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MGM’s BetMGM Platform Poised to Define 2025 Growth Strategy
MGM Resorts International’s 2025 growth prospects may hinge on its digital pivot, with a significant focus on BetMGM, the company’s joint venture in online gambling. A Deutsche Bank report by analyst Carlo Santarelli outlines MGM’s strategic shift toward digital operations as the gaming giant navigates challenges in its traditional casino business.

Digital Expansion: MGM’s Key to Future Growth

MGM’s move to embrace digital platforms is a calculated response to stagnating growth in its brick-and-mortar casino operations. With rising costs and intensifying competition, particularly in the Las Vegas market, the company is exploring new revenue streams. BetMGM, a joint venture with Entain, offers a suite of online casino games and sports betting options, representing a cornerstone of MGM’s digital growth ambitions.

Santarelli’s report underscores MGM’s commitment to making BetMGM a transparent and investor-friendly operation by 2025. Enhanced reporting metrics and possible consolidation moves, such as acquiring a greater stake in BetMGM, could strengthen MGM’s control over the platform and improve investor confidence. This strategy mirrors MGM’s 2011 decision to increase its ownership stake in MGM China, which received positive market feedback.

Revenue Boosts from Incremental Fee Adjustments

Traditional casino operations aren’t being left behind entirely. MGM recently implemented resort fee hikes across its Las Vegas properties, increasing fees by $3 to $8 per night. According to Deutsche Bank, this adjustment could generate an additional $70 million in incremental net revenue for 2025.

Beyond resort fees, MGM is considering tiered seating arrangements in its restaurants to enhance profitability. While these measures might not drastically impact revenue figures, they present opportunities to improve margins—a crucial factor as the company faces rising operating costs.

Summary of Key Measures:

Resort Fee Adjustments: Estimated $70 million in incremental revenue.

Tiered Seating Strategies: Potential for high-margin profitability enhancements.

Focus on BetMGM: Emphasis on digital growth and transparency.

Challenges in Brick-and-Mortar Operations

Despite these forward-looking strategies, MGM faces significant challenges in maintaining its traditional gaming operations. Santarelli highlighted that MGM’s Las Vegas properties require a 3% annual net revenue growth to sustain flat EBITDAR margins. This sets a high bar for the company amid cost pressures and a competitive landscape.

Meanwhile, MGM China, a significant contributor to the company’s overall performance, experienced a slowdown in revenue growth during the latter half of 2024. Deutsche Bank predicts further margin compression in 2025, driven by higher operating costs tied to new amenities and infrastructure investments.

BetMGM: The Centrepiece of MGM’s Digital Vision

BetMGM stands out as a pivotal part of MGM’s future. The joint venture has already gained traction in the competitive online gambling sector, where companies are vying for market share through innovative offerings and user-friendly platforms. Santarelli suggests that MGM could look to strengthen its position within BetMGM by increasing its stake or buying out a portion of Entain’s share.

This approach would provide MGM greater control over BetMGM’s operations, ensuring alignment with its broader corporate strategy. Santarelli likened this potential move to MGM’s 2011 acquisition strategy in MGM China, which successfully bolstered the company’s growth and investor trust.

Margin Focus and Investor Sentiment

As 2025 approaches, Deutsche Bank expects investors to focus on MGM’s margin performance, particularly after its fourth-quarter earnings results. Santarelli anticipates that property-level margins will remain under scrutiny as operating costs rise across the board.

While the digital pivot represents a promising avenue for growth, the balance between traditional and online operations will remain crucial. Santarelli’s note indicates that investors are likely to weigh the risks and rewards of MGM’s dual focus, with a strong emphasis on the execution of its BetMGM strategy.
January 4, 2025
Colombia’s Casinos and Bingos Funnel Over $79 Million to Health System in 2024

The gaming industry in Colombia has made a significant financial contribution to the country’s health system in 2024. Coljuegos, the national regulator for games of chance, reported that casinos, bingos, and slot machines transferred an impressive COP 348,736 million (approximately $79.18 million) to support healthcare services.

Localized Gaming: A Pillar of the Industry

Localized games—encompassing casinos, bingos, and slot machines—play a central role in Colombia’s gaming sector. With 3,546 authorized gaming establishments, the segment boasts 111,184 slot machines and 17,345 bingo chairs. Coljuegos has highlighted that these localized games account for 36% of the gaming industry’s total revenue in 2024.

Interestingly, the number of gaming establishments in major cities such as Bogotá, Medellín, Cali, Barranquilla, and Bucaramanga reflects the economic and demographic prominence of these areas. High population densities and well-developed formal markets have contributed to their dominance in the sector.

Growth Amidst Challenges

Between January and November 2024, localized games saw a 1.5% revenue increase compared to the same period last year. This growth stems from several factors, including a rise in authorized slot machines, bingo tables, and casinos.

