UK bookies are about to get hit by FOBTs restrictions and the requirement to fund a problem gambling awareness campaign.
Problem gambling is one of any government’s major concerns when discussing the industry and its regulation. That’s why the British government is set to impose restrictions on fixed-odds betting terminals (FOBTs) and will demand bookies to fund a problem gambling awareness campaign.
Despite knowing they’re about to get hit, it is still unclear how big the impact will be for bookmakers as the Department for Culture, Media and Sport (DCMS) is preparing three options for the maximum stake limit to be set on FOBTs (which is currently £100 every 20 seconds): one is a cut to £2 (promoted by the Labour party); one that foresees a £50 limit (which bookies are expected to approve); and one between £10 and £30.
Worst case scenario (dropping the limit to £2) would cost 20K jobs and would cut down the Treasury’s income from machine gaming duty, the Association of British Bookmakers say. However, the industry reportedly accepts the need to reduce the limit and won’t be challenging the decision at court.
Once the DCMS publishes the review, a 12-week consultation will follow in order to determine what DCMS’ final determination will actually be.
Slotegrator shares its views on the current iGaming trends
Despite all the obstacles and challenges caused by the pandemic, software developer for online casinos and betting platforms Slotegrator is going full steam keeping up with the times and audiences’ tastes. In an interview , Slotegrator gives its exploration of the online gambling evolution and also shares its vision on the nearest iGaming future. Considering that the online sector is seen as a fast-changing sphere, it’s always critical for developers and operators to be aware of the latest news, events, and opinions, getting more insights into the gambling landscape.
In the interview, Slotegrator’s Vendor Manager Maria Areshchenko pays her attention to the effects of the crisis times on the iGaming industry, especially on sealing partnerships — the crucial aspect of expanding a game content portfolio. Also, she shares her industry observations on the newest trends that cannot be ignored on any account.
Among other topical questions, there’s quite a vital issue on regulations, and their importance as more and more new territories take their place on the map of regulated markets. Yet, what is the best strategy for operators — having a stable legitimate footing or operating under cover of darkness?
Another intriguing theme of the conversation is concerned with the gambling markets that most operators and aggregators should consider as their primary targets. While such a region as Europe is widely recognized as the developed one, there are many more whose potentials have not been fulfilled to the fullest. One of them drawing much attention to itself is the Indian market requiring rigorous research and investigation of its pros and cons before entering.
Read the full interview at Slotegrator Academy and accelerate your business, wasting no time.
Since the company’s foundation in 2012, Slotegrator has been one of the iGaming industry’s leading software solution providers and aggregators for online casinos and sportsbooks. Headquartered in Europe with a strong presence in the CIS market, Slotegrator is consistently expanding its product offering, which includes online casino platform and white label solutions, a vast portfolio of casino games from the world’s best slot game developers, live dealer games and virtual sports, payment processors for online gambling projects, licensing services, and much more. The mission of the company is to facilitate the growth of the iGaming industry ecosystem by acting as an intermediary to bring together various pillars of the industry.
Virtual Football – More Than a Pandemic Fad for UK Bookies?
The global pandemic crisis may have led to a decline in wagering on real life sports matches, but eSports and virtual sports, like virtual football betting, have picked up the slack. That’s because UK bookies have been required to find alternative means to draw players to their sites and these markets seem to be the ticket.
That being said, virtual has already increased in volume for many brands even before COVID-19. For instance, Bet365, Coral and Betway are among several UK bookies that have put in a solid effort to enhance their virtual sports offering. This includes introducing promotions that target the simulated sports market, including sign up offers for new players.
Even London-listed gaming operator 888 Holdings is introducing new virtual sports games on 888Sport. It recently announced in June that it would be extending its partnership with Leap Gaming. The 3D virtual sports portfolio will include virtual football, tennis, horse racing, trotting, greyhounds, velodrome and speedway titles.
With so many leading football bookies in the UK looking to capitalize on the popularity of these simulated betting markets, especially when there is still no knowing when professional sports leagues, competitions and events will return to normal, there is a very good chance that virtual football and others will continue to thrive.
Why Are Virtual Sports and eSports So Popular?
Aside from the obvious lack of mainstream sports markets to bet on due to the coronavirus, it’s important to note that virtual sports and eSports betting previously gained popularity in the last decade among Millennials. This generation of sports bettors grew up playing (and often continue to play) virtual sports, eSports and fantasy sports.
In many ways virtual sports and eSports have changed the way we watch sports. Take eSports for example, instead of watching players compete on a field or race track, the players on these teams compete sitting behind PC screens as they play first-person shooter games like Counter-Strike, battle royale games like Fornite, or high speed strategy games like StarCraft.
Pre-pandemic, these events were held in massive stadiums filled with tens of thousands of fans cheering on the players as they attempted to win the huge cash prize pot. For now, during the COVID crisis, these events simply take place via a live stream on the internet as they once did, long before their popularity evolved them into multi-million-dollar-event stadium fillers.
As for virtual sports, as the name implies, these are digital games based on real sports, like football, tennis, greyhounds, horse racing, motor sports and so on. They are a selection of scheduled fixed odds games that use a random number generator (RNG) to decide the outcome. Punters watch the simulated game playout via video stream.
Punters like virtual sports for a number of reasons. Among the top reasons are that bettors are very familiar with the product and do not need to wait for a live match to watch their favorite sport. They simply login and access the virtual sports schedule to enjoy all the action. Even for those who aren’t familiar with this type of betting activity, it’s easy to take part. You don’t necessarily need to be knowledgeable about the sport to play. Additionally, typically bettors need to wait only between 90 seconds and three minutes to know the result of their bet.
