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World Cup drives online growth at GVC

first_imgFinance World Cup drives online growth at GVC Online revenue was up 18% in the first half 18th July 2018 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Finance Sports bettingcenter_img Ladbrokes Coral owner GVC Holdings said the FIFA World Cup was a “good one”, as it cited the tournament as the main reason behind a strong online performance during the first half of the year.Overall net gaming revenue (NGR) climbed 8% year-on-year, with this growth partly driven by GVC’s online business, which performed well in the period and posted NGR 18% higher than last year.GVC noted that prior to the World Cup kicking off in Russia, online NGR was up 15% and the early stages of the tournament helped push this to a higher level by the end of the half.The World Cup ran from June 14 to July 15, with GVC’s six-month period ending on June 30. The period included the completion of the company’s £4bn (€4.49bn/$5.55bn) acquisition of Ladbrokes Coral in March.Keith Alexander, chief executive of GVC, said: “I am pleased to report this positive trading update whilst at the same time undertaking the integration of the Ladbrokes Coral business.“The strong momentum across the online business has continued and means we are well placed to deliver against our full year expectations.”Although GVC reported a 3% decline in UK retail like-for-like revenue in the first half, the company did say that trends improved due to a lengthy spell of good weather in the UK and higher betting levels during the World Cup.“The World Cup tournament as a whole has been a good one for the group, helped by a better than expected gross win margin but also importantly volumes and value of new customer deposits,” the company said in a statement.In contrast, European retail NGR was up 29% year-on-year, but GVC said this was “helped by a soft comparative”. Tags: Online Gambling OTB and Betting Shops Subscribe to the iGaming newsletter Email Addresslast_img read more

Rank hit by revenue drop despite digital growth

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 18th October 2018 | By contenteditor Bingo Rank hit by revenue drop despite digital growth Email Address Rank Group saw its share price tumble further this morning as digital gains failed to prevent an overall decline in group revenue. In a trading update issued today (Thursday), Rank reported that group revenue dropped almost 5% year-on-year in the 16 weeks to October, mainly due to declines within its venue business, where revenue was down around 6%. Revenue from Rank’s Grosvenor Casinos venues fell just over 7%, driven by a reduction in handle and margin from high spending customers, while a drop in visitors led to a 5% revenue drop from Mecca venues. However, the situation was different for Rank’s digital platforms where it saw overall revenue growth of 1.7%, driven by a 6.4% climb in revenue from its Mecca digital channel. Grosvenor’s digital channel was hit by what Rank described as “more stringent customer due diligence” implemented from September 2017, which contributed to a 5.2% drop in revenue.Rank’s share price was down by around 2% at one point this morning, and has fallen almost 6% in the last week. The firm also highlighted a positive performance by YoBingo, the Spanish digital bingo operation that it acquired in May of this year. This was excluded from the like-for-like digital revenue figures. Rank reported that YoBingo enjoyed a 46% year-on-year jump in revenue and had this been included in the results, overall digital revenue would have jumped 13.5%. The trading update comes after new Rank chief executive John O’Reilly in August pledged to change the fortunes of the company, saying its performance “isn’t good enough”. O’Reilly was speaking as Rank announced its full-year results for the 12 months to June 30, 2018, revealing a fall in revenue, profits and other key indicators. The former Ladbrokes and Gala Coral executive, who only took the job in April, called for a “stronger operational focus”, and the firm has seemingly stuck to this pledge, revealing potential cost savings in today’s trading update.The update said: “The transformation programme has identified some early cost savings for the full year which, in part, are expected to mitigate Grosvenor Casinos venues’ revenue shortfall in the 16-week period.”The transformation programme, announced earlier this year, is aimed at delivering revenue growth, greater cost efficiency and improved organisational effectiveness. The company has identified increased focus on the customer, digital growth, cost efficiencies and organisational capability as four key areas of improvement. Rank was recently slapped with a £500,000 (€569,600/$655,500) fine by the UK Gambling Commission for breaching problem gambling rules, after a customer lost £1m in a single 24-hour period. Regions: UK & Ireland Subscribe to the iGaming newsletter Topics: Casino & games Finance Bingo Tags: Mobile Online Gambling Venue revenue falls more than 6% but Mecca digital boosts resultslast_img read more

