Bally's acquisition of Star prompts anxiety, Dutch gambling supervisor cautions operators, Governor DeWine resists online gaming legalization in Ohio
The NSW Independent Casino Commission (NICC) has expressed concerns about Bally's Corporation's proposed takeover of Star Entertainment, focusing primarily on probity and suitability issues. In a statement, NICC Chairman Philip Crawford expressed that the commission remains "far from satisfied" with Bally's leadership [1].
The commission intends to closely scrutinise Star's financial circumstances and Bally's planned changes in leadership and financial management of the business before giving its approval. These concerns echo previous worries held prior to Star's recent leadership changes, including the appointment of a new CEO and chair at The Star Sydney [1].
Additionally, the NICC is expected to delay approval of Bally's rescue plan until Australia’s anti-money laundering regulator AUSTRAC finalises the fine for Star's historical AML failures, despite the risk this delay poses given Star's fragile financial position [1].
Meanwhile, in other news, GambleAware, a UK charity focused on gambling harm prevention and treatment, has announced it will be shutting down next year with the completion of the statutory levy [2].
On a positive note, St8, a gaming company, has secured a casino aggregation license from the UK Gambling Commission, enabling them to deliver their state-of-the-art products to partners across the UK [3].
Elsewhere, the Dutch Gambling Authority has issued warnings against three operators for breaching the Wwft [4].
In sports betting, Oddin.gg has obtained a license from the Autonomous City of Buenos Aires, while Stake.com has become an Official Betting Partner of Team Vitality's Counter-Strike 2 competitive team [5][6].
In the world of lotteries, the Florida Lottery surpassed $49bn in funding to education programs across the state, and Brightstar Lottery reported revenue of $631m, up by 3% year-over-year, albeit with an adjusted EBITDA dip of 5% in Q2 [7][8].
Finally, an interesting historical fact: Fred Smith, the founder of FedEx, saved the company from going under by gambling his last $5,000 on blackjack in Las Vegas in 1973 [9].
References:
- ABC News
- Gambling Insider
- St8 Press Release
- Dutch Gambling Authority
- Oddin.gg Press Release
- Stake.com Press Release
- Florida Lottery Press Release
- Brightstar Lottery Q2 Report
- FedEx History
- The concerns surrounding Bally's Corporation's takeover of Star Entertainment extend beyond probity and suitability issues, also involving scrutiny of casino games, sports betting, and their respective regulations.
- The NSW Independent Casino Commission (NICC) is deliberating over Bally's planned changes in leadership and financial management, as well as assessing the impact on casino-and-gambling activities.
- In light of rising concerns about gambling addiction and irresponsible gambling, it's crucial that corporate leaders, like those at Bally's and Star Entertainment, embrace responsible-gambling practices.
- Meanwhile, despite historical AML failures, Star Entertainment continues to face penalties, indicating the Importance of stringent financial regulations even in the gambling industry.
