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LeoVegas Joins EGBA to Advance Safer Gambling and Industry Standards

leovegas_joins_egba_to_improve_industry_standards_in_europe The European Gaming and Betting Association (EGBA) has officially welcomed LeoVegas Group as its newest member. This collaboration aims to advance safer gambling practices, promote responsible advertising, and ensure compliance with EU regulations, including anti-money laundering (AML) measures.

Enhancing Safer Gambling Across Europe

LeoVegas, a leader in the online gambling industry, will participate in EGBA’s working groups, contributing its expertise to initiatives that prioritize consumer protection and regulatory compliance. Carl Brincat, LeoVegas’ Director of Policy & Regulatory Affairs, commented:
“As a company committed to safer gambling and technological innovation, we look forward to contributing our expertise to EGBA’s important work. This partnership aligns perfectly with our vision of leading the way towards a sustainable and well-regulated gambling industry in Europe.”

This partnership also reinforces EGBA’s representation in the Nordic region, where LeoVegas has a strong market presence. By joining forces with EGBA, LeoVegas strengthens its position as a proponent of well-regulated online gambling markets that prioritize consumer safety and entertainment.

Expanding Global Operations

In 2024, LeoVegas made significant strides in its global expansion efforts. Notably, the company acquired Tipico’s US sportsbook platform, enabling it to control proprietary sportsbook technology and operate in international markets. Under the umbrella of its parent company, MGM Resorts International, this move reflects LeoVegas’ ambition to expand its influence beyond Europe.

Additionally, LeoVegas extended its collaboration with Playtech earlier this year, integrating platform technology into its Dutch operations and other European markets. These efforts underscore LeoVegas’ commitment to maintaining high standards of operational excellence and regulatory compliance across its growing portfolio.

EGBA Welcomes LeoVegas

Maarten Haijer, Secretary General of EGBA, expressed enthusiasm for the new partnership:
“We’re delighted to welcome LeoVegas Group to EGBA’s membership and pleased to close the year with another new member. As a leader in our industry and with strong Nordic market presence, LeoVegas Group brings valuable expertise to our association and will enhance our collective efforts to promote a well-regulated and sustainable gambling sector in Europe. We look forward to working closely with our new colleagues on our shared commitment to high industry standards.”

LeoVegas’ inclusion in EGBA not only boosts the association’s influence in the Nordics but also exemplifies its mission to create a safer, more sustainable online gambling ecosystem throughout Europe.

Source:

”European Gaming and Betting Association (EGBA)’s Post‘‘, LinkedIn, December 16, 2024.

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Canadian Gambling Industry Sees 79.3% Surge in Suspected Fraud in H1 2024

Suspected-Digital-Fraud-Coming-from-Canada-Up-Nearly-11_-Since-H1-2023-Reveals-New-TransUnion-AnalysisThe Canadian gambling industry is experiencing a significant surge in suspected digital fraud attempts, with a staggering 79.3% year-over-year (YoY) increase in the first half of 2024 (H1 2024). According to a new report by TransUnion, the gambling sector, including online sports betting and poker, saw the highest rate of suspected fraud among all Canadian industries, with 9.6% of all transactions flagged as suspicious.

This dramatic rise in fraud outpaced other major sectors, such as retail (9.2%) and government services (7.7%). The sharp increase highlights growing concerns within the gambling industry over the security of digital transactions as online gambling continues to expand across Canada.

Gambling Industry Leads Fraud Rates in Canada

Among the 19 regions analyzed by TransUnion, Canada’s gambling sector stood out for its high rate of suspected fraud. While global trends showed a 9.2% decline in suspected fraud attempts within the gambling industry, Canada bucked the trend with its nearly 80% increase. This growth in fraudulent activity has been particularly alarming as more players turn to online platforms for sports betting and poker.

The report noted that, across all sectors in Canada, the overall suspected fraud rate was 5.74%, meaning that gambling-related fraud was almost double the national average.

