Renaissance to launch $500m London float

first_imgWednesday 16 March 2011 3:50 am Tags: NULL 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.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org Oman’s Renaissance Services oilfield services unit Topaz Energy and Marine will launch a $500m (£310m) London listing to fund expansion plans and repay existing debt facilities, it said.The initial public offering will include an over-allotment option of existing shares of up to 15 percent of the total global offer, the company said in a statement.The statement did not provide a range for pricing but Renaissance’s Topaz Energy and Marine stake is expected to be above 51 per cent after the IPO, it said in its 2010 annual report.The deal is subject to approval by Renaissance shareholders at its annual general meeting on March 28.As part of its growth strategy, Dubai-based Topaz plans to spend $2.2bn to $2.5bn between 2011 to 2013 to acquire 75 vessels for its fleet.“The next few years are expected to see significant growth in the sectors in which we operate and will also offer opportunities to expand into new offshore areas,” Topaz Chief Executive Fazel A. Fazelbhoy in the statement.“This transaction will provide us with the financial resources to maximise this potential.”The company plans to focus expansion in deep-water operating environments such as West Africa and Brazil.The Gulf’s IPO market has suffered after the global financial crisis dampened investor appetite for regional offerings, forcing some firms to look at London as an alternate destination.Global ports operator DP World has been eyeing a dual listing on the London exchange unhappy with its market valuation on Nasdaq Dubai.Topaz – one of the biggest oil services companies in the Middle East – is the top holding in Renaissance’s portfolio of companies. Muscat-listed Renaissance has operations mainly in Oman and calls itself a “multinational holding company” offering services to the oil and gas industry.JPMorgan Cazenove and Bank of America are leading the London-based flotation. whatsapp Share Renaissance to launch $500m London float John Dunne Show Comments ▼ whatsapplast_img read more

Heritage Oil shares surge after talk of takeover interest from the Middle East

first_img Tags: NULL Thursday 17 March 2011 8:49 pm Share HERITAGE Oil and Gas shares leapt 8.2 per cent to 313.5p yesterday after a report that a suitor from Abu Dhabi had made an informal takeover bid. Heritage turned down the £1.2bn, or 425p per share indicative offer after receiving a letter from the group’s advisers. Shares in the FTSE 250-listed group made their highest jump in seven weeks after the report after a volatile few months for Heritage, which has been battered by exploration disappointment and then buoyed by takeover rumours. The identity of the bidder is not clear, though sources in the Middle East said yesterday it was not the Abu Dhabi Investment Authority or its government-run peer Mubadala, which was set up to diversify the UAE’s economy. Heritage and the sovereign wealth funds declined to comment. IAN HANNAMJP MORGAN CAZENOVEIAN Hannam, managing director at JP Morgan Cazenove and lead Heritage Oil & Gas adviser, is a well-known name on the London oil, gas and mining circuit. He was involved in the 2001 merger and 2005 London listing of BHP Billiton, around which time he befriended its then-chief financial officer Mick Davis. When Davis became the boss of Xstrata, a JPM Caz team led by Hannam moved too, later steering the miner’s £8.4bn acquisition of Canadian peer Falconbridge in 2006. Hannam is also advising Nat Rothschild’s Vallar mining venture, which is due to seal its first purchases in April but it is relationship with Davis that he is best known for.Hannam started his career as a chartered engineer at Taylor Woodrow before switching to investment banking. His reputation in the City as a candid negotiator might stem from his military past – he is a former member of the Territorial Army’s answer to the SAS. His other clients include Fresnillo, SAB Miller and Devro. JP Morgan Cazenove has advised Heritage since it floated in 2008. Also involved at the bank is Barry Weir, the M&A veteran currently working on Topaz’s £1bn London float. Show Comments ▼ whatsapp whatsapp Heritage Oil shares surge after talk of takeover interest from the Middle East More From Our Partners Florida woman allegedly crashes children’s birthday party, rapes teennypost.comRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comBrave 7-Year-old Boy Swims an Hour to Rescue His Dad and Little Sistergoodnewsnetwork.orgSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgNative American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.org KCS-content last_img read more

