As Brazil prepares for the launch of its regulated betting market on January 1, 2025, the government has implemented pivotal measures to transform the gambling landscape. The approval of 71 federal licenses for online betting operators and the establishment of a dedicated task force to address gambling-related issues demonstrate a focus on economic development alongside social responsibility.
Licensing Milestones in Brazil’s Gambling Sector
The approval of federal licenses marks a key step forward for the Brazilian betting industry. Out of 114 applications, 71 companies have progressed to the next phase, with 16 operators already fulfilling the R$30 million (US$5 million) concession fee requirement. This initial round of fees has generated R$480 million (US$80 million) for the Ministry of Finance.
According to Regis Dudena, head of the Secretariat of Prizes and Betting (SPA), stringent standards have been applied throughout the licensing process. “Starting January 1, all companies operating within Brazil must be incorporated under national law,” Dudena noted. “This will ensure full transparency about company ownership, beneficiaries, and leadership.”
Launched in May, the licensing process requires operators to verify their financial standing, provide clean criminal records, and comply with sports integrity standards. Only after obtaining certifications for betting systems and paying the concession fee are operators fully authorised to operate. Industry leaders like Superbet have already secured critical certifications, solidifying their compliance with cybersecurity, fairness, and anti-money laundering standards.
Despite the enthusiasm, not all operators are on board. Prominent names such as Betway and Vera&John have exited the process, citing concerns over the market’s profitability. Meanwhile, global players like Flutter Entertainment view Brazil as a strategic growth market, with analysts predicting its market share could expand significantly in the coming years.
Efforts to Eliminate Unauthorised Operators
The SPA has aggressively targeted illegal betting operations, shutting down over 5,000 unauthorised websites since the October 1 licensing deadline. In collaboration with law enforcement and telecommunications regulators, further action is planned to enforce compliance and protect the nascent market.
However, the transition to a fully regulated market is not without challenges. Some operators have exploited regulatory loopholes by exceeding permitted domain limits or submitting fraudulent taxpayer documentation. The SPA has pledged to remain vigilant in addressing such issues to uphold the integrity of the market.
Tackling Gambling Addiction Through Government Collaboration
To address the societal risks linked to gambling, Brazil’s federal government has established the Interministerial Working Group on Mental Health, Prevention, and Harm Reduction of Problem Gambling. This initiative brings together representatives from key ministries—including health, sports, and finance—to develop strategies for minimising gambling-related harm.
Key responsibilities of the group include:
- Creating educational campaigns to raise awareness about gambling addiction.
- Designing mental health support initiatives for affected individuals.
- Establishing regulatory guidelines to encourage responsible practices among operators.
- Strengthening prevention and treatment programmes to address the social and psychological impacts of gambling.
Over the next two months, the task force will meet biweekly to draft recommendations aimed at safeguarding vulnerable populations while fostering a healthier gambling environment. Experts warn that the rise of online betting, if left unchecked, could intensify addiction-related challenges.
Challenges and Future Goals
While Brazil has made significant strides in regulating online betting, the legislative framework for land-based casinos and bingo halls remains in limbo. A critical bill addressing these sectors has been postponed, with discussions pushed into 2024.
Despite these delays, recent government actions signal a strong commitment to establishing a fair and transparent gambling market. Licensing rules now mandate that operators implement measures to prevent problem gambling and operate with greater accountability. Revenue generated from betting taxes is being earmarked to fund mental health services and social welfare programmes.
Public education will be crucial to sustain this progress. Continued awareness campaigns are needed to inform bettors about the risks of gambling while ensuring operators adhere to the highest standards of compliance.
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Gambling.com Group has announced its agreement to acquire Odds Holdings, the parent company of the sports betting odds comparison site OddsJam, in a deal worth up to $160 million. The acquisition, which marks a significant milestone for Gambling.com Group, aims to expand its reach in the sports betting and online gambling markets.
Deal Structure and Financials
The agreement involves an initial payment of $80 million, with the possibility of an additional $80 million based on Odds Holdings’ performance through 2026. The transaction includes $70 million in cash and $10 million in Gambling.com Group shares as part of the initial payment.
To facilitate the deal, Gambling.com Group secured $100 million in debt financing from Wells Fargo, boosting its credit facility. The performance-based contingent payments require Odds Holdings to double its adjusted EBITDA by 2026, with the option to pay up to 50% of this amount in company shares.
A Technological Edge
OddsJam, the flagship brand of Odds Holdings, delivers real-time sports betting odds through its consumer-facing platform and app. The platform is also a leader in providing low-latency odds data to enterprise clients, making it a highly sought-after tool for sportsbooks and developers.
