iGaming Industry
A stupid gamble on evil machines
The government’s failure to clamp down on fixed-odds betting terminals must be down to stupidity or corruption and I’m not sure which of those I hope it is.
Which is better? Idiots or crooks? It would make a good parlour game.
It’s possible that I’ve spent more time among sick gamblers than you have (and if that’s not the case, we probably know each other). But if you’ve popped into a friendly high street bookmaker’s any time in the last 10 years, to bet on the FA Cup final or get some change for the parking meter, then you’ll have seen a “FOBT”.
A FOBT is a sort of glorified fruit machine with a choice of games (roulette, virtual sport, novelties) and a massive possible loss rate. The biggest difference between the old fruities and these devices, waved through by the Blair government of 2001, is that you can lose £500 a minute on a FOBT.
And people do.
How many times, in the year ending September 2016, do you think somebody lost more than £1,000 on one of these machines?
Have a think. We aren’t talking about rich people, glitzy casinos or friends having a big night out. We’re talking about people on their own, playing the slots on regular, trafficky, local streets. Poor people. Bored people. Sometimes desperate, sometimes ill. Lonely old men. Women with their babies locked in the car outside. The average national wage is about £25,000. How many times, over a year, do you think £1,000 or more was lost in a single gambling session, on a local high street, in these circumstances?
No. You’re wrong.
I mean, for fuck’s sake.
Let me confess: I myself have, often, lost more than £1,000 in a single gambling session. But when I’m losing £500 a minute, this is what I’m getting:
A high-end Las Vegas casino has sent a limousine to collect me from the airport. I’ve got a complimentary hotel room with a view of the iconic Vegas Strip. I’ve got free meals, free cocktails and a cabana (a sort of shady little house with loungers and a drinks cabinet) by a luxurious swimming pool.
This doesn’t make me clever. It makes me a mug. This is what casinos give you if they think you can afford to lose the money. But your man down the Kilburn High Road, losing at the exact same rate because he’s depressed, lost, stuck, sad and has nowhere else to be, gets the square root of sod all. He gets monotony, shame and kicked out at 10pm.
This guy (or girl) hasn’t opted in consciously. They never meant to get involved for those hours or play for those sums. They didn’t join a casino, they wandered into the bookies: outlets once considered cheery and welcome on British high streets because betting on horses is traditional, fun and, to a great extent, social. But in 2001, a black hole was unrolled in the middle of them. FOBTs are demons, succubi, squatting between the chemist and the bus stop like a pile of heroin on a cheese trolley.
UK city dwellers complain that there are now dozens of bookies in their nearest shopping street where there used to be one. But most don’t know why that is.
It’s because the government capped the number of FOBTs at four per shop. But these things are free money to their owners. Punters lose and lose and lose. And when they disappear, or kill themselves, or their child is taken into care and they start self-medicating with drugs instead, someone else steps blindly up to feed the monster. So, if you’re only allowed four per shop, open more shops!
What optimistic fool, no doubt some well-meaning MP or civil servant, thought up that “four max” rule? Did you think you were smarter than the bookies, love? We’ve all been there. That’s the fast route to eating cat food out of the tin.
But the latest government move can’t be about optimism. Everyone was expecting the betting cap (or possible loss) on these machines to be slashed. Labour and the Lib Dems went into the election actively promising it; the Tories hadn’t yet committed, but John Whittingdale warned the Association of British Bookmakers: “I can’t say I would be surprised if there are quite radical measures produced… You should brace yourself.”
And then, last week, Philip Hammond decided there would actually be no curb at all – because, according to a Whitehall source in the Daily Mail, the attendant loss of tax revenues would be “financially crippling”.
Is this bent or just stupid? The shops pay 25% duty on FOBTs (it’s much cheaper for them than horseracing). In return, we get an expensive rise in crime, theft and embezzlement, family breakdown, costly court proceedings and criminal damage as the machines are often smashed up. Meanwhile, many FOBT addicts are on welfare, so 100% of the money they put into the machines goes out of the Treasury and 25% comes back. Well done everybody.
Let’s say it’s not bent. The lobbying and hospitality for MPs is massive and rising, but I’d hate to suggest any impropriety. So that suggests a moronic misunderstanding of the true maths in play.
The argument is not being had on moral grounds. If our government said they were libertarians, planning to decriminalise all drugs and abolish income tax alongside this invitation to go skint in 10 minutes at teatime in the shop next to Tesco, we could have an interesting debate. We could weigh up that freedom against the depression and suicide, the abandoned children and associated crime, and really challenge ourselves.
But they argue this situation is financially profitable for us, as a nation? They think we make money from it? Jesus. That’s their understanding of economics? As professional gamblers say about chumps: I’d like to be locked up with them.
The above article written by Victoria Coren Mitchell, first appeared on The Guardian.…
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Source: EEGaming.
Alejandro Navarro
Betski Secures $345,000 in Pre-Seed Funding for First-ever Tokenized Casino Ownership Platform
Betski is set to launch its online casino ownership platform in Q1 of 2025, enabling users to earn casino profits through digital tokens. The system will allow anyone to receive a share of casino earnings without managing casino operations, marking a new chapter in the multi-billion-dollar iGaming industry. Supported by a $345,000 pre-seed funding round, the platform aims to democratize access to casino earnings and reshape the multi-billion-dollar gaming industry.
Opening Casino Ownership to Everyone
The platform’s tokenization system reshapes traditional casino business rules through an automatic profit-sharing program. Token holders receive a percentage of every bet placed on the platform.
This system eliminates steep entry costs, such as operational expenses, licensing fees, and administrative management. Users can start earning returns without previous casino experience or large capital investments.
“A small group have exclusively enjoyed casino industry profits until now. Our platform opens these earnings to everyone through our tokenized profit-sharing system, turning users into online casino owners,” said Alejandro Navarro, founder and CEO of Betski.
Direct Profit-Sharing Through Tokens
Through a verified digital system, the ownership program distributes Gross Gaming Revenue (GGR) among token holders. Investors have recognized this potential, contributing $345,000 in pre-seed funding that combines gaming entertainment with digital asset ownership. The platform maintains strict security protocols and automated distribution systems for reliable profit sharing.
“The platform distributes real money to token holders from every bet placed by players. This creates a steady income stream for online casino owners – something the traditional casino structure has never offered,” said Navarro.
Global Growth of Online Casino Ownership
The platform has attracted 2400 active Discord members and over 20,000 followers on X (formerly Twitter). These early adopters are expected to participate in test runs of the profit-sharing system once it goes live. Over the next 24 months, the platform will roll out first in Latin America, followed by expansion into European and select Asian markets.
Betski offers casino games, live casino experiences, eSports betting, global lotteries, fantasy sports, and traditional sportsbooks. This variety creates multiple revenue streams for online casino owners. Players can access all gaming options through a single interface, which streamlines the betting experience and maximizes potential returns for token holders.
The team has partnered with major payment processors and marketing agencies to support the platform’s global expansion. These collaborations will facilitate smooth transactions and user acquisition across different regions. The platform meets all regulatory requirements in its target markets, certifying long-term stability for token holders.
New Opportunities for Investment
Following the successful pre-seed round, Betski is now opening its seed funding round to welcome additional participants into its casino ownership platform. This investment opportunity enables individuals and entities to join the platform’s growth journey ahead of its official launch in Q1 2025.
eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.
This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.
Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.
In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.
“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.
Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
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