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edict egaming Seals Collaboration Deal with Atomo Gaming

edict-gaming-partners-with-atomo-gamingedict egaming GmbH (edict) has announced a strategic partnership with Atomo Gaming, a Spain-based company specializing in the development of gaming platforms for both online and land-based games, as well as B2B integrations. This collaboration allows the Merkur Group subsidiary, known for its expertise in the sales and distribution of online casino games, to make its popular Merkur games available to Atomo Gaming’s online casinos in South America through its proprietary Aggregator Solution.

Expanding Merkur’s Reach in South America

Under this partnership, a wide array of Merkur slots will soon be accessible on the platforms of Atomo Gaming’s various gaming brands. Dominic-Daniel Liénard, CEO of edict egaming GmbH, expressed enthusiasm about the collaboration, stating, “Atomo Gaming is dedicated to delivering the safest, most secure, and entertaining games, achieving great success with its high-quality products. With this cooperation, we have secured an internationally recognized partner, particularly in the South American market. We are proud to offer our diverse portfolio of Merkur games and are confident that our offerings will be well-received.”

Ramon Monros, CEO of Atomo Gaming, also shared his positive outlook on the partnership, saying, “At Atomo Gaming, we are thrilled to integrate Merkur games into our portfolio. We value the trust of this esteemed game developer and are confident that their games will soon become the preferred choice among players in Ecuador on Bet593, in Guatemala on Bet502, and in many other countries where we operate.”

Innovations and Expansions within the Merkur Group

edict egaming GmbH is renowned for developing cutting-edge casino software for the gaming industry. As part of the Merkur Group, edict egaming distributes Merkur online slots and other games through its Aggregator Solutions to leading casinos and sports betting operators worldwide.

Earlier in May, from May 7th to 9th, Merkur Dosniha, another subsidiary of the Merkur Group, showcased its latest games and cabinets for the Spanish market at the IFEMA Convention Centre. Occupying an exhibition space of approximately 850 square meters, the highlight of Merkur Dosniha’s display was the new “Spectra” roulette. This product, developed in collaboration with Spintec, represents a significant advancement in the roulette experience for the Spanish market.

The Spectra Roulette: A New Standard in Gaming

The Spectra roulette features a new user interface designed to simplify handling for guests, alongside ergonomically designed seating areas and hand rests that enhance comfort. The roulette wheel and topper boast improved visibility due to a flatter surface and a brighter, more contrasting color scheme. Additionally, a more durable ball track surface promises increased longevity. The product also includes two-sided player information displays and a round LED topper, allowing players to better follow the roulette action. These remarkable features made Spectra the focal point of attention at the exhibition, captivating visitors with its innovative design.

Source: “Edict Egaming Seals Collaboration Deal With Atomo Gaming”. Merkur Group. May 22, 2024.

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Swedish BOS Rejects Proposal for New Credit Card Ban in Gambling

Swedish-BOS-rejects-the-proposal-A-new-ban-on-gambling-on-creditThe Swedish Trade Association for Online Gambling (BOS) has formally submitted its statement to the Ministry of Finance regarding the memorandum titled “A new ban on gambling on credit,” which proposes a ban on the use of credit cards for gambling. BOS has firmly rejected this proposal, citing significant negative consequences for channelization.

Gustaf Hoffstedt, Secretary General of BOS, explained the association’s stance [pdf], emphasizing that such a ban would likely push consumers towards unlicensed and illegal gambling platforms, which currently constitute almost half of the Swedish online casino market. Hoffstedt stated, “In the name of consumer protection, Sweden should not add new restrictions on consumers that still place their bets on the legal gambling market.”

Alternative Proposal Suggested by BOS

If the government decides to proceed with the ban, BOS proposes an alternative approach: instead of placing the obligation on gambling operators, the responsibility should be on credit card issuers. Under this model, the Swedish Financial Supervisory Authority (Finansinspektionen) would supervise credit card issuers to ensure they do not process payments for gambling companies, including those operating illegally or without a license.

