first_img Topics: Casino & games Finance Strategy Tech & innovation Pragmatic snaps up Extreme Live Gaming from Novomatic Casino & games Pragmatic Play has completed its acquisition of Extreme Live Gaming from the Novomatic Group for an undisclosed amount Subscribe to the iGaming newsletter Pragmatic Play has completed its acquisition of Extreme Live Gaming from the Novomatic Group for an undisclosed amount. Extreme Live Gaming provides live casino solutions to the igaming industry and holds licences both in Malta and the UK. Among the business’s desktop and mobile solutions are ‘Golden Ball’, ‘Reel Roulette’ and ‘Roulette 360’. Extreme Live Gaming operates a total of 10 tables – covering roulette, blackjack and baccarat – from its studios in London. “The name Extreme Live Gaming stands for quality and innovation, and we are delighted to enhance our multi-vertical gaming strategy with this acquisition, further cementing our position as a leading industry provider,” Pragmatic chief commercial officer Melissa Summerfield said. “The popularity of live casino has grown hugely in recent years, and the vertical holds a great deal of potential. “We have every confidence that our passion and drive for going beyond our clients and players’ expectations will help us to realise that potential.” Darwyn Palenzuela, chief executive of Extreme Live Gaming, added: “We pride ourselves on providing groundbreaking live solutions both popular with players and profitable for our partners, and this acquisition will empower us to take our business to the next level.” Related article: Pragmatic Play appoints operations chief from Microgamingcenter_img AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address Tags: Mobile Online Gambling 26th June 2018 | By contenteditorlast_img read more

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Email Address 3rd July 2018 | By contenteditor Topics: Tech & innovation Pit Stop Betting is to offer more than 15,000 betting points to motorsport fans as it gears up for its first major races this summer.The Motorsport Network-backed platform is now live on Apple’s App Store and will soon be available on Google’s Play Store, with the British Grand Prix at Silverstone taking place this weekend.Pit Stop Betting has been developed by an in-house team led by tech entrepreneur Simon Vumbaca and will cover 10 motorsport series at launch, including Formula One and Moto GP.Vumbaca told iGamingBusiness.com that it was important to create a product that was specific to the needs of the motorsports fan, and the opportunity to design a bespoke platform came about thanks to the early backing of Motorsport Network, the parent company of several digital companies including Motorsport.com, Motor1.com, Motorstore.com, Motorsport.tv and Autosport.com.“Betting options for motorsport are not really structured,” Vumbaca said. “There are a lot of big operators that focus on football and horse racing, which I understand, and they don’t want to target the investment required to develop a platform for 10 series.“We have 10 years of data from 10 different series to create the sportsbook.”Pit Stop Betting said it is important that its motorsport venture is not a race to the bottom. Bets will be accepted up to a maximum of £50, and Vumbaca said he wants people to enjoy the challenge of putting their knowledge to the test and not be “ashamed” of gambling.The focus is on ‘rewarding entertainment’, with Pit Stop Betting providing plenty of content, including access to information, technical data and videos, to help its players make good decisions when they wager. The app’s simple and intuitive mobile interface has been designed to be operated with a single thumb.“We want a product that offers a new way to interact with betting,” Vumbaca said.Pit Stop Betting is initially live in the UK with the hope of entering other European markets later this year. It also plans to launch a number of enhancements over the next few months, including a pool betting service that again attempts to improve engagement with motorsport events.“We do have financial goals of course, but the major target at present is development and to make sure it is well received,” added Vumbaca. Pit Stop Betting to drive motorsports market Tech & innovation Tags: Mobile Pit Stop Betting will offer more than 15,000 betting points to motorsport fans  Regions: UK & Irelandlast_img read more

first_img Subscribe to the iGaming newsletter Tech & innovation Omnia Casino will introduce new benefits in Q4 as part of continuous development cycle AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 1st August 2018 | By contenteditor Topics: Tech & innovationcenter_img Omnia Casino founder Sam Hobcraft has outlined how the world’s first casino to be supported entirely by artificial intelligence will introduce further innovations in the final quarter of this year.Hobcraft told iGamingBusiness.com that the company’s “development cycles are continuous”, with numerous innovations in the pipeline, all underpinned by AI, which is driving personalisation across a number of areas, including game recommendations, compliance and rewards.“Initially we have focused on using AI to curate a personalised product experience for our customers,” Hobcraft said.