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Shares plummet as Chancellor Hammond accepts FOBTs limit

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Shares plummet as Chancellor Hammond accepts FOBTs limit
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Shares in the UK’s biggest bookmakers tumbled on Tuesday after reports that Chancellor Philip Hammond had accepted the need for a £2 maximum stake on fixed-odds betting terminals (FOBTs).

In March, the UK Gambling Commission published recommendations to support the government with its review of FOBTs, including limiting stakes on slot games to £2 and non-slot games to £30.
The recommendation got mixed reviews, while some were calling for tougher action, others and especially some campaign groups were backing this recommendation to lower the top stakes.

According to the Times, Chancellor Hammond postponed the signing off on the limits due to the impact it could have on the gambling taxes keeping in mind just how much the government profits from these activities.

But the Times also noted that the Treasury signalled that a deal is near, with the Chancellor thus having an agreement with Matt Hancock Culture Secretary.

The deal could include increased levies on other forms of gambling to complement for the lost funds from FOBT taxes, concluded the Times baesd on a source from the Department for Digital, Culture, Media and Sport (DCMS).

An official announcement is to be after the local elections according to the Times. The news hit the UK gambling community, as major opeators saw a stinging drop on their share prices.

Shares in William Hill were down as much as 14% today and Paddy Power Betfair down 4%, while GVC, which owns Ladbrokes Coral, also saw shares drop 7% this morning.
GVC’s takeover offer for Ladbrokes Coral, which went through last month, was dependent on FOBT stakes in the UK market.
The deal included Ladbrokes Coral shareholders receiving 32.7p per share and 0.141 new GVC shares, with a further contingent entitlement of up to 42.8p depending on the government ruling on FOBT stakes.

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REEVO Announces New Partnership with 7Mojos

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REEVO, a leading B2B content and aggregation platform dedicated to transforming the iGaming industry, announced a new partnership with 7Mojos, an innovative gaming company based in Varna and Sofia, Bulgaria.

This strategic alliance aims to deliver an enhanced gaming experience by combining REEVO’s diverse portfolio of high-quality casino games and cutting-edge aggregation solutions with 7Mojos’ next-generation entertainment offerings. Known for their comprehensive portfolio of live casino and slot games, 7Mojos has built a reputation as one of the iGaming industry’s most promising emerging content providers.

Stefan Enchev, Chief Commercial Officer of 7Mojos, said: “We are strengthening our network of partners and demonstrating the dedication to provide a wide range of products to players by joining forces with REEVO. We are excited for the opportunity with REEVO and anticipate a fruitful relationship that will benefit both businesses.”

Daniel Cuc, Head of Account Management at REEVO, added: “We’re thrilled to partner with 7Mojos, known for their innovative gaming content. This collaboration enhances our portfolio and enables us to offer unparalleled entertainment to our clients and players worldwide.”

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Swedish Operator ATG Calls for Stronger Action Against Illegal Market

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Swedish gambling operator Aktiebolaget Trav och Galopp (ATG) has called for stronger action against the illegal market, with a new report claiming there has been another drop in the channelisation rate.

ATG’s Q1 report on the movement of players towards the legal market puts the channelisation rate at between 68% and 81%, a reduction from 69% to 82% in Q4 2023.

The report found that the unlicensed market in Sweden is worth between SEK3.7bn (£) and SEK7.4bn (£) per year and that website traffic to unlicensed operators has increased tenfold since 2019.

None of the top 20 sites with the highest traffic during the quarter were included on the regulator’s prohibition list, ATG added, with 18 out of 20 using the same platform providers as licensed operators.

ATG CEO Hasse Lord Skarplöth labelled the developments “deeply concerning” and called for a rethink of the Swedish regulations on illegal gaming to make it illegal for unlicensed companies to operate in Sweden.

The current regulations make it illegal for unlicensed operators to market gaming products towards players.

Skarplöth said: “The prohibition on promotion and targeting criteria clearly do not serve as protection for the most vulnerable groups and to achieve good channelling.

“It is time to do exactly what the two latest inquiries by Håkan Hallstedt and Gunnar Larsson have proposed, namely to make it illegal to offer unlicensed gambling in Sweden regardless of targeting criteria.”

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Worcestershire Signs Multi-year Sponsorship Deal with Dafabet

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Worcestershire County Cricket Club has announced that it has signed a multi-year partnership with Dafabet, one of the world’s biggest online betting platforms.

The partnership with Worcestershire sees Dafabet extending their strong commitment to sports sponsorship across the globe, which already includes partnerships with Clubs in the English Premier League, Scottish Premiership and across elite cricket.

As part of Worcestershire’s digital expansion, Asian-based Dafabet will become the headline sponsor of the Club’s live streaming service, which in the last two years alone has received almost 14 million views around the world.

Joe Tromans, Head of Commercial and Partnerships at Worcestershire Cricket, said: “We are hugely excited to be announcing our partnership with Dafabet and are delighted to welcome them as a new partner to the Worcestershire family.

“We have been very impressed with Dafabet’s commitment to safer gambling and their ambitions to be the world’s most innovative gaming platform, so to have them, as a leading global brand, on board as our Official Live Stream Partner, is a major boost to our objectives both on and off pitch.”

John Cruces, Head of Sponsorship at Dafabet, added: “We’re very happy to be partnering up with Worcestershire as we continue to add to our list of partners within the sport. Particularly, their livestream platform can only help us both add to our footprint worldwide.

“As with all our partners, we wish them the best of luck for the forthcoming season.”

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