Entrepreneurs among Budget big winners

first_img Show Comments ▼ KCS-content ENTREPRENEURS were among the biggest winners from the Budget, with a raft of measures aimed at encouraging people to invest in their own businesses.The changes, most of which will come into play on 6 April, will include:•A hike in the lifetime limit for entrepreneurs from £5m to £10m.•Relaxation of the Enterprise Investment Scheme (EIS) rules, making it easier to take advantage of capital gains tax (CGT) and income tax relief.•An easing of the conditions necessary to benefit from Venture Capital Trusts (VCT).Osborne announced the lifetime limit for entrepreneur’s relief will double to £10m, greatly increasing the benefits for anyone disposing of shares in their own company.It allows business owners to pay just 10 per cent capital gains tax, instead of the higher threshold of 28 per cent, up to a lifetime limit of £10m, after which they will revert to the higher threshold.To qualify you need to own at least five per cent of the company and have worked there for at least a year. The Treasury estimates the move will cost around £310m over the course of the parliament. The limit was set at £1m just two years ago, rising to £2m in April 2010 and £5m in June 2010.Entrepreneurs will also benefit from a £500 increase in the annual exemption from CGT to £10,600.The Treasury announced the maximum investment to qualify under the EIS will double to £1m and tax relief on both EIS and VCT initiatives will increase from 20 per cent to 30 per cent. The maximum investment in a single company has also risen from £2m to £10m. The size of companies that qualify under both schemes will rise from 50 employees or less to 250 or less, with the gross assets allowed more than doubling from £7m to £15m.Osborne also pledged to consult on ways to make EIS rules simpler by removing more restrictions on which types of investors can apply and which shares qualify.Changes to EIS and VCT rules are designed to make it easier and more lucrative to invest in small businesses. Share Entrepreneurs among Budget big winners More From Our Partners Native American Tribe Gets Back Sacred Island Taken 160 Years Agogoodnewsnetwork.orgA 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.orgInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgRussell Wilson, AOC among many voicing support for Naomi Osakacbsnews.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.comMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comKiller drone ‘hunted down a human target’ without being told tonypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.comWhy people are finding dryer sheets in their mailboxesnypost.com‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comcenter_img whatsapp 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 CarsDrivepediamoneycougar.comThis Proves The Osmonds Weren’t So Innocentmoneycougar.comZen HeraldThe Truth About Why ’40s Actor John Wayne Didn’t Serve In WWII Has Come To LightZen Herald Wednesday 23 March 2011 9:10 pm whatsapp Tags: NULLlast_img read more