The President of Coljuegos, Marco Emilio Hincapié, underscored the sector’s importance:

“The growth of localized games shows the importance of this sector for the economy and the health of Colombians,” he said.

The regulator also attributed the financial uptick to institutional modernization. Initiatives like the pre-registration system have cut response times for gaming procedures by 38%, enabling the authorization of more gaming elements and boosting revenues.

Economic and Social Impact

The contributions of localized games extend beyond monetary transfers to the health system. According to Coljuegos, the sector supports thousands of formal jobs across Colombia, offering stable employment in an industry that is vital to the nation’s economy.

Additionally, control operations by Coljuegos have strengthened the integrity of the gaming market. In 2024 alone, the regulator confiscated and destroyed 12,697 illegal gaming elements, reinforcing the importance of a transparent and regulated gaming environment.

A Trillion-Dollar Sector

In total, Colombia’s gaming sector transferred more than COP 1 trillion to the health system in 2024, marking a substantial commitment to public welfare. These contributions are not just financial—they reflect the sector’s broader role in economic and social development.

Coljuegos remains steadfast in its commitment to regulation and innovation. In a statement, the regulator emphasized its goal of fostering a safe and responsible gaming environment, noting, “We will continue working hand in hand with operators and local authorities to ensure transparency and trustworthiness in the sector.

January 4, 2025
Las Vegas Locals Gaming Market to See Modest Growth in 2025, Deutsche Bank Predicts
The Las Vegas locals gaming market is on track for modest growth in 2025, buoyed by new developments and tempered by economic challenges, according to Deutsche Bank’s year-end analysis. The report paints a mixed picture, with growth opportunities tempered by operational headwinds, including rising costs and softer same-store revenue trends.

Durango Casino: A Double-Edged Sword

Durango Casino & Resort, which opened in late 2023, has been a standout performer, becoming a key driver of market activity. Deutsche Bank projects the property to generate $160 million in EBITDAR in 2024, alongside an estimated $260 million in gross gaming revenue. However, the casino’s success has created ripples in the market.

Same-store gaming revenue has declined by 3% year-to-date through October.

Market-wide EBITDAR for 2024 is expected to drop by high single digits compared to 2023.

The cannibalization effect, where new properties pull revenue from existing ones, is contributing to this slowdown. Analyst Carlo Santarelli emphasized that while Durango has outperformed expectations, its broader impact is a cautionary tale for market dynamics.

Post-Pandemic Growth and Workforce Trends

Since 2019, the locals market has experienced robust recovery, with gaming revenue growing at an impressive 5.1% compound annual growth rate (CAGR). This outpaces workforce growth, which has been sluggish at just 0.9% CAGR.

Interestingly, gaming revenue per worker rose by 4.2% over the last 12 months. Santarelli attributes much of this to Durango’s success but warns of potential challenges in 2025 due to slowing workforce growth and tougher year-over-year comparisons.

Operators’ Strategic Moves for Growth

Major operators in the locals market, including Boyd Gaming and Red Rock Resorts, are focusing on capital investments to sustain and grow revenue streams.

Boyd Gaming

Renovations at The Orleans and Suncoast are aimed at boosting non-gaming revenue.

Suncoast’s overhaul includes a new food hall and expanded meeting spaces.

Red Rock Resorts

Undertaking a $53 million renovation at Sunset Station, causing a $5.4 million EBITDA impact.

A $150 million room remodel at Green Valley Ranch is expected to disrupt $11.5 million in EBITDA but yield benefits in 2026.

Golden Entertainment

Golden Entertainment, meanwhile, is struggling to keep pace. The operator’s stock performance lagged in 2024, and its market share has declined compared to peers.

Managing Costs in a Challenging Environment

Operators are taking a cautious approach to expense growth after the sharp increases seen in 2022. Labor, insurance, and energy costs remain persistent challenges. Santarelli praised the operators’ ability to control costs while adapting to a softer revenue environment.

“Margins are likely to hold steady with modest revenue growth in 2025,” he said, adding that profitability will depend heavily on revenue performance.

Mixed Non-Gaming Revenue Outlook

The non-gaming revenue picture for 2025 is a mixed bag:

Boyd Gaming’s renovations could boost revenue in the near term.

Red Rock Resorts’ disruptions from renovations might weigh on performance, with benefits likely materializing in 2026.

These investments highlight a longer-term vision but present short-term hurdles.

The Path Ahead

Deutsche Bank described the locals market as “frothy,” reflecting a level of growth that surpasses historical norms. However, the report stresses the importance of sustainable growth. Santarelli concluded that a healthy gaming revenue cadence in 2025 would be crucial for operators like Boyd and Red Rock to outperform.
January 4, 2025
DraftKings and Fanatics End Legal Battle Over Former Executive Michael Hermalyn
DraftKings and Fanatics Sportsbook have reached a confidential settlement, concluding a contentious legal battle over Michael Hermalyn, a former DraftKings executive who joined Fanatics. The case, dismissed by a U.S. District Court in Massachusetts with prejudice, means the issue cannot be litigated further, marking a significant chapter in the sports betting industry’s competitive landscape.

