Posted in fofabvlic

Starling Bank may strengthen gambling self-exclusion blocker

first_img Starling Bank may strengthen gambling self-exclusion blocker Customers call on bank to make it harder to disable feature Topics: Finance Strategy Tech & innovation Finance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Starling Bank is considering making its voluntary gambling transaction blocker more difficult to disable following customer feedback submitted since it introduced the facility last month.The digital, mobile-only challenger bank launched the blocker last month, explaining it wanted to add “positive” friction to help customers should they wish to spend less on gambling.Since the middle of June, Starling customers have been able to block gambling transactions. Under the Security section of its app, customers can toggle a ‘block for transactions made at gambling establishments’. Once they have selected this, they are sent a message to confirm that the block is in place.While Starling cannot reveal how many customers have adopted the feature, it said the only negative feedback “centred on the fact that it’s relatively easy to disable the gambling blocker”.A spokesperson told iGamingBusiness.com: “Some users wanted us to make it harder to turn the blocker off – some asked for a 24 or 48 hour delay on turning the blocker off.  We always aim to be responsive to customer needs, so we will consider whether to do this and, if so, how best to do it.“Our thinking is that if it helped just one person to handle their gambling issues, then it would have been worth it. Of course, we hoped it would help a lot more.”Another challenger bank, Monzo, also introduced a gambling blocker service last month. Monzo forces those who wish to cancel their voluntary exclusion to a cooling off period of 48 hours before it is removed.Monzo explained it is able to identify gambling transactions by codes that accompany payments.Starling said that while it did not consult with the gambling industry, it did have dialogue with GambleAware, GamCare and the Money and Mental Health Policy Institute before introducing the blocker.The spokesperson said: “All were very supportive. The Money and Mental Health Policy Institute had been calling for some time for banks and other card providers to allow customers to block gambling transactions on their cards.“Their concerns were linked to the significant problems related to gambling addiction in the UK.”center_img 17th July 2018 | By contenteditor Email Address Subscribe to the iGaming newsletter Tags: Online Gamblinglast_img read more

Posted in sktvgmimqgql

Barr sets out expansion goals in new Red Rake Gaming role

first_img Subscribe to the iGaming newsletter Topics: Casino & games Tech & innovation Email Address Barr sets out expansion goals in new Red Rake Gaming role AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 7th August 2018 | By contenteditorcenter_img Tags: Mobile Online Gambling Casino & games Nick Barr has outlined his desire to take Red Rake Gaming into new markets after being appointed as managing director of its Malta operations.Barr was previously sales director at Genii and has now joined online and mobile casino content supplier Red Rake as part of its ongoing expansion strategy.Red Rake is already regulated in Spain and Italy, but also has a number of licence applications in place in markets around the world as it seeks out new business opportunities.Barr told iGamingBusiness.com that this growth strategy will be a key focus in his new role with the company, adding that he is “excited” to be playing a major part of the effort.“The main goal for Red Rake is to drive its expansion, bring new clients on board and move into new markets, of which regulated markets will play a pivotal role,” Barr told iGamingBusiness.com.“Already, we have applications in progress to move into the UK, Portugal and Romania to mention but a few.“We have already seen the desire from clients for us to enter new markets with them and due to our highly skilled technical team, we can meet all regulation requirements within a very short period of time.“I firmly believe the games being produced are some of the best games in the industry with a strong focus on feature games and bonus games which resonate with players, proven by the fantastic results we see from our clients.”Red Rake has been active for around two years and has already sealed content deals with a number of major brands, including SlotsMillion.Carlos Fernández Aguilar, head of business development and co-founder of Red Rake, added: “We have experienced rapid growth since we started our operations two years ago, but our plan is to establish us as the go-to content supplier in the market and we think Nick is the perfect person to help us achieving that.“His experience, knowledge and skills are invaluable and I would like to take this opportunity to welcome him to the team and look forward to working closely together over the coming months and years.” Nick Barr will lead the company’s Malta operationslast_img read more

