Author: David Randall

Gambling.com Group has entered into a financial agreement with Wells Fargo Bank, securing a $50 million credit arrangement. This deal comprises a $25.0 million revolving credit facility and an equal amount in a term loan facility, set to mature on March 19, 2027. Wells Fargo may approve an incremental increase of up to $10.0 million to this facility. The purpose behind this financial maneuver, as stated by the group, is to bolster general corporate undertakings and to manage deferred consideration payments. Furthermore, the credit is expected to support potential expansion opportunities. Gambling.com Group’s CFO, Elias Mark, emphasized the significance of…

On May 1, Jason Park will assume a newly established position at DraftKings, marking a significant transition after nearly five years as the Chief Financial Officer (CFO) since his start in June 2019. This strategic move positions Park to spearhead technology deployments aimed at enhancing operational efficiencies and to manage the integration of the impending $750 million acquisition of Jackpocket, a development that was publicized last month. DraftKings’ co-founder and CEO, Jason Robins, expressed his decision to appoint Park for this crucial role, emphasizing the anticipated benefits in terms of profitability and operational improvements. Robins highlighted Park’s extensive experience, including…

In February, the revenue from sports betting in Washington, D.C., remained consistent with the same period last year, although it was significantly less than the $2.4 million earned in January 2023. The total bets placed by players, known as the handle, was $12.0 million, a slight decrease from $12.6 million in February 2023 and 25% lower than the $16.0 million spent in January. Caesars led the operator pack in February, generating $409,386 from $3.3 million in bets. GambetDC was a close second, with revenues of $403,646 from a higher handle of $5.3 million. BetMGM and FanDuel followed, earning $294,651 and…

On a pivotal Saturday, just two days shy of the critical crossover deadline, the House of Representatives cast a decisive vote of 92-43 in favor of a bill poised to put the legalization of iCasino on the November ballot for public decision. This move hands the Senate a tight timeframe of less than a month to act before the General Assembly adjourns on April 8. In a recent development, House leadership unveiled a budget plan on March 15, boasting a $1.3 billion framework that incorporates anticipated tax revenues from legalized internet gambling. This financial strategy is earmarked to support future…

The Malta Gaming Authority (MGA) has announced the immediate cancellation of the authorization issued to Rush Gaming, affecting its operation of Fansbet.com and Onebet.com websites. The specific reasons for the revocation remain undisclosed, following a precedent set in January when the MGA highlighted that license suspensions could occur due to violations of gambling regulations or Maltese laws. In response to the cancellation, Rush Gaming is mandated to inform all its players about the decision and to clear any pending financial obligations. The company, holding a B2C gaming license for various gambling activities including casino games, controlled skill games, and fixed-odds…

Entain, a prominent player in the gaming and betting industry, has sought the advisory services of Wall Street firm Moelis for guidance on potential asset divestitures, as reported by the Financial Times. This strategic move comes in the aftermath of the company disclosing a substantial net loss of £936.5m for the fiscal year 2023, detailed in its annual earnings report on March 7. The decision to potentially offload assets stems from Entain’s desire to streamline its operations following an aggressive expansion phase, highlighted by acquisitions such as the controversial purchase of STS in 2023, which faced opposition from shareholder Eminence…

In 2023, OPAP experienced a 7.7% increase in gross gaming revenue compared to the previous year, a growth attributed to significant online expansion and a steady performance in retail sectors. The main revenue stream continued to be the lottery, despite it showing the smallest growth, while the online casino segment saw a notable revenue jump of 26.2%. The year also presented challenges, notably a €24.5 million fine levied by the Hellenic Gaming Commission in October for OPAP’s market conduct in Greece. Despite this, CEO Jan Karas remained optimistic, emphasizing the strength of the fourth quarter and attributing record revenues to…

In September 2023, a controversy arose over an advertisement featuring the retired footballer Adebayo Akinfenwa, who spoke about his role as a brand ambassador for BetUK. He highlighted the safer gambling tools provided by BetUK, such as deposit limits, reality checks, and time-outs, urging players to “always gamble responsibly with BetUK.” Despite its intentions, the ad sparked a complaint to the Advertising Standards Authority (ASA) over its potential appeal to minors. The complainant questioned whether Akinfenwa’s presence breached the BCAP Code by appealing strongly to children. BetUK and its parent company, LeoVegas, defended the advertisement, arguing that Akinfenwa’s appeal to…

Standard General, an influential hedge fund holding a 25% stake in Bally’s, has initiated another attempt to take full control of the gaming and hospitality company. This move was disclosed through a non-binding proposal in a filing with the US Securities and Exchange Commission. Standard General proposes to purchase all remaining outstanding common shares of Bally’s that it does not already own, offering $15 per share. This offer represents a significant 41% premium over Bally’s last closing price of $10.55 on the NYSE, highlighting the hedge fund’s confidence in the value and potential of Bally’s despite its recent financial challenges.…

In January, North Carolina announced the commencement of online sports betting, set to begin at noon EST, with plans for retail betting to open subsequently. This development followed Governor Roy Cooper’s signing of House Bill 347 in June 2023, which not only legalized betting but also outlined specific implementation guidelines, including the publication of regulations before January 8, 2024, and the acceptance of wagers by operators before June 14, 2024. These milestones were achieved ahead of schedule last month, positioning operators to start accepting bets well before the June deadline. Additionally, a January 26 deadline was set for operators to…