The Conflict: Non-Compete Agreements in Focus

DraftKings initiated legal proceedings against Hermalyn earlier this year, accusing him of breaching non-compete and non-solicitation agreements and misusing trade secrets. As the company’s former Senior Vice President of Growth, Hermalyn was a key figure in customer acquisition and strategic planning. DraftKings argued his move to Fanatics, where he leads VIP client strategy, posed a direct competitive threat.

Non-compete clauses, while common in executive contracts, remain contentious. In this case, DraftKings argued the stakes were higher given the strategic insights Hermalyn held. Fanatics, on the other hand, countered that Hermalyn’s contributions at the new role were unrelated to DraftKings’ proprietary strategies.

Legal Rulings: A Split Between States

The case played out across jurisdictions, highlighting differences in how non-compete clauses are enforced. Massachusetts courts sided with DraftKings, granting a preliminary injunction in April that restricted Hermalyn’s work in areas overlapping with his previous role for 12 months. The 1st U.S. Circuit Court of Appeals upheld this ruling, reinforcing Massachusetts’ stronger stance on non-compete enforcement.

Meanwhile, Hermalyn challenged the enforceability of the agreement in California, where non-compete clauses are generally disfavored. A California state court judge hinted at a more favourable outcome for Hermalyn, but the Massachusetts litigation ultimately carried more weight, leading to the settlement.

April 2023: U.S. District Judge Julia Kobick issued a preliminary injunction barring Hermalyn from using DraftKings’ proprietary information.

September 2023: The 1st U.S. Circuit Court upheld the injunction, favouring DraftKings’ interpretation of the agreement.

December 2023: Settlement reached, case dismissed with prejudice.

The Stakes for DraftKings and Fanatics

The dispute underscored the intensifying competition in the sports betting market. DraftKings, an established player, viewed Hermalyn’s move as a risk to its operations, particularly in the context of customer acquisition and employee retention. Fanatics, an emerging competitor in sports betting, has been aggressively expanding beyond its core sports merchandise business, hiring seasoned executives like Hermalyn to bolster its sportsbook operations.

For DraftKings, the lawsuit was as much about protecting sensitive business strategies as it was about setting a precedent for executive departures. Fanatics’ push into sports betting, led by high-profile hires, threatens to disrupt the existing market dynamics dominated by DraftKings and FanDuel.

Confidential Settlement: What We Know

The terms of the settlement remain undisclosed, but both parties confirmed that Hermalyn would honour his contractual commitments to DraftKings. Russell Beck, Hermalyn’s attorney, stated, “All litigation between them has been settled and dismissed on confidential terms.”

Fanatics echoed this sentiment, affirming that Hermalyn would comply with his obligations while continuing to lead its Los Angeles office. The resolution allows both companies to refocus on their business goals without the distraction of ongoing litigation.

The Bigger Picture: Sports Betting’s Competitive Shift

This case reflects broader trends in the sports betting industry, where competition is fierce and the stakes are high. With Fanatics aggressively entering the space, leveraging its brand recognition and resources, established players like DraftKings are fighting to maintain their market share.

Fanatics’ strategy includes targeting VIP players, a lucrative segment in the betting industry. Hermalyn’s expertise in customer growth and retention made him an ideal candidate to lead this initiative. DraftKings’ legal challenge highlighted the value of such expertise and the lengths companies will go to protect their intellectual property.

Industry Highlights:

Market Growth: The sports betting market is projected to grow to $182 billion by 2030, according to industry reports.

Fanatics’ Expansion: The company recently acquired multiple sportsbook licenses, signalling its long-term commitment to the industry.

Executive Moves: High-profile transitions like Hermalyn’s underscore the importance of talent in shaping competitive strategies.

Moving Forward

While the legal dispute has ended, the competitive dynamics between DraftKings and Fanatics are far from over. Both companies continue to vie for market dominance, with Fanatics looking to carve out a significant share of the sports betting pie. Hermalyn, who remained employed by Fanatics throughout the litigation, now has the opportunity to focus on his role without legal constraints.

This case serves as a reminder of the complexities involved in executive transitions within high-stakes industries. As sports betting continues to grow, similar disputes may arise, making this settlement a potential reference point for future cases.
January 4, 2025

California Tribes Sue Cardrooms Over Las Vegas-Style Games, Challenging State Gambling Industry

California’s gambling industry faces a new legal battle as seven Native American tribes have filed lawsuits against dozens of cardrooms, accusing them of illegally offering Las Vegas-style games. The lawsuits, filed on Thursday, aim to reinforce tribal exclusivity over casino games like blackjack and baccarat, a right enshrined in state compacts. This legal move follows the enactment of the “Tribal Nations Access to Justice Act” (Senate Bill 549), which grants tribes enhanced authority to challenge the legality of such games.

