BouncingBall8,REGISTER NOW GET FREE 888 PESOS REWARDS! Latest Online Gambling & Casino News Tue, 22 Oct 2024 14:25:53 +0000 en-US hourly 1 https://www.lianxinyuan.com/news/wp-content/uploads/2019/12/cropped-VSO-3-32x32.png Legislation Archives - Vegas Slots Online News 32 32 Ecuador Removes Restrictions on Sports Betting Advertising https://www.lianxinyuan.com/news/2024/10/22/ecuador-removes-restrictions-on-sports-betting-advertising/ https://www.lianxinyuan.com/news/2024/10/22/ecuador-removes-restrictions-on-sports-betting-advertising/#respond Tue, 22 Oct 2024 14:25:50 +0000 https://www.lianxinyuan.com/news/?p=203963 Ecuador has bucked a global regulatory trend by lifting a ban on sports betting advertisements which had been in place since 2023.

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Ecuadorian President Daniel Noboa has lifted a country-wide ban on sports betting advertising.

Noboa, who took office in January and is seen as broadly pro-business, lifted the ban which had been in place since 2023.

The ban had been controversial, particularly among sports organizations such as the Ecuadorian Professional Soccer League (LigaPro), which were denied a crucial revenue stream from the advertisements.

The move breaks from a general trend in the global regulatory landscape as many countries seek to implement and enforce restrictions on gambling advertising. The issue has become contentious ahead of the upcoming Australian election, while in the United Kingdom, Premier League soccer clubs have voluntarily agreed to phase out gambling shirt sponsorship.

a grey market has emerged to fill the void

The lifting of the advertising ban comes as part of a new overall regime concerning gambling in Ecuador. Gambling has been banned since a 2011 referendum, leading to a familiar situation in much of South America where a grey market has emerged to fill the void.

While the country is still short of a fully licensed and regulated market, there have been moves in that direction, with a system implemented earlier in the year requiring operators to register with Ecuador’s revenue services and pay tax on their earnings.

Noboa is expected to continue moving toward legalization, although there remains significant opposition in Ecuador. Earlier in the year, the President also floated the idea of legalizing casinos, although the idea was ultimately withdrawn.

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Irish Lawmakers Pass Landmark Gambling Legislation After 17 Years of Discussions https://www.lianxinyuan.com/news/2024/10/17/irish-lawmakers-pass-landmark-gambling-legislation-after-17-years-of-discussions/ https://www.lianxinyuan.com/news/2024/10/17/irish-lawmakers-pass-landmark-gambling-legislation-after-17-years-of-discussions/#respond Thu, 17 Oct 2024 11:08:10 +0000 https://www.lianxinyuan.com/news/?p=203685 Irish lawmakers officially passed a landmark gambling legislation bill after many years of discussion over the controversial changes.

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Long time coming

Irish lawmakers have finally passed landmark gambling legislation to transform a sector worth up to €8bn ($8.7bn) annually. Legislators have discussed updating gambling regulator for 17 years. Minister of State James Browne began working on the newly passed Gambling Regulation Bill in 2020 before introducing it in 2022.

will introduce significant protections for the public

Talking to the lower chamber on Wednesday following the passage of the bill, Browne referenced the “extraordinary amount of work” that went into the “complex” legislation that will introduce significant protections for the public in what was previously a largely unregulated sector of the country.

The bill now heads to the desk of President Michael D. Higgins for him to consider and officially sign into law.

Major overhaul

A wave of new alterations is coming to Ireland’s legislation for gambling, a framework that hasn’t changed significantly since 1956. One of the biggest moves is the creation of the Gambling Regulatory Authority of Ireland (GRAI) to look after the licensing of operators and oversee compliance. It will also have scope to suggest additional changes to legislation as it sees fit and issue fines of up to €20m ($21.7m).

a ban is also coming into place on social media ads

Restrictions on advertising will prohibit gambling ads on broadcast media between 5:30am and 9pm, while a ban is also coming into place on social media ads. People will need to opt in to receive other types of online marketing messages. The bill also bans incentives like free bets, hospitality, and VIP treatment.

