Clients Fume as Betfair and Paddy Power Betting Sites Crash

Millions panic over their betting accounts as Betfair and Paddy Power website crash. The two betting companies’ sites experienced technical hitches. Clients who could not use the sites complained about the issue on Twitter.

 

A message posted on the Betfair site apologized for experiencing technical issues with their website. The message further notified clients that the company was working to resolve the issue. A client tweeted to Paddy Power that he was unable to access his account and inquired how long it would take to resolve the issue.

 

Another one wanted an answer as to when the website and the app would resume functioning. The two giant Betting firms have now confirmed that their sites are functioning as usual. A Betfair spokesperson tweeted that the site was up and running smoothly. The spokesperson further apologized for any inconveniences caused.

 

A different tweet not only apologized to the clients for the crash, but it also explained that the firm would not be held liable for bets that would have been placed by customers at the time of the website crash. Likewise, Paddy Power took the same bold initiative on Twitter to affirm that they were aware of the technical glitches affecting their site.“We are doing our best to make sure things are back to normal with our site; we will update you on our progress.”They later confirmed that their site was up and running.

 

The tweet sincerely apologized to their clients for the inconvenience caused by the technical glitch. A Paddy client was bold enough to ask for €1000 free bet just before the crash after noticing some issues with the betting site. Betfair also wrote that they were experiencing issues with their website across all their products.“The issue is currently being looked into. We will rectify it as soon as we can. We apologize for the inconveniences caused by the technical glitch. Betfair and Paddy Power merged in September 2015 after agreeing to their terms of operation. The result of the merge was that Paddy Power shareholders would own 52% of the business and Belair shareholders would own 48% of the company. The merger was officially completed in February 2016.

 

Two months later, in April, the firm made a shocking announcement about the loss of 650 jobs both in Ireland and the United Kingdom. The firm, currently with a different face, is among the businesses listed on the London Stock Exchange. It still maintains distinct and separate brands in Italy, the UK, and Ireland. At the moment, its operations cut across four divisions: retail, online, the United States and Australia.

 

The online sector comprises Ireland’s and UK’s Betfair and Paddy Power. Betfair’s operations include an online betting exchange. The two firms combined to operate over 600 street retail shops in Ireland and the United Kingdom. Last year, the firm’s revenue grew by 13% from the previous year to a whopping €1.745 billion. At the same time, the operating profit went up by 19% to €393 million. The figures were made public in March. At the same time, the firm announced that Europe’s platform integration was successful by January 2018 and is now focused on evolving customer-facing products.

 

The firm further announced that it would invest an extra €20 million in customer propositions and market this year to boost their brand in the United Kingdom and the Betfair brand in the global markets.

Responsible Betting Key in LeoVegas’ Bid for License to Operate in Sweden

LeoVegas, a mobile-focused online betting firm, has confirmed that its application for a license that will see it offer sports betting and casino in its native country of Sweden. The move is part of its expansion efforts in the industry and responsible betting.

 

Beginning January 1, 2019, Sweden will become a licensed betting market. In line with that goal, the country started an application process ahead of the record restructuring of its gambling laws.

 

LeoVegas is seeing the Swedish market as an important element in its efforts to achieve 2020 financial targets. Its goal is to realize a revenue of at least €600 million and EBITDA of €100 million and above.

 

Considering the mounting pressure on betting firms to adopt responsible betting, LeoVegas has adopted the issue and turned it to an advantage. It is now differentiating itself through the commitment to responsible betting. The efforts have been profitable as they have positively impacted revenues – in the second quarter of the of the year, the company’s Net Gaming

 

Revenue (NGR) from the regulated markets accounted for 39% of its total NGR.

Responsible betting is a great opportunity to localize a firm’s offering and become more relevant to the region. Through it, more marketing channels are created while the customer experiences are improved. LeoVegas is positive about the extensive guidelines required for responsible gambling that Sweden regulating market will offer. Commenting on the firm’s application, Gustaf Hagman, the group’s chief executive officer said, “ LeoVegas has always had a focus on this area and it is something that it welcomes.”

