NHS Calls For Premier League Betting Sponsors To Help Fund The Health Of Gambling Addicts

The National Health Service (NHS) has warned that the Premier League must dedicate more efforts towards helping fund the bill caused by problem gambling. NHS England criticized betting firms for ignoring their duty of helping the more than 430,000 problem gamblers in the UK.

 

Foreign-owned betting firms that sponsor the Premier League have failed to contribute to a £10 million fund which is meant to pay for addict’s treatment.

 

Speaking during an annual NHS Expo in Manchester, Simon Stevens, the chief executive of NHS England pointed out that betting has become one of the rising risk factors for mental health problems in the UK. He lamented that nine out of twenty Premier League teams and seventeen out of the twenty-four teams in the Championship League are being sponsored by betting firms.

 

A spokesperson for Gamble Aware argued that the relationship between gambling and sports has reached an alarming rate. He felt that having betting firms sponsor the Premier League and Championship teams, there is a high risk of more people becoming problem gamblers as the advertising that comes with it are normalizing betting for the society including children.

 

Data from the UK Gambling Commission indicate that there are over 430,000 problem gamblers who include more than 25,000 children below the age of sixteen. Stevens said that the trend was worrying. Stevens told his audience that foreign betting companies that have shirt sponsorship deals were consistently “failing to play their part” in funding gambling addiction services through the £10 million set by UKGC.

 

The NHS recently opened a clinic in London specializing in the treatment of betting addicts. Stevens emphasized the need for industry players to address problem gambling as a serious issue. “There is an increasing link between problem gambling and stress, depression and other mental health problems,” he said. He reiterated that according to doctors, two-thirds of betting addicts get worse if they are not helped yet NHS offers specialist treatment.

 

Considering the nature of the problem, Stevens argued that taxpayers and NHS should not always be left “to pick up the pieces” since the health of the country is a responsibility of everyone.

Data from UKGC show reluctance and failure to pay the donations. According to a register of industry donations that was published in July, none of the eight foreign companies sponsoring UK football team had pledged any money to the fund. In the 2017/18 financial year, a number of the foreign betting giants donated £11,000, but failed did not contribute in time.

 

From the data, only Bet365 which appears to be complying as it had already paid £434,000 and had gone ahead to pledge £868,000 for this season.

 

Stevens said he will now be writing to clubs that have been sponsored by betting firms to persuade them to urge their sponsors to contribute to the fund. “The NHS will now work with the premiership on how we persuade these foreign gambling companies to do the right thing.”

However, though mental health conditions emanating from problem gambling affects more than 430,000 people and free treatment is readily available from firms such as Be Gamble Aware, only an estimated two percent who need the help come out to seek it.

 

Remote Gambling Association, a firm representing online betting firms, through a statement, said, “The association agrees that more funding is needed if the gambling industry as a whole is to fulfill its responsibilities to everyone in the country who gambles, and especially those who are affected by problem gambling.”

 

Tom Watson, the shadow secretary for culture and sports said, “Labour would ban sponsorship of Premier League teams by gambling companies and introduce a compulsory contribution to make the industry pay for the treatment of gambling addiction.”

 

Clients Fume as Betfair and Paddy Power Betting Sites Crash

Millions panic over their betting accounts as Betfair and Paddy Power website crash. The two betting companies’ sites experienced technical hitches. Clients who could not use the sites complained about the issue on Twitter.

 

A message posted on the Betfair site apologized for experiencing technical issues with their website. The message further notified clients that the company was working to resolve the issue. A client tweeted to Paddy Power that he was unable to access his account and inquired how long it would take to resolve the issue.

 

Another one wanted an answer as to when the website and the app would resume functioning. The two giant Betting firms have now confirmed that their sites are functioning as usual. A Betfair spokesperson tweeted that the site was up and running smoothly. The spokesperson further apologized for any inconveniences caused.

 

A different tweet not only apologized to the clients for the crash, but it also explained that the firm would not be held liable for bets that would have been placed by customers at the time of the website crash. Likewise, Paddy Power took the same bold initiative on Twitter to affirm that they were aware of the technical glitches affecting their site.“We are doing our best to make sure things are back to normal with our site; we will update you on our progress.”They later confirmed that their site was up and running.

