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Strong Revenues Allow Sun International to Pay Dividend

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Sun International, a South African gaming company, will be able to pay its dividend for the first time in six years. This is thanks to the operator’s revenue rising by 30% in the first half of 2022.

Sun International Paid Dividend

Sun International’s business was badly hurt by the COVID-19 pandemic. The virus outbreak forced the company to temporarily shut down, which led to some heavy financial losses. However, now that the pandemic has subsided, the company experienced a steady recovery.

Sun International operates casinos, slots and hospitality services. While its hotel business experienced a steady recovery in the first half of the current year, it is the company’s gambling business that helped it recover from the damages caused by COVID-19. Now that tourism has resumed, more visitors frequent the company’s hotels and gambling halls, helping business pick up once again.

Now Sun International has strengthened its business, it decided to pay its dividend for the first time in six years. The company announced that it will pay an interim dividend of $0.05 per share. As a result, Sun International will pay back $29 million of its debt and reduced it to $390 million.

The operator’s share price, meanwhile, continues to fluctuate. Despite the ups and downs, the overall statistics show that Sun International’s shares are also recovering. However, it will likely be a while before they return to their pre-pandemic prices.

Sun Relies on Its Gaming Operations

Gambling operations contribute 82% of Sun International’s income. Because of this, it is critical for GGR to return to its pre-pandemic levels so that Sun can pay its dividends. Right now, the company’s slots operations are its strongest segment as Sun Slots’ revenues have surpassed the pre-pandemic levels.

Speaking about the company’s recovery, a spokesperson said that the casino income is currently excellent and demonstrates a strong recovery.

Casino income has proven resilient and is swiftly recovering from the effects of the pandemic.

Sun International statement

South Africa shows a lot of promise as one of the emerging gaming markets. Africa, as a whole, is seen as a huge market that has barely been tapped. Because of that, numerous companies have been working to expand their presence in the continent and rank among the visionaries that will shape African gaming.

Two months ago, global bookmaker Betfred expanded its presence in South Africa thanks to a deal with LottoStar. Meanwhile, at the beginning of July, Gaming Laboratories International announced that it has hit 100 South Africa-based employees.

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August 29, 2022
Prophet Launches as First Betting Exchange in the US

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Prophet Exchange, the first peer-to-peer sports betting exchange in the United States, has launched in New Jersey ahead of the next National Football League season. This is a huge step for US sports betting, as punters in the Garden State can now access a novel sports betting offering.

Prophet Exchange Is the First of Its Kind in the US

As a peer-to-peer sports betting exchange, Prophet Exchange will allow sports fans to bet against one another instead of against an operator. It will notably be the first of its kind to legally operate in the United States.

Prophet Exchange will allow customers to set their own prices and have other users bet on them. This will create a dynamic and competitive market where bettors are free to compete and show off their understanding of sports and odds. Prophet will serve as an intermediary and will not set limits on any of the wagers set by players. However, customers still need to have a counterparty to match their bet.

At first, the exchange will offer moneylines, spread and total markets for the most popular leagues, including the National Football League, the National Basketball League, the National Hockey League, Major League Baseball, as well as NCAA Football and Basketball. Additional sports will be added at a later date.

Prophet Exchange is available for both Android and iOS and can be also accessed on the web.

Prophet’s Founders Are Excited by the Launch

The betting exchange was founded in 2018 by Dean Sisun and Jake Benzaquen. Since then, the two have been working hard to get Prophet approved for launch in the United States. Their results have finally yielded success as the platform has received approval to launch in New Jersey.

Sisun, now serving as Prophet Exchange’s chief executive officer, said he is really excited to be the first fully regulated betting exchange in the Garden State.

This has been a monumentally challenging journey to date, and to see it come to life is an amazing achievement for our team. That being said, this is only Prophet’s first major milestone, and we will not lose sight of our north star: becoming the mainstream sports betting platform in the United States.

Dean Sisun, CEO, Prophet Exchange

Benzaquen, now serving as a chief commercial officer of the exchange, added:

Being the first start-up and the first betting exchange in the United States regulated market means the world to us and our team here in Hoboken, and globally. We cannot wait to show the public who we are and what our product offers to the market here in New Jersey and beyond.

