Compliance Updates
Gaming CEOs Optimistic on Industry Outlook, Report Evolving Industry Challenges
Amidst an evolving economic landscape, gaming executives report a positive outlook on future industry business conditions while remaining satisfied with the current business environment, according to the American Gaming Association’s (AGA) Gaming Industry Outlook.
Nearly all gaming executives surveyed characterized the current business environment as good (44%) or satisfactory (50%), mirroring similar sentiment from Q3 2023. Meanwhile, executives are more optimistic about future conditions, with 32 percent of CEOs expecting business conditions to improve over the next six months, up from 20 percent in Q3 2023.
“Gaming’s record-setting growth over the last three years has set a new standard for industry success,” said AGA President and CEO Bill Miller. “However, as we enter a period of market normalization, continued investment and innovation in offering world-class, responsible entertainment experiences will be required to maintain industry momentum.”
Gaming Executive Panel
Gaming executives have become more positive in their views that overall balance sheet health will improve over the next 6 months (42% net positive), but they expect the pace of revenue growth (13% net negative) and new hiring (22% net negative) to slow. These expectations for decelerating growth have influenced expectations for increases in capital investment and gaming units in operation, with smaller net positive sentiments than before.
- In contrast to past Outlooks, gaming equipment suppliers are slightly pessimistic about the sale of gaming units for replacement use and new or expansion use (both 13% net negative). However, they remain optimistic about the pace of capital investment (38% net positive).
- Half of operator CEOs expect capital investments in hotels over the next year to be higher than normal, and compared to last fall, more also expect higher than normal levels of capital investment in meetings and conventions and table games (28%). Meanwhile, 44 percent of CEOs expect increases in food and beverage investment, down from 67 percent in Q3 2023.
These expectations are also informed by evolving macroeconomic challenges. Executives report that inflationary or interest rate concerns continue to be a major factor limiting operations (28%), but these have been overtaken by geo-political risk (34%) and uncertainty of the economic environment (34%) as the biggest limiting factors in the most recent Gaming Executive Panel.
Current Conditions Index
The Current Conditions Index of 102.8 for Q1 indicates solid annualized real economic growth in the industry of 2.8%. This includes gaming revenue, employment and employee wages and salaries. Notably, the Current Conditions Index shows gaming expanding faster than the overall U.S. economy which last week reported 1.6 percent GDP growth in Q1 2024.
Future Conditions Index
The Future Conditions Index stands at 102.2, indicating annualized industry economic activity, after controlling for underlying inflation, is expected to moderately increase over the next six months. This outlook reflects Oxford Economics’ forecast that the U.S. economy will slow during 2024 but avoid recession. Despite a projected economic slowdown, consumer survey results continue to indicate that more than one-third of adults expect to visit a casino during the next 12 months, consistent with prior quarter results.
About the Outlook
The AGA Gaming Industry Outlook is prepared biannually by Oxford Economics. It provides a timely measure of recent industry growth and future expectations. The Q1 2024 survey was conducted between March 28 – April 10, 2024. A total of 32 executives responded, including executives at the major international and domestic gaming companies, tribal gaming operators, single-unit casino operators, major gaming equipment suppliers, and major iGaming and/or sports betting operators.
Compliance Updates
IGT Maintains Responsible Gaming Leadership with World Lottery Association Recertification
International Game Technology announced that its lottery and iLottery operations have been recertified by the World Lottery Association (WLA) for WLA’s Corporate Social Responsibility Standards and Responsible Gaming Framework for Suppliers. WLA’s responsible gaming standards, a worldwide accreditation programme for gaming industry operators and suppliers, were created to minimise the impact of problem gambling. This global certification confirms IGT’s alignment with the WLA’s standards.
“WLA’s recertification of IGT’s lottery and iLottery operations validates our responsible gaming industry leadership and our ongoing commitment to providing our lottery customers worldwide with effective responsible gaming technologies. Advancing Responsibility is a key pillar in IGT’s Sustainable Play program and serves as a guiding principle for everything we do. We operate with the highest level of integrity to protect our people, products and processes, and this certification endorses those efforts,” said Wendy Montgomery, IGT SVP, Marketing, Communications and Sustainability.
