Australia
Crown Approved to Retain its Melbourne Licence
![crown-approved-to-retain-its-melbourne-licence](https://recentslotreleases.com/wp-content/uploads/2024/03/134371-crown-approved-to-retain-its-melbourne-licence.jpg)
The Victorian Gambling and Casino Control Commission (VGCCC) has ruled Australian casino giant Crown Resorts can keep its Crown Melbourne casino licence.
The full Commission decided that Crown Melbourne has addressed the failings identified by the 2021 Royal Commission into the Casino Operator and Licence.
Commission Chair Fran Thorn said that the Royal Commission detailed how Crown Melbourne had breached its legal, social and moral obligations, resulting in illegal activities, tax avoidance, money laundering, criminal associations and significant harm to vulnerable community members, ultimately finding Crown Melbourne unsuitable to hold the Melbourne Casino Licence.
“Despite the enormity of its findings, the Finkelstein Royal Commission recommended Crown be permitted to continue operating under stringent independent oversight conditions for two years, determining it had the will and capacity to transform itself to again become suitable, which would be to Victoria’s benefit,” she said.
The Victorian Government responded decisively to the Royal Commission’s findings, appointing a Special Manager to oversee Crown Melbourne’s operations and remediation. It also established the VGCCC as a new regulator focussed solely on the gambling industry and created a specific set of enhanced powers with respect to the Melbourne casino.
The Commission was given the responsibility of deciding whether it was clearly satisfied that Crown Melbourne had returned to suitability and whether the Melbourne Casino Licence remained in the public interest. In making its independent determination, the Commission carefully considered the reports of the Royal Commission and other relevant inquiries, the reports of the Special Manager. Those reports considered the steps Crown Melbourne had taken to address the matters identified by the Royal Commission and the measures to ensure they would not be repeated.
Commissioner Thorn said the Special Manager’s final report concluded that Crown Melbourne has remediated the failings exposed in the Royal Commission and established the critical foundations needed to achieve sustainable overall transformation in coming years.
“There was no evidence of maladministration or illegal or improper conduct indicative of the serious and systemic failures previously identified by the Royal Commission, and these failings had been addressed,” she said.
Commissioner Thorn said that Crown Melbourne had demonstrated to the satisfaction of both the Commission and the Special Manager that it had introduced extensive reforms to prevent or reduce gambling harm, financial crime and money laundering. It has also addressed systemic risk management failures and strengthened its integrity framework.
“During our investigations, we observed a different Crown Melbourne emerging with a clear understanding of the privilege and obligations of holding the Melbourne Casino Licence,” she said.
The Commission’s decision was also supported by Crown Melbourne’s comprehensive transformation plan, required by the Special Manager, against which it will continue to be held accountable going forward.
“That transformation plan will be at the heart of our oversight, along with Crown’s legal and social obligations, and provides the next level standard for Crown Melbourne. The Commission will require Crown Melbourne to deliver further transformation through a statutory direction that will be issued shortly,” she said.
Along with the VGCCC’s strengthened oversight regime and enforcement powers, the VGCCC has established a new, specialist Casino Division providing confidence that Crown Melbourne will be held stringently accountable in the future, including for its ongoing transformation.
Commissioner Thorn said: “In return for the privilege of an exclusive licence, Victorians have a right to expect that Crown Melbourne will never again prioritise profit ahead of the safety and wellbeing of its patrons and staff or over compliance with its legal and social obligations.
“Crown Melbourne must continue to seek to rebuild and earn public trust by demonstrating the good character, honesty and integrity that are necessary to remain a suitable casino operator. We put Crown on notice that this Commission will not hesitate to act if the privilege of holding the casino licence is again abused.”
The post Crown Approved to Retain its Melbourne Licence appeared first on European Gaming Industry News.
Australia
Regulating the Game Announces Dr Bo Bernhard as 2025 Conference Speaker
![regulating-the-game-announces-dr-bo-bernhard-as-2025-conference-speaker](https://recentslotreleases.com/wp-content/uploads/2024/09/139460-regulating-the-game-announces-dr-bo-bernhard-as-2025-conference-speaker.jpg)
Leading gambling law and regulation conference Regulating the Game has announced Dr Bo Bernhard, Vice President of Economic Development at the University of Nevada Las Vegas, as a headline speaker at its 2025 edition, to be held in Sydney from 10 to 13 March.
