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Compliance Updates
LEC Introduces Sporting Financial Regulations
To support the long-term financial stability and competitive balance of the LEC, the league is going to introduce new financial regulations – known as Sporting Financial Regulations (SFR) – for the start of the 2024 LoL Esports Season.
The LEC SFR will encourage teams to maintain the total sum of its five highest-paid player salaries below a certain threshold, with teams exceeding the threshold having to pay an excess fee (SFR Fee).
In doing so, the LEC seeks to create a financially sustainable environment for its pro players, partnered teams, and the league itself, allowing all parties to grow at a healthy and scalable pace, and protect the ecosystem from unsustainable spending practices. In addition, the framework will support the league by creating a better competitive balance and more engaging competition, further enhancing the experience for players and fans.
“In the current economic climate, we are dedicated more than ever to creating a sustainable future for our players, teams, and the LoL Esports ecosystem in EMEA as a whole. The LEC SFR, which will come into effect from the beginning of the 2024 Season, is one way in which we’re continuing to work towards our goal of long-term financial sustainability. By doing this, we aim to encourage teams to operate more sustainable businesses to provide job security for players and ensure we serve our fans for decades to come,” said Maximilian Peter Schmidt, Director of League of Legends Esports EMEA.
SFR will encourage each team to maintain the total sum of salaries (known as SFR Spend) paid to the top five highest-paid players in a team within a certain range. The range includes both an upper spending threshold (SFR Threshold) and a lower spending threshold (SFR Floor), with the lower spending threshold amounting to 50% of the SFR Threshold. Meanwhile, the SFR Threshold is calculated based on a number of considerations, including LEC player salaries, League Revenue Pool of the current and forecasted years, team financial data – such as revenue and expenses – and other market indicators. Teams that exceed the SFR Threshold will be imposed with an SFR Fee.
An exception will be made to teams if a player enters into a contract with the team either during or before the end of the 2023 LEC Season Finals. In this instance, the SFR Spend will be reduced by one-fifth of the SFR Threshold or the actual salary amount; whichever is lower.
The policy will be introduced starting from the 2024 LEC Global Contract Start Date (21 November 2023), with the first cycle running until the 2024 LEC Global Contract End Date (18 November 2024).
Compliance Updates
MGCB Appoints Mark Evenson as a Board Member
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The Michigan Gaming Control Board (MGCB) has appointed Mark Evenson as its new board member. Evenson, a seasoned financial executive from South Lyon, is the Chief Financial Officer at Diversified Members Credit Union. His appointment took effect on Sept. 10, 2024, and will continue through Dec. 31, 2026.
Evenson succeeds Northville resident Robert (Bob) Anthony, a senior risk and quality partner of Pricewaterhouse Coopers LLP, who had resigned.
“We are excited to welcome Mark Evenson to the Michigan Gaming Control Board. His extensive background in corporate finance and community service will be invaluable as we continue our mission of ensuring fair and honest gaming operations across Michigan. His leadership will further strengthen our efforts to protect the interests of Michigan’s citizens and uphold the integrity of gaming within the state,” MGCB Executive Director Henry Williams said.
Evenson brings with him a wealth of experience in management and corporate finance. He holds a bachelor’s degree in management from Eastern Michigan University and a master’s degree in corporate finance from Walsh College. His leadership experience extends beyond the finance industry, having served for four years on the board of directors of the Plymouth Chamber of Commerce, including a year as the Chairman of the Board. He has also held other volunteer positions, including as a trustee with the Plymouth Canton Schools Educational Excellence Foundation and as a volunteer with the Plymouth Community United Way.
“I am humbled by the opportunity to be appointed to serve in this capacity. I’m looking forward to making an impact with the Board and our community as a whole,” Evenson said.
The MGCB is responsible for implementing, administering, and enforcing the provisions of the law related to the licensure, regulation, and operations of the three authorized Detroit casinos — MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown. The agency also licenses and regulates fantasy contests, regulates pari-mutuel horse racing and casino-style charitable gaming (millionaire parties), and audits tribal gaming compact agreements for the state’s 12 federally recognized tribes.
Compliance Updates
FDJ Brings Forward the Expiry of the Acceptance Period of its Offer on Kindred to 2 October After Having Obtained All Necessary Regulatory Approvals
La Française des Jeux (FDJ) has brought forward the expiry of the acceptance period of its offer on Kindred to 2 October, after having obtained all necessary regulatory approvals.
On 22 January 2024, FDJ, announced a recommended public offer to the holders of Swedish Depository Receipts (the SDRs) in Kindred Group plc to tender all their SDRs in Kindred at a price of SEK 130 in cash per SDR (the Offer). An offer document relating to the Offer was published on 19 February 2024 and supplements to the offer document were made public 25 April 2024 and 25 July 2024.
