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Betting Sites: US Vs. EU Gambling Laws
Still a major taboo for some, mostly those in governmental power. Casinos and gambling, the two words that strike fear into the political heart. We take a look at two sides of the argument when it comes to the legalization of gambling and licensing casinos, both online and as land-based establishments.
We will be reviewing the American stance on the gambling industry, and that of the EUâs position. What are the differences, why is there a gulf in approach, how licenses are able to work and how it has an effect on players on both sides of the pond?
Why the issues with gambling?
We all know the terms that itâs a political hot potato, no one really wants to deal with it or handle it. For a government to openly say they support gambling is voter suicide. So, when it comes to the allowance of casinos and betting sites how is it that there is a form of unspoken agreement, as long as itâs not overly in the public eye?
Orla Byrne, Editor-in-Chief of BetinIreland, spoke of the issues of unclear communication between governments and the public regarding the interest of betting sites.
âIn Ireland, there is a huge betting community and interest especially with sport, most noticeably the Irish horse racing out here. With no communication, itâs the player that suffers most. From not having the guidance to legal sites, to falling foul of gambling addiction and not knowing how to seek help. Our service steps in to make sure players in Ireland are fully aware of what can and cannot be done and weâre proud to help people find licensed casinos that can support Irish players.â
On an economic basis and from this standpoint, gambling is a massive contributor to taxes if they are imposed by a government. Revenues can reach high into the billions and this is much needed income for certain countries.
Gambling, betting, playing, however, you paint the activity, tell people you do this and there is an unease, so ingrained into us that itâs bad, it is a taboo that will long remain.
What does betting offer?
From a playerâs perspective, betting online offers an abundance of services. Betting online can be free in cases of bonuses. When you join an online casino, a welcome bonus is granted to new players that make their first deposit to play. Inside the betting sites, you have a huge selection of games, offering the best games and sports markets to place your bets on. The customers can stake their money on more sports and markets than what they can do at the local bookmaker, thatâs if there are any local bookmakers for the public to use.
Casinos online and betting sites have fewer restrictions, and in the area of banking, a customer can have many ways of depositing into their casino account and withdrawing.
These are just standard elements of betting, but on a personal level, betting is an escape, a means of enjoyment and entertainment, and for some, it is a source of income that could be much needed.
Even with free games, there is still an interest in playing despite free options being mainly demo games with no real cash reward, but so entertaining are they, people will still play games with no real return.
Betting is different, there is the reward, itâs something beyond simple casino gaming, there is an element of knowledge involved. It puts punters in a position not that of the player versus the bookmaker, but they become the team they are backing. Itâs more personal this way, especially if they are personally invested in a sporting team.
With betting sites online, there is the added appeal of live streaming, you can bet on games in real-time and place in-play bets during a game with fluctuating odds. Because the platform of betting is global, no days pass without some form of sporting fixture taking place. It really is a world of betting that lasts 365 days of the year.
The Laws in the USA
When it comes to the US laws on gambling, you first might think they are somewhat relaxed given that the entire state of Las Vegas is the mecca of gambling in the world. This is not the case and a huge misconception.
The laws in the US are similar to a few other countries, Canada, Australia, and India to name a few.
In the United States of America, you have federal law and state law. The federal laws are made by the overseeing government and the Senate, when it comes to state law, these are controlled and ordered by that one state alone.
At a federal level gambling is banned, online and offline. So, how does Las Vegas even exist? Well, this is where the state takes control. The governor of Nevada state will overrule the federal law and control the state of gambling within that area. They can, to a degree, allow for online gambling, however, often is the case that when local law controls all i.e lotteries and casinos, they do not want individual businesses taking business away from the state, especially if you can tax people who win.
So, what about the US Powerball? The US Powerball Lottery which covers 45 states is a multi-state lottery association, again, bypassing federal law.
In Canada, this is the same with their provinces, and with the states inside India.
