Donaco International has passed the final hurdle for its takeover by Hong Kong-based On Nut Road.
According to a Thursday release by the company, the Supreme Court of New South Wales on the same day approved the proposed sale of 100 percent of Donaco’s shares which On Nut Road doesn’t already own to the special purpose vehicle managed by Argyle Street Management.
The deal is valued at approximately $35.2 million.
On Monday, Donaco had indicated that shareholders voted overwhelmingly in favor of the takeover, with the Thursday court hearing with the NSW Supreme Court being the final step necessary.
Thursday’s filing indicates that the sale scheme will become ‘legally effective upon lodgement of the Court orders with the Australian Securities and Investments Commission (ASIC)’. This is expected to take place on Friday morning, after which Donaco shares will be suspended from trading on the Australian Securities Exchange (ASX) with effect from the close of trading.
The final implementation date is expected to be August 19th.
Donaco International’s portfolio is comprised of two border casinos: the DNA Star Vegas resort in Poipet, Cambodia, and the Aristo International Hotel in Lao Cai, Vietnam.
Good Morning. Pay to play. That’s the idea behind Vietnam’s proposed casino entry fee increase for locals, says an investment expert. The move should help filter out lower-spending punters, while also promising up-front cash to operators, increasing revenue collection and streamlining oversight. However, it remains to be seen exactly where locals will be allowed to play. Meanwhile, in the world of results, Light & Wonder came out strong in 2Q25, despite a slight dip in revenue. The group’s Grover Gaming acquisition helped contribute to solid earnings in its gaming segment, even as the group aims to strengthen its ranking by delisting from the Nasdaq to focus solely on its ASX position.
What you need to know
New entry fees in Vietnam are seen as a regulatory filter, not a prohibition, aligning with Singapore’s controlled casino access model.
The proposed new entry fees for locals at Vietnam casinos are more about simplifying oversight and improving revenue capture, rather than acting as a prohibitive measure. An investment expert calls the move a “filtering mechanism” and a “social safeguard”. The proposed levy increase is also expected to facilitate access for local punters who previously found it difficult to justify their income, as well as filtering out lower-spending players who shy away from paying up front.
Winning Trust, Stopping Fraud. Asia Pacific’s iGaming market is expanding extremely fast, and a new wave of digital-savvy players is pushing demand through the roof. But the rise in adoption has outpaced regulation in many markets, and fraudsters have taken notice.
The Bhumjaithai Party has raised suspicions over the timing of a new order legalizing tournament poker play in Thailand, suggesting the move was rushed to legitimize a previously unauthorized poker event.
According to the Bangkok Post, Acting Prime Minister and Interior Minister Phumtham Wechayachai signed an order on July 30th revoking a decades-old ban on poker tournaments, just one day before an international poker event took place. The new directive, Interior Ministry Order No.2253/2568, officially permits poker contests under controlled conditions, framing them as sporting competitions aimed at boosting tourism.
Bhumjaithai MP Korrawee Prissananantakul, who chairs the House Committee on Provincial Administration, expressed concern about the timing of the order. He noted that organizers of the July 31st poker tournament appeared unusually confident they would secure approval, despite not having applied for permission in advance. Authorities were initially told the event would be postponed, but it was only delayed by one day.
Korrawee questioned why the Ministry, which is tasked with preventing gambling, acted so swiftly to facilitate a poker event, suggesting there may have been undue influence. “Although some argue poker is a sport, there was evidence of gambling, with cash prizes and online betting promoted via various websites,” he said.
The MP called for the issue to be reconsidered by the Interior Ministry and noted the need for equal urgency in addressing challenges in Thailand’s struggling border regions.
Tourism and Sports Minister Sorawong Thienthong defended the move, stating it was part of a formal process to classify poker as a sport, not a general legalization of gambling. He emphasized that the order does not cover cash games and that tournament poker remains subject to strict conditions under Category B of the Gambling Act.
“Poker can only be played during sanctioned events, and only after a formal Poker Sports Association is established,” Sorawong said.
Gaming equipment and services group Light & Wonder saw a slight contraction in its consolidated revenue for the second quarter of the year, due to more cautious purchasing behavior and delayed capital expenditure among some customers – impacting the timing of game sales.
According to the group’s financial results published on August 6th, the slight contraction in revenue broke a 16-quarter streak of yearly increases. Consolidated revenue totaled $809 million, down by 1 percent yearly.