The increased risk of fraud is largely attributed to the boom in online gambling, which has flourished since the legalization of iGaming in Ontario in 2022. However, this growth has also made the sector a prime target for fraudsters, raising concerns for operators and players alike. Fraud can damage user trust and impact the overall experience, making it essential for businesses to implement strong security measures.

Fraud Types and Business Impact

Fraud in the gambling industry typically falls into several categories, including scam/authorized fraud, account takeovers, and synthetic identity fraud. Scam/authorized fraud was the most common, cited by 31% of businesses in a separate TransUnion survey. Account takeovers, where fraudsters gain access to users’ online gambling accounts without their permission, were the second most prevalent, impacting 19% of businesses.

As a result of these fraud schemes, Canadian businesses across all sectors reported losing approximately 6% of their revenue—an estimated $78 billion—in the past year due to fraud. Gambling operators, who rely heavily on trust and security to maintain player engagement, are particularly vulnerable to the impact of these losses.

Calls for Stronger Fraud Prevention in the Gambling Sector

In response to these alarming trends, experts are urging Canadian gambling operators to prioritize fraud prevention technologies to protect both their businesses and consumers. Patrick Boudreau, Head of Identity Management and Fraud Solutions at TransUnion Canada, emphasized the importance of advanced security measures to combat evolving fraud tactics.

“Protecting customers and their businesses from fraud is essential to enabling safe and tailored consumer experiences,” Boudreau stated. He highlighted the need for identity verification, IP intelligence, and device reputation monitoring as critical components of a comprehensive fraud prevention strategy.

Source:

“Suspected Digital Fraud Coming from Canada Up Nearly 11% Since H1 2023, Reveals New TransUnion Analysis“, globenewswire.com, October 16, 2024.

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Leading Trade Groups Announce Partnership to Address Issues Facing Global Gaming Industry

Three of the world’s most prominent trade groups representing the interests of gaming operators in the United States, United Kingdom, and Europe have announced a pact.

gaming trade groups AGA American Gaming Association
(L to R) Graine Hurst, CEO of the Betting & Gaming Council, American Gaming Association President and CEO Bill Miller, and European Casino Association Chair Erwin Van Lambaart sign a pact to collaborate on addressing issues facing the global gaming industry. The landmark memorandum of understanding was signed at the 2024 Global Gaming Expo in Las Vegas on Oct. 9, 2024. (Image: American Gaming Association)

On Wednesday, the American Gaming Association, the UK’s Betting & Gaming Council, and the European Casino Association announced a memorandum of understanding that marks the beginning of a cross-Atlantic collaboration to share industry values and priorities. The three organizations each committed to addressing key matters facing the global gaming industry, including ongoing efforts to stop illegal gambling and promote responsible gaming, innovation, and casino security.

This new partnership is a significant step forward in our collective efforts to advance the legal gaming industry and protect consumers around the globe,” said AGA President and CEO Bill Miller. “By sharing our unique resources, we will expand our fight against illegal gambling to new fronts, work together to strengthen responsible gaming, and innovate around business best practices.”

The collaborative announcement came during the Global Gaming Expo (G2E) that is currently being held at The Venetian Expo in Las Vegas. The event concludes today.

Research Focus

The three trade groups, which promote laws and regulations favorable to the casinos and gaming operators they represent, say their alignment will better foster the development of joint research and expedite the implementation of new best practices.

The first initiative, the groups said, will be a law enforcement roundtable in January 2025. The discussion will center on how illegal gambling impacts the regulated industry and puts consumers at risk.

The session will explore strategies to enhance cross-jurisdictional communication and the development of “actionable solutions” to address the challenges associated with illegal gambling, a statement regarding the collaboration explained.

Gaming Getting Younger

The global gaming industry is richer than ever before. In 2023, the US, the richest gaming country in the world, generated almost $110 billion in gross gaming revenue (GGR) from commercial and tribal gaming operations.