“Currently we recommend games based on demographic profiles and also ‘look-alike’ customers. The AI-based element of our platform is continually learning and improving the content shown to our customers, much like Netflix.“This will be rolled out across our store as well, to ensure the right promotions and merchandise will always be displayed to the customer.“The next area we’ll be focusing on is the personalisation of rewards. The AI will look at thousands of different data points to decide with reward we should present to a customer, at the right time. It will be truly personalised in terms of the wagering requirements and the reward that is delivered.“These will then be automatically triggered to a customer through our CRM system, via a notification, email, SMS or push notification. This will increase the personalisation and improve the customer experience and loyalty.”Omnia Casino will also build AI chatbots that will allow for 75% of customer support issues to be dealt with without human interaction. “Although chatbots are not yet at an optimal stage in our sector to be delivered to be delivered today, we anticipate this will change soon enough,” Hobcraft added.The mobile-first casino has deliberately designed its responsible gaming functionality, such as deposit limits, to be transparent and customer-friendly. Later this year, players will begin to be prompted to set a deposit limit as soon as they register.“Some of the bigger changes will come in Q4, principally focusing on store upgrades, including merchandise, in September. Setting deposit limits on registration is anticipated to be in place by November,” Hobcraft said.“While we have already delivered a huge amount in the short five months that we have been live, our modular tech stack will allow us to deliver further items to market very quickly.”Omnia Casino was founded in December 2017 by several gaming executives with track records in launching and running online and mobile casinos. Hobcraft, for example, is a former director of gaming at Betfair and managing director of casino at PokerStars.“The motivation behind building a compliance-led and 100% AI-driven casino was about mindset and starting as we mean to go on,” Hobcraft said in an earlier release. “AI is constantly evolving, and we use it to make the casino a more fun and personalised experience, with a strong focus on compliance.“We use AI to go above and beyond standard responsible gambling measures, instantly spotting problem gamblers and triggering further responsible gambling features. This instils a very strong sense of trust and transparency with our customers. “It is also about competitive advantage. We immediately present players with responsible gaming features, because these players are more loyal.” AI casino set for further innovations Email Address Tags: Mobilelast_img read more

first_imgLegal & compliance International Game Technology (IGT) has secured an interim licence to provide its PlayShot integrated sports betting platform in West Virginia, with plans to seek similar approval in other states across the US. The licence will enable IGT to seal partnerships with casino operators in West Virginia that are looking to launch sports betting services when the state moves to regulate such activities. West Virginia is yet to legalise sports wagering, but recent reports suggest the state is closing on full regulation. Earlier this month, GeoComply became the first company to secure an interim licence in West Virginia, while FanDuel in June signed a deal to provide sports betting to the Greenbrier resort.  William Hill also recently said it had agreed a sports betting partnership with an unnamed casino in the state, while Kambi in July lodged a licence application. Speaking about IGT’s new interim licence, Enrico Drago, senior vice-president of PlayDigital at the company, said: “Receiving approval from the West Virginia Lottery Commission to deploy IGT’s PlayShot sports betting solution throughout the state continues IGT’s momentum in pioneering sports betting across the U.S., and creates additional new market opportunities for IGT. “This distinction acknowledges the reliability, security and market-readiness of IGT’s PlayShot solution, and creates opportunities for IGT to further differentiate our sports betting solution in the marketplace.” IGT has been quite active in seeking out partnerships following the Supreme Court’s ruling on PASPA. In June, IGT agreed a deal to provide sports betting services to MGM Resorts International in New Jersey, while the firm is also working with FanDuel in the state. Email Address AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Topics: Legal & compliance Sports betting Plans in place for continued rollout in other statescenter_img IGT lands sports betting licence in West Virginia 23rd August 2018 | By contenteditor Subscribe to the iGaming newsletter Regions: US West Virginialast_img read more