A well-known industry figure, Bernhard is also a fifth-generation Nevadan whose global work has taken him from the glitz of Las Vegas to South Africa, Europe, Japan, Singapore and beyond. A Harvard graduate with a double major in sociology and psychology, his groundbreaking research on the socio-economic impacts of the Las Vegas Strip set the stage for a distinguished international career.
Paul Newson, Principal at event organizer Vanguard Overwatch, said: “Having Dr Bo Bernhard share his insights at Regulating the Game 2025 will be electrifying. His unique global perspective is sure to enlighten, provoke thinking and inspire. This conference continues to set the bar high with unmatched speaker line-ups and content that tackles the sector’s most pressing issues.”
By 30, Dr Bernhard had delivered key research addresses on six continents. He later took on the role of Executive Director at the UNLV International Gaming Institute, where he expanded the organization to include four centers of excellence. In 2021, he became UNLV’s Vice President of Economic Development, spearheading projects at the Harry Reid Research and Technology Park, Black Fire Innovation hub and UNLV Incubator.
“We find ourselves at a fascinating moment in the global economy, as industries like gaming, tourism, sports, and entertainment are blending, growing, and converging like never before,” said Dr Bernhard.
“This conference convenes the leading thinkers in gaming and adjacent sectors, and never has it been more timely or more important to gather leading experts in an effort to tackle some of the most challenging issues in our fast-developing world.”
The Regulating the Game conference is a flagship event that bridges the gap between regulators, industry professionals and stakeholders. The conference is dedicated to introducing expert content, inspiring discussion and debate about policy and sector issues, and driving innovation to support efficient and effective gambling regulation.
Now in its fifth year, Regulating the Game continues to attract speakers and attendees from around the world, solidifying its status as a pivotal event for those shaping the future of the industry.
The post Regulating the Game Announces Dr Bo Bernhard as 2025 Conference Speaker appeared first on European Gaming Industry News.
Australia
ACMA: Young Australians Embrace National Online Gambling Self-Exclusion Register
![acma:-young-australians-embrace-national-online-gambling-self-exclusion-register](https://recentslotreleases.com/wp-content/uploads/2024/08/139400-acma-young-australians-embrace-national-online-gambling-self-exclusion-register.jpg)
More than 28,000 Australians have made the decision to self-exclude from all licensed online and phone wagering services since BetStop – The National Self-Exclusion Register was launched by the Australian Communications and Media Authority (ACMA) in August 2023.
The register allows people to self-exclude for a minimum of three months up to a lifetime and of the 28,000 registrants who to date have chosen to self-exclude:
• Almost half were aged 30 and under, and around 80% were aged 40 and under.
• Around 40% have decided to self-exclude for life.
• Fewer than 20% of registrants chose the minimum period of three months.
• More than 14% have already extended or reactivated their self-exclusion period.
ACMA Chair Nerida O’Loughlin said that the register’s first year of operation has shown that Australians want help in managing their gambling behaviour.
“Online gambling can cause a great deal of harm to individuals, their families and friends, so it’s encouraging that so many people have decided to take the step and register to self-exclude.
‘Younger Australians in particular are making early decisions about the role that online gambling will play in their lives.
“Many people are also choosing to nominate someone to support them. Stopping online gambling can be a difficult decision to make – having someone to support you can make the decision much easier.
“And many people are committing to long-term change, with a high percentage of people choosing to exclude for life,” Ms O’Loughlin said.
Australians can register to self-exclude from online and phone wagering at www.betstop.gov.au. All you need is access to your phone, your email address and an identity document such as a driver’s licence, Medicare card or passport. Registering is quick and easy – with most people able to register in less than 5 minutes.
The post ACMA: Young Australians Embrace National Online Gambling Self-Exclusion Register appeared first on European Gaming Industry News.
Australia
Golden Matrix Enters Into Definitive Agreement to Acquire a Controlling Interest in Australian-Based Classics for a Cause
![golden-matrix-enters-into-definitive-agreement-to-acquire-a-controlling-interest-in-australian-based-classics-for-a-cause](https://recentslotreleases.com/wp-content/uploads/2024/08/139151-golden-matrix-enters-into-definitive-agreement-to-acquire-a-controlling-interest-in-australian-based-classics-for-a-cause.jpg)
Golden Matrix Group, Inc. (Nasdaq: GMGI) (“GMGI” or the “Company”), a developer and licensor of online gaming platforms, systems and gaming content, today announced that it has entered into a definitive agreement to acquire an indirect 80% controlling interest in Classics for a Cause Pty Ltd (“CFAC”), a leading independent online discount platform in Australia.
