August 2024 – OPINIAO-PUBLICA24-7

New AGA Study Shows Rise in Favorability for Legal Gambling

Just in time for the upcoming football season and September’s Responsible Gaming Education Month comes a new study from the American Gaming Association (AGA) showing that American attitudes toward casual gambling have shifted. Consumers now show favorable ratings toward sports entertainment mixed with wagering as a positive way to pass the time.

contributes to communities, prioritizes responsibility, and provides unmatched entertainment”

Joe Maloney, AGA Senior Vice President, Strategic Communications, said: “These latest survey results highlight a consistent trend over the years: as gaming expands to new audiences, Americans increasingly see the benefits of a legal, regulated gaming marketplace that contributes to communities, prioritizes responsibility, and provides unmatched entertainment.”

As reported by ReadWrite, compared to last year’s study, the feedback shows that there has been a 10% increase in the American public’s perception of how problem gambling can be tackled. Overall, there has been growth in:

Familiarity with responsible gaming resources
Effectiveness of responsible gaming programs
Increased awareness of responsible gaming messages
Responsible marketing and advertising

In perhaps the most stunning increase in a favorable metric, the AGA’s study notes a jump from 55% to 65% of Americans now believing the gaming industry is committed to responsible gaming and resolving problem gambling. The report shows an even higher rating among those who engage with the industry directly, with 81% of physical casino players and 88% of sports bettors agreeing with this sentiment, up from 70% and 78%, respectively, last year.

Given that some states—indeed, countries across the world—are still coming to grips with the benefits that legalized gambling can bring, it’s surprising that the consumer sentiment rating now finds that 75% of Americans support legal sports betting in their home state. Some countries like Brazil and Thailand are pushing for legalized gambling, while American states like South Carolina and Nebraska continue to see active lobbying heavily in favor of legalizing gambling.

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Study Reveals How Regret Informs Our Gambling Decisions

Study analyzes regret and gambling decisions

Good decisions determine the long-term gambling career of each person, and a new study shows that the results may have more to do with our state of mind than previously thought.

The new study comes from Temple University faculty member Crystal Reeck, whose paper was recently accepted for publication in the journal Cognition and Emotion. The paper, titled “Reining in regret: emotion regulation modulates regret in decision making,” outlines how our memories can be reimagined to change our feelings of regret—and ultimately our gambling decisions in the here and now. The study was co-authored by Kevin LaBar, a Professor of Psychology and Neuroscience at Duke University.

Regret is really a great example of an emotion that can have a profound influence on decision-making.”

Reeck, Associate Professor of Marketing and the Associate Director of the Center for Applied Research in Decision Making in Temple’s Fox School of Business, said: “Regret is really a great example of an emotion that can have a profound influence on decision-making. With regret, we often wish we had done something differently, and that then leads us to change our approach moving forward.”

Reeck went on to say that people become interested in regret due to its profound influence on people’s behavior. Her hypothesis on the consequences of unmanaged regret speaks to how people approach wins and losses in gambling, and whether those wins or losses lead to suboptimal decisions. She added: “So, if I’m worried about a very small risk of losing a lot of money, it might lead me to avoid what would otherwise be a really good investment because I’m worried about anticipating that regret.”

Study utilized results from real bets

The study relied on more than self-reports or meta-analysis. For the new study, Reeck and her colleague asked 60 participants to place real bets where they could win or lose money. The participants were then asked to utilize two specific emotional regulation strategies: the portfolio approach, or the immediate results approach.

Referring to the portfolio approach, Reeck said: “Essentially, you’re going to win some and you’re going to lose some when it comes to making decisions. Don’t worry about that, just try to come out ahead overall.”

With the other strategy, Reeck asked participants to focus on the immediate impact of each gamble as though it was all that mattered. Participants who used the immediate results strategy were far more likely to experience regret and inhibition for their next gambling decisions. The participants overemphasized the results rather than the overall portfolio of their wins and losses. In other words, participants who used the portfolio approach still appreciated the times they won, both recognizing their long-term results and whether they could have suffered far greater losses.

when you try to focus on the gains, it is easier to not be bogged down by past regrets”

According to Reeck, that’s the approach that people should use when looking at past regrets in life, too, saying: “When people look at their past decisions like that and instead focus on the good, they see that overall, they are coming out ahead. That’s true for a lot of us. We are all going to experience some losses. That’s inevitable. But when you try to focus on the gains, it is easier to not be bogged down by past regrets.”