FDJ announced that it has obtained final approval from the French Competition Authority to complete the Offer.
The definitive clearance of the acquisition of Kindred by the French Competition Authority was the last regulatory condition required for the completion of the Offer. Thus, having obtained all necessary regulatory clearances, approvals and decisions, FDJ has decided to bring forward the expiry of the acceptance period of the Offer to 17.00 CEST on 2 October 2024 (from the initial date of 19 November 2024).
Completion of the Offer remains subject to other conditions, notably it being accepted to such an extent that FDJ becomes the owner of more than 90% of the total number of shares in Kindred (on a fully diluted basis):
• To date, five shareholders (Corvex Management LP, Premier Investissement SAS, Eminence Capital, Nordea and Veralda), representing 26.72% of Kindred’s outstanding Swedish depository receipts, have made an irrevocable commitment to tender their SDRs to the offer.
• In addition, FDJ acquired 1.11% of Kindred’s outstanding SDRs directly from Veralda in March.
FDJ will announce the result of the Offer on or around 3 October 2024 at the close of the market. If the Offer is completed, settlement and delivery for Kindred shareholders who tender their SDRs will take place on or around 11 October 2024.
The post FDJ Brings Forward the Expiry of the Acceptance Period of its Offer on Kindred to 2 October After Having Obtained All Necessary Regulatory Approvals appeared first on European Gaming Industry News.
Compliance Updates
ECA Announces its Security and Safety Workshop to be held during the Global Table Games & Game Protection Conference
The European Casino Association (ECA) is going to conduct its 2024 Security and Safety Working Group meeting in conjunction with the Global Table Games & Game Protection Conference (GTGC/GGPC) at the Hippodrome Casino in London from November 18-20, 2024.
This collaboration marks a significant expansion of the ECA’s annual Security and Safety Working Group meeting, now encompassing a broader range of crucial industry topics.
The Global Table Games & Game Protection Conference (GTGC/GGPC) will address a wide array of subjects vital to the European casino industry, including:
• Security and Safety
• Safer Gambling Practices
• Customer Experience Enhancement
• Game Protection Strategies
• Technological Advancements in Casino Operations
Guido Berghmans, ECA Board Member, Working Group Leader, and Director of Casino 2000 Luxembourg, stated: “We are pleased to integrate our ECA Security and Safety Workshop with this conference. The GTGC/GGPC Euro provides our members with a valuable opportunity to engage with security experts and gain insights into the latest developments in game protection and secure casino operations.”
The GTGC/GGPC, organised by game protection expert Richard Marcus, is making its European debut following three successful years in Las Vegas. The event will feature a distinguished lineup of speakers, including:
• Simon Thomas, ECA Board Member and Executive Chairman of the Hippodrome Casino
• Ted Whiting, Corporate VP of Surveillance and Asset Protection for MGM Resorts International
• Mike Matranga, former Secret Service agent and founder of M6 Global Defense Group
• Richard Noble, COO at Crown UK
• Michael Boettcher, industry veteran and President of Storm International
• Last but not least, conference organiser Richard Marcus.
Marcus is considered to have been the most significant professional casino cheat of all time. He turned the tables to become a casino game protection consultant and trainer with clients worldwide. Marcus began his career as a blackjack dealer in Las Vegas and later became infamous for his ingenious cheating methods. He has dedicated his expertise to helping casinos worldwide improve their security measures and game protection strategies. Richard Marcus speaks French and German, enhancing his ability to communicate with a diverse European audience.
The conference will address current security risks in casinos and the methods to detect and prevent fraud and manipulation at gaming tables and slot machines. Key topics include AI in surveillance, facial recognition technology, and cybersecurity. Additionally, the conference will cover other relevant subjects, making it appealing not only to security managers but also to all executives in European casino companies. This event offers an excellent opportunity to exchange knowledge and network with industry peers.
Guido Berghmans added: “This collaboration between the ECA and GTGC/GGPC underscores our commitment to advancing security and safety standards in the European casino industry. We encourage all our members to attend and recommend that European land-based casino operations consider sending their key employees to participate in this conference. It presents a unique learning and networking opportunity that merits serious consideration.”
As part of this collaborative effort, on November 20, the managers of ECA member casinos responsible for security and safety will convene with experts and relevant consultants at their annual Security and Safety Working Group meeting to exchange experiences from the past year and discuss improved casino security practices.
The post ECA Announces its Security and Safety Workshop to be held during the Global Table Games & Game Protection Conference appeared first on European Gaming Industry News.
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