Connect with us
Prague Gaming & TECH Summit 2024

European Gaming News

NagaCorps revenue hikes considerably in 2017 as its new casino complex woos more punters

Published

on

In the preceding year NagaCorp, the largest hotel, gaming and leisure operator in Cambodia listed in the Stock Exchange of Hong Kong,  since 2006 saw its revenue hike considerably as the new phase of its casino-hotel complex based in the city of Phnom Penh wooed a significant number of VIP gamblers and Chinese tourists to its advantage.

Revenue at the company leapt 79.9% to $956.3 million last year, invigorated by a 142% revenue growth in VIP betting volumes. The Net profit soared  39% to $255.2 million.

As per the Company official’s perspective, NagaCorp is advancing as planned with the construction of a new casino hotel outside Vladivostok, Russia irrespective of the steep increase in gaming taxes there lately that could impact its investment returns.

Philip Lee, the Group’s Chief Financial Officer, said the Russian resort will start off its operation next year as per the schedule. In accordance with the statement of the company revealed in 2013, it had planned to invest at least $350 million in the project.

NagaCorp’s plans are contrary to those of Macau gaming tycoon, Lawrence Ho Yau-lung’s. Through two of his listed companies, the casino investor in December sold his entire stake worth $21.3 million in the developer of Tigre De Cristal — the only casino hotel now in operation in Vladivostok. His move came shortly after Russian parliament approved a bill that potentially doubles gaming taxes in its eastern Primorsky gaming zone.

“An office has been established in the city centre of Vladivostok, Russia,” the company said in its latest financial statement. “Certain key personnel have been appointed to monitor various aspects of the progress of the project which remains broadly on schedule for operation by 2019.”

Group management said it will “proactively” bring more Chinese tourists to its resorts and continue to explore the possibility of operating casinos in Japan.

“The opening of Naga2 in November last year significantly increases the quality and the range of VIP, mass gaming and the non-gaming offerings,” said Lee on Wednesday, referring to its second-phase casino complex in Cambodia, close to its first development called NagaWorld.

Naga2 features 903 hotel rooms and suites, some 300 gaming tables and 2,500 gambling machines. It also houses a 2,200-seat theatre.

The group’s VIP segment has seen much stronger growth than the mass market since Naga2’s opening. Revenue from VIP tables soared to $625.3 million last year from $225.7 million a year earlier while takings from public tables grew just 15.4% to $149.7 million.

NagaCorp, which contributed roughly 3% of Cambodia’s total gross domestic product in 2017, also counts on Chinese tourists for its growth. A total of 1.2 million Chinese visitors travelled to Cambodia last year, marking a 46% increase from 2016, according to the country’s tourism board. China surpassed Vietnam last year to become the largest source of tourists in Cambodia.

Chairman Timothy McNally, said: “We are optimistic those numbers of Chinese visitors would continue to increase.” To capture the Chinese outbound tourism boom, he said the group is considering expanding its current aircraft fleet to carry travellers from places without direct flights to Cambodia. “We’ll continue to be proactive and bring in more people from various mainland cities,” McNally said. It currently owns two Airbus aircraft and leases one.

He also reiterated that the group has a “keen interest” to operate casinos in Japan.

“As a gaming jurisdiction, Japan has wonderful potential,” McNally said, adding that management had visited various Japanese cities for discussions with local authorities. “Now we are just waiting for some additional information.”

At one point in Wednesday trade, the Hong Kong-listed shares of NagaCorp rose almost 10% to 7.17 Hong Kong dollars, its highest since 2014. But, it narrowed gains to closed 5.5% higher at HK$6.89 by the end of the day, while the benchmark Hang Seng index declined by 0.9% to close at 30,323.20.

Source: nikkei.com


Source: European Gaming News

European Gaming News

Could the Gambling Commission ban wagering requirements?

Published

on

 

Wagering requirements; whether you love them or hate them, with the Gambling Review well underway, there’s never been a better time to debate if they still have a place in modern gambling and whether the upcoming review will ban them once and for all. But first, let’s look at their development and why they are a contentious issue in the industry. 

What are wagering requirements?

Wagering requirements are a common term and condition attached to a bonus that prevents players from taking a promotion and withdrawing it immediately. They are applied differently by each gambling brand. Some, like PlayOJO, Paddy Power, MrQ and Betfair, have revolutionised the casino scene by offering no wagering bonuses. In contrast, others take the predatory route and list bonuses with up to 100x requirements (the average is around 30x).

