The post Halfords Manager Stole and Gambled Away ￡90k Through Coupon Inflation Scheme appeared first on Vegas Slots Online News.
]]>A manager at Halfords in Scotland stole ￡90,000 ($119,669) from his employer through a coupon refund scheme and gambled away all the money. Gary Ridgewell will serve 30 months in prison for the embezzlement that took place over five years at the automotive retail store’s Dumbarton and Perth locations.
The scam saw the 51-year-old increase the value of coupons from customers in the system and then take the difference for himself from the tills. This wouldn’t raised any red flags as the recorded balance and the cash in the register would match. If the till didn’t have enough cash in it, Ridgewell would add funds to it from the safe.
Halfords started investigating suspicious transactions at stores as part of a separate probe
Everything eventually came to a head when Halfords started investigating suspicious transactions at stores as part of a separate probe, and the company suspended Ridgewell in March 2018 after looking into suspiciously high safe balances. Investigators subsequently saw the instances of theft on video surveillance footage, and Ridgewell confessed everything after they confronted him.
The court heard that Ridgewell started gambling as a 13-year-old and struggled with addiction most of his life. Sheriff Alison McKay said that even if the defendant made total restitution, the severity of the case meant that some prison time was almost inevitable.
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]]>The post BGC Study Estimates UK Gamblers Spend as Much as ￡4.3bn on Black Market Each Year appeared first on Vegas Slots Online News.
]]>The UK Betting and Gaming Council (BGC) has released a new study claiming that as many as 1.5 million people in the UK spend as much as ￡4.3bn ($5.7bn) gambling illegally every year.
The industry body commissioned Frontier Economics to carry out the research, and the resulting findings are the first significant look at the prevalence of the black market since the release of the government white paper on gambling legislation in April 2023.
government loses out on as much as ￡335m ($445m) over a five-year period
The report highlights the aggressive marketing tactics from offshore operators targeting people in the UK. Estimates suggest the resulting outflow of money will cost the government as much as ￡335m ($445m) over a five-year period if no changes are made.
As these platforms don’t have to adhere to the UK regulators’ rules, they incentivize people to sign up with hefty welcome bonuses, anonymous gameplay, and no restrictive payment measures. These operators can evade sanctions by rebranding or making new identities.
54% of people were not even aware the platform they were using was not legal
The report says that over one in five people in the 18 to 24-year-old age range use black market platforms and that 54% of people were not even aware the platform they were using was not legal in the UK.
It also found that some overseas operators deliberately go after people who excluded themselves from all UK Gambling Commission-licensed gambling sites through GAMSTOP.
While online gambling makes up the bulk of the illegal expenditure, with about ￡2.7bn ($3.6bn) of an allocation, land-based operations also contribute significantly, with ￡1.6bn ($2.1bn) spent at illegal facilities across the region.
Talking about the new research, BGC Chief Executive Grainne Hurst said that it “exposes the unnerving true scale of the growing, unsafe, unregulated gambling black market.” Hurst said that illegal operators don’t care about the safety of players, and they don’t want to help fund the government or sporting bodies that benefit from gambling tax money.
She believes that the regulator and government are “sleepwalking” into this major issue and that more needs to be done. She pointed out that stricter affordability checks, and more bans on advertising, will only drive more people to these unregulated sites.
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]]>The post Colossus Bets Launches Audacious Bid to Replace Tote at UK Racecourses appeared first on Vegas Slots Online News.
]]>Colossus Bets will launch a bid to replace Tote as the trackside bookmaker at UK racecourses, according to a report in UK newspaper The Daily Telegraph.
Several major racecourses have been approached with multi-million pound offers
The newspaper claimed that several major racecourses have been approached with multimillion-pound offers to set up a new trackside bookmakers and replace the Tote, which has been the standard operator at UK races for 96 years.
Colossus, which is owned by secretive Australian businessman Zeljko Ranogajec and former PR executive Bernard Marantelli, was founded in 2013. Ranogajec, who is nicknamed “The Loch Ness Monster” for his elusive personal appearances, is believed to be a billionaire and likely operates under the alias John Wilson.