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter There’s something about the old West that gives us a warm fuzzy feeling inside. Who knows why we love it so much? Maybe there’s a rugged outlaw lurking in each of us. Or a Sheriff who wants to run criminals out of town. Whatever. The game is a sequel to the infamous Dead or Alive™. Dead or Alive™ began its long life at the top of casinos’ most-wanted lists in May 2009. Since then, it has become a favorite for players around the world that like high volatility games.You can play a demo of this slot here! Casino & games There’s something about the old West that gives us a warm fuzzy feeling inside. Who knows why we love it so much? Maybe there’s a rugged outlaw lurking in each of us. Or a Sheriff who wants to run criminals out of town. Whatever. Dead or Alive 2 by NetEnt Topics: Casino & games Slots 23rd April 2019 | By Aaron Noy Subscribe to the iGaming newsletter Email Addresslast_img read more

first_img GVC Holdings has stepped up its responsible gambling efforts with a call to end all sportsbook broadcast advertising in the UK.The operator, which was the first to publicise its support for a pre-watershed advertising ban in October 2018, has now thrown its support behind extending this ban to any time of day. This would include live and repeated sporting events, with an exemption for horse racing.However GVC has suggested allowing campaigns promoting responsible and safer gambling. This, it says, should be limited to one advertising slot per commercial break.The operator said that the forthcoming pre-watershed, whistle-to-whistle advertising ban, due to be implemented from the start of the 2019-20 football season in August this year, does not go far enough. This ban was agreed by the industry late last year and added to the Gambling Industry Code for Socially Responsible Advertising by the Industry Group for Responsible Gambling (IGRG) in December.“Whilst the vast majority of our customers enjoy our products responsibly, it is high time that the industry did more to protect its customers from potential harm,” GVC chief executive Kenny Alexander (pictured) explained. “As the UK’s largest gambling company, and owner of Ladbrokes and Coral, we at GVC are doing exactly that.“I call on our industry peers to help us bring about an end to broadcast advertising which promotes sports-betting in the UK no matter the time of day.”Alongside its calls for the broadcast advertising ban, GVC has announced a series of new initiatives to tackle gambling related harm, as part of its ongoing Changing for the Bettor corporate social responsibility drive.Launched in January this year, the Changing for the Bettor initiative will see the operator invest in responsible gaming technology, support research and introduce new, voluntary controls across the business to ensure it operates in a fair and sustainable manner.Four new initiatives will be launched, with a shirt sponsorship and perimeter advertising ban the most eye-catching. This sees the operator commit to ending all football shirt sponsorship deals in the UK, and banning all advertising on pitchside hoardings. It aims to allow fans to watch live sport without any inducements to bet, and is calling on other operators, and UK football authorities, to adopt the measures.GVC will also increase its investment in research, education and treatment. It was the first – and to date, only – operator to commit to doubling its spending to 0.2% of UK gross gaming revenue in 2019, and has now committed to raising this to 1% of GGR by 2022. This will see it invest ten times the current minimum requirement.The operator will look to provide more funding to problem gambling treatment, establishing an independent trust to make charitable contributions to treatment centres. Manchester’s Leon House centre will be the first establishment to receive funding from the trust.Finally, it will make the GamBan software, founded by the team behind the Campaign for Fairer Gambling, available free of charge to individuals showing signs of developing problem gambling habits. This allows players to block access to all gambling sites in the UK via a single portal.“Increasing investment in research, education and treatment ten-fold by 2022, funding treatment centres and using technology to intervene before a problem develops, alongside our existing behavioural analytics, brings to life our commitment to be the most trusted and enjoyable betting operator in the world,” Alexander said.“The industry should and can do more to protect the vulnerable, and today’s announcement demonstrates GVC’s commitment to delivering on that.”These new initiatives follow previous measures taken as part of the Changing for the Bettor campaign, including investing $5m (£3.9m/€4.5m) in a responsible gaming study in partnership with Harvard Medical School. The campaign’s findings will be used to launch a global responsible gambling ad campaign.GVC has also agreed to provide funding to help GamCare roll out a youth outreach programme across the UK and partnered EPIC Risk Management, which will advise the operator on best practice for interacting with problem gamblers. Tags: Mobile Online Gambling OTB and Betting Shops Topics: Marketing & affiliates Sports betting Strategy Email Address Marketing & affiliates GVC calls for expanded UK gambling ad ban Regions: UK & Ireland AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter GVC Holdings has stepped up its responsible gambling efforts with a call to end all sportsbook broadcast advertising in the UK, urging other operators to follow suit. 25th April 2019 | By contenteditor Subscribe to the iGaming newsletterlast_img read more