 

In the Swedish market, LeoVegas will be fronting LeoSafePlay, its responsible gaming platform. It is operated as a stand-alone business to ensure that it has an undivided focus on growth and implementation of market trends in the responsible gambling field. It seeks to use upcoming technologies such as artificial intelligence and machine learning to offer the best experiences for the next generation of gamblers.

 

The firm is hopeful that the application will be successful. That way, it will have an opportunity of advancing its culture, offering the best gaming experience for people betting in its home country, and ultimately increasing NGR from regulated markets. In the long run, the firm will generate more of its NGR from the regulated markets which are viewed as prohibitive by a majority of other industry players.

 

Hugman revealed that LeoVegas has been eyeing the Swedish market. He said, “While it has been known for some time that Sweden is introducing a local license system, it is very exciting to formally submit an application and that is something we have been looking forward to for a long time.”

“Sweden becoming a locally regulated market is a milestone for the country, the industry, and LeoVegas.” He stated.

 

“Now for the first time, everyone can compete on equal terms in a regulated environment, where responsible gaming is a very important part,” he continued indicating the importance that the Swedish betting market will have.

 

He expressed optimism by saying, “We believe we have great opportunities gaining market shares in the Swedish market. LeoVegas is a company that operates in several regulated markets and thus has the right tools and knowledge to create sustainable and strong growth.”

 

The UKGC Rolls Out Better Gambling Protection Rules

The United Kingdom has been consistently hailed as a role model for online gambling licensure and regulation. Some gaming professionals are however of a different view. This is because most companies have in the recent past violated the various laws, rules, and regulations that govern gambling.

 

Some of these violations include those stipulated by the Advertising Standards Authority and the United Kingdom Gambling Commission. Examples of these violations include running misleading advertisements, targeting children who are not mature enough to gamble, and placing unnecessary restrictions on the withdrawals of earnings.

 

These violations have led to public outcries from various quarters. Most gamblers have complained of misleading bonuses and adverts. Most parents have also expressed concerns that their children have been unnecessarily bombarded with undesirable advertisements.

 

In response to these complaints, the United Kingdom Gambling Commission has put in place measures that are geared towards rectifying these problems. It has subsequently announced the introduction of new rules that gambling firms shall have to abide by starting from October 31st, 2018.

 

These rules and regulations are largely geared towards safeguarding the interests of the consumers especially from those adverts that are deemed misleading. They are also meant to shield the vulnerable segments of the population from undue exploitation and deception.

The most significant aspect of these restrictions is stiffer penalties on the companies that violate these regulations. Additionally, the gambling commission shall have the powers to enforce the new laws which shall also include the ability to impose hefty penalties on those operators that breach the prevailing advertising rules.

 

Further to these, the gambling operators shall be required to resolve any complaints that arise internally. They shall do so within an eight-week window. In case this window elapses without the dispute having been conclusively dealt with, the third-party shall be free to bring the said issue to an arbitration body.

 

The commission had these to say about the new regulations: “We will now have the teeth to deal appropriately with all the emerging issues. We shall particularly deal ruthlessly with the firms that tend to glorify gambling. We shall also be unforgiving to those gambling operators that tend to target children and other vulnerable persons in the society.”

 

Other than these, the commission has also put in measures to make it easier for the gamblers to receive their dues. It has lifted the cumbersome withdrawal restrictions that most operators put in place to prevent their gamblers from receiving their incomes. The same case shall apply to unsolicited commercial e-mails.

 

Neil McArthur, the Chief Executive of the Gambling Commission, had these comments to state:

“It is our utmost priority to shield the interests of the consumers. The same has to apply to the gambling operators. The changes we have instituted shall offer added protection from irresponsible adverts and misleading promos. They shall also see to it that gamblers withdraw their incomes faster and smoothly.”

 

These measures shall undoubtedly inflate the costs of doing business. However, they are also beneficial to the gambling operators. They have the impact of instilling confidence on the gamblers. This has the attendant positive impact of increased revenue inflows and income of the operators.

 

Yggdrasil Enters the Competitive Betting Market

Yggdrasil, a leading platform and games developer, is set to make an entry into the heavily-regulated online casino market of the Czech Republic. It is set to supply contents to the Tipsport licensed operator.

 

At the moment, the company services around 1,000 retail points of the Tipsport bookmarker. It anticipates growing its online footprint after entering the online market of the Czech Republic.

