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Gambling News Roundup: New Regulations, Big Wins, and More
Millions of people enjoy gambling, whether it is a spot on a horse race or the football results. But many of them are at risk of addiction and must be better protected. That’s why the government has announced plans to update gambling rules for the digital age. These include extra powers for the Gambling Commission, curbs on bonus offers, and affordability checks for online slots.
Legalization of sports betting
The legalization of sports betting in the United States has brought a host of new opportunities for gamblers. People can now place bets on a wide variety of games, and some have even made huge profits from their wagers. This has boosted the economy and helped casinos make money. It is expected to continue growing over the next few years.
Several states have legalized sports betting, and many others are attempting to do so. Previously, most people had to travel to Nevada to place bets on their favorite teams and players. But now, sports betting is available in most states and can be enjoyed by anyone with an internet connection.
In addition to boosting the economy, legalized sports gambling is also helping state governments collect revenue. Over the past two years, sports betting taxes have generated over $3 billion in revenues for local and state governments and over $570 million for federal authorities. Some states are putting all of the money they receive from sports betting into general funds, while others are using it to fund programs such as education and law enforcement.
As the demand for legal sports betting continues to grow, many lawmakers are working on legislation to regulate the industry. Some proposals call for a percentage of the revenue to go towards anti-corruption measures in professional sports leagues, while other states are creating categories of licenses with different fees and requirements. In Illinois, for example, the new laws allow sports books to pay a “master sports wagering license” fee of $10 million to be licensed, and they must use official league data to set odds.
Other states, such as Montana and Nebraska, have ballot initiatives to legalize sports betting. In Nebraska, Proposition 27 will ask voters to amend the state constitution and allow regulated sports wagering. The measure has received support from the governor but will require 2/3 of the legislature’s approval to be placed on the ballot.
In Florida, the legislature approved sports wagering via a tribal-state compact with the Seminole Tribe in May 2021. Once the federal Department of Interior approves the compact, retail and mobile sports betting could launch in late 2021.
Legalization of medical marijuana
In the United States, medical marijuana is legal on a state level in 29 states and Washington, DC. However, you can learn more about the same from Focus Gaming News. The Trump administration has signaled a tougher stance on drug enforcement, but limited Department of Justice resources and large marijuana tax revenues in some states may discourage federal interference. Physicians are able to prescribe cannabis to treat nausea and vomiting from cancer chemotherapy and wasting (severe weight loss) associated with AIDS, as well as spasticity from multiple sclerosis. The FDA has also approved synthetic marijuana-derived compounds such as Dronabinol and Cesamet, as well as the oromucosal spray Sativex for multiple sclerosis and cancer pain.
Legalization of online gambling
The legalization of online gambling in the United States is a complex issue. While the activity is largely legal in most areas, it is still subject to state and federal laws that restrict or regulate different aspects of the industry. For example, states have passed laws that allow sports betting while limiting the types of online gambling platforms that can accept wagers. Some states have even banned online gambling entirely. The most recent development in the US has been an attempt to circumvent these state-by-state patchworks by legalizing online gaming at the federal level.
Initially, the movement to legalize online gambling in the US was focused on sports betting. The 2018 Supreme Court decision overturned PASPA, allowing individual states to legalize sports betting in their jurisdictions. In the wake of this ruling, several states enacted legislation to legalize online betting on various sporting events. The most popular sports to bet on are football, basketball, and baseball. However, there are other popular games that can be wagered on as well, including horse racing and video games.
Online casinos and poker rooms are also becoming more accessible in the US. Nevada, New Jersey, and Delaware were among the first states to introduce legal online casino games and poker sites. Since then, Pennsylvania, West Virginia, and Michigan have joined the party, and other states are considering legalization as well.
While some people may enjoy online gambling without any problem, others can be harmed by its consequences. These problems range from financial loss to addiction and even death. In the worst cases, gambling harm and addiction can lead to suicide. As a result, the industry has become more vigilant in its efforts to protect vulnerable players.
In 2022, California will vote on two competing proposals for the legalization of online sports betting. One is backed by FanDuel and DraftKings while the other is supported by California tribes. Both initiatives face an uphill battle. The state has a large Mormon population and many residents oppose the initiative due to religious beliefs. The other major holdout in the US is Hawaii, which has a similar climate and a lack of interest in expanding its gambling regulations.