The Tote was established by Winston Churchill in 1928 when he was Chancellor of the Exchequer in a bid to provide funding for racing and crack down on illegal betting. Initially owned by the government, it was sold to bookmaker Betfred in 2011 for ￡265m ($351m.)
It is now owned by a consortium of high-profile figures in racing, and pays around ￡13m ($17.3m) per year to UK racecourses for the right to offer trackside betting services. Additionally, 10% of its profits are donated to the Horserace Betting Levy Board, which contributes significant sums to prize money.
Tote runs on a parimutuel betting system, pooling all bets taken on races
The Tote runs on a parimutuel betting system, pooling all bets taken on races and dividing the sum among winners, minus a commission. According to The Telegraph, Colossus will maintain the same model if successful in its bid.
The Tote also generates significant revenues from its World Pool, which is run by the Hong Kong Jocket Club. The World Pool, which allows global bettors to contribute to a single pool, often earns between ￡500,000 ($663,000) and ￡800,000 ($1.06m) for each designated event.
Ranogajec is likely to face significant opposition in his bid, due to the Tote’s owners largely being made up of breeders, trainers, and other influential figures in the racing world. While the UK’s 59 courses have a variety of owners, the report claims that they will make a united decision on the bid.
The current arrangement with the Tote doesn’t really work for a lot of us.”
One source from the report who was close to the negotiations stated: “The current arrangement with the Tote doesn’t really work for a lot of us. There’s potential for Colossus to change that, but we’re miles away from doing a deal.”
“They have work to do to prove their credibility. The courses are all talking, but there’s work to do. It’s very politically charged.”
The Australian businessman was said to have made his fortune playing blackjack and poker in the 1980s before becoming involved in horses. His subsequent success was then in parimutuel betting, where he often negotiated rebates from operators.
Ranogajec was also at the centre of of a years-long investigation by the Australian Taxation Office, which ended in both parties agreeing to a settlement in 2024.
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]]>The post Playtech Stock Rises 14% After Dispute With Mexican iGaming Brand Ends appeared first on Vegas Slots Online News.
]]>Shares in UK’s Playtech Plc, the world’s largest supplier of online gaming and sports betting software, rose 14% on the back of news that its ongoing dispute with?Mexican iGaming operator Cali Interactive has been resolved.
refusal to pay B2B license and service fees
The detente dated back to July 2023 over Caliplay, the joint venture between Playtech and Cali Interactive. The dispute was over the Mexican parent’s refusal to pay B2B license and service fees amounting, at the time, to €122m ($132m) to Playtech for the lease of its proprietary software.
Despite the dispute heading to courts in London and Mexico, Playtech had constantly stressed that it wanted to continue its relationship with the Mexican brand. The relationship appears back on after Playtech announced on Monday that Cali Interactive has agreed to pay a total of $140m over four years to settle its debt.
The dispute over, a new agreement has been inked with the Cali brand that includes an eight-year B2B contract for Playtech’s ongoing software and technology support.
According to media reports, the new agreement will see Playtech own a 30.8% stake in a new US-incorporated subsidiary of Caliplay called Caliente Interactive. The UK firm can now also “appoint a director to Caliplay’s board.”
Caliplay Chairman Emilio Hank said the company was “delighted to finalize this renewed agreement.” Hank added the Mexican brand was “focused on growing Caliplay, leveraging our core strengths and Playtech’s leading technology to broaden our geographical footprint.”
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]]>The post Flutter to Control 30% of Italian Market With €2.3bn Snaitech Purchase From Playtech appeared first on Vegas Slots Online News.
]]>Flutter Entertainment has confirmed rumors that it intends to take over Italian gaming operator Snaitech in a deal worth €2.3bn ($2.5bn). The company believes the deal will help it develop a stronger position in Europe’s biggest regulated gambling market.
transaction will also help create about €70m ($78m) in synergies
Flutter already owns Sisal, so the new deal will give it an estimated 30% share of the overall online gambling sector in the country; Snaitech controls almost 10% of the market and has an average of 291 monthly players. The company believes the latest transaction will also help create about €70m ($78m) in synergies.
The hope is to complete the deal with Playtech by the second quarter of next year. The news of this agreement comes only a few days after Flutter announced its $350m purchase of a 56% stake in NSX Group, a company that operates the popular Betnacional brand in the rapidly growing Brazilian market.