 

After its grand entry into the market, the company expects to unleash its full array of online games. This development is anticipated to improve the fortunes of Tipsport online casino. It plans to use the BOOST promotional tool to achieve this noble objective. It also plans to drive engagements through the in-game tournaments, missions, and cash races, among other intervention measures.

 

While revealing these strategies, Fredrik Elmqvist, the Chief Executive Officer of Yggdrasil had the following to say:

“In February this year, we entered into an agreement to enter the Spanish market. This is one of the fastest-growing markets of the European Union. It is also one of its most exciting jurisdictions. This day, we are officially declaring our official partnership with the Czech Republic’s Tipsport leading brand.”

 

He further went to state: “As part and parcel of our overall strategy, we are devoted to the expansion of our regulated market footprint. In case we have a feeling that an environment suits the goals and aspirations of our promotional tools and leading games, we shall gladly enter it in partnership with other like-minded stakeholders. We are hereby pretty excited to be nurturing a long-term partnership with Tipsport from now henceforth.”

 

Jakob Lorentzon, the Head of Online Casino for Tipsport, had these to say: “We are greatly pleased to be entering an alliance with a very innovative and dynamic business entity of Yggdrasil’s caliber. The games it deals in perform very well, on average, in the heavily-regulated markets. We are subsequently looking forward to providing our expanding customer base those games and other products.”

He further went on to add: “We have had a very busy first half of the year. We have signed deals with Intralot, a global gaming operator as well as lottery solutions innovator. The content platform of the company has been certified to operate in Spain. The agreement allows the company to supply deals with other like-minded online operators like the 888 Holdings Plc, Global Gaming, Lottomatica, and Stanleybet, among others.”

 

The new gambling legislation which was approved by the Czech Republic in 2016 and which took effect from January 1st, 2017 is likely to impact the gambling business considerably. This new piece of legislation grants foreign-based operators the leeway to obtain gambling licenses in the republic for the first time.

 

Some tangible fruits have already started showing up in response to this move. For instance, the online regulated gambling market brought in some €1.58 billion in gross revenue in the trading period ended December 2017. In the same duration of time, the online market contributed a whopping €380 million to the Czech economy. It would be interesting to see how far these positive impacts are likely to last.

 

Paddy Power Betfair and Boyd Gaming get into a Strategic Agreement

Paddy Power Betfair has again proved to be on the forefront establish a strong foothold in the U.S sports betting markets. Paddy Power Betfair is a betting company based in Dublin and Ireland, but it is now operating in U.S markets with sister companies such as FanDuel.

 

It seems Paddy Power Betfair team had prepared a beast marketing strategy to give them the top-notch spot in the sports gambling markets in the U.S. Paddy Power has been moving in the U.S markets more aggressively than all other online casinos. The UK bookmakers have recently made another significant move by announcing a strategic partnership between Boyd Gaming and FanDuel. It was a win to win situation for both companies type of agreement where while working together they will dominate the U.S bookmarking markets primarily in the sports betting and online gaming fields.

 

FanDuel is a popular U.S online fantasy sports betting website. In May 2018 Betfair US purchased 61% shares of FanDuel total shares plus an option to keep on increasing more dividends percentage up to 80% in 3 years or to 100% in five years period. Therefore when Paddy Power Betfair struck another deal with Boyd Gaming via FanDuel they opened up for doors to successfully capitalize on the sports and online betting all over U.S. Boyd Gaming is one among the biggest multi-state casino companies in the U.S that owns more than 29 casinos in 10 states while FanDuel has over 8 million customers across 45 states in America. Boyd Gaming stakes shot up to 1.7% at 36.79 on that day’s stock market.

 

Terms and conditions binding their agreement subjected to state laws and regulatory board approvals affirm that FanDuel will provide technology and other related services to operate all online and sports betting sites that are under Boyd Gaming platforms. Financial analysts and other stakeholders have a strong positive feeling that the deal would have secured a long-term solution of running the largest sports betting and online gaming services.

