Finance Daily News

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    Sweden’s Administrative Court has moved to reduce Casino Cosmopol’s penalty fee for breaching licence conditions related to money laundering and terrorist financing to SEK3m (£242,508/€276,959/$305,316), but national gambling regulator Lotteriinspektionen could appeal against the ruling.

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    Genius Sports Group has posted a loss of £7.6m (€8.7m/$9.5m) for 2018, despite also reporting a 23.9% year-on-year rise in revenue for the 12-month period.

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    Sports wagering revenue amounted to $4.96m in the first full month of regulated activities in Iowa, with online betting the most popular form of gambling in the state.

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    Arena Racing Corporation (ARC) and its subsidiaries said increased prize money and labour costs were responsible for a halving of EBITDA in 2018.

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    Licensed operators in Indiana processed a collective $35.2m (£28.3m/€32.0m) in sports wagers during the first full month of regulated sports wagering in the state.

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    Norway’s gambling regulator Lotteri-og stiftelsestilsynet (Lottstift) has revealed a 19% year-on-year decline in advertising spending by offshore operators over the past year, with plans in motion to stamp this out entirely.

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    Dutch gambling regulator Kansspelautoriteit (KSA) has handed fines to LeoVegas and its Royal Panda brand for offering online games of chance in the Netherlands without a gaming licence.

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    Gambling operator Betsson AB has confirmed that it has sold its stake in Global Gaming. Betsson acquired the minor shareholding in June, but offloaded the stake a matter of weeks later.

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    Petfre (Gibraltar) Limited, the online gambling operator trading as Betfred, has agreed a £322,000 (€357,588/$393,887) settlement GB Gambling Commission after it failed to carry out appropriate checks on a customer who gambled £210,000 of stolen money through its site.

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    The Irish Government has confirmed in its 2020 Budget that bookmakers in the Republic of Ireland will receive a relief of up to €50,000 from the 2% turnover tax levied on betting in the country.

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    GVC Holdings has forecast a 1% year-on-year drop in net gaming revenue for the three months to the end of September 2019, with the operator anticipating a double-digit decline in UK retail revenue following the cut in maximum B2 machine stakes.

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    West Virginia’s sports betting market experienced further growth in four weeks to  September 28, as licensed operators reported combined revenue of $3.8m (£3.1m/€3.5m) for the period.

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    The Tasmanian Government has announced that it will introduce a new Point of Consumption (PoC) tax on wagering from 1 January, 2020, but Responsible Wagering Australia has criticised the move saying it could harm the racing industry in the Australian state.

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    Online gaming solutions provider Aspire Global has finalised its acquisition of B2B supplier Pariplay. Aspire Global has purchased 100% of the shares in GMS Entertainment Ltd, the owner of Pariplay, for €13.1m in cash.

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    La Française des Jeux (FDJ) has reported a 7% year-on-year increase in revenue for the first nine months of 2019, with the French gaming operator experiencing a rise in stakes across all of its business units.

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    Rank Group, the parent company of Mecca Bingo and Grosvenor Casinos, has finalised its acquisition of online casino and bingo operator Stride Gaming. Stride Shares will cease trading on AIM at 7.00am on October 7.

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    Flutter Entertainment, the parent company of Paddy Power Betfair, has agreed a deal to acquire all of the shares in The Stars Group and merge with the operator to form a combined business with annual revenue of £3.8bn (€4.3bn/$4.7bn).

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    State-wide gambling revenue in Pennsylvania amounted to $3.29bn in the 2018-19 financial year as the introduction of legal sports betting and higher income from slots gaming boosted the state .

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    Online betting and gaming technology provider GAN has said that stronger-than-expected demand for its sports betting services in the US helped to drive gross operator revenue up 202.7% year-on-year during the third quarter.

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    The Rhode Island Lottery has reported a month-on-month increase in sports betting revenue in August after punters spent over $10m (£8.1m/€9.2m) on legal wagering during the month.

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