Gambling Industry News

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The next time you need to know anything about the gambling industry, visit SportsbookSOS.com. Our articles can help you understand what's going on in the world of gambling worldwide.

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UK Gambling Industry Gives a Sign of Relief After Release of Budget

Details: Category: Gambling Industry; Created: Saturday, 02 November 2024 19:06

There have been speculations that the 2024 budget will include a tax hike for the UK gambling industry. The good news is that tax increases for the sector were not part of Rachel Reeves’ budget. Also, it was the first budget from the Labour Party in 15 years. According to the top pay per head providers, there were several tax increases totaling £40 billion.

As she attacked the economy and the £22 billion deficit that her Conservative party had inherited, Reeves stressed how critical it was for the government to act so dramatically.

Opposition leader Rishi Sunak accused Labour of fiddling with the figures and reneging on election pledges, which led to severe criticism of the intentions.

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Betting on the US Presidential Elections

Details: Category: Gambling Industry; Created: Tuesday, 22 October 2024 14:27

Up until recently, Betting on the US Presidential Elections was impossible on American soil. Thus, gamblers wanting to bet on it had to use offshore sportsbooks. However, this year things are different. This is thanks to a recent ruling allowing betting on the US elections that took place in September.

Now, the enthusiasm for wagering on the 2024 presidential election continues to grow, and a recent legal decision has made it more accessible for Americans to place their bets.

At Polymarket, a leading online betting exchange, participants have already invested more than $1.2 billion in the US presidential election. This figure includes substantial wagers from two anonymous individuals who have placed millions on a victory for Trump.

Betting market odds have become a topic of discussion among US media outlets and campaign strategists, being referenced similarly to opinion polls and monitored with the same attention as weather forecasts.

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The Advantages of Using an Offshore Sportsbook

Details: Category: Gambling Industry; Created: Monday, 16 September 2024 14:54

Sports betting is one of the most popular hobbies in the world with millions of people placing bets every day. However, not everyone has access to a betting shop which is why many of bettors use an offshore sportsbook. In this article, we go over the Advantages of Using an Offshore Sportsbook and why they are so popular amongst gamblers.

Offshore sports betting refers to placing a bet on sport with a business that is outside of your country. In the Western world, Offshore betting has been available to gamblers since the mid-1980s and done by phone.

As the internet became more prominent, the first offshore online sportsbook came about in 1996 changing the gambling industry forever.

Offshore online sportsbook frequently assert that they are capitalizing on a gray area within other country's laws. Therefore, they are able to function from abroad, beyond the reach of national regulations.

Today, the offshore gambling industry is huge with no sign of stopping.

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Playtech is Facing Shareholder Backlash of Bonus Plan for Executives

Details: Category: Gambling Industry; Created: Monday, 07 October 2024 15:05

Once again, sports betting development company Playtech is in the news. However, this time around it is not good news for them. This is because Playtech is Facing Shareholder Backlash after a proposal to give its executives a $110 million bonus. Therefore, some Playtech Shareholders are not happy with the decision due to the lack of performance by the company.

The bonuses are a result of the company's recent €2.3 billion divestiture of its Italian sports betting and gaming division, Snaitech, to Flutter Entertainment. Last month, Playtech made an announcement regarding plans to distribute bonuses amounting to €100 million and €34 million for the management teams of Playtech and Snaitech.

This bonus program, revealed concurrently with the sale, positions Weizer as the primary recipient, although Playtech has not specified the precise sum he may obtain.

Additionally, executives will be eligible for 10% of the profits from any future sales, a provision that has raised apprehensions among investors.

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Betsson is Leaving the US Sports Betting Market

Details: Category: Gambling Industry; Created: Tuesday, 03 September 2024 18:44

Betsson, is a leading online gambling company that is better known in the U.S. as the parent company of Betsafe. The Swedish gaming company first came to the U.S. sports betting market in 2022 by opening up shop in Colorado. However, 2 years later they are calling it quit as Betsson is Leaving the US Sports Betting Market.

According to a statement by the Betsson Group, they will be stopping their B2C operation in the U.S. at the end of September 2024.

The operator first introduced its mobile sportsbook application in the United States, specifically in Colorado, under the Betsafe brand in collaboration with Dostal Alley Casino. However, it is now preparing to withdraw from the market.

Upon its launch, Betsson described the sportsbook app as “a significant element of the company’s B2B strategy in the nation.” Although the Betsafe application was designed for consumers, a significant aspect of its launch was to demonstrate the company's capabilities as a B2B provider within the North American market.

"We recognized our strengths as a major operator and understood the requirements for entering this market. Initially, we considered entering as Betsson, but soon realized that approach would be prohibitively expensive. Consequently, we determined that our primary objective was to introduce our technology here for the benefit of other partners and providers," stated Lance Agostino, Betsson U.S. Account Director, during an interview with SBC Americas at the time of the launch.

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Half of Premier League Teams Breach Rule on Gambling Ads for Children

Details: Category: Gambling Industry; Created: Saturday, 28 September 2024 20:28

Half of Premier League football teams broke the rule on gambling ads for children. Thus, there were concerns about the voluntary code of conduct developed with the help of the gambling industry. According to a review, English football teams avoided the new restrictions affecting their income from gambling sponsorship.

Clubs in the Premier League have instead agreed to work with the Betting and Gaming Council (BGC), a lobbying group for the gambling industry, to eliminate betting emblems off the front of their shirts beginning in 2026. They have also agreed to new sponsorship regulations.

There were worries that football may encourage gambling and have a negative influence on young people and other vulnerable populations. Therefore, teams and gambling corporations took this step to demonstrate their responsibility.

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Atlantic City Gambling Earnings Dropped 1.3 Percent in 2nd Quarter

Details: Category: Gambling Industry; Created: Saturday, 24 August 2024 18:57

Atlantic City gambling earnings declined in the second quarter of 2024. According to the latest report, revenue from casinos and online gaming companies dropped 1.3 percent year over year.

According to data from the state's Division of Gaming Enforcement, the nine land-based establishments and two online gambling enterprises in New Jersey made $178.4 million in gross operating profit during the second quarter. Gross operating profit is a commonly used metric for profitability in Atlantic City's gambling sector, accounting for earnings before interest, taxes, depreciation, and other expenditures.

According to sportsbook pay per head reviews and news sites, the nine casinos were successful. However, compared to the same period last year, the profitability of two-thirds of them decreased.

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