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Jerry Jones: Without Sports Betting, Texas Missing Out On Big Revenue

Dallas Cowboys owner Jerry Jones has long supported bringing regulated sports betting to Texas and he recently reiterated that view, noting that the state is missing out on substantial tax revenue by failing to legalize that mobile sports wagering.

In a media session earlier this week following a Cowboys practice, Jones said he thinks the Lone Star state will eventually have sports betting, but until then, Texas is missing out on an opportunity to generate significant tax receipts.

I think ultimately you’ll have sports betting in the state of Texas. Until that time, the state does lose an opportunity for huge amounts of revenue,” the Cowboys boss said.

Jones didn’t speculate as to when the state could approve mobile sports betting, but it appears that is highly unlikely to happen prior to the 2027 legislative session. If it happens then and the matter is approved by voters later that year, it’s possible Texas would have mobile sports wagering in advance of the 2028 football season.

Jones Wants Transparency in Texas Sports Betting

Jones and other owners of professional teams located in Texas have been vocal supporters of regulated sports wagering coming to the state because it’d be a money-maker not only for the state, but for their franchises as well.

Former Gov. Rick Perry (R-TX) previously said a regulated sports betting market could generate $250 million for the state, based on an estimated black market handle of $8.7 billion. However, some analysts and industry observers debate the extent to which Texas will financially benefit from sports betting, with some taking issue with the $8.7 billion figure. Beyond the financial implications, Jones wants Texas to execute sports betting in such a way that it’s fair and transparent.

“I think that properly, properly supervised, by the people that play the games and people that have the teams that play the games and the individual athletes — you’ve got to make sure that the perception is and the reality is that there’s just no compromising on it all being very competitive and up-and-up,” he told the press. “I think that takes some time in some places more than it does others.”

Jones has some gaming investments, including ties to an Arkansas casino plan. Along with several other professional team owners, he was an early investor in DraftKings (NASDAQ: DKNG).

Texas Sports Betting Outlook

In 2023, both casino gaming and sports wagering made more progress than the issues previously had in Texas, but both ultimately perished because there wasn’t momentum in the state Senate to take up the related bills.

Lt. Gov. Dan Patrick (R) controls what bills are heard in the Senate and his opposition to gaming expansion is well-documented.

Due to this being an election year, the Texas legislature had a brief schedule, making it difficult to consider gaming issues. The legislature is scheduled to reconvene in January, but the prevailing wisdom in sports betting circles is that politicians there won’t prioritize sports wagering.

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Reward for Novel Uses of Twitch, TikTok “Turbocharging” Illegal Betting Market in Asia

Pulling people in

The Asian Racing Conference in Sapporo, Japan was the setting for the Hong Kong Jockey Club (HKJC)’s Senior Manager, Due Diligence and Research James Porteous’s presentation on the “turbocharged” effect technology is having on drawing masses of users in Asian markets into illegal betting.

driving “novel” uses of social media platforms

Porteous, who is also Research Head for the Asian Racing Federation’s Council on Anti-Illegal Betting and Related Financial Crime, believes the material gains for those involved in the unregulated betting markets are driving “novel” uses of social media platforms.

The South China Morning Post on Thursday cited Porteous as naming platforms including Twitch, TikTok, and Instagram.

One entity allegedly benefitting from unregulated betting markets is illegal online exchange Citibet, which previous claims state makes a turnover of over $50bn annually. The origins and ownership of Citibet have long been in question, but it is licensed to operate out of the Philippines government’s special economic zone, First Cagayan.

Citibet slickers

According to the Post, Citibet has a reason to get up Porteous’ nose. The Asian daily reported Citibet generated almost as much on Hong Kong racing as the HKJC, with illegal betting in China’s Special Administrative Region up 350% since 2015.

As far back as 2015, meanwhile, sports betting expert and ex-federal agent with the Australian Federal Police and Interpol, Chris Eaton, warned of Philippines agent-based structures “designed to maintain the anonymity and secrecy of account holders” and that were “readymade for abuse by criminals and ideal for money laundering.”

