Ardent acquires stake in Switzerland’s Casino Davos

first_img Subscribe to the iGaming newsletter Ardent acquires stake in Switzerland’s Casino Davos Casino & games 30th May 2018 | By contenteditor Belgium’s Ardent Group has purchased a 44% stake in Stadtcasino Baden AG’s Swiss land-based gaming venue Casino Davos. Terms of the deal were not disclosed, but it was confirmed in a statement that Stadtcasino Baden will remain as the majority stakeholder in the facility with a 46% share. The Davos Tourism Organisation will also retain its 10% take of Casino Davos. Ardent Group, previously known as Circus Group, said the deal places the firm in a strategic position ahead of expected regulation changes in Switzerland. On June 10, Swiss gaming law is due to be voted on, with potential changes to include terrestrial casinos being able to launch an online gambling service. All online operations will be subject to the successful application for a licence extension. In a statement, the two companies said: “For this reason, Stadtcasino Baden Group has made the strategic decision to operate Casino Davos in the future together with a partner with many years of online casino experience. “The choice fell on the Casino de Spa SA, which is part of the Belgian Ardent Group, and already successfully runs its own licensed online casino.” Detlef Brose, chief executive of Stadtcasino Baden, added: “If the gambling law is passed on June 10, we will immediately and together with our new partner, develop a competitive online offer for Casino Davos to promote us as early as possible for an online license extension.” Belgium’s Ardent Group has purchased a 44% stake in Stadtcasino Baden AG’s Swiss land-based gaming venue Casino Davos Topics: Casino & games Finance Strategy Regions: Europe Central and Eastern Europe Switzerland Tags: Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

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Churchill Downs’ Lady Luck Casino takeover scrapped

first_img Regions: US US horse racing and gaming giant Churchill Downs Inc. has scrapped a proposed takeover of a Mississippi casino after regulators raised questions about the deal.In February, Churchill Downs announced that it had struck a deal with Eldorado Resorts to acquire the Presque Isle Downs & Casino in Erie, Pennsylvania and the Lady Luck Casino Vicksburg in Mississippi in an all-cash transaction valued at a total of $229.5m (£173/€196m).However, having received a second request in May to address concerns from the Federal Trade Commission (FTC) in relation to the Lady Luck Casino takeover, Churchill Downs and Eldorado Resorts have carved that venue out of the deal.“Following receipt of, and consideration of the time and expense needed to reply to, the second request, pursuant to the termination agreement, Churchill Downs and Eldorado Resorts mutually agreed to terminate their respective rights and obligations with respect to the Lady Luck Vicksburg transaction,” said Churchill Downs, which operates a number of casinos and racetracks, as well as the Twinspires online betting platform.Churchill Downs, which has agreed to pay Eldorado Resorts a $5m termination fee, is still hopeful of completing a $178.9m deal for Presque Isle Downs & Casino in the fourth quarter of 2018.As part of the termination agreement, Churchill Downs will also assume the obligations of an Eldorado affiliate in order to operate Lady Luck Casino Nemacolin in Farmington, Pennsylvania, for a fee of $100,000.The amended agreement between the two parties still has to be approved by the FTC, although the two parties expressed their belief that they would “be able to work expeditiously” to finalise the deal.In May, Churchill Downs penned a partnership with SBTech to support its entry into US real-money iGaming and sports wagering markets, starting with New Jersey and Pennsylvania. Casino & games Email Address Deal still in place for takeover of Pennsylvania casino and racetrack Topics: Casino & games Financecenter_img Subscribe to the iGaming newsletter Churchill Downs’ Lady Luck Casino takeover scrapped AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 10th July 2018 | By contenteditorlast_img read more

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IGT upsizes note offering to $750m