However, the group’s consolidated AEBITDA rose by 7 percent year-on-year, marking 14 consecutive quarters of growth, topping out at $352 million.
Profit, or adjusted NPATA, grew by 4 percent yearly during the quarter, reaching $135 million.
Segment performance
The group’s Gaming arm continued to be its largest contributor, despite seeing a slight yearly contraction of 2 percent in its revenue, to $528 million. However, adjusted AEBITDA for the segment was up by 3 percent yearly, to $280 million.
Under the gaming wing, Gaming Operations performed headily, up by 19 percent yearly in terms of revenue, to $209 million. This helped off set the 16 percent drop in gaming machine sales ($191 million) and an 11 percent drop in gaming systems revenue (73 million). Table products revenue was up by 2 percent yearly, to $55 million.
The group highlights that the gaming operations increase was led by the addition of 845 units in North America’s installed base, while the drop in machine sales was due to the global macroeconomic uncertainty, timing of the hardware refresh cycle in Australia and the timing of sales into Asia, among other factors. Regarding the downturn in systems, this was due to ‘elevated hardware replacement sales in the prior year offset by increasing software revenue. Table products’ revenue rise resulted from ‘strong international sales performance’.
Looking at SciPlay – the group’s social gaming arm – revenue was also slightly down, by 2 percent, to $200 million in 2Q25, however AEBITDA rose by 6 percent yearly, to $74 million. Average revenue per daily active user (ARPDAU) increased by 4 percent yearly during the quarter, to a record $1.08 billion, while the Average monthly revenue per paying user (AMRPPU) increased 10 percent to $128.96.
The group’s direct-to-consumer platformer generated some $35 million, amounting to 18 percent of SciPlay’s revenue during the quarter.
Looking at iGaming, L&W saw record revenue of $81 million, boosted by continued growth in North America. AEBITDA increased by 17 percent, hitting $28 million. Wagers processed through the group’s OPENGAMING system were up by 22 percent yearly, reaching $26.6 billion in 2Q25.
Executive comments
Overall, L&W executives were upbeat about the results and future prospects. President and CEO Matt Wilson noted that, “We remain committed to R&D investment to further proliferate our high-performing content across channels and continue to realize the benefits of strong game performance. Our North American installed base and revenue per day increased as we continue to execute on the key initiatives to both expand and extend the longevity of our fleet for maximum value”.
Olver Chow, CFO of L&W, also added, “Our financial performance in the second quarter underscores the benefit of our diversified business model and the disciplined execution of the team. Margin expansion was meaningful, reflecting business performance as well as optimization of resource allocation across digital, content and platform innovation”.
Grover acquisition and Nasdaq delisting
During the quarter, the group also finalized its billion-dollar acquisition of Grover Gaming’s charitable gaming assets, encompassing $850 million in cash and a four-year revenue-based earn-out of up to $200 million in cash.
Matt Wilson, CEO of Light & Wonder
Speaking of the benefits, CEO Matt Wilson highlighted, “I am pleased that the integration of Grover is progressing ahead of schedule, and we are very well-positioned in the charitable gaming business with a range of growth opportunities ahead of us”.
The L&W board has also approved its delisting from the Nasdaq – which is expected to end by November 2025, making its sole primary listing on the Australian Securities Exchange (ASX). The group notes that this ‘aligns with a large part of our investor’, while noting that it will announce the final timeline and dates of transition ‘in coming months’.
Speaking of the shift, L&W’s Chair of the Board of Directors, Jamie Odell, shared, “Our Board has determined that moving to a sole primary ASX listing is in the best long-term interests of our shareholders. We offer investors a great opportunity to invest in a global growth company, with strong fundamentals, leading market positions in our core segments, growing margins, and strong recurring revenues and operating cash flows”.
BETBY, a leading supplier of cutting-edge sportsbook solutions, has released a game-changing addition to its product portfolio: a proprietary trading model for soccer, developed entirely by the provider’s in-house trading experts.
This tool leverages advanced mathematical models to deliver exclusive, localized markets across all league tiers, offering significant competitive advantages to BETBY’s network of operators.
The new semi-automated model allows BETBY to generate precise and dynamic odds from raw data inputs, significantly reducing reliance on third-party feed providers. Once the data is inserted, the model autonomously creates accurate odds that require only minimal monitoring from the trading team. This streamlined process empowers operators to achieve new levels of efficiency, while unlocking unique markets that would otherwise be inaccessible.