Japan nuclear crisis deepens

first_imgTuesday 12 April 2011 8:05 pm Japan nuclear crisis deepens KCS-content More From Our Partners ‘Neighbor from hell’ faces new charges after scaring off home buyersnypost.comPolice Capture Elusive Tiger Poacher After 20 Years of Pursuing the Huntergoodnewsnetwork.orgMatt Gaetz swindled by ‘malicious actors’ in $155K boat sale boondogglenypost.comAstounding Fossil Discovery in California After Man Looks Closelygoodnewsnetwork.orgFlorida woman allegedly crashes children’s birthday party, rapes teennypost.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.orgA ProPublica investigation has caused outrage in the U.S. this weekvaluewalk.comKiller drone ‘hunted down a human target’ without being told tonypost.comSupermodel Anne Vyalitsyna claims income drop, pushes for child supportnypost.comUK teen died on school trip after teachers allegedly refused her pleasnypost.comFeds seized 18 devices from Rudy Giuliani and his employees in April raidnypost.comBiden received funds from top Russia lobbyist before Nord Stream 2 giveawaynypost.com980-foot skyscraper sways in China, prompting panic and evacuationsnypost.comInside Ashton Kutcher and Mila Kunis’ not-so-average farmhouse estatenypost.comI blew off Adam Sandler 22 years ago — and it’s my biggest regretnypost.comMark Eaton, former NBA All-Star, dead at 64nypost.com Show Comments ▼ Sharecenter_img whatsapp 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 PastBrake For ItThe Most Worthless Cars Ever MadeBrake For ItSerendipity TimesInside Coco Chanel’s Eerily Abandoned Mansion Frozen In TimeSerendipity TimesBetterBeDrones Capture Images No One Was Suppose to SeeBetterBeTaonga: The Island FarmThe Most Relaxing Farm Game of 2021. No InstallTaonga: The Island Farmthedelite.comNetflix Cancellations And Renewals: The Full List For 2021thedelite.comLoan Insurance WealthCatherine Bell’s New Girlfriend Might Look Familiar To YouLoan Insurance WealthDefinitionDesi Arnaz Kept This Hidden Throughout The Filming of ‘I Love Lucy’Definition whatsapp Tags: NULL THE NUCLEAR crisis in Japan was yesterday upgraded to the maximum level of severity, on a par with the Chernobyl disaster of 1986. The problems centred around the Fukushima Daiichi plant are now classed as “a major release of radioactive material with widespread health and environmental effects”, the International Atomic Energy Agency said yesterday. The partial meltdowns are now rated as a level seven incident, up from level five previously – though the classification relates to the original explosions after the quake and tsunami on 11 March, and the ongoing efforts to cool the reactors have not altered. The levels of radioactivity at Fukushima are around 10 per cent of those recorded at Chernobyl.“Raising the level to a seven has serious diplomatic implications,” said Osaka University professor Kenji Sumita. “It is telling people that the accident has the potential of causing trouble to our neighbours.”Global fund managers have cut their exposure to Japanese equities sharply this month following the disasters, according to a Bank of America-Merrill Lynch survey out yesterday. The poll of 282 fund managers showed a net 18 per cent now underweight compared with a net eight per cent overweight a month ago.Japan’s economic output continues to suffer following the quake, with supply chains still under pressure. The government estimates the material damage alone could top £184bn, making it by far the world’s costliest natural disaster.Ford’s US shares were hit yesterday after the carmaker warned that disruption to supplies could temporarily halt production and eat into the company’s earnings. last_img read more

Scientific lands Delaware Lottery sports betting contract

first_img Subscribe to the iGaming newsletter Topics: Sports betting Tech & innovation AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Scientific Games has agreed to implement the Delaware Lottery’s expansion to full-scale sports betting after the US state moved to legalise such activities. Last week, Delaware became the first state to regulate sports betting in the wake of the Supreme Court’s ruling on the federal 1992 Professional and Amateur Sports Protection Act (PASPA). PASPA had blocked states from regulating sports wagering, with the exception of Nevada, Oregon, Delaware and Montana, but the Supreme Court in May opted to overturn the Act and open up the market to other states. Scientific Games will provide the Delaware Lottery with various sports wagering technology, content and managed services. The Delaware Lottery is due to launch full-scale sports betting from tomorrow (Tuesday). “In anticipation of the Supreme Court’s ruling on PASPA, we have been working with Scientific Games, our long-time sports betting provider, as well as training our lottery and casino staff, so that we were ready to launch full-scale, head-to-head betting on single games,” Delaware Lottery director Vernon Kirk said. Pat McHugh, senior vice-president, global lottery systems at Scientific Games, added: “Since Delaware is known as ‘The First State’, it’s appropriate they were the first in the nation to expand regulated sports betting after the PASPA ruling. “The combination of Scientific Games and NYX Gaming Group earlier this year created a global leader across iLottery, iGaming and sports betting that offers unrivalled capabilities to lotteries worldwide. “As an integrated company, we are ready to serve our customers like the Delaware Lottery with the gaming entertainment industry’s leading sports platforms, content and services.” Meanwhile, West Virginia could be set to legalise sports betting before the end of the month. ESPN writer David Payne Purdum said in a Twitter post the officials in the state hope to regulate such activities within 30 days. Purdum quoted unnamed sources as saying: “Our goal is to be up and running in time for [NFL American] football season.”Related article: Delaware legalises sports betting Regions: US Delawarecenter_img Sports betting Scientific Games has agreed to implement the Delaware Lottery’s expansion to full-scale sports betting after the US state moved to legalise such activities 4th June 2018 | By contenteditor Scientific lands Delaware Lottery sports betting contractlast_img read more