Jake Benzaquen, COO, Prophet Exchange

Bettors in New Jersey can now access Prophet Exchange and its offerings. The team behind the novel product can’t wait to upgrade and enhance the platform. Sports fans should stay tuned for future developments.

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August 29, 2022
NordicBet Unveils Makes Sports Bigger Concept and New Brand Identity

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NordicBet, the leading sportsbook and casino operator, announced the launch of new brand identity and concept.

NordicBet Introduces New Brand Identity, Concept

The operator announced the launch of a new communication concept called “Makes sports bigger”, as well as a new brand identity today. The new concept is the result of the efforts of the company’s international design and creative hub. Ultimately, the new concept seeks to streamline its “work within brand identity and design across Betssons markets.”

In the Nordics, NordicBet was among the first sports betting operators to offer wagers for other competitions besides the top leagues. As a highly popular brand in the region, it quickly got the attention of sports fans. Now, the new concept and brand identity seeks to further expand the brand’s reach. What’s more, “Makes sports bigger” aims to strengthen the brand’s identity by introducing a cross-market approach.

Celebrating its new concept, NordicBet introduced a new TV commercial. The brand presents the sportsbook as the go-to location for sports fans that are looking for a unique and enhanced experience. Hong Kong, the leading advertising agency, collaborated with the sportsbook to develop the brand’s new concept. Jeppe Ronde, the famous award-winning Danish director also contributed to NordicBet’s new TV ad.

The New Collaboration Will Bring Unique Experiences for Sports Fans

Kay Hook, the director of brand and creative of Betsson Group, commented that many sports fans have their rituals or routines that reaffirm the trust their team will win. He pointed out that those rituals or routines by sports fans are the “starting point for NordicBet’s new campaign.” In conclusion, Hook said: “But we have taken this a little further, adding true feelings, sometimes uncommon rituals and friendships, that Makes sports bigger.”

“Like the soccer player, the hockey player or the handball player, many of the supporters and fans have their own routines, or even rituals, which they believe they must do to support their team. It can be wearing the team’s shirt, putting on lucky socks or having the same match day routines; all to support their team and doing whatever it takes to win.”

Kay Hook, director of brand and creative at Betsson Group

Ronni Hartvig, Betsson Group’s CCO, added that the new international design hub will boost the company’s marketing efforts in multiple brands while at the same time creating synergies. In conclusion, Hartvig said that the Nordics will be the first market to experience such collaboration but reaffirmed that other markets will follow.

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August 29, 2022
HHR Venues to Open in Kentucky as the Vertical Grows

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Historical Horse Racing continues to enjoy a lot of popularity in Kentucky. Seeing the popularity HHR has in the state, two companies have decided to open new HHR venues.

Kentucky Bettors Adore HHR Machines

HHR machines are slot-like machines that use data from horse races to determine the outcome of a player’s bet. These machines are people’s preferred way to play in Kentucky, according to data from the Kentucky Horse Racing Commission.

The commission reported that players bet a whopping $6.8 million on the state’s 5,569 machines during the previous fiscal year. This stellar handle resulted in revenue of $592 for operators of HHR cabinets. In addition, HHR machines contributed over $102 million to local taxes, which fueled thoroughbred racing and the Bluegrass State’s general fund.

Two New HHR Parlors to Open

Thanks to the popularity of HHR in Kentucky, two companies have vowed to open new parlors with HHR machines.

The first of the new venues will be operated by Churchill Downs, a leading horse racing company. The parlor is located at Turfway Park, a famous horse racing track near Florence. It will be equipped with 800 HHR machines and will engage local customers with the racing content they love. In addition, two restaurants will provide visitors with a place to dine and socialize.

The second venue is located in Williamsburg and is a joint venture between Kentucky Downs and Keeneland. This so-called Mint Gaming Hall will be armed with 450 HHR machines and will also have a restaurant and a bar. Most importantly, the venue will be the first historical horse racing hub in Eastern Kentucky. It will serve as a satellite facility for an upcoming racing track in Corbin.