Designed to support both top-tier leagues and underexplored competitions, the model opens the door to a broader and more customizable betting offering. With greater control over market creation, operators can now launch exclusive tournaments and leagues tailored to their user base, enhancing conversion, retention, and engagement.
The rollout of BETBY’s in-house soccer trading model coincides with the start of most European soccer seasons, giving operators an immediate edge as betting activity surges.
“Our in-house soccer trading model marks a significant advancement in sportsbook flexibility and performance,” said Andris Backovs, Head of Trading at BETBY. “By combining expert insights with advanced automation, we’re helping our partners strengthen their market offering, improve trading margins, and unlock the potential for exclusive tournament experiences, just in time for the kickoff of Europe’s top leagues.”
This latest product launch underscores BETBY’s ongoing commitment to technological excellence and market adaptability. It reinforces the provider’s position as a forward-thinking partner for operators seeking smarter solutions in the iGaming industry.
Sports aggregation platform Odds88 has announced the appointment of Will Fyler as its new Managing Director, reinforcing the provider’s ambitious new direction following its rebrand from TradeArt.
Fyler joins Odds88 from Sporting Solutions, where he most recently served as Chief Commercial Officer. With over 17 years of experience spanning the sports betting sector, including senior roles at Spotlight Sports Group, TXODDS and Fitzdares, he brings deep expertise in commercial strategy, trading and product innovation.
As Managing Director, Fyler has taken charge of defining and executing Odds88’s strategic roadmap, with a focus on commercial growth, global expansion and leadership in the sports data aggregation space. His appointment comes as Odds88 capitalises on strong momentum post-rebrand, driven by increasing demand for its highly customisable odds feeds, market-leading risk management capabilities and AI-driven API solutions.
Lara Falzon, CEO of Yolo Group’s B2B brands, said: “Will’s appointment marks the beginning of a new chapter for Odds88 – one defined by sharp commercial focus and bold product-focused thinking. With both of us have stepping into new roles within the Yolo B2B ecosystem, we are aligned on our priorities: driving performance through innovation, adaptability, and strategic clarity. I’m thrilled to welcome him to the team and look forward to seeing how his leadership will help drive real innovation for our partners.”
Will Fyler, Managing Director at Odds88, added: “Odds88 is at the forefront of redefining how sports trading data is delivered, consumed and ultimately used to drive engagement. It is a business with bold ambitions to truly innovate at scale, which is what attracted me to the role. I’m delighted to be joining such an agile and forward-thinking provider at this exciting time and look forward to solidifying Odds88’s position as a standout player in the industry.”
BMM Testlabs, the original gaming test lab globally recognized for its excellence in product compliance and certification, has announced the appointment of Travis Foley, Chief Government and Regulatory Officer, as Chair of the Emerging Technology Committee (ETC) at the International Gaming Standards Association (IGSA).
The ETC is a specialized committee within IGSA focused on identifying and evaluating transformative technologies likely to be deployed within the gaming industry. As Chair, Foley will lead collaborative efforts to support suppliers, regulators, and operators with clear frameworks, regulatory guidance, and standardization strategies that ensure the safe and efficient implementation of new technologies.
IGSA President Mark Pace said, “We are thrilled to have Travis lead the Emerging Technology Committee at such a critical time in the gaming industry. His deep understanding of regulatory frameworks and new and evolving gaming products and solutions will be invaluable as we work to guide the industry through the safe and practical adoption of groundbreaking technologies.”
Commenting on the appointment, Travis Foley added, “The gaming industry is evolving rapidly, with technologies like AI, blockchain, cloud-based systems, and advanced remote gaming platforms reshaping how we think about compliance and innovation. I’m honored and excited to chair the Emerging Technology Committee and to work alongside IGSA’s members and global stakeholders to help see new technologies implemented safely, securely, and with integrity.”
Vietnam saw a near one-quarter increase in its international tourist arrivals in the first seven months of the year compared to 2024, topping 12.2 million.
According to data from the nation’s General Statistics Office, the majority of visitors came from mainland China – totaling 3.1 million, a 45 percent yearly rise.
The second-largest tourism source market was South Korea, at 2.5 million, followed by Taiwan (736,000), the United States (521,000) and Japan (449,000).
