Tag Archives: point of consumption

Gambling Commission reviewing point of consumption licensing

The point of consumption licensing introduced in 2014 is being reviewed by the Gambling Commission to check its effectiveness. Speaking to the All-Party Parliamentary Group on Betting and Gaming at Westminster on Wednesday, the regulator’s CEO Sarah Harrison revealed that the Commission is looking again at the general framework to see how it is functioning and whether any improvements can …

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Is the betting market prepared for the rise of The Sun?

This summer’s Euro 2016 Championships has seen a glut of new sportsbook announcements, but few are as intriguing as the plans between The Sun newspaper and Australian operator Tabcorp to launch Sun Bets. The UK market is no stranger to attempts by octogenarian media mogul Rupert Murdoch to leverage the pre-eminent position of his business interests in the UK media …

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£4.8m point of consumption bill blunts 32Red’s record growth

Gaming operator 32Red has posted a record revenue performance for 2015 with a 52% increase in net gaming revenues for the year – however its figures have been blunted by a £4.8m point of consumption tax bill. The firm saw 35% increase in its core 32Red revenues to £41.7m, a 54% jump in its Italian business to £1.7m and a …

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Betfair – Paddy Power merger on course for Q1 2016

The merger between Paddy Power and Betfair is all set to be completed early next year, according to Betfair CEO Breon Corcoran. During the exchange operator’s half year results, the company confirmed that all relevant regulatory filings have been submitted and the merger is on track for completion in Q1 2016, subject to shareholder and regulatory approval Betfair appears to …

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32Red takes encouragement from underlying performance

A £2m bill for the UK’s Point of Consumption Tax and an increase in marketing in Italy has put a dent in 32Red’s profits despite the online gaming firm’s improved underlying performance. The company has reported EBITDA of £1.2m for the first half of the year, compared to £2.3m in H1 2014, with profit before taxation plummeting to £100,000 from …

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888 reports strong momentum in sports betting

888 Holdings has seen like for like revenue increased by 9% to US$244.9m for the first half of the year, helped in a small part by a strong performance in its fledgling sports betting business. Adjusted EBITDA at the firm decreased by 17% to US$40.9m, but the firm has billed this as an impressive result given the introduction of UK …

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William Hill cites tax increases for £21m drop in profits

William Hill CEO James Henderson has described the past six months as a period of ‘significant regulatory and taxation change for the industry’ as the bookmaker reported a 30% drop in profits after tax to £69.5m. Despite group net revenue marginally growing, even against 2014 World Cup comparatives, operating profit dropped 12% to £155.7m for the first half. Group net …

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888 delivers record breaking 2014 performance

888 Holdings has announced ‘another record-breaking year’, as the operator posted its 2014 full year performance, with reported growth on all top line metrics. The igaming operator was able to record revenue increases in both of its key product divisions, as B2C saw a 11% jump to $391 million (FY 2013: $352 million) and B2B increased 32% to $64 million …

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Warwick Bartlett on tax – The Only Way is Up

 Warwick Bartlett, CEO of Global Betting and Gaming Consultants, discusses how government’s approach taxation means that rates are more likely to go up than down. The most pleasing sight at ICE 2015 was to see some of the younger companies which two years ago took the smallest booths are now spending upward of £250,000 on impressive stands.  Such companies have …

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Point of consumption transition gone ‘pretty smoothly’

UK Gambling Commission CEO Jenny Williams believes that the transition to the UK point of consumption licensing has gone ‘pretty smoothly really’. In an interview with John Hagan of the Harris Hagan law firm at ICE, Williams revealed that the regulator now believes it has total coverage of the UK market. She said: “Nearly all the 150 plus overseas operators …

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