Gaming continues to expand worldwide. The United Arab Emirates’ forthcoming casino industry is projected to add up to $5 billion annually in new GGR, while new casinos in the Philippines, Vietnam, and South Korea additionally continue to open.

Macau’s COVID-19 recovery is ongoing. In the US, casinos continue to debut in jurisdictions like Virginia and Illinois, and the global industry’s eyes are heavily fixated on the impending integrated casino resort developments in New York City.

Miller said at G2E this week that the gaming demographic, at least stateside, is finally trending younger. After years of toying with new ideas, including electronic games that included skill elements, as millennials were thought not to enjoy slots nearly as much as their parents and grandparents, Miller says the industry’s innovators have finally found new ways to appeal to younger people. Sports betting has also helped.

A decade ago, the gaming industry was trying to figure out why we weren’t appealing to younger generations. The mantra back then was, well, we’ll get them when they’re 50,” Miller explained.

Miller detailed that the average age of a casino patron in 2019 was 50. Today, it’s 42.

“This is a huge shift,” Miller said. “It’s one that we need to keep driving to stay on the growth trajectory.”

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Colombia’s Online Gambling Industry Fuels Economic Growth in Q2 2024

Colombia-government-credits-online-gambling-for-supporting-GDP-growth-in-Q2Colombia’s online gambling industry has emerged as a significant driver of economic growth in the second quarter of 2024, contributing to a 2.1% increase in the country’s Gross Domestic Product (GDP). The National Administrative Department of Statistics (DANE) identified online gambling as one of the key activities behind this economic upswing, highlighting the sector’s growing influence on the nation’s financial health.

Online Gambling’s Impact on GDP Growth

The recent report from DANE underscored the vital role of online gambling in bolstering Colombia’s economy, particularly through its association with major sporting events. Piedad Urdinola, DANE’s director, emphasized that the surge in online betting was largely driven by popular sporting events, such as the Copa América, where the Colombian national team made it to the final. This surge in sports-related betting activity has been credited with significantly boosting the overall performance of the iGaming sector.

In the second quarter alone, Colombia’s online gambling market generated a staggering COP10 billion (approximately $2.5 billion). According to Marco Emilio Hincapié, president of the Colombian gambling regulator Coljuegos, sports betting accounted for nearly half (47%) of the total gross gaming revenue (GGR) during this period. The success of the sector reflects a combination of well-regulated markets and strategic advancements that have effectively curbed illegal gambling operations.

Health Sector Benefits from Gambling Revenue

The growth of online gambling in Colombia has also translated into substantial benefits for the country’s health sector. Hincapié reported that, to date, online betting has generated nearly COP231.3 million (around $58 million) in revenues allocated to healthcare. This figure represents a 20% increase in monopoly revenues paid to Coljuegos compared to the previous year, underscoring the sector’s expanding contribution to public welfare.

Colombia was the first country in Latin America to regulate iGaming, a milestone achieved with the enactment of the Egaming Act in 2016. This legislation allowed for the legal operation of both online casinos and sports betting, subjecting operators to a tax rate of 15% of GGR for those with a return-to-player (RTP) rate of 83%, and 17% for operators exceeding this RTP threshold.

Future Outlook and Continued Innovation

The positive impact of the online gambling sector on Colombia’s economy and health system has encouraged regulatory bodies to pursue further innovations. Hincapié expressed optimism about the future of the industry, stating that if current trends continue, the total collection from gambling activities could exceed $1 billion by the end of the year. This would surpass initial projections and provide even more resources for public health and scientific research.

In addition to sports betting, other localized games such as bingo and casino games also contributed significantly, accounting for 33% of the GGR. Lottery games like AstroSport and Baloto added another 13% and 7%, respectively, to the revenue mix.

Hincapié concluded by reaffirming Coljuegos’ commitment to maintaining the growth trajectory of the gambling sector through ongoing regulation and innovation. By fostering a well-regulated environment, the industry aims to generate more jobs, stimulate economic activity, and continue to provide valuable financial support to vital public sectors such as health and research.

