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Bulgaria’s National Revenue Agency (NRA) has clarified its stance on gambling advertisements, allowing social media influencers to promote gambling-related content despite a broad ban imposed recently on traditional media platforms. This decision has?raised concerns.

The controversy stems from the NRA’s interpretation of what constitutes “media” under Bulgaria’s Broadcasting Act. According to NRA director Rumen Spetsov, the ban on gambling advertisements does not extend to social media platforms like Facebook, Instagram, TikTok, and YouTube. The NRA’s stance is based on its view that these platforms do not fall under the legal definition of traditional media channels.

The NRA’s position was articulated in response to a public inquiry by the local news outlet Mediapool, which sought clarity on the scope of the gambling advertising ban. Spetsov explained that users who engage with content on social media do so voluntarily by choosing to follow influencers and create accounts, which, in his view, constitutes implicit consent to view such content. He pointed out that individuals have the right to control the type of information they access through their social media accounts.

Despite the NRA’s explanation, the decision has been met with widespread criticism. Many argue that it undermines the original intent of the law, which was enacted in May to fight the spread of gambling advertisements across all media, particularly to protect vulnerable groups like children who are increasingly exposed to online content.

Critics are particularly concerned about the potential for a surge in gambling-related promotions on social media, where younger audiences are most active. They fear that this could weaken consumer protection efforts and lead to an increase in gambling-related harm.

Spetsov’s narrow definition of “media” as mass communication channels with broad reach has also been challenged.

Spetsov warned against attempts to bypass the ban by using traditional media to direct audiences to social media platforms for gambling promotions, stressing the importance of “editorial responsibility” in determining the legality of such content.

The NRA has indicated that it will evaluate gambling advertisements on a case-by-case basis. However, the agency’s position suggests that all gambling-related content on social media will be allowed as long as it does not appear on platforms that meet the legal definition of “media.” This means that even platforms with significant reach, such as YouTube, remain outside the ban’s scope.

Bulgaria’s decision contrasts with the approach taken by other European countries. For instance, Italy has implemented a complete ban on gambling advertisements on all platforms, including social media, as part of its efforts to combat gambling addiction.?Sweden has tightened its regulations on gambling advertising, particularly on social media, following the re-regulation of its gambling market in 2019. In the United Kingdom, strict regulations govern gambling advertisements on social media, with the UK Gambling Commission enforcing rules to ensure that such content does not target minors.?

Recent research by the Australian National University (ANU) reveals that online gambling ‘exponentially increased’. As Australians increasingly turn to online platforms for betting, overall participation has decreased.

The ANU Centre for Gambling Research conducted a comprehensive study from April 2019 to January 2024, revealing that while overall gambling participation has decreased, the rate of online gambling has surged. The study, which surveyed over 4,000 adults, found that 60.3 percent of the adult population engaged in some form of gambling in 2024, down from 65.6 percent in 2019.

Despite the overall drop in gambling rates, the research shows that online gambling is at an all-time high, with 33.4 percent of participants placing bets online in the past year. Online gambling has become especially popular among middle-aged Australians, with those aged 45-55 accounting for 20.5 percent of online bettors. Younger adults, aged 25-34, also represent an important portion of the online gambling community, comprising 18.7 percent of users.

Dr. Aino Suomi, Director of the ANU Centre for Gambling Research, explained: “Online gambling has exponentially increased, and should now be considered one of the main gambling platforms.” She also warned: “The unlimited access to online gambling has the potential to cause real harm if not properly addressed.”

The surge in online gambling comes at a time when physical poker machines, or “pokies,” are being targeted with important reforms across Australia.

In Victoria, for instance, a default $50 daily limit on poker machine losses has been proposed by the Labor government and the Greens. This reform is accompanied by a mandatory carded-play system, which will limit the amount of money that can be loaded into a machine at any given time, reducing it from $1,000 to $100.

These measures are part of what the Victorian government describes as the “strongest suite of reforms that will comprehensively change the way gambling is conducted in this state.”

However, as physical gambling options become more restricted, Australians appear to be increasingly turning to online platforms as an alternative. The ease of access, combined with fewer regulatory constraints, makes online gambling an attractive option for many.

Australian operators are adapting to this digitalised demand. “As mobile devices become the preferred platform for playing online pokies, developers and casinos are focusing on optimising their compatibility,” explained BestAussiePokies.com.

The demographic breakdown provided by the ANU study reveals distinct differences between online and in-person gamblers. Online gamblers tend to be younger, more educated, and more likely to be employed. A significant portion of this group holds a university degree (28.5 percent) or a post-school certificate or diploma (47.2 percent). These individuals are also more likely to be part of a couple with children.