NFL pushes Congress for federal betting framework

first_img NFL pushes Congress for federal betting framework League calls for extensive restrictions on prop bets and data and age restriction of 21 The NFL has argued for restrictions on betting markets and a requirement for the use of official league data as part of federal regulations enforceable across the US in a Congressional hearing.Speaking at the ‘Post-PASPA: An Examination of Sports Betting in America’ hearing on Capitol Hill on Thursday, Jocelyn Moore, the league’s executive vice-president for communications and public affairs, called for new laws to limit wagers on prop bets, such as how many flags are thrown by referees or how many yards quarterbacks throw for.The NFL also wants a national sports-betting framework with substantive safeguards for consumers, as well as tools for law enforcement and standards to protect the NFL’s content and intellectual property. Moore also called for betting to be restricted to those over 21.While Moore stopped short of recommending overall federal oversight of sports betting, she advised that there should be federal policies in place to govern the activity.The Judiciary Committee hearing was the first to discuss the federal response to the repeal of PASPA in May, since when states such as New Jersey have unilaterally passed laws allowing betting within their boundaries.Moore said: “Without continued federal guidance and oversight, we are very concerned that sports leagues and state governments alone will not be able to fully protect the integrity of sporting contests and guard against the harms Congress has long recognised as being associated with sports betting.”The hearing is seen as the first step in examining whether federal oversight is needed in the new betting landscape, with committee chairman Bob Goodlatte calling the issue “ripe for consideration.” In his closing remarks, hearing chair Jim Sensenbrenner suggested that the federal authorities must have some involvement.“I think the one thing you all can agree on is for Congress to do nothing is the worst possible alternative,” he said. “So this means we have some work to do.”While some argued that the national, cross-state nature of sport meant a unified response was necessary, the American Gaming Association’s (AGA) Sara Slane said states had shown for some years they are able to regulate gaming effectively.Slane said: “Just as Congress has refrained from regulating lotteries, slot machines, table games and other gambling products, it should leave sports betting oversight to the states and tribes that are closest to the market. With such robust and rigorous regulatory oversight at both the state and federal levels, there is no need to overcomplicate or interfere with a system that is already working.”Putting the case for the industry, and reinforcing the argument for state-by-state oversight, Slane added: “I don’t think that there’s any panellist sitting here that would not agree this is a race against the illegal operators that are out there right now. They don’t pay taxes, they don’t care about consumers, they have no regulatory oversight or protections.”Nevada Gaming Control Board chair Becky Harris added: “States do a great job in every area including sports betting and we’ve just begun to see the roll out in other states. Nevada has a comprehensive regulatory structure that has been refined over decades, and we have a lot of integrity in our process.”Jon Bruning of the Coalition to Stop Online Gaming, which is backed by casino tycoon Sheldon Adelson, also called on Congress to enact legislation to combat a ‘Wild West’ effect in the betting industry.He also called for the restoration of the 1961 Federal Wire Act, which effectively outlaws online gaming, claiming the authorities have “effectively abandoned” enforcement of the 2011 UIGEA. Email Address Legal & compliance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img 28th September 2018 | By contenteditor Topics: Legal & compliance Sports betting Regions: US Subscribe to the iGaming newsletterlast_img read more