“No one even knows who owns these operations and this is outlandish,” Eaton said in a statement that still holds true nearly ten years later.

easier than ever to trade as an illegal bookmaker

On top of that, adds Porteous, it’s now easier than ever to trade as an illegal bookmaker. The HKJC exec said illegal operators are furnishing would-be bookmakers with odds, training, risk management, “pirated live streaming and customer relationship management for as little as US$7,000.”

According to Porteous, Citibet now boasts its own network of agent-exclusive websites plus “literally thousands of other URLs via this franchising model.”

Porteous referred to the rise of the hydra-like franchising as the “McDonaldisation” of illegal betting.

Technology boost

The HKJC exec stated because the offshore operators have no regulatory overhead nor ethical qualms about using technology to market to consumers, the combination is reaching mass markets and has “turbocharged illegal betting.”

“Customer recruitment commissions for illegal betting agents are now so potentially lucrative that they are massively incentivised financially to exploit every technological platform in increasingly novel ways.”

“It’s bringing illegal betting to the mass market like never before,” Porteous added.

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Flutter to Appeal “Egregious” $330m Copyright Infringement Ruling

Flutter will appeal a decision to pay $330m in damages issued by a Georgian court this week.

The Court of First Instance ruled that Flutter’s Georgian subsidiary Adjarabet, and iGaming developer Spribe would have to pay the damages to Aviator LLC over trademark and copyright infringement related to the operator’s “Aviator” crash game.

Aviator LLC is a former shareholder in Adjarabet, and owns trademarks related to the Aviator brand for use in online and physical gambling services.

bears no resemblance to the actual economics of the property under debate”

In a statement, Flutter stated: “The level of damages sought is egregious in nature and bears no resemblance to the actual economics of the property under debate.”

Flutter stated that the Aviator game generated $7.5m in revenue in Georgia last year, far below the damages offered. The split of the fee to be paid by Flutter and Spribe has not been disclosed.

Aviator LLC’’s law firm Mikadze Gegetchkori Taktakishvili LLC said: “We are pleased with the outcome of the court’s ruling on this claim and we will continue to aggressively protect our client’s intellectual property from unlicensed use on any international gaming platforms.”

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Deutsche Bank Running $4.3B Funding Deal for Apollo Everi/IGT Buy

German banking giant Deutsche Bank AG is said to be running a $4.325 billion bond/loan deal that will, in part, help finance Apollo Global Management’s (NYSE: APO) recently announced acquisition of Everi (NYSE: EVRI) and International Game Technology’s (NYSE: IGT) global gaming and PlayDigital units.

Everi stock — A slide from an Everi Holdings investor presentation. Deutsche Bank is rumored to be leading financing for Apollo’s takeover of Everi and two IGT units. (Image: *Seeking Alpha*)

Unidentified sources with knowledge of the matter told Bloomberg that as of yet, the size of the bond and leverage loan aren’t known. Last month, Apollo surprised investors when it announced a $6.3 billion offer for Everi and the two IGT businesses. In February, IGT and Everi announced a $6.2 billion deal that would have resulted in the slot machine manufacturer merging with the pair of IGT units.

Under the terms of the Apollo proposition, the private equity firm will pay $4.05 billion in gross proceeds to IGT and $14.25 a share to Everi investors.

Prior to Apollo emerging as a suitor for those entities, IGT had struck an agreement with Deutsche Bank and Macquarie Capital for $3.7 billion in financing to acquire Everi and combine the Las Vegas-based gaming device maker with its global gaming and digital operations.

Timeline for Deutsche Bank Funding for Apollo

Deutsche Bank and Macquarie, which is also involved in the financing effort, have some time with which to orchestrate bond and leveraged loan sales for the Apollo financing because when the private equity firm announced its plans for the acquisition, it said it expected the transaction to close in September 2025.

The banks have until then to launch the high-yield bond and leveraged loans, according to Bloomberg. High-yield corporate debt, also known as junk bonds, are those bonds that don’t carry investment-grade ratings. As a result, issuers must sell that debt with higher interest rates to compensate investors for increased levels of risk.

Leveraged loans are typically extended to junk-rated firms and, as a result, those loans also carry interest rates to compensate lenders for the added risk. One of the advantages of leveraged loans is that they are backed by floating rate instruments, meaning they’re often less sensitive to changes in interest rates than are fixed-rate bonds.