Operators can no longer sponsor sports teams or organizations, while a new social impact fund will allocate resources from gambling companies to finance important addiction-related education and treatment programs.

Not for everyone

Not everyone is happy, including industry stakeholders who warn of the negative impact the bill will have on what is a major sector in Ireland. Horse racing in particular relies heavily on gambling-related advertising and a betting levy.

Share prices of major gambling companies like Flutter Entertainment and Entain dropped sharply earlier this week after news of a potential tax hike in the UK came to light.

Some major broadcasters, such as Racing TV, are on record saying they will likely shut down their Irish operations as it wouldn’t be economically viable to have a separate feed that doesn’t contain gambling ads. Sky Sports Racing revealed last week it plans to have a separate feed.

Legendary Irish poker player and tournament organizer Fintan Gavin aired his concerns in an exclusive interview with VegasSlotsOnline News about the lack of clarity in the bill regarding payout limits for poker tournaments.

The legislation implements a €10 ($10.86) max stake and payout cap of €3,000 ($3,258) on games like blackjack, roulette, and slots, without clarifying if poker falls under this bracket. He emphasized how important annual poker festivals are to the country and is “hopeful that the regulators will recognize this.”

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Macau Legislative Assembly Passes Gambling Crimes Bill https://www.lianxinyuan.com/news/2024/10/16/macau-legislative-assembly-passes-gambling-crimes-bill/ https://www.lianxinyuan.com/news/2024/10/16/macau-legislative-assembly-passes-gambling-crimes-bill/#respond Wed, 16 Oct 2024 14:17:16 +0000 https://www.lianxinyuan.com/news/?p=203620 Macau will pass a new bill to tackle illegal money exchanges, under-the-table bets, and other gambling-related crimes.

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Macau’s Legislative Assembly has unanimously voted in favor of a final reading of a new bill to tackle crimes associated with gambling.

All 32 members of the assembly passed the “Law to Combat Crimes of Illegal Gambling” bill, which was initially proposed by the government in December 2023.

highest potential sentence is a significant increase on the previous law

The bill will define penalties for running illegal gambling games, with a prison sentence of between one and eight years for operating illegal games of fortune, online gambling and mutual betting. The highest potential sentence is a significant increase on the previous law, which set it at three years.

The bill also targeted the practice of “multipliers,” where seemingly small bets are placed at standard gaming tables, but with a hidden, much larger wager also placed on the outcome, as one such practice.

Another target of the legislation was to crack down on the explosion of illegal money exchanges in Macau, which often help Chinese gamblers avoid restrictions on capital flight.

“While the illegal money exchange business in Macau might have stemmed from the gambling industry, it has [become] a very common channel for corruption,” said Peng Peng, the executive chairman of the Guangdong Society of Reform.

Those found guilty of the offenses, as well as coercing others to gamble and providing illicit loans and money exchanges, could also face a casino entry ban, forbidding them from properties in the region.

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UK Gambling Stocks Lose £3bn Amid Talk of Tax Raid https://www.lianxinyuan.com/news/2024/10/14/uk-gambling-stocks-lose-3bn-amid-talk-of-tax-raid/ https://www.lianxinyuan.com/news/2024/10/14/uk-gambling-stocks-lose-3bn-amid-talk-of-tax-raid/#respond Mon, 14 Oct 2024 14:18:21 +0000 https://www.lianxinyuan.com/news/?p=203444 UK gambling stocks suffered major losses amid reports that Chancellor Rachel Reeves was considering drastic tax hikes on the industry.

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UK betting companies have taken sharp hits to their stock prices after reports emerged that the government was considering hefty tax hikes on gambling operators.

Almost £3bn ($3.92 bn) was wiped off the value of UK gambling stocks following a report in The Guardian which claimed that Chancellor Rachel Reeves was under pressure from leading think tanks to squeeze the betting industry with tax increases.

Flutter Entertainment, which is listed on the New York Stock Exchange, fell by 9% on Friday when the report emerged. When UK index FTSE opened on Monday, Entain fell by 14%, while Evoke also suffered a 12% haircut.

urged more than doubling taxes on “higher harm”?products

The report stated that the Institute for Public Policy Research, a left-leaning think tank, had urged more than doubling taxes on “higher harm” products such as online casino games, while exempting items such as lotteries and bingo.