888 buys out All American Poker Network JV partners

first_img11th December 2018 | By contenteditor Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: US Casino & games Topics: Casino & games Strategy Poker Tags: Card Rooms and Poker 888 Holdings CEO Itai Frieberger believes the operator has given itself more flexibility to exploit new opportunities in the regulated US iGaming market by acquiring the remaining 53% interest in the All American Poker Network.The operator has acquired the 53% stake held by Avenue OLG Entertainment, the private equity firm with which it established the joint venture in 2013, and other minority shareholders of the network in a $28m cash transaction. Of this sum, $10m will be paid up front, with the remaining $18m to be paid by March 31, 2019.By taking sole ownership of the All American Poker Network (AAPN), 888 gains total control of its US growth strategy. It will be able to to sign new partnerships and deploy products and technology in new states as they regulate without the need for partner approval, the operator noted.“The acquisition of the remaining stake in AAPN is an important strategic step towards 888 achieving its exciting long-term potential in the US,” Frieberger explained.“Taking outright ownership of AAPN gives 888 additional operational, technological and commercial flexibility to develop innovative and exciting new partnerships and launch in new states – through both B2B and B2C channels – as and when future regulation allows.“This acquisition places 888 in an even better position to take advantage of the significant growth opportunities in the US and create additional value for our shareholders.”Frieberger credited the joint venture with helping provide the flexibility and financial capability for 888 to establish itself in the regulated US market while continuing to invest in other territories around the world. He thanked Avenue Capital for being “fantastic partners” in the project.While the launch facilitated the roll-out of the 888poker and 888casino brands in New Jersey in November 2013, 888 has since strengthened its position in the US through the launch of 888sport in September this year. It has also agreed the first sponsorship deal between an iGaming operator and National Football League (NFL) team through its partnership with the New York Jets.Currently the AAPN is part of the only interstate poker network in the US, offering players in Delaware, Nevada and since April this year, New Jersey, the opportunity to play against one another. Operator says that $28m acquisition of 53% stake from Avenue OLG Entertainment and minority shareholders gives it full control of US strategy 888 buys out All American Poker Network JV partners Subscribe to the iGaming newsletterlast_img read more

Malta regulator cancels two licences

first_img The Malta Gaming Authority (MGA) has cancelled gaming licences for Neptune Entertainment and Triton Gaming with immediate effect, with the pair ordered to shut down all operations as a result. Email Address Legal & compliance Topics: Legal & compliance Malta regulator cancels two licences Subscribe to the iGaming newsletter The Malta Gaming Authority (MGA) has cancelled gaming licences for Neptune Entertainment and Triton Gaming with immediate effect, with the pair ordered to shut down all operations as a result.Neptune Entertainment has been ordered to stop gaming operations and publish a notice on its website that informing customers that its authorisation in Malta is no longer valid.The MGA has also stated that the ruling applies to all websites associated with Neptune Entertainment, which must also cease operating.The regulator has issued a similar notice to Triton Gaming, which also applies to all sites associated with the operator.The MGA has said it will not release any more information about the rulings so as not to compromise any investigations that may need to be undertaken by itself or other authorities.Consumers can contact the regulator for information on outstanding payments. Players are requested to send their full name, address, date of birth, telephone number, a copy of their passport, or ID Card, Bet Service Group username, a description of the product in question and a screenshot of their balance.The latest rulings come after the MGA last month also cancelled licences for both Bet Service Group and World-of-bets.eu, and also suspended Betixx until further notice. BTM Entertainment has also recently been suspended in Malta.Meanwhile, the MGA has moved to distance itself from 365-bets.com, declaring that it has no connection with the website.In a statement, the MGA as said that any reference to the regulator or a gaming licence said to be issued by the MGA as stated by 365-bets.com are “false and misleading”. Tags: Online Gambling 12th March 2019 | By contenteditor AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Regions: Europe Southern Europe Maltalast_img read more

