Industry News
Europe’s gambling culture is slowly fading away
Europe is often regarded as the cultural hotspot of the world. It is home to some of the world’s most celebrated artists, enchanting cities and phenomenons. Countries like France, Spain, Italy and the United Kingdom attract more tourists than any other part of the world. Naturally, such big numbers of international visitors travel long hours for a reason. These countries offer scenarios and landmarks that can not be seen elsewhere.
Over time, the cultural heritage and traditions well-hidden in the depth of the continent made it one of the richest corners of the world. Every period of its history is still reflected on old city walls and once nearly devastated cathedrals. This surely is what attracts so many people from all across the globe. Besides, Europe is the financial center of the world. With hundreds of millions of residents, some of the biggest corporations are headquartered in major financial hubs of Europe.
All of these factors led to the development of a powerful gambling industry which is widely acknowledged as one of the best globally. Cities like Monaco and Nice on the french riviera are modern meccas for gamblers from all around the world. Venues in such cities offer luxury services, sparkling environments and big chances of winning.
Despite Europe’s love for luxury, the continent is not lagging behind in any niche of gambling. The economical development of Eastern and Central Europe saw a rising number of capitals being turned into gambling heavens. Cities like Prague, Warsaw, and Kyiv are some of the top destinations for budget gamblers. They particularly attract crowds from western Europe, where casinos are more sophisticated and gambling, as well as other means of entertainment, is related to higher costs.
All in all, the continent of Europe has developed a well-established gambling culture in almost every nation. Players can find desired venues within any price range in European countries. However, the culture is slowly disappearing amid the spread of online gambling platforms. Recommendations and overall feedback from the community, especially the ones outlined in the Playamo casino review along with others clearly suggest that modern gambling enthusiasts are turning towards online casinos.
At first glance, it is difficult to understand why online gambling is gradually overtaking physical venues across the continent. The thing is that young people, as well as those with high incomes but limited time due to work now prefer more convenient options. For many, getting to the casino is too time-consuming and inefficient. Thus, an increasing number of people choose to enjoy their beloved activity from home.
Moreover, online casinos are popping up faster than physical ones. As a result, the competition between them is higher leading to better offers for customers. Bonuses and free spins are provided for new players by many online gambling platforms. Under such circumstances, it is obvious that many people choose to get online rather than pay a visit to their local casino.
This trend is also affecting the income of casinos, particularly in Eastern Europe. Monaco, London and other grand meccas of gambling will keep having enormous numbers of visitors unlike those located in Prague or Budapest. Their revenues are highly dependant on visitors from other European nations, as well as overseas travelers. As online gambling opportunities arise in almost all corners of the world, some less known venues in Europe are left without visitors.
Furthermore, there is a new wave of legislative changes across the continent that is having a major impact on the industry. Laws are being made stricter in some central and eastern European nations amid the global liberalization of the field. One example is the Czech Republic which recently tightened its rules on gambling. Country’s capital Prague remains a major gambling industry hub but its status in the future is uncertain.
Other countries like Belgium are also making legislation against gambling more comprehensive. None of the countries are banning casinos altogether, however, the added pressure caused by new laws is making maintenance and operation of physical venues more expensive than ever before. Amid such a crisis, online platforms are yet again taking the opportunity, spreading their services into new markets in Europe and beyond.
Despite the views about gambling, it undoubtedly is an important part of European culture. Far before Las Vegas would arise across the Atlantic in Nevada, Europe was already establishing its first formal gambling venues. After its beginning in the 17th century, the industry has become associated with many cities and towns in Europe. Some of them are solely dependant on revenues generated by casinos. Thus, the disappearance of Europe’s gambling culture can only be seen as a big loss for the continent.
NuxGame, the experienced betting and casino software provider, has been recognised at this year’s EGR B2B Awards, receiving a nomination for its Aggregation Platform.
The EGR B2B Awards is one of the most esteemed events in the industry and this shortlisting solidifies NuxGame’s status as a leading casino software supplier and a one-stop shop for casino operators.
Winners are to be selected by a panel of industry experts ahead of the ceremony at The Roundhouse in London on 13th June.
NuxGame’s aggregation platform boasts over 13,600 slots titles from 135 leading providers, which has recently been bolstered thanks to partnerships with the likes of 3 Oaks Gaming, Vivo Gaming and Hacksaw Gaming.
The nomination follows a strong year for the provider, which has made strides in player retention and acquisition tools for its aggregation platform customers with features such as free spins, network tournaments, live streamer promotions and custom thumbnails.
This latest development for NuxGame serves as a testament to its philosophy of staying ahead of the tech curve and harnessing the latest technologies to provide a bespoke and customer-centric service.
Denis Kosinsky, Chief Operating Officer at NuxGame, said: “The EGR B2B Awards is one of the most important dates in the iGaming calendar, so we are honoured that our leading casino aggregation platform has been shortlisted.
“It’s fantastic to be recognised in these prestigious awards, as we are dedicated to delivering the most innovative casino game aggregation platform for our customers.”
The post NuxGame’s Aggregation Platform shortlisted in EGR B2B Awards appeared first on European Gaming Industry News.