Not Just a Pandemic Fad
Even though virtual football and other virtual sports may be new to some bettors, it has been steadily gaining ground over the past few years, long before the pandemic. For instance, players bet $600 million in the first 12 months after virtual sports betting was introduced in Greece in 2017. Likewise, in Italy, the share of virtual betting increased two times from 1.9% in 2017 to 3.8% in 2019.
Last year, Marin Wachter, the CEO and founder of virtual sports supplier Golden Race, revealed that virtual football was responsible for 79% of the company’s GGR (Gross Gaming Revenue) for 2019. Wachter believes that virtual sports has incredible potential to surpass sports betting revenue in the future, and he’s not the only one. According to E.B. Tucker, a senior analyst for Strategic Investor and Strategic Trader, based on US gambling trends in recent years, he believes that virtual sports betting will be the next $100 billion betting market in the nation.
Of course, for bookies to find success with virtual sports, they need to make sure that they are offering a quality product to customers, including cutting edge graphics, animations, streaming, a wide variety of sports and state-of-the-art RNG to ensure the fairness of the final outcome of the game.
Since this isn’t a problem for most of the major UK sportsbooks, virtual sports has proven and continues to prove itself to be a profitable business because of its low operating costs and consistent margins.
The reality is that the longer it takes for mainstream sports to return, the greater the odds that punters who are new to virtual sports will become more familiar with them and likely fonder of them as well. This being the case, the market’s growing fan base only serves to increase its profitability, which means its very likely that virtual sports will be more than a pandemic fad, with more bookies keen to invest in them for the long term.
Pinnacle Returns to Sweden Following 2-Year Absence
The online gambling operator known as Pinnacle has made a triumphant return to the Swedish market with the relaunch of its sports betting website there. Having obtained a new gambling licence from Sweden’s Spelinspektionen regulatory body, this marks the first time that Pinnacle has been active in the country for two years.
As it happens, it took the brand those two years to apply for and secure a licence from Spelinspektionen, which only began dutifully operating as such in January of 2019. The licence was awarded to Pinnacle in December of last year, but the brand opted to hold off on relaunching its sportsbook until a later date. And it seems as though that date has finally arrived.
It was only earlier on this week that the Swedish government gave its permission for the country’s top-tier football club competition, Allsvenskan to recommence. With the reintroduction of that particular competition, Pinnacle chose now as the perfect time to re-open its doors in Sweden, too. This gives it quite the edge over some of its competition, with a sort of new sportsbook for gamblers to sign up to and proceed with their sports bets on teams competing in the Allsvenskan.
Pinnacle Sits Amongst Some of the Best in Sweden
Speaking of the relaunch of the Pinnacle bookmaker site, CEO of the brand Paris Smith said that it marks a proud moment for them, as Sweden is one of the key markets. He spoke of many loyal customers using the Pinnacle sportsbook over the years, and pointed out that the company did leave the market two years ago on good terms to be able to return now “as a fully licensed, regulated operator”.
Various sportsbooks are active within the Swedish market at current, and Pinnacle can now consider itself amongst the best licensed bookmakers operating there. In fact, the best bookies in Sweden are the ones that own licences from Spelinspektionen. While a few sites have operated without a licence, the regulatory body has been swift to close them down. Browsing through a collection of the best will allow you to locate one that caters specifically to your needs and requirements.
Smith went on to state that now Pinnacle is in possession of a licence from Spelinspektionen, it fully embraces the Swedish regulations, with a goal of doing things the right way. “Having done so”, he continued, “we now see this as an opportunity to contribute to a serious gaming environment in Sweden long-term and be a key part in the development of the market”.
The relaunched version of Pinnacle in Sweden isn’t so different from its previous incarnation. A wide range of betting options can be found at the platform, with traditional sports and some additional unique possibilities also being present on the site. It has also incorporated eSports into its range of options, meaning that gamblers within Sweden will be able to engage in quite the selection of sports betting opportunities.
Week 33/2020 slot games releases
Greece Prohibits Advertisement on Online Slots
Globe Renews Partnership Deal with Mineski
Dutch Govt. Grants Power to Local Authorities to close Leisure Venues
MELBET Starts Operations in Kenya
UNISON announce partnership with YGAM
CT Gaming Interactive`s games go live with Parimatch
Marc Etches to step down as CEO of GambleAware
Bulgarian Revenue Agency Assumes Power to Regulate Gambling
ZenSports Partners with Paysafe’s Income Access for Upcoming Affiliate Programme
Follow us on Twitter
Latest News1 month ago
Cambodian Cabinet Passes Casino Regulation
Latest News2 months ago
MGTO Director Says Operators Should Prepare for a Quiet Summer Holiday
Latest News4 weeks ago
EGBA Criticises Germany’s Proposed iGaming Regulations
Latest News2 months ago
Playtech and Stoiximan/Betano launch industry-first Live Cashback Blackjack
Latest News2 months ago
Bookies Rejoice with Planned Return of the PL
Latest News3 weeks ago
STS Gaming Enters into Partnership with SafeCharge
Latest News2 months ago
APE Introduces Full-range Electronic Gaming Equipment to New Integrated Resort HOIANA in Vietnam
Latest News2 months ago
Interwetten Extends Partnership with VfL Wolfsburg