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Vereeni Investments adds Moneyball stake to fast-growing portfolio

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Vereeni Investments adds Moneyball stake to fast-growing portfolio
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Venture capital fund Vereeni Investments had made its latest move with a significant investment into Australia’s leading daily fantasy sports operator Moneyball.

The agreement will see Vereeni acquire a majority stake in Moneyball in return for a seven-figure investment.

Launching in 2015, Moneyball was the first Australia-facing daily and weekly fantasy sports operator and is powered by an innovative proprietary platform.

It holds licences applicable to all Australian states and offers a range of contests across multiple sports, including NRL, AFL, EPL, NFL, NBA, PGA, MLB, horse racing, and cricket.

The operator is also expanding internationally with a growing presence in India since 2016, and expects to be live in the US soon with other markets set to follow.

Timothy John Heath, founder and CEO of Vereeni Investments, said: “Acquiring a stake in Moneyball adds another important and complementary asset to the Vereeni ecosystem.

“Moneyball is already established as Australia’s number one daily fantasy sports platform, and we see huge potential for further growth, both in Australia and internationally.

“As an operator that has innovated from the outset, Moneyball is a perfect fit with Vereeni and we are excited to see what the future holds.”

James Fitzgerald, co-founder and co-CEO of Moneyball, said: “We are absolutely thrilled to have Vereeni Investments onboard.

“Becoming a part of the Vereeni family positions us strongly for further growth, giving us access to unparalleled global reach and expertise within the gaming sector.

“Daily fantasy sports is still a massively underserviced sector with potential to grow much faster than the broader market. We have spent the last three years searching for a partner to help us deliver on this potential, and in Vereeni we have finally found one.”

Moneyball joins Vereeni’s €100million ‘Level Up’ tech fund alongside a range of other promising early-stage ventures across the fintech, online gaming, business intelligence, insuretech and blockchain verticals, including Global Gaming, OneTouch and Singular.

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Australia

VGCCC Introduces New Rules for Wagering Account Statements

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The Victorian Gambling and Casino Control Commission (VGCCC) has introduced new standards for how activity statements should be presented to wagering account holders. The new standards require providers to use plain English and avoid unnecessary vocabulary. The use of colours is limited to black and red to represent losses.

The VGCCC took the measure after finding inconsistencies in the way information was displayed on sample activity statements across different providers. Account holders must be able to see how much of their own money they have lost, with free and bonus bets excluded from the net loss figures. Net wins must be shown with stakes deducted. The gambling harm taglines that appear at the end of wagering ads must be displayed on each statement.

The new standards came into force on April 1. Failure to comply could result in a penalty of 60 penalty units, equivalent to AU$11,538.60 for each non-compliant activity statement issued.

VGCCC CEO Annette Kimmitt AM said: “The days of inconsistent player activity statements are over. Wagering account holders will be better informed about their spending – and therefore better equipped to make informed decisions about their gambling – thanks to the clarity and fairness these changes bring.”

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Australia

Swifts Join the Fight Against Gambling Harm

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NSW Swifts and Giants have joined the NSW Government’s Reclaim the Game initiative.

Under the initiative, the Swifts and Giants will turn down sports betting sponsorship for the next two years, and will educate fans, players and staff about gambling harm in the community through messaging at home games and on digital and social media.

Reclaim the Game works with a total of 13 partners across 18 teams in six codes, including netball, AFL, A-League, cricket, NBL and NRL.

Since its launch in 2020, the initiative has reached millions of sports fans through more than 260 games, both on TV and in stadiums.

Minister for Gaming and Racing David Harris said: “It is fantastic to see more NSW teams join Reclaim the Game and raise community awareness of harms linked to sports betting and gambling. These partnerships are a strong reminder that you don’t need to have a bet to show support for your team.

“Netball ranks among Australia’s top sports, boasting more than 1.2 million players nationwide and is also the top choice for female athletes.

“The new partnerships with netball come at the perfect time as community interest in women’s sport soars with record nationwide participation in the sport and the Diamonds reclaiming the World Cup in South Africa.

“Elite players are role models for young athletes and fans. The Reclaim the Game partnerships with NSW Swifts and Giants Netball will engage a vast young fan base, ensuring they are protected from betting ads and can develop positive associations with sport.”

Netball NSW CEO Tracey Scott said: “On behalf of Netball NSW, I am delighted to welcome Reclaim the Game to our family across the NSW Swifts and the Giants Netball.

“Alongside some of NSW’s other cherished sporting teams and codes, we are proud to join Reclaim the Game which looks to reconnect fans with their love of the games they follow.

“As the most popular community sport in the state, and the leading elite female code, we are committed to playing a role in educating our fans, participants and the broader community about the risks associated with gambling and the harm it can cause.

“The joy of our game is its theatre, especially at Super Netball level when the NSW Swifts and GIANTS Netball go head-to-head with the world’s best, and we always look to provide a welcoming and inclusive environment for everyone to immerse themselves into the excitement of our game.”

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Australia

VGCCC Fines Bookmaker MintBet $100,000 for Repeat Breaches of its Responsible Gambling Code of Conduct

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The Victorian Gambling and Casino Control Commission (VGCCC) has fined Victorian registered bookmaker MintBet $100,000 for repeated breaches of its Responsible Gambling Code of Conduct (Code) in relation to extended periods of gambling by a customer. The customer gambled through their online account with MintBet for 35 hours in a period of approximately 50 hours.

By the end of the customer’s betting period, they had placed 327 bets and lost $31,149.

The Commission found that MintBet did not stop accepting bets from the customer despite the customer displaying indicators of distress that may be related to problem gambling, as required by their Code.

MintBet closed the customer’s account only when the customer actively identified they were experiencing harm from their gambling.

The Commission also found that although MintBet had some systems in place to ensure vulnerable individuals do not experience a loss of control from their gambling, they were inadequate, also breaching a requirement of their Code.

In addition to issuing a fine, MintBet will be required to respond to the VGCCC about what improvements it will be making to its systems and processes. The VGCCC will consider MintBet’s response and determine whether further action might be necessary.

VGCCC Deputy CEO Scott May said: “Victorian gambling providers must comply with their responsible gambling codes of conduct. They exist to protect people from gambling harm. Even if accepting bets online, providers must monitor for and intervene when customers are displaying indicators of distress. Gambling for an extended period is a key indicator of distress that may indicate problem gambling. There are serious consequences for any gambling provider that fails to comply with their own responsible gambling code of conduct. We won’t tolerate it.”

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