Betsson AB has published its interim report for the first quarter of 2024.
Highlights
- Group revenue was EUR 248.2 (221.9) million, an increase of 12%. Organic increase of 25%.
- Casino revenue increased by 19%. Sportsbook revenue decreased by 3% and the sportsbook margin was 6.6% (8.0%).
- EBITDA was EUR 71.6 (54.3) million, an increase of 32%. The EBITDA margin was 28.8% (24.5%).
- Operating income (EBIT) was EUR 57.9 (43.0) million, an increase of 35%. The EBIT margin was 23.3% (19.4%).
- Net income was EUR 42.8 (36.6) million, corresponding to EUR 0.30 (0.28) per share.
- Operating cash flow was EUR 50.0 (48.8) million.
- Net debt was EUR -68.1 (-104.5) million.
- Active customers increased by 15% to 1,281,267 (1,115,641).
CEO’s Comments
“Positive start to the year for Betsson – continued high customer activity and the highest ever operating income”
For Betsson, the first quarter of 2024 was characterised by a continued positive development with high customer activity, good growth and strengthened profitability, as well as new growth-oriented initiatives. Revenue was up 12 percent year over year, and operating income (EBIT) increased as much as 35 percent to a new record level, while the operating margin strengthened to 23.3 (19.4) percent.
After the new president in Argentina took office, a devaluation of the Argentine peso of more than 50 percent was carried out in December, which had a negative effect on reported revenue for the Group in the first quarter. Organically, revenue increased by 25 percent compared to the corresponding quarter of the previous year.
The high customer activity drove strong growth in gaming turnover for both casino and sports betting, with year-over-year increases of 14 and 25 percent, respectively. Casino revenue increased by 19 percent year over year. The sportsbook margin amounted to 6.6 (8.0) percent, which was lower than the average margin for the past two years and meant that the high activity and increased turnover in sports betting was not fully reflected in revenue for the quarter. The lower sportsbook margin particularly impacted revenue in Latin America.
Betsson’s ambition is to generate stable earnings growth in the long run. The strategy to achieve this is based on geographic diversification and growth investments within existing markets, new markets, B2B and M&A. Within existing markets, it can be mentioned that the Betsson brand was introduced on the Italian market in March, at the same time as a collaboration was started with the former superstar of Italian football, Francesco Totti. Italy remains an important market with great potential for Betsson. In addition, Betsson went live in Cordoba, Argentina during the quarter, which means that the Group now offers games under local gaming licenses in three Argentine provinces. In new markets, a new online casino offering was launched in Belgium through the acquired company betFIRST, based on the category A+ license. The license enables a complete online casino offering including slots, table games and live casino. B2B continues to be an important strategic area where previous years’ investments continue to bear fruit and continued to perform strongly during the quarter. In terms of M&A, a gaming operator licensed in the Netherlands that offers casino games via the websites www.goldruncasino.nl and www.goldruncasino.com, and a game studio that develops casino games, were acquired in February. The transaction is subject to an approval from the Dutch gambling authority before the integration work can begin.
Sustainability is an important part of Betsson’s strategy and for the second year in a row Betsson sponsored the Consumer Protection Zone at the ICE gaming fair in London. This part of the fair aims to increase knowledge about responsible gambling and all proceeds from this part go to organisations that work with responsible gambling.
After the positive start to the year, we now look forward to following the final rounds of the European football leagues and cups, before it is time for the best national football teams to measure their strengths in the UEFA Euro 2024 and Copa America in June and July. There is football fever out there and within the entire organisation a number of activities are already underway to ensure that Betsson will be able to deliver a powerful player offering for new and existing customers during these major championships. See you this summer!
The post Betsson Publishes its First Quarter 2024 Interim Report appeared first on European Gaming Industry News.
This month The Navajo Nation Gaming Enterprise (Navajo Gaming) honored 186 of its total 1200 team members for reaching significant employment milestones including 15, 10, and 5 years of service for the enterprise. The event at Twin Arrows Navajo Casino Resort in Flagstaff, Ariz. showcased the impact and journey of each hard-working team member, with a special highlight for 29 employees who have served for 15 years.
Less than 10 years after Navajo Gaming was created by the Navajo Nation and charged with the mission of creating jobs, increasing revenues, and stimulating incremental economic development within the Navajo Nation, the gaming enterprise created over 7425 direct, indirect and induced jobs with an overall economic output of over a billion dollars.
“Navajo Gaming employs 1200 people, 85 percent of whom are Navajo citizens. The award-winning AAA’s coveted Four Diamond Twin Arrows Casino Resort shares Navajo Culture through architectural nuances and local artists. Each of the property dining eateries feature ‘Navajo Beef,’ and traditional cuisine of the Navajo people, and our invitation to stay, play and relax at one of our four properties or Travel Center is an open welcome to the Navajo Nation’s beautiful scenic transformation,” Matthew Shunkamolah, Interim Chief Executive Officer of Navajo Gaming, said.
Team members recognized for 15 years of services have worked their way up to a wide variety of position within the enterprise from General Manager and Executive Director of Slots, to Director of Security, Food and Beverage Supervisor and Executive Director of Government Affairs.
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