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Vietnam Extends Casino Trial for Local Players Until End of 2024 Amid Mixed Financial Results

Vietnam-extends-casino-trial-period-for-local-patrons-until-year-endVietnam has decided to extend the trial period that permits its citizens to gamble at select casinos until December 31, 2024. This decision follows the mixed financial results reported by the Phu Quoc casino during its pilot phase. The trial, initially set to conclude in 2022, has been extended to allow further evaluation of the impact and viability of allowing Vietnamese locals to participate in casino gambling, traditionally reserved for foreign visitors.

Phu Quoc Casino’s Performance Under Scrutiny

The Phu Quoc casino, which has been operational since January 2019, is the first and only casino in Vietnam where local citizens are currently allowed to gamble. Over the course of its trial, the casino generated VND 6.4 trillion (approximately $258 million) in revenue and contributed nearly VND 3.69 trillion ($148 million) to the state budget. Despite these contributions, the casino has reported a cumulative loss of VND 3.72 trillion ($150 million), mainly due to high initial depreciation and interest costs.

The financial performance of the Phu Quoc casino has been mixed, with an improvement noted in 2023 compared to the previous year. However, the accumulated losses highlight the challenges faced by the casino in its early years of operation. The trial’s extension aims to provide additional time for a thorough evaluation of these financial outcomes and their implications for the future of local gambling in Vietnam.

Extending the Trial and Broader Implications

A draft decree has been submitted by the Ministry of Finance to the Vietnamese Government, proposing an extension of the trial period for the Phu Quoc casino until the end of 2024. This decree also outlines that other casinos will follow a three-year trial period starting from the date they receive their Certificate of Eligibility for Casino Business.

The Ministry of Finance, in collaboration with other governmental bodies such as the Ministry of Public Security, the Ministry of Planning and Investment, and the Ministry of Culture, Sports, and Tourism, will conduct a comprehensive review of the trial period. This review will be crucial in determining whether the trial will be further extended, altered, or concluded by the end of 2024. Should the Government fail to issue a resolution by the trial’s end, casinos will temporarily suspend allowing Vietnamese citizens to gamble.

The decision to extend the trial reflects Vietnam’s cautious approach to expanding its casino industry to include local participation. The trial’s outcomes will significantly impact future regulations and the broader strategy for developing Vietnam’s integrated resort sector, which aims to boost tourism, generate employment, and contribute to the economy.

Looking Ahead: What This Means for Vietnam’s Casino Industry

The extension of the trial period is a significant move in Vietnam’s evolving gambling policy. The Phu Quoc casino’s results, both in terms of financial performance and player demographics, will serve as a key indicator for the future direction of the industry. From 2019 to the end of 2023, the Phu Quoc casino attracted nearly 295,943 Vietnamese players, accounting for 62% of its total patronage, with the majority of these players being 39 years old.

In parallel, the Van Don casino project, another key part of Vietnam’s casino strategy, will undergo its own three-year trial once it begins operations. The outcomes of these trials will shape the landscape of casino gambling in Vietnam, balancing regulatory concerns with the economic benefits of an expanded casino sector.

Source:

VN extends trial period for local citizens to play at casinos until end of 2024, Vietnamnet global, August 26, 2024.

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Playson Extends Reach in Italy with Sportbet Integration

playson_extends_italian_reach_Playson, a renowned supplier in the iGaming industry, has significantly expanded its presence in Italy by partnering with Sportbet, a local operator based in Rome. This collaboration aims to enhance Sportbet’s online casino offerings with premium casino games.

Playson’s popular Hold and Win titles, including Lion Gems, Coin Strike, and Energy Coins, are now available on Sportbet’s online casino platform following a direct integration. This move highlights Playson’s commitment to providing high-quality gaming experiences and solidifies its reputation within Italy, one of Europe’s most mature markets.

Strengthening Market Presence

Established in 2009, Sportbet offers a wide range of casino verticals, including bingo, live dealer games, and table games such as blackjack, poker, baccarat, and roulette. The partnership with Playson is expected to elevate Sportbet’s offerings further and enhance the gaming experience for its users.

Blanka Homor, Sales Director at Playson, expressed her enthusiasm about the partnership: “Italy remains a vital region for Playson and we are delighted to integrate our revered Hold and Win series with Sportbet directly. We believe that Sportbet’s ambitions align with ours to become a leading player in one of Europe’s most established markets.”

