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Racing TV survey uncovers significant black market threat

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A recent Racing TV survey has drawn a strong response among its members, with more than 3,500 having their say on the Gambling Act Review and the spectre of the black market.

Racing TV is fully supportive of the objectives of the Gambling Act Review in protecting those at risk of gambling harm. In what is the first consumer survey to assess the scale of the black market and affordability checks, the key findings were:

  • 80% of the 3,469 respondents said they would not like to see mandatory limits imposed by bookmakers
  • 15% of 3,539 respondents said they bet, or know someone that bets, with an unregulated online bookmaker
  • 22% of 3,575 respondents said they have been asked to supply personal information
  • 50% (404 respondents) of those asked to supply this information, refused to do so
  • 92% of 3,237 respondents said they would consider using a different bookmaker if no personal information was required

Affordability checks and loss limits have been key focal areas of the ongoing Gambling Act Review and will draw most attention when the White Paper is published.

Reports in the media last year indicated that a leaked draft of the White Paper contained fixed loss limit thresholds. These are highly contentious for our survey respondents. Nearly 80% of the 3,469 respondents said they would not like to see mandatory limits imposed by bookmakers.

Perhaps the most worrying of these findings was that 15% of the 3539 respondents to the below question said that they bet, or they know someone that bets, with an unregulated online bookmaker.

In the absence of clear direction from the Gambling Commission, and while the wait for the publication of the White Paper goes on, many bookmakers have introduced affordability checks, some of which, such as requests for payslips, bank statements or P60s, could be considered intrusive.

More than 22% of the 3,575 respondents to the below question suggested that they have been asked to supply such documents.

Just over half of those who had been asked to supply such documents declined to do so.

In addition, more than 92% of 3,237 respondents to the below question suggested they would consider using a bookmaker, which didn’t require documentation.

Martin Stevenson, CEO of Racing TV’s parent company Racecourse Media Group, said: “The widespread response to the Racing TV survey shows how much the ongoing Gambling Act Review, combined with their recent experiences, is affecting our members.

“Our survey revealed that 15% of respondents bet, or know someone that bets, with an unregulated bookmaker, which is of real concern. With millions of customers betting on racing, the findings of this survey indicate that hundreds of thousands of punters are potentially using the black market.

“This survey is clear evidence that shows that the black market is real and substantial and suggests that affordability checks are having the effect of moving a significant number of affected punters out of the UK-regulated environment and so exposing them to potential harm. This must be a pyrrhic victory and the opposite to what affordability checks set out to achieve.

“We have shared this information with the Gambling Commission and hope that they can take account of this in their assessment of the black market. The evidence suggests it exists and is only building.”

Stevenson went on: “Nearly a quarter (22%) responded yes to the question on whether they had been asked for personal information, with 50% refusing to comply. This is a strikingly high percentage, demonstrating consumers’ rejection of this intrusion on their leisure activity.

“The inference that 22% of racing punters are at risk of harm is very challenging to believe and appears excessive when compared against the overall prevalence of problem gambling.

“In addition, RMG has seen a material decline in online betting turnover on horseracing in 2022. The Racing Post has estimated the sport could lose up to £40m of funding each year. Everyone involved in the industry should be deeply concerned. The impact of affordability checks is that the sport is suffering a heavy financial toll.”

The former Minister with responsibility for Horseracing and Gambling, Paul Scully, recently indicated how the Government were approaching affordability checks, saying: “It is not the role of the government, it is not the role of the Gambling Commission, to tell people how much of their salary they are ‘allowed to’ spend on gambling.”

Stevenson continued: “I hope that the new Minister with responsibility for Horseracing and Gambling will also consider the results of this survey as part of the ongoing work on the Gambling Act Review. It has been long overdue, in this process, to consider the attitudes of the consumers themselves in regard to how they choose to spend their time and money. I was very glad to hear the former Minister acknowledge that in his recent speech.

“Applying universal limits does not recognise the wide range of natural betting behaviours, events, seasonality or differing individual financial circumstances. The undoubted highlight of the Jumps season, the upcoming Cheltenham Festival – which is the major focus for many punters – is clearly a case in point. To that end, I was pleased to see the former Minister stating that a ‘one size fits all approach’ was not the intention.

“I’d like to thank all our members who took part in the survey.”

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The Nomination Committee’s Proposal of Catena Media’s Board of Directors at the Annual General Meeting 2024

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The Nomination Committee’s Proposal of Catena Media’s Board of Directors at the Annual General Meeting 2024
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The Nomination Committee of Catena Media proposed re-election of the following members of the Board of Directors:

Øystein Engebretsen

Theodore Bergquist

Adam Krejcik

Sean Hurley

The Nomination Committee proposed that Erik Flinck and Dan Castillo be elected as new members of the Board of Directors.

Göran Blomberg, Esther Teixeira-Boucher and Austin Malcomb have declined re-election as board members.

The Nomination Committee proposed that there will be six (6) members of the Board of Directors, changed from seven (7).

The Nomination Committee also proposed Erik Flinck to be elected as Chairman of the Board of Directors.

Erik Flinck, born in 1980, currently provides high end business consulting combined with serving as Chairman for the digital health startup, dr HUD. Mr Flinck previously served as Head of BCG Sweden and has extensive experience from corporate management, growth and turnarounds from nearly 20 years of Management Consulting and serving as Head of Group Strategy and M&A at Sandvik AB. He has a Masters Degree in Engineering (Software development and Financial Mathematics) from the Royal Institute of Technology in Stockholm and a Masters Degree in Business and Administration from Stockholm University and Stockholm School of Business.

