Five threats worth worrying about

first_img Five threats worth worrying about THERE have been some scary developments in the world economy in recent days, led by the fallout from Colonel Gaddafi’s horrifying crackdown in the Middle East. Here are five trends that worry me.1) Libya’s civil war has already doubled the risk premium on oil prices to $10 per barrel, with more to come. But the real threat to prices is if anti-regime protests spread to Saudi Arabia, where demonstrations are already planned, forcing the King to make an urgent return. There would be no problem if a liberal, democratic regime were to spring up – but what if extremists gain power, cutting off oil supplies? After years of costly and depressing post 9/11 military interventionism, Western foreign policy is in disarray. We don’t have a clue what to do next. It would be a horrible end to a revolution inspired by hope if more nations slipped into extremism – and were to push up the price of oil to $150, $200 or even higher in extreme scenarios. What would Barack Obama do if maniacs started torching Saudi wells? Would China, which is equally dependent on oil, step in militarily?2) Oil importing nations could cope with a further 30 per cent hike in oil prices – but not with 100 or 150 per cent rises. Some would suffer double-dip recessions, putting further unbearable strains on public finances, triggering fresh financial crises and further undermining support for capitalism. With a bit of luck, oil supplies will be all right – but the rocketing price of oil is now the number one risk to the global economy.3) Oil could derail British politics in another way. If prices keep rising, motorists will turn on the coalition: as Andrew Lilico of Europe Economics points out, fuel duty has jumped a scandalous 17 per cent since December 2008, reaching 58.95p per litre. Truckers could blockade roads again, disrupting supply chains; any settlement which looked as if George Osborne were going soft on the deficit would be received very badly by the markets, which would push up borrowing costs and compound his woes.4) The Middle East isn’t our only problem. China has hiked its bank deposit reserve requirements twice this year as it battles bubbles. Base rates are below the rate of inflation, which means people are being paid to borrow (if that sounds familiar, it is because the same is true in the UK). The one-year benchmark rate is 3.0 per cent, below the (official) 4.9 per cent inflation rate. The world is relying on China for growth; if it falters, trouble looms.5) Yields on US junk bonds recently hit a record low of 6.8 per cent, less even than the 6.81 per cent in December 2004. Risk is again massively under-priced, a sure sign of excessive liquidity. Low yields on other assets – caused by central banks – have encouraged investors to pour into junk bonds, pushing prices up and yields down. It’s not all bad: junk still pays 4.56 per cent more than Treasuries, up from the mad 2.41 per cent seen in June 2007. But even then both rates are too low and the gap too narrow. One of the biggest problems in the global economy is that credit – including that being offered to the US government – is too cheap. Eventually, its cost will rise again, trashing equities and other assets in the process.The most likely scenario is that we will be fine, for now at least. But while pundits are never short of imaginary risks, the harm caused by these forces could yet end up being all too [email protected] me on Twitter: @allisterheath Show Comments ▼ Tags: NULL Tuesday 22 February 2011 9:20 pmcenter_img whatsapp KCS-content whatsapp Sharelast_img read more