Another think tank, the Social Market Foundation, proposed doubling the tax on online gambling companies.

Financial services group Jefferies, however, questioned the likelihood of such severe actions saying that they would “effectively wipe out listed operator profitability and likely pose an existential threat to many smaller operators.”

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Brazil Blocking “Irregular” Gambling Sites in Attempt to Curb Addiction https://www.lianxinyuan.com/news/2024/10/13/brazil-blocking-irregular-gambling-sites-in-attempt-to-curb-addiction/ https://www.lianxinyuan.com/news/2024/10/13/brazil-blocking-irregular-gambling-sites-in-attempt-to-curb-addiction/#respond Sun, 13 Oct 2024 07:00:00 +0000 https://www.lianxinyuan.com/news/?p=203375 With new laws set to go into effect on January 1, 2025, Brazil has begun banning gambling websites it considers to be "irregular."

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Gambling concerns in Brazil

In response to concerns over gambling addiction, Brazil has begun blocking over 2,000 gambling websites “designated as irregular.”

Most types of gambling are illegal in Brazil—think of casinos and slot machines—but with online gambling being legalized in 2018, “more than 52 million people started betting online in the last five years.”

firms must demonstrate a willingness to comply with new legislation

Almost 100 companies run 210 gambling websites. To remain active, the firms must demonstrate a willingness to comply with new legislation and have until the end of the year to renew their license applications. Other companies that are not authorized to operate in Brazil have decided to take their cases to court, while others hope to remain in operation if they are given until the end of the year to gain approval from the federal government.

Thanks to legislation that goes into effect January 1, 2025, companies that wish to remain in business must comply with two stiff statutes. First, they must pay 30 million reais (US$5.3m). Second, they must “permanently comply with federal rules to curb fraud, money laundering, and abusive advertisements in order to remain in business.”

Concerns over gambling

Finance and health authorities point to the increase in gambling addiction and related expenses as reasons why more regulation would benefit Brazil. Other concerns include welfare benefits being used for gambling. As reported by VegasSlotsOnline News on October 7, Brazil’s president Lula said he will “ban online betting if regulation does not cure addiction.”

Lula added: “Everyone knows that the person going to buy bread in the morning will make a small bet using the bread money. But what I cannot allow is betting to turn into a disease, an addiction, and for people to become dependent on it.”

On the other hand, media companies and soccer clubs have seen a dramatic rise in sponsorship from betting companies. ABC News reports that “[a]lmost all the clubs in Brazil’s top soccer division are sponsored by betting companies.”

Sports executives have sent appeals to the federal government to allow sponsoring companies to remain functioning, saying they worry about losing valuable revenue “if those companies are permanently blocked.”

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UK Government Mulls Higher Gambling Taxes to Fill Budget Gap https://www.lianxinyuan.com/news/2024/10/12/uk-government-mulls-higher-gambling-taxes-to-fill-budget-gap/ https://www.lianxinyuan.com/news/2024/10/12/uk-government-mulls-higher-gambling-taxes-to-fill-budget-gap/#respond Sat, 12 Oct 2024 13:50:13 +0000 https://www.lianxinyuan.com/news/?p=203372 The UK government hopes to fill a financial black hole by significantly raising gambling taxes on what it calls "higher harm" games.

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The UK’s financial black hole

UK Chancellor Rachel Reeves hopes to fill in a £22bn (US$24.05bn) black hole in the nation’s finances. The solution? A tax raid of up to £3bn (US$3.28bn) on the gambling sector. Treasury officials are considering proposals advanced by two influential think tanks to double taxes levied on online casinos and bookmakers. If approved, the measures would be Labour’s first budget inclusion in 14 years.

It’s definitely on the map. There’s no obvious pushback to it.”

Industry lobbyists oppose the revisions to the UK’s complex system of betting and gaming duties, but one source familiar with Treasury thinking told The Guardian: “It’s definitely on the map. There’s no obvious pushback to it.”