 

The Chief Executive Officer of the FanDuel group, Matt King, said that “There is incredible momentum in the sports betting space and we look forward to partnering with Boyd Gaming to bring the FanDuel Sportsbook to more customers across the United States.” This partnership will greatly help FanDuel solve the problem of its accessibility in different states. Despite that the supreme and other state courts legalized sports betting and online gaming, bookmakers still have a big challenge in getting operational licenses from many states governments. By partnering with Boyd Gaming, Fanduel will joyride on the advantage that they will be operating across all current and future states that Boyd Gaming will have its footprint.

 

The Chief Executive Officer of the Boyd Gaming group said that “we will be positioned to build market-leading sports-betting and online gaming operations in each state as they move forward with these new forms of entertainment. We will also see immediate benefits from our cross-marketing agreement with FanDuel, introducing millions of FanDuel customers to Boyd Gaming’s properties nationwide.” Boyd Gaming will be offered with technical know-how and resources that will run gaming and betting operations in a more user-friendly in return for providing them with market accessibility.

 

In short, this deals allows Boyd Gaming run their online gaming and sports betting websites on using FanDuel’s technology while in return they let FanDuel operate its own online gaming services in all states where Boyd Gaming have or will have a license of operation with an exemption of the Nevada state.

 

Wagering Sports Betting Causes Optimism to Giant Gambling Firm

Paddy power Betfair has scaled its revenue up to a tune of 7 percent reaching to 867 million pounds in a bare six months ending at June 30th. According to interim results, the gambling giant registered underlying earnings of 217 million pounds in constant currency terms scaling up by 1 percent.

 

Before tax, profits were up by 4 percent reaching 106 million pounds in the half year period. The CEO affirmed that the firm had made significant milestones against its strategic priorities. He further added that trading through the second quarter was good and the firm boasted of busy and successful months. He, however, confirmed that the double-digit growth was as a result of contributions from all brands and the various firm’s operating divisions.

 

Individually, different operating divisions showed a correlation in individual revenue increase with Australia registering a 19 percent increase and the United States 20 percent, all during the second quarter. This was despite the headwinds experienced in both the US and Australia. However, the gambling giant disappointed investors as it missed its projected six months revenue growth. Alistair Ross, an analyst at Investec, termed the performance as a ‘’solid miss’’.

 

Talking to the FTSE, the firm’s CEO claimed that the full-year projection was partly influenced by changes in the tax regime changes effected in Australia as well as the 770 million dollar takeover deal with US sports company FanDuel.

 

Despite missing the half year 9.9 percent revenue projection by a big lag, the firm managed a 13 percent increase in revenue in the second quarter. According to Ed Monk, a director at Fidelity Personal Investing, Paddy Power Betfair is bound to gain from the already opening betting markets in the United States. He further affirmed that through its expansion of FanDuel site, pricing of shares rose and investors now expect to realize a rise in operational performance and subsequent growth in the market share onwards.

 

Experts in the firm have further given an expectation that the earnings before interest, taxation, depreciation, and amortization should lie between 460 million pounds and 480 million pounds prior to the impact caused of US betting. This is as a result of a recent reflection in the trading stance with an overwhelming anticipated performance in gaming. This is after an offset by prolonged weakness in horse racing revenues, Australian taxes impact, and an increase in product fee as well as the addition of the FanDuel fantasy sports in the firm’s operation.

 

Looking at the agreement between Paddy Power Betfair and FanDuel in July, the gambling giant is expected to offer more daily fantasy games-which will open the market enormously. The firm’s CEO affirmed. He continued to assert that FanDuel has created a large online business portfolio after entering an agreement with Boyd Gaming. The firm is expected to cover an extensive national stretch including New Jersey. This was possible after a Supreme Court ruling allowing individual states to come up with their own independent betting laws. Additionally, the CEO has confirmed that the firm is now better-positioned in-terms of visibility and regulatory of fiscal changes stretching across the UK, US, and Australia. In this respect, the company is expected to build a sustainable business position that will guarantee shareholders good returns over a long time.

 

According to the company, the key ways of surviving the wagering market in the US is by ensuring brand recognition from the widely stretched customer base, ensuring market access and investing substantially in the operating capabilities of the firm. It is important to note that significant optimism has been realized by the company owing to the largely wagering sports markets in the US.

