Gambling News Roundup: The Latest in the Gambling World
Federal bill aims to prohibit college proposition bets nationwide, placing pressure on sweepstakes
Get ready for a rollercoaster ride as we dive into the latest happenings in the gambling industry! From new legislations to exciting winnings, stand back and hold on tight! Steam rollers ahead!
Michael Baumgartner's PROTECT Act: A Game-Changer?
Congressman Michael Baumgartner is making waves by proposing the 'PROTECT Act', a draft law aimed at banning college prop bets on a federal level, effectively shuttering the entire market for such wagers at a time when concerns about gambling proliferation and its impact on youth are escalating. We'll keep our fingers crossed for more updates on this blast from the past (Baumgartner had previously co-sponsored the 'SAFE Act').
Robinhood and the Madness of Sports Betting
The trading platform Robinhood has crushed it by launching a standalone prediction markets product, giving registered U.S. users a shot at backing the outcomes of a March Madness game. With an estimated $3.1bn expected to be bet on the regulated market for this event, the odds are looking good for Robinhood!
Denmark's Win Against the Black Market
Denmark is raking in the wins, having reached a 90.29% channelization rate. Goodbye black market, not forever, but at least for now! To keep it that way, Denmark is focusing on boosting awareness among young people, protecting vulnerable consumers, and addressing ongoing threats to maintain its progress.
Sportradar Acquires IMG Arena in a Blockbuster Deal
In a massive announcement, Sportradar has confirmed it will be taking over IMG Arena from Endeavor Group Holdings. Together, they'll be unstoppable! For those craving the nitty-gritty, the two companies entered a definitive agreement, and Endeavor is handing Sportradar $125m to sweeten the deal.
Maryland Takes Aim at Virtual Gaming Worlds
You can't hide from Maryland's regulators! They've served a cease-and-desist letter to Virtual Gaming Worlds, the operator of popular brands such as Chumba Casino and LuckyLand Slots. The company has until March 22 to wrap things up and prove compliance with the notice.
BetMGM's Six-Figure Winners
Unbelievable luck struck a player on BetMGM's online platforms! On February 19 and 20, they scooped up prizes worth $577,164 and $654,175 respectively, making it the most mouth-watering success story in the online brand's history.
The UKGC Fines Corbett Bookmakers and More Regulation News
The UK Gambling Commission (UKGC) has kept its hand on the pulse of the industry by enforcing a $890,000 fine on Corbett Bookmakers Limited. They've also been busy ensuring Swedish gambling regulations remain intact by calling out offshore gambling sites who flaunt the rules. Thailand's government is still finalizing its bill to regulate upcoming entertainment complex projects, with four possible locations under consideration: Bangkok, Chonburi, Chiang Mai, and Phuket.
Responsible Gambling: Spending Wisely
A Japanese society survey found that 34% of those who start playing at offshore gambling sites incur debt and ask for additional money from friends and family within a week. This puts a spotlight on the importance of responsible gambling practices, especially at unregulated gambling sites. The Gemeinsamen Glücksspielbehörde der Länder (GGL) in Germany is advocating for tougher measures against advertisers promoting unregulated gambling content to local players, with IP blocking as one potential solution.
Insights from the Industry's Thought Leaders
This week, our news team caught up with Toni Mazrekaj, Head of Account Management at RubyPlay, and Mariya Davidova, Head of Sport Domain at PIN-UP, to discuss their pivoting focus on North America and the brand-driven approach to delivering the best results for partners. Don't miss out on the full conversations with Mazrekaj and Davidova, available for your perusal!
Image credit: News
[1] PROTECT Student Athletes Act becomes law
- Michael Baumgartner's PROTECT Act, aimed at prohibiting college prop bets on a federal level, has been proposed, raising concerns about gambling proliferation and its impact on youth.
- Sports betting is now available on the trading platform Robinhood, extending the opportunity for users to back the outcomes of a March Madness game.
- Denmark's strict regulations have led to a 90.29% channelization rate, significantly reducing the black market's influence.
- In a major deal, Sportradar will be acquiring IMG Arena, a move expected to enhance their combined capabilities in the sports betting industry.
- Maryland's regulators have served a cease-and-desist letter to Virtual Gaming Worlds, the operator of popular online casinos, demanding compliance with local gambling laws.
