The Covid-19 pandemic has literally brought the whole world to a halt, many industries have taken a big hit. Thankfully, the iGaming industry is not one of those that has suffered thus far and analysts predict that it could be a time of growth for the world of online gambling. Here is a quick recap on some of the news you may have missed over the last week.
The Stars Group confident of growth despite coronavirus
Toronto-headquartered ‘The Stars Group’ who own and operate the popular gambling brands such as PokerStars, PokerStars Casino, Full Tilt Poker and BetStars have expressed confidence that their revenue growth across different products is on track despite the coronavirus pandemic.
They have admitted that their sports betting revenue has taken a hit as several major sports events have been cancelled lately, but their overall performance has been strong for this year. Majority of their revenues (62% in the year 2019) come from online gaming and online poker businesses which have both done pretty well this financial year.
The firm is presently owned by a bookmaking holding company called Flutter Entertainment, which came about as a merger of Betfair and Paddy Power.
Australian public warned about online gambling scams
Emphasising the importance of wagering money only with reputable and reliable online gambling establishments, the Australian public has been warned by The Australian Communications and Media Authority to not provide any personal data to suspicious entities that might be posing as valid gambling portals.
The authority recently issued an alert to the public that they should be careful about suspicious text messages or emails that seem like having originated from online gambling portals. There have been 6000+ reports related to scams since the beginning of this year. Some of the websites that have been associated with such scams include: Bonza Spins, Roo Casino, Syndicate Casino and Pokie Spins.
New York doing its best to make online gambling legal
Despite the landmark judgement passed by the US Supreme Court in May 2018, there are several US states that are yet to legalise online gambling. One such state where this activity is still not permitted but is gaining widespread support in New York.
While New Yorkers indulging in online gambling at offshore portals don’t have much to worry about (as far as the domestic laws are concerned), running gambling operations from the state is dealt with harshly by the authorities. However, things are changing rapidly after seeing how New Jersey has fared post-legalisation of online gambling. New York legislators are doing their best to speed up matters as the state stands to earn millions, if not billions of dollars by fully legalising online gambling.
NAO confirms 57% growth in UK online gambling from 2008-09 to 2018-19
The National Audit Office (NAO) of the UK has confirmed after carrying out an analysis on the data provided by the UK Gambling Commission (UKGC) that there has been a 57% growth in the country’s licensed gambling operations from 2008-09 till 2018-19. In addition, the total gross gambling yield generated by the gambling companies of the country (excluding National Lottery) stood at an impressive £11.3 billion.