first_img International Game Technology (IGT) was able to upscale a planned $500m (£380m/€429m) offer of senior secure notes by $250m yesterday (Monday) after demand exceeded supply at an attractive price for the company.IGT announced yesterday (Monday) that an application had been submitted for the notes, which are due in 2027, to be listed on the Euronext Dublin market.Credit ratings agency Moody’s Investors Service, which reflected on the initial $500m offering, said that the transaction would “improve the company’s financial flexibility”, with the proceeds used to redeem IGT’s $600m worth of 5.625% senior secured notes that were due in 2020.“The transaction extends IGT’s maturity profile… providing funds to facilitate the refinancing of a significant part of its remaining 2020 maturities, while maintaining a good liquidity profile,” Moody’s said in a note for investors.However, as it transpired, the offering was upsized to $750m worth of senior secured notes at 6.25%.“Investor demand for the new issue was extremely strong at a very attractive price for us,” an IGT spokesperson told iGamingBusiness.com today.“Owing to the volume of demand and the price, we were able to take out some of our residual debt.”Settlement of the notes, which is subject to customary market and closing conditions, is expected on September 26.IGT expanded its internet gaming offering in the US last week by launching what it claims is the country’s first cross-platform online Wide Area Progressive (WAP) product.IGT MegaJackpots will be available to players in the regulated state of New Jersey on four sites: CaesarsCasino.com, HardRockCasino.com, MoheganSunCasino.com and ResortsCasino.com.IGT’s sports betting business in the US has expanded rapidly over the past few months following the Supreme Court ruling on PASPA in May.In recent weeks, IGT has confirmed its entrance into the tribal sports betting market by announcing a deal with the Mississippi Band of Choctaw Indians and secured sports betting partnerships with both FanDuel and MGM in New Jersey, whilst forging a joint agreement with William Hill and the Rhode Island Lottery. In addition, the company has obtained a sports betting licence in West Virginia. Topics: Casino & games Finance Slots 18th September 2018 | By contenteditor Email Address IGT upsizes note offering to $750m Demand exceeds supply for original $500m offering of senior secure notes AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Casino & games Tags: Slot Machines Subscribe to the iGaming newsletter Regions: UK & Irelandlast_img read more

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Romanian operator fined by competition regulator

first_img Romanian operator fined by competition regulator Topics: Legal & compliance Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Westgate completed its takeover of Stanleybet’s brands in the country before regulator approval Legal & compliance Regions: Europe Central and Eastern Europe Romania Tags: Online Gambling 19th October 2018 | By contenteditor Email Address Westgate Romania has been fined €50,000 (£44,000/$58,000) after jumping the gun on completing a deal to take over Stanleybet’s brands in the country.Westgate admitted that it had wrapped up the merger before the deal was fully approved by the country’s competition regulator.The admission of wrongdoing led to a reduced fine, according to the ZF.ro news website.Westgate struck the deal to acquire the Stanleysport.ro and Stanleybet.ro domains, as well as the Stanleybet brand in Romania, from Stanley International Betting Limited.The competition watchdog did finally approve the deal in February of this year. However, it emerged that Westgate had already “opened and closed workstations and installed or withdrawn terminals”, the report said.Stanleybet is one of Romania’s top betting brands. Earlier this year, Kambi Group agreed a deal to provide its sportsbook products to the operator.Westgate has not been the only operator to fall foul of Romanian regulators in recent weeks.Earlier this month, Publicwin hit out at Romania’s national gambling regulator, the Oficiul National Pentru Jocuri de Noroc (ONJN), after having its licence suspended.Image credit: Dennis Jarvislast_img read more

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Swiss lotteries see charitable contributions decline in 2018

first_img10th June 2019 | By contenteditor Subscribe to the iGaming newsletter Swiss lotteries see charitable contributions decline in 2018 Tags: Mobile Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Switzerland’s cantonal lottery operators Loterie Romande and Swisslos have seen money raised for charitable projects across the country decline to CHF588m (£457.8m/€525.6m/$593.8m) in 2018.Latest figures from the Inter-Cantonal Lotteries and Betting Commission (Comlot) reveal that gross gaming revenue rose 0.4% year-on-year to CHF943m. While CHF517m of the total came from draw-based games, this was down 2.1% from 2017, offset by growth in games to CHF562m, and sports betting revenue, which rose to CHF63m.The majority of revenue – CHF553m – came from Swisslos, the lottery covering Switzerland’s 20 German-speaking cantons. This was flat year-on-year, with a 2.4% decline in draw-based games revenue to CHF366m offset by growth in other lottery games and sports betting.Loterie Romande, which covers the country’s six French-speaking cantons, saw revenue grow marginally to CHF388m. Draw based games revenue fell to CHF151m, with gaming flat at CHF195m and sports betting revenue up slightly to CHF42m.While Comlot did not provide a full breakdown of revenue, it said that profit for the year amounted to CHF588m, down 1.3% from 2017. This decline was down to Swisslos profit falling 2.1% to CHF372m, largely down to lottery games, with Loterie Romande flat at CHF216m.During the year Comlot granted Loterie Romande approval to launch 38 new games, and gave Swisslos the green light for 22.It also continued to step up efforts to combat illegal gambling, with 78 cases opened on suspected violations of the country’s lottery laws. The majority of these concerned betting terminals, with the regulator initiating supervisory action in 30 cases. A further 24 cases were opened in relation to sweepstakes, with six companies warned they were in breach of gambling laws.Just four concerned foreign igaming operators targeting Swiss players, with only one of these cases resulting in Comlot issuing a warning.However its role in regulating online gaming will expand in 2019, with Switzerland’s igaming market set to open for business from July 1, with licences issued to Grand Casino Baden, Casino Davos, Grand Casino Luzern and Casino Zürichsee. This will see Comlot handed oversight of inter-cantonal and online skill games, as well as gaining powers to mandate internet service providers to block access to unlicensed sites.“Comlot is pleased to tackle these upcoming challenges, supported by modernised regulations,” it said.Image: Oleg Magni Email Address Topics: Finance Lottery Sports betting Regions: Europe Central and Eastern Europe Switzerland Finance Switzerland’s cantonal lottery operators Loterie Romande and Swisslos have seen money raised for charitable projects across the country decline to CHF588m (£457.8m/€525.6m/$593.8m) in 2018.last_img read more

