Industry News Roundup as DraftKings stock soars

The start of the new year in the gambling industry has continued as the previous one finished, with it being as busy as ever.

We move into the second month of the year, with the mammoth US gambling operator DraftKings reporting an impressive 12 per cent growth hike as the market becomes ever more competitive, in addition to increasing consumer growth in this sector.

The coming year looks set to be one of the company’s biggest yet, with much for it to look forward to, with it set on competing to become the number one operator in the US, above major rivals FanDuel and BetMGM.

Since its stock hit almost rock bottom two years ago, there has been a considerable resurgence over the last 12 months after the company rallied and ultimately demonstrated robust figures in certain states off the back of more intuitive marketing strategies. 

Online gambling on the rise in Portugal

One of the fastest-growing markets in Europe, Portugal has witnessed yet further growth in the industry during the third quarter of 2023.

As such, the country’s industry regulator, SRIJ, reported that €215.3 million in gross profit had been generated, which was an increase from €9.4 million on the previous quarter.

Many factors have influenced this, with the increasing number of people moving to the country during the last year from other countries and, as a result, benefiting from cheaper living costs, the ability to work remotely and a better quality of life.

Gambling interest is certainly increasing in the country and this has been reflected by the growing number of operators that have gained a license in Portugal over the last year. It appears that this could continue into 2024 as the market looks to put itself on the online gambling map.

Gamesys hit with substantial fine

The latest gambling company to be hit with a significant fine in the industry is UK-based omni-channel operator Gamesys.

Due to problems related to anti-money laundering failings, the company has been issued a £6 million fine by the UKGC (UK Gambling Commission). One example included only contacting a customer once they had lost £10,000, failing to carry out any checks prior to this.

Over the last year, the UKGC has been cracking down on social responsibility failings by gambling companies based in the UK and has imposed much tougher restrictions on brands, with new measures introduced.