The requirement is the amount a player must wager at the casino before any winnings made with a bonus are valid for withdrawal. In the case of a £100 bonus, a 30x requirement would mean a player must wager a total of 100×30=£3,000 before they could withdraw any winnings. Most players would easily decimate their winnings before fulfilling the condition and, as most bonuses expire within 7-14 days, may well be forced to play for periods, or at times, they otherwise might not.

Why do wagering requirements exist?

In the early days of online casinos, bonus hunting among players became widely popular. It led to forums where players shared information on where and how to profit from the best welcome bonuses, earning money from the available offers available and never playing at a site again.

As casinos began to notice players taking bonuses and withdrawing without using them fairly, they combatted the practice with wagering requirements and other terms, such as the ability to withdraw a bonus and any winnings made if an account was suspect of this activity.

However, with no limits or official licensing rules to regulate wagering requirements at that time, things soon got out of hand as operators set high limits that were and still are unattainable to most players. Additionally, in many cases, the terms and conditions were not clearly displayed or explained, leading to the confiscation of bonuses and winnings without players understanding how or why they’d fallen foul of the casino’s rules.

Wagering requirements under fire with UKGC

By 2014, and following a flood of player complaints, the Gambling Commission weighed in, creating the Gambling (Licensing and Advertising) Act which prescribed operators were to advertise their bonus terms and conditions clearly and explain them to players. This led to some reducing their requirements to more feasible levels. However, not all operators followed suit, hence why we’re still discussing wagering requirements today.

More recently, in February 2022, the UKGC set its sights on reforming wagering requirements again, issuing new guidance regarding fair and transparent terms and practices, which acknowledged that wagering requirements could lead to excessive play, not in line with social responsibility rules for operators. 

The new guidance rules cited that licensees used potentially unfair terms, with examples including:

  • “terms that allow licensees to confiscate customers’ un-staked deposits
  • terms regarding treatment of customers’ funds where a licensee believes there has been illegal, irregular or fraudulent play
  • promotions for online games that have terms entitling a licensee to void real money winnings if a customer inadvertently breaks staking rules
  • terms that unfairly permit licensees to reduce potential winnings on open bets.”

It also stated that the Commission was aware of:

  • “terms and conditions that are difficult to understand
  • welcome bonus offers and wagering requirements which may encourage excessive play.”

While the guidance did not contain rules for abolishing or limiting wagering requirements, they instructed licensees to review their terms and conditions to ensure they fit consumer protection laws and that; “The LCCP requires rewards and bonuses to be constructed in a way that is socially responsible. Although it is common practice to attach terms and conditions to bonus offers, the Commission does not expect conditions, such as wagering requirements, to encourage excessive play.”

Will wagering requirements be banned?

With the Gambling Review white paper currently overdue and keenly expected by all industry stakeholders, many wonder if it will cover wagering requirements or, more specifically, exclude them from casino practice. The Gambling Review aims to update the 2005 Gambling Act, fit for the modern age, and wagering requirements would undoubtedly slot into the remit of what’s being discussed, which includes greater player protections and affordability checks.

While it’s clear that some big-name operators and affiliates like No Wagering are pioneering the way in bringing zero wagering bonuses to players, many sites have not followed suit. This is despite clear evidence that players favour fairer bonuses (PlayOJO is one of 39 brands operated by the same parent company, it is the only one with zero requirements, and it’s the most successful of all, according to the company).

Realistically, we’re not sure that the new gambling regulations will ban wagering requirements completely (as we covered earlier, they do exist for a reason), but it certainly wouldn’t be beyond the imagination for there to be a maximum cap applied in the view that excessive requirements equate to excessive play.

What’s next for operators and bonuses if wagering requirements are banned?

Bonuses are one of the most important factors for players in picking between casino sites, and they make players feel lucky to score something for free straight off the bat (even if the wagering requirements mean this is not really the case). 

If wagering requirements are banned, operators unwilling to offer bonuses without wagering requirements will have to return to the drawing board and reimagine rewards, especially welcome offers. Alternatively, they could begin competing based on other USPs, such as focusing more on the casino product to pull in the punters by offering unique games, making space for indie developers, having instant withdrawals, or gamified loyalty benefits and better loyalty clubs.