Tribes Push to Protect Exclusive Gaming Rights

The lawsuit, filed by prominent San Francisco law firm Keker, Van Nest & Peters, underscores a long-standing conflict between tribal casinos and privately owned cardrooms in California. Tribal compacts with the state grant Native American tribes exclusive rights to offer “banked” games—games where the house, or a designated banker, directly pays winners and collects losses.

“For years, California cardrooms and their partner third-party proposition players have ignored the law and refused to recognize tribes’ exclusive rights,” the complaint states. The tribes allege that these cardrooms have illegally partnered with third-party proposition players who essentially act as the “bank,” creating gaming experiences similar to those in Nevada and New Jersey casinos.

Who Filed the Suit?

The lawsuit was brought by a coalition of prominent tribes:

Agua Caliente Band of Cahuilla Indians
Barona Band of Mission Indians
Pechanga Band of Indians
Sycuan Band of the Kumeyaay Nation
Viejas Band of Kumeyaay Indians
Yocha Dehe Wintun Nation
Yuhaaviatam of San Manuel Nation

These tribes argue that the cardrooms’ practices not only violate tribal compacts but also contravene the California Constitution, Penal Code, and relevant judicial rulings.

Cardrooms Defend Their Practices

The California Gaming Association, representing the state’s cardrooms, responded forcefully to the lawsuit, asserting that its members operate in full compliance with the law. “This attempt by tribal casinos to shut down lawful competition by tax-paying California businesses will fail,” the association stated.

The association emphasized the economic benefits cardrooms bring to the state, including thousands of jobs and hundreds of millions in tax revenue. It also highlighted that the games in question are licensed and reviewed by the California Department of Justice, adhering to strict regulatory standards.

Legal Implications for California’s Gambling Industry

If successful, the tribes’ lawsuit could significantly alter California’s gambling landscape. The potential shutdown of these card games would impact small, privately owned gambling halls that serve urban and suburban areas. Experts believe this could reshape the industry, consolidating power further within tribal casinos.

California has long been a battleground for tribal sovereignty and gaming rights. The 1987 Supreme Court ruling in California v. Cabazon Band of Mission Indians affirmed tribal sovereignty over gaming on reservation lands, setting a precedent for tribal casinos across the nation.

This new lawsuit is a continuation of the struggle to delineate the boundaries between tribal gaming rights and state-licensed cardroom operations.

Broader Context: Sovereignty and Tribal Identity

This legal battle in California echoes broader movements by Indigenous tribes nationwide to assert sovereignty and address issues like political representation and tribal membership. For example, the Cherokee Nation is working to reform federal laws governing criminal jurisdiction over tribal citizens, challenging outdated “blood quantum” requirements.

The lawsuit also reflects a growing willingness among tribes to push back against perceived encroachments on their rights. In California, tribes have consistently advocated for their gaming exclusivity as a critical part of their sovereignty and economic independence.

What’s at Stake?

The lawsuit revolves around the economic and cultural stakes of tribal exclusivity in gaming:

Economic Impact: Tribal casinos are a vital economic engine for many Indigenous communities. They argue that cardrooms’ actions undermine this source of revenue.
Legal Precedents: A ruling in favour of the tribes could reinforce their exclusive rights and establish a precedent for similar disputes nationwide.
State Revenue: Cardrooms contribute significantly to state and local tax revenues, and any disruption to their operations could have broader fiscal implications.

Table: Key Facts About the Lawsuit

Aspect	Details
Plaintiffs	Seven Native American tribes
Defendants	Dozens of California cardrooms
Key Issue	Legality of offering “banked” games like blackjack
Law in Question	Tribal Nations Access to Justice Act (Senate Bill 549)
Potential Impact	Possible shutdown of Vegas-style games in California cardrooms
Plaintiffs’ Argument	Cardrooms violate tribal exclusivity by using third-party “bankers.”
Defendants’ Defence	Cardrooms operate legally under state oversight.

Future of California Gambling Hangs in the Balance

As this legal battle unfolds, the implications extend beyond the courtroom. The outcome could redefine how gambling operates in California and influence similar disputes across the United States. For now, the stakes remain high, with tribal sovereignty and economic interests at the forefront of the debate.

January 4, 2025

Ohio Sports Betting Hits $1 Billion Mark Again in November

Ohio’s sports betting industry is celebrating another landmark achievement. For only the second time since sports betting became legal in January 2023, the state has surpassed $1 billion in monthly handle, with November’s total reaching an impressive $1.02 billion. This performance underscores Ohio’s rapid ascent as a powerhouse in the U.S. sports betting landscape.

November Numbers Reflect Growing Industry Momentum

The November handle of $1,024,326,837 fell just shy of the record $1.11 billion posted during the industry’s launch month in January 2023. Despite this, the November figure represents a major milestone, with increased wagering activity across digital platforms driving the surge.

