Online Casino News From Around the Globe

UK Gambling Industry Latest Data Shows 12.5 Percent Increase In Gambling Yield

The UKGC (United Kingdom Gambling Commission) has just released data for the period between October 2014 and September 2015. According to data provided the total gross gambling yield for the period was £12.6 billion which is an increase of 12.5% from the £11.2 billion for the period between April 2014 and March 2015. Regulated online betting made up £3.6 billion on the entire gambling market which includes online bingo and casinos. The growth rate in the online industry is stagnant due to factors like the point of consumption tax. The National Lottery saw figures increase by 2.1% from £1.67 billion during the period of April 2014- March 2015. The highly controversial fixed odds betting terminals or FOBTs made up £1.71 billion which is a record high. According to the UKGC there are still over 34,700 FOBTs around the country despite over 200 high-street bookmakers having closed down. Programme Director James Green said in a recent statement on the data,” “For the first time the figures include almost a full year’s worth of data relating to online gambling operators – the market share of the online betting, bingo and casino sector is 29% and we’ll be interested to see how this varies over time. Offline we’re seeing changes. For instance, there’s been a reduction in the number of betting shops, arcades and bingo halls in the last two…

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Moody’s Release Dim Forecast For Macau

The story of declining gambling revenues in the world’s largest gaming hub Macau has been well documented by our team. With over 24 consecutive months of declining revenues the forecasts for the former Portuguese colony are not looking to good according to Moody’s Investors Service who are forecasting difficult times for at least the next three years. According to Moody’s Macau will see a 6 percent contraction year-on-year. Macau’s credit rating has been cut by a grade to Aa3 and has been assigned a negative outlook. Moody’s said,” We expect the economy will continue to contract during 2016 and 2017, although the pace of decline may ease. While the government has tried to diversify the economy, “strategies center primarily around broadening Macau’s gaming and tourism market, leaving growth volatile and susceptible to shifts in external demand.” More worrying signs were the drop in accumulated casino GGR for the first five months by 11.9% to $11.5 billion from the same time last year. May saw gaming revenues drop by 9.6 percent from the same period last year and rounding off 24 moths of consecutive drops. On the positive side Moody did point out that despite the declines in revenues the overall Macau fiscal position which is still primarily driven by gaming revenues remains strong and will continue to post surpluses in…

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State of Pennsylvania Approves Online Gambling And DFS Legislation

There is potentially some very positive news coming out of the stat of Pennsylvania as the House of Representatives on the state approved a bill that could legalize online gambling and DFS in the state. Tuesday saw the House vote 114-85 in favor of the HB 2150 legislation that was initially rejected due to a controversial VGT inclusion. With the VGT element removed the bill passed and is now set for the Senate and finally Gov. Tom Wolf’s signature. If all this happens Pennsylvania will be the fourth US state to offer legal; online gambling and could be a much needed injection for the stagnant online US gambling industry. In terms of the amended HB 2150 Bill, the twelve Pennsylvania land and mortar based casinos would be allowed to partner with online gaming technology providers to offer online casino and poker games to Pennsylvania state residents. In in order to enjoy this right, casinos will have to fork out $8m upfront for a five year licence fee and an additional $250k for renewals. The online gaming technology provider will also have to pay their dues in the form of $2m upfront and with a renewal feed so f $100k after five years. The online operators will have a 16 percent online tax duty, of which 14% will go directly to the state and the remaining 2% for economic development projects. In addition to the twelve casinos, the six state airports will be allowed to offer slots and mobile gambling. Here the operators will have to pay $1m upfront and $100k for renewals. For the large airports like Philadelphia airport, operators will have to pay a step $5m and the smaller Pittsburg will only cost half of that. For the DFS license operators will have to pay $50k or 7.5% of adjusted revenue from the previous year, casinos however will have to pay the full $50k to offer…

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Brexit Referendum Sets Betting Record For Non Sporting Event

The historic and unexpected Brexit referendum result has broken the record for non-sporting events as speculators wagered a staggering £120m on the outcome which is still sending shockwaves throughout the world. The report in the Financial Times details the bookies who lost and those who won on a political event that received some of the most media coverage seen for an event in the last few years. The Betfair exchange took in £80m in bets with the remaining £40m coming from other bookmakers. William Hill took a £400k loss after they took in £3m in bets. Media relation director at William ill explained the losses by stating the obvious that,”very few saw this coming”. Rivals Ladbrokes made a six figure profit according to head of political betting at Ladbrokes, Matthew Shaddick who explained that most who put don money on the “leave” option only wagered small amounts. Betfred only made a small profit off the £1m in bets they took and as to be expected all their big money came in from the “remain” vote”. Commenting on the belief that the bookies are in touch with the sentiment on the street, Ladbrokes’ Matthew Shaddick said that despite them being surprised by the outcome “Nobody at Ladbrokes’ HQ will be criticizing the predictive powers of our odds, they’ll be looking at the money we…

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Bitcoin Price Spikes As Britain Votes To Leave EU

The volatile cryptocurrency Bitcoin has been covered by our team extensively in the last few years. Many see virtual currencies like Bitcoin as the ultimate gamble as their volatility is par for the course. Many online casinos have started offering Bitcoin as a payment option as it is seen as a possible alternative to traditional currencies who are prone to devaluation from unexpected financial crisis or political upheavel. This could not have been clearer than with the British decision to leave the EU which led to the British pound falling to a 30 year low against the dollar and dropping by 10 percent. The beneficiary of the political fallout from the unexpected Brexit vote has led to a spike in the Bitcoin price. Today saw the price of Bitcoin passed the $650 mark where only yesterday it was $550. Needless to say the brave and speculative few who are willing to gamble on this virtual currency are certainly reaping the rewards. As we have seen in the last few years the rollercoaster ride of Bitcoin is legendary and has included Bitcoin exchanges collapsing leading to a near meltdown of the virtual currency. The price reached a record $719 for the last two years but factors like the Hong Kong based Bitcoin exchange Bitfinex going offline do not to the currency any favors. As traditional currencies like the British pound show their vulnerability to political events, investors could well look to Bitcoin as a viable alternative to hedge their bets in times of uncertainty, much like they do with gold which has also spiked in recent…

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