These instruments are frequently used to extend credit to buyers in mergers and acquisitions and can secured by assets including property, equipment, and intellectual property.

Speaking of Interest Rates …

It’s possible that Deutsche Bank and Macquarie are waiting on the Federal Reserve to lower interest rates before actively marketing the junk bond and leveraged deals on behalf of Apollo. It’s widely expected the central bank will do that next month, perhaps by as much as 50 basis points.

That would likely result in lower financing costs for high-yield issuers, though the average interest rate on highly rated junk debt has steadily trended lower over the past 10 months.

“US High Yield B Effective Yield is at 6.63%, compared to 6.62% the previous market day and 8.53% last year. This is lower than the long-term average of 8.48%,” according to YCharts.

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DraftKings Buying Microbet Provider Simplebet

DraftKings (NASDAQ: DKNG) said it will acquire Simplebet Inc., a provider of microbetting services, to bolster its suite of in-game betting products.

The Simpletbet logo. DraftKings said Wednesday it’s acquiring the microbetting provider. (Image: Simpletbet)

Financial terms of the transaction weren’t disclosed. When rumors of the deal surfaced in May, it was speculated that DraftKings could pay $120 million to $170 million for privately held Simplebet. The pair have an existing relationship. In 2021, they inked a deal in which Simplebet provided microbetting services to DraftKings Sportsbook.

The Proposed Transaction would allow for the integration of Simplebet’s proprietary machine-learning models into DraftKings’ best-in-class pricing and technology platform to create highly accurate betting opportunities during every moment of a game,” according to a statement issued by the buyer. “The Proposed Transaction would improve the quality, breadth and speed of data throughout the DraftKings trading lifecycle, and would unlock a faster and more frictionless experience for the Company’s customers.”

Boston-based DraftKings is Simplebet’s largest client. The target was valued at $210 million following a Series C funding round of $28.6 million three years ago.

Simplebet Could Be Smart Deal for DraftKings

For DraftKings, the purchase of Simplebet could prove shrewd because microbetting is a fast-growing derivative of in-game or live betting — areas operators are pushing into in efforts to increase handle and revenue.

In traditional live wagering, a bettor would wager on an updated total or spread, but microbetting expands upon that concept. The services offered by Simplebet allow operators such as DraftKings to present customers with bet options such as the outcome of the coin toss in a football game, balls and strikes in a baseball game, and so on. Bettors like those wagers because the outcomes are binary, and with the outcomes being known immediately, the bettor can decide to take their winnings and potentially place another bet or cut their losses.

In-game wagering has long been popular in mature sports wagering markets such as Australia and Europe, and it’s rapidly gaining momentum in the US. Underscoring why DraftKings may have found Simplebet to be an alluring target is the need for technology to make live and microbetting work.

“Simplebet has developed a scalable, maintainable, and highly performant foundation for a live betting platform that is algorithm oriented. With machine learning and automation to supplement the betting experience, Simplebet’s proprietary models offer more in-play moments for bettors,” according to the DraftKings statement.

Inside Simplebet’s Story

New York-based Simplebet was founded in 2018 and is a business-to-business provider of microbetting markets on college basketball and football, Major League Baseball (MLB), the NBA, NFL, and the NHL.

In addition to DraftKings, Simplebet sportsbook clients include Caesars Sportsbook, ESPN Bet, FanDuel, and Hard Rock Sportsbook, among others.

It’s not yet clear if those operators will remain with Simplebet when it becomes part of DraftKings or if they’ll pursue microbetting relationships with Simplebet competitors.

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Gaming States Continue to Order Offshore Casino Websites to Cease Operations

Offshore casino and sports betting websites that illegally target players in the United States in direct violation of federal and state gaming laws continue to be told by state gaming regulators to cease their operations.

Bovada online casino gambling iGaming — Bovada holds no online gaming licenses in the United States but continues to allow people located in the majority of the US access to its internet casino, sportsbook, and poker room. State gaming regulators are ordering the unlicensed iGaming business to stop targeting players in their jurisdictions. (Image: *Casino.org*)

One of the more notable illegal gaming websites that has for years facilitated online gambling for players in states where such gambling isn’t allowed is Bovada. The gaming brand was originally known as Bodog and reportedly made the Saskatchewan-born Calvin Ayre a billionaire.