Derek Webb, both a former poker player and casino game inventor, put forth a call for higher taxes on the gambling industry, which accumulates £11bn (US$12.03bn) a year in revenue. Webb stands as the Labour party’s fifth-largest individual donor since the start of 2023, having given £1.3m (US$1.42m) to Labour.

UK government could raise almost £3b

A report by the left-leaning think tank Institute for Public Policy Research (IPPR) estimates the government could raise £2.9bn (US$3.17bn) by next year, with projections showing that number could rise to £3.4bn (US$3.72bn) by 2030, if the government will double taxes on “higher harm” products, which include online casino games.

The IPPR’s proposals call for leaving duties on “lower harm” games untouched, which include the lottery and bingo. The proposal would instead double taxes on activities like the 15% general betting duty, which affects retail bookmakers’ profits. In another example, the remote gaming duty levied on online operators is currently charged at 21%, but that would rise to an astonishing 50% under the IPPR’s plan.

it will create incentives for companies to focus on lower-harm products

IPPR said: “We suggest this is the best application of the ‘polluter pays’ principle and it will create incentives for companies to focus on lower-harm products.”

A separate think tank, the Social Market Foundation, proposed a more moderate plan that would merely double the tax levied on online gambling companies from 21% to 42%. Derek Webb helps fund the SMF and has pointed the Treasury to examples from other jurisdictions – such as the United States – that outearn the UK through higher online gambling taxes.

Opposition points to black market gambling

Opposition to the taxes, however, points to the rise in black market gambling, where similar regulations and higher taxes have been passed. A spokesperson for the Betting and Gaming Council said: “Comparable markets abroad which have imposed draconian regulations and disproportionate tax regimes have seen a spike in illegal black market gambling.”

According to The Guardian, one industry source said: “The anti-gambling lobby has donated at least £1m (US$1.09m) to Labour over the past 18 months and you have to wonder what they expect to get in return for that.”

Indeed, senior figures in the UK’s ruling Labour party have received gifts from the gambling industry totaling over £1m (US$1.3m).

Dan Waugh, an adviser at the gambling consultancy Regulus Partners, said: “If one raises the cost of consumption, it is conceivable that one may cause additional harm, because at some point the consumer will bear that additional cost.”

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Lobbyists Believe Chances Are Good That Texas Gets Legal Casino Gambling Next Year https://www.lianxinyuan.com/news/2024/10/10/lobbyists-believe-chances-are-good-that-texas-gets-legal-casino-gambling-next-year/ https://www.lianxinyuan.com/news/2024/10/10/lobbyists-believe-chances-are-good-that-texas-gets-legal-casino-gambling-next-year/#respond Thu, 10 Oct 2024 18:02:04 +0000 https://www.lianxinyuan.com/news/?p=203188 Lobbyists from some of the biggest gambling companies believe the chances of Texas getting legal casino gambling next year are greater than 50%.

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An interesting discussion

A panel of notable lobbyists at the Global Gaming Expo in Las Vegas said they believe the chance of Texas getting legal casino gambling next year is greater than 50%.

lottery, greyhound and horse racing, and charitable activities are the only forms of legal gambling

The state has historically been conservative about gambling expansion. The state lottery, greyhound and horse racing, and charitable activities are the only forms of legal gambling in the region.

The discussion on Tuesday garnered plenty of attention, with the heads of government relations with FanDuel, MGM Resorts, and Las Vegas Sands making up the panel.

Las Vegas Sands’ Andy Abboud was the most confident, stating that expansion in the Lone Star State is “inevitable,” even if it isn’t next year. The casino company has spent millions in recent years lobbying in Texas and its owner Miriam Adelson now has a majority stake in the NBA’s Dallas Mavericks.

The key is the Senate

One of the biggest stumbling blocks, according to MGM Resorts’ Rick Limardo, is the Senate, as this is where previous casino and sports betting bills were killed last year after progressing through the House.

main gatekeeper in the Senate is Lieutenant Governor Dan Patrick

The main gatekeeper in the Senate is Lieutenant Governor Dan Patrick, who has opposed proposals in recent years. The panelists believe Patrick will put forward gambling bills for a vote if the proponents gain sufficient support in the Senate.