So, what is the catch? Well, the catch is that US laws are only bound to US soil. The internet is a far too complex an entity when trying to write it into law. At most, you can stop foreign casinos from advertising, that is clear enough. They cannot, however, stop players from using foreign casinos. This is the loophole in the law that actually makes it legal for players inside of America to gamble inside of casinos online that are registered and licensed outside of the US borders. Those casinos then benefit from not having to pay business tax, get millions of players and the US lose out because of the political hot potato that the religious sect of America would frown on and take their votes away.
The Laws in the EU
In the EU, there is no one specific rule of law to say all is accepted. With it being a Union, countries like the states of America can make their own laws. This is the TFEU treaty of the EU rule, and to give it the full name, Treaty on the Functioning of the European Union. Gambling has the freedom to be provided as a service or business in another EU country.
For the laws on online gambling, there is a similar diversity regulatory framework that allows for business in this field as long as it is compliant with the EU laws and that of the national regulator.
In the EU there are only a handful of licensing regulators, the Gibraltar Regulatory Authority, the Malta Gaming Authority and formally of the EU, the UK Gambling Commission.
Of many of the sites you will find online, most will be licensed by the Malta Gaming Authority. The service of a casino licensed by such a body is able to serve any nation it wishes, it is merely down to the casino to set its own banking requirements as it would be for any online business to arrange the banking setup of foreign currencies.
This forms a complete circle of service as these are the very casinos that players from the US are able to join and play in.
Latest News
Bragg Gaming Group Announces Record Third Quarter 2024 Revenue of Eur 26.2 Million (USD 29.3 Million)
Bragg Gaming Group, a global B2B content-driven iGaming technology provider, reported record revenue for the third quarter of 2024.
Summary of 3Q24 Financial and Operational Highlights
| Euros (millions)(1) | 3Q24 | 3Q23 | Change |
| Revenue | ⏠26.2 | ⏠22.6 | 15.9 % |
| Gross profit | ⏠14.0 | ⏠11.9 | 18.1 % |
| Gross profit margin | 53.5 % | 52.5 % | 99 bps |
| Adjusted EBITDA(2) | ⏠4.1 | ⏠3.8 | 7.1 % |
| Adjusted EBITDA margin | 15.6 % | 16.9 % | (129) bps |
| Operating Income (Loss) | ⏠(0.4) | ⏠(2.1) | (81.0) % |
(1) Braggâs reporting currency is Euros. The exchange rate provided is EUR 1.00 = USD 1.12. Due to fluctuating currency exchange rates, this reference rate is provided for convenience only.
(2) âAdjusted EBITDAâ is a non-IFRS measure. For important information on the Companyâs non-IFRS measures, see âNon-IFRS Financial Measuresâ below.
Chief Executive Officer Commentary
MatevĆŸ Mazij, Chief Executive Officer for Bragg, commented, âThe third quarter marked another period of strong growth and record results for Bragg. Revenue grew 16% year-over-year, gross profit increased 18%, and Adjusted EBITDA rose 7%. In the U.S., strong third quarter revenue gains from content distribution helped drive a 40% global increase in proprietary online content revenue year-over-year.
âAdditionally, we announced today that the Board of Directors has unanimously decided to conclude its review of strategic alternatives for Bragg. After extensive evaluation and deliberation, the Board determined that the ongoing execution of the Companyâs strategic plan is the best way to maximize value for shareholders at this time.
âSince stepping in as Chairman 16 months ago and then as CEO 14 months ago, weâve transformed our executive team, restructured commercial operations, and sharpened our sales strategy with a targeted, jurisdictional approach. These decisive actions position us to drive growth and capture market opportunities with greater precision and impact. Under new leadership, weâve built a strong pipeline of tier 1 opportunities across key markets and key products, positioning Bragg for accelerated top- and bottom-line growth.