Cambodia, India and Australia also contributed highly to the nation’s tourism during the seven-month period.
Looking at the month of July, there were 1.56 million foreign visitors, a 36 percent yearly increase. Interestingly Russian was the tourism source market that saw the largest yearly increase, up 300 percent, due to the resumption of direct flights paused due to the conflict in Ukraine.
Vietnam is aiming to further increase its tourism attraction to foreigners, improving its visa policies and infrastructure.
This includes a new airport, Gia Binh International Airport, under construction in the Bac Ninh province in northern Vietnam, near Hanoi.
Once completed, the airport is expected to handle 30 million passengers annually. This is expected to expand to 50 million passengers by 2050.
Vietnam’s latest proposal to reintroduce local access to casinos via a streamlined entry fee system is more about simplifying oversight and revenue capture than blocking local participation, according to a gaming industry expert.
Tim Nguyen, Director of Fortuna Investments
Speaking to AGB, Tim Nguyen, Director of Fortuna Investments, said the Ministry of Finance’s draft decree represents a shift away from burdensome income verification processes and moves Vietnam closer to Singapore’s tightly controlled model of local casino access, while avoiding the more liberal approaches adopted in the Philippines and Cambodia.
“Vietnam’s entry levy proposal is very much a filtering mechanism,” Nguyen told AGB. “It’s not designed as a tax for revenue — though it does collect some — but as a social safeguard.”
The Ministry of Finance’s draft outlines a two-tiered access fee for locals: VND2.5 million ($100) for a 24-hour pass or VND50 million ($2,000) for a monthly pass. These would replace the previous wealth test trialled at Phu Quoc’s Corona Resort & Casino, which required locals to show proof of a monthly income of at least VND10 million ($400) and pay a VND1 million ($40) entry fee.
The new proposal — open for public consultation — follows concerns that wealth verification requirements were impractical for both casino operators and customers, as many prospective players were unable to provide the necessary documentation in advance.
Nguyen argued that the flat-fee model removes bureaucratic friction and provides a more straightforward way to regulate local participation. “For high rollers, a daily fee of VND2.5 million is not a big deterrent,” he said. “Many will prefer this to showing income documents.”
Conversely, the system is expected to discourage casual or low-income gamblers. “The fee increase is a strong barrier,” Nguyen noted. “Occasional visitors may find it too expensive, limiting small-scale gambling.”
The proposed VND50 million ($2,000) monthly pass effectively targets wealthy, committed players. “Paying upfront shows strong commitment, which may also help casinos stabilize revenue,” he said.
Corona Casino, Phu Quoc, Vietnam
Currently, no casinos in Vietnam are authorised to accept local players, following the lapse of the pilot program at Phu Quoc casino on January 1st, 2025. Under the draft decree, locals wishing to enter casinos must be at least 21 years old, legally competent, pay the entry fee, and not be subject to exclusion requests from family members or themselves.
Players would also be required to use Vietnamese dong for all casino transactions, including converting any winnings back into the local currency. In addition, any casino development must meet a minimum investment threshold of $2 billion to obtain an investment registration certificate.
While it is not yet clear whether all large-scale casinos would be permitted to accept locals under the new scheme, local media reports indicate that the national government and the ruling politburo have approved the policy in principle.
When asked whether Vietnam’s affluent class is large enough to support casino operations, Nguyen said the answer depends on several factors, including the size of the wealthy population, casino business models, and long-term sustainability.
Still, he believes the intent of the policy is clear: “This brings Vietnam closer to Singapore’s model — tightly controlled but allowing wealthy locals to gamble — while avoiding Cambodia and the Philippines’ more liberal systems.”
Australia’s Jumbo Interactive is the only gaming company to have made it onto Forbes’ Asia’s 200 Best Under A Billion list this year.
The annual list highlights 200 small and midsized publicly traded companies with sales above $10 million and below $1 billion, located within Asia and APAC.
Jumbo Interactive is a lottery ‘enabler’, providing lottery technology and reselling official government lottery tickets.
Forbes lists the company’s annual revenue at $104 million.
While not directly linked to the gaming industry, the Singapore Exchange (SGX) also made it on the ranking, although just barely, as its listed revenue by Forbes was $913 million.
Resorts World Sentosa (RWS) operator Genting Singapore is listed on the SGX.