This month, gaming regulators in Ohio and Louisiana joined a growing list of state gaming agencies that sent Bovada cease-and-desist letters. The Ohio Casino Control Commission and Louisiana Gaming Control Board each delivered warning notices to the online gaming website that operates remotely around the world from its headquarters in Curacao.

Louisiana and Ohio are both home to legal, regulated brick-and-mortar casinos, plus in-person and online sportsbooks. Online casino games, however, remain prohibited.

Bovada Limits Operations

Louisiana and Ohio’s directives to Bovada follow a growing list of legal gaming states that have warned Bovada to stop allowing consumers in their jurisdictions access to its internet slot machines, table games, poker room, and sportsbook. Bovada claims it operates legally through its iGaming license it holds from the Anjouan Gaming Board.

Along with the online gaming concession Bovada possesses from the archipelagic country located off the southeastern coast of Africa, the website is registered with the Anjouan Offshore Finance Authority.

US gaming regulators, gaming industry leaders, and federal government lawmakers say the Anjouan licenses carry no legal weight stateside. Ohio and Louisiana join Colorado, Connecticut, Delaware, Maryland, Michigan, Nevada, New Jersey, New York, Washington, DC, and West Virginia in ordering Bovada to terminate player accounts registered in those jurisdictions.

On its website, Bovada says it has adhered to all of the cease-and-desist letters, with Louisiana being the lone exception as of this writing. The LGCB wrote the iGaming company in a letter dated August 6.

Bovada says a customer with an account balance in a state where the website suspends its operations should contact customer support to arrange “a cryptocurrency withdrawal.”

Cryptocurrency is the preferred currency on Bovada, as the platform provides players with larger sign-up bonuses and promotional incentives when using Bitcoin, Ethereum, Litecoin, and other prominent decentralized digital currencies.

Unregulated Gaming

Gambling in the US has expanded considerably in recent years.

Along with numerous new brick-and-mortar commercial casino states, the Supreme Court’s 2018 decision that a federal law that had limited single-game sports betting to Nevada was unconstitutional resulted in nearly 40 states authorizing sports gambling. Legal iGaming has also grown to seven states, and several others continue contemplating whether to allow online slot machines and table games.

In the wake of the legal gaming industry continuing to reach new markets and players, the American Gaming Association, the leading trade group that represents commercial and tribal gaming interests in the nation’s capital and across the country, says the Department of Justice should do more to crack down on illegal offshore gaming.

The federal law enforcement agency maintains that it “takes seriously the issue of illegal online gambling and continues to successfully investigate and prosecute illegal internet gambling.”

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Entain Shareholders Sue Over $760M Turkish Bribery Fine

A group of investors in UK-based online gambling giant Entain (OTC: GMVHF) have filed a class-action lawsuit that seeks compensation for damage done to the company’s share price by a bribery probe into its former Turkish operations.

Entain, shareholder lawsuit, class action, Turkey, Headlong, bribery, HMRC — Entain, formerly known as GVC Holdings, was accused by UK tax agency HMRC of failing to have protocols in force to stop employees at its rogue Turkish arm engaging in bribery and stealing from the company. (Image: Shutterstock)

The complaint, filed Wednesday in London’s High Court by 20 institutional shareholders, demands $150 million in damages. It claims that Entain failed to properly inform investors of an investigation by the UK tax agency, HMRC, into bribery and corruption at the Turkish subsidiary, Headlong.

Ultimately, Entain would pay one of the biggest fines in UK corporate history, £600 million (US$760 million) to resolve the case. Shares in the company have almost halved since May 2023 when it warned shareholders of the impending penalty.

Shady Networks

Entain, then known as GVC Holdings, offloaded Headlong for free in December 2017 ahead of its proposed takeover of British legacy betting group Ladbrokes-Coral.

Online gambling is illegal in Turkey, and the company wanted to rid itself of black-market ops that might give regulators a reason to nix the Ladbrokes deal.

But once upon a time, Headlong accounted for a third of Entain’s revenues, and the company employed sketchy cash-collection networks and payment processors to hide transactions from Turkish financial institutions. It also, allegedly, bribed Turkish officials to turn a blind eye.

