Connect with us

Gambling in the USA

GiG embraces the repeal of the US sports betting ban

George Miller

Published

on

GiG embraces the repeal of the US sports betting ban
Reading Time: 2 minutes

Malta, 16th May 2018 – For the past 26 years the Professional and Amateur Sports Protection Act (PASPA) has widely prohibited sports betting in the US. In repealing PASPA, (announced yesterday) the US Supreme Court has opened up a vast business opportunity for companies focused on growing in regulated markets.

GiG embraces the repeal of the federal sports betting ban. The repeal enables all states to decide on their respective regulation of sports betting. The market expects some states to move quickly with several being ready to open up to sports betting this year.

This decision further supports GIG’s focus on growth in regulated markets, integrity in sports and responsible gaming. The repeal is perfectly timed with the advanced preparations made with GiG´s partner Hard Rock International, the application for the New Jersey license and the launch of the Company’s new proprietary and cutting edge sports betting services this month.

GiG CEO, Robin Reed We are confident we will have a fair and fun product to thrill and engage the US consumer’

GiG has been planning for this change and is well underway in its preparations to capitalise on the Company´s unique position. This market opportunity will be top priority for GiG. The Company will continue to invest and add resource to further develop and position its B2B product for what will be a highly competitive US market.

We are very excited about this news and the long term potential it creates for GiG. We have been positioning the Company for a regulated US market and have a full eco-system of unique products and services to support the iGaming industry, including a cutting edge sports betting service. We are confident we will have a fair and fun product to thrill and engage the US consumer and will be very well placed for future opportunities in this massive market. We have already proven our ability in signing a big brand in this region and there are several interesting RFP´s in the US in which we are actively interested”, says Robin Reed, CEO of Gaming Innovation Group Inc.

 

About GiG:

Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group’s vision is ‘To open up iGaming and make it fair and fun for all’. Through our eco-system of products and services, we are connecting operators, suppliers and users, to create the best iGaming experiences in the world. Gaming Innovation Group operates out of state of the art offices in St George’s Bay, Malta and is listed on the Oslo Stock Exchange under the ticker symbol GIG.

George Miller (Gyorgy Molnar) 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.

Continue Reading
Advertisement
Comments

Gambling in the USA

Sports Betting to open new doors for US lotteries

George Miller

Published

on

Sports Betting to open new doors for US lotteries
Brad Cummings, Founder and CEO at EquiLottery
Reading Time: 2 minutes

“The next big growth category” is how Brad Cummings, Founder and CEO at EquiLottery, has described the potential development of live sports lotteries on the back of the recent ruling by the Supreme Court on the Murphy vs. National Collegiate Athletic Association (NCAA) case which could result in the legalisation of sports betting in all the 50 remaining states across the USA. In light of the recent decision, GiGse, the most influential networking and knowledge exchange event for C-Level US facing gaming professionals, will provide a key focus for the industry to explore sports betting, its wider possibilities and the future of betting in North America as a whole.

Commenting on why the industry should take this opportunity to ensure legislation works across all relevant gaming verticals, Cummings said: “Lotteries should look into creating new categories that are available to them now or in the near future, specifically sports gaming, which would have the chance of competing with other gaming entities. Every time a state legislature is looking at the issue of sports gaming, the lottery should ensure language is included to allow for a live sports lottery option.

Some states allow at least live horse racing to be a basis for a lottery game, some states prohibit any live sports integration with lottery and most are silent on the issue,” he continued. “We advise that regardless of their situation, state lotteries should fight to be included and expand their product offerings into the sports gaming market. While these will be games of chance that don’t directly compete with the skill versions that are sure to be offered by others, the lotteries have some unique advantages that allow them to solve problems that traditional sports gaming cannot; a big one being the licensing fee leagues are demanding for their product to be utilized. Since the margins are much larger on lottery games, especially draw games which I think are the most analogous to a live sports lottery category, the fee won’t be cost prohibitive like it can be if taken out of a vig.

Cummings, who will be discussing the impact of state lotteries on the US gaming industry, feels the framework for the integration of lotteries and sports betting already exists in many states. He explained: “For us, the West Virginia model is the one that other states should emulate. Lotteries already handle gaming issues for their states and so there is a natural fit to include sports gaming as part of their regulatory mission. We also believe that there is an opportunity for live sports lotteries in the U.S., creating sports gaming for game of chance players. This is the next big growth category in lottery and we look forward to playing a large role in its development.