They also pointed to Patrick’s close relationship with Donald Trump, explaining that a Trump win in November’s presidential election could result in Patrick getting a new role in Washington and leaving a gap in Texas.

Letting the public decide

A message the lobbyists keep reminding lawmakers of is that they won’t come under scrutiny for voting in favor of a gambling expansion bill as the issue ultimately lies in the hands of the general public.

FanDuel’s Caesar Fernandez pointed out the potentially huge market for legal gambling in Texas; Eilers & Krejcik estimates the sports betting black market is currently worth $7bn annually.[/boxout]

A constitutional amendment is necessary to enact such a change, which requires a public vote. Limardo commented, “Nobody’s ever lost an election for voting for a sports betting or casino bill.”

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Illegal “Gray” Gambling Machines on the Way Out in Kentucky https://www.lianxinyuan.com/news/2024/10/10/illegal-gray-gambling-machines-on-the-way-out-in-kentucky/ https://www.lianxinyuan.com/news/2024/10/10/illegal-gray-gambling-machines-on-the-way-out-in-kentucky/#respond Thu, 10 Oct 2024 08:36:08 +0000 https://www.lianxinyuan.com/news/?p=203103 House Bill 594 changed the definition of a “gambling device” and provided much-needed clarity on the legality of “gray machines.”

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1798 Kentucky law recovers lost money

“Gray machines,” meaning gambling machines that operate in a legal gray area, are increasingly common throughout Kentucky. But if recent lawsuits have any effect, that may be about to change. Action Network reports that the lawsuits depend on a 1798 law that permits third parties to “recover money lost in illegal gambling.”

Kentucky Governor Steve Beshear utilized the 1798 law to sue gambling operator PokerStars

Over a decade ago, former Kentucky Governor Steve Beshear utilized the 1798 law to sue gambling operator PokerStars and recover more than $300m in a 2021 settlement. The Kentucky Supreme Court ruled in favor of the state in a 4-3 ruling.

The latest civil lawsuit against the Kentucky gray machine industry was filed by Vanessa Cantley in support of the charity nonprofit “Empathy in Action.” Cantley established the nonprofit organization in 2017 to fight injustices.

Latest lawsuit resembles 2021 PokerStars settlement

Cantley claims that her latest lawsuit resembles the PokerStars case that resulted in a $300m settlement. Unfortunately, it is difficult to ascertain just how much money people in Kentucky have spent—or lost—on the illegal gray machines due to most of them being unregulated and operating with cash.

Cantley said: “Our hope is that in the discovery process in the lawsuit, they’ll (gray machine companies) be compelled to turn over the information that’ll give you the answer to that question. We certainly expect it to be many millions of dollars. Otherwise, they wouldn’t be so prevalent, they wouldn’t be all over the state.”

House Bill 594 defines illegal gambling

In 2023, lawmakers passed House Bill 594 as a response to the continued growth of gray machines. The Bill changed the definition of a “gambling device” and provided much-needed clarity on the legality of gray machines, defining them and those that claimed to be “risk-free play” devices as illegal under the new law. Indeed, as reported by VegasSlotsOnline News in September 2024, if a machine is ruled to be based on chance rather than skill, it is therefore defined as illegal.

CThere is no safe harbor in Kentucky’s gambling laws for this kind of game.”

Kentucky Attorney General Russell Coleman pushed law enforcement officials to act as though the ban is “now fully in effect” and to “take enforcement actions.” Coleman stated: “There is no safe harbor in Kentucky’s gambling laws for this kind of game.” Coleman’s advice told state and county prosecutors: “You and your office are free to investigate and prosecute any violations of the Commonwealth’s gambling laws, including the laws related to gray machines.”

In line with Coleman’s push, other states may utilize Kentucky’s legal approach to take control of predatory gambling practices. If it’s in a gray area, it’s in jeopardy of facing law enforcement or a potential lawsuit. Kentucky’s 226-year-old Loss Recovery Act permits an individual to file a lawsuit first within six months of losing money from illegal gambling, after which any other person from Kentucky “can also file a lawsuit to recover up to three times the amount lost from illegal gambling within the last five years.”

