the island, Nicosia, Larnaca, Famagusta, and Paphos. It is believed that the casino resort isn’t expected to […]

The Cyprus Government grants casino licence to the consortium between Macau’s Melco and Hard Rock on Thursday 18th, to construct and operate a €500-million integrated resort in Limassol and set up satellite casinos in the other towns of the island, Nicosia, Larnaca, Famagusta, and Paphos.

It is believed that the casino resort isn’t expected to open its doors to the public before 2020 thus a temporary casino will be running soon in Limassol and a satellite casino in Nicosia until the resort is ready. The licence allows Melco-Hard Rock to exclusively operate the resort for 15 years before the possibility of another casino resort being allowed. Melco-Hard Rock will be able to operate a gambling facility for 30 years.

The announcement was made by the Commerce and Energy Minister, Yiorgos Lakkotrypis. He said “With today’s decision, the council of ministers has completed an ambitious endeavour that started about three years ago” , “This is a huge project that will enrich our tourist product and create new jobs”. As per the government, the casinos will be an attraction for 300,000 tourists per year.

This project will be generate new jobs and 4 000 people will work on the construction as it is estimated. A Coordinating Committee will oversee construction work. According to a previous article, the developer will have to make sure that the casino has at least 100 gambling tables, more than 1000 slot machines and a 500-rooms hotel.

According to reports, the location will be close to MY MALL in Limassol as it seems it is the ideal place for such a resort.

The Gibraltar-based firm 888 Holdings Plc, has announced on Monday that its UK licence is under investigation by the UK Gambling Commission (UKGC). 888’s shares fall by 8% as the annoyed shareholders tried to collect the winnings they had won before the investigations began. In a statement on its website, 888 said that the review […]

The Gibraltar-based firm 888 Holdings Plc, has announced on Monday that its UK licence is under investigation by the UK Gambling Commission (UKGC).

888’s shares fall by 8% as the annoyed shareholders tried to collect the winnings they had won before the investigations began.

In a statement on its website, 888 said that the review relates to the “manner in which a subsidiary of the company has carried on its licensed activities to ensure compliance with the UKGC operating licence held by the licensee”. “The company is dedicated to providing players with a responsible as well as enjoyable gaming experience and the licensee will be proactively engaged in a cooperative and collaborative manner with the UKGC throughout this review.”

This announcement followed the BGO case which was fined by the UKGC for ad failings.

Further announcement will be made by the company in the following days.