HHR Continues to Grow

Many experts consider HHR to be a boon, because of the money they contribute to the local economy and the ecosystem they have created. The presence of historical horse racing machines has brought more money to the horse racing sector, which, in turn, has popularized the sport and attracted more jockeys.

The two new venues will collectively add 1250 new machines. However, Kentucky companies don’t plan to stop there. Analysts predict that hundreds, if not thousands of machines will be installed at various locations across Kentucky within the next few years.

For example, Churchill Downs’ Derby City in Louisville will soon undergo a $76 million expansion that will see the venue equipped with 200 HHR machines and will leave space for 200 more. Meanwhile, Churchill Downs plans to also build a new $80 million HHR parlor in Downtown Louisville. Revolutionary Racing, on the other hand, seeks to open a new $55 million quarter horse track in Ashland. The company plans to arm its new venue with 400 HHR machines.

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August 29, 2022
Twitch Streamers Get Physical at Gamescom over Gambling

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A bizarre scuffle took place at Gamescom where a trio of Twitch streamers clashed over their views on gambling and whether this is appropriate content on the Amazon-owned streaming giant. While Twitch has remained silent on the matter and discreetly introduced a “Slots” category to make sure this type of content is kept separate, gripes about gambling have continued.

Polarizing Issue That Haunts People in the Physical World

A petition signed by prominent entertainment names also called for pulling the plug on sponsored gambling streams on Twitch as well and a while back, Jeff Ifrah from Ifrah’s law, told Wired that streams of gambling content with “unlicensed” casinos could face a potential legal action from the US Department of Justice in particular.

The altercation that erupted at Gamescom between Tanzverbot, Orangemorgange, and Scurrows though had little to do with legalese and more so with strong moral objections by Tanzverbot blasting his fellow streamers in the weeks leading up to Gamescom for their choice to promote such content.

He has called both streamers out on their decision to promote gambling products, claiming that young audiences were induced to gamble themselves. According to Orangemorgange, though, it was Tanzverbot who acted aggressively in person and who elicited a physical response from the other two. He said that Tanzverbot had been coming at him, so he reacted.

I fought back by throwing a plastic cup in his direction and pushing him. I hit back, but without hitting. In retrospect, of course, this annoys me, but at the end of the day, it was my right to defend myself.

Orangemorgange

The tussle quickly involved other people with quiteLola stepping in, trying to break up the scuffle, but ending up pushed to the ground herself. Tanzverbot openly called Scurrows a “loser” for “hiding behind MMA friends. Scurrows clapped back saying that it was he who had the intention to start a fight, but somehow Tanzverbot ended up the one being the aggressive party.

Most Watched Twitch Gambling Streamers Won’t Budge

Scurrows meant this sarcastically and said that he did not want to provoke a fight of any sort. Twitch has so far not responded. Gambling on the platform has become an increasingly controversial issue with many fans turning off from watching their favorite streamers. This has not stopped either xQc nor Trainwreck from slowing down, with both streamers admitting that they loved gambling and did not feel bad about streaming the product they loved.

xQc even suggested at the beginning of the month that Twitch is unlikely to ever act on gambling content in the sense of imposing bans.

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August 29, 2022
Sportsbooks in New York Report Strong Betting Handle for Mid-August

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Regulated mobile sportsbook reported strong betting handle and revenue for the week ended August 21, judging by newly released figures.

Mid-August Betting Handle, GGR Increases in New York

The New York State Gaming Commission, which is the government body tasked with regulating sports wagering, has announced the financial results for sportsbooks reported for the week ended August 21. Judging by the recent data released by the Commission, the total betting handle for the week until August 21 hit $200.1 million, while mobile sports wagering gross gaming revenue (GGR) hit $24.4 million.

When compared to the $197 million in betting handle reported a week earlier and the $21.1 million in mobile betting GGR, the recent result marks a slight increase. However, the $200.1 million in betting handle marks the first week with a result above $200 million after a decrease that was observed in the last month and a half. What’s more, the mobile betting GGR for the week until August 21 marks the best result in the last month.