Talking about the Snaitech deal, Flutter Entertainment CEO Peter Jackson said that it is “compelling tactically and financially” and is an ideal fit for the company’s approach to mergers and acquisitions. He believes Snaitech will benefit by taking advantage of Flutter’s suite of capabilities and products.
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]]>The post Flutter Agrees to Acquire $350m Stake in Brazilian NSX Group appeared first on Vegas Slots Online News.
]]>Flutter Entertainment will establish a new business in Brazil after agreeing to acquire an initial 56% stake in NSX Group, operator of the Brazilian Betnacional brand.
The $350m deal, which the group expects to complete by Q2 2025, includes a clause allowing Flutter to increase its stake both five and ten years after completion.
The group is expected to post $256m in revenue and $34m in adjusted EBITDA this year.
NSX has been operating in Brazil since 2021, and includes the Betnacional, Betpix, MrJack.bet, and Pagbet brands. Flutter will also add its Betfair brand to the new Brazilian arm of its growing empire. The group is expected to post $256m in revenue and $34m in adjusted EBITDA this year.
The deal comes as Brazil prepares to open up to new operators as it moves forward with plans for legal, regulated gambling, bringing the current gray market to an end.
Flutter CEO Peter Jackson cited the local know-how of NSX as crucial to the deal, stating: “We believe that combining the extensive local expertise?of?the NSX team, our existing Betfair?business, and the power of the Flutter Edge, will create a compelling opportunity to capitalize on the growth opportunity in Brazil which presents an exciting runway of future growth.”
Further details of the deal will be announced on the company’s upcoming investor day, September 25.
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]]>The post Star Entertainment Facing Another AU$100m Fine if It Holds Onto NSW Casino License appeared first on Vegas Slots Online News.
]]>Star Entertainment Group is hanging on for dear life as it waits to hear the fate of its casino license in New South Wales (NSW). The Brisbane-based company was subject to a second probe by SC Adam Bell after the authorities felt it hadn’t made sufficient progress in addressing serious issues uncovered by the initial inquiry in 2022.
issued a disciplinary notice to the company regarding four major breaches
The NSW Independent Casino Commission (NICC) confirmed on Friday that Star will have to pay a fine of AU$100m (US$67m) if it manages to hold onto its license to operate a Sydney casino. It issued a disciplinary notice to the company regarding four major breaches that the report from August 30 outlined.
These relate to not running welfare checks on hundreds of high-risk customers, forging these checks, and a case of cash fraud. Star has two weeks to respond to these allegations. The regulator also wants more insight into the operator’s current financial position and what it intends to do to remediate itself if it holds onto the license.
Star issued a response by saying it might query certain issues and plans to reply by September 27.
The embattled company also has concerns in Queensland, where it operates two casinos. The Queensland regulator is waiting to see what happens in NSW before proceeding with its own probe into the company.
Investor money remains tied up as Star Entertainment’s shares currently aren’t available to trade on the Australian Securities Exchange (ASX) after it failed to report its annual report for the most recent fiscal year by the deadline.
Australia’s casino sector has faced severe scrutiny in recent years. Authorities found that Star Entertainment was guilty of significant anti-money laundering failures, player protection issues, and other major compliance failings.
held onto its license following the initial probe in October 2022
It held onto its license following the initial probe in October 2022, but the regulator appointed a special manager, Nicholas Weeks, to oversee the remediation efforts. Despite the appointment, numerous issues raised further concerns, including an ATM malfunction that led to patrons getting AU$3.2m (US$2.1m) in free cash after it took the Star Sydney weeks to resolve the problem.
The other major casino company in Australia, Crown Resorts, dealt with similar issues and also had to pay nine-figure fines for its transgressions.
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]]>The post Fox Considering Exercising Option to Obtain 18.6% Stake in FanDuel at $2.2bn Discount appeared first on Vegas Slots Online News.
