Industry News
UKGC: How will the ban on gambling with credit cards affect the industry?
U.K’s Gambling Commission recently made a decision to ban gambling with credit cards. The Commission has been on a mission to promote responsible gambling and it looks like this is the next step. From now on players won’t be able to bet the money they don’t have on online games. The initiative has been around for over two years, ever since charity groups GambleAware and Citizens Advice first suggested the idea. According to the commission, around 22% of problem gamblers use credit cards to play, so it makes sense to introduce this ban in order to avoid credit card debt. This could be the start of the revolutionary approach to gambling that we haven’t seen yet. The U.K is pioneering the movement aimed at putting an end to risky gambling and promoting the responsible approach instead.
What the commission hopes to accomplish
By imposing this ban the commission hopes to promote the approach that urges the players to only spend within reason. When gamblers use credit cards it can become harder to know when to stop, because you’re not losing the money you already have. The whole appeal of the credit cards is also their biggest downside. They prevent you from thinking about money in a responsible way, in the industry where money can so often become an issue, it seems irresponsible to gamble away by using a credit card.
With this move, the commission hopes to promote a more balanced approach to gambling and it might be setting an example for other countries to follow as well.
This ban hasn’t been made official yet, and U.K’s major betting websites including PokerStars, 888, Betfair and Bet365 are still accepting credit cards on their websites and have previously received criticism for along their players to get themselves into huge debts.
It hasn’t been confirmed yet, but it is likely that payment services like Paypal and various e-wallets will also be banned.
This is a huge shift in the gambling industry and the feedback has been mixed. While this move will definitely help those with the spending problem to get their bad habits in check, for those who have no problem gambling responsibly even with credit cards it might become an inconvenience. But since the topic of responsible gambling has become so relevant, it makes sense that the U.K made this decision.
We’ve seen a major shift in the way authorities approach gambling and according to industry authority VegasSlotsOnline, there are more regulations coming in the way of the casino industry, such as the record fine of 2.34 million Euro imposed on Blackrock Media by the Malta Gambling Authority.
The future of gambling
Gambling has become a huge part of the entertainment industry and online casinos have only taken its popularity further. But with online casinos, it also became harder to control some aspects of gambling. For example with online gambling it might be harder to control whether or not the player is underage, there is more room for fraudulent activities and overall online casinos have presented a whole new set of challenges for the gambling community, playing with credit cards being one of them. The proactive approach aimed at creating a more regulated gambling scene will definitely make the change for the better in the industry, but it is a fine line between trying to regulate the negative aspects of it and then trying to keep the casinos under tight control. The second one will definitely not last very long while the first option can only bring positive changes to the community.
This trend of promoting responsible gambling can be seen in other parts of the world as well, and if the U.Ks effort turns out to be successful we will likely see the wider adoption of the new regulations across other countries as well.
CogniPlay has launched its new software product, which aims to provide a robust online sweepstakes or social gaming platform to its clients. The system is designed to be modular, allowing customers to tailor their brand and offering to what they believe will give them optimal performance.
The CogniPlay system has several key integrations which help to deliver the product, including games integrations with the likes of Pragmatic Play, BetSoft, Mascot Gaming and many more, giving them 100s of games for their clients. There are other integration options for their customers to pick from too, including affiliate programme software, CRM platforms and associated products, KYC, ID verification, Geo-IP systems, Gamification and customer support.
They also have a very long and extensive development pipeline which will see the product offering develop at pace, giving clients an extensive list of options and USPs, and of course giving players a great user experience as a result.
As well as the platform itself the CogniPlay team, due to their considerable experience, also offer a whole host of managed services, with almost a menu that clients can choose from to fill any gaps in their own skillsets or experience.
CogniPlay’s Chief Executive Officer Allan Turner said: “We are very proud to take the CogniPlay product to market and are excited that people who want to start a new social or sweeps brand can get in touch with us to see what we can do for them, or in fact established brands that are unhappy with their existing provider.
“Our underlying principles are that we want to provide the most flexible platform in the space, to enable our clients to create the product they want to have, not for us to dictate the product to them. The two other main areas of focus are that we want to be the most future-proof product on the market with plans for any regulatory or legal changes that may arise in the future, and that we have all the right safeguards in place to ensure that we look after both our clients and players with our responsible gaming setup. This of course means having the right tech and processes in the key areas of KYC, Geo-IP tech, anti-money laundering, fraud, risk assessment and ID verification.”
The post CogniPlay Launches New Social Casino Platform appeared first on European Gaming Industry News.
Hard Rock International
The Mirage Hotel & Casino to Begin Transformation into Hard Rock Las Vegas on July 17, 2024
Hard Rock International (HRI) announced its plans to cease operations of The Mirage Hotel & Casino as of July 17, 2024, to begin the transformation of the property into the highly anticipated Hard Rock Hotel & Casino and Guitar Hotel Las Vegas (HRHCLV).
Hard Rock will develop a new integrated resort featuring a nearly 700 ft. guitar-shaped hotel towering prominently in the center of the famous Las Vegas Strip.
“We’d like to thank the Las Vegas community and team members for warmly welcoming Hard Rock after enjoying 34 years at The Mirage. We’d also like to thank the Unions, community leaders, local and state government organizations and the Gaming Commission for their support and fair negotiations over the past year. Also, we are grateful to MGM for assisting with our transition,” Jim Allen, Chairman of Hard Rock International, said.
“While we pause for the incredible transformation of this iconic property, I’d like to thank all team members at The Mirage for their incredible commitment and helping us provide memorable experiences for our guests. We are planning to host collaborative hiring events with other employers in the Las Vegas community over the coming months. Connecting the thousands of talented Mirage team members who provide outstanding service with new employment opportunities is a top priority,” Joe Lupo, President of The Mirage, said.
HRHCLV is expected to double the current number of jobs at The Mirage for the Las Vegas community, while the renovation of the property will generate over 2500 construction jobs. Hard Rock will pay approximately $80 million in severance packages for eligible union and non-union employees remaining with the property through cessation of operations.
International Game Technology PLC has reported financial results for the first quarter ended March 31, 2024.
“Innovative game, hardware, and systems solutions drove better-than-expected Global Lottery and Gaming & Digital performance in the first quarter. As a result, we are upgrading our full-year 2024 revenue and profit goals, which reflect broad-based momentum across key performance indicators in the balance of the year. We continue to make progress on separating Global Lottery from Gaming & Digital and preparing for the proposed transaction with Everi,” Vince Sadusky, CEO of IGT, said.
Key Highlights:
- Announced Gaming & Digital business to be spun off and combined with Everi Holdings Inc.; transaction expected to close in late 2024/early 2025
- Recognised with top honours at ICE London 2024 awards programmes including “Lottery Product of the Year” and “Best Diversity and Inclusion Employer”
- Received a supply contract extension from the UK National Lottery
- Executed licensing agreement with the Maryland Lottery for IGT’s patented Cash Pop draw-based game
- Mystery of the Lamp named “Top Performing New Premium Game” at 2024 EKG Slot Awards Show
- Awarded contract to provide PeakDual 27 video lottery terminals across Quebec
- Launched iGaming content in Rhode Island
- Achieved AAA MSCI ESG rating, the highest rating possible, and earned a gold medal sustainability rating from EcoVadis.
“We delivered a record organic profit performance in the first quarter, if we exclude Separation & divestiture costs. The Company is operating from a position of strength with historically low net debt leverage, ample liquidity, and manageable near-term debt maturities,” Max Chiara, CFO of IGT, said.
The post IGT Reports First Quarter 2024 Results appeared first on European Gaming Industry News.
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