Tag: UK

Esports Technologies, Inc., a leading global provider of award-winning advanced esports wagering products and technologies, announced that it secured access to a UK gaming license through an operator services agreement  signed along with the $75.9 million acquisition of Aspire Global’s B2C assets.

Through the deal, Esports Technologies gained 1.25 million deposited customers, the majority of them from UK-focused online sportsbook and casino brands Karamba, Hopa, and Griffon Casino. Other brands acquired include BetTarget, Dansk777, and GenerationVIP. The brands recorded wagering of $1.86 billion and $183 million in cash deposits in the most recent 12-month period ending September 2021.

The UK offers one of the world’s largest gaming markets. According to the UK Gambling Commission, Great Britain’s gaming revenue from April 2019 to March 2020 was approximately $19.2 billion. Online gaming has become the largest sector, accounting for roughly 40% of that total revenue.

Bart Barden, COO, Esports Technologies, said, “Gaining access to this UK gaming license is a massive strategic milestone for Esports Technologies. We’re thrilled about this highly lucrative gaming market, and we look forward to bringing our portfolio of esports products to the UK.”

^·  Consumers spent £117m on credit cards entering prize draws and competitions, which are not currently regulated by the Government,  in a bid to win dream prizes⁽¹⁾

^·  Promise of a charitable donation makes nearly half of participants more likely to enter

· Jumbo Interactive calls on the UK Government to regulate the growing prize draw and competition market and for a clampdown on credit cards use

The UK Government is being urged to review current gambling regulations, as new research reveals consumers are racking up millions on credit cards entering popular prize draws and competitions.

The research from Jumbo Interactive found consumers spent £117m on credit cards entering prize draws and competitions in the last year, which due to a loophole, are not currently regulated in the same way as lotteries and raffles.

The study found nearly one in 10 people who entered ‘big ticket’ prize draws, offering the chance to win multi-million pound houses or luxury cars, or prize competitions, have ended up in debt as a result^.

Using credit cards to gamble was banned in April 2020, but a loophole in regulation means there are currently no restrictions on commercial prize draw or prize competition companies. For prize draws, this is because they offer “free” entry methods, where it’s possible to play by post for the cost of a postage stamp. Yet, despite this ‘free to enter’ route, an estimated £860m was spent on entries into prize draws in the last year^[iii].

Prize draws and competitions that promise a donation to charity also makes 45% of participants more likely to enter, yet over half of players (57%) admit to not checking how much actually goes to good causes.

Jumbo Interactive is now calling for greater regulation of the growing prize draw and competition market, highlighting significant consumer protection concerns over credit card debt, as well as a lack of transparency around prizes and charity donations from entry fees.

It is also urging consumers to check the T&Cs as there is little enforcement of minimum donation percentage for prize draws and competitions. This compares to regulated society lotteries, which give a minimum of 20% of gross ticket sales and often over 50% to good causes.

Nigel Atkinson, UK General Manager, Jumbo Interactive comments: “A huge amount is being spent on credit cards on prize draws, pushing people into debt – despite the free entry option being the reason they are exempt from oversight. With so much money changing hands, the government needs to look at the proper regulation of prize draws and competitions to better protect consumers.

“For many, the fact that some of the cost of entering prize draws and competitions goes to charity is a big part of why they enter. But it remains easy for companies to bury information in the terms and conditions about how much actually goes to charity. Society lotteries on the other hand have minimum donation rates and help raise funds for a wide range of important causes, large and small. Public trust is crucial for society lotteries to operate successfully, and increased regulation of the prize draw and competition market will offer that consistency and transparency.”

Tony Vick, Chair of The Lotteries Council, adds: “The Lotteries Council is increasingly concerned about the use of prize draws operated by commercial gambling companies which are marketing themselves in a similar way to charity lotteries. Lotteries face a series of legislative hurdles that restrict our ability to grow and raise funds for good causes while prize draws face no limits on how many tickets they can sell, what prizes they can offer, and choose whether and how much to give to any charity. We hope the Government looks at this to ensure a fairer playing field.”

Falling foul of scams has also been an issue for 15% of entrants, including paying money for postage on a prize that never arrives, paying a significant amount of money on phone calls or texts to enter a competition without it being clear that it would cost that much, or winning a prize that turned out to be of less value than advertised.

Notably, 72% of those who enter lotteries, draws or competitions think prize competitions and prize draws should be regulated in the same way as gambling.

UK debut will significantly increase Bragg’s addressable market reach with supply of platform and content in the world’s largest regulated online gambling market

ORYX Gaming, a Bragg Gaming Group company, has been granted a UK license, a significant milestone which will see the Company enter one of the world’s most mature iGaming markets and substantially increase its global reach to the largest online gambling market.

The supplier license, awarded by the United Kingdom Gambling Commission (UKGC), will enable Bragg’s ORYX Gaming to provide its content to a wide range of operators, including some of the biggest and most established brands in the industry.

An initial batch of ORYX’s best performing slots have initially been certified for the UK market, including games developed by ORYX’s in-house studio and exclusive titles from Gamomat, with these titles expected to begin rolling out with operator partners before the end of the year.

The total addressable market (TAM) for the online casino sector in the United Kingdom in 2021 is approximately US$ 5.5bn (£4.1bn) according to H2 Gambling Capital, making it the largest regulated iGaming market in the world.

The license represents an important step in Bragg’s growth strategy as it continues to further grow its market share in regulated jurisdictions and secure entry into new markets including large established markets such as the United Kingdom.

The company expects its global market expansion initiatives will increase its TAM six-fold in 2022 to more than US$18bn, of which the UK market will account for just under one third.

Chris Looney, Chief Commercial Officer of Bragg Gaming Group, said: “The UK online gambling market is unmatched in terms of size and maturity and the world’s leading operators all have a presence in the jurisdiction.

“Receiving a UK supplier license offers significant growth opportunities for Bragg as we bring first-class iGaming entertainment to UK players together with local operator partners. This license and our pending entry into the UK market before the end of the year will help to accelerate our international growth trajectory and offers another proof point of the success we continue to achieve with the execution of our global market expansion initiatives.”