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Big Money Plans To Expand Legal Gambling In Missouri https://www.lianxinyuan.com/news/2024/10/09/big-money-plans-to-expand-legal-gambling-in-missouri/ https://www.lianxinyuan.com/news/2024/10/09/big-money-plans-to-expand-legal-gambling-in-missouri/#respond Wed, 09 Oct 2024 21:59:42 +0000 https://www.lianxinyuan.com/news/?p=203086 Proponents of Amendment 2 claim approval will bring the state in line with neighboring states who have already legalized sports betting.

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Proponents claim state is already losing money

In November, Missouri residents will have a chance to vote on Amendment 2, which aims to legalize sports betting in the state. Proponents claim that doing so will bring the state in line with neighboring states that have already legalized the pastime. But more than that, proponents claim that the state is already losing money to neighboring states as they draw sports bets that are currently illegal to make in Missouri. Supporters of the ballot measure also say that legalizing sports betting in Missouri will add valuable tax revenue to benefit students and educators.

With the November 5 election less than a month out, Bally’s casino has funneled $1m into the campaign for Amendment 2.

a new casino will pop up on the Osage River below the Bagnell Dam

In addition, the campaign for Amendment 5 received $500,000 from Eldon-based Osage Landing Development Co. and RIS Inc. All told, contributions to the Amendment 5 campaign total over $2m. If the contributions help make the difference, a new casino will pop up on the Osage River below the Bagnell Dam, a popular boating and recreation destination for Missourians.

Missouri constitution limits casino locations

The fight is not without obstacles. The current Missouri constitution limits casino locations to sites along the Missouri and Mississippi rivers. But if approved, the St. Louis Post Dispatch reports that the project “is expected to create 500 construction jobs and more than 700 permanent jobs.” In addition, “[t]ax revenue from bettors would be earmarked for early childhood literacy programs in public schools.”

The new casino may compete with an additional Lake of the Ozarks casino proposed by the Osage Nation. There is no guarantee the competition would occur, however, as the Osage Nation is waiting for approval from state and federal officials to construct the tribal casino.

An additional supporter of Amendment 2 comes from New Jersey-based Betfair Interactive, which is part of the online betting giant FanDuel. Betfair Interactive donated $5m to the Amendment 2 campaign. State records show that over the past two months, contributions from FanDuel and DraftKings total over $25m.

the funds would help offset an industry that is perpetually underfunded

Proponents point toward the potentially healthy increase in revenue for public education. Projected revenue is listed at an estimated $28.9m per year, or over $105m over the next five years. Though this only represents a small portion of overall education spending, the funds would help offset an industry that is perpetually underfunded.

The St. Louis Post Dispatch reports that “in the current fiscal year, the state budgeted nearly $4 billion in general revenue for the Department of Elementary and Secondary Education,” but “[t]otal funds for the department totaled more than $8.7 billion.”

Amendment faces heavy opponents to expansion

With heavy proponents, however, come heavy opponents. In September, a political action committee (PAC), Missourians Against the Deceptive Online Gambling Amendment (MADOGA), was created to try to sway Missourians against the proposals.

Caesars Entertainment has donated over $14m to the MADOGA campaign. Caesars hopes to stop the potential competition from rising up against its three current Missouri casinos: Isle of Capri Boonville, Harrah’s Kansas City, and Horseshoe St. Louis.

In a statement, Caesars called Amendment 2 a “flawed approach to expanding sports betting” and a “bad deal for Missouri” that “masquerades as an education funding solution while making no guarantee that the state will see a single penny in revenue.”

For example, opponents point toward a provision that sets the betting tax rate at 10% but allows companies to deduct “up to 25% of promotional subsidies [from] their taxable revenue.” The goal is for higher state tax revenues, but the provision could instead lead to higher profits for the companies.

