Daily news: Flutter was included in the top 100 most influential companies,new us law will limit betting, new news in Brasilian gambling and more…
Flutter was included in the top 100 most influential companies according to Time magazine
Gambling holding Flutter has become the only representative of the gambling industry in the prestigious list of the 100 most influential companies according to Time magazine, reports EGR. The holding’s position in the top is not accidental. Flutter is the world’s largest iGaming operator with an average monthly number of players worldwide of 12.3 million (as of 2023).
The gambling giant’s revenue increased by 25% to $11.7 billion in 2023. The holding’s American business FanDuel occupies a leading position in the US gambling markets. For example, in New York, FanDuel became the leader in revenue and gross gaming revenue among the state’s sportsbooks in 2023.
In addition, Flutter is in the process of moving its initial listing from London to New York, reflecting the importance of the US markets to the holding company. In addition to FanDuel, the gambling giant’s brand portfolio includes PokerStars, Paddy Power, Betfair, Sportsbet and others. Flutter’s headquarters are located in the capital of Ireland, Dublin.
New US law will limit betting advertising and AI
Congressman Paul Tonko of New York prepares a federal bill that would regulate advertising and the use of artificial intelligence in the betting industry. The SAFE Bet Act will establish uniform national standards to prevent the negative consequences of legalized betting. The law will introduce oversight of advertising, verification of the solvency of players, as well as a ban on the use of AI to track the behavior of bettors and targeted advertising. The main purpose of the bill is to protect vulnerable people while maintaining freedom of betting.
WSOP Online will bring together poker players from three US states
The WSOP online platform is relaunching as WSOP Online with online tournaments and cash games, and plans to attract players from Michigan, Nevada and New Jersey. This is the first time that a North American poker operator has brought together players from multiple jurisdictions. The platform has also received improvements for mobile players including the ability to participate in multiple tournaments at the same time and receive gifts directly in the application.
New York court sides with FanDuel in $120 million lawsuit
New York Court of Appeal granted FanDuel’s founders’ claim that the company was undervalued when it acquired Paddy Power Betfair in 2018. This is the latest development in a decades-long dispute involving former FanDuel founders, executives and investors. FanDuel’s founders believe they lost $120 million because the company was undervalued in a deal that followed the end of the US sports betting ban.
Operators in Brazil must obtain licenses by the end of 2024
The new regulation SPA/MF nº 827 defines the rules for operators wishing to obtain an online gambling license following the introduction of new regulation in the country. Companies operating in the gray zone, including the world’s largest players, can apply for a license.
If all criteria are met – legal, tax, labor, financial and technical – operators can purchase a license for €5.38 million and receive the right to operate up to 3 brands for 5 years. Companies that continue to operate without a license after January 1, 2025 face fines. Authorities plan to issue the first licenses by the end of 2024.
Tax revenue from online betting in New York exceeds $2 billion in 2.5 years
Tax revenue from online sports betting in New York has topped $2 billion since the market launched in January 2022, according to a report from the state gaming commission. In addition to being the largest sports betting market in the US, the state boasts a 51% tax which is the highest rate in the country.
This year, New York lawmakers will introduce a bill to legalize online casinos. Politicians who have helped pass online betting legislation in the past estimate that online casinos will generate about $1 billion in tax revenue for the state each year.
Betano is the first bookmaker to apply for licensing in Brazil
Betano was the first operator to apply to the Secretariat of Prizes and Wagering of the Brazilian Ministry of Finance to obtain permission to operate a bookmaker. According to Games Magazine Brasil, the necessary documents were submitted by the gambling company through a specialized system on May 26.
The Brazilian authorities approved the procedure for licensing bookmakers in a decree adopted on May 22. In accordance with it, betting operators operating in the country must obtain national licenses by the end of 2024. Otherwise, as of January 1, 2025, they will face fines. Eligible applicants will receive five-year licenses. The cost of a permit to operate a gambling business in the largest state in Latin America will be $5.9 million.
Taking into account the timely submitting the application, the Betano brand must obtain a license by December 31, 2024. It is worth noting that Betano, owned by the Greek company Kaizen Gaming, is already one of the leaders in the Brazilian bookmaker market.
Last month it became known that an agreement had been concluded between Betano and the Brazilian Football Confederation. Under the terms of the contract, the bookmaker became the title sponsor of the strongest division of the Brazilian football championship.
DraftKings Bookmaker is close to acquiring microbetting operator Simplebet for $170 million
One of the leading US bookmakers DraftKings is close to acquiring microbetting operator Simplebet for $170 million, reports the Earnings + More portal. The transaction value is estimated at $170 million. At the same time, in 2021, Simplebet was valued at $210 million as part of the next round of financing.
Microbetting allows you to bet on short-term, intermediate results within a sporting event. In football, this could be betting on passes and possession – who will take the next touch or who will have possession in the near future; in basketball – for example, on whether the next free throw will be effective or not.
Simplebet has been a microbetting line provider for DraftKings, bet365 and other major operators for several years. Earlier in May, DraftKings acquired sportsbook analytics and data provider Sports IQ Analytics.