Fanduel, DraftKings and Caesars Report Strong Betting Handle

It’s no surprise that the premier sportsbook operator FanDuel reported the highest betting handle for the week until August 21. Overall, the operator reported a betting handle of $85.5 million, which translates to a total of $12 million in mobile sports wagering GGR for the period.

The second-highest betting handle was reported by DraftKings. The operator’s betting handle for the week until August 21 hit $55.3 million, which brought DraftKings $6.6 million in GGR for the period. The third-highest betting handle for the week ending August 21 was reported by Caesars Sportsbook. For the period, the operator reported $26.9 million in betting handle. This means that Caesars Sportsbook’s GGR for the week was $3 million.

BetMGM was another mobile sportsbook operator in New York that reported a strong betting handle and GGR for the week until August 21. The sportsbook’s total betting handle for the period was $17.1 million, while its mobile betting GGR hit $2.1 million. According to the State Gaming Commission, Rush Street Interactive reported $6.8 million in betting handle for the week until August 21, while its GGR was $545,000.

It was back in January this year when New York launched its mobile and online sports betting market. In its first few months of operations, the mobile betting market in the state proved it holds significant potential and surpassed betting handle and GGR records set in other US states where the activity has been legal for years. Currently, brick-and-mortar sportsbooks are subject to a 10% tax rate, while online sportsbooks pay 51% tax.

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August 29, 2022
Time Spinners Hacksaw Gaming – Gambling Apps Store

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Watch the clock in Hacksaw Gaming’s latest slot release, which presents a mystical world of time travelling with Time Spinners.

RELEASE DATE

Out now

THEME

Time travel

THE PITCH

Time Spinners is a 5×4 reel, 10-payline slot with a maximum win of up to x10,000 the player’s stake.

VOLATILITY

TBC

RTP

96.19 per cent

THE SYMBOLS

Low value symbols in the game come in the form of suits from a deck of cards with clubs, diamonds, hearts and spades. If the right amount of winning combinations land in one go then these symbols can offer between x0.1 and x2 the player’s stake.

Medium value symbols are represented by books and scrolls, offering between x0.5 and x5 the player’s stake if the right amount of combinations land on a single spin.

Additionally, high value symbols are depicted as timers and planetariums. These symbols can offer between x1 and x20 the player’s bet, depending on the amount of matching combinations that land in one turn.

Two types of wilds are included in the title, with a standard W wild substituting for all paying symbols and a pocket watch wild that reveals a multiplier between x2 and x12 after being involved in a winning payline.

Both the standard W and multiplying pocket watch wilds can offer a payout of x20 the player’s stake for a five-of-a-kind combination of each symbol.

A special green sync pocket watch is also available. This will cause all standard pocket watch wilds on the reels to synchronise, giving them all the same value of the watch with the highest multiplier.

Finally, a ghost symbol can drop onto the reels, triggering a borrowed time bonus game mode if three or more land on the reels at once.

THE DETAILS

The borrowed time bonus game has two phases, the collect phase and the payout phase. During the collect phase, only pocket watches, sync watches, echo symbols and non-winning blocker symbols can drop onto the reels.

These echo symbols have the ability to multiply or add to a payout, with the normal echo symbol appearing as a yellow addition sign. This normal echo will showcase a value that is to be added to all multipliers on the reels. This value can be between one and 10.

The epic echo showcases a blue multiplication sign and will multiply all present pocket watch multipliers by the value it depicts. The multiplying value can be between x2 and x5, meaning if a x2 pocket watch was on the reels and a x4 echo symbol landed with it, the pocket watch would increase to x8.

This collect phase starts with three free spins, with the aim of the game being to collect as many special symbols on the reels as possible. Every special symbol that lands will reset the amount of spins to three. This phase will end when three spins run with no special symbols landing, triggering the payout phase.

With the payout phase, the special symbols from the collect phase’s reel will stay in place, and five free spins will bring the base game symbols onto the reels. The symbols earnt in the collect phase will increase the win potential of the payout phase.

Furthermore, a FeatureSpins feature can be activated. This gives the player a higher chance of gaining the bonus features by increasing their bet amount by x2.

