It has been a few years since I had the opportunity to discuss this topic with two of the most authoritative voices of the gaming industry in the world: Bo Bernhard and André Wilsenach, both excellent friends (if they do not sound the name of Bo or André , I suggest you search them on Google and seriously consider their future in this industry)
Andre was pleased to introduce me to the new UNLV project, the International Center for Gaming Regulation (ICRG), which would promote good regulatory practices, through research and training for regulators in the world. Coming from the UNLV, this could not be a canning that is about selling like the panacea.
Rather, I bet my chips, and I won the jackpot, because this was a methodology that sought to develop regulatory management based on principles of quality, standardization and legal equity.
There are regulations and principles for Good Regulatory Practices in many industries, which seek to integrate the regulator, certifier, consultant and entrepreneur, in an environment of consensus.
An atmosphere of collaboration, permeability to suggestion and criticism and, above all, proactive collaboration is generated.
None is right and none is wrong; Everyone has something to contribute.
And in that explicit agreement is that the best practices are developed, promoting viable regulations in implementation and control, through the application of measurable and objective processes, as well as the real and permanent training of those in charge of the evaluation and supervision (banishing from in this way the subjectivity and indiscriminate application of the criterion, while the "creation" of experts by appointment and not by competences is stopped.
Perfection is not achieved and 100% of the parties cannot agree, but there is an increasingly better scenario in content and form, with less opposition and more confluence of ideas.
"We want to include Latin America in our plan, what do you think?" Emotions found. On the one hand, the highway that I was looking for to bring professionalization to regulators in different jurisdictions. But on the other, their natural reluctance to receive this help and their fear, due to ignorance in most cases, to the methodology, thinking, mistakenly, that this exposure put them at risk of being replaced.
But the reality is different. It is something necessary because it is the way it transcends time. Do not see many that is the opportunity to go down in history as the management that established a firm path and a clear roadmap, with a strong organizational culture involved.
The implementation of cultures such as the one proposed by the ICRG is the basis for an objective and orderly development. It is not about trying to convince the community that everything is fine when the perception is contrary. It is much less possible to impose the whim of the public servant, who demands, because he thinks he is an inquisitor and not an official, which does not correspond to him, forgetting that he is here to serve and not to hinder.
No one is born knowing, but everyone can learn. That must be a starting point. But knowledge is not acquired by osmosis or telepathy or seniority. There must be a transmission of those who know to those who must learn.
In that scenario, where in the vast majority of jurisdictions everything remains the same, with the same inertia and little efficiency, two entities appear, the Superintendence of Casinos de Gambling (SCJ) of Chile and Coljuegos de Colombia, which little by little they have achieved migrate to an environment based on objectivity, where the criteria remain at home together with subjectivities. And the progress is great, the benefits come immediately, and the dynamism of the industry feels immediately. Everyone wins, operators, suppliers and the country.
It was understood that the meaning of being a good regulator is not to complicate in extremis in each process, but to make it agile, fast, safe and fair.
For a company like JMC Gaming Consultants, which actively works with the same volume of clients and processes in seven countries, changes in attitude in regulators are immediately visible. And advances such as those described, achieved based on the permanent sincere, open and permeable dialogue with the industry, comfort and mark us a way forward.
Today the photo changes rapidly: the referent and the regulatory leader is not the one who tries to convince him that he is, but who with his policies and actions lets us see that he is one step ahead.
In a globalized world like ours, where the availability of information and technological exchange is virtually unlimited, sharing experiences, policies and points of view should be a simple task, dependent solely on the will.
Let us vote because this happens quickly, and the Good Regulatory Practices finally have a place in the regulatory bodies.
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The Brazilian Senate Agency reported that it will discuss draft regulation 2,234/2022 to legalize casinos and jogo do bicho (the popular national lottery) throughout the country. In the first instance, the project will be debated by the Constitution and Justice Commission (CCJ).
Bill (PL) 2,234/2022 was presented two years ago by the now former deputy Renato Vianna to authorize, among other modalities, the operation of casinos and bingos, horse racing and the aforementioned lottery.