Caesars CEO to step down

first_img Email Address Mark Frissora will remain in the role until February 8 Regions: US Caesars Entertainment Corporation has begun its search for a new chief executive after it was confirmed that Mark Frissora is to stand down from the role early next year. Frissora will continue as CEO and president until February 8, with Caesars to seek a replacement in the time being.Frissora took on the role at Caesars in July 2015 having initially come on board in January, just two days after the firm filed for bankruptcy. He went on to successfully steer the company through some of its most turbulent times.Prior to joining Caesars, Frissora was chairman and CEO of vehicle rental firm Hertz Global 2006 until late 2014, and also had a six-year spell as chairman and CEO of Tenneco, a global supplier of automotive emission control and ride control products.“I have been privileged to lead this iconic company and am proud of all that our team has accomplished,” Frissora said, “We have improved our margins significantly and created enterprise value which enabled the successful reorganisation of our Caesars Entertainment Operating Company subsidiary. “I am confident that the company is well positioned to thrive and grow in the future. I am committed to maintaining stability and operating discipline during this transition.” During his time at the helm of Caesars, Frissora has implemented strategies that have led to a 900 basis points increase in adjusted EBITDAR margin, as well as a near-$800m (£614.7m/€699.1m) increase in adjusted EBITDAR. Frissora has also helped the company cut the cost of its debt by 400 basis points and enabled it to expand into markets such as Dubai and Mexico.Jim Hunt, chairman of the board at Caesars, praised Frissora’s time as CEO: “Under Mark’s leadership, the company has significantly improved margins and profitability while simultaneously increasing customer and employee satisfaction. “We are grateful for his leadership and numerous contributions and are optimistic for the future.” Confirmation of Frissora’s departure came as the company reported its financial results for the third quarter, during which net revenue rocketed by $1.99bn to $2.19bn. This was due to the inclusion of the results from CEOC, which emerged from bankruptcy in Q4 of 2017, and the results of the Centaur Holdings business that Caesars acquired in July this year. Operating profit increased by 176% year-on-year to $232m, while net income attributable to Caesars came in at $110m, compared to a net loss of $433m in the corresponding period year. Elsewhere, Caesars was this week unveiled as the first founding partner of the Las Vegas Stadium, the future home of the Las Vegas Raiders NFL American football franchise. Caesars plans to use the link-up to offer special customer experiences. In recent days, Caesars has also announced partnerships with the NFL’s Baltimore Ravens, the Philadelphia 76ers NBA basketball franchise and the New Jersey Devils NHL ice hockey team.Image: Mark P. Frissora AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 2nd November 2018 | By contenteditor Casino & games Caesars CEO to step down Tags: Online Gambling Subscribe to the iGaming newsletter Topics: Casino & games People Sports betting Strategylast_img read more

NZ TAB completes $26m relaunch

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address NZ TAB completes $26m relaunch Sports betting Regions: Oceania New Zealand Topics: Sports betting Tech & innovationcenter_img New Zealand’s TAB has unveiled its new betting site with partners Paddy Power Betfair and OpenBet.The new fixed odds platform and mobile app is powered by SG Digital-owned OpenBet’s technology, with Paddy Power Betfair providing odds services for international sporting events.The enhanced site, first announced in 2017 as a response to falling market share, will offer cash-out for the first time as well as an improved in-play betting service, more international and local markets and streaming coverage.TAB owner New Zealand Racing Board (NZRB) described the new site as a “game-changer” for sports betting in New Zealand, estimating it will deliver a NZ$30m (€17.6m/$20.4m) increase in net betting profit from 2021/22.“This is the dawn of a new era for the NZRB and for New Zealand betting customers as we deliver a more compelling betting experience and significantly enhancing the number of betting opportunities we can offer,” says NZRB chief executive John Allen.“We’ve replaced our existing website and app with a responsive, modern and easy-to-navigate site that delivers more products and events.“The new platform will also be a game-changer for our core business, improving business stability and continuity and by moving a number of core functions managed by our old system Jetbet, into a new platform provided by Openbet it gives us the flexibility to set our own odds on events where our local expertise outpaces the PaddyPower options.”TAB has a notional monopoly on sports betting in the country, however its failure to prevent punters seeking out offshore rivals led to it announcing plans to enhance the site back in 2017.The updated TAB service was due to be ready by August 2018, but launch was postponed due to extensive testing. The site closed entirely for business between Sunday evening and Monday morning in preparation for the launch of the new system, website and mobile app.Last July it was estimated that the project would cost NZ$37-39m in total, with the NZRB estimating that it would take 3.3 years of the revamped TAB being live to recoup these costs.Allen said the contribution of partners OpenBet and PaddyPower Betfair ensured TAB would be more competitive and therefore increase returns to the racing industry.He said: “What they have done is ensure the New Zealand TAB, a significant and valuable industry asset, can now compete with the rest of the world, increase our revenue and in turn, our distributions back to racing and sport.”Consumers in New Zealand spent NZ$2.33bn on gaming and gambling in the 2016-17 financial year, up 5.7% on the previous 12 months. 10th January 2019 | By contenteditor New site powered by SG Digital’s OpenBet spotsbook solution and supported by odds compliation services from Paddy Power Betfair is estimated to boost profits by NZ$20m by the end of the operator’s 2022 financial year. Subscribe to the iGaming newsletterlast_img read more