Players also have the opportunity to buy the borrowed time bonus feature for the price of a significantly increased bet.

SOCIAL

DEMO

To try your hand at the Time Spinners demo, click here.

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August 29, 2022
BetMGM and Almost Friday Media Team Up to Supply Unique Sports Content

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BetMGM has inked a deal with Almost Friday Media thanks to which the latter will deliver its assets across YouTube, Discord, social media, live streams, podcasts, and more. The deal was announced last Thursday (August 25) and the content is set to make sports far more enjoyable for sports fans.

Almost Friday Media Is a Fast-Growing Network With Over 7 Million Followers

Almost Friday Media was created in 2019 by Sam, Jack, and Max Barnett. These three brothers started off with a collection of accounts on Instagram and gained popularity among sports fans pretty quickly. According to the company, its network today consists of over 7 million followers.

The unique, comedy-driven content helped Almost Friday Media to grow exponentially and now, the deal with BetMGM marks one of the highest accomplishments in its history.

Andrew Kenward, the president and COO of Almost Friday Media, stated that sports represent a “vital pillar” of the company’s ecosystem. He added that Almost Friday Media is excited to work with BetMGM and create content that will highlight how to enjoy sports betting in the most responsible way.

Matt Prevost, BetMGM’s CRO, stated that creating organic and elevated content is among the key ingredients of keeping BetMGM a “premium online gaming platform.” He stated that that’s exactly what Almost Media Friday will help the company with.

To fuel its expansion plans, Almost Friday Media raised almost $6 million back in March. Some of the early investors in this company include Matt Drapkin (Northern Right Capital), Jimmy Miller (Mosaic Media Group), Scott Broder (Dreamscape Hospitality), and Lloyd Danzig (Sharp Alpha Advisors).

Danzig even commented on the partnership and stated that it validates Almost Friday Media’s “unique ability” to use its humor to create relationships with globally renowned brands.

BetMGM Recently Expanded Its Canadian Presence

BetMGM remains dedicated to expanding its presence in the North American market. At the start of August, the sportsbook announced that it will be the official betting partner of the NFL in Canada. Thanks to this development, the operator will be able to use the official NFL branding to promote its content in Canada.

The senior director of corporate partnerships at NFL Canada, Gavin Kemp, stated that his team is happy to be working with BetMGM and noted that he’s aware of the quality that the operator has. He added that the unique gaming platform of BetMGM provides players with the best experience and that is why BetMGM will quickly conquer the fast-rising online market in Canada. Shortly after the partnership with the NFL was announced, BetMGM expanded its strategic partnership with SportsGrid. Thanks to this development, Warren Sharp, a leading football analyst at SportsGrid, will provide insights while certain sports events are being broadcasted.

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August 29, 2022
Two-thirds of Australians Want Gambling TV Ads Banned

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Ads are the worst, right? Well, apparently, if you’re Australian, you don’t want tobacco, gambling, junk food, and alcohol ads on TV, and the numbers are exactly in that order. The last place is for burning fossil fuel ads, because who needs the planet?

70% of Polled Individuals Support Ban

The Australia Institute released the results from polling research it had conducted on August 29. It carries the rather loud title “Give Junk Food & Gambling Ads the Punt” and focuses on what Aussies think of junk food and gambling ads served on television. According to the full report, a total of 1,003 were polled on whether certain “controversial products” should be allowed to be run ads for on TV. It appears that more people support bans on alcohol, tobacco, junk food, and – of course – gambling, than they do for burning fossil fuels, for example.

It’s important to note that tobacco is already banned in the country, with 74% of the people polled still expressing their support for it. Gambling is hot on the heels of this result, with 71% agreeing that ads for gambling should be illegal in Australia. Exactly two-thirds (66%) answered the same for junk food, with an additional agreement that junk food ads should definitely be illegal during “children’s viewing hours” with those hours not being shared in the report document.

Lower down the list, we finally find alcohol, with the percentage of people agreeing it should be banned sitting at 51%. Fossil fuel burning ads should be illegal according to just 41% of the people polled. Fuel fossil ads are also flagged with the highest percentage of people who agree ads should not be illegal – 24% to be exact, marking that this is one of the more controversial products for people in Australia.