The Ohio Casino Control Commission also reported $117 million in taxable revenue for November, which contributed over $23.4 million in state tax revenue. This highlights the mutual benefits for both operators and the state, even though the tax figures didn’t quite match January’s record-breaking $41 million haul.

Breaking Down the Taxable Revenue:

Total Taxable Revenue: $117,044,624
State Tax Revenue (20% rate): $23,408,925

Ohio’s thriving sports betting market has already delivered nearly $170 million in tax revenue for 2024, showcasing its potential as a stable and lucrative revenue stream for the state.

The Big Players Continue to Dominate

As in previous months, FanDuel and DraftKings were the standout performers in November, reinforcing their dominance over Ohio’s online sports betting market. Combined, these two platforms accounted for over $680 million in handle, significantly outpacing their competitors.

Operator	November Handle	Taxable Revenue
FanDuel	$351.1 million	$46.5 million
DraftKings	$329.8 million	$37.8 million
Bet365	$76.6 million	$8.7 million
BetMGM	$72.2 million	$6.4 million
Fanatics	$54.6 million	$4.7 million

FanDuel claimed the top spot with $351.1 million in bets placed, closely followed by DraftKings at $329.8 million. Bet365, BetMGM, and Fanatics rounded out the top five, but none managed to break the $100 million mark, demonstrating the gulf between the leading operators and the rest of the pack.

What’s Driving the Growth?

The impressive numbers from November can be attributed to several factors:

Increased Access: Digital platforms have made sports betting convenient and widely accessible to Ohioans.
Strong Competition: Operators like FanDuel and DraftKings have kept bettors engaged through aggressive marketing, promotions, and user-friendly experiences.
Big Events: The month featured high-profile NFL and college football games, sparking a surge in betting activity.

Interestingly, Ohio’s steady growth bucks the trend seen in some other states, where betting activity plateaus after the initial excitement of legalization.

A Closer Look at 2024

Through the first 11 months of 2024, Ohio’s sports betting market has generated $847.1 million in taxable revenue, solidifying its position among the top markets in the U.S.

Year-to-Date Highlights (Jan–Nov 2024):

Total Taxable Revenue: $847.1 million
State Tax Revenue: Nearly $170 million

This sustained performance demonstrates the state’s ability to retain engagement from both seasoned bettors and newcomers, while operators continue to innovate to capture market share.

Challenges for Smaller Operators

While the big players dominate, smaller sportsbooks are finding it increasingly difficult to compete. With FanDuel and DraftKings commanding the lion’s share of the market, other operators are left to vie for a fraction of the handle.

Still, niche strategies and targeted marketing efforts may offer these smaller companies a way to carve out sustainable spaces in the crowded field.

January 4, 2025

Dutch Gambling Regulator Enforces New Fine Policy Effective 2025

The Netherlands Gambling Authority (Kansspelautoriteit, KSA) has unveiled a revamped “General Policy of Fines,” taking effect on January 1, 2025. This policy introduces a structured, transparent approach to penalties, aiming to foster compliance and deter violations in the Dutch gambling sector.

A New Era of Enforcement

The updated framework marks a significant shift in regulatory oversight, targeting breaches of the Remote Gambling Act (KOA) and the Netherlands Money Laundering and Terrorist Financing (Prevention) Act (Wwft). With five fine categories, penalties start as low as €500 for minor infractions and escalate to €2 million for severe violations, specifically under the Wwft. In some cases, fines may even reach €4 million, depending on the gravity of the offense.

Notably, non-Wwft violations classified under Category 4 can incur penalties up to 3% of the offender’s gross turnover. This proportionality ensures larger operators face fines commensurate with their financial scale, reinforcing fairness while maintaining deterrence.

Nine Steps to Compliance Clarity

The KSA has introduced a meticulous nine-step fine calculation process designed to ensure transparency and fairness. The steps include assigning a fine category, doubling penalties for repeat offenders, and scaling fines based on gross turnover. Here’s an outline of the process:

Step 1: Determine the fine category based on the violation.
Step 2: Double penalties for repeated offenses.
Step 3: Adjust fines for the seriousness of the breach, including negligence and customer harm.
Step 4: Increase fines by 50% in cases of culpability.
Step 5: Scale fines to gross turnover, accounting for corporate group revenues.
Step 6: Apply reductions (up to 25%) for mitigating factors like voluntary reporting or corrective actions.
Steps 7-9: Ensure penalties are proportionate and fair, balancing deterrence with financial capacity.

This step-by-step approach provides clear guidance for operators, emphasizing both punitive and preventive objectives.

Key Features of the Fine Policy

The KSA’s fine policy is rooted in fairness and proportionality, reflecting lessons learned since the opening of the Dutch online gambling market in 2021. Here are some of the critical features:

Turnover-Based Fines: For Category 4 offenses not related to the Wwft, fines are capped at 3% of gross turnover. This ensures larger entities face meaningful penalties.
Dual Objectives: The policy aims to deter future violations while encouraging compliance, creating a balanced regulatory environment.
Clarity for Licensees: Operators now have a detailed understanding of how fines are calculated, helping them take corrective measures to avoid penalties.

