#7 Weekly Digest – Latest News in US Gambling World
With a new week, we have also come up with a fresh set of news from the gambling industry. There are new additions, technological innovations, and acceptances within the landscape. Here are some of the top news that you must check out this week.
Bragg Announces Its New CEO
Bragg Gaming Group Incorporation announced that Adam Arviv, the Interim CEO, will step up and become the new chief executive after a special meeting of the shareholders. Moreover, it was also reported that the six nominees of the board of directors were elected by the majority of the shareholders. There were a lot of other items that were finalized at this meeting. Some of the approved articles include the conversion of the second as well as final earned-out payment with €22 million into 47 million company’s common shares at a C$0.73 conversion price.
Another thing that was approved encompasses a special resolution validating the board for the appointment of only two directors to hold the office. Moreover, the term of these directors was decided to be not more than the closure of the next annual meeting. The company also ratified an ordinary resolution in order to validate and implement the omnibus equity incentive plan that reserved 31.8 million common shares dedicated for issuance.
Furthermore, Bragg Gaming also revealed that in December 2018, there were 27,058, 802 warrants issued, out of which 18, 495, 857 were issued commonly shared in the past 60 days. Moreover, 1 601 784 compensation options were issued that raised overall C$15,604,175.
Bragg’s added that the overall gross proceeds from the recent deal were C$20, 00, 575. Consequently, the gross proceeds that the company received from warrant exercises, as well as bought deal offering, stand C$ 36, 304, 750. The company also reported that it had accepted the resignation of Dominic Mansour, the former CEO of the company. Mansour has also resigned from the board of the company effective November 30, 2020. The core of the business encompasses GiveMeSport, ORYX, GiveMeBet, etc.
Online Sports Betting in Michigan Is Reported To Launch In Early 2021
It seems like sports bettors in Michigan will have to wait until next year to take part in online gambling exercises. The Joint Committee on Administrative Rules, a popular bipartisan group of lawmakers on Tuesday from the House of Representatives and Michigan Senate, waived the 15 session-day waiting period, which was customary in order to approve the rules of online gaming. Moreover, director Richard Kalm, the executive director reported that MLive Friday Michigan Gaming Control Board earlier hoped to launch online gaming prior to the end of 2020; however, it looks like nothing will happen in six weeks. All major providers, FanDuel, Draftkings, etc., still have to earn the final approval of licensing, which will happen in the JCAR meeting.
Prior to these sites becoming licensed, they have to submit approval letters from test labs to verify that the sites comply with the technical requirements of the state. Even then, the move to waive this waiting period of 15 days will boost this process. If the JCAR is waived, the officials will have to re-submit the rules in January, including a new set of lawmakers. This will further delay the launch in February after the Super Bowl. However, Kalm now expects some online operators might be ready to go live in early January.
He added that the entire thing would depend on the kind of paperwork that the sites are submitting. The state will offer them provisional licenses after the sites have submitted all the required paperwork and then move to complete the background investigation. Additionally, betting will also have to submit their testing labs and software to ensure that they adhere to the state’s requirements. The whole process will take some time to get completed.
How The US Online Casino Operations Will Change With The New Administration Of Biden And Harris
The history of gambling in the USA goes a long way back. While it is one of the biggest gambling destinations in the world, a significant section of this country does not share the same enthusiasm for gambling. With tight laws across the country, it becomes difficult to find a reliable betting destination in the state. But despite these challenges, the betting industry of the USA continues to grow.
For many years, the states were not allowed to deal with gambling in their legislation due to PASPA, which was passed in 1992 and outlawed in 2018. This introduced many new modifications in the industry. With the new administration of Biden and Harris, people are expecting to see many more changes in the online gambling of the country.
What The Administration Needs To Focus On
Although Biden cannot directly interfere in the matter of online gambling, this is because it is a state issue, rather a federal one, so the President does not have much say in this. But he would be a part of it all in a more subtle manner. When a Democrat president is elected like Joe Biden, it signifies that policymaking in the USA would take a left swing. Democrat politicians are in a place where they can extend new bills that might legalize betting in a widespread manner. So the Biden government has the power to bring stability and pass the bills and expand the legalization of betting across the country.
With notable changes being made in neighbouring countries like Canada, it is high time that America look at its own rigid laws and make some changes. The emergence of the new government does indicate some positive changes in the US online gambling industry. But we will have to wait and see how the course of this industry moves in the near future.
There you have it, top news that is surfacing at the top of the gambling industry right now. Next week, we will come up with another set of fresh news to keep you updated.