The ban of gambling ads on TV is supported mainly by people who have self-identified as “Independent/Other”, “Greens” and “Labor” voters, making for a total of almost 90% amongst themselves. The ban on fossil fuels is mostly supported by the same group of people as well.

Problem Gambling in Australia

Australia has historically had a flourishing gambling industry, but that doesn’t come without its drawbacks. A poll conducted in February this year found that most soccer fans considered gambling ads in the Australian Football League (AFL) a problem, with 37% of people responding that way. Out of those, close to more than 70% were club members, which means that this concern is strong with people within the league – a big red flag.

A study published in May painted a very worrying picture of Australian Defense Force (ADF) veterans silently struggling with problem gambling. According to the statistics from the study, a total of 13.4% of the study’s participants were suffering from this behavior currently or at least at some point in the last year, showing a significant part of them was affected.

The Australian Gambling Research Centre (AGRC) at the Australian Institute of Family Studies (AIFS) for the Australian Institute of Health and Welfare (AIHW) released a comprehensive study on gambling in Australia in September of last year. According to the study, a total of 5.2% of the overall population was at some level of severity on the problem gambling scale, rated from “low-risk” to “problem gambling”. The data is for 2018 and concerns about 1.3 million people.

Cited in that research was the 2017 Goodwin research which also looked at problem gambling. In it a very popular formulation was constructed: a problem gambler can affect up to six others around them, with that figure being halved for moderate-risk gamblers, and it drops to a single person affected from a low-risk gambler. Of course, those numbers mostly represent family members – spouses, children, and sometimes parents as well.

It’s no surprise, then, that so many people would approve of banning gambling ads on TV. To be honest, however, who likes any kind of ads, really?

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August 29, 2022
MGM Stock Remains a Buy Option for WSJ Analyst

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Casino stocks have been associated with slumping performance over the past two years, but most assets have rallied magnificently, despite facing multiple challenges on the international market. Going global has been a strong diversification strategy and a risk for some companies, but the bid has mostly paid off.

Macau to Not Put Dent on MGM Stock

MGM Resorts, which is exposed to the economic and regulatory uncertainty in Macau, seems to be weathering the storm well enough despite the special administrative region not being anywhere near pre-pandemic results and the outlook fairly dimmed.

But among the gloom, there is room for cheer. Even the most exposed stocks, such as MGM Resorts, have the potential for growth, mostly boosted by domestic growth. MGM’s overseas ties to Macau are no reason for investors to shun its stock, Jacky Wong from the Wall Street Journal reports. In fact, the company has been doing so well domestically, that its stock is most likely a buy. Besides, the long-term prospects internationally are looking equally promising.

MGM Resorts is in pole position to build the first Integrated Resort in Japan and Macau is bound to make a recovery sooner or later. Most predictions have this recovery slated for the end of 2024. Of course, uncertainty persists. MGM’s share has fallen a quarter of the value year-to-date course, which is a red flag for investors.

But then again, it also means the opportunity to buy a strong future-proof asset on the cheap. Besides, MGM has taken heed of the way the world has changed over the past year, reducing its market capitalization from Macau operations to only 8% of Bellagio’s. MGM is not only operating in the physical landscape, though, with the namesake BetMGM brand grabbing headlines as it goes along.

MGM Stock Shows Long-Term Resilience

Domestic recovery and the proliferation of legalized sports gambling (Kansas is due to launch on September 1, with mobile sports gambling arriving on September 8) have given strong signals that MGM Resorts is a good bet. BetMGM may yield its first profits in 2023. But as online sports gambling and even casinos gather space, occupancy for MGM’s properties on the Strip already exceeds 90%, meaning that MGM is a preferred leisurely venue.

With skilled diversification, a strong balance sheet, and changing priorities, investors have at least some reassurances that MGM Resorts is in an exceptionally strong position to not only continue to work towards delivering better value to shareholders, but also to absorb any future emergencies.

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August 29, 2022