Source:

“Colombia government credits online gambling for supporting GDP growth in Q2”. iGaming Business. August 20, 2024.

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Pennsylvania Gaming Industry Reports Best Year Ever, 2023 Revenue Nearly $5.7B

Add Pennsylvania to the list of states calling 2023 their best year ever in terms of gaming. Joining New Jersey, which earlier this week announced record annual revenue, Pennsylvania on Thursday revealed that 2023 was a banner year for its gaming industry.

Pennsylvania gaming revenue casinos
Parx Casino was the top-grossing property in the Pennsylvania gaming industry in 2023. The year was a banner performance for the state industry, as revenue reached nearly $5.7 billion. (Image: Parx Casino)

Pennsylvania has brick-and-mortar casinos, iGaming, in-person and online sports betting, truck stop video gaming terminals, and fantasy sports. In 2023, the varying gaming interests combined to win a record $5.697 billion. The 2023 win represents a 9.3% year-over-year increase.

The year-end report from the Pennsylvania Gaming Control Board (PGCB) revealed that iGaming, consisting of online slot machines and table games, was primarily responsible for the record performance. Internet gamblers lost $1.74 billion, 28% more than they did in 2022.

Physical slot machines inside the state’s 17 casinos also fared well, as the terminals generated record gross gaming revenue (GGR) of $2.46 billion, a 3% improvement. Oddsmakers saw their sports betting hold climb more than 14% to a record $458.6 million.

The other verticals experienced slight year-over-year declines. Casino table game win dropped 2% to $990.5 million. VGT revenue fell 2% to $42 million, and revenue from fantasy sports contests slowed by 10% to $20 million.

iGaming Surging

iGaming in the six states where online casinos are legal continues to thrive. The $1.74 billion won by the online channels last year continued the sector’s impressive run.

Pennsylvania legalized iGaming through the state’s 2017 gaming expansion package. Online operations didn’t go live until late 2019.

iGaming’s first full year in Pennsylvania in 2020 came at a most suitable time. As the state ordered its physical casinos to shutter amid the pandemic, online casinos were open for play. iGaming platforms won more than $565.7 million that year.

Pennsylvania online casinos have only furthered their growth since. iGaming GGR in 2021 topped $1.11 billion, and ballooned to $1.36 billion in 2022.

The state’s land-based casinos have managed to increase their revenues despite iGaming’s significant revenue increases.

Retail slots and tables won $3.43 billion last year, a 1.6% year-over-year increase. The 2023 casino win also represents a 7% surge on 2021 GGR, but was only 5% richer than pre-pandemic 2019.

While brick-and-mortar casinos in iGaming states have managed to increase their year-over-year GGRs, analysts have expressed concerns that the online games could be slowing more robust brick-and-mortar growth.

Parx Leads

Parx Casino north of Philadelphia was the top-grossing casino in the commonwealth last year. The property won $386.2 million on its slots and $202 million on its tables for a combined haul of $588.2 million.

Parx and its sister casino, Parx Casino Shippensburg, are the only smoke-free casinos in the state.

Wind Creek Bethlehem placed second with GGR of $526.3 million, with slots accounting for $285 million and tables for $241.3 million.

As for iGaming, Penn Entertainment’s Hollywood Casino online brand led the way with revenue of $712.4 million. Penn held an impressive 41% market share of the iGaming industry. There are 12 online casino operators.

Pennsylvania Loses to New Jersey

Nevada and New Jersey had long been the country’s two richest gaming states until 2022 when Pennsylvania squeaked by the Garden State for second place. Pennsylvania’s 2022 GGR of $5,211,274,456 edged New Jersey by just $28,735.

New Jersey regained the second spot in 2023 after reporting GGR of more than $5.77 billion. Nevada hasn’t yet revealed its December numbers, but through November, the state’s casinos won more than $14 billion.

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