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West Virginia sports betting revenue plummets in June

first_img8th July 2019 | By contenteditor Subscribe to the iGaming newsletter Sports wagering revenue in the regulated West Virginia market plummeted by around 148.2% month-on-month to $377,552 (£301,313/€336,205) in June, while total handle also dropped by 13%. Regions: US West Virginia Sports wagering revenue in the regulated West Virginia market plummeted by around 148.2% month-on-month to $377,552 (£301,313/€336,205) in June, while total handle also dropped by 13%.The June revenue total – from June 8-30 – is some way short of the $937,065 that was generated in May, while the overall amount wagered by players was down from $10.7m to $9.5m.Penn National Gaming’s Hollywood Casino at Charles Town Races retained its position as the leading sports wagering venue in West Virginia, posting revenue of $201,618 in June from $5.4m in total wagers.Read the full story on iGB North America.Image: Famartin West Virginia sports betting revenue plummets in Junecenter_img Topics: Finance Sports betting Finance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Addresslast_img read more

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GVC expects £200m windfall from machines VAT ruling

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter The conclusion of the legal dispute over the payment of value-added tax (VAT) on revenue generated from gaming machines has led to GVC Holding revealing that it expects to see up to £200m repaid. Topics: Casino & games Finance Slots Subscribe to the iGaming newsletter Email Address GVC expects £200m windfall from machines VAT ruling 21st May 2020 | By contenteditor Casino & games Regions: UK & Ireland The conclusion of the legal dispute over the payment of value-added tax (VAT) on revenue generated from gaming machines has led to GVC Holding revealing that it expects to see up to £200m repaid.Her Majesty’s Revenue and Customs (HMRC) lost an appeal in the Upper Tribunal Tax Chamber in April, which supported the First-tier Tribunal’s (FTT) stance that VAT was incorrectly applied to B2 machine revenue.HMRC ultimately decided against a further appeal, clearing the way for operators to claim for a VAT rebate. This has already seen William Hill’s board claim that it could see up to £150m repaid.GVC has now announced that it expects to receive approximately £200m through its own claim. This covers the period from 1 October 2002 to 31 January 2013, on VAT paid on B2 machines in its Ladbrokes betting shops.Other betting shop operators, including Rank Group, which was a plaintiff in the original case, are yet to comment on the case. When the FTT first ruled in the industry’s favour in 2018, there were estimates that up to £1bn in rebates would be paid out.The challenge was originally filed by Betfred alongside Rank, with the pair arguing that VAT being charged on games provided via a B2 machine, while the same game delivered through different platforms remained exempt, breached the principle of fiscal neutrality.The Court of Justice of the European Union had already supported this argument in a case brought by Rank in 2011. This ruling ultimately contributed to VAT for gaming machines being replaced by Machine Games Duty in 2013.Betfred will now likely pursue a VAT rebate for the period from 2005 and 2013, while Rank’s rebate will cover 2002 to 2005. Tags: OTB and Betting Shops Slot Machineslast_img read more