Legalization of Video Poker
Amid the excitement over the Supreme Court’s decision to legalize sports betting, many states are considering new regulations that could further expand gambling. One example is a bill that would make it easier for gambling firms to monitor the habits of their customers and take steps to intervene when they exhibit problem behaviors. This bill would also allow casinos to sell betting apps and offer a range of responsible gambling products.
The state of South Carolina has a complicated relationship with gambling. Its laws ban most forms of gambling, but video poker is in a gray area because it is not specifically mentioned in the law. It was only able to survive in the state by hiding in a 1986 legislative favor. A tiny amendment in the back of a giant budget bill erased two words in a state statute, allowing video poker players to win jackpots. The state has never formally banned video poker, but it has used suits and lobbying to stymie efforts to pass a ban.
Some states have a better relationship with gambling than others, but even the best-behaved states sometimes struggle to enforce their laws. For instance, the state of Kentucky took a hard line against online poker in recent years and attempted to seize 140 gambling domains. The effort was ultimately thwarted by the court, but the state still maintains a harsh anti-online poker policy. The Kentucky Supreme Court might eventually review the case, but it is unlikely that the state will legalize online poker anytime soon.
Another state with a good relationship with gambling is West Virginia, which has launched regulated sports betting sites. In 2023, the state is expected to roll out a broader set of iGaming offerings, including online slots and table games. It is likely that the Mohegan and Mashantucket Pequot tribes will launch these sites in the state, though they may face some challenges.
The state of California has 78 land-based casinos and 60 poker clubs. It has also dozens of horse tracks, OTBs, casino cruises, and bingo halls. But it has never passed a legalized version of online poker, partly because of the industry’s unpopular image. A bill that would legalize a statewide poker network was defeated in February, but lawmakers are looking at other ways to boost gaming revenues. They are considering expanding land-based casino machines, allowing players to use their mobile devices, and adding a gambling ombudsman to help resolve disputes between punters and companies.
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ACR POKER’S LIGHTNING PKOS DELIVER FAST-PACED TOURNAMENT POKER ACTION AND BIG WINS IN JUST 45 MINUTES
Poker players looking for lightning-fast tournament poker action are heading to ACR Poker. The popular global poker site is bringing the heat with Lightning PKOs—a rapid progressive knockout tournament format that delivers high-speed play and big knockout prizes in tournaments that last just 45 minutes.
“If you’re a family man like me, finding time to play tournaments can be a challenge,” said ACR Pro and poker legend Chris Moneymaker. “ACR Poker’s Lightning PKOs are perfect for time-starved players who love fast-paced poker action and big knockout rewards without the long grind. Whether you’re playing on mobile or desktop, there’s 45-minute tournaments running around the clock, making it easy to find a game and join the excitement anytime.”
Running 24/7, Lightning PKOs give players the flexibility to jump into the action at any time. With buy-ins ranging from $0.11 up to $31.50, these tournaments cater to every bankroll while providing the chance to play for instant knockout bounties. With 20 minutes of late registration, players can join on the fly without missing out.
Unlike traditional poker tournaments that can last for hours, Lightning PKOs keep the action moving, with every tournament wrapping up in just 45 minutes. Players start with 10 big blinds and every knockout results in an instant cash prize. With more players joining daily, the prize pools continue to grow, offering even greater rewards in every tournament.
Lightning PKOs are now available as part of ACR Poker’s recently revamped tournament schedule, giving players the chance to jump in and play anytime, anywhere.
In addition to the high-energy Lightning PKOs, players can experience even more action at ACR Poker throughout March and April. The Online Super Series runs until Monday, March 31st, featuring $25 million in guarantees and a $35,000 Leaderboard Contest. Players can also jump into the $12 million guaranteed Dual Venom tournaments starting Sunday, April 13th and secure their $2,650 seat for as little as $0 through the Venom Vault and Venom Fever Satellites.
2025 Guidance Mid-points Imply 35% and 40% Year-Over-Year Revenue and Adjusted EBITDA Growth
Gambling.com Group Limited, a fast-growing provider of digital marketing services for the global online gambling industry, today reported financial results for the fourth quarter and full-year ended December 31, 2024.