Equinox plans copper giant with £3bn bid

first_img Tags: NULL Equinox plans copper giant with £3bn bid Monday 28 February 2011 8:24 pm whatsapp KCS-content COPPER miner Equinox has made a C$4.8bn (£3.04bn) hostile bid for Lundin Mining, in a move that could create one of the biggest copper-focused miners in the world. Equinox, which is listed in Australia and Toronto, is hoping to break up a nil-premium merger between Lundin and Inmet Mining to ramp up its own exposure to copper prices, which rose more than a third on the London market during 2010.“We are building a hugely attractive copper company,” Equinox chief operating officer Cobb Johnstone told City A.M. “It gives us a very strong production profile immediately… and the growth profile is very low risk as it comes from projects that are already in construction.”Johnstone added that the deal, if accepted by Lundin and Equinox investors, would put the combined firm in the top five copper-driven companies worldwide. Lundin shareholders can take either C$8.10 in cash or Equinox shares, representing a 26 per cent premium to last week’s closing price. But Lundin would also have to pay C$120m in break fees if it walked away from its C$9bn merger with Inmet, which was agreed in January. Equinox owns Africa’s third-biggest copper mine by production, the Lumwana facility in Zambia, while Toronto-listed Lundin operates copper, zinc and nickel mines in Europe and has a minority stake in a copper-cobalt mine in the Democratic Republic of Congo. Sharecenter_img by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeCombat Siege GamePlay this Game for 1 Minute and see why everyone is addicted.Combat Siege GameNerve ControlNeuropathy (Nerve Pain)? Do This Immediately (Watch)Nerve ControlBridesBlushHarry Potter Star Is Probably The Prettiest Woman In The WorldBridesBlushMattress | Search AdsNew 2020 Mattress Prices Might Surprise YouMattress | Search AdsDrivepedia30+ Funny Photos Of Car Owners Having A Rough DayDrivepediaYeah MotorThe World’s Fastest Fighter JetsYeah MotorZen HeraldA Coast Guard Spotted Movement On A Remote Island, Then Looked CloserZen HeraldSerendipity TimesThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightSerendipity TimesPensAndPatron25 Iconic Figure Skaters – And How They Look NowPensAndPatron Show Comments ▼ whatsapp More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comKiller drone ‘hunted down a human target’ without being told tonypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgWhy people are finding dryer sheets in their mailboxesnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comlast_img read more


first_img More From Our Partners A ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years whatsapp Wednesday 2 March 2011 8:20 pm ADIDAS, which sponsors British tennis player Andy Murray, yesterday posted record sales and raised its 2011 sales goal as buyers in emerging markets such as China buoyed its figures. The group reported yearly sales of €11.99bn (£10.2bn). Chief executive Herbert Hainer said: “2011 is shaping up to be another great year for the Adidas group and we are off to a fast start.” KCS-content Share whatsapp ADIDAS IN RECORD SALES FUELLED BY CHINA Show Comments ▼ Tags: NULLlast_img read more

Corporate tax cut – but not for the banks

first_img BUSINESSES welcomed George Osborne’s decision to go further and faster in lowering corporation tax in yesterday’s Budget.But banks didn’t get the cut, with the Treasury increasing its bank levy for the second time in as many months in order to offset the gain they would have received from the corporate tax measure.Osborne announced that he would cut corporation tax by 2p – a penny more than expected – to 26p from April. The headline rate is expected to fall by 1p a year until it hits 23p in 2014-15. But the chancellor was quick to single out banks: “To ensure that this is not a net tax cut for banks, I am adjusting the bank levy rate next year to offset its effect,” he declared.Although banks will benefit from the tax cut this year, they will then have to pay out £780m more than expected over the following three years due to a larger rise in the government’s bank balance sheet levy. It will rise to an 0.078 per cent charge on their global assets rather than the planned 0.075 per cent. The change marks the second surprise jump in the levy since the country’s five main banks signed up to project Merlin, in which the government vowed to provide a stable tax environment. The £780m increase is in addition to £800m extra raised from the levy increase this year.KPMG tax partner Tom Aston said: “While the bank levy increase is small, this is the second… and some banks will be alarmed by the direction of travel.” PwC’s Matthew Barling said: “The tinkering with the levy has resulted in four different rates being in force during… this year and next, which is representative of the complexity of tax rules the sector now faces.”A spokesman for Standard Chartered said: “We just want to see consistency and agreement across the globe on these levies.” Show Comments ▼ whatsapp whatsapp Share Corporate tax cut – but not for the banks center_img Wednesday 23 March 2011 9:56 pm by Taboolaby TaboolaSponsored LinksSponsored LinksPromoted LinksPromoted LinksYou May LikeMisterStoryWoman Files For Divorce After Seeing This Photo – Can You See Why?MisterStoryTotal PastThe Ingenious Reason There Are No Mosquitoes At Disney WorldTotal PastMoneyPailShe Was Famous, Now She Works In {State}MoneyPailSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBe20 Stunning Female AthletesBetterBePeople TodayNewborn’s Strange Behavior Troubles Mom, 40 Years Later She Finds The Reason Behind ItPeople TodayDrivepedia20 Of The Most Underrated Vintage CarsDrivepediaElite HeraldExperts Discover Girl Born From Two Different SpeciesElite Heraldautooverload.comDeclassified Vietnam War Photos The Public Wasn’t Meant To Read This NextRicky Schroder Calls Foo Fighters’ Dave Grohl ‘Ignorant Punk’ forThe WrapCNN’s Brian Stelter Draws Criticism for Asking Jen Psaki: ‘What Does theThe WrapDid Donald Trump Wear His Pants Backwards? Kriss Kross Memes Have AlreadyThe WrapPink Floyd’s Roger Waters Denies Zuckerberg’s Request to Use Song in Ad:The WrapHarvey Weinstein to Be Extradited to California to Face Sexual AssaultThe Wrap2 HFPA Members Resign Citing a Culture of ‘Corruption and Verbal Abuse’The Wrap’The View’: Meghan McCain Calls VP Kamala Harris a ‘Moron’ for BorderThe Wrap’Black Widow’ First Reactions: ‘This Is Like the MCU’s Bond Movie’The Wrap’Small Axe’: Behind the Music Everyone Grooved On in Steve McQueen’sThe Wrap KCS-content Tags: NULLlast_img read more