GiGse’s two-day programme, which takes place alongside the co-located Juegos Miami, will feature a wide range of industry debates including the monetization of sports betting and its relationship with Tribal Gaming, the role of technology in growing the gaming industry outside of regulatory boundaries, the utilization of behavioural data in tracking players from mobile to the casino floor, personalization and artificial intelligence as methods of engaging with digital users, as well as an examination of the pace of online gambling regulation and consumer attitudes towards it. To download the full two-day agenda, visit: https://www.gigse.com/download-agenda

For more information on GiGse, visit www.gigse.com.

Continue Reading

Gambling in the USA

GAN mobilises £7.5m, targets growth in USA

Niji Ng

Published

on

By

Reading Time: 1 minute

The UK-based internet gaming software company GAN has mobilised funds worth £7.5 million (€8.6m) to scale newer heights in the USA, following the Supreme Court decision to remove the Federal Ban on sports betting.

GAN has already involved in the development and supply of enterprise-level B2B internet gaming software, services and online gaming content in the USA, announced that it has raised £7.5 million through an over-subscribed subscription of 15 million ordinary shares of £0.01 per share, at an issue price of £0.50 a share. The new shares are worth 17.6% of the enlarged issued share capital of the company. GAN had a market capitalisation of some €55 million on the Irish Stock Exchange ahead of the latest round of fundraising.

GAN said it will use the proceeds of the transaction for a number of investments, including “substantially” increasing its software engineering resources to serve existing major US clients’ services such as the WinStar.com Overseas Internet Casino. It also hopes to launch new US clients and new services in the US, in anticipation of internet sports betting, following the US Supreme Court’s decision to lift the Federal Ban on sports betting delivered on May 14, 2018.

In addition, proceeds will be used to repay a £2 million convertible unsecured loan note in full, “in order to strengthen the company’s balance sheet.” The company also expects to increase software engineering resources in its office in Sofia, Bulgaria, where GAN has operated an engineering facility since 2016.

Dermot Smurfit, chief executive, said: “This strategic capital raising exercise positions GAN to consolidate its US market position and capture substantial incremental revenue opportunities available resulting from both internet gaming and sports betting regulation in New Jersey, Pennsylvania and other US States expected to regulate internet gambling in the near future.”

 

Source: irishtimes.com

Continue Reading

Gambling in the USA

How US Supreme Court betting decision will affect Canadian gaming industry

Niji Ng

Published

on

By

Photo credits: Pine | Wikipedia
Reading Time: 2 minutes

The US Supreme Court ruling that individual states can formulate their own regulatory framework for sports betting has been creating ripples in the country’s betting industry. Looks like it is going to affect the neighboring Canada as well, where betting on single games is still banned.

The obvious impact is that the decision will adversely affect Canadian gaming operators who are likely to lose businesses to offshore and US outlets. However, there are long-term positive hopes that the court ruling could catalyse a similar decision in Canada as well.  

Falling on Deaf Ears

It is certainly not due to lack of trying that Canada has not done anything to modernise its regulations around sports betting.

Paul Burns is the president of the Canadian Gaming Association (CGA) and says the country has fallen dangerously behind their neighbours.

“It’s unfortunate that Canadian Parliament has had a couple of chances to modernize our gaming laws but chose not to. Provinces requested a simple amendment to our criminal code seven years ago, which would have provided greater regulatory oversight and control to sports wagering to protect consumers, athletes and the integrity of sport. This request has fallen on deaf ears.”

Burn says that not only hurts the public and their insatiable thirst to legally wager on games, but also the operators that are losing huge revenue to offshore operators.

He points out that the government does not get to reap any tax benefits from the gaming activity that is going on regardless of the laws are in place.

The Canadian gaming industry faces the potential for even more lost revenue now that legalised sports betting looms south of the border.

Billions Leaking Offshore

While they may not have the numbers their American counterparts do, Canadians love their sports betting.

The country only has a population of about 36 million people, but they bet an estimated $10 billion every year on sports. The majority of that money, however, is going to offshore operators.

Canadians are allowed bet through government-regulated operations, but single-game betting has been prohibited for decades. And as all good sports bettors know, a parlay is a losing play in the long run.

“Canadians are spending billions of dollars illegally to bet on sports because of the product that they want, and that’s a single-game bet,” says Burns.

Unless the laws change, and that doesn’t appear to be happening anytime soon, Canada could lose even more business to the US if states start offering single-game bets at brick and mortar casinos. That would be a blow Canadian casinos, whose customers could start heading south to get in on the action.

The good news is that creating a legal landscape for sports betting in Canada would be much straightforward than it was in the US. The CGA is now calling on legislators to make a simple change to the Criminal Code to allow it.

However, it remains to be seen whether there is the political will to get it done.

 

Source: onlinegambling.com

 

 

Continue Reading
Advertisement
NSoft
Advertisement
BetConstruct

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Top read articles

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.