Lessons from the Past, Looking to the Future

Since the online gambling market launched in the Netherlands, the KSA has evolved its enforcement strategies. In 2022, the regulator imposed its first fine on a gambling licensee, marking a pivotal moment in regulatory enforcement. This new policy is a culmination of the experience gained since then.

KSA Chairman Michel Groothuizen underscored the importance of clarity and fairness in this policy. “We have now gained enough experience to create a well-considered fine policy for both license holders and other parties. This creates clarity for the parties under our supervision and hopefully motivates them even more to avoid fines,” Groothuizen said.

What This Means for the Industry

The new policy signals a stricter yet fair regulatory environment. Operators must adapt to more robust compliance measures or face hefty fines. Here’s a snapshot of potential impacts:

For Operators: A clear and structured penalty system means operators can better understand the risks and take proactive measures.
For Consumers: Greater enforcement of regulations is likely to lead to improved consumer protection, particularly concerning money laundering and fair play.
For Regulators: The new policy enhances the KSA’s ability to maintain order in a growing market, aligning enforcement with industry developments.

A Look at the Fine Categories

To summarise the penalties, here’s a quick look at the fine categories:

Category	Penalty Range	Applicable Offenses
Category 1	€500	Minor breaches
Category 2	€5,000 – €10,000	Moderate breaches
Category 3	€10,000 – €500,000	Significant breaches
Category 4	Up to 3% of gross turnover	Non-Wwft serious violations
Category 5	€2 million	Severe Wwft-related violations

With clear penalties and a step-by-step calculation process, the KSA aims to provide consistency in enforcement, setting a benchmark for regulatory practices.

January 4, 2025

How Fast Offshore Keeps Businesses Smooth, Confident, and Compliant

Managing compliance is a massive challenge in today’s regulated business landscape. Fast Offshore, a specialist consultancy, ensures businesses can thrive without getting bogged down by regulatory hurdles. Ron Mendelson, a leading iGaming industry consultant, breaks down how this powerhouse takes the weight of compliance off clients’ shoulders, allowing them to focus on growth.

Understanding Compliance Challenges

Compliance can feel like a full-time job. Each sector and jurisdiction piles on unique rules, from licensing to tax requirements.

iGaming Operators: Must adhere to strict anti-money laundering (AML) laws and responsible gaming policies.
Fintech Companies: Face hurdles such as data protection laws and financial reporting.
E-Commerce Platforms: Deal with tax laws, consumer protection, and cybersecurity.

The stakes are high. Non-compliance can lead to fines, reputational damage, or even business closures.

Tailored Strategies for Every Business

Fast Offshore understands that compliance isn’t one-size-fits-all. They craft solutions tailored to each client’s unique needs.

Assessment: The process begins with a thorough review of the business model to identify gaps and requirements.
Customisation: A compliance strategy is developed to meet specific goals and legal obligations.

This approach ensures businesses meet their obligations without unnecessary costs or efforts.

Streamlining Licensing

Licensing can be a bureaucratic nightmare. Fast Offshore makes it simple.

Document Preparation: They ensure paperwork is complete and organised.
Direct Communication: The team liaises with regulatory bodies, smoothing out queries and delays.
Renewal Management: Fast Offshore doesn’t stop at securing the licence; they manage renewals to keep things running seamlessly.

Staying Ahead of Legal Changes

Regulations change constantly. Fast Offshore monitors these developments, ensuring clients remain compliant.

Real-Time Monitoring: Updates to laws are tracked and assessed for impact.
Client Notifications: Businesses receive actionable insights for adjustments.
Proactive Solutions: Strategies are revised to prevent issues before they arise.

This vigilance keeps businesses a step ahead of potential disruptions.

AML and KYC Made Simple

For businesses handling financial transactions, adhering to AML and KYC requirements is non-negotiable. Fast Offshore offers end-to-end support.

Customer Verification: They establish robust identification systems.
Transaction Monitoring: Systems are implemented to flag suspicious activity.
Reporting: Fast Offshore handles mandatory filings to regulatory bodies.

By managing these aspects, businesses can reduce risks and build trust.

Navigating Tax and Financial Compliance

Cross-border businesses face complex tax landscapes. Fast Offshore simplifies the process.

Service	Benefit
Tax Planning	Minimises liabilities while ensuring compliance.
Financial Reporting	Keeps records aligned with regulations.
Audit Preparation	Ensures smooth audits with complete documentation.

This support allows businesses to focus on profitability without tax worries.

Cybersecurity and Data Protection

With digital threats on the rise, safeguarding data is crucial. Fast Offshore strengthens businesses’ defences.