Boosting Casino Offerings

Alessandro Palumbo, Casino Manager at Sportbet, also shared his excitement: “At Sportbet, we pride ourselves on working with the world’s leading iGaming suppliers and this partnership with Playson fits seamlessly into our plans to maintain our focus in becoming Italy’s biggest online casino. The array of high-quality slots we offer our Italian players has undoubtedly been boosted by launching Playson’s popular Hold and Win series, which resonates with many across the region.”

This partnership is expected to deliver long-term value for both companies, reinforcing their positions in the competitive Italian market. Playson’s content portfolio, known for driving player engagement and retention, is anticipated to contribute to Sportbet’s growth and success significantly.

Playson’s strategic expansion into Italy through this partnership with Sportbet underscores its dedication to becoming a key player in the European iGaming landscape. The collaboration enhances Sportbet’s offerings and ensures that Italian players have access to some of the best online casino games available.

Source: “Playson Extends Italian Outreach with Sportbet Integration”, Playson, June 11, 2024.

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Playtech Extends Strategic Agreement with NorthStar in Ontario

Established iGaming industry stakeholders Playtech and the NorthStar Gaming Holdings extend the strategic partnership from June 2023 to reinforce their operations in the growing Ontario market. Their respective verticals, Playtech Software Limited and the NorthStar Ontario, will be able to exclusively focus on the operating goals set after Playtech has agreed to funnel CA$3.0m (US$2.2m) in short-term financing to NorthStar to facilitate player pool expansion in Ontario.

$4.0 Million Financing Facility

The original strategic agreement signed in June 2023 included a complete availability of Playtech Software’s services for the operator. The facility valued at $4.0 million was a key driver for NorthStar to increase its presence in the Canadian province in 2023 and grow revenues accordingly.

Six-Month Extension

The strategy seems to have proven successful as the deal is now extended. Under the extension, Playtech Software will continue with the provision of similar marketing services once again valued at $4.0 million. The renewed contract has been set for a six-month performance and will run through 31 October 2024.

Reimbursement Plan

Under the agreement, NorthStar will use the short-term financial facility to boost its marketing activities and repay the funds to Playtech Software from the income generated over the contract period. The operator will benefit from the balance between the revenue generated and the six-month financing cost, while the provider may benefit from the financing conditions.

Financing Ontarian Expansion

playtech_renews_ontario_deal_with_northstarAs for these conditions, NorthStar has already issued a $3.0m unsecured, interest-bearing promissory note to Playtech, with interest rate of 8.0% per annum, payable in arrears at maturity. According to NorthStar, the investment will help the company’s balance sheet adjustments and continued expansion in Ontario.

NorthStar chair and CEO Michael Moskowitz commented: “We are very pleased to continue to strengthen our relationship with Playtech, one of the world’s leading gambling technology companies. Their ongoing support has been instrumental in helping us to acquire new customers, provide a premium online gaming experience and fund the expansion of our brand in Ontario and across Canada.”

$12.25 Million Investment Boosts Collaboration

The extension of the 2023 strategic agreement comes after Playtech agreed to make a $12.25 million strategic investment in the NorthStar Ontario-based online casino and sports betting facility a few months earlier. In fact, the strategic partnership between the two companies dates back to December 2021. Since then, Playtech has supported NorthStar and the the existing contract for software and services has now been extended by 10 years.

Repayment Guarantee

Playtech’s investments are converted into equity and warrants related to Baden Resources Inc, a company acquired by NorthStar in March 2023.In this way, Playtech holds around 16% of shares belonging to NorthStar, as well as warrants to potentially acquire above 20% stake in this company. The transaction is additionally secured by the inclusion of Playtech’s chief financial officer Chris McGinnis in the board of directors of the subject entity.

Source: “Playtech renews Ontario deal with NorthStar and advances financing’’. iGaming Business. April 29, 2024.

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Light&Wonder Extends Its Partnership with Everi Digital to Expand to New Markets

Light & Wonder Incorporated and Everi Digital expand their long-term partnership and take it to the next level through a new deal. The partnership with Everi Digital, Everi Holdings Incorporated’s online gaming business, will allow Light & Wonder to expand across new markets in the UK, Europe, and Latin America.

Global expansion

light_and_wonder_signs_expanded_deal_allowing_everi_digital_to_further_global_reach_2Light & Wonder’s fans in the UK will be happy to hear that new games from Everi Digital’s impressive portfolio will be available to them through an advanced Light & Wonder online ecosystem.

When it comes to European expansion, the Italian players will get a chance to try some of Everi Digital’s games in the summer of 2024, while other countries will follow the lead and get access by the end of 2024.