HMRC accused Entain of failing to stop Headlong employees from engaging in bribery. The unit was so poorly overseen that some of its employees were defrauding the parent company by siphoning off money.

Entain, which now owns half of BetMGM, could have been prosecuted under the UK Bribery Act but prosecutors ultimately decided against this because it could have resulted in the company losing licenses across the world, potentially putting thousands of jobs at risk.

Internal Unrest

Should the case proceed to trial, a judge will need to determine the degree to which the Turkish investigation caused Entain’s stock market downturn. There have been many other factors that have damaged its share price over the past few years, including a series of misfiring acquisitions.

Activist investors have lately taken an increasingly prominent position in the group and have voiced concerns about its strategic direction. This may have led to the resignation of then-CEO Jeannette Nygaard-Anderson in December 2023 amid rumors of internal unrest.

Andrew Williams, a partner at Fox Williams, the law firm that filed the complaint, said he hoped the lawsuit would “offer institutional investors the opportunity to recover substantial losses, but more importantly, serve to improve transparency and governance within the UK’s gambling sector, reminding public companies that they need to take their disclosure obligations seriously.”

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Genting NY Casino Bid Could Be Hindered by Las Vegas Controversy, Says CIMB

Genting Bhd’s effort to procure one of the three downstate casino licenses in New York could be damaged by potential regulatory discipline the operator faces in Nevada, according to CIMB Securities.

Selwyn Balkissoon — Resorts World New York in Queens. Operator Genting’s hopes of converting the venue to a traditional casino could be harmed by Las Vegas controversies, says a research firm. (Image: *NYT*)

Last week, the Nevada Gaming Control Board (NGCB) said it is examining financial penalties against Resorts World Las Vegas (RWLV) — Genting’s lone Nevada property — over that venue’s role in allowing known illegal bookmakers to wager there. Nevada regulators alleged that Resorts World Las Vegas not only knowingly allowed those bookies to bet there, but also didn’t scrutinize the source of their cash. That could call into question the veracity of the integrated resort’s anti-money laundering protocols.

We think another risk is that a negative review by the commission could jeopardize Resorts World New York City’s bid,” wrote CIMB analysts in a recent report to clients.

Genting-owned Resorts World New York is a slots-only venue in Queens. The venue has been operational for about 13 years, and over that time, it’s delivered more than $4 billion in taxes for the state. That coupled with its status as one of the highest-grossing regional casinos in the country, despite having no table games, has led to speculation that Resorts World New York is almost a lock to win one of the three downstate permits.

Genting Could Face Hefty Fine in Nevada

CIMB Securities observed that Resorts World Las Vegas could have to answer for as many as 300 separate violations, which could result in fines totaling $75 million.

It’s also possible that if Nevada regulators want to take a hard line against Genting, RWLV’s nonrestricted gaming license could be suspended or even revoked, though the research firm acknowledges that both a fine of that size and revocation of the gaming permit would be unusually harsh punishments.

“Some industry experts say that this is rare and the commission is unlikely to go that far, due to the uncertain long-term impact from taking such a drastic measure,” noted the brokerage firm.

Scott Sibella, the former MGM Resorts International and RWLV executive at the heart of the scandal, pleaded guilty in January to violating the federal Bank Secrecy Act, and in May, was tagged with a $9,500 fine and a $100 special levy. In Nevada, he could face loss of his gaming license and up to $750K in fines.

Genting NY Casino Bid Could Withstand Controversy

To date, no New York regulators have commented on whether or not the goings on at Resorts World Las Vegas could endanger Genting’s Empire State ambitions. In New York, the current emphasis is on finding some way to expedite the start of the bidding process for the three downstate casino licenses — something that appears unlikely over the near term.

About a year ago, rumors surfaced that MGM’s Empire City Casino could also be hampered in its efforts to land one of those permits because of Sibella’s ties to that operator. He served as president of MGM Grand on the Las Vegas Strip for a decade.

However, that’s just speculation and no New York regulator has publicly said the Genting and MGM bids there are in jeopardy due to controversies in Nevada. With both operators already established and known to New York policymakers, and with both pledging billions of dollars in enhancements to their existing venues and the creation of thousands of new jobs should they win traditional casino licenses, it’s possible their New York ambitions can withstand the Sibella-related imbroglio in Las Vegas.

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