Compliance Updates
Betfair Receives Five-year iGaming License in Colombia
Coljuegos, the gambling regulator in Colombia, has awarded a five-year igaming license to sports betting exchange Betfair.
The license will allow Betfair to operate betting on real sporting and non-sporting events, online slots, roulette, and blackjack. The operator is expected to contribute COP$23bn ($6.5m) to the Colombian economy.
Coljuegos said that with the approval of the seventeenth authorized gambling website in the jurisdiction, the gaming sector in Colombia has proven itself to be an attractive opportunity for national and international businesses.
Coljuegos president CĂŠsar Augusto Valencia Galiano emphasized the importance of gambling with regulated operators in order to ensure security, the proper handling of personal and financial information, and the availability of responsible gambling resources.
âThe portals authorised by Coljuegos guarantee the delivery of the prizes, the protection of data and the proper functioning of the platforms,â he said.
âWe must remind all Colombians that operating unauthorised platforms leads to committing a crime for which penalties ranging from six to eight years in prison and fines of approximately COP$272m for each establishment can be incurred; point of sale, outlet or vendor.â
Compliance Updates
Playân GO breaks new ground with entrance into third Argentinian province
Swedish gaming giantsâ games now available in the province of CĂłrdobaâs newly regulated market
Playân GO, the worldâs leading casino entertainment provider, has today announced their expansion into yet another new regulated market, as the Swedish gaming giant has agreed a partnership with Betsson in the province of CĂłrdoba, Argentina.
Argentina is currently in a process of regulation for online gaming purposes on a province-by-province basis, and the partnership with Betsson sees Playân GO enter yet another regulated market, keeping up the momentum from 2023 that saw the company expand its global reach.
This announcement sees Betssonâs players in CĂłrdoba gain access to Playân GOâs entire catalogue of games, including classics such as Book of Dead, Reactoonz, and Moon Princess.
This announcement is a signal of intent from Playân GO, who reiterate their commitment to be present in every regulated market in the world.
Michele Stefanelli, Sales Leader, LATAM and Southern Europe, Playân GO said: âOur first foray into a new region is always exciting for us, and weâre looking forward to a successful partnership with Betsson in CĂłrdoba. Players around the world, and especially in the LATAM region, have already shown their fondness for our content, and weâre quietly confident that this new region will be no different. We are on record with our commitment to a safe, regulated industry, and weâre very pleased to see that approach rolled out globally by lawmakers and operators alike.â
Maximiliano Bellio, Managing Director Betsson Argentina, added: âWeâre pleased to welcome Playân GO to the Betsson family here in the CĂłrdoba region, and we look forward to many years of success together. Like Playân GO, Betsson is committed to a sustainable industry model, so this partnership makes perfect sense for both parties. Weâre sure our players will be as excited as we are once they start playing these games that have proven so popular around the world, so letâs get started.â
Playân GOâs games are already available in the autonomous city of Buenos Aires and Buenos Aires Province within Argentinaâs federal system.
Compliance Updates
OpenBet bolsters compliance technologies with the launch of geolocation product, OpenBet Locatorâ˘, powered by Amazon Web Services (AWS)
OpenBet Locator⢠provides a highly flexible, low latency and scalable alternative for global betting and gaming marketplace
OpenBet, a leading content, platform and service provider to the global betting industry, has bolstered its modular product portfolio with the launch of its new flexible and scalable geolocation product â OpenBet Locatorâ˘.
Built on the backbone of Amazon Web Services (AWS), OpenBetâs strategic cloud provider, OpenBet Locator⢠is a low latency solution that enables operators worldwide to locate, promote to, and monitor customers, remaining fully compliant with regulatory requirements.
The technology strengthens OpenBetâs reputation for market-leading player protection and compliance following the companyâs acquisition of Neccton in 2023. With OpenBetâs regulatory reach and multiple licenses, brands will be able to ensure seamless and swift integration of its trusted and compliant technology into their ecosystem.