Policy Development: Ensures adherence to laws like GDPR.
Security Practices: Provides advice on protecting systems and customer data.
Regular Audits: Identifies vulnerabilities and maintains compliance.

This proactive approach safeguards not just legal standing but also customer confidence.

Continuous Support: The Game-Changer

Compliance is ongoing, not a one-off task. Fast Offshore offers consistent guidance and expertise.

Account Managers: Dedicated points of contact for all compliance queries.
Staff Training: Keeps employees informed about protocols and best practices.
Crisis Handling: Swift resolution of compliance issues to minimise operational disruptions.

This steady partnership ensures businesses can operate worry-free.

Why Choose Fast Offshore?

Fast Offshore isn’t just a service provider; it’s a partner in success. Their approach offers:

Experience: Over 27 years in navigating global regulations.
Reach: Expertise spanning multiple jurisdictions and sectors.
Focus: Solutions aligned with business goals.

Why Compliance Matters

Compliance builds trust, shields against penalties, and gives businesses a competitive edge. For startups and established enterprises alike, partnering with Fast Offshore ensures these benefits are within reach.

January 4, 2025

Mississippi Set for 2025 Showdown Over Online Sports Betting
Mississippi lawmakers are gearing up for a heated debate on online sports betting as the 2025 legislative session approaches. After previous efforts failed to cross the finish line, advocates and opponents are preparing for another round of discussions that could reshape the state’s gaming landscape.

The 2024 Push That Stalled

In 2024, Mississippi House Bill 774 passed overwhelmingly in the House (97-14) and cleared the Senate with a 36-15 vote. However, progress stalled when a bipartisan conference committee failed to reconcile key disagreements, leaving the bill unresolved. The session ended without a consensus, highlighting the divisions over licensing, taxation, and the broader implications for Mississippi’s gaming industry.

Central to the stalemate were concerns about licensing frameworks and the exclusion of online casino gaming. Some senators expressed fears that online sports betting might harm the state’s 26 commercial casinos, a critical economic driver generating $2.5 billion in gross gaming revenue annually. Others argued that a narrow focus on sports betting was short-sighted, given the rapid evolution of online gambling in neighboring states.

Casinos Weigh In: A Boost or a Threat?

Mississippi’s commercial casinos, including MGM Resorts and Caesars Entertainment, strongly back the legalization of online sports betting. They argue that online platforms would complement, not compete with, their physical operations. Proponents claim that allowing online sports betting could help Mississippi retain its competitive edge in the gaming market while addressing the growing issue of illegal offshore betting.

Casinos’ support stems from a financial reality. States like New Jersey demonstrate that online platforms dominate the sports betting market. In 2024, New Jersey’s online sportsbooks brought in $130.3 million in tax revenue, dwarfing the $2.8 million from brick-and-mortar locations.

Meanwhile, Mississippi’s restrictive policy—limiting sports betting to in-person wagers at casino properties—has pushed residents toward illegal platforms or into neighboring states like Louisiana and Tennessee, where online betting is legal.

Lawmakers’ Mixed Signals

State Senator David Blount, chair of the Senate Gaming Committee, has indicated a cautious approach. While open to considering a Senate bill, he stressed the importance of consumer protections and a narrow focus on sports betting. Blount’s stance reflects a broader concern: how to balance the economic benefits of online betting with the potential risks to local casinos and consumers.

On the other side, the Mississippi Gaming Commission (MGC) has taken a neutral stance. Executive Director Jay McDaniel highlighted that while online betting is technically legal within casino premises, the commission has not pushed for legislative changes. McDaniel emphasized that any proposed bill would need to align with state interests and include robust safeguards.

Economic Stakes: Revenue and Competition

Proponents of online sports betting point to significant economic opportunities. The 2024 bill estimated $25 million in annual tax revenue, earmarked for critical infrastructure improvements. For comparison, states like New Jersey and Pennsylvania have reaped substantial financial rewards from legalizing online platforms. Mississippi, with its strong gaming tradition, could capture a share of this growing market while curbing illegal gambling.

Mississippi’s neighbors have already embraced online sports betting:

Louisiana: Launched online wagering in 2022, capturing millions in monthly revenue.

Tennessee: Operates an entirely online sports betting market.

Arkansas: Expanded to include online sports betting in early 2022.

These states provide easy access for Mississippi residents, further highlighting the competitive pressures facing local casinos.

Challenges Ahead

Despite the potential benefits, opposition remains strong. Critics argue that expanding online betting could exacerbate problem gambling and harm the state’s brick-and-mortar casinos. The debate also extends to the scope of legalization—whether to include online casino gaming alongside sports betting.