In contrast, those who prefer in-person gambling are generally older, with 21.2 percent of this group aged 65-74. Adults over 45 make up 66.1 percent of in-person bettors, with women representing a majority of this demographic (53.8 percent).

Lottery betting remains the most popular form of gambling, with 46.8 percent of respondents participating. This is followed by raffles (23.4 percent) and scratchcards (15.7 percent). Although sports betting is often highlighted in discussions about gambling, only 4.7 percent of the population engages in this activity, with nearly all of these bets (94.2 percent) being placed online.

London-listed Entain finds itself entangled in a major legal battle, partially a result of the style of risk management and governance protocols of the previous administration.

A group of institutional investors has filed a ￡150 million lawsuit against the company, seeking compensation for a decline in its share price following an investigation into alleged bribery at its former Turkish subsidiary. The identity of the shareholders who are suing Entain has yet to be disclosed. People with knowledge of the claim said they were mostly US-based, with some in the UK and other countries, and included public pension funds and asset managers. The announcement had an immediate and profound impact on Entain’s stock, triggering a significant drop in share value. Over the past year, Entain’s shares have plummeted by 44 percent. This decline is attributed to multiple factors, including a series of costly acquisitions that showcased the company’s voracious appetite for mergers and acquisitions when Jette Nygaard-Andersen was at the helm.

The group claim currently includes 20 institutional investors, but discussions are ongoing to potentially add more participants. The company’s recent history has been marred by allegations of bribery at its former Turkish subsidiary, leading to a deferred prosecution agreement and a substantial fine. This scandal, coupled with a series of costly acquisitions, has eroded investor confidence and left the company vulnerable to takeover attempts. Newly appointed CEO Gavin Isaacs must not only address these legacy issues but also chart a path forward that restores investor trust and positions Entain for sustainable growth.

These legal troubles for Entain began to surface in November when the company entered into a deferred prosecution agreement (DPA) with the Crown Prosecution Service (CPS), in collaboration with HM Revenue and Customs (HMRC). This agreement marked a historic moment as it was the first DPA conducted outside the Serious Fraud Office. Under the terms of the DPA, Entain agreed to pay a substantial fine of ￡585 million.

The investigation by HMRC focused on activities related to Entain’s Turkish-facing business, which the company had already sold in 2017.

In June, the formidable team at law firm Fox Williams issued a call to action, inviting institutional investors to join a group claim against Entain. The claim period for investors was defined as spanning from 1 July 2011 to 31 December 2023. Led by securities litigation partners Andrew Hill (pictured above on the right) and Matthew Reach (pictured above on the left), Fox Williams initially planned to file the group action by Autumn 2024. However, the claim was filed earlier than anticipated, with the group action being submitted to the Financial List of the High Court on 2 August.

The lawsuit is being pursued under the Financial Services and Markets Act 2000, with the total claim amounting to over ￡150 million. Entain has enlisted the services of the prestigious law firm Slaughter and May to defend against these legal proceedings.

In an effort to restore investor confidence, Entain named industry veteran Gavin Isaacs as chief executive last month. His predecessor, Jette Nygaard-Andersen, stepped down in December. Isaacs’ leadership will be crucial as the company addresses this difficult period and seeks to rebuild its reputation.

The first question on everyone’s mind today is whether Entain is heading for a merger or a hostile takeover. With one saga after another, the new CEO faces an almost insurmountable task—one he was fully aware of when he accepted the role. Filling the CEO position at Entain was no easy feat. Earlier this year, numerous seasoned and experienced leaders turned down the offer, leaving Stella David to bravely steer the ship as interim CEO during the search. While David proved to be a reliable leader, this was not a role she had planned to take on permanently.

Now, Isaacs must steer through the turbulent waters and fend off any potential hostile bidders. Adding to his challenges are the activist investors who have been vocal about their dissatisfaction with the company’s governance over the past year. These investors have been relentless in their calls for change, further complicating Isaacs’ already daunting task. Isaacs’ appointment comes at a critical juncture for Entain. The company has been plagued by a series of controversies and financial setbacks, including a significant drop in share value and costly acquisitions. The activist investors, led by prominent figures such as Eminence Capital, have been particularly critical of the previous administration’s handling of these issues. They have been pushing for greater transparency and accountability, and their pressure has only intensified with Isaacs’ arrival.

Stella David, who stepped in as interim CEO, provided much-needed stability during a period of uncertainty. Her leadership was instrumental in maintaining operational continuity and investor confidence. David’s efforts were commendable, but the task of steering Entain through its current challenges now falls squarely on Isaacs’ shoulders.

