Latest News
U.S. Online Gambling Losses to Pass $1 Trillion by 2028
Recent estimates by the World Health Organization (WHO) project the legal global online gambling market will reach $700 billion annually by 2028. Meanwhile, YieldSec, commissioned by the Campaign for Fairer Gambling (CFG), has estimated that the U.S. illegal online gambling market was valued at over $40 billion in 2023. Considering the market has been active for nearly 25 years, U.S. consumers and the economy are projected to lose at least $1 trillion to online gambling by 2028.
Derek Webb, founder and funder of the Campaign for Fairer Gambling, commented: âWith this latest health guidance from the WHO, the prospect of class action litigation, predicated on duty of care liability, against the legal online gambling market has increased. This is especially relevant where consumers have been induced into gambling beyond their means. Operators should already implement robust ‘know-your-customer’ procedures to ensure that funds used are not laundered or derived from criminal activity.â
The concept of âDuty of Care,â a legal obligation to prevent harm caused by negligence, has seen limited application in litigation against gambling operators. However, DraftKings is currently the subject of a lawsuit alleging that a gamblerâs addiction was ânurturedâ by the company.
Online gambling operators often use sign-up offers and ongoing bonuses to attract customers and intensify gambling activity. These tactics not only draw novices into gambling but also push casual gamblers toward riskier, excessive consumption.
Research on the Total Consumption Model shows that increased gambling consumption at a population level leads to higher individual harm. When legal online gambling is combined with illegal gambling, overall consumption rises, further exacerbating harm.
The WHO emphasizes the need for universal, population-wide public health policies to combat gambling harm. Among the seven strategies it recommends is âending gambling advertising, promotion, and sponsorship of sports and other cultural activities.â
Some state attorneys general have issued âcease and desistâ letters to illegal operators, such as Bovada, a site licensed in Curacao. However, enforcement remains inconsistent. If Bovada exits a state, other illegal operators often step in to fill the void in the absence of rigorous federal enforcement.
Webb added: âStates giving tax breaks to any form of gambling or gambling promotion should consider whether they are exposing themselves or their regulators to litigation risk. Legislators and regulators cannot continue to rely on the theory of responsible gambling, which shifts the burden of harm prevention onto individuals, while ignoring the WHO’s recommended strategies to control online gambling harm. Promoting legalization as a way to reduce gambling addiction or eliminate illegal gambling is misleading and unsustainable.â
awards
Yaamavaâ Resort & Casino at San Manuel Named #1 Best Overall Casino Outside of Las Vegas and #1 Best Native American Casino in 2024 Newsweek Readersâ Choice Awards
Yaamavaâ Resort & Casino at San Manuel has announced that it has earned top honors in the prestigious 2024 Newsweek Readersâ Choice Awards, securing the titles of Best Overall Casino Outside of Las Vegas and Best Native American Casino. These dual awards mark the resortâs first-ever #1 ranking in the annual readersâ poll, further solidifying its position as a premier destination for gaming, entertainment and hospitality.
âWe are delighted to add Newsweek to Yaamavaâs growing list of national recognitions for 2024. These awards are a testament to our best-in-class service and to the leadership of the San Manuel Band of Mission Indians who make this all possible. The Tribeâs commitment to hospitality is truly unmatched,â said Kenji Hall, General Manager of Yaamavaâ Resort & Casino.
Thousands of voters participated in the Newsweek Readersâ Choice Awards, and their votes placed Yaamavaâ at the forefront of the highly competitive casino and hospitality categories.
Earlier this year, Yaamavaâ Resort & Casino was also named 2024 USA TODAY 10Best Readersâ Choice Award for Best Casino Outside of Las Vegas and the Best Casino Restaurant for its acclaimed Pines Modern Steakhouse. Additionally, Yaamavaâs sister property, Palms Casino Resort in Las Vegas, was named Best Casino in Las Vegas for the second consecutive year.
Yaamavaâ Resort & Casino has consistently set the gold standard for gaming, dining, entertainment, and hospitality since opening in 2021. Known for its luxurious facilities, diverse gaming options, and commitment to delivering unforgettable experiences, the resort is a must-visit destination in Southern California. The gaming floor now features over 7400 slot machines, the most of any casino in the West.
Compliance Updates
TaDa Gaming Celebrates Further Brazilian Certification Across its Portfolio
Innovative casino content provider, TaDa Gaming, has had more top performing games officially certified for operators and players in Brazil.