BOS argues that this approach would more effectively prevent the use of credit cards for gambling while avoiding further burdens on licensed operators. Hoffstedt pointed out that licensed gambling operators are already heavily restricted and additional limitations could drive more consumers towards the unlicensed market, undermining consumer protection goals.

BOS’s Rationale for Rejection

BOS has consistently supported measures to prevent gambling on credit. However, the association draws a line at banning credit cards, which are a common and regulated form of payment. “At least one credit check is conducted before issuing a credit card,” Hoffstedt noted, “and in most cases, credit is repaid monthly, accruing no interest.”

The association also highlighted that credit card usage for gambling is on the decline, with many consumers shifting to other payment methods like Swish. Those who do use credit cards for gambling are typically older with more organized finances, and the prevalence of problem gambling among them is relatively low.

The biggest challenge, according to BOS, is the prevalence of unlicensed gambling, a view shared by Finance Market Minister Niklas Wykman. Hoffstedt stressed that restrictive measures against licensed operators, such as the proposed credit card ban, combined with inadequate countermeasures against unlicensed operators, have led to a significant outflow from the legal gambling market. “This must end,” he said, emphasizing that enhancing the attractiveness of the licensed market is crucial for effective regulation.

Concerns Over Government’s Approach

BOS expressed concern over the government’s tendency to exempt state-owned or controlled gambling operators from new restrictions, creating an uneven playing field. The association fears that this might undermine competitive neutrality and consumer confidence.

In conclusion, Hoffstedt reiterated BOS’s position that the proposal to ban credit cards for gambling should be rejected. He emphasized that effective regulation should include measures to counteract unlicensed gambling while supporting the legal market.

“Sweden’s largest online casino operator is likely unlicensed,” Hoffstedt noted, underscoring the need for balanced regulation. BOS believes that imposing the ban on credit card issuers rather than gambling operators is a more effective and fair approach to achieving the intended consumer protection goals.

Source: Press release: BOS rejects the proposal A new ban on gambling on credit. BOS. May 23, 2024.

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FanDuel Founders’ $120M Suit Over Flutter Deal Revived in New York

The New York State Court of Appeals has revived a lawsuit brought by FanDuel’s founders against a powerful group of current shareholders.

FanDuel, Nigel Eccles, Lesley Eccles, lawsuit, Shamrock Capital Advisors, KKR, Flutter, Paddy Power Betfair, Scots law
Lesley and Nigel Eccles, the husband-and-wife team that founded FanDuel in Edinburgh over 15 years ago. They and other shareholders claim they were deliberately left shortchanged by the company’s 2018 merger with Paddy Power Betfair. (Image: Medium)

In 2018, FanDuel merged with the Anglo-Irish gambling group Paddy Power Betfair in a deal that valued the former at $465 million. The enlarged group later became Flutter Entertainment.

FanDuel founders, husband and wife Nigel and Lesley Eccles, along with around 100 other shareholders, claim they were stiffed in the deal.

The Eccles established FanDuel in Edinburgh, Scotland in 2007 as Hubdub. Initially, the business enabled users to place bets on current events. But in 2009, it pivoted to daily fantasy sports, which it pioneered in the US as FanDuel. From that point, it was almost completely US-facing.

Nigel Eccles left FanDuel in 2017, shortly after a proposed “merger of equals” between FanDuel and DraftKings was nixed by the Federal Trade Commission because of antitrust concerns.

Post-PASPA Goliath

FanDuel’s stock was subsequently restructured into two categories: preferred shares and common shares, with the plaintiffs in the lawsuit holding about 10% of common stock.

The FanDuel board approved the Paddy Power Betfair merger eight days after the US Supreme Court defanged PASPA, the federal prohibition on sports betting. The deal proved to be a springboard for Flutter’s subsequent domination of the US sports betting markets.

The Eccles’ lawsuit claims the merger was structured to benefit the preferred shareholders and executive team so that common shareholders were cut out of the deal.

Defendants walked away with shares worth billions and plaintiffs were left with nothing,” they said in their complaint.