 

England: Top Two Divisions Professional Football Clubs Sponsored by Betting Firms Rise

The upcoming football season will see almost 60% of soccer teams in England’s top two divisions engage in sport gambling-related advertising. In a report that was recently released, 17 out of 24 teams in the Champions League and 9 of the 20 teams in the Premier League will be sponsored by gambling companies.

 

Following the report, problem gambling experts have termed the relationship between betting and sports as disturbing and worrying. The United Kingdom has recognized the detrimental effects of problem gambling and gone ahead to enact measures that will deter gambling-related advertising. However, authorities have remained silent sports sponsorship and the effects it can have on betting.

 

According to a report that was recently published by the United Kingdom Gambling Commission, 430,000 people are classified as problem gamblers while another two million are at risk of becoming problem gamblers. Considering that the country has 65 million people, problem gambling is one of the country’s major challenges as it has affected a large proportion of the people.

 

The Gambling Commission also found out that 370,000 children of between ages 11 and 16 gamble at least once in a week. 25,000 of these children are problem gamblers.

 

As the sponsorship of professional football by betting firms increases, Sky Bet which is the gambling entity of Sky Betting & Gaming has continued to sponsor three of the English Football League (EFL) divisions. In addition, it has a huge presence in the Championship League. Its domination in sponsorship of England’s professional football and the effects it is having on football fans has remained a concern to the gambling addiction charities in the UK.

 

Britain’s online gambling industry is one of the most liberal and largest in the world. Last year, it generated a record £14 billion in revenue. Sponsoring professional football is one of the gambling firms’ strategies for increasing revenue.

 

Gambling experts have raised over the issue indicating that the relationship between gambling and professional sports was getting out of control. While commenting on the situation, Gambling Watch UK’s representative Professor Jim Orford said that the nation was in a worrying state. He indicated that there was evidence that gambling was becoming “normalized” in the country.

 

According to him, young people are the most affected and are increasingly developing a perception that “betting is part and parcel of following and supporting one’s favorite sports or team.”

 

Professor Orford expressed concern that free-to-play social media gambling is becoming popular among young people as players are encouraged to purchase virtual goods as part of their betting experience. Football has remained the most popular spectator sport in the UK over the years. As a result, more families are now attending matches every week or watching them from their homes. The increasing entry of betting firms in the professional football industry has led more gambling advertisements in each game.

 

Marc Etches, CEO at GambleAware commented that the society is having a generation of fans that believe for them to enjoy a football game they must place a bed. “Watching football and having a bet is becoming normalized but we’re not talking about it,” he said.

 

The EFL opined that sponsorship by gambling firms made a significant contribution to realizing financial stability in professional football. It, however, added that it is working with betting firms to ensure a “socially responsible” relationship between professional football and gambling is created.

[bctt tweet=”Share on Twitter” username=””]

This is a test for Expert Roundup

Lorem Ipsum is simply dummy text of the printing and typesetting industry. Lorem Ipsum has been the industry’s standard dummy text ever since the 1500s, when an unknown printer took a galley of type and scrambled it to make a type specimen book. It has survived not only five centuries, but also the leap into electronic typesetting, remaining essentially unchanged. It was popularised in the 1960s with the release of Letraset sheets containing Lorem Ipsum passages, and more recently with desktop publishing software like Aldus PageMaker including versions of Lorem Ipsum.

Casino Industry Secretly made a Huge Donation to Institute of Economic Affairs

The casino industry made a huge £8,000 donation to the Institute of Economic Affairs. This was to allegedly sway the findings of the report which subsequently called for the current ban on the establishments of extra casinos be lifted.

 

IEAIt is alleged that the senior members of the National Casino Industry Forum met the authors shortly before they released the final draft of the report. They also received feedback and briefs of the report before they were finally released to the public.

 

In its final form, the report did not include any references to the owners of casinos who eventually made the said donation. This is notwithstanding the fact that the National Casino Industry Forum did indeed confirm having made the stated donation.

 

This report called for the scrapping of the limits that currently exist on the establishment of newer casinos. In particular, the report called for allowing middle-sized towns and cities be allowed to accept the establishments of newer casinos.

 

In reactions to these allegations, the Institute of Economic Affairs argued that several people and institutions outside the body had been privy to these reports. It also denied any likelihoods of such previous access influencing or swaying the final outcomes of the report.