GA, the globally recognised ISO/IEC 17025 Testing Laboratory, ISO/IEC 17020 Inspection Body and ISO/IEC 17065 Certification Body, has given its approval to a raft of TaDa releases, reinforcing its already strong brand position in the Brazilian market.
Brazilâs rapid growth and evolving legal framework for gaming regulation have provided opportunities and challenges. Ensuring compliance through certification is a key part of TaDaâs growth strategy as it continues to sign multiple new partnerships with local and international casino platforms, including recent deals with market leaders Aposta Ganha, Cactus Gaming and Betsul.
Enabling casino operators to offer more TaDa signature quality titles, such as Money Coming and Crazy 777, alongside TriLuck release, 3 Coin Treasures, gives players diversity in both theme and ways to win. The leading Fortune Gems series is already fully certified for the Brazilian market.
Ray Lee, Director of Business Development, TaDa Gaming, said: âHaving our quality and integrity in casino game content verified by GA is testament to our commitment to our clients and players.â
Latest News
Gambling.com Group Enters into Definitive Agreement to Acquire Odds Holdings
Gambling.com Group announced that it entered into a definitive agreement to acquire Odds Holdings Inc., the parent company of OddsJam. Under the terms of the agreement, Odds Holdings stockholders will receive initial consideration of $80 million and may receive up to an additional $80 million based on Odds Holdingsâ business performance through the end of 2026. Gambling.com Groupâs acquisition of Odds Holdings further expands the Companyâs online gambling industry footprint, adding complementary recurring revenue from new and existing users and partners.
Odds Holdings is powered by a state-of-the art technology platform for real-time odds data and offers services under multiple consumer and enterprise brands. Gambling.com Group believes the odds platform is the industryâs most advanced and delivers data to end-users with the lowest latency. The platform is built for scale, processing on average over one million requests per second and multiple terabytes of data per day, across nearly 300 sportsbooks. OddsJam is the flagship brand offering premium, real-time odds information to empower sports bettors to make data-driven bets through a consumer facing website and app. Under a separately managed company, Odds Holdings also provides low latency, comprehensive odds data to enterprise clients for a variety of sports betting use cases.
Closing is expected to occur on January 1, 2025 and is subject to customary closing conditions. The transaction will be immediately accretive to Gambling.com Groupâs operating results upon closing. For 2024, Odds Holdings expects to generate revenue and Adjusted EBITDA of approximately $26 million and $12 million, respectively. Gambling.com Group expects that under its management Adjusted EBITDA derived from the Odds Holdings assets will grow by at least 20% in 2025. The Odds Holdings team, including OddsJam founders Ankit Goyal and Alex Monahan as well as CEO, Matt Restivo, will join Gambling.com Group.
âThe accretive acquisition of Odds Holdings will immediately provide Gambling.com Group with additional, recurring revenue streams which are independent of our market-leading online gambling affiliate business, consistent with our strategy to expand our footprint in the online gambling industry,â said Gambling.com Group co-founder and CEO, Charles Gillespie.
âWe are delighted to welcome the Odds Holdings team to Gambling.com Group as we accelerate growth towards our goal of $100 million in Adjusted EBITDA. Their talented team has not only built a state-of-the art odds technology platform, but managed to build multiple distinct products on top of that platform which have very clear product-market fit. Odds Holdings gives Gambling.com Group a suite of new enterprise products while OddsJam in particular brings a passionate and energetic new consumer audience to the Group.
âWe have achieved the vast majority of our growth through organic market share gains, while also successfully executing on several strategic, accretive acquisitions that have contributed to our consistently improving financial performance. Our acquisitions of RotoWire, BonusFinder and Freebets.com have proven that we can leverage our high free cash flow to identify, acquire and accelerate growth, creating value for our shareholders, while prudently managing our capital structure and balance sheet,â added Gillespie.
âCombining with a tech-focused leader in the global online gambling industry like Gambling.com Group is the natural next step for Odds Holdings,â said Odds Holdings CEO, Matt Restivo.
âBy leveraging Gambling.com Groupâs expertise, innovation and resources we will be optimally positioned to scale our technology and data-driven insights to reach an even larger audience of online bettors, including beyond the North American market. Weâre looking forward to working with the Gambling.com Group founders Charles and Kevin and their team to create a deeper connection with our customers to enhance their online gambling experiences,â said OddsJam founders Ankit Goyal and Alex Monahan.
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