Canada
PASPA – Five years on – did any initial predictions come true or not?
With the fifth anniversary of the PASPA repeal on May 14th, we caught up with Compliable’s Chief Regulatory Officer, Justin Stempeck, who examines what was predicted in May 2018 and how accurate those initial guesses have proved to be.
“National regulation on sports betting”
When PASPA was overturned, the Supreme Court explicitly placed the power to regulate gaming in the hands of the states. It would be extraordinarily unlikely for our highest court to conclude that betting is not a federal issue, then have legislators introduce another national law, yet there were calls for this strategy from numerous stakeholders in 2018.
While the different approaches of each state were less than ideal, the industry was able to adapt and continue to advance in each new jurisdiction that has legalized.
Despite the ‘patchwork quilt’ aspect of regulation there are far more commonalities than differences. Regulators have made some efforts to avoid reinventing the wheel, but it would be great to see wider momentum. As a former regulator, I understand that each state has its own unique pressures and competing interests to juggle, but ultimately, a push towards uniformity will be a success for everyone in the absence of national regulation of the sector.
“National Collegiate Athletic Association’s sports integrity concerns”
Betting on collegiate sports has always occurred but it took place offshore and in illegal markets before the repeal of PASPA. The expansion of sports betting includes official regulation, taxation and supervision of the activity, which can only be a good thing. A number of regulated entities are now actively ensuring there are no discrepancies in game performance and there is a vested interest in guaranteeing that everything is above board. With some states today allowing betting on collegiate sports, people have become more comfortable with the idea.
The NCAA continues to officially oppose sports betting, yet appointed former Massachusetts governor, Charlie Baker as its president this past March. Notably, Governor Baker was a proponent of legalized sports betting in Massachusetts and ultimately signed it into law. The combination of a sports betting friendly president and a lack of major integrity scandals since legalization may shift their official stance in the future.
“Increased risk of match-fixing”
As of yet, there have been no high-profile match-fixing scandals despite the existential threat and this is in large a testament to the leagues’ enforcement of its own integrity as well as the plethora of third-party monitoring services now available.
A match-fixing scandal would have a significant impact on the industry as a lot of bettors would likely be lost due to a lack of trust. With sports, the thrill and excitement lie in the possibility that anything can happen and underdogs can become winners, if that narrative is shown to be fiction, the reputational damage would be sizeable. The ripple effect of such an event would carry on for years as critics of sports betting could use a match-fixing scandal to argue against legalization.
“Responsible Gambling – a negative impact”
The expansion of betting and gaming is naturally going to lead to an increase in problem gaming. There is still a lot of data to collect and synthesize, particularly given that many regulated jurisdictions have only been up and running between one and three years.
Operators have started to take a focused view of responsible gaming and have dedicated internal teams, as well as funding research. Failure here is another existential threat to the industry and a big scandal could do a huge amount of damage to a nascent industry.
I see responsible gambling being a cutting-edge issue as it is so critically important so it will only become more and more relevant moving forward.
“32 states to enact sports-gambling legislation by the end of 2023”
This was a very accurate prediction as gambling is now legal in 35 states. Expansion has slowed down a bit compared with the great momentum we saw between 2018-2020, but we will see additional states roll out legislation in the short term. Some states will never legalize of course, but eventually, we will have 80-90% of the US allowing sports betting.
California, Texas and Florida are the three remaining big states that everyone is now eagerly waiting for, offering huge potential due to their respective market size.
“International betting operators prohibited free access to the US”
No rules or regulations have been implemented to specifically keep out remote operators or benefit local ones except those operating in black or grey markets. The US has been an open market for operators from Europe, but I have spoken to many companies who are finding the different rules across the regulated states extremely confusing and resource draining. The US is the equivalent of 50 countries and there is very little federal law that applies to gambling, making it difficult to operate if you are not a company with a dedicated compliance team or efficient tools to fill that need.
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Canada
Bragg Gaming Group Enteres into New Financing Agreement with Bank of Montreal

