Category Archives: paddy power betfair

Cyprus doles out more online sports betting licenses

betfair-cyprus-online-sports-betting-licenseGaming regulators in the Republic of Cyprus continue their slow rollout of online sports betting licenses nearly six months after imposing their new online regulatory scheme last November.

On Monday, the National Betting Authority (NBA) confirmed the issuance of two new official online betting licenses to Paddy Power Betfair’s Betfair brand and to Meridian Gaming (CY) Ltd, which operates via the domain in Cyprus.

The two licensees join UK online betting mainstays Bet365’s Cyprus subsidiary, as well as Bet On Alfa Ltd and Gambling Malta Ltd’s Stoiximan brand, as the only other operators currently granted full authorization by the NBA to offer online betting services to Cypriot punters.

The NBA issued eight transitional online betting licenses last November to companies including GVC Holdings’ betting brand Sportingbet and the Tain-powered Winmasters brand. That move followed just one month after the NBA began accepting applications for the new online licenses.

At the same time, the NBA announced that it was blocking around 2,500 gambling domains that had yet to be granted approval to operate locally. Most of these domains featured online casino and poker betting, which remain expressly forbidden under the country’s 2012 gambling legislation.

Under the new licensing regime, approved online sports betting operators pay an effective tax of 13% of gaming revenue – 10% in direct tax, plus 2% to Cypriot sporting bodies and a further 1% to fund responsible gambling initiatives. Licensees also pay annual fees of €30k, although the NBA offers a two-year license for €45k. Operators must also demonstrate guaranteed capital reserves of €500k to be considered worthy of licensing.

The NBA has yet to issue a license to the local operations of Greek betting and lottery operator OPAP, reflecting the current frosty relationship between OPAP and the Cypriot government. Earlier this month, the Cypriot attorney general ordered a police investigation into OPAP’s local operations after the company refused to turn over its financial records so the government could see if it was being screwed over as badly as it suspects.



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Paddy Electrical power Betfair mulls merging £40M media expend into one company

April 26, 2016

Paddy Power Betfair mulls merging £40M media spend into one agency

Paddy Power Betfair mulls merging £40M media spend into one agencyPaddy Electrical power Betfair is pitting two marketing and advertising firms against each individual other as the business carries on its price tag-reducing method, quite a few media stores have reported.

The recently-formed betting large is reportedly rethinking the £40 million once-a-year media expend for the United Kingdom and Ireland into a solitary company, according to the Impartial.

M2M has taken care of Paddy Power’s marketing and advertising considering that 2009, though MediaCom has been managing Betfair’s European company considering that final year. In accordance to Campaign Stay, the two marketing and advertising organizations ended up by now in the advanced stage of the pitch method, next the completion of the Paddy Electrical power-Betfair merger in February.

Paddy Electrical power Betfair, whose headquarters is in Dublin, previously reported it programs to conserve £50 million on a yearly basis “from synergies in a number of regions, like marketing and advertising.”

Jonathan Devitt, who was named Paddy Electrical power Betfair’s main marketing and advertising officer, appointed MediaCom all through his tenure at Betfair. Devitt’s counterpart at Paddy Power—Gavin Thompson—left the business next the merger.

Paddy Electrical power Betfair, which has programs to develop in the United States and Australia, has a complete of seven,200 immediately after the merger. Nevertheless, the business laid off 300 people at its Irish functions and 350 more in the Uk as section of its price tag reducing actions.

Moody’s: On-line gambling sector gives development possibilities

European gaming operators would do properly in the on line gambling sector in the upcoming twelve months, even with pressure from expanding taxes and regulation, according to Moody’s Trader Services.

The credit rating company forecasts on line gaming marketplaces, like on line poker, casino, sports activities betting, bingo and lottery, to achieve €42.eight billion by the close of 2018.

“Gaming providers with a larger sized on line existence are very likely to see bigger earnings and EBITDA development more than the upcoming twelve-eighteen months than people more focused on traditional land-centered company, as the gradual change on line carries on, cellular phone and tablet penetration rises, and fast-escalating demand from customers for on line games will increase,” reported Donatella Maso, a Moody’s Vice President — Senior Analyst.

Among the the on line operators, Uk-centered William Hill Plc has the largest on line publicity by earnings, though pure on line operator Cyan Blue HoldCo 2 Confined has the most sizeable existence by percentage of complete earnings. Ladbrokes, on the other hand, stays to be one of the largest gaming providers in the Uk, but Moody’s reported its digital division nonetheless lags its friends and it reported negative EBIT in 2015.

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