Born in 1980, Dan Castillo has accumulated over 20 years of experience across startups, growth companies and turnarounds. Since 2015, Castillo has invested in Catena Media, maintaining a close watch on its progression, especially after its IPO in 2016. He has previous experience of listed board work in Kotipizza which Orkla acquired in 2018. He currently serves on the boards of five companies in different sectors, including Quartr.com in Fintech and Hope Studios in movie production. His academic background includes studies in Finance and Economics at Linköping University.

The Nomination Committee of Catena Media consists of:

Nicklas Paulson, representing Investment AB Öresund (chair of the nomination committee)

Marianne Stenberg, representing Second Swedish National Pension Fund

Martin Zetterlund, representing Niklas Karlsson

Göran Blomberg, chairman of the board of Catena Media.

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Industry News

IGT Announces Executive and Board Leadership Changes

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IGT Announces Executive and Board Leadership Changes
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International Game Technology PLC (IGT) announced that on March 21, 2024, its Board of Directors implemented changes to the Company’s Board and executive team.

Marco Drago announced that he will step down from his role as a non-executive director of the IGT Board of Directors. He will carry out his remaining term and depart from the Board at the conclusion of the Company’s Annual General Meeting (AGM) on May 14, 2024.

Enrico Drago has been appointed by the IGT Board of Directors as a non-executive director of the IGT Board. In addition, Enrico Drago will resign from his current role of CEO of IGT PlayDigital, and Gil Rotem, who is currently IGT PlayDigital President of iGaming, will expand his role to become IGT PlayDigital President and report directly to Vince Sadusky, CEO of IGT. These changes will be effective April 1, 2024. Enrico Drago will continue in his role as vice chairman of De Agostini S.p.A.

“As Marco Drago prepares to step down from his position on the IGT Board of Directors, I’d like to thank him for his many years of service and his unwavering commitment to driving results and creating value for all IGT stakeholders. Enrico Drago joining the Board and leaving his executive leadership position at IGT is a natural evolution that supports the Company’s vision for its next era of growth and transformation. Enrico’s value-creation mindset and understanding of global growth opportunities will enhance the Board and align with IGT’s strategic priorities,” said Marco Sala, IGT Executive Chair of the Board.

“Watching and guiding IGT through its evolution from a collection of companies that started with Lottomatica and GTECH grow into a unified global gaming leader has been very gratifying. We have been fortunate to have a great group of board members and business unit leaders that have helped drive IGT’s growth during this time. I thank them for their contributions and am certain that IGT is positioned for continued growth as we go forward with the bold initiatives we have undertaken,” said Marco Drago, IGT Non-Executive Director.

“Over the last five-plus years, IGT PlayDigital has established leadership positions in the global iGaming and North American sports betting sectors that will be foundational to the Company’s future successes. I thank the entire IGT PlayDigital team for all that we have accomplished in this time, and I look forward to supporting IGT in a new capacity and further helping the Company define its vision and strategy,” said Enrico Drago, CEO of IGT PlayDigital.

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Industry News

Bidstack Executive Team Acquires Bidstack Limited and all its Subsidiaries

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Bidstack Executive Team Acquires Bidstack Limited and all its Subsidiaries
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The executive team of Bidstack has acquired Bidstack Limited and all the operating entities of the Group, from the administrators of Bidstack Group PLC. The deal sees James Draper, Founder & CEO, and the executive team of Bidstack Ltd become significant majority shareholders.

All contracts and client relationships will continue within the new ownership structure – safeguarding jobs for the UK and European-based staff.

Bidstack, the multi award-winning in-game middleware technology provider that initially set about bringing programmatic advertising revenue to the most renowned sports gaming franchises in the world, has diversified into a broader offering, taking advantage of the most advanced off-engine content management system in gaming.

Following the announcement of a partnership with the Washington Commanders, where the NFL franchise became the first-ever sports team to utilise a platform to control advertising within their virtual stadium, across official NFL games, from multiple studios and developers, the management team has been focusing on sports rights holders as a key customer type.

The executive team has the support of the world’s leading rights-holder professionals in the sports industry. It will continue to execute from its position as the leading technology for the sports industry, for fan engagement and brand activations, in video games.

The executive management consists of James Draper continuing as Chief Executive Officer, with Lisa Hau stepping up to Chief Financial Officer, Dave Garvey continuing as Chief Legal Officer, Will Stewart moving to Chief Product Officer and Daniel Barrigas to Chief Technology Officer.

James Draper, Bidstack’s Founder & CEO, said: “The acquisition is a pivotal moment for the next phase of growth for the business. Our technology is at the forefront of sports technology, and I couldn’t be more excited. I am proud that we are able to reward our ambitious and industry-pioneering team and have them as shareholders alongside myself.”

“I want to thank the staff and customers for standing by us during this strategic review, which has obviously been an uncertain period. For all of our customers to have stood strong alongside us is testament to the relationships we’ve built over the years, as well as the incredible staff we have here who have fostered those connections.

“The company can now focus on the enormous potential we have, to enable sports teams to get closer to their fans and improve the player experience by bringing their virtual IP to life, with real-time messaging, rewards and engagements.

“Thank you to the management team who have invested to protect the incredible work our talented group has produced. It’s extremely motivating to see the unwavering belief we collectively have in our vision and product. Sadly, the public market is an uncertain place currently, and it’s a challenging environment for growth businesses such as ours.

“The interest and support we’ve had from some of the leading players in the sports industry has given our team great confidence and motivation as we work with some of the world’s largest sporting franchises and leagues.

“Thank you to everyone’s support and to our Board of Directors, who have assisted myself and management throughout.”

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