Posted in sktvgmimqgql

RSI targets expansion after New Jersey sports betting launch

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Casino & games Regions: US New Jersey Email Address 24th August 2018 | By contenteditor Rush Street Interactive (RSI) is targeting expansion into further markets after its online casino brand, PlaySugarHouse.com, became the first gaming operator in the US to launch an integrated online sportsbook and casino. Launched in the state of New Jersey yesterday (Thursday), the new SugarHouse Online Sportsbook & Casino features a wide variety of bets, competitive odds and what it claims is a ground-breaking loyalty program that merges casino games with sports betting. Players can earn loyalty and bonus points on every single sports and casino wager, including the more than five million Live In-Game bet options and 450 casino games and live dealer table games. Additionally, unified player accounts, wallet and bonusing allow players to switch between sports betting and casino play. Commenting on the decision to enter the New Jersey sports betting market, Richard Schwartz, president of Rush Street Interactive, told iGamingBusiness.com: “Our reason for entering was to try to grow our existing online NJ business and mature our products and operational services in anticipation of expanding to future US markets.” He added: “We’re hoping to expand into other legal and regulated markets that open in the US. We’ve already received some interest in collaboration from other operators in other markets who are interested in using our platform and operating services, along with the Kambi sportsbook, so this is something that we’re beginning to explore.” RSI has partnered with Kambi, a provider of premium sports betting services to licensed B2C gaming operators, in the venture. Thursday’s launch came after Kambi and RSI received the necessary regulatory clearance from New Jersey’s Division of Gaming Enforcement. As a result of RSI’s existing online presence in New Jersey via PlaySugarHouse.com, the operator has been able to implement a full launch, with players immediately able to access the sportsbook on mobile through Android and iOS, and on desktop throughout the state. The SugarHouse Online Sportsbook & Casino is a combination of Kambi’s sportsbook and RSI’s iGaming platform, creating a turnkey solution which Kambi has said could be leveraged by operators in other regulated US markets. In June, RSI also launched an online sportsbook into the regulated Colombian market, having partnered with Kambi in May. Schwartz said its Colombian operation has served to inform the subsequent launch in New Jersey. “When RSI decided to enter the regulated Colombian online market, we felt that in addition to the exciting commercial opportunity that the market provided for us, it would also enable us to mature our sportsbook solution and gain valuable experience operating it,” he said. “We were fortunate to take the time over the past year to work closely with our sportsbook provider, Kambi, that our integration between RSI’s igaming platform and their sportsbook would be quality. So rather than rushing a new product to market in the US, we feel like as a result of our Colombia business, we’ve been able to launch in the US with a mature solution. “Our experience also proved the value of our unique sportsbook loyalty program. Players in Columbia appreciate that they can earn points on every single bet so it is something we have implemented for our US players too.” Schwartz also believes the new PlaySugarHouse offering will stand apart from other operators already established in New Jersey. He added: “We’re the first online operator in New Jersey (and the United States) to offer an integrated online sportsbook and casino, which means our players will use the same player account, wallet, bonusing, and even loyalty points between sports betting and casino play.  “In addition, our sportsbook will offer a huge variety of bets, competitive odds and a really unique and player-friendly loyalty program that awards players with loyalty points from every sports or casino bet. An innovative feature our sportsbook offers is to permit players to cash‐out an active bet before the outcome is determined, allowing them to secure part of their winnings or cut their losses as the odds change. We’ve also developed in-house some proprietary features, including a jackpot parlay product, that we think will appeal to our players.” RSI becomes the second Kambi customer to launch an online sportsbook in New Jersey, after DraftKings, and just the third operator to do so since the opening of the market. Having been first to market on August 1, Kambi-powered sportsbooks now make up two-thirds of the online wagering options for players in New Jersey. In a statement, Kambi chief executive Kristian Nylen said: “To be providing our sportsbook to two of the three online operators currently live in New Jersey is a great achievement and provides further evidence that Kambi is the trusted sports betting partner for operators wishing to enter regulated markets.”center_img Subscribe to the iGaming newsletter RSI targets expansion after New Jersey sports betting launch Topics: Casino & games Sports betting Tech & innovation Colombian sportsbook informs move into US marketplacelast_img read more