This strategic acquisition marks GMGI’s entry into the consumer loyalty and rewards industry, complementing its existing operations in the gaming and sports betting sectors and solidifying its position as a premier tournament operator. Moreover, it provides a significant opportunity to scale CFAC’s business and expand the firm’s operations globally.
CFAC operates a well-established business-to-consumer (B2C) platform that offers paid members access to a wide range of discounts from retailers across Australia. The company rewards its members with free entries into promotional giveaways, which feature luxury, high-end American and Australian classic cars, caravans and campers as well as cash and vacation giveaways.
Business Highlights:
- CFAC generated over $10 million in revenue and more than $1.9 million in operating profit before tax* for the 12-month fiscal year ending June 30, 2024.
- CFAC has generated considerable free cash flow over the last two fiscal years.
- The company boasts a social media following exceeding 50,000 and a customer base of more than 300,000, with over 10,000 active monthly subscribers.
- Recurring monthly subscribers contribute over 30% of CFAC’s total revenue.
*Net operating income before tax calculated for the 12-month period ending June 30th 2024. Financials presented in Australian Dollars and written on a cash basis. With cash basis accounting, revenue and expenses are recorded when cash is received or paid out. Post transaction financials will be presented in terms of GAAP and presented on an accrual basis.
Under the terms of the agreement, GMGI will acquire its 80% stake in the entity which owns CFAC at a purchase price representing a multiple of roughly 5x profits before tax, declared for fiscal year ending June 30th 2024, totalling approximately $8.4 million inclusive of the earnout component. Of this amount, 70% will be paid in cash, with the remaining 30% settled through the issuance of restricted shares of GMGI common stock. The agreement includes provisions for a holdback amount and an earnout, contingent upon CFAC meeting certain post-closing profit targets. Additionally, GMGI will inherit a call option to acquire the remaining 20% minority interest.
The acquisition is subject to customary closing conditions, expected to be fulfilled within the next several days, with an effective date of August 1, 2024.
Commenting on the acquisition, Brian Goodman, CEO of Golden Matrix, said, “We are thrilled to proceed with this acquisition as it aligns perfectly with our strategy of acquiring profitable and accretive businesses. Our previous acquisition of RKings Competitions has been a phenomenal success, significantly contributing to our revenues and profits, and we anticipate similar results with CFAC. CFAC will provide a strong foundation to build on, as was the case with RKings, and we expect this acquisition will not only enhance our revenue and cash flow but will also add to our bottom-line profitability. We are confident in our ability to scale CFAC, implement cost efficiencies, upgrade its technology and further strengthen its free cash flow.”
Thomas Bailey, founder of CFAC, added, “We are incredibly excited to join forces with GMGI and contribute to their ongoing success. This partnership offers a significant opportunity to expand CFAC into new markets and elevate the company to new heights.”
Thomas Bailey will continue in an executive role with CFAC, where he will oversee the company’s growth and lead the roadmap for its planned expansion into the U.S. Tom co-founded CFAC in 2019 to support Australian veteran charity programs. Over the past decade, he has played a pivotal role in successfully establishing over 14 start-ups and has a strong background in marketing and implementing growth strategies.
According to Research and Markets, the consumer loyalty and rewards market will continue to grow and is forecasted to record a CAGR of 9.5% from 2024-2028, as well as an increase from $3.64 billion in 2023 to $5.79 billion by 2028.
For full details of the purchase agreement and related terms, please refer to the Current Report on Form 8-K filed today with the Securities and Exchange Commission.
-
Africa5 days ago
South African Casino Hits R4 Million Jackpot on Mega Fire Blaze 3 Slots
-
Australia5 days ago
Regulating the Game Announces Dr Bo Bernhard as 2025 Conference Speaker
-
Africa6 days ago
Amusnet Announces Strategic Partnership with BetFounders
-
CGS Recife5 days ago
Salsa Technology wins Best Game Aggregator award at CGS Recife
-
Balkans6 days ago
EGT is ready for another memorable Entertainment Arena Expo show
-
Latest News6 days ago
Finnplay and Mindway AI Partner to Elevate Safer Gambling Practices
-
Brazil4 days ago
Salsa Technology Announces Thiago Valadão as Country Manager for Brazil
-
Evoplay4 days ago
Winpot.mx adds Evoplay to well-stocked game lobby