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iGaming law is delayed in Cyprus

George Miller

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iGaming law is delayed in Cyprus
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Malta’s evaluation over Cyprus iGaming proposals has delayed the implementation of a new legislative system.

 

Latest iGaming legislation in Cyprus has been delayed as Malta’s authorities need to share a detailed opinion on the new regime. The European Commission is evaluating Cyprus’ plan to develop a more regulated online gaming industry, although certain countries, as Malta, must also present an opinion on the issue.

The three month standstill period determined to review the local draft law by the European Commission and other member states to consider if the draft creates barriers to free movement of goods and services in violation of the European Union or not has been expanded to December following Malta’s submission.

Cyprus authorities have introduced a comprehensive project to regulate the national iGaming market by “remedying several earlier infringements with the 2012 law identified by the EC, including one related to local ISPs’ obligations in relation to blacklisting and website blocking.”

According to the official statement presented last June 28 to the European Commission, the project establishes a tax of 10 percent on net revenue generated from punters in the country, plus a further levy of 1 percent of net revenue towards responsible gambling initiatives and 2 percent to support sporting organisations in the country.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Industry News

Modern Times Group Publishes its Financial Results for Q2 2019

Niji Narayan

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Modern Times Group Publishes its Financial Results for Q2 2019
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Modern Times Group MTG AB (MTG) has published its financial results for Q2 2019. MTG continued to deliver on its strategic direction with sales growth of 14% in its two verticals – esport and gaming. The esports Owned & Operated (O&O) sales segment rose by 15% and the gaming sales increased by 19%.

“At MTG, we believe that esports and gaming are the future of entertainment. That is why we partner with and invest in the best entrepreneurs, most promising publishers and leading brands in these industries. And there is a good reason for this; the number of gamers worldwide is expected to grow to 2.9 billion in 2022, up from 2.4 billion in 2018 – and the global esports audience is expected to grow to 645 million by 2022, up from 395 million in 2018. Games – whether played in the home, by the commuter on the go or in an esport arena by a professional esporter – represent a major commercial opportunity,” Jørgen Madsen Lindemann, President and CEO of MTG said.

“As we conclude and report the second quarter in 2019 we see strong improvements in both our esport and gaming verticals. We deliver a record high adjusted EBITDA margin of 29 percent, and we continue to be one of the most active VC players in the landscape through our VC fund, with three new investments made in the quarter,” Jørgen Madsen Lindemann added.

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Asia

COA Urges PAGCOR to Consider Closing Casino Filipino-Manila to Prevent Further Losses

Niji Narayan

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COA Urges PAGCOR to Consider Closing Casino Filipino-Manila to Prevent Further Losses
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The Commission on Audit (COA) has expressed its concern over the P2.113 billion aggregate net losses incurred by the Casino Filipino Manila Bay of the Philippine Amusement and Gaming Corporation (PAGCOR).

COA has noted serious lapses in PAGCOR’s implementation of the school building project dubbed “Matuwid na Daan sa Silid Aralan,” noting that 457 classrooms financed through a P714.496 donation by the firm have not been completed.

“Aggregate net losses of P2.113 billion incurred by CF (Casino Filipino) Manila Bay for five consecutive years cast doubt on its ability to continue as a going concern and the said condition was not disclosed in the Notes to Financial Statement (FS) as required,” COA stated in 2018 annual audit report for PAGCOR.

The Casino Filipino-Manila Bay has not been earning profit for a five year period, from 2014 to 2018, COA revealed.

“As presented in Table 9, the existence of adverse financial conditions for five consecutive years of the CF-Manila Bay casts doubt on its ability to operate as a going concern,” COA said.

COA urged PAGCOR to “devise realistic development plans and strategies to generate sufficient funds” or consider closure of the CF-Manila Bay to “avert continuous losses.”

Reacting to the COA’s observation, the PAGCOR management blamed “disintegration of the income-generating satellites from CF-Pavilion, opening of competing integrated resorts and gradual reduction in the number of table games and slot machines” for the deficit.

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Gambling in the USA

Mississippi Sports Betting Revenue Increases in June 2019

Niji Narayan

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Mississippi Sports Betting Revenue Increases in June 2019
Photo Source: nola.com
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Mississippi Gaming Commission has reported an increase in sports betting revenue with $1.6m, for the month of June.

Coastal casinos generated $709,901 from $9.0m wagers. Revenue was up month-on-month from $626,283 in May, but wagers were down from $11.0m.

Baseball remained the most popular sport to bet on at coastal casinos with consumers spending $5.8m on betting. Basketball followed with $1.5m in total wagers for the month.

Casinos in Mississippi’s northern region posted collective revenue of $549,847 in June off $4.3m in wagers.

The gap between baseball and basketball betting was also evident in the north, with baseball ahead with wagers of $2.2m compared to basketball on $696,070.

Central casinos remain some way of the pace in terms of sports wagering after posting collective revenue of $113,920 from $823,939 in bets during June. This represents a significant fall on $305,494 in revenue and total wagers of $2.5m in May.

Baseball remained the most popular sport to bet on at casinos in the central region. A total of $1.1m was wagered on baseball in June, ahead of basketball with $852,527.

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