Melco International Development and Hard Rock International (HRI) after signing officially for the upcoming €500 million casino resort in Cyprus “Europe’s largest integrated casino resort”, they have decided to abandon their involvement in the application for a casino resort in Catalunya, Spain. On Friday, eleconomista.es a Spanish media outlet reported that the partners had withdrawn […]

Melco International Development and Hard Rock International (HRI) after signing officially for the upcoming €500 million casino resort in Cyprus “Europe’s largest integrated casino resort”, they have decided to abandon their involvement in the application for a casino resort in Catalunya, Spain.

On Friday, eleconomista.es a Spanish media outlet reported that the partners had withdrawn their interest to be the operator of the Center for Recreation and Tourism (CRT) project in Catalunya. The decision comes right before the June 30 deadline to present the final offers in order to obtain licences. They both said they are concentrating on separate ventures away from Spain leaving Genting and Grup Peralada as the only other interested group.

On Monday the two companies signed the contract to be the operators of the upcoming casino resort in Cyprus. The ceremony took place in Nicosia and the Commerce and Tourism Minister Lakkotrypis said “Our goal is the improvement of incoming tourism, increasing arrivals, and average spending per capita, and also to see this contribute to the ongoing efforts to address the problem of seasonality in the Cypriot tourism industry,” “Our other strategic objective was the creation of new jobs and additional tax revenue, supporting sectors that will be associated with the casino, and attracting further foreign investment.”

The licence will be valid for 30 years and the two companies will hold the monopoly over casino gambling in Cyprus for the first 15 years. The mammoth casino should be built by the first half of 2020 as per Andy Choy, the President of Melco’s Resorts and Entertainment Division.

On Thursday the Russian internet regulator Roskomnadzor have blocked Google.ru as the search engine had a page with a link associated with Russian bookies Fonbet, that is involved in a tax dispute with the Russian government. The serch engine was blocked for around three hours in the afternoon with a number of internet providers restricting […]

On Thursday the Russian internet regulator Roskomnadzor have blocked Google.ru as the search engine had a page with a link associated with Russian bookies Fonbet, that is involved in a tax dispute with the Russian government.

The serch engine was blocked for around three hours in the afternoon with a number of internet providers restricting users’ access. As soon as the referring link was withdrawn, Google.ru was again accessible for the Russian users.

Head of internet regulator Roskomnadzor, Alexander Zharov said that Google had been promptly removed from the agency’s list of blacklisted sites as soon as the banned link had been removed.

Russian government had blacklisted Google.ru in the past as a prohibited website when courts ruled that the company had violated the law by pre-installing certain applications on mobile devices. Last year, Members of the Russian State Duma approved the 3rd reading of a bill nicknamed the “Google Tax Law”, requiring foreign IT companies to pay value added tax (VAT) on the sale of online content.

On Wednesday, Kenyan President Uhuru Kenyatta officially signed the Finance Bill 2017 that will impose a tax of 35% of gross profit on all gambling activities in the country. A week ago, the President rejected the previous version of the bill because he did not agree on the proposed tax rate as he proposed a […]

On Wednesday, Kenyan President Uhuru Kenyatta officially signed the Finance Bill 2017 that will impose a tax of 35% of gross profit on all gambling activities in the country.

A week ago, the President rejected the previous version of the bill because he did not agree on the proposed tax rate as he proposed a 50% rate. The high rate he proposed was to help to discourage gambling amongst the youth of Kenya as he said.

Τhe new tax rate of 35% will be uniform on betting, gaming, lotteries and prize competitions, which is well above the rates operators had been paying. The rates for Kenyan Bookmakers were at 7.5%, the tax for casino gambling was at 12%, 5% for lotteries and 15% for competitions.

In Kenya gambling takes place on-line. Financial services allow users to place bets and get winnings on their phone without the need of a bank account. 7 million Kenyans have already registered for betting services.

Even if all that Brexit business was in 2016, Brexit negotiations began on Monday with Theresa May and her team seeking to negotiate Britain’s exit from the EU. The worst-case scenario is the fragmentation of the UK and European markets as a result the companies with the most reliant on European revenues will be affected […]

Even if all that Brexit business was in 2016, Brexit negotiations began on Monday with Theresa May and her team seeking to negotiate Britain’s exit from the EU. The worst-case scenario is the fragmentation of the UK and European markets as a result the companies with the most reliant on European revenues will be affected the most.

