Ladbrokes

Brand New Advertising Rules Imposed on Gambling Operators

Posted by Craig Gustling on in Blog, Local, News, UK Today / 0 Comment

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.’

 

UKGC Claims LadBrokes Misled it in the Case Probe Against Black Dave

Posted by Craig Gustling on in Blog, Local, News, UK Today / 1 Comment

The UK Gambling Commission claims that Ladbrokes betting company misled it while probing the Black Dave case. The commission further stressed the need to exercise great caution while confronting Rule #4 deductions in the horse racing by the bookmakers.

 

The lead trainer, David Evans, was fined a year ago by the ruling body of the horse race. This was due to the fact that he delayed notifying a non-runner, Tango Sky so that he could support his acquaintance, Black Dave as should have been the case. This should have happened before the odds shortened. He informed Ladbrokes of his intention to pull out Tango Sky moments after placing his bet.

 

This, the gambling commission argued, constituted a breach of trust. This, it argued, was not only unethical but also goes against the goodwill that ought to exist between the companies and the customers.

 

Throughout the probe, Ladbrokes maintained that it was unaware of why it had to shorten the odds of Tango Sky as soon as Evans had placed his bet. This notwithstanding, the Commission received tangible proof that it did so in order to leverage the deductions of Rule #4.

This it did supposedly to prevent Evans from winning the bets that had already been placed. The Commission further claims that Ladbrokes did not review all the information available to it thoroughly before providing those inaccurate explanations.

 

Notwithstanding these glaring discrepancies, Ladbrokes managed to escape the consequences. This was alleged because those actions did not constitute a breach of the commission’s licensing conditions or codes of conduct. The case also occurred way before the public statements of the gambling commission as regards the fair application of Rule #4.

As an acknowledgment of its initiative to point out the case to the racing regulator on the material day of the race, Ladbrokes was credited. The firm, it is understood, saved £7.70 by shedding off Tango Sky’s price in what was considered a weak race for a turnover.

 

In response to this misfortune, the gambling commission has now stipulated new regulations which it requires all the betting firms to apply the Rule #4. Most betting officials are however pessimistic about these new regulations.

 

A Ladbrokes Coral statement had this to say:

‘We initially interpreted what transpired when the price was altered to be inaccurate. This is a fact that became very clear when we examined the finer details.’

The statement further added:

‘Shortening the Tango Sky’s odds was inconsistent with its trading policy at that particular time. This action has since made it known to the traders that markets have to be suspended immediately such issues arise in future.’

 

The gambling commission has further insisted that betting companies must factor what transpired in the Black Dave case and subsequent reactions of Ladbrokes. It also reminded the players that the long-term viability of the sector is greatly hinged on the customer trust.

Further to that, the gambling watchdog insisted that it would continue monitoring the situation and if called for, exercise the formal regulatory powers on the specific bookmaker and the entire gambling industry.

 

In response to these sweeping measures, the bookmaker had these to say:

‘Our initial understanding of what unfolded at the time the price was altered was not right. We only learned of this though when the case was examined in details. Moreover, the company also explained that Tango Sky’s price reduction was not in line with its trading policy at that particular time. It had also warned its traders of the same. ’

 

In light of these developments, the UK gambling industry is expected to undergo spectacular transformations. It will be interesting to see just how far-reaching these developments shall go.

 

 

 

Banach Technology Receives an Investment Boost from Investors for Expanding their Startup

Posted by Craig Gustling on in Blog, Local, News, UK Today / 1 Comment

One of the leading betting technology companies in Ireland, Banach Technology, raised a vast $2.55m funds for startups from investors.

 

Some of the investors that contributed towards the raising of these funds for startups included Cormac McCarty and Patrick Kennedy. Both the investors have served in corporate leadership positions at Paddy Powers. Patrick Kennedy is the former Chief Executive Officer for Paddy Powers, and Cormac McCarthy served in the area of Chief Financial Officer at Paddy Power.

 

Banach Technology was also backed by investors such as Stewart Kenny and David Power. Banach Technology is a company that provides gambling groups with products, pricing and customer experience systems and has worked with renowned brands such as GVC Holdings.

 

GVC holdings are the sole owner of BWin and Ladbrokes. Currently, the Chief Executive Officer for Banach Technology is one Mark Huges and has also worked for Paddy Powers serving in the position of Senior Quantitative Analyst and the Head of Quants. Also, the other co-corporate executives for Banach Technologies have a history with Paddy Powers including Rob Reck who is the Managing Director for Banach. Speaking to Sunday Times, the Managing Director for

 

Banach reported that the funding that they received from investors was by a large extend oversubscribed. Also, Rob Reck stated that Banach Technology was looking forward to hiring more than a dozen employees to work for the company. Banach Technology is to increase the number of their staff from 12 to 30 workers with the inclusion of hiring software engineers and quant mathematicians. Banach Technology is a startup that as attracted shareholders such as the owner for Red Tiger and also an entrepreneur in the field of gaming Nick Maughan.