]]>Fox Corporation is considering taking up its option to acquire an 18.6% stake in online gambling operator FanDuel. The company received this option after selling its position in the Stars Group to Flutter Entertainment in 2020.
an arbitration ruling in 2022 that set the purchase price
Speaking at a conference on Tuesday, Fox Corporation CEO Lachlan Murdoch estimated the stake to be worth about $6.5bn at the current market value. Fox will only need to pay about $4.3bn to acquire the position following an arbitration ruling in 2022 that set the purchase price at $3.7bn, rising 5% annually. It has until 2030 to use the option before it expires.
One thing holding back the media company is that it needs to receive gaming operator licenses to complete the transaction. Murdoch confirmed that Fox is in the process of working with regulators in different states to get the necessary approvals.
Fox Corporation previously had a presence in the US sports betting sector through Fox Bet before it shuttered operations last summer due to the lack of a path to profitability. FanDuel is currently neck and neck with DraftKings as the two leaders in the US online sports betting sector.
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]]>The post CNN Names Las Vegas Hottest Family-Friendly Destination appeared first on Vegas Slots Online News.
]]>Las Vegas may have a deserved reputation as Sin City, but CNN has now named it the hottest destination for families in America.
Citing new attractions incorporating technology and interactivity, CNN Travel recommended the gambling hub as the best in America for family-friendly amenities and attractions.
16% of people who visited Las Vegas in 2023 did so with someone aged 21 or younger
Statistics from the Las Vegas Convention and Visitors Authority state that around 16% of people who visited Las Vegas in 2023 did so with someone aged 21 or younger — a figure almost three times higher than before the COVID-19 pandemic.
It’s not the first time Las Vegas has been touted as an ideal hotspot for families, although this time may be different, thanks to the latest developments in interactive media.
Consider the current era Family-Friendly Vegas 2.0”
Referencing Las Vegas’ ill-fated 1990s attempt to draw in families, which eventually saw developments give way to traditional adult-oriented entertainment, CNN stated: ”Consider the current era Family-Friendly Vegas 2.0.”
Most of the attractions named incorporate new technologies to appeal to those 21 and under. For instance, the Live Sketchbook, an exhibition in the ARTE museum, where animal drawings can be made to come to life, was cited as a particularly enthralling experience.
The Electric Playhouse, where families can play life-sized videogames using their bodies as controllers, was also given as a tip for families. The Flyover ride, incorporating a domed screen and mist and wind as visitors are taken on a trip based on a short film, was another mention.
Lastly, there was a rave review for the $2.3bn Sphere, by far the most iconic and recognizable of the recent new landmarks cropping up on the Las Vegas skyline.
As well as existing attractions, CNN also cited several new developments under works, including Universal Horror Unleashed, a year-round horror attraction from NBCUniversal.
Steve Hill, president of the Las Vegas Convention and Visitors Authority, the local destination marketing organization, was bullish about the prospect of the city appealing to younger visitors.
“Families aren’t only coming because there’s more for kids to do; they’re coming because we now have all sorts of offerings that appeal to adults and kids alike,” said Hill.
“No destination has figured out how to evolve over time better than Las Vegas, and no aspect of our recent history demonstrates this better than our evolution into a great destination for families.”
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]]>The post Wynn Resorts Forfeiting Record $130m to DOJ Over Unlicensed Money Transmitting appeared first on Vegas Slots Online News.
]]>Wynn Resorts has agreed to forfeit $130m to the US Department of Justice (DOJ) as part of a “non-prosecution agreement” regarding a decade-long case relating to unlicensed global money transmitting.
Justice Department didn’t pursue criminal charges in the case
The company noted on Friday that this is not a fine and the money will come through the funds related to the payments in question. The Justice Department didn’t pursue criminal charges in the case, which dates back to 2014. Mitigating factors included the casino company’s cooperation in the case and the historical element of the payments.
Wynn Resorts also rolled out extensive improvements to its compliance systems to ensure something similar doesn’t happen again.
It is the largest payment that a casino company in Nevada has made to the DOJ, significantly surpassing the $47.4m settlement from Las Vegas Sands in 2013 in a money laundering case.
The main issue related to the Wynn Las Vegas property, with investigators discovering disguised transactions at the property involving former agents, employees, and some patrons. In a filing with the Securities and Exchange Commission (SEC), Wynn Resorts said that the actions of the individuals under scrutiny “date back many years and violated Wynn’s compliance policies and procedures.”