first_img Subscribe to the iGaming newsletter AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Stockholm-listed gambling operator LeoVegas has named Dersim Sylwan, previously of the Kindred Group, as its new chief marketing officer.Sylwan will join the operator after almost six-and-a-half years with Kindred, where he most recently served as general manager in Sweden for three years.Prior to this, Sylwan was head of Kindred’s Maria Casino brand for 18 months, while he also had a spell as country manager in Sweden for Maria Casino.Before joining Kindred in April 2013, Sylwan spent two-and-a-half years with Svenska Spel, serving as both brand manager and project manager for its Oddset business, as well as project manager for mobile.Other senior roles in the gambling industry include a spell as bwin’s marketing manager for poker in the Nordic region, as well as marketing manager for the 24hrPoker.com business at Entraction.“Dersim has been in various roles in igaming for over 11 years, so he has a deep and broad understanding [of the sector],” LeoVegas communicaitons manager Hans Uhrus told Swedish news agency Nyhetsbyrån Direkt.Sylwan will succeed Petra Blixt, who has been serving in the role on an interim basis since May of this year, having been appointed as a marketing director in October last year as part of a departmental shake-up.Blixt will continue as interim CMO until Sylwan officially joins the operator.In May, LeoVegas reported an 11.6% rise in revenue for the first quarter of 2019, though growing costs saw the operator post a €31,000 (£27,810/$34,508) loss for the period.LeoVegas is due to announce its results for the second quarter on August 14.Image: Raw Pixel Marketing & affiliates Email Address Stockholm-listed gambling operator LeoVegas has named Dersim Sylwan, previously of the Kindred Group, as its new chief marketing officer.center_img Topics: Marketing & affiliates People Strategy Tags: Mobile Online Gambling 26th July 2019 | By contenteditor LeoVegas names Kindred’s Sylwan as new marketing chieflast_img read more

first_imgAddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Novomatic celebrates its 40th birthday in 2020. Over this time, it has grown from an Austrian business importing pinball machines from the US to a global operation with hundreds of thousands of gaming terminals and more than 30,000 staff. Novomatic AG chief executive Harald Neumann tells Robin Harrison how the business will ensure it stays relevant for another four decadesThe size and scale of Novomatic’s business today is staggering. The group has more than 255,000 gaming and video lottery terminals in operation worldwide, as well as a network of over 2,100 proprietary casinos and sports betting outlets, not to mention B2B and B2C igaming offerings. It has a presence in more than 50 countries and supplies its solutions to businesses in over 70 nations. It employs 30,000 people, including 3,200 in its native Austria, and sales totalled around €2.6bn in its 2018 financial year.It’s certainly impressive, considering it was founded by Professor Johann F. Graf, with 50,000 Austrian schillings and 12 employees, as a company that imported pinball machines from the US, and even more so when one considers it didn’t originally set out to be a gambling business.The growing interest in slot machines at the business, then called Novomatic Automatenhandels GmbH, led to the acquisition of UK slot machine manufacturer JPM.This saw Novomatic become a gaming company “in one fell swoop”, chief executive of the main holding and core company Novomatic AG Harald Neumann says. Not just a new competitor either; it became the second largest slot manufacturer in the industry.Slots may have been the starting point, but today it is active in every vertical, in just about every regulated market, both as an operator and as a supplier.Perfect storms This, however, brings with it new challenges. As a highly regulated and expansive business, it’s natural to assume that 2019 – a year in which the industry has been buffeted by regulatory headwinds – may have been a trying period for Novomatic. This appears to be the case, judging by its half-year results. For the six months ended 30 June 2019, Novomatic AG’s revenue was down slightly, though remains at a huge €1.26bn. However, its profit for the period dropped to €34.3m, of which €19.5m came from discontinued operations. Strip that out and net profit for the half-year was €14.7m. “The reporting period was affected by changing legal framework conditions in Novomatic’s core markets such as Germany and Italy,” Neumann explains.On the subject of regulatory headwinds, he points out that the gaming industry faces “a very dynamic regulatory environment”.“Providers are constantly required, due to continuous legal changes, in particular in the area of money-laundering prevention and protection of players and minors, to further develop their services and products and adjust to suit these changing framework conditions,” he says.However, despite the single European market fostering ever closer cooperation between its constituent nations, gaming remains the only segment for which regulations are yet to be harmonised.While Novomatic is a strong supporter of a harmonised regulatory framework, especially for online gaming, Neumann admits that this “currently appears unlikely”, noting the European Commission appears content to leave states to their own devices when it comes to games of chance.