Posted in euyztfzgsukp

New Eldorado CEO seeks ‘strategic growth’ opportunities

first_img Thomas Reeg to lead William Hill’s US casino partner from January 1 Regions: US Tags: Mobile Online Gambling Subscribe to the iGaming newsletter Topics: Casino & games People Strategy Thomas Reeg has been named as the new chief executive of William Hill’s US casino partner Eldorado Resorts and immediately set out his intention to pursue “strategic growth opportunities” for the company. Reeg will move into the position on January 1, 2019, after a spell as president and chief financial officer of the company. Current CEO Gary Carano will step aside and move into the new role of executive chairman. Eldorado has also appointed Anthony Carano as its new president, but he will also retain his current role as chief operating officer. The company has already begun its search for a new CFO to replace Reeg. In a statement announcing the senior management changes, Eldorado said that the appointments will “transition to position the company for its next phase of growth and the continued creation of shareholder value”. Reeg, who was named president in 2014 before adding CFO duties in March 2016, has set out his key goals for the business, stating his intention to build on his predecessor’s expansion work. “Gary led a significant expansion of our property portfolio while maintaining true to the Carano family’s legacy of providing our guests with exceptional gaming, dining and entertainment experiences as well as the family-style service for which the company is renowned,” he said.“I look forward to working closely with Anthony to continue this legacy and continuing to work with Gary in his executive chairman role to pursue additional strategic growth opportunities that leverage his knowledge of Eldorado and the gaming industry.” The appointments come at a pivotal time for Eldorado, which recently struck up a major partnership with William Hill that could lead to growth within the digital market. Announced earlier this month, the deal establishes Hills as Eldorado’s exclusive partner in the provision of digital and land-based sports betting services, as well as online gaming. The arrangement could eventually extend to the 11 states in which Eldorado is present. Eldorado also this month secured interim approval from the New Jersey Casino Control Commission to proceed with its acquisition of Tropicana Entertainment. The $1.85bn (£1.41bn/€1.58bn) deal includes the Tropicana land-based facility in Atlantic City and would expand Eldorado’s property portfolio in the US.Image: Roman Eugeniusz Casino & games Email Address New Eldorado CEO seeks ‘strategic growth’ opportunities AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 27th September 2018 | By contenteditorlast_img read more

Posted in gzmqbjoksvvv

Microgaming expands into Czech Republic with Tipsport

first_img Tags: Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Europe Central and Eastern Europe Czech Republic Microgaming expands into Czech Republic with Tipsport Casino & games Online gaming content provider Microgaming has expanded its services into the Czech Republic through a new partnership with Tipsport. Subscribe to the iGaming newsletter 15th February 2019 | By contenteditor Online gaming content provider Microgaming has expanded its service offering into the Czech Republic through a new partnership with Tipsport.Microgaming has provided the Czech betting operator with a software solution tailored for consumers in the country.Tipsport customers will now have access to a range of Microgaming’s premium casino games, with additional content to be added in the near future.“Tipsport is a major operator in the region, and a leader in the European sports betting industry as a whole,” Microgaming’s chief operating officer, Andrew Clucas, said. “We are delighted to begin a partnership with them that will provide their customers with an expanding library of our best online slot gaming content.”Jiří Švarc, director of online casino at Tipsport, added: “Our partnership with Microgaming signals our commitment to diversifying our product offering, providing players in the Czech Republic with access to the largest and most diverse online gaming portfolio in the industry.”The latest launch comes after Microgaming in December rolled out its online poker offering in Bulgaria, via a supply deal with local operator National Lottery AD.Microgaming also went live in both Colombia and Denmark towards the end of 2018, following up on this with a launch in the newly regulated Swedish market last month.Image: Max Pixel Topics: Casino & games Tech & innovation Email Addresslast_img read more

