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Infographic: The State of Problem Gambling in the UK

George Miller

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Infographic: The State of Problem Gambling in the UK
Reading Time: 2 minutes

 

Gambling is a pastime transcending millennia. From dominos to cards, enjoyment has increased with the introduction of wagers. Il Ridotto (“The Private Room”) was the first casino introduced in Venice in the 17th century. Horse racing grew in popularity in the 18th and 19th centuries, added a new flavour – sports betting. Gambling is now a multi-billion dollar empire, with an estimated legal market value of $335bn (2009). But more money means more problems. Costly risks have resulted in big losses for consumers. In 2017, The Gambling Commission indicated UK gamblers lost a record £13.8 billion. And that figure has grown year-on-year since 2011.

British government involvement in betting has seen both regulation and deregulation. Sir Winston Churchill created The Racehorse Betting Control Board in 1928 as a deterrent to illegal bookmaking. This became the Horserace Totalisator Board, or the Tote, before being privatised in 2011 and the eventual sale to Betfred. Legislation likeThe Betting and Gaming Act 1960, The Gaming Act 1968, and The Gambling Act 2005 liberalised gambling, allowing for the opening of casinos and bingo establishments, both on and offline. Online sports betting and slots games continue to grow in popularity and have thrived under the relaxed laws.

However, recent controversies around problem gambling have forced the government to act responsibly – an ethos echoed by betting companies in advertisements. The Department for Digital, Culture, Media and Sport has elected to reduce the minimum stake on fixed-odds betting terminals (FOBTs) from £100 to £2. This comes after months of protests from anti-FOBT groups and bookmakers, the latter making more than 50% of their revenue from the machines. This has lead to closure of betting shops, sayLadbrokes, who plan to close up to 29% of their shops over the next 2 years. The Association of British Bookmakers told The Guardian, “We expect over 4,000 shops to close and 21,000 colleagues to lose their jobs.”

Problem Gambling in the UK

 

Gambling in the USA

Twin River Casino Hotel in Rhode Island Serves as COVID-19 Test Site

Niji Narayan

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Twin River Casino Hotel in Rhode Island Serves as COVID-19 Test Site
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The Twin River Casino Hotel in Rhode Island is now serving as a drive-through site for the rapid COVID-19 tests.

According to Marc Crisafulli, Executive Vice President of Twin River Worldwide Holdings, Inc. (TRWH) and President of its Rhode Island properties, Rhode Island Governor Raimondo selected the Twin River site and entered into a partnership with CVS Health to make free, rapid COVID-19 tests available to all Rhode Islanders.

“We are pleased to offer Twin River Casino Hotel in Lincoln as a rapid COVID-19 drive through testing site. We are supporting the efforts of the RI Department of Health, CVS Health, the Rhode Island State Police and the RI National Guard to ensure as smooth a testing experience as possible. This level of collaboration truly is representative of the fact that we are all in this together, and we stand ready to do all we can to support the State’s efforts to manage the spread of the virus,” Crisafulli said.

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Conferences in Europe

#MBGS2020VE announces Jaka Repanšek, Media and Gaming Expert among the speakers

Alex Marginean

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Virtual Edition of MARE BALTICUM Gaming Summit addresses global industry topics on the 7th of May.

With numerous gambling industry experts joining the panel discussions at the Virtual Edition of MARE BALTICUM Gaming Summit, we are taking time today to introduce you to Jaka Repanšek, Media and Gaming Expert.

Jaka has worked for various TIME (Telecom, Internet, Media, Entertainment) companies since 1996. He is recognized as one of the leading experts on gaming, media and digital law in Slovenia. Jaka graduated from the Faculty of Law at the University of Ljubljana, Slovenia and gained his graduate degree from Cambridge University in England and Faculty of Law in Ljubljana (Diploma in European Community Law) and completed two-year MBA graduate studies at the University of Kansas in the USA. Jaka is an active member of IMGL (Slovenia) and a member of several other domestic and international organizations and is active also as a lecturer in various seminars and conferences.

You can reach Jaka via his social media accounts found here or you can hear his input on the important subjects the industry is facing during our virtual conference. Register now to book your seat! 

By registering to the conference you are receiving access to the Virtual Conference Room and you can book your meeting with attending delegates in the Virtual Deal Room. The networking platform will be opened on the 23rd of April, giving you access to set meetings with prospects, partners, and experts.

The Virtual Edition of MARE BALTICUM Gaming Summit is the first announced virtual conference of the gambling industry and is part of the solutions we provide for quality networking and learning in the gambling industry.

For further inquiries about  the speaking/attending/sponsoring options, make sure to send an email to Andrada Bota (B2B Sales Executive at Hipther Agency) or subscribe to the weekly newsletter on the following link.

For media-related inquiries, please contact Alex Marginean (Marketing Specialist at Hipther Agency).

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Industry News

Codere Seeks New Investment Options to Refinance its Corporate Debt Bonds

Niji Narayan

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Codere Seeks New Investment Options to Refinance its Corporate Debt Bonds
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Spanish gambling operator Codere SA is seeking new investment options to refinance its long-standing €900 million corporate debt bonds.

Closing March trading, Moody’s downgraded Codere bonds to a “CAA1 classification,” the solvency ranking used to describe a “high risk junk bond” which holds a negative outlook for investors.

The Spanish gambling group has sanctioned Bank of America to lead renegotiations with bond holders for a further two-year extension on debt maturity terms which are set to expire in 2021.

Bank of America will have to convince Codere debt holders to maintain their investments within the company, having seen bond values plummet to from €0.90 to €0.35.

Codere’s €900 million long-term debt has been primarily amassed as part of the firm’s 2015 restructuring led by US private equity firms, which saw the legacy operator avoid bankruptcy.

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