Vodafone eyes India IPO

first_img whatsapp Vodafone eyes India IPO KCS-content Show Comments ▼ VODAFONE is to look into a possible IPO of its majority-owned Indian venture Vodafone Essar, it said yesterday.Chief executive Vittorio Colao said in an interview that the firm would consider the move in the next nine to 12 months.It follows the mobile operator’s withdrawal from the partnership of Essar Group, which has opted to exercise an option to sell a 33 per cent stake in the venture.Vodafone will pay in the region of $5bn (£3bn) in cash for Essar Group’s stake, which will boost its holding in the entity to around 75 per cent.It is thought the IPO decision will rest on the outcome of a long-running tax case with Indian authorities worth around $2.6bn. The action relates to the $11.2bn purchase of Hutchison Telecom’s operations in 2007. If the case is lost Vodafone may reconsider its investment in India. Share Tags: NULL More From Our Partners Kansas coach fired for using N-word toward Black playerthegrio.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgFans call out hypocrisy as Tebow returns to NFL while Kaepernick is still outthegrio.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgLA news reporter doesn’t seem to recognize actor Mark Currythegrio.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFort Bragg soldier accused of killing another servicewoman over exthegrio.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comColin Kaepernick to publish book on abolishing the policethegrio.comFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comMan on bail for murder arrested after pet tiger escapes Houston homethegrio.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comPorsha Williams engaged to ex-husband of ‘RHOA’ co-star Falynn Guobadiathegrio.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comConnecticut man dies after crashing Harley into live Wednesday 20 April 2011 9:01 pm whatsapplast_img read more

MGA ‘embracing innovation’ with Sandbox Framework

first_img Framework addresses virtual financial assets, tokens and ITAs Subscribe to the iGaming newsletter MGA ‘embracing innovation’ with Sandbox Framework The Malta Gaming Authority (MGA) has published its new ‘Sandbox Framework’ as part of an effort to place the regulator at the “forefront of gaming regulation” by exploring new technologies.The new framework covers the acceptance of virtual financial assets and virtual tokens, as well as the use of Innovative Technology Arrangements (ITAs) within the gaming sector.The MGA intends to split the framework into two phases, the first of which will commence on January 1 with the regulator accepting applications for the use of VFAs and virtual tokens as a method of payment.During the second phase, the framework will be extended to cover applications to use ITAs within the key technical equipment of licensees, coinciding with other related developments from the Malta Digital Innovation Authority.The regulator expects the framework to run until October 2019, but this could be partially or wholly extended. The framework is also open to changes, based on feedback and updates.MGA chief executive Heathcliff Farrugia (pictured) said: “The MGA’s strategic mission is to be at the forefront of gaming regulation whilst embracing innovation.“This, coupled with the rapid rise in interest from gaming operators to incorporate VFAs and DLT into their operations, were the main drivers behind the proactive approach taken by the Authority to issue a Sandbox Framework for the use of these technologies within a controlled regulatory environment.“This Framework is intended as a live document and will therefore be subject to feedback and potential updates during its duration, whilst also keeping in consideration any technological or regulatory developments which may occur.”The move comes as the MGA prepares to take on more regulatory powers, as set out under new gaming law that was approved by the Maltese Parliament earlier this year.The MGA’s powers to intervene will be strengthened, while the act will formalise the role of the MGA’s Player Support Unit as a mediator between aggrieved players and operators. In addition, the act envisages new processes for criminal and administrative justice in the country. Regions: Europe Southern Europe Malta AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling Payments Topics: Strategy Tech & innovation 5th October 2018 | By contenteditor Strategy Email Addresslast_img read more

