This Week's Top iGaming News, May 26, 2023
Welcome to the latest edition of our weekly iGaming news round-up. Find what’s been happening in the world of iGaming and gambling. Sit back, relax and enjoy!
The online sports betting market in Brazil has grown by a whopping 360%. Since the inception of sports betting in December 2018, a record 239 publicly traded sports betting companies have been formed in the country. At present, nineteen out of twenty Series A Brazilian Championship have sponsorship deals within the sector.
Data collected by Datahub, showed that in the first year of analysis (2020) 51 betting companies were created. In 2021 that increased to 116 (up 127%) and in 2022 it increased to 239 (up 106%). The first quarter of 2023 saw the opening of 69 sports betting companies, far exceeding the same time period of three years ago. Brazil is growing bigger by the day.
SiGMA, ‘The World’s Online Gambling Authority’, has announced the launch of a brand new vertical – SiGMA FX. SiGMA FX is the new hub for all things fintech and the combination of SiGMA’s expertise in Blockchain and Gaming. Great news for everyone with an interest in the evolving financial technology sector.
The vertical will be officially launched at SiGMA Cyprus FX summit, in Limassol, Cyprus from 4 - 7 September. The event offers the chance to join a network of world-class experts, investors and traders as well as gain valuable knowledge about areas including swing and proprietary trading, equities, derivatives and hedging risk, risk management, debt securities, exchange-traded funds, technology, interactive wealth management, and regulation.
Microbets are predicted to be the next big thing in the world of sports betting. Microbetting is an in-play betting subset that allows players to place quick, specific bets on live events. Bets can be anything from the probability of a certain player scoring a goal within the next ten minutes or a home run being hit on the next hit of a baseball game.
The technology fits beautifully into the fast-paced world of sports betting and engages bettors in real time. It’s estimated that by 2027 microbetting will amount to around $20 billion in bets. Chief Product Officer for PointsBet, Mark Huges, said "Customers are immediately engaged in the bet. You don't have to wait very long for your bet to settle. You're going to get more play, longer sessions. It's going to be a popular bet going into the future."
In August 2022, Peru enacted Law No. 31,557 which established rules for online gaming and sports betting. The law introduced a new 12% tax to businesses providing online services. Less than a year since the law was put into place, the Commission of Economy, Banks, Finance and Financial Intelligence of the Congress of Peru approved modifications to secure taxes being collected.
Remote iGaming and sports betting businesses now automatically have an approved authorization process to operate. The new text states that it “maintains that limits of anonymity cannot be accepted in bets for violation of the purposes of the law and the prevention and combat of gambling and money laundering.” It also specifies that newly built sports betting game rooms must be over 150m from education centres and religious buildings.
After the recent spate of lawsuits regarding platforms in Austria, the Maltese parliament is proposing new legislation designed to protect licensed iGaming operators from foreign liability. Bill No. 55 would add a provision to prevent Maltese courts from awarding damages to plaintiffs that sue iGaming businesses that operate outside of the country. The rules advise courts to refuse to enforce any foreign enforcement of claims and prevent operators from having to pay back losses to customers.
The law has faced opposition from countries such as Austria and Germany whose strict gambling laws have been damaging to some Maltese licence holders. However, the bill is in line with the Constitution of Malta which has a long-standing public policy of encouraging gaming operators in the country. While countries such as Austria and Germany may not be happy about the move, it’s good news for all operators with an MGA Licence. A representative from 888 said, “This position is based on the fundamental EU principle of freedom to provide services.”
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