Initially targeting the North American market, the solution will feature a number of components, such as:
- Fully flexible geo-fence management and high precision location tracking
- Fraud prevention combined with real-time virtual private network (VPN) and location spoofing detection
- Player targeting for customer relationship management (CRM), data analysis and in-venue promotions
- Multi-tenanted solution that supports travelling wallet
- Easy and flexible configuration options to streamline business operations workflows
The product is underpinned by OpenBetâs unrivalled expertise within the global betting industry and is designed to remove the friction of geolocation to the end-customer’s onboarding process.
Jordan Levin, CEO of OpenBet, said: âIntroducing OpenBet Locator⢠is an exciting move for us and takes our modular product offering to a new level. Built in-house and leveraging AWS technology, we have developed a strong proposition that can be tailored to meet unique business needs.
âAs a pioneer within the global sports betting arena for over 25 years, we have an in-depth understanding of the challenges and opportunities operators face within highly regulated markets. OpenBet Locator⢠is a scalable, compliant and dependable geolocation solution that removes the barriers to operatorsâ success.â
Compliance Updates
Gaming CEOs Optimistic on Industry Outlook, Report Evolving Industry Challenges
Amidst an evolving economic landscape, gaming executives report a positive outlook on future industry business conditions while remaining satisfied with the current business environment, according to the American Gaming Associationâs (AGA) Gaming Industry Outlook.
Nearly all gaming executives surveyed characterized the current business environment as good (44%) or satisfactory (50%), mirroring similar sentiment from Q3 2023. Meanwhile, executives are more optimistic about future conditions, with 32 percent of CEOs expecting business conditions to improve over the next six months, up from 20 percent in Q3 2023.
âGamingâs record-setting growth over the last three years has set a new standard for industry success,â said AGA President and CEO Bill Miller. âHowever, as we enter a period of market normalization, continued investment and innovation in offering world-class, responsible entertainment experiences will be required to maintain industry momentum.â
Gaming Executive Panel
Gaming executives have become more positive in their views that overall balance sheet health will improve over the next 6 months (42% net positive), but they expect the pace of revenue growth (13% net negative) and new hiring (22% net negative) to slow. These expectations for decelerating growth have influenced expectations for increases in capital investment and gaming units in operation, with smaller net positive sentiments than before.
- In contrast to past Outlooks, gaming equipment suppliers are slightly pessimistic about the sale of gaming units for replacement use and new or expansion use (both 13% net negative). However, they remain optimistic about the pace of capital investment (38% net positive).
- Half of operator CEOs expect capital investments in hotels over the next year to be higher than normal, and compared to last fall, more also expect higher than normal levels of capital investment in meetings and conventions and table games (28%). Meanwhile, 44 percent of CEOs expect increases in food and beverage investment, down from 67 percent in Q3 2023.
These expectations are also informed by evolving macroeconomic challenges. Executives report that inflationary or interest rate concerns continue to be a major factor limiting operations (28%), but these have been overtaken by geo-political risk (34%) and uncertainty of the economic environment (34%) as the biggest limiting factors in the most recent Gaming Executive Panel.
Current Conditions Index
The Current Conditions Index of 102.8 for Q1 indicates solid annualized real economic growth in the industry of 2.8%. This includes gaming revenue, employment and employee wages and salaries. Notably, the Current Conditions Index shows gaming expanding faster than the overall U.S. economy which last week reported 1.6 percent GDP growth in Q1 2024.
Future Conditions Index
The Future Conditions Index stands at 102.2, indicating annualized industry economic activity, after controlling for underlying inflation, is expected to moderately increase over the next six months. This outlook reflects Oxford Economics’ forecast that the U.S. economy will slow during 2024 but avoid recession. Despite a projected economic slowdown, consumer survey results continue to indicate that more than one-third of adults expect to visit a casino during the next 12 months, consistent with prior quarter results.
About the Outlook
The AGA Gaming Industry Outlook is prepared biannually by Oxford Economics. It provides a timely measure of recent industry growth and future expectations. The Q1 2024 survey was conducted between March 28 â April 10, 2024. A total of 32 executives responded, including executives at the major international and domestic gaming companies, tribal gaming operators, single-unit casino operators, major gaming equipment suppliers, and major iGaming and/or sports betting operators.
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