Another hurdle is the lack of a unified legislative front. The split between the House and Senate in 2024 reflects deeper disagreements over how to structure and regulate the market. Without a clear consensus, passing a bill in 2025 could prove just as challenging.
January 4, 2025

Countdown: 2024 Player of the Year – Top Poker Tournament Performers

As 2024 comes to a close, the race for the coveted Card Player Player of the Year (POY) title has officially concluded. The year has been a thrilling ride, with countless high-stakes tournaments showcasing poker’s brightest stars. Today, we highlight the players who ranked 10th through 6th in the POY standings, presented by Global Poker. Collectively, these top performers amassed over $27.2 million in earnings, graced 110 final tables, and claimed 18 titles.

This article sets the stage for the upcoming reveal of the fifth through second spots, culminating in the announcement of the 2024 Player of the Year.

Stephen Chidwick: A Model of Consistency

Total Points: 6,229
POY Earnings: $5,686,359
Titles: 5
Final Tables: 20

Stephen Chidwick’s 2024 performance cemented his place as one of poker’s all-time greats. The 35-year-old from Deal, England, has an illustrious record, having finished in the top 50 for 11 of the last 12 years. This year was no different, as he made an impressive 20 POY-qualified final tables and won five titles.

Key Wins and Milestones

Chidwick’s crowning achievement in 2024 was his victory in the $50,000 pot-limit Omaha event at the World Series of Poker (WSOP) Paradise festival in December. Outlasting 122 entrants, he took home $1,357,080 and his second career gold bracelet.

He also made waves at the Triton Monte Carlo series, where he finished fifth in the $150,000 buy-in event, pocketing $1.3 million. These results added to his staggering tally of 13 seven-figure scores across his career.

Breaking Records

Chidwick’s consistency is unrivalled. This year marked the fifth time in the last decade that he reached at least 20 final tables. With total career earnings now exceeding $63.6 million, he ranks as the third highest-earning player in poker tournament history.

Tournament Earnings and Achievements at a Glance

To put Chidwick’s 2024 in perspective, here’s a snapshot of his performance:

Category	Statistic
Total POY Points	6,229
POY Earnings	$5,686,359
Total Final Tables	20
Titles Secured	5
Largest Single Win (2024)	$1,357,080
Career Tournament Earnings	$63,600,000+

Why It Matters

Stephen Chidwick’s career is a testament to skill, determination, and longevity in a game where variance can often derail even the most talented players. With his five titles and consistent top-tier finishes, Chidwick has set a benchmark for poker greatness.

Stay tuned as we uncover the names filling the fifth through second spots in the POY rankings, followed by the highly anticipated reveal of 2024’s Player of the Year.

January 3, 2025

Blog

Digital Expansion: MGM’s Key to Future Growth

Revenue Boosts from Incremental Fee Adjustments

Summary of Key Measures:

Challenges in Brick-and-Mortar Operations

BetMGM: The Centrepiece of MGM’s Digital Vision

Margin Focus and Investor Sentiment

Localized Gaming: A Pillar of the Industry

Growth Amidst Challenges

Economic and Social Impact

A Trillion-Dollar Sector

Durango Casino: A Double-Edged Sword

Post-Pandemic Growth and Workforce Trends

Operators’ Strategic Moves for Growth

Boyd Gaming

Red Rock Resorts

Golden Entertainment

Managing Costs in a Challenging Environment

Mixed Non-Gaming Revenue Outlook

The Path Ahead

The Conflict: Non-Compete Agreements in Focus

Legal Rulings: A Split Between States

The Stakes for DraftKings and Fanatics

Confidential Settlement: What We Know

The Bigger Picture: Sports Betting’s Competitive Shift

Industry Highlights:

Moving Forward

Tribes Push to Protect Exclusive Gaming Rights

Who Filed the Suit?

Cardrooms Defend Their Practices

Legal Implications for California’s Gambling Industry

Broader Context: Sovereignty and Tribal Identity

What’s at Stake?

Table: Key Facts About the Lawsuit

Future of California Gambling Hangs in the Balance

November Numbers Reflect Growing Industry Momentum

Breaking Down the Taxable Revenue:

The Big Players Continue to Dominate

What’s Driving the Growth?

A Closer Look at 2024

Year-to-Date Highlights (Jan–Nov 2024):

Challenges for Smaller Operators

A New Era of Enforcement

Nine Steps to Compliance Clarity

Key Features of the Fine Policy

Lessons from the Past, Looking to the Future

What This Means for the Industry

A Look at the Fine Categories

Understanding Compliance Challenges

Tailored Strategies for Every Business

Streamlining Licensing

Staying Ahead of Legal Changes

AML and KYC Made Simple

Navigating Tax and Financial Compliance

Cybersecurity and Data Protection

Continuous Support: The Game-Changer

Why Choose Fast Offshore?

Why Compliance Matters

The 2024 Push That Stalled

Casinos Weigh In: A Boost or a Threat?

Lawmakers’ Mixed Signals

Economic Stakes: Revenue and Competition

Challenges Ahead

Stephen Chidwick: A Model of Consistency

Key Wins and Milestones

Breaking Records

Tournament Earnings and Achievements at a Glance

Why It Matters