Bragg Gaming Group, a leading global B2B iGaming content and technology provider, announced it has entered into a new financing agreement with the Bank of Montreal (BMO), a leading North American financial institution, pursuant to which BMO has made available to the Company certain credit facilities in a maximum aggregate amount of up to US$6.0 million to support its ongoing working capital and general corporate requirements (the BMO Facilities).
In connection with the closing of the BMO Facilities, Bragg has successfully repaid in full the outstanding promissory note with entities controlled by Doug Fallon (the Prior Note Indebtedness). The new BMO Facilities replace the Prior Note Indebtedness, signalling a significant step in the Company’s financial strategy to partner with a major commercial bank to support its growth.
“We are very pleased to establish this new relationship with the Bank of Montreal, a recognized leader in financial services. This new credit facility strengthens our balance sheet and provides us with a flexible capital structure to execute our strategic plan. The ability to secure financing from a major North American bank underscores the confidence in our business and our long-term growth prospects. We look forward to a long and successful partnership with BMO,” said Robbie Bressler, CFO of Bragg Gaming Group.
The BMO Facilities are secured by, amongst other things, a first-ranking security interest over all of the assets of the Company and certain of its key operating subsidiaries, and are uncommitted and are repayable upon the earlier of (i) demand by BMO, (ii) the occurrence of certain insolvency events, and (iii) on the one-year anniversary of the closing date, unless a one-year extension is granted at BMO’s discretion.
The agreement includes customary legal and financial covenants, including a requirement for the Company to maintain a Total Funded Debt to EBITDA ratio not exceeding 2.50:1.00, and a Fixed Charge Coverage Ratio of not less than 1.25:1.00. These financial covenants are to be tested on a consolidated basis at the end of each fiscal quarter.
The Company currently expects to draw on the BMO Facilities in Canadian dollars, which would result in estimated borrowing costs of 6.9%–7.9% for Prime-based loans or 5.9%–6.9% for CORRA-based loans, depending on the period of the draw and the Company’s leverage ratio. Standby fees on the unused portion of the revolving facility will range from 0.75% to 1.75% per annum, depending on leverage.
Management believes that based on the terms of the BMO Facilities, the Company’s borrowing costs on an annualized basis will be less than half of its Prior Note Debt.
Matevž Mazij, CEO of Bragg Gaming Group, said: “Securing this BMO facility represents a critical milestone in our strategic plan to strengthen Bragg’s financial foundation and accelerate value creation for our shareholders. With our cybersecurity incident contained and our borrowing costs cut by more than half, we are laser-focused on executing our strategic shift toward higher-quality earnings. The Company is prioritizing margin and cash generation over lower-margin revenue, and synergies realized post-quarter end to become a leaner operation. We’ve already realized EUR 2 million in annualized synergies and are on track to achieve our 20% Adjusted EBITDA margin target for the second half of 2025.
“Our recent leadership additions in AI and innovation, combined with our expanding partnerships with operators like Fanatics and Hard Rock Digital, position us to pursue highly accretive growth opportunities methodically. The Company remains focused on growing the business in a sustainable and margin-accretive manner, with strong momentum in the proprietary content and technology pipeline positioning Bragg for long-term profitable growth.
“We understand the importance of delivering results for our shareholders, and our board and management team are fully aligned and committed to executing the strategic initiatives that will drive value. With improved financial flexibility, a strengthened operational foundation, and clear milestones ahead, we believe we have the right strategy and team in place to unlock Bragg’s full potential. We remain committed to maximizing shareholder value as we build sustainable, profitable growth and ensure our strong operational performance translates into appropriate market valuation.”
Cyber Breach Update
The Company has also provided an update on its previously announced cybersecurity incident initially detected on August 16, 2025.
Immediately following detection, Bragg took appropriate steps to mitigate any potential impact of the breach. With the assistance of independent cybersecurity experts, the Company has followed industry best practices and considers that the incident is now resolved.
There continues to be no indication that any personal information was affected and the breach has had no impact on the ability of the Company to continue its operations. Bragg has also provided assurances to its customers regarding the security of its game titles. The Company has experienced no negative impact on its revenue or profitability and does not expect that the cost of responding to the incident will have a material financial impact on the Company.
The Company has already applied knowledge gathered from the investigation of the event to enhance its cyber security defenses.
The post Bragg Gaming Group Enteres into New Financing Agreement with Bank of Montreal appeared first on European Gaming Industry News.
Betty
Thunderkick commits to growth in Ontario with Betty partnership

Independent slots studio Thunderkick has agreed a deal with Ontario-based operator Betty to supply the rapidly growing online casino with a diverse collection of globally popular titles.
Betty, an official partner of sporting franchises Toronto Maple Leafs and Toronto Raptors, has risen to prominence since its 2022 establishment, when it was built following the consultation of 300 casino players to create the optimal iGaming environment.
Distinguishing itself from North American competitors by catering specifically to slot enthusiasts rather than sports bettors, the operator has curated a portfolio of 2,800 games, hand-picked to deliver customers maximum entertainment value.
Thunderkick’s content is the latest to be integrated into Betty’s online casino, and the agreement will see a selection of its most popular titles, including The Wildos 2, Midas Golden Touch 3, and Esqueleto Explosivo 3, made available to a greater number of Ontarian players.
Thunderkick marked its debut in the Canadian province in Q2 of 2024, and has since partnered with a network of leading operators to improve its market position. The collaboration with Betty will further amplify its visibility in a key jurisdiction as the provider looks to reinforce its reputation as a global slot developer.
Svante Sahlström, CCO at Thunderkick, said: “It’s our mission at Thunderkick to go deeper, not wider, in 2025. That means forging meaningful, lasting relationships in target markets as opposed to securing as many commercial deals as possible.
“Since entering Ontario over 12 months ago, we have worked tirelessly to enhance our presence in the province, and working with leading brands such as Betty allows us to bring our unique games to a deeper pool of Canadian players.”
Paraskeva Smirnova, Casino Operations Manager at Betty, added: “Betty’s USP has always been our drive to build a slot portfolio with the very best titles from the industry’s most creative suppliers.
“Thunderkick’s passion for slot development is there for all to see, and the introduction of its games to our casino further elevates the consumer experience.”
The post Thunderkick commits to growth in Ontario with Betty partnership appeared first on Gaming and Gambling Industry in the Americas.
BCLC
Save the Date: BCLC’s New Horizons in Safer Gambling Conference Returns November 2026

BCLC is pleased to announce the return of the New Horizons in Safer Gambling Conference, taking place November 2–4, 2026, at the JW Marriott Parq Vancouver.
This global event brings leading voices in research, policy and industry together to explore innovative approaches to safer gambling. Attendees can expect two days of forward-thinking dialogue, evidence-based insights and collaborative solutions to help shape the future of player health.
Sponsorship Opportunities Now Available
New to the 2026 conference, BCLC is excited to offer sponsorship opportunities to organizations that share BCLC’s passion for safer gambling. Benefits of sponsoring New Horizons 2026 include industry visibility, leadership recognition and meaningful engagement with a global audience. To learn more about sponsorship, please e-mail [email protected].
Registration and program details will be released later this fall.
The post Save the Date: BCLC’s New Horizons in Safer Gambling Conference Returns November 2026 appeared first on Gaming and Gambling Industry in the Americas.
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