Virginia Governor signs casino bill into law

first_imgCasino & games Virginia Governor Ralph Northam has signed into law a bill that paves the way for land-based casino gaming, as well as providing a route to law for sports betting in the state.Northam (pictured) has ratified SB1126, prefiled by Senator Louise Lucas in December 2018, which allows cities to establish casinos, provided they meet a series of conditions.Cities are eligible to host the venues if they have an unemployment rate of at least 4%, a poverty rate of 20%, and had experienced a population decline of at least 7% between 1990 and 2016.Tribal casinos, meanwhile, would be permitted in cities with a population of at least 200,000, and in which 24% of all real estate is exempt from local property taxes. To open a casino, each local authority would need to hold a local referendum in order to gain approval from residents.Each city can offer a single casino licence, through which the casino could offer table, dice and slot games, as well as sports betting via land-based means only.The Virginia Lottery Board will be responsible for regulating the market, with licensees to pay a tax rate of between 13% and 15% of gross gaming revenue.However, the bill’s passage into law does not immediately signal the beginning of casino gaming in the state. First, a Joint Legislative Audit and Review Commission must conduct a review of regulatory best practices in other states, reporting to Senate Committee on General Laws and Technology and House Committee on General Laws by December 1, 2019.The Virginia Lottery Board must then begin developing its own regulations for casinos from January 1, 2020, with a view to finalising these by June 30 that year. After that the Virginia House and Senate must reenact the provisions in the bill in the 2020 legislative session. These regulations could cover online betting and gaming, with the bill allowing including sports wagering and igaming in its definition of casino gaming.Image: Governor.Virginia.Gov Virginia Governor signs casino bill into law 26th March 2019 | By contenteditor Regions: US Virginia Virginia Governor Ralph Northam has signed into law a bill that paves the way for land-based casino gaming, as well as providing a route to law for igaming and sports betting in the state. Topics: Casino & games Legal & compliance Sports betting Slots Table games Tribal gaming Tags: Mobile Online Gambling Slot Machines AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Email Addresslast_img read more