BOS reports Svenska Spel to consumer ombudsman

first_img Subscribe to the iGaming newsletter Swedish operator association Branschföreningen för onlinespel (BOS) has reported Svenska Spel and national free-to-air television network TV4 to the country’s consumer ombudsman for failing to include responsible gaming information in TV segments promoting Triss instant win products.BOS, in a report filed with the Konsumentombudsmannen (KO), has said Svenska Spel and TV4 are in breach of Chapter 3 of the Swedish Games Act as the advertorial content did not refer to the 18+ age limit for players or include information about the national problem gambling helpline.Svenska Spel and TV4 are also accused of breaching Section 9 of the Swedish Marketing Act as information about a product is missing from the segments.Finally, BOS has said the TV spots were broadcast in breach of Chapter 1 Section 5 of Swedish gambling industry guidelines, which states that marketing must not exaggerate the opportunities for profit or present the product as if the player is guaranteed to win.BOS secretary general Gustaf Hoffstedt said it is “outrageous” that Svenska Spel, as an operator owned by the state in Sweden, is seemingly ignoring Swedish marketing regulations.“It is very important that KO puts its foot down and points out that advertising spots with editorial collaborations will also follow the Swedish Gaming Act and the Marketing Act, as well as the industry’s own regulations,” Hoffstedt said.“Unless this is the case, consumer protection is overridden and it becomes clear to any gaming company whatsoever to hide their advertising in editorial collaborations, and thus ignore both laws and industry agreements,” he explained. “BOS works for a healthy and safe gaming market for Swedish gaming consumers. We therefore welcome the regulatory enhancements for the gaming market in consumer protection that have been added in recent years.”Last month, BOS also filed a report with Sweden’s TV, radio and press regulator for Svenska Spel failing to include responsible gaming information in TV segments promoting its Triss, Keno and Lotto products. Legal & compliance BOS reports Svenska Spel to consumer ombudsman Email Address Tags: Online Gambling Topics: Legal & compliance Lottery Marketing & affiliates Regions: Europe Nordics Sweden 21st June 2019 | By contenteditor Swedish operator association Branschföreningen för onlinespel (BOS) has reported Svenska Spel and national free-to-air television network TV4 to the country’s consumer ombudsman for failing to include responsible gaming information in TV segments promoting Triss instant win products. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitterlast_img read more