âWith the strategic review process now complete, Bragg is now fully focused on commercialization and unlocking profitable growth, without the need for significant new investment in product development. Our decade-long investments in technology and talent, combined with a robust leadership team, have built a scalable platform that uniquely positions us for aggressive growth in 2025 and beyond. With significant operating leverage now within reach, weâre poised for an exciting, high-growth, and profitable future.â
Third Quarter 2024 and Recent Business Highlights
- Launched its newest games and Remote Gaming Server (RGS) technology with Caesars Digital in Pennsylvania and Ontario. The launch marked the expansion of Braggâs existing partnership with Caesars Digital, following earlier launches in New Jersey and Michigan respectively, doubling the number of states/provinces in which Bragg content is offered on Caesars Palace Online Casino and Caesars Sportsbook & Casino.
- Launched its newest games and RGS technology with FanDuel in New Jersey, adding to its existing distribution with the leading North American operator in Michigan, Pennsylvania, Connecticut and Ontario
- Post-quarter end, the Company additionally launched its newest games and RGS technology with bet365 in New Jersey, following on from its second quarter launch in Pennsylvania, and an earlier launch in Ontario with the major global iGaming operator
- Launched HardRockCasino.nl in the Dutch market, supplying its cutting-edge player account management (PAM) software to the brand. The agreement is Braggâs 6th PAM customer in the Netherlands, reinforcing Braggâs status as the leading technology and content supplier in the Dutch market
- Launched the Kambi sportsbook on 711.nl, adding an additional revenue-generating product stream to a key PAM customer in the Netherlands
- Management is pleased to announce the appointment of Robbie Bressler to CFO of Bragg, effective immediately. Robbie had been serving as Braggâs interim CFO since July 1, 2024.
Additional September 30, 2024 Key Financial Metrics
- For the nine-month period ended September 30, 2024, Cash flow generated from operations was EUR 8.4 million (USD 9.4 million), compared to EUR 6.2 million (USD 6.9 million) for the nine-month period ended September 30, 2023.
- Cash and cash equivalents as of September 30, 2024 was EUR 11.6 million (USD 13.0 million) and net working capital, excluding deferred consideration, loans payable, and convertible debt, was EUR 11.3 million (USD 12.7 million)
Strategic Alternatives Process Concluded
The Bragg Board announced the strategic alternatives process in March 2024 with the formation of a Special Committee, comprised solely of independent members of the Board. The Committee, together with its advisors Oakvale Capital LLP and Blake, Cassels & Graydon LLP, evaluated a wide range of strategic alternatives for maximizing shareholder value including a potential sale or merger of the Company. Bragg solicited interest from a significant number of potential counterparties and received multiple non-binding proposals.
After careful consideration, the Board, on recommendation from the special committee, unanimously determined that none of the proposals received reflect the Companyâs intrinsic value or current and projected financial performance, and therefore elected to conclude its review and disband the Special Committee.
Don Robertson, independent Board member and Chair of the Special Committee, said, âAfter a comprehensive and exhaustive process, the Committee recommended, and the Board unanimously agreed, that continuing to execute Braggâs strategic plan as an independent public company is the best approach for maximizing shareholder value. Although the process has now concluded, Braggâs Board will continue to be open to and consider all opportunities for enhancing shareholder value.â
âOver the past year, our financial performance, cashflow generation and revenue outlook have significantly improved. We remain extremely confident about our business plan, operating strategy, and financial prospectsâ said MatevĆŸ Mazij, Chairman and CEO of Bragg.
Reiterates Full Year 2024 Guidance and 2025 Outlook
Bragg reiterates its 2024 full year revenue guidance range of EUR 102.0-109.0 million (USD 114.2-122.1 million) and its full year Adjusted EBITDA range of EUR 15.2-18.5 million (USD 17.0-20.7 million), noting that the Company is currently tracking to the lower end of guidance.