Let the games begin

first_img Joanne Christie asks whether DraftKings and FanDuel will be able to maintain top billing once the global big guns enter the US 23rd October 2018 | By Hannah Gannage-Stewart AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Latest figures from New Jersey show DraftKings and FanDuel leading the way in sports betting revenue. But will the DFS behemoths be able to maintain top billing once the global big guns enter the fray? Joanne Christie reportsAfter New Jersey’s second full month of sports betting figures were released in mid-October, some commentators posited that New Jersey Division of Gaming Enforcement director David Rebuck might have overplayed things somewhat with his teaser the previous week that the figures would be “stunning”.Yes, the market almost doubled, but the number of operators more than doubled and many would argue the market’s growth was simply in line with expectations.But while opinion may be divided on the use of superlatives, there’s no room for debate about who’s leading the way online — the two big daily fantasy sports providers are the clear early winners. It’s likely the majority of Resorts Digital’s digital sports betting revenue of $8.5m came from the DraftKings skin, and FanDuel pulled in $2.8m as a skin of Meadowlands Racetrack.The DFS operators eclipsed the offerings from both US land-based casinos and European skins by some distance – the next best performance was Golden Nugget’s with $620,000. So what’s behind their early gains, and more importantly, will they continue to lead the way?Perfectly positioned The success of DraftKings and FanDuel doesn’t seem to have surprised anyone, given their huge databases and prominent brand advantage in the US.“They have the biggest brands in America — although they haven’t been sports betting before there’s not a lot of difference between sports betting and fantasy sports in a lot of consumers’ minds,” says Middle Friday’s Andy Clerkson, a consultant helping firms enter the US.“I think they were always going to take the initial plunge and spend more than any new entrants into the market because they have already got their companies set up and ready to go.”It’s also likely there’s something of a defensive element. “There are a huge number of DFS players who were only playing DFS as a proxy for sports betting,” adds Clerkson. “It is critical that DraftKings and FanDuel try to retain their audiences and try and grow them through sports betting.”However, Benjie Cherniak, president at Don Best Sports, says while he also foresees some migration from fantasy to sports betting, he thinks fantasy will remain popular. “I think that fantasy is going to always have a place in the US market because it is so ingrained culturally in the US populace, it has been around for so long. I don’t think fantasy will disappear.”DraftKings and FanDuel are undoubtedly concerned with keeping hold of their existing players if they transition to sports betting, but given daily fantasy itself only captured a relatively small portion of both sports bettors and fantasy players, the bigger goal will be to attract new players.One industry veteran with experience on both sides of the Atlantic divides these new players into two groups: younger, completely new sports bettors; and sophisticated sports bettors who’ve been betting offshore or with a local bookie in spite of the legal position.He predicts the DFS sites will scoop up a lot of those in the former group thanks to their brand and trust advantage, but that they will have a more difficult time pulling in the latter. Here comes the competition Partly, that’s because those betting illegally will be tougher to bring into the regulated market, particularly if they do not perceive it offers the same value as the offshore market. And partly, it’s because many other operators will also be vying for these players.While DraftKings was first off the mark in New Jersey, it has since been followed by a number of US and European operators and there are more to follow. Thus far, none have been as aggressive in their marketing as DraftKings and FanDuel but many think this will change.“I think it is going to be a massively competitive market,” says Clerkson. “I think DraftKings and FanDuel are doing what they need to do, which is try and press their early advantage by already being established because they are going to find they are in a whole different world very soon. They’ve had the market to themselves on fantasy sports but that is not going to be the case for sports betting.“The history of sports betting in the UK was that the biggest brands didn’t keep the top spots once the others came in. Bet365, Paddy Power and Sky Bet obviously took enormous market share from William Hill, Ladbrokes and Coral.”However, the industry veteran says he’s not sure this analogy holds up. “In the UK Bet365 and Sky Bet were the young upstarts that came in and chewed away at the incumbents, which were slow-moving. It’s the other way around in the US. You’ve got these fast-moving, crazy tech companies that are well funded.“DraftKings in its DNA is definitely born out of that US technology-focused, grow-at-all-costs, don’t-sit-around, get-something-to-the-customer mentality. It is definitely a technology company.”The issue of whether European companies will be providing something suitable for US audiences or simply putting out versions of their existing offerings and hoping for the best has of course been debated at length, but it’s worth remembering that both DraftKings and FanDuel are running their sportsbooks largely off European platforms at the moment.This reliance on platforms might turn out to be a disadvantage once Europeans with more proprietary tech move into the frame. Cherniak says European providers will certainly need to bring something to the table to counteract their lack of brand positioning in the US.“Companies that have been very successful globally are coming into the New Jersey space. The prime example would be Bet365, which has a skin and is going to be entering the market at some point, and then you also have the Kindred Group,” he says.“These companies have significant brand names in Europe as well as other parts of the world, but they are virtually unknown in the US so it will be interesting to see how they differentiate themselves in the US. Will it be via what some perceive to be superior product offerings or will it be via a unique marketing technique?”Of course a couple of them have a head start, namely William Hill with its multiple land-based deals, and Paddy Power Betfair with its acquisition of FanDuel. Although DraftKings is in front for now, there are many who think the combination of Paddy Power Betfair’s expertise and FanDuel’s marketing will in time prove to be an unbeatable combination.Whether the DFS operators can retain their lead in New Jersey remains to be seen, but it’s sure to be a closely watched market — particularly since many see it as indicative of how things will play out in other states. Topics: Sports bettingcenter_img Let the games begin Tags: Online Gambling Sports betting Email Addresslast_img read more to use Stockholm listing as springboard for US