Posted in xosquutfofpr

WH and Betfair warned after ads appear in Looney Tunes app

first_img Email Address Casino & games 19th June 2019 | By contenteditor Subscribe to the iGaming newsletter Topics: Casino & games Legal & compliance Marketing & affiliates Social gaming Tags: Mobile Online Gambling Regions: UK & Ireland WH and Betfair warned after ads appear in Looney Tunes app The UK’s Advertising Standards Authority (ASA) has warned William Hill and Flutter Entertainment to refine how their advertising targeting strategies, after promotions for each operator appeared in an app seen as being of particular appeal to minors. The UK’s Advertising Standards Authority (ASA) has warned William Hill and Flutter Entertainment to refine how their advertising targeting strategies, after promotions for each operator appeared in an app seen as being of particular appeal to minors.In February 2019, an ad for Flutter’s Betfair Bingo brand appeared in Looney Tunes: World of Mayhem, an app where players build worlds based on Warner Brothers’ Looney Tunes cartoons and collect characters such as Bugs Bunny and Tweety Pie.That same month, an ad for William Hill Vegas also appeared in the app, prompting the ASA to query whether these were appropriately targeted.Flutter Entertainment responded by saying that the ad had been placed by mobile engagement platform Tapjoy. Following the ASA’s complaint, it discovered that the app’s publisher Scopely had mistakenly opted in to accepting advertising content at a ‘mature-plus’ level for the app.Tapjoy said it had immediately corrected the error once it was flagged by Scopely, with Flutter noting that once the issue had been fixed, it had stopped working with the engagement platform.Scopely, however, said the ad was inadvertently placed by Tapjoy, and that it had been assured that the issue would not occur again.William Hill also said the fault lay with the game publisher, but added that it should not have appeared in the app regardless of who was at fault. It had blacklisted the app, meaning its ads would no longer appear in Looney Tunes: World of Mayhem, via Tapjoy or any other affiliate.Tapjoy also looked to play down the issue of children using the app and seeing the gambling ads. It said that while adults of a certain age associated the Looney Tunes with their childhood, the app used characters and entertainment properties dating back to the 1930s and 40s. As a result of the mistake, ads for Annexio’s LottoGo EuroMillions and MT SecureTrade’s Dunder app also appeared in Looney Tunes: World of Mayhem.However the ASA upheld its complaint, pointing out that the app had a PEGI 7 rating in the UK Google Play store, meaning it was suitable for players aged seven and above.“Given the use of cartoon characters, cartoonish violence and the relatively simple nature of the game, we considered it was likely to appeal to many under-18s,” it said.It did acknowledge that the characters would be well-known to older players, meaning the game would have more general appeal. It also conceded that the ad had been correctly labelled as ‘mature gambling’, and as such should only have appeared in apps that had opted in to carry such ads. Action had been taken promptly to correct the error, the ASA added.However, it added that the app was likely to be of particular appeal to minors, and that its player base was likely to include under-18s. It noted that Tapjoy’s platform allowed advertisers to target campaigns using interest-based data gathered from gaming preferences and self-reported demographic data, such as dates of birth.Neither William Hill nor Flutter had used these options. As such both were found to be in breach of CAP Code (Edition 12) rules 16.1, relating to the requirement for ads to be socially responsible, and 16.3.13, which states that gambling ads must not be directed at minors.The ads must not be used again without specific targeting to minimise the likelihood of under-18s seeing them. William Hill, Flutter and Tapjoy were all warned to ensure ads were appropriately targeted in future. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Posted in gzmqbjoksvvv

KamaGames releases video poker app

first_img Social mobile poker operator KamaGames has announced the release of a new standalone video poker app, Video Poker by Pokerist.The app, which is now available via the App Store and Google Play will host three game types — Deuces Wild, Bonus Video Poker and Jacks or Better — and is designed with “the look and feel of the traditional Las Vegas video poker machines.”Established in 2010, KamaGames Europe’s largest social mobile poker operator, with over 630,000 daily active users. The company’s flagship game, Pokerist, was the #1 grossing app in 101 countries on the App Store.Andrey Kuznetsov, chief executive of KamaGames, said he believed the game would be attractive to both Pokerist players and new customers.“We are placing a strong focus on differentiating our portfolio of social casino games in many directions this year,” Kuznetsov said. “As an iconic element of the Las Vegas casino, video poker is very familiar to our audience and in-line with the products they want from KamaGames. With this exciting new addition, we hope to both satisfy both our existing players whilst also attracting a fresh, new audience.”Kuznetsov said the company had focused on diversifying the range of content it offers with the launch of new products, and the video poker roll-out was “perfectly aligned with this goal”.“In the short time since launch, it’s certainly helped us build on our global presence in the social casino landscape and we’re looking forward to adding to this offering in the remainder of 2019,” he addedEarlier this month, the company announced that H1 2019 revenue increased 11.2% from the previous year to $46.3 million. Subscribe to the iGaming newsletter Topics: Casino & games 31st July 2019 | By Daniel O’Boyle Social mobile poker operator KamaGames has announced the release of a new standalone video poker app, Video Poker by Pokerist. Casino & gamescenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter KamaGames releases video poker app Tags: Online Gambling Email Addresslast_img read more

Posted in vtuctqxvrymq

NC legislators pass sports betting expansion study bill

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter North Carolina’s legislature has passed a bill to conduct a study into the expansion of sports betting and the establishment of a new regulatory body in the state. Topics: Sports betting North Carolina’s legislature has passed a bill to conduct a study into the expansion of sports betting and the establishment of a new regulatory body in the state.The bill must still be ratified by Governor Roy Cooper become it passes into law.Senate Bill 574 was originally intended to create a new regulatory body, the North Carolina Gaming Commission, which itself would conduct a study into expanding sports betting in North Carolina.However, when the bill passed to a conference committee after the Senate made significant changes, this removed the language that would have seen the state Lottery Commission converted into the Gaming Commission, giving it a broader regulatory scope.The Lottery Commission will now contract an independent third party to research the effects of creating a gaming commission and expanding sports betting beyond tribal lands. It will present its findings Joint Legislative Oversight Committee by April 15, 2020.Read more on iGB North America. Regions: US North Carolina 3rd September 2019 | By Daniel O’Boylecenter_img Subscribe to the iGaming newsletter NC legislators pass sports betting expansion study bill Sports betting Email Addresslast_img read more