Defendants Shamrock Capital Advisors (SCA) and KKR together held 36% of the preferred shares in FanDuel. These two investment firms massively undervalued FanDuel before the deal, by $120 million, according to the lawsuit.

Then SCA and KKR exercised their “drag along right,” which forced minority shareholders to accept the sale.

“To effectuate the scheme … defendants deliberately undervalued FanDuel’s assets during the merger negotiations to be equivalent to the value of the preferred shares, when in reality FanDuel was worth significantly more…” the lawsuit argues.

Scots Law in New York

The Eccles et al sued SCA and KKR, initially in Scotland, the jurisdiction of incorporation, claiming the firms had breached fiduciary duties.

In 2020, the plaintiffs dropped the lawsuit in Scotland and refiled it in the New York Supreme Court, because they felt their claim would be stronger under New York law. But the court determined that the case should proceed in New York under Scots law.

Supreme Court Judge Andrea Masley initially sided with the plaintiffs, allowing three of five causes of action to survive the defendants’ motions to dismiss.  

But in 2022, the New York Supreme Court Appellate Division disagreed. It ruled that under Scots law, directors have fiduciary duties to the company but not to shareholders.

Last Thursday, the New York Appeals Court – the highest in the state – unanimously reversed that decision, determining that the plaintiffs had “sufficiently pleaded causes of action for breach of fiduciary duty under Scots law.” The panel batted it back to the Supreme Court.

The Eccles et al are seeking $120 million in compensation. Flutter Entertainment is not named in the lawsuit.

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NOGA Urges Dutch Kansspelautoriteit to Act on Minors Gambling with Illegal Operators

Peter-Paul de Goeij, director of the Netherlands Online Gambling Association (NOGA), is calling for a “rigorous” response from Kansspelautoriteit (KSA) after research revealed that illegal operators are allowing minors to gamble. The findings, shared by Keurmerk Responsible Affiliates (KVA) and Licensed Dutch Gaming Providers (VNLOK), highlight a significant issue within the Netherlands’ gambling industry.

Research Findings on Underage Gambling

noga-urges-rigorous-ksa-response-after-research-finds-illegal-operators-accepting-bets-from-minorsThe research conducted by KVA uncovered that minors in the Netherlands can easily gamble with offshore operators. The study showed that these operators do not require the necessary age verification, allowing anyone with an email address or telephone number to create an account. This lack of oversight enables those below the legal gambling age of 18 to deposit and gamble, often using cryptocurrency for anonymous transactions.

Further, the study found that illegal casinos use the logos of banks and legal operators to mislead minors into believing that their deposits are safe. This practice is particularly concerning as it exploits the trust and security associated with these financial institutions.

Previous Research and Industry Concerns

KVA’s recent findings build on previous research from 2023, which indicated that illegal sites were targeting players attempting to bypass Cruks, the Netherlands’ self-exclusion scheme. This ongoing issue highlights the need for stringent regulatory measures to protect vulnerable groups from the risks associated with illegal gambling.

De Goeij emphasized the heightened risks for underage gamblers, noting their increased susceptibility to addiction and related mental health and financial problems. He urged the KSA to take decisive action to address these issues and fulfill its mandate to protect consumers.

“The Kansspelautoriteit (KSA), the Dutch Gambling Authority, is expected to address these issues rigorously,” De Goeij told iGB. “The KSA is likely to enhance monitoring and enforcement actions against unlicensed operators, imposing hefty fines and blocking access to these websites. Educating the public, especially minors and their parents, about the risks of unlicensed gambling and how to avoid these sites can be an effective preventive measure.”

Recommendations for KSA Action

De Goeij advocates for increased collaboration between the KSA and other jurisdictions, sharing intelligence and best practices to combat illegal operators. He also suggests that the KSA should work closely with financial institutions to block illegal transactions and cut off revenue streams to offshore operators.