 

Banach Technology is a firm that has based their operations in Dublin, and the structure of the corporate leadership is one with extensive expertise in the industry with a good number having worked for Paddy Powers. Banach Technology is a company that is bringing a revolution to the trade of betting. The technology developed by Banach will enhance customer engagement and also improve the operator margin across the board for all channels. It was reported that, the products being provided by Banach Technology are designed around the empowering of customers.

 

The users will be able to come up with a structured bet that is customized and will feature correlated multiples of the same game. Banach Technology was founded in the year 2015 by an executive team of mathematicians and technologists. The senior management team comprises Mark Hughes who is the CEO and is a Bsc holder in the field of economics and finance having studied at the University College of Dublin. Rob Reck is the Managing Director and holds an MBS in the area of Actuarial Science from the University College Dublin.

 

Furthermore, Rob Reck has a Bachelor’s in Maths and Mathematical Physics that he obtained from University College Dublin. Alex Zevenbergen is the Chief Technical Officer for Banach Technology, and he holds a BSc in Business and information systems from the University College Cork.

 

Adrien Lepretre is the Chief Operating Officer for the Dublin based organization and holds an MSc in Quantitative Finance from the University College of Dublin. Also, Adrien Lepretre holds a BSc in Economics that he obtained at HEC Lausanne. Banach Technology is headed for greater heights in the gambling industry, and the executives are focused on expanding their venture. The firm is now focused on bringing on board new and skilled employees with the vision of growing their wings.

 

 

BetFred First Major Annual Losses

Posted by Craig Gustling on in Blog, Local, News, UK Today / 1 Comment

The land and online gambling group, Betfred, has experienced a decrease in the incoming profit for the year that came to a close in September 2017. The profit decreased from GBP 32.4 million as compared to the previous year to a loss of GBP 13.4 million; the company blamed their decrease to goodwill deterioration attributed to increasing costs, digital assets and higher taxation.

 

Despite a 9.6 percent increase in revenue that rose up to GBP 634.5 million and up to 3 percent earnings at 83.3 million, the company still experienced a loss. Mostly from the retailers, the group turnover was up to 17.5 % at GBP 12.7 billion.

 

An analysis made on the Betfred group estimated the groups’ online revenue at GBP ninety million on a three percent yearly increment from growing player base. None of the figures had increased by then. They also realized that eighty-three percent of what the group was earning originated from retail operations. The United Kingdom government decided to reduce the highest limit Fixed Odds Betting terminal stakes from GBP one hundred up to GBP by the year 2020; this shall have an effect that may provoke changes in the groups’ earnings. The director of the group requested the government to reconsider this decision for it might lead to huge losses across the industry.

 

On 25th of June 2018, the Betfred group again reported the same operating loss of £13.4m despite an increase in earnings and revenue. The revenue during the twelve months to September 24, 2017, was still at £634.5m with an increase of 9.6 percent as compared to the previous year. The earnings also had improved by the same three percent yearly up to £83.3m.

 

The Betfred retail total gambling turnover, Tote, and online businesses rose up to 17.5 percent to £12.7bn. Regulus partners commented that the online revenue of the Betfred group increased by three percent on a yearly basis to £90m; that of Tote increased by twelve percent to £32.4m. These partners also suggested that the Betfred might be set for more challenges in the coming future because of the regulation modifications on fixed odds betting terminals (FOBTs).

 

The Betfred group experienced an eight-figure loss in its treasury year despite a good revenue gain. The improved revenue came largely through the group’s 2016 October addition of three hundred and twenty-two Ladbrokes Coral betting shops. The company’s Totepoool business also signed a commingling deal with the Hong Kong Jockey Club plus a non-specified rise in their online customer base.

 

Predictably, the anti-gambling suspects in the United Kingdom’s media played up with the fact the founder of Betfred, Fred Done, decided to take a £10.2m annual dividend just like the previous year. These kinds of media noted that Betfred had announced the previous week that there was a possibility of closing up to nine hundred betting shops and fire up to four thousand, five hundred staff members. This would occur if all the government would execute their plan of reducing the highest limit stake on fixed- odds betting terminals (FOBTs) from £100 up to just £2. Lucky enough the government recently announced that the FOBTs stake reduction would not take place till the year 2020.

 

The Regulus partners also realized that the 83 percent earnings from the retailers put the company in a particularly hard position given the current government stance. As a result, they suggested that Betfred’s core business would require some structural change.

 

Recently the director of Betfred gave a decree that his company’s association with racing had been broken after several years of dis-unity between the racing and the betting industry. He also reported a deal with Alizeti Capital as the very first page of their decision to disrobe its Tote holdings.

 

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