Only the strongest companies will recover quickly such as Paddy Power Betfair, Ladbrokes and Playtech and it would take longer time for the weaker companies to recover. As per the ones that are looking to add to positions in strong UK bookmakers, they shall consider and wait until the completion of the talks.

On the occasion of the talks, Paddy Power bookies erected a 120-ft Theresa May statue on the White Cliffs of Dover which can be seen from Normandy, depicting the Prime Minister making a ‘V’ sign salute with her fingers to simulate “a hard Brexit” wearing a union jack dress.

A Paddy Power spokesman said: “I’m really proud of this statue, if only because it’s the first time that I can legitimately claim to have a huge erection.

“We tried to make the installation look as life-like as possible to Theresa May – which is why it’s two-dimensional and largely wooden.

“During construction, it was both strong and stable, but soon went weak and wobbly when the winds changed – about as stable as a partnership with the DUP.”

The Gibraltar Betting and Gaming Association (GBGA) has been dealt a blow following the European Court of Justice (CJEU) ruling that the principle of freedom to provide services does not apply between the territory and the UK and that the provision of services by Gibraltar operators to customers in the UK is “a situation confined […]

The Gibraltar Betting and Gaming Association (GBGA) has been dealt a blow following the European Court of Justice (CJEU) ruling that the principle of freedom to provide services does not apply between the territory and the UK and that the provision of services by Gibraltar operators to customers in the UK is “a situation confined in all respects within a single member state,” under European Union law.

Operators are now obliged to pay 15% on all bets placed with them, but the tax remains at a low rate compate to other EU countries, such as Spain, which collects 25% for all bets.

GBGA has claimed that POC tax is illegal under the European law because of the violation οf Article 56 of the Treaty on the Functioning of the EU, which concerns the right to free trade across borders.

As per the European Court of Justice, Gibraltar belongs to the European territory as the UK is responsible for, and that the EU law is applicable to that territory.

Judgement said that, “Although Gibraltar does not form part of the UK,” the judgment states that “Gibraltar is a European territory for whose external relations a Member State, namely the UK, is responsible, so that EU law is applicable to that territory.”

“There is no factor that could justify the conclusion that relations between Gibraltar and the UK may be regarded as akin to those existing between two Member States.” as per the court.

Spanish gaming supplier R. Franco, signs a new deal to provide its omni-channel sports betting and gaming platform with Colombian operator Corredor Empresarial S.A. Under the terms of the agreement, Corredor Empresarial will implement R. Franco Digital with omni-channel platform together with a wide portfolio of betting markets and online casino games. Corredor Empresarial has […]

Spanish gaming supplier R. Franco, signs a new deal to provide its omni-channel sports betting and gaming platform with Colombian operator Corredor Empresarial S.A.

Under the terms of the agreement, Corredor Empresarial will implement R. Franco Digital with omni-channel platform together with a wide portfolio of betting markets and online casino games.

Corredor Empresarial has more than 25,000 points of sale and 75,000 terminals throughout the country, with a varied portfolio of products and services.

Head of digital at the Recreativos Franco Group, Alejandro Casanova said: “This agreement underlines R. Franco Digital’s position as a reference point in the provision of technology, content and operational solutions for operators, and our ability to offer a comprehensive and perfectly adapted solution to the specific needs of each client.”

“The fact that Corredor Empresarial S.A. and R. Franco Digital have joined forces gives us great pride, and is proof of the quality of the products and services offered by our company.”

“The strategy of our digital division is to partner with top tier allies who have the potential to become leading operators in every national market.”

General manager at Corredor Empresarial S.A, Diana Margarita Otálora Taylor said: “Our potential clients highly appreciate the innovation, personalisation, portability, real-time operations and sociability provided by R. Franco.”

“In Colombia, the increasing use of the Internet over the last 10 years, as well as the outstanding performance of our sportsmen and women on the international stage, make this a product very much in demand.”

“The fantastic experience offered by R. Franco in the digital area, allied to Corredor Empresarial S.A. online and real-time distribution network, allow us to consolidate our position within the market, retain satisfied users and generate a stronger contribution to Colombia as a whole.”

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.