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Premiership Rugby eyes 15 August return

first_img England’s Premiership Rugby has set out plans to resume its season on 15 August after it was forced to postpone all matches in response to the novel coronavirus (Covid-19) pandemic. Topics: Sports betting Premiership Rugby eyes 15 August return 5th June 2020 | By contenteditor Sports betting England’s Premiership Rugby has set out plans to resume its season on 15 August after it was forced to postpone all matches in response to the novel coronavirus (Covid-19) pandemic.The rugby union competition was halted on 16 March for an initial period of five weeks, but this was later extended to an indefinite suspension due to the Covid-19 situation in the UK.Clubs have now provisionally agreed to return to action from 15 August after the league this week also Premiership Rugby said its teams could return to stage one of its return to training programme.“Nothing will happen until it is safe to do so but we will do everything we can to resume the 2019-20 Premiership Rugby campaign on 15 August,” Premiership Rugby chief executive Darren Childs said.“We won’t take risks with people’s health, and rugby has unique challenges due to levels of proximity and impact, but with a number of clubs moving to Stage 1, it is important for us to give players, coaches and clubs clarity on when they can look to return. Bearing that in mind, we look forward to the restart of the season.”Bath Rugby chief executive Tarquin McDonald added: “We welcome this news and crucially can now set timeframes in order to maximise our athletes’ readiness for a return to competition when that time comes in August.”This week, the Department for Digital, Culture, Media and Sport gave the green light for professional sports in England to resume, with horse racing having restarted on 1 June.Football’s Premier League last week said it intended to restart on 17 June and has since released a preliminary fixture list for the first matches back after the enforced suspension.center_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: UK & Ireland Subscribe to the iGaming newsletter Email Addresslast_img read more

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GiG receives NJ casino service licence

first_img Email Address 30th July 2020 | By Daniel O’Boyle Gaming Innovation Group (GiG) subsidiary iGaming Cloud has received a five-year casino service industry enterprise license (CSIE) from the New Jersey Division of Gaming Enforcement (DGE).This allowing the supplier to offer its online casino platform to New Jersey operators.The supplier applied for the licence in June 2018, with GiG already supplying its online casino and sportsbook platforms to Hard Rock International for its online casino product under the terms of a transactional waiver.“We are delighted to receive the CSIE license after a long and comprehensive process,” GiG chief executive Richard Brown said. “This is a great achievement for GiG and gives us a solid confirmation that our platform, procedures and operations are meeting the highest standards out there.”Read more on iGB North America Tags: Mobile Online Gambling Regions: US New Jersey Companies: GiG Subscribe to the iGaming newslettercenter_img GiG receives NJ casino service licence Casino & games AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Gaming Innovation Group (GiG) subsidiary iGaming Cloud has received a five-year casino service industry enterprise license (CSIE) from the New Jersey Division of Gaming Enforcement (DGE). Topics: Casino & games Legal & compliancelast_img read more

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BetVictor-powered BildBet app to launch in December

first_imgSportsbook As reported by iGB last week, BetVictor’s sports betting licence covers a number of domains for Germany’s leading tabloid, including Bild-Bet and Bild-Sportwetten. BetVictor-powered BildBet app to launch in December Subscribe to the iGaming newsletter The issuance of licences by the Regional Council of Darmstadt comes after a court threw out an April judgement that forced a halt to the licensing process and ends years of uncertainty for operators in Germany. However, customers may be able to increase their spending limit to €10,000 or €30,000 if they pass certain due diligence checks. A €1,000 monthly spending limit for sports betting customers, and an €100 annual cap on bonuses, will also be in force. Regions: Europe Central and Eastern Europe Germany The Regional Council will now look to work through the 46 applications filed since the start of the application process on 2 January. It will provide Bild-branded betting services as part of a “strategic brand cooperation” between the pair. The new licensees including BetVictor must integrate with national self-exclusion system OASIS and betting markets must be approved by the Regional Council.  Image by Hendrike 21:23, 28 August 2006 (UTC) – Own work, CC BY-SA 2.5 Operator BetVictor and German tabloid newspaper Bild have announced that their BildBet sportsbook will launch in Germany under the country’s new licensing regime in December. In total, 15 licenses have so far been issued, of which four were online-only licences.  AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Legal & compliance Marketing & affiliates Sports betting Licensing Marketing Sportsbook “Bild is known for [its] unique sports reporting and enthusiasm for sports,” BetVictor said. “Through the collaboration with BetVictor, this shall now be expanded in the form of an attractive and user-friendly betting service.” 23rd October 2020 | By Daniel O’Boyle Email Addresslast_img read more

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