Besides the European market, the companies will expand to South America, where the players will be able to enjoy thrilling Everi Digital’s titles from the first quarter of 2024.

Everi Holdings Incorporated became a leader in the industry when it came to providing both land-based and online casinos with fantastic content and advanced products such as financial technology services, player loyalty solutions, and bingo. The company is famous for following the newest trends, including launching fantastic video instant-win style games and perceived skill games that are about to be launched soon.

The partnership between Everi and Light & Wonder was established four years ago, and since then the companies have strengthened their positions in the North American market, offering a range of captivating content to the players in the continent.

Thanks to the success of the previous deals, they decided to expand it further. It means a lot to Light & Wonder since the deal is the latest phase of its long-term iGaming strategy, which includes establishing new partnerships with successful game developers and strengthening its position as one of the leading content providers in the world.

Light & Wonder’s portfolio currently consists of more than 3.500 games developed in-house and obtained from third-party studios. All of them provide a safe and secure gaming experience since they’re enriched with various responsible gaming tools.

Mutually beneficial partnership

Jordan Brent, the Digital Commercialization Vice-President at Everi, said: “This exciting collaboration with Light & Wonder allows Everi Digital to deliver our award-winning engaging gaming entertainment experiences to new players and markets. We are looking forward to providing our innovative content to a new segment of online players, driving the continued growth trajectory of our collective iGaming business.”

Steve Mayes, the Digital Partnerships Senior Director at Light & Wonder added: “Everi Digital’s content has proven hugely popular with players in North America and we look forward to sharing its games across more of our global network. We are always looking to expand the scope of our online content and stepper and skill games on Everi’s product roadmap will help achieve that goal.”

Source: Campbell, Alan, “Light & Wonder Signs Expanded Deal Allowing Everi Digital to Further Global Reach”. European Gaming. 2/6/2023.

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Light&Wonder Extends Its Partnership with Everi Digital to Expand to New Markets

Light & Wonder Incorporated and Everi Digital expand their long-term partnership and take it to the next level through a new deal. The partnership with Everi Digital, Everi Holdings Incorporated’s online gaming business, will allow Light & Wonder to expand across new markets in the UK, Europe, and Latin America.

Global expansion

light_and_wonder_signs_expanded_deal_allowing_everi_digital_to_further_global_reach_2Light & Wonder’s fans in the UK will be happy to hear that new games from Everi Digital’s impressive portfolio will be available to them through an advanced Light & Wonder online ecosystem.

When it comes to European expansion, the Italian players will get a chance to try some of Everi Digital’s games in the summer of 2024, while other countries will follow the lead and get access by the end of 2024.

Besides the European market, the companies will expand to South America, where the players will be able to enjoy thrilling Everi Digital’s titles from the first quarter of 2024.

Everi Holdings Incorporated became a leader in the industry when it came to providing both land-based and online casinos with fantastic content and advanced products such as financial technology services, player loyalty solutions, and bingo. The company is famous for following the newest trends, including launching fantastic video instant-win style games and perceived skill games that are about to be launched soon.

The partnership between Everi and Light & Wonder was established four years ago, and since then the companies have strengthened their positions in the North American market, offering a range of captivating content to the players in the continent.

Thanks to the success of the previous deals, they decided to expand it further. It means a lot to Light & Wonder since the deal is the latest phase of its long-term iGaming strategy, which includes establishing new partnerships with successful game developers and strengthening its position as one of the leading content providers in the world.

Light & Wonder’s portfolio currently consists of more than 3.500 games developed in-house and obtained from third-party studios. All of them provide a safe and secure gaming experience since they’re enriched with various responsible gaming tools.

Mutually beneficial partnership

Jordan Brent, the Digital Commercialization Vice-President at Everi, said: “This exciting collaboration with Light & Wonder allows Everi Digital to deliver our award-winning engaging gaming entertainment experiences to new players and markets. We are looking forward to providing our innovative content to a new segment of online players, driving the continued growth trajectory of our collective iGaming business.”

Steve Mayes, the Digital Partnerships Senior Director at Light & Wonder added: “Everi Digital’s content has proven hugely popular with players in North America and we look forward to sharing its games across more of our global network. We are always looking to expand the scope of our online content and stepper and skill games on Everi’s product roadmap will help achieve that goal.”

Source: Campbell, Alan, “Light & Wonder Signs Expanded Deal Allowing Everi Digital to Further Global Reach”. European Gaming. 2/6/2023.

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