Daily News: Forecasts for the Australian Gambling Industry Growth and Entain Plc Legal Battles: A Global Trends Overview
Australia's gambling industry turnover will exceed $13 billion by 2027
The turnover of the Australian gambling industry will exceed
20 billion Australian dollars ($13.2 billion) by 2027, follows from the forecast of the IBIS World research group. Market participants believe that these are rather conservative estimates which take into account the potential tightening of legislation regarding gambling - over the past year, the Australian government has banned the use of credit cards to pay for gambling, and has also tightened the requirements for operator advertising.
Australians are the biggest spenders in the world on gambling. According to statistics, the average Australian player spends about $1 thousand per year. In Ireland the annual figure is $713, in the USA – $261, in Britain – $169. During the financial year from 1 July 2022 to 30 June 2023,
around 73% of Australian adults spent money on some form of betting format while two in five people gambled weekly.
Entain Plc enters legal proceedings with former owners of BetCity
Entain Plc has launched legal proceedings against the former owners of Betcity (Betent BV) in connection with a dispute over a takeover deal concluded in 2022.
Documents obtained by CasinoNieuws N.L showed that Simon Singer, director of Entain Holdings (Netherlands), filed a claim for damages for an undisclosed amount. Entain successfully completed the acquisition of Dutch online casino BetCity in June 2022 for a total consideration of €850 million. The company now claims that two investigations by the
Dutch gambling authority Kansspelautoriteit (KSA) found that the deal price was too high. As a result of the two investigations, BetCity was fined €3 million for breaches of the Anti-Money Laundering and Anti-Terrorist Financing Act and a
further €400,000 for advertising deficiencies. Entain claims the owners were aware of the ongoing investigation, despite BetCity failing to disclose this at the time of the purchase. While both fines were paid by the sellers, Entain says the provision allows them to make additional claims. No official details have been provided on how much Entain is seeking in damages, with both companies declining to comment on the issue. Entain is currently undergoing an internal restructuring following the departure of former CEO Jette Nygaard-Andersen, with non-executive director Stella David taking on the role of interim CEO. Last year the company reached an agreement with HMRC to pay £600 million in compensation for Bribery Act violations related to its former Turkish business Headlong Limited. In an effort to strengthen its corporate responsibility and clarify its compliance responsibilities, Entain has recently begun to exit markets that do not currently have regulatory regimes in place.
Entain's Board of Directors will publish its 2023 trading results on 7 March 2024.
Hawaii may legalize online gambling
The Hawaii State House of Representatives proposes to
legalize online gambling. The proposed legislation would establish the Hawaii Gaming Control Commission (HGCC). The HGCC will be responsible for selecting a single operator for licensing with a 10-year renewable license, prioritizing ease of regulation. In addition,
HGCC will have to address the problem of offshore operators who have been offering services to state residents for years. For now, sports betting and online poker are subject to legalization, while online casinos will still remain illegal.