RG Week special: Mapping the problem gambling maze, part 1

first_imgLegal & compliance 8th November 2019 | By Joanne Christie Email Address Regions: Asia Europe US Subscribe to the iGaming newsletter As co-founder of the International Problem Gambling Centre and executive director of the University of Nevada’s International Gaming Institute, Dr Bo Bernhard has been on the front line of efforts to understand and treat problem gambling for 25 years. In this first part of a two-part interview, he tells Robin Harrison how a small, underfunded area of research has evolved into an issue debated across the industry.Speaking to some of the industry’s lifers, the people who have spent decades in gambling, it quickly becomes clear that each experienced a sliding doors moment that led them into the sector. But for Dr Bo Bernhard, as a fifth-generation Las Vegas native, it hardly seems a stretch for him to move into a career in the industry.Yet he too has a similar story, involving sport. He was a student at Harvard, playing on the university soccer team, and when the teams were announced before a match, the players’ hometowns were read out.“I had one professor who cared enough to come to a game and when he heard I was from Las Vegas, he suggested I do a paper for his class on responsible gambling,” Bernhard says.This led to him attending a Gamblers Anonymous meeting and, for want of a better word, he found himself hooked. “It really captured me, this compelling group of hurting people that growing up in Las Vegas I had no idea about,” he explains.This led to an honours thesis, which in turn led to a doctoral dissertation, to gambling becoming the focus of his research, to his involvement in establishing Las Vegas’ largest problem gambling facility. Fast forward a few years and we find him serving as executive director of the University of Nevada, Las Vegas’ International Gaming Institute.Bernhard was involved in the launch of the problem gambling centre while he was in graduate school, before stepping down to take over the UNLV role. He now heads a 38-strong team, which looks “to deal with any question, problem or challenge you may have about the global gaming industry”.“It’s interesting, because in every field we deal with, whether it’s policy, innovation, operation, whatever, the problem gambling issue pops up,” he points out.Bitter experience Having played that football match in 1994, Bernhard has been researching problem gambling for 25 years now. Travelling worldwide to meetings, conferences and symposiums, he admits to being amazed at how much it has grown. In May this year, UNLV held the world’s largest research conference on gambling, attracting more than 600 attendees from 35 countries.“It was a very happy moment for me to see how this field has grown,” he says. “As a teacher I really like that part of our mission, which is teaching people, who then teach others, who then grow the field, and I’ve been really excited to be part of this wave.”He picks out Dr Robert Custer as “the founding clinical father” and his protégé Dr Robert Hunter – one of Bernhard’s teachers – as the pioneers of problem gambling research and treatment. But as it becomes more global, he says, the importance of diversity has become more and more apparent.“The conversation in Asia on problem gambling is quite different from that conversation in Australia, which is quite different from the United States,” Bernhard explains. “And it reflects the culture: the US is more individualistic whereas Asia is more collectivist, and the conversation is informed by those cultural norms that we’re so familiar with in broader society, which play out in similar ways with problem gambling.”In his eyes, exporting a treatment that works in one jurisdiction or culture to another is a “real danger”. This isn’t just a viewpoint; it’s a lesson learned from bitter experience.“I was working with the South Korean government when it opened the Kangwon Land Casino & Hotel, which is the only casino on the Korean peninsula that allows locals to gamble,” he explains. “When they were doing that they obviously needed to create a problem gambling safety net, and I came armed with data from the National Council on Problem Gambling that showed telephone helplines were a solution.“We opened it up in South Korea, at great expense, and nobody called. What we started to learn was that, just as ‘what happens in Vegas stays in Vegas’ over here, what happens in the Korean family stays in the Korean family.“You don’t reach out to some stranger on the phone and start airing your dirty laundry, which is shameful to you, your family and your ancestors, reflecting this sort of more collectivist anthropological mindset, where people are part of this long line of family,” Bernhard says. “The last thing they are going to do is tell strangers about shameful things.”As he says, it wasn’t just a hunch that went wrong. The effectiveness of helplines, in the US at least, was backed up by extensive data.This, he argues, shows the importance of cultural sensitivity – “I know that’s a cliché,” he says – but it’s hard to disagree.For example, at May’s research conference, Japanese treatment professionals told delegates about how they incorporated a Buddhist mindset into treatment. In essence, this is a focus on mindfulness and meditation, with the problem gambler exploring their thoughts, and where the gambling urge comes from, to control it and avoid action on it.Essentially, the professionals were describing what would be called cognitive behavioural therapy (CBT) in the West. “But this Buddhist approach will work far better in Japan than me coming in wearing my white coat telling people I’m going to introduce them to CBT,” Bernhard says. “That would flame out and die.”His scepticism of ‘silver bullet’ measures extends to new controls such as voluntary limits and even emerging responsible gaming solutions, including affordability checks.“Even some of the noble intentions, such as affordability checks, may flag one person who may be in a very different situation to another who may also be flagged, and put them in the same box,” he says. “As a researcher I’m also concerned about the well-intentioned measures that may ultimately have a negative effect.”Read the second part of iGB’s interview with Dr Bo Bernhard here.To find out more about Responsible Gambling Week and the resources available, please visit the website Topics: Legal & compliance People RG Week special: Mapping the problem gambling maze, part 1 AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Online Gambling University of Nevada’s International Gaming Institute’s Bo Bernhard has been on the front line of efforts to understand problem gambling for 25 years. He tells Robin Harrison how a small, underfunded area of research has evolved into an issue debated across the industrylast_img read more