Posted in pghosvtfqfpe

Japan launches public consultation on IR regulations

first_img Japan has launched a public consultation on proposed regulations for integrated resorts, including the country’s first casinos, with people able to submit comments on the controls until 3 October. Topics: Casino & games Legal & compliance Regions: Asia Japan Subscribe to the iGaming newsletter Casino & games Email Addresscenter_img Japan launches public consultation on IR regulations AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 4th September 2019 | By contenteditor Japan has launched a public consultation on proposed regulations for integrated resorts, including the country’s first casinos, with people able to submit comments on the controls until 3 October.The consultation, which was launched today (3 September) by the Ministry of Land, Infrastructure, Transport and Tourism, aims to gather views on the proposed regulations, which were approved by the country’s ruling Cabinet in March this year. This will ultimately see licences for three resorts issued.They require the resorts to host hotels, conference facilities and exhibition centres, with gambling facilities to cover no more than 3% of each venue’s floorspace. Each must also include cultural facilities such as theatres, music halls, cinemas, museums and restaurants.While entry to the gambling facilities will be free for tourists, locals must pay a ¥6,000 fee, and those aged 20 and under are prohibited from gambling.IR operators will need to secure a casino business licence, to construct the casino, then a casino facility service licence, which covers the operation of the venue. Applicants will be required to set out a comprehensive business plan for the venue, which must be approved by the country’s casino management board, which will effectively become the national gambling regulator.The prefecture in which it intends to build the facility will also have a say in which operators are licensed. As part of the construction, IR operators will be expected to consult with the local population during the resort’s development.They must also devise a plan to ensure a return to the prefecture, through tourism or investment, which will be scrutinised as part of the selection process.Measures to counteract the potential negative effects of gambling, such as addiction, as well as youth protection and measures to avoid criminal interference have to be drawn up too.The project comes as part of a drive to increase tourism in Japan, with a view to having 60m visitors enter the country by 2030, spending ¥15tn. Following the passage of the integrated resorts bill in the Japanese Diet in July 2018, the earliest one of the facilities could open is expected to be 2025.The consultation on the regulations was originally expected to be launched shortly after the Fourth Abe Cabinet approved the regulations in March, with the casino management board to be established by July. The composition of the board has still not yet been announced.A number of high-profile international operators have showed an interest in securing an IR licence in Japan, however. MGM Resorts, Hard Rock International, Las Vegas Sands, Wynn Resorts and Mohegan Gaming and Entertainment are all likely to be part of the bidding process. Caesars Entertainment, however, has reportedly dropped out of the process.Construction of the resorts is expected to cost upwards to $10bn. MGM is plotting a facility in Osaka, with Las Vegas Sands and Wynn favouring Tokyo or Yokohama, according to media reports.last_img read more

Posted in fofabvlic

RP iGaming Index: Storm clouds gathering?