“It appears that individual member states will be granted even greater discretion to regulate the industry individually,” he notes.This can be a positive, depending on each member state’s approach to gambling. In Neumann’s eyes, Denmark, Sweden and – eventually – the Netherlands’ approach towards regulation provide the blueprint to follow.“These countries either already have strict regulations with what is in principle free market access to acquire online licences, or are planning to implement them.“Excessive regulation that does not conform with the market, unsuitable taxation or gradual tax increases, as seen in Italy or in Romania, can have negative effects,” he adds, however. “Experience clearly shows that excessive regulation, inappropriate taxation or total bans simply encourage illegal operations; operations which are not monitored and which provide no protection for players and minors.”This does create a certain challenge for Novomatic; with a presence in over 50 countries, not to mention B2B partnerships in more than 70, finding new markets that are regulated, and under viable terms, must be a challenge. Neumann says that “every product and service from Novomatic and its subsidiaries will always meet the legal requirements for the respective markets”.He does admit that finding new markets and business areas is a challenge, but the same that any company of a certain size and scale will face.For Novomatic to continue thriving, he says, it requires a clear legal framework with systematic and coherent regulation, as well as a transparent licensing process, all supported by effective layer protection measures.“In addition, measures for fighting crime, for example, consistent action against illegal gaming and prevention of money laundering, remain essential factors.”The R&D edge Yet it’s not all down to finding room to grow. It’s also having a steady flow of new products and services to roll out in these new – and existing – markets. “Research and development plays a central role at Novomatic and has done since its foundation,” Neumann says. “In the last three years alone, the group has invested €300m in this field.” It currently maintains 25 technology centres across 15 countries, and employs more than 1,200 staff focused on R&D. This goes beyond simply making new products, as far as developing security technology, such as biometric access systems, for its hardware. If you’re going to provide something to everyone, you have to be prepared to put in the work. The biometric technology was on display at ICE London, alongside new land-based casino and amusement with prizes products and systems, complemented by online gaming, sports betting and cash handling solutions.A key focus was linked progressive games, both standalone titles and multi-game editions, as well as new titles in the Concurve range, and expanded modular functionality built into its myACP casino management system.Its sports betting subsidiary, Novomatic Sports Betting Solutions (NSBS),also presented NovoPrime Sports, developed in partnership with Sportradar that was struck in February 2018. It’s hard not to see this roll-out as a sign that it has designs on a piece of the US sports betting market.The stand, as it is every year, was a dominant feature of the exhibition hall, built on over 5,000 square metres of floor space, featuring 350 gaming terminals and a 160 square metre LED wall, supported by 6km of copper wiring and 2km of fibreglass cables.It has to be, considering it brings together more than 20 subsidiaries from around the world. Novomatic is a business that has grown constantly, both organically and through M&A, and shows little sign of stopping.While Ainsworth Game Technology was perhaps the highest-profile deal of the past decade, its website lists 32 deals in total since 2010. This doesn’t include the establishment of new divisions and subsidiaries.Scale challenges To make so many disparate components work in harmony is certainly a challenge, and it’s perhaps not surprising that alongside the half-year results announcement Novomatic pledged to make the business more efficient going forward. This will be achieved through optimising internal processes and structures at an international level. “In doing so, the gaming technology group hopes to increase company efficiency and achieve strong synergies between the shareholdings,” Neumann explains. This will be aided by communication. Mindful of the growth of the business, and the fact that an entity of Novomatic’s size is “much more cumbersome” than a smaller operation, Neumann says there has been a particular focus on ensuring each division is aware of what others are doing or developing.As the business turns 40 in 2020, it also marks Neumann’s fifth year as CEO. While he joined an already sizeable business, he says recent expansion has seen it become “the undisputed number one” gaming technology business in Europe.“I am of course very proud of that,” he says, before running through a list of landmark deals and achievements under his stewardship.“The group has grown strongly through acquisitions, such as that of Ainsworth Game Technology, which has opened up new market opportunities for us in the USA.