 

These revelations came to the fore courtesy of the initiative of the Guardian newspaper. This newspaper had revealed how the said Institute had facilitated access to senior government officials. In particular, the said body had organized an an-hour long meeting between US investors and Steve Baker, who at that time was the Brexit minister.

 

Many members of the British public have expressed anger and dissatisfaction with these revelations. Many have persistently asked whether the institution and its outcomes have been compromised. They have also cast doubts over the credibility of the results and their findings.

In light of these, they have called for an in-depth investigation into the activities of the Institute of Economic Affairs. They have particularly narrowed down to the latest findings with the aim of ascertaining whether they are indeed credible or not.

 

Several persons and institutions have stepped in to solve the menace. The Charity Commission and Ms. Alice White have gladly taken up the challenges. The commission aims at determining whether there was a breach of the existing charity laws. Ms. Alice White, on the other hand, wants to know whether the Institute of Economic Affairs overstepped its boundaries as it compiled its report.

The director of the Institute of Economic Affairs, Mark Littlewood, has also confided to an undercover investigator that its clients have the abilities to fund and shape substantial contents considerably. This investigation was spearheaded by the Unearthed which is a part of the Greenpeace.

 

Labour Party also alleged that the Institute of Economic Affairs had carried out extensive lobbying as well as controversial political campaign activities to pursue specific policy goals. These it says, went well beyond the purview of its objectives as an ‘educational charity.’

 

Despite the overwhelming evidence, the Institute of Economic Affairs denied any involvements in foul play. Its director categorically stated that donors had no leeway influence the final outcomes and conclusions of the research findings. He went on to state that his institute has no apologies to make for educating politicians and other persons in the highest levels of government.

 

Brand New Advertising Rules Imposed on Gambling Operators

The gambling industry is taking a toll on the British society. This is with regards to findings that was deduced by the joint Competition and Markets Authority (CMA) and the Gambling Commission committees. These findings deduced that online gamblers were hardest hit with the menace.

 

Most members of the British society have lodged complaints with the UK regulatory watchdog. Indeed the watchdog has received countless complaints from the members of the public. They have particular raise issues with the fact that the government failed to deal conclusively with the £100-per-spin fixed-odds betting terminals. These two terminals jointly earned a whopping £1.8 billion a year for the bookies.

 

As a response to these complaints and criticisms, the government has instituted harsh reactions. These restrictions mainly govern the kinds of persons they might impact as well as the number of persons they may possibly reach.

 

It came up with these stringent measures after holding a thorough and inclusive consultative forum with the various stakeholders in the field of gambling. These include the various betting firms, consumer watchdog agencies, and representatives of gamblers.

 

To make these resolutions a reality, the UK gambling commission has issued several directives to these effects. It has made it simpler for gamblers to redeem their deposits in the event that the gambling company concerned is found guilty of violating the laid down rules of engagement. This directive shall take effect officially on 31st October 2018.

 

Also, the betting firms that are found guilty of breaching the laid down codes of conducts that face heavy fines. Some of the most critical areas that will attract these heavy fines shall be adverts that target small children, those that tend to make gambling appear glamorous, those have misleading information and those that tend to encroach into the personal space and privacy of consumers. This Directive shall also apply to the third party marketing firms like the marketing agencies.

 

Over and above these fines, the gambling commission has also imposed an eight-week cap on the resolution of all disputes. This is to minimize the tension that generally builds up whenever such issues arise. It will also guarantee a speedy resolution of the said issues and ultimately confer greater inconveniences to the consumers.

 

A couple of betting firms have already arrived at their way-forwards as regards these new developments. Ladbrokes, BGO Entertainment, William Hill, and PT Entertainment have already indicated that they will alter their rules of bonuses. They have stated that they will revise the way in which they issue their bonuses to be consistent with the new regulations.

Brian Chappell, the founder of the Justice for Punters, had these to say:

‘It is interesting to note that the Gambling Commission has finally conceded the fact that gamblers require tighter regulatory frameworks. It is not possible to state with absolute certainty that these regulations will truly achieve their desired ends at the moment. The truth shall become clearer only with time. Let’s wait and see if these regulations shall bring about far-reaching repercussions. Even though this directive is not comprehensive, it is nonetheless highly welcome.’