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New Products Help Mitigate Fall of Gambling Revenue in Poland

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poland New Products Help Mitigate Fall of Gambling Revenue in Poland
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The new figures published by Poland’s finance ministry have revealed that while the gambling revenue decline for the year to date, newly regulated products helped mitigate the falls in online betting and land-based gaming.

The gross gaming yield projections provided by H2 Gambling Capital revealed that the total for the year to June 11 is expected to fall 9.5% from 2019’s figures. This is significantly lower than the 19.6% decline projected across all EU markets.

Poland’s lower projected decline was due to the development of newly regulated verticals such as online casinos and land-based arcades. Online casino revenue grew 96.7% for the year to June 11, aided by growth from Totalizator Sportowy’s Total Casino site.

Total Casino is Poland’s only legal online casino site which was launched in December 2018. The casino saw new player sign-ups grow significantly this year, according to the Ministry. This in turn took revenue from offshore sites, which saw casino revenue fall 25.0% for the period.

Total online revenue was up 0.3%, with a 14.2% decline in sports betting – during a period in which sporting events were suspended during the Covid-19 crisis – offset by growth in online casino and online lotteries (up 26.2%).

For the land-based sector, revenue across all verticals was down 13.1%, largely down to a 27.3% drop in casino yield and a 25.4% decline for betting. Number games such as lotteries saw gross gaming yield fall 8.6%. However, gaming arcades saw their contribution rise 41.4% over the period.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: New Products Help Mitigate Fall of Gambling Revenue in Poland

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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Michigan’s Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com

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5-9 Michigan’s Sports Betting and Online Gambling To Bring $650M In First-Year Revenue, According to MichiganSharp.com
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Sports betting and online casinos could produce as much as $93 million in first-year tax revenue in Michigan, according to projections from MichiganSharp.com.

The first of Michigan‘s online sports betting and casino platforms might launch by the end of 2020. This sets the stage for Michigan to become one of the top online gambling states in the U.S.

Competitive State Tax Rates Make for an Online Betting Hub

Gross revenue from sports betting, both online and retail, will be taxed at 8.4% from the state. Detroit‘s three commercial casinos pay an additional 1.25% city tax.

Michigan hosts 26 land-based casinos, all of which can be expected to offer sports betting and online gaming to the state’s 10-million population at some point.

“All of the pieces are in place for Michigan to become a major hub for sports betting and online gambling,” said Geoff Fisk, analyst for MichiganSharp.com. “Virtually all of the state’s casinos should want a piece of the new market, especially with the attractive tax rates.”

By comparison, New Jersey taxes land-based sports betting at 9.75% and online sportsbooks at 13%. Indiana‘s online sports betting tax is levied at 9.5%, while Pennsylvania taxes sports betting at 36%.

State lawmakers passed House Bill 4916 in December 2019, which legalized both retail and online sports betting. The bill also brings online casinos and online poker to the state, setting the stage for Michigan to become one of the biggest legal online gambling markets in the US.

All 26 of Michigan‘s retail casinos can apply for sports betting and internet gaming licenses through the Michigan Gaming Control Board. In a situation unique to Michigan, the state’s three commercial casinos, as well as the 23 tribal casinos, are eligible to offer internet gaming.

Online sports betting has proven massively successful in Pennsylvania and New Jersey. In both states, online wagering accounts for more than 80 percent of total sports betting revenue.

First-Year Revenue Projections of $650M, According to MichiganSharp.com

MichiganSharp.com projects that the state could bring in as much as $400 million in total first-year sports betting revenue, producing $33.6 million in tax revenue for the state.

“Mobile wagering should be the major revenue driver for Michigan‘s sports betting market,” Fisk said. “The convenience and ease of access of online sports betting opens up a whole new world of opportunities for both bettors and sportsbook operators.”

Online casino and poker revenue will be taxed at 20-28% from the state, using a tier system dependent on earnings. MichiganSharp.com projects that online casinos and poker could earn as much as $250 million in first-year operations, bringing in a possible $60 million in tax revenue.

MichiganSharp.com projects that total revenue from sports betting, online casinos, and online poker, could earn $650 million in year one of operations, resulting in $93.6 million in tax revenue for the state.

For more analysis and news on the latest developments in Michigan‘s legal gambling industry, visit MichiganSharp.com.

 

SOURCE MichiganSharp.com


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Michigan’s Sports Betting and Online Gambling To Bring 0M In First-Year Revenue, According to MichiganSharp.com

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BGC Criticises SMF’s Monthly Deposit Limit Proposal

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9-1-1 BGC Criticises SMF’s Monthly Deposit Limit Proposal
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The Betting and Gaming Council (BGC) has criticised the Social Market Foundation’s (SMF) proposal that players in the UK should be subjected to a monthly deposit cap of £100.

A new report released by the SMF revealed numerous suggestions to improve the integrity of gambling in the country. The replacement of the UK Gambling Commission (UKGC) was recommended in addition to the deposit limits, as were other practices.

When the 2005 Gambling Act is reviewed by the government – as has been promised – the BGC believes that all changes should be reasoned from evidence. However, it argued that the deposit caps did not fit this criterion.

Warning that implementing measures without concrete evidence could be detrimental to the UK’s gambling industry, the BGC said the following.

“Some 30 million people enjoy an occasional bet, whether that’s on the Lottery, bingo or sports and gaming, and the overwhelming majority of them do so perfectly safely. We already carry out robust and improved affordability checks, and regularly intervene on customers to ensure they gamble within their means.

“We disagree with the suggestion of an arbitrary and random low cap on spending and can think of no other area of the economy where the government determines how much an individual can spend.”

The BGC also continued with the below.

“We must avoid measures that see safe regulated betting being driven to unregulated, offshore, illegal black market operators online who don’t have the same checks, interventions and high standards that apply to regulated BGC members.

“Measures must be proportionate, evidence-led and fully thought through so as not to jeopardise the 100,000 jobs the industry supports or the over £3 billion in tax revenues it generates for the Exchequer.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: BGC Criticises SMF’s Monthly Deposit Limit Proposal

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Singapore Games Association Launches

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8-3 Singapore Games Association Launches
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A new association has been launched in Singapore to bring local Esports and gaming to world stage.

The Singapore Games Association (SGGA), formerly Singapore Games Guild (SGG), officially launched with the mission of creating a sustainable local gaming and esports ecosystem as well as attract more esports events to the region.

SGGA is operating with support from Enterprise Singapore, Infocomm Media Development Authority and the Singapore Tourism Board. SGGA will serve as the sovereign city-state’s primary trade association for gaming and esports.

SGGA’s initiatives will begin by hosting an Industry Day on August 7-8 for local game professionals, as well as those hoping to enter the industry. In the third quarter of 2020, SGGA will launch its paid membership programme, which is open to all companies registered in Singapore, as well as Singapore-based individuals including freelancers.

The SGGA also announced the Singapore Esports initiative to establish industry-wide standards for hosting esports events and to celebrate the achievements of the Singaporean esports community.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Singapore Games Association Launches

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