Global Gaming struggles in Q2 following Swedish licence loss

first_imgCasino & games 15th August 2019 | By Daniel O’Boyle Topics: Casino & games Regions: Europe Nordics Sweden Regulatory issues hit Global Gaming hard in the first half of 2019, with the company seeing revenue decline and losses widen following the revocation of its Swedish operating licence. However the operator’s chief executive Tobias Fagerlund remains confident that it can return to profitability. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img Global Gaming struggles in Q2 following Swedish licence loss Regulatory issues hit Global Gaming hard in the first half of 2019, with the company seeing revenue and profits badly hit by the revocation of its Swedish operating licence.During a period chief executive Tobias Fagerlund (pictured) described as “the most turbulent and difficult” in the operator’s history, second quarter revenue fell 42% year-on-year to SEK132.2m (£11.4m/€12.3m/$13.8m). Global’s Swedish licence was revoked by the country’s gambling regulator on 17 June as a result of significant failings in its player protection and anti money laundering controls. This cost the company an estimated SEK20m over the final 13 days of the month. “When we got to the month of June, we positively thought we could realistically expect to be back into black figures already in the second quarter, thus achieving the intended turnaround,” Fagerlund said. “Everything changed on the morning of 17 June, when the Swedish Gambling Authority announced that they had withdrawn – with immediate effect – the gaming license that lay at the foundation of the group’s Swedish operations.“Those who have followed the extensive media coverage of the decision know that we do not share the Swedish Gambling Authority’s opinion and have therefore appealed it.”The group posted revenue of SEK 132.2m, down from SEK 227.8m year-on-year. Operating expenses related to gaming activities fell 31.3% to SEK63.0m, while marketing expenses fell by 51% to SEK34.1m. Personnel expenses, however, increased from SEK 17.7m to SEK 26.9m, while the company also incurred an SEK11.6m cost on write-down of capitalised development expenses. Fagerlund said that the regulator’s decision affected expenses as well as revenue, as the company had to mitigate the effects of terminated contracts with suppliers.“In one fell swoop, most of the group’s revenue was wiped out and, as a not unexpected direct consequence, reactions from suppliers and partners were not late in coming,” Fagerlund said. “As an example, the company auditor, KPMG, terminated their contract without any further explanation or notice. These events forced us to act quickly. And act we did.”This saw Global Gaming make significant personnel cuts, which will see its total headcount fall from 190 full time employees and consultants to as low as 90 by the fourth quarter of the year. The company’s technology hub in Sweden will be completely shut down, while its Malta office will see staff and activity.The operator has also signed an agreement with Finnplay, allowing it to move operations under its own licences to the supplier’s platform.“This enables us to act more quickly and in multiple markets so we can focus on what we historically have been best at: reaching customers and generating traffic,” Fagerlund explained. “The collaboration gives us a flexibility we are going to need not only to have control over fixed costs but also to improve margins.”In addition, it has re-entered Sweden with Nano Casino, a new brand operating under Finnplay subsidiary Viral Interactive’s licence. Viral, as the licence holder, is fully responsible for operating the site, with Global serving as marketing partner.“Along with a long list of legal experts, we are of the opinion that Viral Interactive’s operations rest on a very solid and secure legal basis, and that the conditions for the licence to conduct online casino operations granted to them by the regulator are met.”The company will also work to develop a more expansive strategy going forward, moving into new markets with new brands.“Although we will do everything in our power to be active in Sweden, including with our brand NinjaCasino, we need to have a much broader approach, which we need to adopt in the foreseeable future,” Fagerlund said.Global Gaming reported SEK 294.3m revenue in the first half of the year, with the Ninja Casino brand accounting for 93% of the group’s revenue. Operating expenses in gaming activities totalled SEK 147.7m, down from SEK 179.1m the previous year. Marketing expenses declined 12.5% to SEK 116.9m, while personnel expenses increased 75.8% to SEK 53.1m as total expenses increased to SEK 201.1m. As a result the operator swung from a SEK 70.3m profit last year to a loss of SEK 54.5m.“Despite the draconian measures and drastic organisational changes we are facing, we cannot fail to notice that, internally, our fighting spirit and will to prevail are very much alive, which in itself creates conditions we should not underestimate,” Fagerlund said. “The future will undoubtedly place great demands on us as an organisation, as well as on me as its CEO. We must live with the consequences of past mistakes but we can also learn and grow stronger because of them. What I can promise is that we will do our utmost to get back to profitability and growth – and I believe we’ll be successful.”On 8 August, an appeal for temporary relief from the regulator’s ruling was rejected, the latest in a series of court defeats suffered since the licence revocation. Subscribe to the iGaming newsletter Email Addresslast_img read more