“In Germany, we have secured our market leadership with the acquisition of Casino Royal GmbH, while our subsidiaries ADMIRAL Sportwetten and Greentube are very well positioned in the areas of sports betting and online, mobile and social gaming.“Our corporate responsibility strategy has also undergone significant development in recent years. We hold several certifications and most recently we, together with some of our subsidiaries, were the first Austrian company to receive the international G4 player protection certification.” Perhaps what makes Novomatic stand out from its peers is that for a business of its size and scale, it’s somehow still particularly agile. While other businesses will have key priority areas or markets, it has managed to keep a sense of momentum going across multiple territories and verticals.The Sportradar partnership is a good example of this: while updates have been infrequent since it was struck in 2018, work has clearly been ongoing to present NovoPrime Sports at ICE.Evolution has served it well over the past four decades. While regulatory headwinds may have hit the business in 2019, as they did the wider industry, it’s unlikely that it will have the sort of long-term impact that could derail another company. That pinball importing business from Gumpoldskirchen looks well positioned to enjoy another 40 years at the top end of the industry. Novomatic celebrates its 40th birthday in 2020. Over this time, it has grown from an Austrian business importing pinball machines from the US to a global operation with hundreds of thousands of gaming terminals and more than 30,000 staff. Novomatic AG chief executive Harald Neumann tells Robin Harrison how the business will ensure it stays relevant for another four decades Subscribe to the iGaming newsletter 25th February 2020 | By Stephen Carter Tags: Online Gambling Slot Machinescenter_img Email Address Interview: Pinball wizards Topics: Casino & games Finance Slots Casino & gameslast_img read more

first_img Subscribe to the iGaming newsletter Topics: Finance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 27th March 2020 | By Stephen Carter Global gambling revenues are now projected to fall below 2016 levels as the spread of the coronavirus continues to disrupt worldwide gambling markets, according to H2 Gambling Capital.With total recorded Covid-19 cases topping 500,000 and India’s move into lockdown confining a third of the world’s population in their homes, H2 now expects revenues to fall 12.1% this year, compared to 11% last week (see Chart 2 in dashboard below)This takes 2020 expectations in week 8 following the outbreak of the pandemic to $415bn, below the $416bn return in 2016 (see Chart 8 below).H2 said the downgrade was not as great this week as last due to most of the major shutdowns/restrictions taking place in week 7 since the outbreak.North America however saw the greatest downgrade in revenues for 2020 this week, now standing at -8.59% from -6.66%, where 200 million people across 21 states were urged to stay at home (see Chart 5).The greater impact of such movement restrictions on the land-based vs. the online side has been reflected in the projected online share of rising to 16% this week’s revision from 13% before the oubreak (Chart 2).iGamng contines to see growth in the US with calls in the US for it to be permitted as part of state governors’ emergency powers. Email Addresscenter_img Finance Tags: Online Gambling Covid-19: global revenues tracking below 2016 levels lobal gambling revenues are now projected to fall below 2016 levels as the spread of the coronavirus continues to disrupt worldwide gambling markets, according to H2 Gambling Capitallast_img read more

first_img Tags: Race Track and Racino Regions: US Canterbury Park Holding Corporation, operator of Canterbury Park racecourse in Minnesota, has reported a $925,976 net loss for the first half of 2020, after it was forced to temporarily close the venue due to the novel coronavirus (Covid-19) pandemic.Net operating revenue in the six months to June 30 totalled $13.7m, down 51.1% from $28.0m in the same period last year.Canterbury shut its racecourse on March 16, in line with measures to combat the spread of Covid-19, and did not reopen the facility until June 9. This, Canterbury said, led to a significant drop in revenue, as it temporarily lost its primary source of income for a large portion of the first half.The shutdown of operations at the racecourse meant operating expenses for the period were lower, with the $15.9m spent in H1 down 40.5% from $15.9m last year.However, this reduction in spending was not enough to offset the year-on-year decline in revenue, and Canterbury posted an operating loss of $2.2m, compared to a profit of $1.3m at the same point in 2019.Read the full story on iGB North America. Canterbury Park Holding Corporation, operator of Canterbury Park racecourse in Minnesota, has reported a $925,976 net loss for the first half of 2020, after it was forced to temporarily close the venue due to the novel coronavirus (Covid-19) pandemic. Email Address 11th August 2020 | By contenteditor Topics: Finance Sports betting Horse racing AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Canterbury Park posts $925,976 loss following Covid-19 upheaval Financelast_img read more