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    Updated 03:05 PM

    • The Federal Court of Australia ordered The Star Entertainment Group to pay AU$260 million ($182 million) for breaches of anti-money laundering and counter-terrorism financing laws [2].

    • Italy's government outlined plans to generate €1.9 billion ($2.13 billion) from the gambling sector between 2027 and 2029 via tax increases, altered lottery commissions, and adjusted concession fees [3].

    • Prediction market operator Kalshi reached a $40 billion valuation after securing a $1 billion funding round co-led by Sequoia Capital and Wellington Management [1].

    • Georgia’s Parliament approved legislation permitting domestic casinos to organize and host international gambling tournaments [9].

    Betting industry news

    Breaking

    BreakingM&A / Business

    Kalshi valuation surges to $40 billion after latest $1 billion funding round

    Kalshi valuation surges to $40 billion after latest $1 billion funding round

    Prediction market operator Kalshi has attained a $40 billion valuation after securing $1 billion in a new funding round co-led by Sequoia Capital and Wellington Management. The investment raises the company's total capital raised to approximately $3.6 billion as it expands into traditional financial trading. The milestone comes as the platform continues to navigate legal disputes regarding its sports-related contracts.

    Yogonet
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    M&A / Business

    MGM Digital cuts loss to $4m as LeoVegas-led arm’s revenue growth slows to 6%

    MGM Resorts' LeoVegas-led international digital division narrowed its third-quarter loss to $4 million, approaching break-even behind strong performance in Spain, the Netherlands, and the UK. However, the segment's revenue growth decelerated sharply to 6% compared to the prior quarter. The slowdown comes as operators across the UK and Europe navigate an environment of rising tax burdens.

    Casino Beats
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    Regulatory

    Georgia approves law allowing casinos to host international gambling tournaments

    Georgia approves law allowing casinos to host international gambling tournaments

    Georgia’s Parliament has passed legislation permitting domestic casinos to organize and host international gambling tournaments. Introduced by lawmakers from the ruling Georgian Dream party, the bill secured final approval following a 73-5 vote. Lawmakers finalized the measure across two plenary sessions, during which adjustments to baseline regulatory thresholds were debated and approved.

    Yogonet
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    Regulatory

    Federal Court orders The Star Entertainment Group to pay $182 million for AML/CTF breaches

    Federal Court orders The Star Entertainment Group to pay $182 million for AML/CTF breaches

    The Federal Court of Australia has ordered The Star Entertainment Group to pay AU$260 million ($182 million) for breaches of anti-money laundering and counter-terrorism financing laws. The ruling comes in below the AU$400 million penalty proposed by financial intelligence regulator AUSTRAC. Justice Moore determined the reduced penalty after factoring in prior enforcement penalties and mitigating circumstances.

    Yogonet
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    Regulatory

    Italy targets $2.13 billion in gambling revenue under 2027 budget plan

    Italy targets $2.13 billion in gambling revenue under 2027 budget plan

    Italy's government is planning tax increases, altered lottery commissions, and adjusted concession fees to generate approximately €1.9 billion ($2.13 billion) from the gambling sector between 2027 and 2029. A draft budgetary plan submitted to Brussels projects €718 million annually from gambling in 2027 and 2028, alongside €478 million in 2029. The fiscal measures form part of broader state revenue targets led by Prime Minister Giorgia Meloni’s administration.

    Yogonet
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    M&A / Business

    Coinbase prediction markets top $200M annualized revenue while Q3 net revenue falls 34%

    Coinbase prediction markets top $200M annualized revenue while Q3 net revenue falls 34%

    Coinbase Global reported a 34% year-over-year decline in third-quarter net revenue to $1.16 billion, missing analyst estimates amid subdued cryptocurrency trading and lower volatility. Despite the downturn in its core exchange business, the company's prediction market division surpassed $200 million in annualized revenue in less than a year of operation. The unit has emerged as one of the fastest-growing segments in the exchange's history.

    Yogonet
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    M&A / Business

    Bally’s backs Star Entertainment’s turnaround after $182 million penalty

    Bally’s backs Star Entertainment’s turnaround after $182 million penalty

    Bally’s Corporation has expressed support for The Star Entertainment Group's turnaround efforts following a major regulatory resolution in Australia. The backing arrives after the Federal Court of Australia levied a A$260 million ($182.64 million) penalty against Star for historical anti-money laundering and counter-terrorism financing violations. The financial sanction is set to be paid in four instalments over a 19-month period.

    Yogonet
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    Regulatory

    Entain and AUSTRAC both said to lack expertise in court case

    An Australian Federal Court judge has raised concerns regarding the expert reports submitted in the enforcement case between AUSTRAC and Entain. Justice Cameron Moore criticized experts on both sides for lacking necessary expertise and relying excessively on questionable foundations. The scrutiny follows the same judge imposing a AU$260m penalty against The Star Entertainment earlier this week.

    SBC News
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    Regulatory

    Bally’s says it recognises the seriousness of the historical conduct underlying the proceedings

    Bally’s Corporation has expressed support for The Star’s acceptance of the Federal Court of Australia’s ruling regarding historical anti-money laundering and counter-terrorism financing violations. The company acknowledged the seriousness of the past conduct while emphasizing the operational, regulatory, and leadership improvements made since its investment.

    G3 Newswire
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