Gambling.com Group highlighted OddsJam’s advanced technology, which processes over one million requests per second and handles multiple terabytes of data daily across nearly 300 sportsbooks. This acquisition will enable Gambling.com Group to offer innovative enterprise products while diversifying its revenue streams.
Expanding Global Reach
Gambling.com Group plans to leverage its existing partnerships and expertise to scale the OddsJam platform, extending its reach to new markets beyond North America. This move aligns with the company’s goal to achieve $100 million in annual adjusted EBITDA.
In 2024, Odds Holdings is projected to generate $26 million in revenue and $12 million in adjusted EBITDA. Gambling.com Group expects this acquisition to accelerate growth by at least 20% in 2025 under its management.
Team and Integration
The Odds Holdings team, including founders Ankit Goyal and Alex Monahan, along with CEO Matt Restivo, will join Gambling.com Group. This integration aims to combine OddsJam’s cutting-edge technology with Gambling.com’s industry expertise and global network.
“We’re excited to welcome the talented team from Odds Holdings to our group,” said Charles Gillespie, co-founder and CEO of Gambling.com Group. “Their advanced technology and products bring tremendous value, allowing us to expand into new revenue streams and strengthen our leadership in the online gambling industry.”
Matt Restivo, CEO of Odds Holdings, echoed the sentiment: “By joining forces with Gambling.com Group, we’re poised to scale our technology and data-driven solutions, reaching an even broader audience of online bettors globally.”
Looking Ahead
This acquisition represents Gambling.com Group’s latest strategic move in expanding its industry presence, following recent purchases of RotoWire, BonusFinder, and Freebets.com.
The deal is expected to close on 1st January 2025, pending customary regulatory approvals, and will immediately contribute to the company’s financial performance.
Gambling.com Group’s strategic acquisition of Odds Holdings is not only a testament to its growth ambitions but also a bold step toward reshaping the landscape of sports betting technology and affiliate marketing.
Government’s Online Gambling Regulation Plan
The New Zealand government has unveiled its plan to regulate the online gambling industry, sparking concerns among local casino operators. The proposed framework includes issuing 15 licenses for online casino operators, with these licenses to be auctioned to the highest bidders.
This move comes alongside the National Party’s campaign promise to impose a 12% gaming duty on gross betting revenue for offshore online casino operators. Closing this tax loophole is expected to generate $179 million annually over four years, totalling $719 million. However, with approximately double the number of operators currently active in New Zealand, the competition for licenses is expected to be fierce.
Local Casinos Fear Foreign Dominance
Local operators worry they could be outbid by offshore companies with substantial financial resources. These concerns stem from the belief that foreign operators, without ties to New Zealand, may lack the same commitment to community welfare and regulatory compliance.
Jason Walbridge, SkyCity’s chief executive, expressed support for a competitive market but stressed the importance of prioritising local businesses. “We’re a trusted brand in New Zealand. Kiwis know who we are,” Walbridge said in an interview with Nine to Noon. He urged the government to consider the economic and social benefits of licensing New Zealand-based operators.
“Offshore operators are massive companies with deep pockets. They can outbid local businesses easily,” Walbridge warned. He highlighted the need for the government to prioritise local operations to safeguard jobs and ensure compliance with host responsibility and anti-money laundering regulations.
Limiting Licenses: A Double-Edged Sword?
The government’s decision to cap licenses at 15 was met with mixed reactions. Walbridge noted that fewer operators would reduce aggressive marketing and excessive advertising. “No one wants to wake up to gambling ads on every device,” he said.
Brett Anderson, CEO of Christchurch Casino, echoed these concerns, arguing that the current plan overlooks the long-term benefits for New Zealand. While he acknowledged that local casinos are profit-driven, Anderson emphasised their deeper ties to the community. “Our employees live and work here. We have a social license to uphold and a door regulators can knock on,” he said.
Call for a New Approach
Both executives stressed that local operators are better positioned to minimise harm and maintain New Zealand’s social and regulatory standards. They called on the government to consider mechanisms beyond auctions to ensure licenses benefit the community, such as prioritising operators with local investments and commitments to responsible gambling.
As the online gambling landscape evolves, the government faces a critical decision: balance the allure of high auction bids against the long-term welfare of New Zealand’s economy and communities.
New York’s Milestone Achievement in Sports Betting
New York’s sports betting industry reached new heights in November 2024, setting an all-time record for gross gaming revenue (GGR). The New York State Gaming Commission reported a staggering $231.7 million in GGR, a 53.5% increase from November 2023 and a 9.5% jump from January 2024’s previous record of $211.5 million.