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter to use Stockholm listing as springboard for US 4th December 2018 | By contenteditor Finance Tags: Online Gambling Regions: Europe Nordics Sweden group chief executive Charles Gillespie claims the company’s listing of €16m (£14.2m/$18.2m) in senior secured notes on the Nasdaq Stockholm exchange will enhance the digital marketing services provider’s credibility as it seeks to expand in the, which has been granted approval to list on the exchange today (December 4), said that the notes will have a fixed interest rate of 10.5% and, with a three-year tenor period, are due to mature on October 22, 2021.The bonds have been tradable over-the-counter – without the supervision of an exchange – since their issuance in October, prior to the Swedish Financial Supervisory Authority’s approval of the listing.Speaking to, Gillespie said a number of transactions had taken place prior to the listing on Nasdaq Stockholm, with the new approval set to broaden the company’s portfolio of investors.“By listing the bonds on Nasdaq, the securities become standardised and can appeal to a broader range of investors. For example, some investors have investment mandates that specifically limit them to only listed securities,” he said.“To be a Nasdaq-affiliated issuer, then the company must meet some fairly high standards. Furthermore, the company has put in place the foundation to do more corporate finance activity with Nasdaq down the road.”The company’s framework limit is set at €25m, which provides room for the possible future issuance of a further £9m in notes. However, Gillespie added that there are currently no plans for additional listings.Gillespie previously said that the bond issue will allow to focus on operational execution instead of fundraising, with the aim of supporting the company’s expansion plans in the US.Last week, relaunched as a US-facing service featuring tips, reviews and news, some nine months after acquiring the website.Gillespie believes there is an “enormous opportunity in the regulated online gambling business” in the US, with one of the latest affiliates to join the fray. The likes of Catena Media, BettingExpert and RakeTech have all made a number of acquisitions designed to gain a foothold in the market.  Email Address Topics: Finance Strategy Marketing services provider approved to list €16m in senior secured notes, with funds to be used for expansion in the USlast_img read more

