Regulation round-up 31 January 2017
The biggest regulatory news from the egaming industry in the last seven days (25 January to 31 January 2017)
Swedish regulator Håkan Hallstedt unexpectedly quits
Liberalisation advocate Hallstedt to stand down six months before end of term but will deliver investigation report
Sweden’s regulatory chief Håkan Hallstedt has resigned from his position, EGR Intel has learned, potentially dealing a blow to hopes that Sweden could be ready to embrace a fully-liberalised online gambling market.
Hallstead, who was appointed to the position of general director of the Swedish Gambling Authority in 2008, had been due to stand down from his position at the end of his current term in September, but will instead leave his role at the end of March.
In 2015, Hallstedt was appointed by the Swedish government to take a seat on the board of investigators, which was set up to look at how the country should approach re-reregulation of the market, in which Svenska Spel currently enjoys a monopoly position.
The two-year investigation is due to come to an end imminently, with the board expected to report its findings and present its recommendations to government on 31 March.
OpenBet seals New Zealand racing contract
NYX Gaming’s OpenBet subsidiary has signed a new contract to develop a fixed odds betting platform for the New Zealand Racing Board (NZRB), in partnership with Paddy Power Betfair (PPB).
The NZRB had announced back in December that OpenBet and PPB had been chosen to develop the platform, and last week’s announcement confirmed the start of the “detailed design phase” of the project.
The new platform is part of NZRB’s wider strategic plan to boost profits for the racing industry, with the platform expected to add at least $17-19m in annualised profit per year.
Glenda Hughes, chairman of NZRB, said: “After a rigorous selection process, we are firm in our belief that the NYX Gaming Group will provide NZRB with the ability to access a first-class fixed odds betting engine.
Seven days in regulation:
UK investors embrace Jackpotjoy on first day of trading
Jackpotjoy (JPJ) enjoyed a successful first day on the London Stock Exchange (LSE) last Wednesday, with the firm’s share price rising 7% to 616p.
And the bingo-led operator, formerly Intertain, continued to rise in early trading the day after, with shares increasing to 619p at the time of writing, suggesting a valuation of around £460m.
Macquarie Research was among the bulls, issuing an “outperform” rating on the relocated company and setting a target price of 1,200p.
Read more…
DraftKings eyes Germany launch following Malta licensure
DraftKings has revealed plans to launch its DFS product in Germany after gaining a Skill Games licence from the Malta Gaming Authority.
The firm is targeting a Q1 launch date, with the German product set to mimic the UK mode and share the same platform, format and liquidity pool as the US version.
Its Malta licence will also allow the operator to launch in other European markets in the coming months, in an effort to increase its “addressable audience by at least 100 million people”, DraftKings CIO Jeffrey Haas told Legal Sports Report.
Read more…
Operators fear ‘loss of momentum’ in Sweden following regulator resignation
Operators have voiced their concern over the departure of Swedish regulatory chief Håkan Hallstedt, and called on a successor to be named quickly in order to keep the re-regulation process on track.
Last week, EGR Intel revealed Hallstedt had resigned from his role and would leave at the end of March, immediately after delivering his recommendations to the Swedish government into how the country should approach re-reregulation.
Speaking to EGR Intel Peter Alling, head of Nordic public affairs at Kindred Group, said he was “disappointed” to see Hallstedt resign and was fearful of the impact it could have on the re-regulation process.