The text authorizes the installation of casinos in tourist centers or integrated leisure complexes, under the limit of one casino in each state and Federal District, with the exception of São Paulo, which could have up to three casinos, and Minas Gerais, Rio de Janeiro .
In addition, gambling houses will also be able to operate on sea and river vessels, which will follow specific rules for this sector. On the other hand, operators must demonstrate a minimum paid-up share capital of at least 100 million reais and will be able to maintain their licenses for 30 years.
At the same time, the bingo sector would also be regulated, in person and online, allowing in each state the accreditation of one legal entity per 700 thousand inhabitants to install these halls. For bingos, licenses would be valid for 25 years, renewable for the same period. Likewise, rules would be added for horse racing, which could be operated by racecourses accredited by the Ministry of Agriculture, which could also operate, at the same time, bingo and video bingo games.
“The project seeks to transfer to state control a practice that today constitutes a minor crime,” argued Senator Irajá Abreu. And he cited statistics on the legal or illegal betting market, which demonstrate that “gambling already constitutes a relevant economic activity.”
The explosion of the Brazilian betting market and the possible opening of casinos is attracting global giants in the sector. According to a report by the newspaper O Globo, companies such as DraftKings, Hard Rock International and MGM Resorts International, as well as Caesars Entertainment, are considering entering this market.
These names are among the more than 130 companies that have expressed prior interest in a Brazilian license, as reported by the Ministry of Finance.
Unfortunate, if not infamous, was the intervention of Marco Emilio, president of Coljuegos, during the inauguration of the event, and the opening of the two assemblies of the associations, at the last GATexpo in Cartagena.
Considering that he is a person alien to the industry and especially to those located, he should demonstrate less servility towards permanent bets and respect, as in the army, the seniority of all of us. Many, if not all, of us feel offended by the derogatory comments and ignorance of the enormous effort of people like Elizabeth Maya and Evert Montero who have prioritized the implementation and good practices regarding money laundering. assets.
In the best style of the old policy - which is understandable - it has turned Coljuegos into another state institution where the “aja” is already a reference to accelerate the permits that have been held up for months, most likely to soften the (the) sorry businessman who will end up leaving the envelope under the trash can there and come pick it up on Monday...
When asked about Coljuegos, he only limits himself to reading the speech that has been passed to him from the office of his advisors and that is where the verbiage about lotteries, chances and bets comes to the surface of his lips and there is nothing else on the page From Coljuegos there are only approvals for draws, perks, new regulations, facilities, opening of markets for permanent bets and for a permit from an operator, there is no time... of course sorry, as he said at the Fair: the illegals and thugs from the locals and casinos who have earned that reputation through their own fault should go to the prosecutor's office to report because I don't know anything.
It's embarrassing when he starts talking about technology and the trip to Las Vegas - sponsored of course - and that on an important news network he said that by seeing the machines he knew how they paid, oh no! So, he dedicates himself to gambling and makes more money... or he writes a book and becomes a millionaire, and at the same time destroys all the casinos in the world because he is going to reveal the secret.
Since his arrival, Coljuegos has gone from more to less and it is not necessary to be a fortune teller to know that he came to the entity to do what he had to do regardless of the cost, in the end he is not the one who pays, it is us and they pay him for that.
What else to expect from the very corrupt, very old school.
Gambling Ins.
A gavel, a gong, a bell; the three symbols of a fresh day of trading at the New York Stock Exchange (NYSE). Although the tool itself has changed over the years, the act of the ‘opening bell’ has been solidified across public trading houses - even though Nasdaq doesn’t have a physical trading floor, the house still has an opening bell ceremony each day. That’s how strong it is.
However, more companies, with some high-profile examples within gaming, are pulling away from this iconic morning routine and instead favoring the quiet life of private equity.
But why are companies going private?
There are a few reasons why some big gambling companies are going private.
First of all, when a company goes public, there is a far greater level of administration and bureaucracy. A private company therefore has more control over its business, without having to please multiple shareholders.