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French Casino Body Calls Imminent Tax Hike a “Death Warrant” for Gambling Firms https://www.lianxinyuan.com/news/2024/10/09/french-casino-body-calls-imminent-tax-hike-a-death-warrant-for-gambling-firms/ https://www.lianxinyuan.com/news/2024/10/09/french-casino-body-calls-imminent-tax-hike-a-death-warrant-for-gambling-firms/#respond Wed, 09 Oct 2024 13:24:59 +0000 https://www.lianxinyuan.com/news/?p=203045 The new French government plans to levy higher social security taxes on gambling firms, with online sportsbooks and horse racing hit the hardest.

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Tax hike anxiety

France’s new government under Emmanuel Macron’s successor as Prime Minister, Michel Barnier, has sent gambling firms into a tailspin after news of proposed tax hikes on the sector.

will hit online sportsbooks and horse racing sites the hardest

Les Echos revealed that the Barnier administration will, on Thursday, publish plans to levy higher taxes on gambling firms. The proposed hikes will hit online sportsbooks and horse racing sites the hardest. France’s retail lottery, online poker companies, and retail casinos are also bracing for the hit, which extends to online operators’ marketing spend.

The trade body representing France’s 200 land-based casinos, Casinos de France, said the hikes will increase the load on the “most heavily taxed sector” in Europe.???

Casinos de France said the proposed move would threaten 45,000 jobs and that the planned 10% gross gaming revenue tax on Paris gaming establishments would be “signing their death warrant.”

Rising taxes

According to Les Echos, Barnier’s tax increases are expected to bring in €1.6bn ($1.75bn) and boost the country’s family health and social care provision funds by €400m ($438m) per year.?

France’s new regime could introduce the hikes into primary legislation or via amendments at the imminent parliamentary budget debates.

Currently, gambling firms pay a “social contribution” tax sliced from a percentage of their GGR. 

Media reports state France’s online sports betting and retail slot machine operators pay a 10.6% social contribution tax, while the lottery pays 8.4%, horse racing pari-mutuel operators pay 6.9%, and brick-and-mortar sports betting firms pay 6.6%. Casino GGR of over €1,500 ($1,644) is taxed at 16.7%.

Under the proposed new social levy hikes, all online sports betting taxes will rise to 15%, retail horseracing taxes to 10%, and lotteries and casinos taxes to 9.2%. iGaming firms such as Betclic, NetBet, and Winamax already pay around 55% in GGR taxes outside of the proposed new social levy.

Paris-based gaming establishments, known as cercles de jeux, were previously exempt from social security taxes but will be required to pony up 10% of their GGR.

Body bites back

Casinos de France has come out swinging in anticipation of the tax hikes, with the trade body stating it already contributes over €1.5bn ($1.6bn) in taxes per annum to government coffers and local communities.

Casinos de France said the move would put at risk 45,000 jobs and would be signing a “death warrant” on Paris gaming firms

President of Casinos de France and CEO of Barrière Groupe, Grégory Rabuel, stated the “increase in taxation would worsen an already difficult situation for our sector, which is the most heavily taxed in Europe.”

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Kalshi Can Resume Offering Bets on Presidential Election After Winning Appeal https://www.lianxinyuan.com/news/2024/10/03/kalshi-can-resume-offering-bets-on-presidential-election-after-winning-appeal/ https://www.lianxinyuan.com/news/2024/10/03/kalshi-can-resume-offering-bets-on-presidential-election-after-winning-appeal/#respond Thu, 03 Oct 2024 09:42:04 +0000 https://www.lianxinyuan.com/news/?p=202634 Prediction market Kalshi has resumed taking bets on the outcome of the US Presidential Election after defeating an appeal from the CTFC.

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Appeal dismissed

A US federal appeals court has rejected an appeal from the Commodity Futures Trading Commission (CTFC) which placed a block on prediction market Kalshi from offering contracts on the outcome of the US presidential election.

the CTFC appealed a lower court order which gave it permission to accept wagers on the election

Kalshi was legally blocked from offering the contracts after the CTFC appealed a lower court order which gave it permission to accept wagers on the election – something that is currently illegal in the US.

However, the US Court of Appeals for the DC Circuit determined the CTFC’s arguments that the contracts were against the public interest fell short.