Bragg is actively advancing a robust pipeline of opportunities that is anticipated to drive strong momentum as we enter 2025. The outlook for 2025 remains positive, with expectations of sustained double-digit top line growth, expanding bottom line margins, and increased operational leverage, further strengthening Braggâs position in the market. The preceding guidance and outlook constitute forward-looking information within the meaning of applicable securities laws, and is based on a number of assumptions and subject to a number of risks.
BetMGM, a leading sports betting and iGaming operator, announced an extension of its partnership with the Vegas Golden Knights through the 2026-27 season. As part of the agreement, BetMGM will continue as an Official Betting Partner of the Vegas Golden Knights with prominent signage on the Knight Tron and throughout T-Mobile Arena as well as co-branded content and exclusive promotions. The partnership also features multiple fan engagement opportunities including watch parties and Toshiba Plaza activations.
âBetMGM is proud to continue our partnership with the Vegas Golden Knights, giving us the opportunity to create memorable moments alongside one of the worldâs most passionate hockey fan bases. Las Vegas is BetMGMâs hometown and an integral part of our DNA, so the Golden Knights are a natural fit for our brand.â – Matt Prevost – BetMGM, Chief Revenue Officer.
Throughout the season, BetMGM will host watch parties featuring team mascots at various MGM Resorts destinations. The operator also will plan activations in Toshiba Plaza during select Golden Knights home games where fans can begin the BetMGM mobile app registration process for the chance to win prizes.
âBetMGM is a long-standing partner with the Golden Knights and a brand synonymous with this great city,â said Vegas Golden Knights President and CEO Kerry Bubolz. âWe look forward to continue working together on events and activations that we know entertain our fans.â
Lance Evans, SVP Sports and Sponsorships, MGM Resorts, said, âThe Vegas Golden Knights play a core role in the Las Vegas sports and entertainment experience and itâs a privilege to welcome both local and visiting fans to our properties before, during and after games. Together with BetMGM, we look forward to co-hosting events that will allow guests to engage with their favorite teams in new and exciting ways.â
BetMGM users can take advantage of the robust offering of prop markets for Golden Knights games this season, frequent in-app odds boosts and the interactive same game parlay betting feature. New BetMGM customers who download the BetMGM app and verify at one of BetMGMâs nine retail sportsbooks within walking distance of T-Mobile Arena will receive a first bet offer of up to $250 paid back in bonus bets if their first bet loses (offer only available in Nevada; bonus bets are non-withdrawable and expire in seven days.) Through the recently launched single account and wallet app upgrade, BetMGM users who sign up in Nevada and reside in other BetMGM U.S. mobile markets can continue to wager upon returning home.
Everi Holdings Inc., a premier provider of land-based and digital casino gaming content and products, financial technology, player loyalty solutions, and bingo, announced that its stockholders have voted at a special meeting of Everi stockholders to approve the pending simultaneous acquisition of Everi and the Gaming & Digital business of International Game Technology PLC by a newly formed holding company owned by funds managed by affiliates of Apollo Global Management, Inc. through a merger. As previously announced, pursuant to the terms of the merger agreement, Everi stockholders will receive $14.25 per share in cash for every share of Everi common stock they own immediately prior to the effective time of the merger.
At the Special Meeting, approximately 99.88% of the shares voted were voted in favor of the merger, which represented approximately 71.48% of the total outstanding shares of Everi common stock as of October 3, 2024, the record date for the Special Meeting.
âWe are pleased that our stockholders supported our transaction with the Apollo Funds,â said Michael Rumbolz, chairman of the Companyâs Board of Directors. âWe now shift our focus to the important next steps toward completing the transaction and maximizing value for Everi stockholders.â
Assuming timely satisfaction of necessary closing conditions, the proposed transaction is expected to close by the end of the third quarter of 2025.
The final voting results on the proposals voted on at the Special Meeting will be set forth in a Form 8-K filed by the Company with the U.S. Securities and Exchange Commission (the âSECâ).
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