Once a company goes private, the business is in the hands of a few select people; either the private equity firm or the family controlling the company. This makes it infinitely easier to make decisions and act on them.
There’s also less volatility from being on the publicly traded stock market, too. The stock market has quite infamous ups and downs, but unless you’ve been living under a rock for the past five years, you’ve probably noticed some global events that affected the economy quite severely.
If anything, this proves that there’s no set path to success for companies; going public is no longer a symbol of ‘making it’ but should instead be analysed as a viable strategy, rather than the only strategy
One of the biggest positives of being publicly traded, however, is access to capital. It used to be one of the only ways companies could get funding for projects, which is why going public was historically seen as the end goal for many businesses in the past.
But this isn’t the case anymore. Even as far back as 2018, IPOs brought in $50.3bn in the tech sector, while private equity firms invested $130.9bn.
Some companies never went public in the first place.
Once a company goes private, the business is in the hands of a few select people; either the private equity firm or the family controlling the company. This makes it infinitely easier to make decisions and act on them. The biggest example in gambling is bet365, which has been private since it launched in 2000, owned and operated by the Coates family. On the supplier side, Interblock is a huge firm one would assume is NYSE-listed but has remained private, in 2022 being acquired by (you guessed it, private equity) funds managed by Oaktree Capital Management.
So perhaps we’ll see a new era of company ownership going forward, where gaming companies won’t be afraid to rely on private equity, rather than face the public eye on the stock market. Is it time for more casino and sports betting companies to take a gamble on their products and boot out the shareholders and their opinions for good?
A report conducted by YieldSec and commissioned by the Campaign for Fairer Gambling (CFG) suggests the illegal sports betting and online casino markets are far outpacing the legal betting market.
The report says 103 legal operators (both online casino and sports betting apps) target U.S. customers, while there are 860 illegal operators targeting U.S. customers. The report says those illegal operators generated $40.9 billion in gross gaming revenue in 2023 compared to $16.9 billion for legal operators.
The report even estimates the amount wagered on the 2024 Super Bowl via illegal operators was $500 million more than the amount wagered through illegal operators in 2023.
“The black market is alive and well in America. Legalizing iGambling was never going to adequately weaken the illegals,” CFG founder Derek Webb said in a press release. “But the presence of the black market has served as a useful foil — the legal gambling sector’s main rationalization for expansion.”
“Substitution from illegals to legals is simply not happening at the pace it should – illegals are used as brands of choice and convenience, with some substitution to legals for offers and account opening incentives, when available, as with the Super Bowl,” the report concludes.
In this week of reflection, we bring you again some capsules, which regardless of your creed, have small messages that we hope you will take advantage of to improve your life and your relationship with your environment and your peers; Let's take these days to put our ideas in order and move forward in this enormous challenge of being better people and being happy.
Be aware that the arrogant ego loves to change others, control them, manipulate, and submit.
That ego is the self without love and without God, proud, denied humility and, therefore, prisoner. It is impossible to love without humility because the proud do not understand, do not listen, do not dialogue, and offend.
He does not forgive or ask for forgiveness, he dominates, subdues, despises and believes he is right.
A wise man said: “All evils spring from pride, which is lack of love, and good things come with humility.”
Ego it means “I” in Latin and there are three kinds of egos:
1. Loving ego, listen to it and follow it.
2. Proud ego, give it many doses of humility, but it is not bad. Nothing is.
3. Defective ego, it focuses only on the negative and you must give it self-love and security.
Author: Gonzalo Gallo He is a Colombian writer and former priest. He was born in Medellín, Antioquia. Gallo belonged to the Discalced Carmelites community. Gallo spent 22 of his 24 years of priesthood in the city of Cali, where he became popular among other things for his massive masses in the city's Eucharistic Temple1, in addition to his style, humor and social works. “I cultivate several hobbies because I see that the more lights you turn on in your life, the less shadows bring down your spirits. I feel that in my spirituality I feel like a lover and admirer of Jesus and Buddha, without being in a religion.”
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