Moreover, it would present a fantastic opportunity for remote operators to move away from the tired system of matched deposit bonuses towards more exciting and fresher ideas like promo wheel spins, mystery gifts on first deposits, prize draws and so on. With brands including PlayOJO, Paddy Power, MrQ and Betfair already doing this, operators do not lack a blueprint to success, just the gumption to embrace a new model.

Continue Reading

Bulgaria

Betway Bulgaria officially launches, offers live and bet-builder options

Published

on

 

Another company has officially launched its activities in the growing niche of online betting in Bulgaria. But here we are not just talking about another operator licensed by national institutions, but about a leading brand worldwide. Betway is one of the largest bookmakers in Europe and globally, and the fact that it already offers its services in Bulgaria speaks positively about the development of the gambling business in the country.

Indications of an increase in the size of the industry appeared last year, when several operators received a permit to operate under Bulgarian jurisdiction. It is unlikely that this process will end with the official launch of betway bulgaria, rather the brand entering the country can be perceived by international operators as a positive assessment of the market in Bulgaria. What can we find at Betway besides the obvious – increased competition and of course more choice for consumers?

What do we find in the sports section?

Sports betting – this is the leading sector of the company, which started operations in 2006. The brand is associated with a number of teams in Europe such as Tottenham, Atletico Madrid, Leicester, Alaves, Belenenses, Werder, etc. Of course, the top championships in Europe are present in the latest betting platform, but that’s not all. Betway offers the opportunity to make predictions at less popular UEFA championships. The fans of the Bulgarian championship have options too. All matches of the First League are present in the bookmaker’s menu, and are offered with dozens of choices for each of them.

Real-time bets and long-term combinations

Live bets are a big thrill for many players. This option is present at Betway, and this also applies to the mobile version, of course. It is not difficult to detect current events – they come first when loading the platform. And with them the bookmaker really comes up with interesting offers, some of which are rare on the Bulgarian market. The outcome of the bets become clear in literally seconds if the next goal market or one of the performance options is selected.

In addition, the company accepts predictions with a much longer horizon. It is now standard to bet on who will be the champion in England, Spain, Italy or Germany. However, there are also specific markets and selections for certain teams – will Barcelona take the trophy this season, will Liverpool reach the final in at least one of the tournaments in which it participates, etc. And if users don’t find what they’re looking for in these offers, they can always turn to the betting menu. The bet-builder is still limited to one match, from which we can choose two or more selections until the desired odds are formed. This is the most appropriate way to optimize the bet according to personal preferences and therefore it is increasingly preferred by the players.

Betway’s first steps on the Bulgarian market are impressive. And this is just the beginning, we can expect even more in the near future.

Continue Reading

European Gaming News

EveryMatrix inks RGS Matrix agreement with Wild Boars

Published

on

 

EveryMatrix announces the second RGS Matrix partnership with Wild Boars, newly launched gaming studio that aims to bring creative storytelling and a fresh feel to the gaming industry.

Launched in 2019 as EveryMatrix sixth standalone solution, RGS Matrix enables gaming development teams to distribute, manage, and report upon a proprietary game product portfolio.

This ‘out of the box’ remote gaming server was built on an open architecture and caters for outstanding player experience, consistent deployment, and quicker content integration.

Mathias Larsson, Managing Director of RGS Matrix, says: “This is our second RGS Matrix agreement and it brings me a lot of joy to know that our solution starts gaining momentum in the market. Our remote gaming server aims to help the new generation of game builders by providing all the means to create, design, distribute and manage games.

“The team of Wild Boars is experienced, skilled and highly creative. I am looking forward to seeing their games live and appreciated by players in many countries.”

Oleksandr Yermolaiev, Managing Director of Wild Boars, comments: We truly believe that choosing a right partner is crucial for success. For us, RGS Matrix and its remarkable team is just that partner. We are excited to use EveryMatrix solution, focus on what we do best and bring our innovative games to a wide range of operators, territories and players. RGS Matrix is dashing ahead and we are happy to join the ride.”

RGS Matrix powers slots and table games, and is currently certified for Malta, Latvia, Lithuania, Estonia, Sweden, Spain, Denmark, Romania, and Colombia, with many jurisdictions to come in the upcoming years.

 

Continue Reading

Trending

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.