SKS365 names Alexander Martin as new chief executive

first_img Subscribe to the iGaming newsletter 13th December 2019 | By contenteditor Topics: People Strategy People Italy-facing retail and online gaming operator SKS365 has appointed Gauselmann Group executive Alexander Martin as its new chief executive, with former Sportingbet and Jackpotjoy Group CEO Andrew McIver named non-executive chairman. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwittercenter_img SKS365 names Alexander Martin as new chief executive Email Address Italy-facing retail and online gaming operator SKS365 has appointed Gauselmann Group executive Alexander Martin as its new chief executive, with former Sportingbet and Jackpotjoy Group CEO Andrew McIver named non-executive chairman.Martin previously spent four years with the German gaming giant, as chief new media officer and an executive board member, between 2014 and 2018. Before taking on those roles, he spent fifteen years as a management consultant for consultancy giant A.T Kearney.The SKS365 board said it was “delighted” that Martin had agreed to become its new CEO.“Alexander will be responsible for driving SKS365 through the next phase, building on the solid foundation and momentum achieved by the SKS365 employees under the current leadership team,” it said.“His expertise in retail, online, global strategy and leadership combined with his strong industry knowledge and energy, make him ideally suited to further accelerate SKS365’s growth.”Martin added that he was “honoured and proud” to become the business’ first permanent CEO since previous incumbent Ian McLoughlin stepped down in January this year.“With the team of professionals, we will work to improve our excellent market position by growing our product and customer experience,” Martin said. “I am delighted to factor all the experience that I gained in the field in a moment that is crucial for the company’s expansion.”The business’ new executive chair, McIver, joins following a two-year stint at Jackpotjoy – now renamed Gamesys Group – and seven years leading Sportingbet.“Andrew is a highly successful and well-regarded business leader who brings an unparalleled breadth of experience in leadership roles in the gaming industry,” the board said. “With his experience, expertise and vision, Andrew is uniquely qualified to support the management team to continue the exceptional growth of SKS365.”McIver commented: “I have built my career in the gaming industry and I am delighted to say that this role will afford me the opportunity to work with Alexander and his management team and play an instrumental part in the growth of this business at an exciting time in its history.”SKS365, via its PlanetWin365 brand, accounted for 5.7% of Italian online casino revenue in October, and 11.9% of combined retail and online sportsbook revenue. Regions: Europe Southern Europe Italylast_img read more