Charles Gillespie, Chief Executive Officer and Co-Founder of Gambling.com Group, commented, “Our record fourth quarter and full-year results were driven by our team’s prioritization of iGaming across the markets where we operate. Our team delivered outstanding performance in the quarter, especially when compared to the launch driven results in the prior-year period. We anticipate growth and continued market share gains in our performance marketing business across all geographic regions in 2025, including North America. The consolidation of Odds Holdings, Inc. from January 1st marks the start of the Company’s next phase of growth as we layer on sports data solutions to our existing, high-growth, high-margin business. Our competitive positioning is strong across the globe.”
“We capped an active and productive year during which we set the stage for continued strong growth in 2025 and beyond,” said Mr. Gillespie. “In 2024, we extended our record of delivering full-year revenue, Adjusted EBITDA and Free Cash Flow growth with those metrics improving 17%, 33%, and 81%, respectively, year-over-year. In addition, we strengthened our product and market positioning organically as well as through the complementary, accretive acquisitions of Freebets.com and Odds Holdings. With the biggest and most talented team we have ever had and an enhanced product offering, we are making great progress towards our goal of reaching $100 million in annual Adjusted EBITDA.”
Elias Mark, Chief Financial Officer of Gambling.com Group, added, “Fourth quarter revenue and Adjusted EBITDA increased 9% and 39% year-over-year, respectively, and over 80% of Adjusted EBITDA converted to free cash flow, reflecting the continued success of our strategies to optimize the returns from our global portfolio of owned and operated assets. As expected, we generated strong online casino growth across all our geographical regions, while our North American business continued to be resilient against challenging comparables. As reflected in our full-year guidance, we expect to generate significant year-over-year revenue and Adjusted EBITDA growth in 2025, and we are well-positioned to carry this operating momentum forward.”
Financial Highlights Three Months Ended December 31, 2024 vs. Three Months Ended December 31, 2023
(USD in thousands, except per share data, unaudited)
|
|
Three Months Ended December 31, |
|
Change |
|||||
|
|
2024 |
|
2023 |
|
% |
|||
|
Revenue |
35,308 |
|
|
32,530 |
|
|
9 |
% |
|
Net income for the period attributable to shareholders |
7,933 |
|
|
6,372 |
|
|
24 |
% |
|
Net income per share attributable to shareholders, diluted |
0.23 |
|
|
0.16 |
|
|
44 |
% |
|
Net income margin |
22 |
% |
|
20 |
% |
|
|
|
|
Adjusted net income for the period attributable to shareholders (1) |
12,172 |
|
|
8,622 |
|
|
41 |
% |
|
Adjusted net income per share attributable to shareholders, diluted (1) |
0.35 |
|
|
0.22 |
|
|
59 |
% |
|
Adjusted EBITDA (1) |
14,736 |
|
|
10,569 |
|
|
39 |
% |
|
Adjusted EBITDA Margin (1) |
42 |
% |
|
32 |
% |
|
|
|
|
Cash flows generated by operating activities |
13,698 |
|
|
7,140 |
|
|
92 |
% |
|
Free Cash Flow (1) |
13,162 |
|
|
6,511 |
|
|
102 |
% |
|
__________ |
|
(1) Represents a non-IFRS measure. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers. |
Fourth Quarter 2024 and Recent Business Highlights
- Delivered more than 145,000 new depositing customers (“NDCs”)
- Repurchased 486,312 shares at an average price of $9.80 per share
- Won Casino Affiliate of the Year at the 2024 EGR Operator Awards
- Completed accretive acquisition of Odds Holdings, Inc. on January 1, 2025 for initial consideration of $70 million in cash and $10 million in shares
- Expanded credit facility to $165 million with a new syndicate
Three Months Ended December 31, 2024 Results Compared to Three Months Ended December 31, 2023
Revenue rose 9% year-over-year to a record $35.3 million. The Company delivered more than 145,000 NDCs to clients, a 9% year-over-year decrease reflecting a challenging comparison primarily due to ESPNBet’s launch in 17 markets in the 2023 fourth quarter period.
Gross profit increased 21% to $33.1 million, due to strong revenue growth and a $2.9 million year-over-year decrease in cost of sales related to the Company’s media partnerships.
Total operating expenses increased 21% to $23.3 million, primarily as a result of increased people costs and higher amortization related to the acquisition of Freebets.com and related assets.