NI betting shop trade group backs FOBT stake cut

first_img Tags: OTB and Betting Shops 25th January 2019 | By contenteditor Legal & compliance NI betting shop trade group backs FOBT stake cut Regions: UK & Ireland Major Northern Irish bookmakers McLeans and Toals have become the latest operators to voluntarily cut their maximum stake for fixed-odds betting terminals (FOBTs) to £2.The pair are members of trade group Northern Ireland Turf Guardians’ Association (NITGA), which has now recommended operators should follow the rest of the UK in reducing the amount that can be wagered on the B2 machines by April 1.McLeans has around 60 shops in Northern Ireland, while there are approximately 50 Toals properties in the country. Therefore around 230 of the approximately 300 shops in Northern Ireland have agreed to cut maximum stakes, with fellow NITGA members Ladbrokes, William Hill and Paddy Power having already announced the change.NITGA, which represents around 280 shops in Northern Ireland, told there is an expectation that all its remaining members will follow suit, but that it cannot force businesses to conform.It added that many of its members are planning to enact the stake reduction but are still working on the technological changes to make it possible.“We have been consulting with our membership over the past number of months and operators, including A McLean Bookmakers, Toals Bookmakers, Ladbrokes Coral, William Hill and Paddy Power have confirmed that FOBTs within their betting shops will align with the £2 maximum stake,” a NITGA spokesperson explained.“We are aware that other operators are in the process of exploring how they too can implement the reduced stake and we expect all bookmakers will adopt the £2 limit.”Earlier this week, Belfast City councillor John Kyle called on Toals, McLeans and Sean Graham to cut their maximum stakes. Sean Graham, which has around 20 shops and is not a NITGA member, has yet to confirm if it will cut stakes.NITGA said there are approximately 620 FOBTs currently in operation in Northern Ireland bookmakers – generally equating to two per shop.It added that most income is still generated by traditional over-the-counter betting with income from FOBTs accounting for less than 20%.While the rest of the UK is bound to bring FOBT maximum stakes down from £100 thanks to legislation passed at the end of 2018, Northern Ireland’s gambling industry is regulated by the Betting, Gaming, Lotteries and Amusements (Northern Ireland) Order 1985 and not the Gambling Act 2005. This had effectively made it exempt from the maximum stake cut, before the country’s bookmakers took action. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Legal & compliance Around 230 of 300 betting shops in Northern Ireland have now committed to voluntarily reducing maximum FOBT stakes to £2 after McLeans and Toals become latest to confirm change Subscribe to the iGaming newsletter Email Addresslast_img read more

Multilotto details Swedish in-store venture with Direkten

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Multilotto details Swedish in-store venture with Direkten Email Address Regions: Europe Nordics Sweden 18th March 2019 | By contenteditor Subscribe to the iGaming newsletter Topics: Lottery Tags: Online Gambling Lottery Online lottery betting provider Multilotto and Swedish convenience store chain Direkten have joined forces to launch a new in-shop gaming platform. The service will now be rolled out in 30 shops across the country. Online lottery betting provider Multilotto and Swedish convenience store chain Direkten have joined forces to launch a new in-shop gaming platform.Operating in collaboration with Spelombudet Norden AB, the platform has been rolled out at 30 Direkten stores across the country.In-store terminals will now allow consumers to place bets on major lotteries from around the world, as well as access a range of casino games.“We are very excited about this campaign as it gives us a chance to reach players who would normally interact with betting in-store rather than online,” Multilotto Swedish country manager, Niklas Fagerström, said.“Considering Direkten retail coverage across Sweden, this will offer Multilotto a great market and our players an unprecedented choice when it comes to betting on the biggest global lottery jackpots.”Direkten CEO, Svante Törnqvist, added: “Multilotto has a great product that suits our in-store offer very well, and at the same time it is continuously being asked for by our customers.”Multi Brand Gaming Limited, which operates the site, is licensed to operate in the recently regulated Swedish market.last_img read more