To determine IGT’s WLA recertification, WLA-approved assessor Gambling Integrity Services conducted a thorough assessment into IGT’s lottery operations that culminated in an independent auditor’s report on IGT’s alignment with the eight sections of the WLA standards. These standards include research, employee programmes, product and service development, remote gaming environment, advertising and marketing communications, client awareness, stakeholder engagement and reporting.
The post IGT Maintains Responsible Gaming Leadership with World Lottery Association Recertification appeared first on European Gaming Industry News.
Compliance Updates
BETBY SECURES GLI-33 CERTIFICATION, PAVING THE WAY FOR STRATEGIC MARKET EXPANSION
BETBY, a leading sportsbook supplier, has announced that it has successfully attained the GLI-33 “Events Wagering System” certification. This achievement reinforces BETBY’s dedication to compliance and operational excellence, enabling the provider to deliver its innovative, tailored solutions to operators in markets regulated under GLI-33 standards, such as Brazil, and beyond.
Developed by Gaming Laboratories International (GLI), GLI-33 is a comprehensive framework that sets the benchmark for regulatory compliance in the sports betting industry. It is trusted by numerous jurisdictions worldwide as a foundational standard, adaptable to meet specific national and regional regulatory requirements. Widely regarded as a prerequisite for market entry in numerous regulated jurisdictions, the certification ensures that wagers are conducted in a manner that is fair, secure, auditable, and properly managed.
Achieving GLI-33 certification is a significant landmark in BETBY’s global expansion strategy. The framework’s broad acceptance across regulated jurisdictions positions BETBY at the forefront of compliance and innovation, allowing the provider to deliver localized, engaging, and secure betting experiences to operators and players worldwide.
“GLI has over 35 years of experience and is accredited as a testing and certification laboratory basically globally,” said Ilze Ramolina, Head of Legal at BETBY. “This makes GLI a trusted partner for certification, ensuring that BETBY meets the stringent requirements in newly regulated regions like Brazil, while also paving the way for future certifications in other markets. This milestone underscores our commitment to delivering compliant, high-quality solutions to operators worldwide.”
The post BETBY SECURES GLI-33 CERTIFICATION, PAVING THE WAY FOR STRATEGIC MARKET EXPANSION appeared first on European Gaming Industry News.
Compliance Updates
Betsson Group Accredited with the Latest Version of ISO 27001
Betsson Group has transitioned from the ISO 27001:2013 certification to the ISO 27001:2022 certification, following a confirmation by the British Assessment Bureau (BAB), an internationally recognised body accredited by the United Kingdom Accreditation Service (UKAS) – the sole body appointed by the UK Government to provide accreditation to certification bodies in the UK. This milestone highlights Betsson’s systematic approach to protecting sensitive information, including customer data, employee details, intellectual property, financial information and third-party data.
Betsson Group obtained the ISO 27001:2022 certification by ISO, the International Organisation for Standardisation in December 2024, replacing the ISO 27001:2013 certification, first obtained in 2019 and consistently maintained it in the successive years.
The ISO 27001 standard supports companies with guidance for establishing, implementing, maintaining and continually improving an information security management system. Meeting this standard means that a business has a solid plan to manage risks related to data security owned or handled by the company and that this system respects all the best practices and principles enshrined in the standard. The ISO 27001:2022 builds on the ISO 27001:2013 version with minor tweaks to some clauses, Annex updates and the addition of new controls. It also refreshes some terminology and definitions to stay in sync with the latest industry standards.
With cyber-crime and new threats on the rise as well as the fast pace of technology advancements , the adoption of ISO 27001 as a standard equips businesses like Betsson Group with a tried and tested security framework which help it become more risk-aware and be in a better position to proactively identify and address weaknesses, whilst striving to continually improve its secure posture.
ISO 27001 certification is also highly respected by regulators and licensing authorities, streamlining Betsson Group’s processes for acquiring new gaming licenses while reinforcing trust and credibility with stakeholders.
The post Betsson Group Accredited with the Latest Version of ISO 27001 appeared first on European Gaming Industry News.
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