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PlayFL.com: Florida sportsbooks could generate as much as $12 billion in wagering annually under new agreement

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ILLINOIS SPORTSBOOKS HIT RECORD $840 MILLION IN BETS IN OCTOBER Football, basketball betting spurs records for handle, revenue, and tax revenue as end of in-person registration requirements approaches, according to PlayIllinois

 

Florida Gov. Ron DeSantis’ landmark compact agreement with the Seminole Tribe could open the door to a retail and online sports betting market that would potentially be the largest in the U.S., capable of generating as much as $12 billion in bets annually, according to estimates by PlayFL.com, which tracks the state’s regulated online gaming and sports betting market.

“Assuming the industry launches with the current framework in place, there is little question that sports betting will drive a massive amount of revenue for the state,” said Dustin Gouker, analyst for the PlayUSA.com network, which includes PlayFL.com. “This is a unique design with no direct comparisons among markets that are already active. But with Florida’s large population, the brand recognition of Hard Rock, a framework that leaves room for more participants, and a reasonable revenue-sharing structure, Florida will have a higher ceiling than any other market to date.”

The governor’s agreement with the Seminole Tribe, which will serve as a sort of sports-betting gatekeeper as well as operate its retail online sportsbooks under the Hard Rock brand, must still be approved by the state legislature, and legal challenges to the deal have already been threatened. But if the compact survives the remaining obstacles, Florida would join 26 other U.S. states and Washington D.C., that have approved regulated sports betting in some form. Twenty-two of those jurisdictions have launched.

Even with this unusual agreement, Florida could become one of the largest sports betting markets in the country, according to PlayFL projections. By the market’s third year, Florida’s retail and online sportsbooks could generate between $8 billion and $12 billion per year, with $10 billion annually a likely target. Those bets could create more than $1 billion in operator revenue. And with a 13.75% revenue share from tribal operations and 10% from pari-mutuels, sports betting could yield more than $125 million for the state annually.

“The structure in Florida won’t be quite as ideal for consumers as a truly open and competitive market, with a robust roster of operators competing vigorously to attract their attention,” said Eric Ramsey, analyst for PlayUSA.com and PlayFl.com. “But unlike truly closed markets like New York or New Hampshire, the revenue-sharing structure leaves more room for the operator to create an appealing product and promote it. And Florida has so many positive attributes that the market should flourish.”

Among the market’s many attributes, Florida and its more than 20 million residents would become the largest state to date to legalize and regulate sports betting, easily surpassing Illinois and Pennsylvania, which are the two largest states to have legalized sports betting with populations near 13 million. Pennsylvania generated $3.6 billion in 2020, despite the pandemic-related shutdowns of major sports. Illinois has taken in $3 billion in bets since launching in July 2020. Only New Jersey and Nevada have generated more over that time.

In addition, Florida is home to multiple franchises in each major North American professional sports league, 13 universities with NCAA Division I athletics, the best-known NASCAR event in the country among other auto races, and multiple PGA Tour events. All of which will help boost local interest.

And every year sports fans travel to Florida for an unrivaled collection of college bowl games, NCAA Tournament games, baseball’s spring training, the occasional Super Bowl, and other high-profile events.

“The process to legalize sports betting has been unusual so far, but the appeal of Florida’s market is obvious,” Ramsey said. “Florida should be able to count on an unusual amount of action flowing in from other states because of its appeal as a sports tourism destination, bolstering what will already be the largest local customer base. As it stands now, there is no other market in the U.S quite like Florida.”

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Compliance Updates

Spinomenal is now a registered provider in Peru

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Spinomenal, the leading iGaming content provider, has expanded its Latin American presence by registering as a service provider in Peru. The approval from Peru’s Ministry of Foreign Trade and Tourism (MINCETUR) allows Spinomenal to provide its casino titles to the country’s locally licensed operators.

With Peru’s recent introduction of new gaming regulations, the iGaming environment is set for an exciting transformation. Spinomenal is thrilled to be part of this dynamic evolution, offering our state-of-the-art gaming solutions to energise and enhance the gaming experience within Peru’s thriving iGaming community.

Peruvian players will now be able to enjoy Spinomenal’s popular portfolio of games and some of the gems available are Majestic King and Demi Gods V.

