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GVC Shares Slip on Ladbrokes scandal of payoffs to victims of Problem Gambling

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GVC Shares Slip on Ladbrokes scandal of payoffs to victims of Problem GamblingReading Time: 1 minute

 

Ladbrokes, a subsidiary of GVC Holdings, had agreed to pay the victims of the problem gambler £1mln in return for a pledge to not inform the industry regulator.

Shares GVC Holdings slipped because of the scandal regarding payoffs to victims of the problem gambler.

The gambler admitted to having stolen the funds, with Ladbrokes agreeing to pay the money to five of the victims who accused the bookmaker of accepting stolen funds.

The company had offered to the victims the incentives including free tickets to Arsenal games, the company box at the Royal Ascot, and return flights from Dubai.

The issue came to light when the gambler reported the issue to the UK Gambling Commission, breaking the terms of the settlement.

An area of particular concern were text messages exchanged between the gambler and an account manager assigned to him, which raised doubts around the company’s compliance with regulations designed to prevent problem gambling and money laundering.

The UKGC, which monitors the industry, said it was investigating the matter to “ascertain the full circumstances” of the revelations.


Source: European Gaming Media

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Mobile Betting Bill Fails to Progress Through New York Assembly

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Senator Joseph Addabbo’s mobile betting bill has failed to progress through the New York Assembly. The legislative session saw S17 fail to progress beyond the Assembly Standing Committee on Codes.

Addabbo tweeted that he saw no clear reason why the state could not implement mobile sports betting in 2019. Failure to do so would see the state miss out on around $75m in revenue, funding for education, and both job creation and retention.

“NY will be stuck like a disabled car on the shoulder, while we allow an illegal sports betting business in our state thrive and idly watch other neighboring states pass us up with enormous revenue gains from mobile sports betting,” Addabbo said.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Mobile Betting Bill Fails to Progress Through New York Assembly

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Eldorado Resorts to Buy Caesars Entertainment Corp

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Eldorado Resorts Inc., the US based casino operator, has agreed to merge with Caesars Entertainment Corp through a $17.3 billion cash and stock deal.

The deal, which is expected to be announced soon, values Caesars at close to $13 a share. The combined company’s ownership would be split roughly between Eldorado and Caesars shareholders.

An Eldorado spokesman said the company did not comment on rumours or speculation. Caesars did not immediately respond to requests for comment.

The combination of the two companies would create a serious competitor to larger casino industry players, such as Las Vegas Sands Corp, Wynn Resorts Ltd and MGM Resorts International.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Eldorado Resorts to Buy Caesars Entertainment Corp

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Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

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Nagasaki Governor Hodo Nakamura has reaffirmed his support for the Sasebo IR bid and urged the national government not to delay too much in issuing its IR regulations and establishing the national regulatory framework.

While Sasebo’s bid is not linked to a specific timeline, the local government does wish to move forward quickly, especially now that other competing bids could emerge from the Kyushu region.

In related news, Nagasaki IR Business Connect Seminar is going to be held with the participation of international operators and investment groups.


Source: European Gaming Media
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Nagasaki Governor Reaffirms His Support for Sasebo IR Bid

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