Talking about the case, US Attorney Tara McGrath said: “Casinos, like all businesses, will be held to account when they allow customers to evade U.S. laws for the sake of profit.”
In the same SEC filing, Wynn Resorts also revealed that it settled a shareholder class action lawsuit concerning the expenses of key management figures surrounding the sexual misconduct allegations against the company’s founder and former CEO Steve Wynn. The mogul stood down from his role and sold his stock when the allegations came to light.
The company did not reveal the size of this settlement, just saying that all claims against the former and current executives and directors are now concluded.
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]]>The post Tribal Casino Revenue Rose 2.4% to $42bn in 2023 Despite Profit Margins Tightening appeared first on Vegas Slots Online News.
]]>Tribal casinos have reported a 2.4% uptick in gross gaming revenue for last year, with the total reaching a record $41.9bn. The Indian Gaming Cost of Doing Business Report detailed the results from 132 tribal organizations in 18 US states, covering more than 500 distinct properties.
profit margins tightened from 36% in 2021 to 30% in 2022 to 26% last year
The report noted that profit margins tightened from 36% in 2021 to 30% in 2022 to 26% last year. Sports betting still isn’t a major revenue source for tribes despite its gradual spread across the country, as tribes still rely heavily on land-based operations.
In comparison to the almost $42bn in gaming revenue tribal casinos generated in 2023, the American Gaming Association (AGA)’s report on the commercial sector in the country outlined that US commercial properties made more than $66bn last year, also an all-time high.
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]]>The post Australians Losing Record Amounts to Slot Machines appeared first on Vegas Slots Online News.
]]>As common as public toilets, ATMs, and post office boxes are in the Australian suburbs, poker machines are even more common. Worse, poker machines are the biggest single source of losses for Australians, whose gambling losses are almost twice as much as that of people in the US. According to a report, Australians lose an average of AU$1,635 (US$1,100), mostly through slots and betting, compared to AU$809 (US$544) for Americans.
goes on to request a mandatory pre-commitment loss limit for online gambling and poker machines
The Grattan Institute report, titled A better bet: How Australia should prevent gambling harm, asserts a double-fisted solution to limit harm from gambling. The report first insists on a ban of gambling ads, then goes on to request a mandatory pre-commitment loss limit for online gambling and poker machines. The report further requests the number of available poker machines in each state be reduced over a period of a few years.
Grattan Institute Chief Executive Aruna Sathanapally said: “[Australia has let the] gambling industry run wild, and gamblers, their families, and the broader community are paying the price. Gambling products are designed to be addictive, and the consequences can be catastrophic: job loss, bankruptcy, relationship breakdown, family violence, even suicide. It’s time our politicians stood up to the powerful gambling lobby and reined the industry in.”
The government is prepared to take a number of different steps to protect Australians, including cutting down the number of gambling ads. But despite the recommendations of the late Labor MP Peta Murphy, the government has fallen back on whether to introduce a blanket ban on gambling ads and inducements.
Instead, the proposal that was sent to the cabinet was for a partial ban that would eliminate gambling ads online, during children’s television shows and live sports broadcasts, including an hour before and after, and restricted to two per hour otherwise. And those television restrictions wouldn’t happen for two years because of network contracts.
Sathanapally does not believe a partial ban will be enough
But Sathanapally does not believe a partial ban will be enough. She wants to place a loss limit to “act as a seatbelt against gambling harms.” Sathanapally said: “It would stop people suffering catastrophic losses—because no one should lose their house, or their life, on the pokies.”
The Grattan researchers found that the location of slot machines poses perhaps the greatest significant risk factor for Australians. While similar countries place high-impact, high-loss slots mostly in casinos, the machines in Australia “are pockmarked across our suburbs and towns, increasing the risk of harm.”
The report found: “About 93% of Australia’s 185,000 pokies (AKA slot machines) are outside casinos. Suburban pokies are more common than ATMs, post boxes, or public toilets.”
The problem gets worse for disadvantaged community, where it turns out there are as many slot machines as “the rest of Australia combined.” The report states: “People living in the poorest fifth of communities in NSW lose an average of AU$1,524 (US$1,025) a year on pokies, compared with AU$922 (US$620) for people living in the most well-off fifth.”
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