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Tax hike worries the Panamanian industry

George Miller

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Tax hike worries the Panamanian industry
Photo credits: Trump Hotels
Reading Time: 1 minute

Panama’s gambling industry hit by a 5.5% consumption tax is starting to have effect on the local casinos as objections rise across the nation. Local casinos and the entire Panamanian gaming industy is having a hard time due to the 5.5% consumption tax as they are starting to loose benefits from operations. The industry recorded a 2.9% drop on the year-on-year revenue last year, the only exception being Codere who reported an extraordinary income.

[The consumption tax] is totally absurd and unfair to say the least and is affecting players’ willingness to attend casinos,” said Antonio Alfaro, president of Panamanian trade body ASAJA, adding: “No one in their right mind would look favourably on a levy that does not apply to players’ winnings, but solely their intention to play.

As Panama pursues its dream to place itself as a possible portal to LatAm for the Chinese tourists, this tax hike is seriously influencing the gambling industry’s achievement with offshore players. “The greatest impact has been seen in table gaming participation, which is the preferred form of gambling amongst tourists,” Alfaro stated, arguing that tourism won’t benefit casinos as long as the levy stands at 5.5 per cent.

We consider that it’s time to put a stop to this, to establish a moratorium on further casinos, and to not authorise any further licences for however long is prudent,” he said and asserted: “The government should rescind the 5.5 per cent tax – at least for table games – in order to stimulate the tourist market and to permit the casino industry the chance to recover.

 

Source: focusgn.com

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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Scorching slot-maker Fugaso makes London exhibition debut with pulsating portfolio.

George Miller

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Fugaso makes ICE debut
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Slick slots manufacturer Fugaso are making their first appearance at ICE on stand N9-162 announcing that they have come of age and have an HTML5 games catalogue stuffed with popular hits as well as featuring the new games that are capturing operators and players hearts and minds.

Fugaso, short for Future Gaming Solutions, is an independent slot studio brand with high-quality production of original and exciting gambling games that is making a name by becoming a partner of choice with a lot of top operators. During ICE 2019 Fugaso will be exhibiting a slots portfolio that has fun and engaging games such as Mr Toxicus, Power of Asia, Smoking Dogs, Cosa Nostra, Knockout, Book of Tattoo, Grand Sumo, Crazy Bot, Brave Mongoose, NRG Sound, Golden Shot, Mummy 2018: Block Pays and Jewel Sea, amongst others.

During ICE 2019 Fugaso will be launching the immersive Trump It Deluxe, a mighty 5-reel 15-payline fun satire on global politicians packed with rich features and engaging characters like the “Mr.Blond superstar”, “The little Rocket man” and Mr. “Pooty Poot”, amongst others! Trump It Deluxe puts players into the VIP world of wheeler-dealer politicians, where wins vary anywhere from x5 times up to a thrilling x2000 times. A Trumpish jester provides the Wild replacing other symbols in combinations. Trump It Deluxe also features Free Spins amid its multitude of funny characters, delivering high-octane excitement for players from this well-designed and sassy slot.

Other slots from Fugaso, the primary engine powering countless casinos and gaming sites worldwide with sizzling slots like Goblins Land and Horror Castle and capturing operator attention with revenue earners like Wild Rodeo, a slot adventure with the pioneers of old set in the Wild West. Players join the desperados and cowboys seeking out the American Dream by using Sticky Wilds, Free Spins and Re-Spins en route to a gold rush!

All Fugaso games are available in 12 languages, but can be adapted for any language, and every game supports cryptocurrencies. One of the key technologies deployed in Fugaso games is the highly innovative ‘Rich Free Spins’ feature, which combines the benefits of multiple free spins into one super-valuable free spin that ramps up the excitement with the prospect of potentially highly generous payouts. No other games manufacturer is currently offering ‘Rich Free Spins’, a unique and proprietary differentiator in Fugaso’s technology vault.

Niko Metzger, founder and CEO at Fugaso said: “At ICE 2019 Fugaso will be showing that we’re moving very rapidly towards state-of-the-art slots which have incredible characters, animations, soundbeds, storylines and gamble features that can be played on-the-go, anytime, anywhere. We’re excited to be exhibiting in the world’s biggest iGaming event and we look forward to talking with everyone in the industry about our ambition to be one of the world’s leading slots providers.”

To book a meeting email: info@Fugaso.com

 

ABOUT FUGASO:
Fugaso, short for Future Gaming Solutions, is an independent slot studio brand with high-quality production of original and exciting slots. Fugaso is a provider of superior online gaming solutions for iGaming operators. The business has been founded to deliver on the vision of becoming one of the world’s pre-eminent providers of slots and other HTML5 and VR games. Fugaso is rapidly becoming one of the industry’s most respected and acclaimed suppliers and currently provides gaming content to some of the world’s leading operators. Fugaso complies with the industry’s best practice on responsible gaming. All Fugaso games are developed for an adult audience of players, specifically focusing on experienced players that deeply understand the mechanics and features of slot games.
Visit Fugaso on stand N9-162 at ICE 2019.

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Mercedes-Benz and FC Köln buy stakes in SK Gaming

Niji Ng

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Mercedes-Benz and FC Köln buy stakes in SK Gaming
Photo Source: sk-gaming.com
Reading Time: 1 minute

 

FC Köln and Daimler AG (parent company of Mercedes-Benz) have bought substantial stakes in the German multigaming organisation SK Gaming. The companies reached an agreement with ESforce, who will sell 67 per cent of its stake in SK Gaming.. According to the deal, Mercedes-Benz will appear on the front of SK Gaming’s jerseys and FC Köln will have its #effzeh branding present on the sleeves.

ESforce acquired the stake in SK Gaming in September 2016, the team has recently stepped up its involvement in League of Legends as it became one of the new teams to join the franchised League of Legends European Championship (LEC). A move which undoubtedly made the organisation more attractive to investors. ESforce stated that this sale will allow them to focus on its other organisation Virtus.pro.

In a statement, ESforce said: “We are glad to have reached a deal with Daimler AG and FC Koeln. Such a major acquisition deal on the esports market is a showcase of not only our partners’ sincere motivation to contribute to the development of global esports but also SK Gaming’s remarkable performance throughout the years, which has made this brand one of the most well-recognised and beloved by esports fans around the world.

FC Köln has an existing partnership with SK Gaming which began in early 2018.

ESforce went on to add: “As the leading esports holding and one of the key market players worldwide, we strive to keep pace with the development of the global esports industry and act in accordance with all international regulations, among which the World Esports Association’s multiple team ownership rules. Together with other global esports organisations, we will continue to support and bolster esports as well as adhere to highest international standards.”

 

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Swedish football association falters to control betting markets

Niji Ng

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Swedish football association falters to control betting markets
Photo Source: brila.net
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The efforts of Sweden’s football governing body Svenska Fotbollförbundets (Svff) control the betting markets could falter at the legal intervention.

The Administrative Court of Appeal has rejected the leave for appeal a recent ruling and upheld the original verdict.

The original challenge, filed in December 2018, saw the Svff attempt to have the process to issue betting licences halted, to order Swedish gambling regulator Spelinspektionen to introduce new restrictions on the types of bets that companies could offer.

It argued that licensees should be blocked from offering odds on in-game events such as the number of yellow cards or corner kicks awarded in lower-division domestic football games. This, Svff claimed, would encourage match-fixing.

Spelinspektionen had argued against such a move, saying that as the country’s gambling regulatory authority it alone had the power to decide on licence restrictions. The Administrative Court, and subsequently Court of Appeals, shared the regulator’s view.

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