Election betting rising

Prediction markets are under the spotlight as the November 5 presidential election draws nearer in the US. Recently, Polymarket sought an additional $50m of funding as activity on the platform exploded with the range of election bets and derivatives offered.

Polymarket has avoided the CTFC’s ire so far by blocking US IP addresses on the platform. Kalshi, in contrast, took the opposite approach by banning all non-US accounts from election betting, to lessen claims that the markets could be used by outside actors to influence the election.

Critics of election betting say it unduly influences the result of presidential races, while CTFC Chairman Rostin Benham complained that the contracts would turn the organization into an “election cop.”

However, the court ruled differently. It said: “Ensuring the integrity of elections and avoiding improper interference and misinformation are undoubtedly paramount public interests,” adding: “The problem is that the Commission has given this court no concrete basis to conclude that event contracts would likely be a vehicle for such harms.”

Potential new evidence

Concluding, the ruling stated: “The Commission has not substantiated that risks to election integrity are likely to materialize if Kalshi is allowed to operate its exchange during the pendency of this appeal. At this point, in other words, the commission has failed to make the essential showing of irreparable harm.”

Kalshi could face further legal challenges if new evidence is brought to light

The case was dismissed without prejudice, meaning that Kalshi could face further legal challenges if new evidence is brought to light. The court mentioned in the ruling that this could include large foreign buyers of contracts, political campaigns calling on their supporters to buy contracts, or evidence that Americans were being confused about the strength of potential candidates.

Kalshi restarted offering the contracts on its website just hours after the decision was announced.

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Mobile Ad Curbs Incoming for New York Sportsbooks as Hochul Passes New Bill https://www.lianxinyuan.com/news/2024/10/02/mobile-ad-curbs-incoming-for-new-york-sportsbooks-as-hochul-passes-new-bill/ https://www.lianxinyuan.com/news/2024/10/02/mobile-ad-curbs-incoming-for-new-york-sportsbooks-as-hochul-passes-new-bill/#respond Wed, 02 Oct 2024 10:40:22 +0000 https://www.lianxinyuan.com/news/?p=202548 New York State Governor Kathy Hochul inked a new bill that requires mobile sports betting and casino ads to carry gambling warnings.

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Warnings on ads

Sportsbooks running mobile ads in New York will need to edit their digital marketing material pronto after Governor Kathy Hochul inked a new bill that requires ads to carry gambling warnings.  

potential harmful and addictive effects of gambling”

On Tuesday, the New York State Governor passed Legislation S1550/A1118. Hochul’s signature means iGaming operators will now need to include?warnings about the “potential harmful and addictive effects of gambling” on all mobile ads.??

Sportsbook and casino firms in New York were already required by a previous law to run gambling help hotline numbers on ads.

Move tackles addiction

“Protecting New Yorkers from the dangerous and addictive effects of problem gambling and sports betting is vitally important for the prosperity of our great State,” Governor Hochul said in an official release

While Madison Avenue ad agencies will no doubt enjoy the added prosperity from billing iGaming operators for amending marketing material to include the warnings, Hochul’s office believes the bill will benefit New York State citizens.?

easier access to the safety resources they need to better protect themselves”

“I’m confident that with the signing of this new bill, New Yorkers will have easier access to the safety resources they need to better protect themselves from the grips of addiction,” Hochul said. 

State Senator Leroy Comrie said that while NY State appreciates the tax revenue from gambling firms, it is essential that resident bettors “are informed about the risks of addiction and know where to seek help if needed.”

Praise for Hochul

In Tuesday’s news release, New York State Office of Addiction Services and Supports, Commissioner Dr. Chinazo, said educating citizens in the US’ most populous city of betting risks was important because:

More people than ever are able to access gambling.”

Cunningham praised Hochul for “taking further important steps to safeguard New Yorkers.”

New York State Gaming Commission Chair Brian O’Dwyer, meanwhile, stated his office was encouraged now that the “common-sense” bill has become state law.?

“By signing this bill, Governor Hochul continues to deliver smart and responsible gaming policies that help support our State,” O’Dwyer stated 

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