 

The tweet sincerely apologized to their clients for the inconvenience caused by the technical glitch. A Paddy client was bold enough to ask for €1000 free bet just before the crash after noticing some issues with the betting site. Betfair also wrote that they were experiencing issues with their website across all their products.“The issue is currently being looked into. We will rectify it as soon as we can. We apologize for the inconveniences caused by the technical glitch. Betfair and Paddy Power merged in September 2015 after agreeing to their terms of operation. The result of the merge was that Paddy Power shareholders would own 52% of the business and Belair shareholders would own 48% of the company. The merger was officially completed in February 2016.

 

Two months later, in April, the firm made a shocking announcement about the loss of 650 jobs both in Ireland and the United Kingdom. The firm, currently with a different face, is among the businesses listed on the London Stock Exchange. It still maintains distinct and separate brands in Italy, the UK, and Ireland. At the moment, its operations cut across four divisions: retail, online, the United States and Australia.

 

The online sector comprises Ireland’s and UK’s Betfair and Paddy Power. Betfair’s operations include an online betting exchange. The two firms combined to operate over 600 street retail shops in Ireland and the United Kingdom. Last year, the firm’s revenue grew by 13% from the previous year to a whopping €1.745 billion. At the same time, the operating profit went up by 19% to €393 million. The figures were made public in March. At the same time, the firm announced that Europe’s platform integration was successful by January 2018 and is now focused on evolving customer-facing products.

 

The firm further announced that it would invest an extra €20 million in customer propositions and market this year to boost their brand in the United Kingdom and the Betfair brand in the global markets.

Responsible Betting Key in LeoVegas’ Bid for License to Operate in Sweden

LeoVegas, a mobile-focused online betting firm, has confirmed that its application for a license that will see it offer sports betting and casino in its native country of Sweden. The move is part of its expansion efforts in the industry and responsible betting.

 

Beginning January 1, 2019, Sweden will become a licensed betting market. In line with that goal, the country started an application process ahead of the record restructuring of its gambling laws.

 

LeoVegas is seeing the Swedish market as an important element in its efforts to achieve 2020 financial targets. Its goal is to realize a revenue of at least €600 million and EBITDA of €100 million and above.

 

Considering the mounting pressure on betting firms to adopt responsible betting, LeoVegas has adopted the issue and turned it to an advantage. It is now differentiating itself through the commitment to responsible betting. The efforts have been profitable as they have positively impacted revenues – in the second quarter of the of the year, the company’s Net Gaming

 

Revenue (NGR) from the regulated markets accounted for 39% of its total NGR.

Responsible betting is a great opportunity to localize a firm’s offering and become more relevant to the region. Through it, more marketing channels are created while the customer experiences are improved.LeoVegas is positive about the extensive guidelines required for responsible gambling that Sweden regulating market will offer. Commenting on the firm’s application, Gustaf Hagman, the group’s chief executive officer said, “LeoVegas has always had a focus on this area and it is something that it welcomes.”

 

In the Swedish market, LeoVegas will be fronting LeoSafePlay, its responsible gaming platform. It is operated as a stand-alone business to ensure that it has an undivided focus on growth and implementation of market trends in the responsible gambling field. It seeks to use upcoming technologies such as artificial intelligence and machine learning to offer the best experiences for the next generation of gamblers.

 

The firm is hopeful that the application will be successful. That way, it will have an opportunity of advancing its culture, offering the best gaming experience for people betting in its home country, and ultimately increasing NGR from regulated markets. In the long run, the firm will generate more of its NGR from the regulated markets which are viewed as prohibitive by a majority of other industry players.

 

Hugman revealed that LeoVegas has been eyeing the Swedish market. He said, “While it has been known for some time that Sweden is introducing a local license system, it is very exciting to formally submit an application and that is something we have been looking forward to for a long time.”

“Sweden becoming a locally regulated market is a milestone for the country, the industry, and LeoVegas.” He stated.

 

“Now for the first time, everyone can compete on equal terms in a regulated environment, where responsible gaming is a very important part,” he continued indicating the importance that the Swedish betting market will have.

 

He expressed optimism by saying, “We believe we have great opportunities gaining market shares in the Swedish market. LeoVegas is a company that operates in several regulated markets and thus has the right tools and knowledge to create sustainable and strong growth.”

 

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

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

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.