“The KSA should employ advanced technologies like geolocation blocking and AI-driven monitoring to detect and shut down access to offshore gambling platforms,” De Goeij added. “Working with internet service providers (ISPs) to block unlicensed gambling sites could significantly reduce access.”

Broader Issues in the Dutch Gambling Market

The timing of KVA’s research coincides with growing industry concerns over regulatory changes in the Netherlands. Recently, a coalition agreement proposed increasing the gambling tax from 30.5% to 37.8%, aiming to generate an additional €202m in tax revenue. NOGA has expressed concerns that such measures could push operators towards the black market, undermining the regulated market’s integrity.

Earlier this year, the house of representatives voted to ban “high-risk” gambling, including online slots, and to prohibit online gambling advertising. These regulatory changes, combined with higher taxes, could drive more players to unlicensed sites, where consumer protections are minimal.

De Goeij is particularly worried about the potential impact on the legal market, warning that higher taxes and advertising restrictions might reduce revenue for the Dutch government and legal operators. This shift could lead to increased fraud, addiction, and other harms associated with unregulated gambling.

NOGA’s Strategic Recommendations

To combat the potential rise of the black market, De Goeij recommends that the KSA and the government adopt evidence-based regulations that do not overly burden legal operators. He believes that encouraging innovation and improving customer experiences in the legal market can help retain and attract players.

“The KSA and the government should encourage innovation and better customer experiences in the legal market to retain and attract players,” De Goeij said. “They should also be continuously researching market trends and player behavior to adapt regulations and strategies dynamically. Only by taking a proactive and balanced approach, the Netherlands can protect its citizens while maintaining a robust and attractive legal gambling market.”

Source: “NOGA urges rigorous KSA response after research finds illegal operators accepting bets from minors”. iGaming Business, May 23, 2024.

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Boring Co.’s Next Vegas Loop Tunnel Reaches Virgin Hotels

Digging on the next tunnel in the Vegas Loop has reached Virgin Hotels (the former Hard Rock Hotel) 1.5 miles east of the Strip.

The Vegas Loop, known colloquially as the Tesla tunnels, is eventually expected to connect all of the Las Vegas Strip with the airport and downtown. (Image: The Boring Co.)

On Friday, Elon Musk announced the milestone for his The Boring Co. (TBC) via its X/Twitter account.

“Within a few years, you will be able to get to all major destinations in the city super fast with electric cars in tunnels,” the richest person in the U.S. posted, though the average speed of the Teslas is currently only 30 mph.

The tunnel is part of the University Center Drive Loop, which began digging on 2 acres of land across from UNLV’s Thomas & Mack Center on Paradise Road. This parcel, which TBC purchased in January for $7.2 million, will eventually be known as Paradise Station.

A TBC boring machine emerges near Virgin Hotels. (Image: The Boring Co.)

Digging on this tunnel, the longest so far, will continue until it reaches the Las Vegas Convention Center’s Silver Lot. By April 2025, according to the Las Vegas Convention and Visitors Authority (LVCVA), which commissioned the Vegas Loop in May 2019, it is expected to move passengers underground in two “Tesla tunnels” between the three sites.

So Close But Yet…

Though Paradise Station is only 2 miles from Harry Reid International Airport, it will not connect to it.

A separate expansion, approved by the Clark County Commission in October 2021, will begin at the airport, proceed to Allegiant Stadium, and then stop at 50 other stations before terminating 30 miles later at the Fremont Street Experience downtown.

Until this future loop opens, the Teslas may be permitted to drive the 2 miles on surface streets to Harry Reid.

“Go to the airport, drop somebody off, pick somebody up and get back in the system,” LVCVA president and CEO Steve Hill told the Las Vegas Review-Journal in April. “At this point, it really starts to be a valuable and viable transportation system for everybody that’s connected.”

Work continues on expanding the TBC’s only currently operational tunnel, which connects the three halls of the convention center with Resorts World. The next casino resorts connected via that loop will be the Westgate and Encore.

Rides on this loop are currently free. Once the University Center loop opens, however, riders will be required to pay a fee to TBC.

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