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“While we’ve made substantial progress, our work is not finished. We’ll continue working with operators to recover funding for communities, improve compliance and maintain public confidence in the integrity of class 4 gambling.”
Alongside the recovery of NZ$11.5 million, the DIA also took action against the class 4 gambling society One Foundation.
One Foundation’s operating licence was suspended for six days after the DIA identified accounting failures relating to gambling proceeds, as well as a failure to surrender a licence for one of its pokies venues when required by law.
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On Monday, the Gambling Regulators European Forum (GREF) announced a reshuffle of its board following the departure of two long-standing members and the appointment of two new officers.
GREF is a cooperative network bringing together national gambling regulators across Europe and beyond to facilitate dialogue, exchange information and share best practice on regulatory strategies.
Tim Miller, who resigned from the UK Gambling Commission earlier this year, has stepped down from the GREF board and has relinquished his role as treasurer.
How to play Crash Dive
Following the decision, the odds of one additional rate hike this year jumped to 48% on Wednesday afternoon on Polymarket. The contract asks traders to predict whether the upper bound of the Fed Funds Rate will hit 4.25% by the end of 2026. There is now a 21% chance that the Fed will stand pat for the remainder of year, with a slightly lower probability that the upper bound will reach at least 4.5%.
According to Multiples.VC, the average enterprise multiple (EV/EBITDA) of top US-listed gaming companies is currently 10x. Data from New York University last updated in January pegged the overall market average at 23.9x and 19.7x among EBITDA-positive firms, suggesting the sector is undervalued relative to other industries. In a report released Monday, Fitch Ratings said most North American gaming companies hold “Stable” outlooks with “adequate rating headroom” despite consumer headwinds.
Macquarie’s Beynon agrees with that sentiment, pointing to the relative stability of gaming companies through tough economic stretches such as the Covid-19 pandemic. Bankruptcies in the sector have been low relative to the broader market, he notes, and both land-based and digital companies have reason for optimism moving forward.