Net income attributable to shareholders increased $1.6 million to $7.9 million and net income per share was $0.23 compared to $0.16 in the prior year period. Adjusted net income rose 41% to $12.2 million and adjusted net income per share increased 59% to $0.35.
Adjusted EBITDA increased 39% to a record $14.7 million, reflecting an Adjusted EBITDA margin of 42% as compared to Adjusted EBITDA of $10.6 million and an Adjusted EBITDA margin of 32% in the prior-year period.
Operating cash flow of $13.7 million compared to $7.1 million in the prior-year period. Free cash flow grew 102% to $13.2 million reflecting growth in net income and Adjusted EBITDA and positive working capital movements in the quarter.
2025 Outlook
Gambling.com Group today reiterated the 2025 full-year revenue and Adjusted EBITDA guidance originally provided on February 19, 2025. The Company expects full year revenue of $170 million to $174 million and Adjusted EBITDA of $67 million to $69 million. The midpoints of the new full year revenue and Adjusted EBITDA guidance ranges represent year-over-year growth of 35% and 40%, respectively, and an adjusted EBITDA margin of 39.5%.
The Company’s guidance assumes:
- Incremental Adjusted EBITDA contributions of approximately $14.5 million related to the acquisition of Odds Holdings, Inc. that was completed on January 1, 2025.
- No additional North American markets coming online over the balance of 2025. While online sports betting is expected to begin in Missouri in the second half of 2025, the Company’s guidance policy excludes any benefits from new state launches until such time as a definitive start date is announced by the appropriate regulatory body.
- An average EUR/USD exchange rate of 1.07 throughout 2025.
Financial Highlights Full Year Ended December 31, 2024 vs. Full Year Ended December 31, 2023
(USD in thousands, except per share data, unaudited)
|
|
Year ended December 31, |
|
Change |
|||||
|
|
2024 |
|
2023 |
|
% |
|||
|
Revenue |
127,182 |
|
|
108,652 |
|
|
17 |
% |
|
Net income for the period attributable to shareholders |
30,679 |
|
|
18,260 |
|
|
68 |
% |
|
Net income per share attributable to shareholders, diluted |
0.84 |
|
|
0.47 |
|
|
79 |
% |
|
Net income margin |
24 |
% |
|
17 |
% |
|
|
|
|
Adjusted net income for the period attributable to shareholders (1) |
42,120 |
|
|
32,207 |
|
|
31 |
% |
|
Adjusted net income per share attributable to shareholders, diluted (1) |
1.16 |
|
|
0.84 |
|
|
38 |
% |
|
Adjusted EBITDA (1) |
48,691 |
|
|
36,715 |
|
|
33 |
% |
|
Adjusted EBITDA Margin (1) |
38 |
% |
|
34 |
% |
|
|
|
|
Cash flows generated by operating activities |
37,638 |
|
|
17,910 |
|
|
110 |
% |
|
Free Cash Flow (1) |
41,582 |
|
|
23,000 |
|
|
81 |
% |
|
__________ |
|
(1) Represents a non-IFRS measure. See “Supplemental Information – Non-IFRS Financial Measures” and the tables at the end of this release for reconciliations to the comparable IFRS numbers. |
VIP Play, Inc., an experienced mobile gambling operator in the U.S. gaming markets, is pleased to announce that the OTC Markets Group has approved the trading of its common shares on the OTCQB Venture Market (“OTCQB”). The Company’s common shares began trading on OTCQB under the symbol “VIPZ” as of the opening of the market on March 18, 2025. Uplisting to the OTCQB should provide VIPZ with greater liquidity and a more seamless trading experience for shareholders.
Bruce Cassidy, VIP Play, Inc. CEO & Chairman of the Board, said: “While VIP Play has been trading on the OTC Pink Sheets the last few years, this uplisting to the higher-standard OTCQB is an important milestone for our Company and its Shareholders. We believe this will enhance the visibility and transparency of VIP Play within the investment community, improve our access to institutional capital, and create a more efficient market for investors.”
The OTCQB is a U.S. trading platform operated by the OTC Markets Group Inc. that is designed for early stage and developing U.S. and international companies. Companies are current in their reporting and undergo an annual verification and management certification process.
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