#4 Weekly Digest – Latest News in US Gambling World
Online gambling is a boiling topic and has a new thing to share with the players every day. Similar to land-based, online casinos have also received great success in different parts of the world. That’s why; the online gambling sector looks for new aspects to improve and give gamblers a better medium to play in. Without wasting time, we dive into the latest online gambling news for the benefit of our passionate players.
Colombia: Legalization of Sports Betting
In Colombia, legal sports betting is the best way to gamble in the online sports sector. Players cannot bet via a sportsbook that does not agree to the terms and conditions of the government-issued license. Only 18 companies have got the license to operate, indicating the online gambling has just started to flourish post-pandemic. Around 2.63 million Colombian residents have already registered through mobile devices to place wagers. The minimum age requirement in Colombia is 18, and every legal betting website is translated into Spanish, the country’s national language.
In 1991, The Columbian Constitution stated that the revenue generated from sports betting will be utilized for social purposes. In 2001, the Gambling Act would be added, stating that the government is expanding the operations related to gambling. After a decade, the Columbian government was in charge of the betting industry. In 2016, eGaming was enacted by the Columbian Government, making online gaming legal. In 2017, online sports betting was legalized with virtual sports by the government.
In South America, the first country to legalize online betting is Columbia, bypassing the laws regulating the online sportsbook. By half of 2019, the Columbian government reported a growth of 63%. Football and EPL are the favorite sports for Columbian players, and the largest sports betting markets are Medellin, Cali, and Bogota. Recently, popularity in horse racing has also been experienced. With the Newgioco company platform, Virtual gaming has made its way.
Bet365: World’s Largest Sportsbook Ready for Launch
Bet365, the world’s largest sportsbook is ready to set in the online gambling market by making a partnership with Century Casino in Colorado. The date is yet not fixed and is working thoroughly with the approval process. Colorado has the potential to grow in the online gambling industry, and around 4600 employers are working in it. With the successful establishment in Europe, England, and Italy, now it’s time to get into the online gambling market of Colorado. Alongside that, the websites show sporting events of 175000 per year, and it will be the sixth mobile betting app as many other websites are still there. Even though they are a bit late, they are still determined to give a good competition to others.
For Maryland Voters: Ballot to be Conducted in November
Finally, in November, the legalization of sports betting in Maryland will reach its conclusion. Various key operations were scratched out by the lawmakers, which will be revealed later. It’s because the bill that was passed in the Senate was balked by the House of Delegates.
Senator Craig J. Zucker sponsored the referendum and suggested betting in nine different locations. It also included an on-site betting license being operated by an app, allowing placing wagers from anywhere. But the House of Delegates was disappointed reading to it and rejected the draft. But they were ready to sanction a stripped-down measure for generating revenue for the Blueprint for Maryland’s Future education reforms.
Further, whether online gambling will roll out in Maryland or not depends on the decision that will be made by the future General Assembly if the voters go for the ballot in November. Presently, at FedEx Field, in Landover, the Redskins are playing as NFL stadiums go. Well, before the pandemic, the analyst estimated that the online gambling sector could earn around $21 million/ year. But during a time when the economic condition of the entire world has gone, it’s difficult to determine if Maryland voters will risk their money on the gambling industry.
New York Investment Firm Bought the Great Canadian Gaming Corporation
New York-listed Apollo Global Management has acquired Great Canadian Gaming Corporation, a renowned North American casino operator, with a deal that was locked at $2.5 billion. As we get to know from the Bloomberg news, in the Wednesday report, the private investments management company will pay an amount of $0.29 in the Vancouver-headquarter for each share. With that, it will take over the 25 currently closed facilities in various parts of Canada, like British Columbia, Ontario, Nova Scotia, and New Brunswick.
The economic situation across the world has worsened due to the Coronavirus pandemic, which is why the Great Canadian Gaming Corporation, introduced in 1982, suffered a loss of 12%. It happened in the nine facilities in British Columbia due to the local anti-money laundering regulations, a new raft.
The serving Chief Executive Officer of Apollo Global Management Incorporated, Rod Baker, stated that his enterprise holds an important stake in the gambling sector. The stake includes Gamenet Group SpA, an Italian sports betting operator, who agreed to invest in Sazka Group A, in the European lottery with an amount of $591 million. Moreover, he stated that certain Canadian institutions might also cooperate with them in purchasing the Great Canadian Gaming Corporation. The largest institutions include the Canada Pension Plan Investment Board, presently serving as a partner in his managed firms.
According to a statement given by Baker, they believe that the substantial experience in the gaming sector will help in getting strategic benefits in expanding the online gaming sector with hospitality offerings. By doing this, it will help in securing a position in the gaming market as a long-term leader.
At Apollo Global Management Incorporated, who has told the news agencies that his organization deals with the challenges of the Canadian Casino. He is also committed to working with the best management team, health authorities, regulators, in order to open Great Canadian Gaming Corporation’s venues at the earliest.
The online gambling industry has a lot to share with the player, so we will come up with more updates in our next industry updates.