UK and US growth offsets Nordic struggles for NetEnt in Q1

first_img22nd April 2020 | By contenteditor Finance UK and US growth offsets Nordic struggles for NetEnt in Q1 NetEnt has put a 23.9% year-on-year increase in revenue during the first quarter primarily down to growth within the UK and US market, though the supplier said both Sweden and Norway continued to underperform. Email Address NetEnt has put a 23.9% year-on-year increase in revenue during the first quarter primarily down to growth within the UK and US market, though the supplier said both Sweden and Norway continued to underperform.Revenue for the three months through to 31 March 2020 totalled SEK518.0m (£41.8m/€47.4m/$51.4m), up from SEK418m in the corresponding period last year.NetEnt’s slot games were responsible for 90% of all gaming revenue during the quarter, compared to 10% from table games. Meanwhile, the UK was its single biggest market, contributing 19% to total revenue, ahead of the Nordic region on 18%.In terms of business elsewhere, the majority of its revenue came from the rest of Europe, with this making up 43% of overall revenue in Q1, while the other 20% of revenue came from the rest of the world.Though NetEnt did not provide exact figures for all individual countries, chief executive Therese Hillman singled out a number of markets where it saw growth.“Most of the growth came from the US and the UK, while developments in Sweden and Norway continued to be negative,” Hillman said. “Locally regulated markets accounted for 50% of group gaming revenue in the quarter.“The largest locally regulated markets for the group were UK (19% of gaming revenues), Italy (8%) and USA (7%). Sweden accounted for only 6% of gaming revenues, which is significantly lower than before the re-regulation of the Swedish market.”Looking at spending, and operating expenses for the quarter were up by 36.4% year-on-year to SEK398.4m. Personnel expenses jumped 10.5% to SEK140.3m, while depreciation and amortisation costs climbed 56.0% to SEK109.5m and other operating costs 56.9% to SEK148.8m for the quarter.NetEnt also noted that its earnings were hit by SEK26.0m in restructuring costs related to the integration of Red Tiger. Last month, NetEnt said that it had fully integrated the slot developer it acquired in September last year into its business.As the increase in spending surpassed revenue growth for Q1, this meant that operating profit dropped 5.6% from SEK126.1m in the first quarter of 2019 to SEK119.1m this year.Profit before tax also fell by 32.4% to SEK88.5m, and after paying SEK6.5m in tax – down from SEK10.7m last year – profit stood at SEK82.0m, down 31.8% from SEK120.2m in 2019.However, earnings before interest, tax, depreciation and amortisation (EBITDA) was up 16.8% year-on-year to SEK229.0m.Reflecting on the quarter as a whole, Hillman said although earnings were down, NetEnt put in place a number of organisational changes, and that these, coupled with the full integration with Red Tiger, would have a positive impact on financial performance from Q2 onwards.“The changes lead to a reduction in the workforce by approximately 120 employees, mainly in Stockholm, and are expected to result in cost savings of SEK150m starting in the second half of 2020,” Hillman said.“This means that we are increasing our estimate of potential synergies from the acquisition to around SEK250m annually, including revenue synergies.“Red Tiger keeps performing above our expectations with its award-winning games and the expansion to new markets continues. During the quarter, Red Tiger games were launched with customers on the regulated markets in Italy and Slovakia, and with large operators like Svenska Spel in Sweden and Sky in the UK.”Hillman also recognised the ongoing challenges related to the novel coronavirus (Covid-19) pandemic, saying it “has put the world in an exceptional situation, leaving nobody unaffected”. However, she added that the outbreak has not yet had an impact on the supplier’s financial performance.“The health and safety of our employees has the highest priority in the NetEnt Group, while we continue to work hard to secure a good development for the company both in the shorter and longer term,” Hillman said.“It is difficult to predict the effects of the Covid 19-situation on the economy in general and our sector in particular, but we believe that the underlying trend of digitalisation in gaming will continue and offer growth opportunities for NetEnt in the future.“So far, the financial performance of our business has not been negatively affected by the outbreak of Covid-19.”Analysts at Regulus also weighed in, saying while NetEnt improved its position in the UK and held its own in Italy, struggles in core markets such as Sweden and Norway are areas of concern. Regulus also pointed out that despite attempting improvements in the live dealer, slots are responsible for 90% of revenue.In terms of the impact of coronavirus, Regulus said a key development priority for NetEnt needs to be customer wellbeing as opposed to operational opportunities.Regulus said: “Q1 is still largely ‘pre Covid’, activity in Q2 will look very different from a financial perspective and needs to look very different in terms of corporate response.”center_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Tags: Online Gambling Topics: Finance Strategylast_img read more