first_img Compiled in partnership with Regulus Partners, September’s index saw a degree of outperformance after a summer spent broadly tracking the NASDAQ benchmark. Before we get too excited, though, this dead cat bounce comes after several months of share price malaise. Kindred is the stock in focus for this month Compiled in partnership with Regulus Partners’ Paul Leyland, September’s index saw a degree of outperformance after a summer spent broadly tracking the NASDAQ benchmark. Before we get too excited, though, this dead cat bounce comes after several months of share price malaise. Kindred is the stock in focus for this month There used to be an old stockbroking adage, one suitably based on betting and racing: “Sell in May and go away, come back on St Leger Day”. For our non-UK audience, along with probably a large number of you aged under 45, the St Leger is the last major flat race of the season, held in Doncaster in mid-September.If the adage were ever true it stopped being so when US brokers came to London and felt that an entire summer of doing very little was rather louche.The final nail in the coffin was IFRS requirements to get interims out in a manner more timely than late September for companies with a December year-end – which is most of them (March stopped being the calendar year-end in Britain in 1751, though the government and some companies have yet to adjust).The summer has therefore been full of reporting though little of major note was reported. Tags: Online Gambling Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter If the sector does face macro pressure, it is therefore likely to be more severely felt than in 2007-9 – and the pressure itself could be a lot worse.Those operators thinking that the worst thing that could happen in the medium term is a bad run of results, challenging regulation or being left out of the M&A party could have a nasty surprise in store – and blaming Brexit is unlikely to wash either…Stock in focus: Kindred There are no prizes for guessing which two stocks will be in focus this issue – and that at least will allow us to say something positive. One of the biggest online movers of the summer was Kindred, which the market punished aggressively despite reasonable topline performance against tough comps.Kindred’s Q2 showed the continued pressures being faced in Sweden (as expected, a QoQ improvement but still contribution down £9.2m YoY, or 82% of the EBITDA fall). 24th October 2019 | By Stephen Carter Topics: Finance Email Address Finance This is because the sector’s big news is usually regulatory or M&A-related: earnings watching tends to be defeated by either predictability (less the regulatory drivers) or the sort of volatility that should not change fundamental perceptions of value (high roller wins, sporting results etc).Gambling company earnings seasons can therefore be rather dull, as this one was – with one or two exceptions (such as this issue’s stock in focus below, Kindred).All this may change, however, with any investors who did come back after St Leger Day perhaps wishing they hadn’t. We think it may change because there are some early signs of a global slowdown, which could lead to another set of banking problems.The trouble is, with global debt roughly double what it was in 2007, QE still dribbling on, and interest rates already low to negative, there isn’t a great deal that policy makers can do about any crisis that does hit – not from the conventional liberal-capitalist playbook at any rate.We are not calling Armageddon – and this is certainly not investment advice – but we are nervous about the wellbeing of the global economy and some key financial institutions.The gambling sector got through the last financial crisis pretty well on an operational level: pain tended to be a function of corporate leverage rather than top-line performance (although this was worse affected than many obliging management teams expected).However, it certainly hit growth – proving (perhaps thankfully, given the policy implications of the alternative) that most forms of gambling can be classified as cyclical consumer discretionary.The reason why 2007-9 was broadly survivable was because most companies could repair their balance sheets, most land-based businesses had double-digit EBITDA margins to buffer themselves and most online companies could count on double-digit secular growth (though some had to be bought by stronger management to unlock this).Rolling forward to 2020, land-based EBITDA margins are much more under pressure from wider retail issues as well as some gambling specific ones (typically 10% vs. 20%), online secular growth is harder to come by and increasingly expensive (tax, marketing, content etc) and several major companies also have significant levels of leverage. Domestically regulated markets excluding Sweden were up 19%, suggesting continued momentum in the UK from 32Red and a strong performance from France (the market that wasn’t supposed to work but has provided very attractive growth for those few operators that got in early and played the regulatory distortions to their advantage).The increased mix of domestically regulated markets (59%) also led to a material increase in marketing despite World Cup spend in the comps, with 29% revenue on marketing, the highest since 2013. This and higher taxes largely explains the significant reduction in operating margins, with many erstwhile .com operators now experiencing domestically regulated reality in Europe facing similar pressures.Kindred’s performance captures the issues of early online businesses servicing mature markets in microcosm, in our view.While the benefits of secular growth are no longer evenly felt (CES Europe was the strongest segment albeit suggesting relative underperformance: +11% but only 8% of the group), product investment, operational efficiencies and .com revenue to reinvest in POC marketing have allowed room to be made for a tougher topline environment, structurally higher costs and increasing competition.During this long ‘period of adjustment’, events have been sufficiently evenly spaced to be presented as one-off in an otherwise intact growth story. However, with a critical mass of Kindred’s revenue now domestically regulated and more headaches coming (e.g. Norway, Germany and the Netherlands, assuming the latter is likely less problematic for Kindred than some competitors), achieving topline momentum and sustainable margin improvements could be extremely challenging.Ironically, and perhaps offering long-term hope of sorts, Kindred’s best performing major geography is likely to be the one which the group found the most strategically challenging on domestic licensing.Disclaimer The narrative provided represents the opinions of the authors. Any assessment of trends or change is necessarily subjective. The information and opinions provided are not intended to provide legal, accounting, investment or policy advice, nor should they be used as a forecast. Regulus Partners may act, or has acted, for any of the companies and other stakeholders mentioned in this report. RP iGaming Index: Storm clouds gathering?last_img read more