Isaacs brings a wealth of experience to the role, having previously led major gaming companies through periods of transformation and growth. His track record includes successful stints at Scientific Games Corporation and SBTech, where he demonstrated his ability to drive strategic initiatives and deliver results. However, the challenges he faces at Entain, even for him, are unprecedented.

One of the key challenges Isaacs has to address is to manage the expectations of activist investors. These investors have been vocal in their criticism of the company’s governance and have called for significant changes. Their influence cannot be underestimated, and Isaacs will need to engage with them constructively to address their concerns and secure their support.

In addition to dealing with activist investors, Isaacs must also fend off potential hostile bidders. The company’s weakened financial position and declining share price have made it an attractive target for takeover attempts. Isaacs will need to demonstrate strong leadership and strategic vision to convince investors that Entain can recover and thrive.

The outcome of this lawsuit could have far-reaching implications for Entain and the broader gambling industry in prioritising transparency and ethical conduct to maintain investor trust and avoid legal repercussions.

The company’s response to the lawsuit and its efforts to address the underlying issues will be closely scrutinised by investors, regulators, and the public.

The civil litigation against Entain comes after it struck a deal with prosecutors over alleged bribery at its former Turkish subsidiary, agreeing to pay ￡615 million to avoid a trial. Dame Victoria Sharp, one of England’s most senior judges, approved the deferred prosecution agreement in December, one of the largest such penalties issued against a UK company. UK authorities had accused Entain, which was previously named GVC Holdings, of failing to prevent bribery between July 2011 and December 2017.

Investors in the UK usually have difficulty in bringing successful claims against companies, including pinpointing individual executives who can be held responsible for failing to disclose the information that they seek. Several such claims have settled before trial, including one against outsourcing group Serco earlier this year. Serco said the settlement terms were “not material” to the company. Glencore, Barclays, and Standard Chartered are also facing legal claims from shareholders, but they deny the allegations against them.

Andrew Hill from Fox Williams, commenting on the lawsuit, expressed satisfaction with the progress made, stating, “We’re pleased that we have successfully filed this claim on behalf of institutional investors. This action demonstrates that investors are seriously committed to ESG and will hold companies accountable when acting irresponsibly.”

Clearly nvestors are becoming increasingly vigilant about holding companies accountable for their actions, particularly in cases involving ethical breaches and misconduct.

Entain’s expansion into international markets, including Turkey, was seen as a strategic move to diversify its revenue streams. However, the allegations of bribery and subsequent legal actions have raised questions about the company’s governance and ethical practices.

The outcome of this lawsuit will be closely watched by the investment community and could set a precedent for future cases involving corporate misconduct.

Alhtough the road ahead for Entain is fraught with challenges, the coming months will be critical as Isaacs works to rebuild trust, address legacy issues, and position Entain for a brighter future. By addressing the company’s governance issues, engaging with activist investors, and executing a clear strategic plan, new CEO Isaacs has the potential to turn Entain’s fortunes around to drive long-term value.

SiGMA News has reached out to Entain for comment.

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The online casino and sportsbook operator Stake has successfully obtained a licence to operate in Peru, consolidating its expansion into the growing Latin American market.

Diana Otalora, the General Manager for Latin America at Stake, expressed the company’s enthusiasm about entering the Peruvian market: “We are thrilled to bring Stake to Peru, a country brimming with potential for digital innovation and growth. The progress we have observed in recent years reaffirms our decision to invest in this dynamic market.”

Jennyfer Escobar has been appointed as the new Country Manager. She brings nine years of experience in the Peruvian gaming industry and has previously worked with Easygo (the Australian parent company of Stake), BoyleSports, and Inkabet. Escobar shared her excitement about joining Stake, stating, “I am honoured to be part of the Stake team and am eager to lead our initiatives in Peru. The market here holds immense growth opportunities, and I look forward to deepening our engagement with the region. I’m excited to contribute to the evolving gaming landscape in Peru and to drive innovation within the industry.”

Stake is now one of the pioneering companies to secure a licence under Peru’s newly implemented regulatory framework for online gambling. In October 2023, the Peruvian Ministry of Foreign Trade and Tourism (Mincetur) endorsed the new regulation, which was officially launched in February 2024. As the third South American nation to regulate online gaming, following Colombia and several provinces in Argentina, Peru’s new regulated market has garnered interest. By June 2024, companies such as Betsson, Booming Games, and 7777 Gaming had already been granted licences to operate.

Stake’s entry into Peru follows its previous expansion in Latin America, including the acquisition of Betfair Colombia last year. Recently, the operator has also pursued the acquisition of the Italian operator Idealbet.