Esports Entertainment secures NJ market access with Twin River

first_img Tags: Mobile Online Gambling Video Gaming AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Esports Entertainment secures NJ market access with Twin River Regions: US New Jersey 21st August 2020 | By contenteditor Casino & games Topics: Casino & games Esports Sports betting Video gaming Esports betting operator Esports Entertainment Group has entered into a multi-year partnership with Twin River Worldwide Holdings, that will see it enter New Jersey’s sports betting market.The operator plans to roll out a proprietary mobile app, which, when live, will enable consumers in the state to place wagers on a range of esports events.Currently, esports betting in New Jersey is only permitted by the state’s Division of Gaming Enforcement on a case-by-case. However, a bill filed by Assemblymember Ralph Caputo in January this year aims to ease these restrictions and allow betting to be offered alongside traditional sports.A637 passed the New Jersey Assembly in late July, and has progressed to the Senate, where it now sits with the State Government, Wagering, Tourism & Historic Preservation Committee.The partnership and subsequent launch are contingent on Twin River obtaining the necessary regulatory approvals to complete its acquisition of Bally’s Atlantic City Hotel & Casino in Atlantic City, New Jersey.Read the full stoy on iGB North America. Email Address Subscribe to the iGaming newsletter Esports betting operator Esports Entertainment Group has entered into a multi-year partnership with Twin River Worldwide Holdings, that will see it enter New Jersey’s sports betting market.last_img read more

Codere sets out standardised CSR strategy for all markets

first_img“The data on the incidence of risky behaviours show that there is no generalised social problem in relation to the gambling, while the figures available show there has been no growth in recent years, but rather a transformation of consumer preferences in some markets, as may be the case in recent years of a greater preference for sports betting or gambling online.” An action plan for player protection action plan, meanwhile, will see new training programmes launched across the business. Email Address This has then been used to collect and unify actions in each market into a single strategy, to minimise any negative impacts of its activities on society. It has launched with an number of broad areas of focus. First, it has committed to supporting “reasonable limitations” on gambling advertising, in order to protect the vulnerable and young people. This will be supported by its commitment to work with public and private bodies to promote regulations that help it prevent these at-risk groups from gambling.These efforts could impact its retail estate, for which a review is to be launched, encompassing the location of venues, their size and the types of gambling they offer, and how more can be done to reduce problem gambling rates. The business said it carried out “a meticulous listening and analysis exercise” to better understand the perspectives and demands of different stakeholders across multiple jurisdictions.  Southern European and Latin American gaming operator Codere has formed a new corporate social responsibility and responsible gambling strategy that aims to impose a standardised approach across all markets in which it is active. Chena’s counterpart for Europe Alejandro Pascual added that the industry’s “overexposure” – a consequence of widespread advertising – had created a negative perception of gambling, though one without any scientific basis.  Topics: Social responsibility CSR Responsible gambling The operator will also implement and constantly monitor responsible gambling controls, with its programme structured around the pillars of prevention, awareness, detection and management of risky behaviour. This will be managed by an institutional relations committee, headed by CEO di Loreto, will now be in charge of implementing and monitoring the plan.  During the period it saw its European operations recover, though with novel coronavirus (Covid-19) restrictions still in place across much of Latin America, revenue from the continent fell sharply. The new CSR strategy follows last week’s publication of the operator’s third quarter results, which revealed a 58.4% year-on-year decline in revenue. “Our sector makes an important social contribution in terms of job creation and tax contributions to the public coffers,” Bernardo Chena, regional manger for Codere LatAm said.  “Codere continues to evolve through dialogue with the market, responding to its demands based on its pillars of integrity and transparency,” Group chief executive Vincente di Loreto said. “Our goal as a company is to create value, sustainable and responsible.  Finally, it will look to challenge misconceptions about gambling and improve the industry’s image, by promoting and circulating objective studies that reflect the sector’s “true image”.  18th November 2020 | By Robin Harrison This, he said, was something Codere must work to address, by implementing best practice standards of player protection and talking about its broader sustainability efforts. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Tags: Codere CSR “To do this, we must connect with the expectations of our audiences, and factor their concerns into our processes,” he explained. “With this CSR Plan, we are taking a further step in our responsible management with the aim of mitigating the main social concerns regarding the industry and being leaders in promoting responsible gaming.” Regions: LATAM Southern Europe Italy Spain Codere sets out standardised CSR strategy for all markets Subscribe to the iGaming newsletterlast_img read more