Despite a slight dip in the total betting handle, which came in at $2.27 billion compared to October’s $2.32 billion, the November handle still represents the second-highest in New York’s history since the launch of mobile betting in January 2022.
Unprecedented Tax Contributions
The November revenue surge significantly bolstered the state’s tax income, generating a record-breaking $118.1 million in tax revenue for the month. This brings New York’s year-to-date tax contributions from sports betting to $965 million, positioning the state to surpass $1 billion in annual tax revenue for the first time.
Performance Breakdown: Dominant Players and Emerging Contenders
FanDuel maintained its market dominance, securing 43% of the total GGR with $102.6 million in revenue from $921.2 million in bets, achieving an 11.4% hold rate. DraftKings followed with $77.1 million in revenue from $745.4 million in handle, boasting a 10.3% hold.
BetMGM jumped to third place, generating $14.4 million in revenue from $167.7 million in bets, surpassing competitors Caesars ($14.2 million) and Fanatics ($13.8 million), despite a slightly lower handle. Notably, Fanatics’ $170.2 million handle was the third-highest, yet its revenue lagged behind due to an 8.1% hold rate.
New entrants ESPN Bet and Bally Bet also made notable strides. ESPN Bet posted $3.5 million in revenue from $39 million in bets, marking its best month since launching in September. Bally Bet reported $1.2 million in revenue, achieving the highest hold rate in the state at 11.3%.
New York’s Role in the National Sports Betting Landscape
Beyond breaking records, New York’s sports betting market continues to shape the national landscape. In 2024, the state became the first to surpass $20 billion in annual sports betting handle and $5 billion in all-time operator GGR. These milestones underscore New York’s pivotal role as a hub for sports betting innovation and growth.
Fanatics Sportsbook, a rising player in the market, announced the return of its flagship Fanatics Fest event to New York in 2025. The inaugural 2024 event brought together fans, celebrities, and athletes, highlighting New York’s status as a cultural and sporting epicenter.
Conclusion
New York’s November performance solidifies its position as a trailblazer in the U.S. sports betting industry. With record-breaking revenues, robust tax contributions, and a vibrant market landscape, the Empire State continues to set the benchmark for success in the sports betting arena. As operators refine their strategies and new entrants gain traction, New York’s betting market promises further growth and excitement in the years to come.
Rebranding for Growth and Innovation
Malta-based casino operator Videoslots has taken a bold step into the future, rebranding as Immense Group. The change marks a significant evolution from its origins as a single-brand online casino to a multi-brand operation managing five distinct platforms: Videoslots, Mr Vegas, Kungaslottet, Mega Riches, and DBET.
Co-founder Alexander Stevendahl, who continues as group CEO, emphasized the importance of the transformation:
“Adopting the Immense Group name shows our ambition to keep evolving and paving the way for future growth for each individual brand.”
The name “Immense” reflects the company’s core values of innovation, talent, and a commitment to excellence, aligning with its goal of delivering premium gaming experiences across global markets.
Jesper Kärrbrink Takes the Helm
In tandem with its rebrand, Immense Group has introduced a new corporate structure, appointing Jesper Kärrbrink as CEO of Immense Group AB, its newly established holding company based in Stockholm. Kärrbrink, a seasoned iGaming veteran, brings over 20 years of industry expertise, having held leadership roles at Mr Green, Svenska Spel, and several tech firms.
Kärrbrink described the rebrand as a pivotal moment for the company:
“With four additional brands and a new corporate structure, now is the perfect time to introduce a new umbrella brand that carries the strong Videoslots culture into its next chapter.”
Kärrbrink’s track record of scaling businesses and navigating complex regulatory landscapes makes him an ideal leader for Immense Group’s ambitious plans.
A Unified Identity, Individual Strengths
The rebrand does not affect the identities of Immense Group’s consumer-facing platforms, which will continue to operate independently. However, the company’s social media channels will adopt the new branding, reflecting either @Immense or @LifeAtImmense, depending on the platform.
While the corporate changes signal growth and modernization, the group remains committed to preserving the culture and values that made Videoslots a success story in the competitive iGaming industry.
Facing Challenges, Looking Ahead
The announcement comes shortly after a regulatory development in Sweden, where the Administrative Court upheld a penalty against Videoslots for anti-money laundering shortcomings, though the fine was reduced from SEK 9 million to SEK 4 million. Despite such challenges, Immense Group’s focus remains on driving innovation and growth across its portfolio.
As Immense Group, the company sets the stage for a new chapter in its journey, leveraging its impressive track record while aiming for even greater success in the rapidly evolving world of online gaming.
