Online Casino News From Around the Globe

Caesars Set To Launch Sports Betting In New Jersey and Mississippi

Following the major joint venture between MGM Resorts and GVC Holdings, Caesars Entertainment has announced it’s joining the sports betting party by starting sports betting operations in New Jersey this week. The move by Caesars is the latest by the biggest gambling companies in the market following the US Supreme Court decision in May that cleared the way for all 50 US states to offer legal sports betting if they decided to do so. As we have reported the last few months have been hectic as technology companies and gambling powerhouses battle to get the lion’s share in what many see as the biggest opportunity in real money gambling. Caesars-owned Bally Casino already started taking sports bets on Monday morning while Harrah’s will start on Wednesday. Mobile sport betting will also be offered at a later stage. In New Jersey the Borgata and Ocean Resort casinos are already offering sports betting. This is in addition to the two state horse racing tracks Monmouth park and Meadowlands. The plan is also to start offering sports betting in August at Harrah’s Golf Coast in Biloxi and Horseshoe Tunica in Mississippi. CEO of Caesars Entertainment Mark Frissora commented on the development sand said,” The recent Supreme Court ruling allows us to expand our sports betting digital and mobile offerings into new markets. We recognize that our customers expect exciting new experiences, which is why we will continue to offer new products through our mobile and digital platforms and inside our…

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GVC Shares Hit Record High Following Confirmation Of MGM Resorts Landmark Deal

It has now been confirmed that the agreement reported over the weekend between GVC Holdings and MGM Resorts International has been inked. In terms of the deal GVC Holdings will supply the online betting platform for MGM resorts International who are the largest casino operator in the US. GVC has been looking to capitalize on the PASPA Supreme Court decision in May which has presented massive opportunities for British betting companies looking to offset the effects on increased restrictions at home. The major UK bookmakers like Ladbrokes Coral could be severely affected as a result of the planned crackdown on fixed odds betting terminals. At the time of this article going to publication GVC shares were up over 7 percent to reach 1.178 pence. As we reported earlier the joint venture will see each company invest $100 million initially with a US headquarters. The deal will grant GVC access to MGM Resorts’ International properties across 15 U.S. states with a population at over 90 million. MGM resorts CEO Jim Murren commented on the deal and said,” We are proud to join forces with GVC, the largest and most dynamic global online betting operator, with existing reputable and trusted operations in the U.S.” GVC Holdings CEO Kenneth Alexander commented on the landmark deal and said,” MGM Resorts is a world-leading entertainment business and the most trusted name in gaming, with the highest quality brands and management, and strong sports connectivity. This combined with GVC’s technology and experience in successfully building online gaming businesses across multiple markets presents a truly exciting opportunity for US players and our respective…

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GVC Holdings and MGM Resorts International Set To Sign Joint Venture Ahead Of Possible Merger

It is being reported that the world’s largest casino operator MGM Resorts International is on the verge of signing a joint venture with the UK’s largest bookmaker Ladbrokes Coral who are owned by GVC Holdings. According to initial reports the deal which should be completed by the end of the weekend will see the two companies sign a joint venture in which both firms will initially commit $100m to the joint venture. The deal will cover both online sports betting as well as other interactive gaming services in the US. MGM Resorts international is the largest casino operator and is valued at £13.4billion while GVC is valued at £6.29 billion. Many are of the opinion that the joint venture is just the first step towards a full-scale merger that would create a behemoth in the gambling industry. GVC Holdings are already the largest UK bookmaker following their acquisition of Ladbrokes Coral earlier in March this year and their brands include FoxyBingo, PartyCasino and SportingBet. The US Sports betting market is potentially worth billions. In the past we have reported on this in depth with many believing it would take years until the market was legalized. In the space of just a few months the sports betting market in the US has erupted in a frenzy following the PASPA Supreme Court decision. The race is on for major sportsbook and gaming players in general to get in on what many dub the” Gold Rush” of gambling at the moment. Some of the key players already in the race include SBTech, DraftKings, FanDuel and Kambi. As of the time of this article going to publication GVC did confirm that there discussions “ are at an advanced…

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Bookmakers Set To Receive £1Billion Tax Rebate In FOBT Victory

UK bookmakers have got reason to celebrate as they claim a rare victory against the tax man. As our regular readers are aware, the fixed odds betting terminal controversy is still in the headlines as the government has delayed the new restrictions on maximum wagers. Bookmakers like Betfred are heavily dependent on these cash cows and any delay in implementing restrictions is a welcome relief. Betfred however have gone one step further in that they have succeeded in getting a massive tax rebate as a court ruled they were wrongly charged VAT on revenues from FOBTS. A tax tribunal ruled that the collection of Vat on FOBTs between 2005 and 2013 had “breached the principle of fiscal neutrality” because similar roulette style games played in casinos were exempt from the specific tax. In response to the ruling a spokesperson for HMRC declined to confirm or deny their appeal against the verdict but did say that they were giving it “careful consideration”. The ramifications of this hearing are significant as other bookmakers will take the lead of Betfred and also look for tax rebates that could be as much as £1 billion. Betfred alone is expected to receive in the region of £100m according to industry experts. Needless to say this latest reprieve for Betfred has got anti FOBT campaigners up in arms as it follows the delay of the maximum wag cut in FOBTs. Spokesman for Fairer Gambling Matt Zarb- Cousin said, ”Instead of giving the bookies a double win, Treasury should instead put the tax for remote [online] gambling up to at least 25% in the budget this year and enact a £2 stake on FOBTs by April…

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Kambi Looking To Expand In Five US States

As we have been reporting there is a frenzy in the US sports betting market with key sportsbook players looking to establish themselves as leaders in this lucrative market. We reported on Kambi’s recent moves to impact the sports betting market with their partnership with DraftKings and Rush Street interactive. Following these partnerships CEO Kristian Nylén has confirmed that they are working on securing licenses in five US states which is part of their long term strategy for the US. Nylén was commenting on Kambi’s Q2 performance which saw increased revenues of 25% to €17.6m. He went on to elaborate on the new license applications that include New Jersey and Mississippi, currently. Additional states like New York, Pennsylvania and West Virginia are in the pipeline. Nylén stated the obvious and said the US is a very “interesting market for Kambi” who are set to embark on a US investor roadshow in an effort to support the company’s growth in the market. In terms of expectations Nylén believes that by the end of 2019 at least 12 US states will be live with sports betting and beyond that there could be up to 37 states by 2023 who will regulate sports wagering, The approaches by individual states will differ according to Nylén who believes some will approach the sports betting issue quickly while others will adopt a more conservative and slower…

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