Spinomenal CO-CEO, Lior Shvartz commented: “Latin America continues to be a key region for us and we’re proud to now be able to offer our titles within the regulated Peruvian market. Games have been hand-picked for Peruvians based on localised knowledge of player preferences gained by our experience in the market prior to the new regulation.”

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Latin America

Belatra amplifies LatAm presence with Apostala partnership

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Belatra Games, the specialist online slots developer, has amplified its Latin American presence after signing a content deal with distinguished online gaming and sports betting platform, Apostala.

Based out of Paraguay, Apostala will now have seamless access to a rich assortment of Belatra Games’ captivating and innovative titles, offering local players access to an unparalleled spectrum of gaming delights. Some of the popular titles joining Apostala are Mummyland Treasures, Big Wild Buffalo, Dragon’s Bonanza, Golden øks and the most recent release, Chef’s Sticky Fruits.

Belatra Games’ success is rooted in its commitment to delivering premium entertainment to players across the globe. This alliance with Apostala underscores Belatra’s dedication to fostering strategic partnerships that generate long-term growth and elevate the gaming landscape for players worldwide.

Andres Troelsen, Belatra Games’ Commercial Director for Latin America, said: “Our collaboration with Apostala marks a pivotal moment for Belatra Games as we extend our influence throughout Latin America. Our partnership represents a shared commitment to redefine the gaming experience for players in Paraguay and beyond. Together, we aspire to craft a gaming platform that not only entertains but also inspires and delights players at every turn.”

Apostala Director, Fernando Ribeiro, added: “It’s been a pleasure working alongside the entire Belatra team, we are growing together and we have great plans for the future.”

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partnerships

The GLI Group (GLI®) Acquires SeNet International Corporation, Bringing Expanded Information Technology Security Capabilities to U.S. Clients

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The GLI Group (GLI®) has acquired SeNet International Corporation (“SeNet”), bringing expanded cybersecurity and other IT capabilities to clients of the GLI Group, Bulletproof a GLI Company, and SeNet. The companies serve a wide range of clients in the casino gaming space and across the business spectrum.

Founded in 1998, SeNet is an information security services company serving government and commercial clients, including the gaming industry, throughout the United States.

As part of the acquisition, the GLI Group will operate SeNet in conjunction with Bulletproof Solutions, ULC (“Bulletproof”), an information security company headquartered in Fredericton, Canada and wholly owned by the GLI Group. SeNet will operate as the U.S. information-security platform for Bulletproof, which will benefit existing SeNet clients by offering the broader information security services of Bulletproof, and Bulletproof’s current U.S. client base by delivering services through local information security professionals.

As the U.S. platform for Bulletproof, SeNet will leverage the combined capabilities of both companies to deliver enhanced information security services to clients. The investment further demonstrates the GLI Group’s commitment to providing world-class information security services to clients.

The GLI Group announced that, as part of the acquisition, all SeNet employees will continue to operate as a part of SeNet. That includes SeNet co-founder and CEO Ilan Katz and Chief Technology Officer (CTO) Gus Fritschie in leadership roles, and SeNet co-founder and President Toly Kozushin as a senior consultant.

The GLI Group’s James Maida, president and CEO of Gaming Laboratories International (GLI), said, “We are very pleased to continue our relationship with the entire SeNet team and look forward to them assisting us in providing world-class security services both inside and outside the gaming industries in the United States and elsewhere around the world.”

“SeNet was founded with a core objective to provide best-in-class information security services and continues to demonstrate consistent growth. What influenced me the most about the GLI Group is their unwavering focus on clients and strong track record of both growing and integrating new companies,” stated Toly Kozushin.

SeNet’s Ilan Katz added, “We are very excited to add to the GLI Group’s information security capabilities and help them grow in the U.S. While this acquisition closes a very successful chapter for the founders, it also introduces significantly greater growth prospects for our employees and clients.”

“Since joining SeNet approximately 15 years ago, I have personally observed the world-class capabilities of the GLI Group, and I am looking forward to joining the GLI Group team. Together with Bulletproof, we will have the combined capabilities to solve all security challenges for our clients,” remarked SeNet’s Gus Fritschie.

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