Hong Kong-listed LET Group Holdings has appointed Suntrust Resort Holdings’ Chief Technology Officer, Lam Hung Tuan, as its new executive director, effective March 10th, 2025.
Suntrust, a subsidiary of LET Group, is a Philippine gaming operator currently developing the $1.1 billion Westside City project in the Metro Manila.
The appointment was announced in a stock filing released after trading hours on Monday.
LET Group has also appointed two returning board members, Tou Kin Chuen and Lo Wai Tung John, as independent non-executive directors. Tou Kin Chuen will chair the Audit Committee, while Lo Wai Tung John, who has a strong background in the securities and finance industry, will lead the Remuneration Committee.
Additionally, Chan Suet Ngan, with over 23 years of experience in accounting, finance, and company secretariat roles, will chair the Nomination and Risk Management Committees.
Meanwhile, Lo Kai Bong has resigned as a member and chairman of the Risk Management Committee.
Following the resignation of independent non-executive director Kwok Kai Bun Bennie on November 11th, 2024, LET Group had been operating without a replacement for the role while actively seeking suitable candidates.
Although a new independent non-executive director has recently been appointed, the company still faces the risk of delisting, as certain requirements remain unmet. Trading in the company’s shares has been suspended since February 14th, 2024, and will remain so until all resumption conditions are fulfilled.
The global betting company 1xBet is set to host an extraordinary Pop-art Luxury-themed party as part of SiGMA Africa 2025, the premier regional forum for the iGaming industry.
The ART OF MONEY will run under the motto “A place where art and excitement meet” this Tuesday, March 11, in one of the best locations in Cape Town, Rooftop of Bree.
The ART OF MONEY event will become a symbiosis of art and excitement. This evening will bring together leaders, visionaries, and those who are already creating the future of the iGaming industry today. The party will be an ideal platform for casual communication and expanding professional networking.
Neon installations, graffiti by leading artists, and fiery DJ sets will create a unique vibe of audacity and glamour. The Rooftop of Bree’s walls have never seen anything like this. The event will have several themed photo zones symbolizing wealth and excitement.
The party will feature various activities: darts, 1X cash booths, and master classes. The right tone for the celebration will be arranged by musical accompaniment. DJ sets and favorite hits performed by cover bands will create an unforgettable atmosphere. After fiery dancing, you can relax in the lounge area or get a boost of drive at the bar. Bartenders will put on a real show and prepare a cocktail of bright emotions for guests.
The celebration will culminate in an auction of unique prizes that guests can buy for the currency earned during the party. The lucky ones will receive brand-new iPhones and AirPods. No one will leave the event empty-handed – at the end of the evening, everyone will get cool gifts!
Soft2Bet’s Quickcasino secured the prestigious ‘Nordics and Baltics – Rising Star’ title at the EGR Europe Awards, cementing its reputation as one of the region’s most dynamic and innovative online gaming brands.
This recognition is a testament to Soft2Bet’s commitment to market-leading technology, data-driven gamification, and player-first experiences. By combining cutting-edge mechanics with a highly localised approach, Quickcasino has established itself as a force in Sweden’s competitive iGaming landscape.
A Market Leader in Innovation and Gamification
Quickcasino.se has redefined the Nordic and Baltic iGaming experience, blending seamless UX, high-speed transactions, and a unique gamification ecosystem to keep players engaged. Powered by Soft2Bet’s proprietary MEGA (Motivational Engineering Gamification Application) solution, the platform delivers dynamic challenges, real-time progression, and personalised incentives, creating an experience that is both immersive and rewarding.
Beyond gamification, Quickcasino’s commitment to top-tier security, lightning-fast payments, and market-driven customisation has resonated strongly with Swedish players. Its ability to merge high-performance technology with a player-centric approach, via MEGA, has driven remarkable growth, reinforcing its status as a market leader.
Uri Poliavich, Founder and CEO of Soft2Bet, commented: “Receiving European recognition from one of the leading industry awards is a proud moment for Quickcasino and Soft2Bet. This achievement not only recognises Quickcasino’s rapid success but also highlights how our B2C experience acts as a proof of concept for B2B partners.”
Uri Poliavich, Founder & CEO of Soft2Bet
“As we investigate new ways to enhance our offerings, the results we achieve with our brands showcase the power of our technology and help operators elevate player engagement, retention, and performance in highly competitive markets. This award reinforces our ability to drive success for our brands and partners.”
A Future Focused on Growth and Innovation
Quickcasino’s latest accolade adds to Soft2Bet’s growing list of industry recognitions. Looking ahead to 2025, the company is preparing for major market expansions, new strategic partnerships, and continuous advancements in gamification technology. With innovation at its core, Soft2Bet remains committed to pushing boundaries and delivering industry-leading solutions that shape the future of iGaming.
Play’n GO, the world’s leading casino entertainment provider celebrating its 20th anniversary in 2025, is to set the stage at the latest edition of Next.io’s New York Summit next week in Manhattan by enabling globally available live streaming of the prestigious event for the first time.
Taking place over two days next week, Next.io’s NYC summit has rapidly become the can’t miss executive event in the industry. One of the primary sponsors of the event since its inception, Play’n GO is this year enabling live streaming to a global audience for the first time.
Representatives of the Swedish gaming giants, including Chief Commercial Officer Magnus Olson, Head of Government Affairs Shawn Fluharty, Head of Brand & Communications Andrew Pink, and Regional Marketing Lead USA Anna Fältström, will speak on panels across the two days on the main stage as well as the new one-day responsible gaming summit.
The Manhattan-based summit takes place at a perfect time for Play’n GO as its USA-based business has thrived over the past 12 months.
Play’n GO saw US player numbers grow 48% in 2024, in addition to hitting all-time highs across key metrics for both January and February this year.
Andrew Pink, Head of Brand & Communications at Play’n GO, said “Play’n GO has been a proud supporter of the Next.io NYC event since its inception and it’s been extremely pleasing to see it grow in increasing importance year after year.”
“This event is one of the few in the industry where senior leaders from operators, regulators and suppliers come together to truly share knowledge and discuss vital issues that affect the entire global gaming industry, such as the expansion of iGaming in the US and how to create a sustainable industry in regulated markets.”
“Over the past 12 months we’ve seen further proof through record US-based revenue and player numbers that Play’n GO’s core proposition of keeping entertainment at the core of everything we do works. We’ll be taking that message to the main stage this time for a global audience to tune into.”
Good morning. A digital boom. Illegal online gambling has persisted in India despite regulatory efforts, a recent report by the Digital India Foundation (DIF) warns. To prevent it the report suggests stricter regulations on digital advertising, enhanced financial oversight, and the implementation of a government-backed whitelist/blocklist for gambling websites. Meanwhile, Star Entertainment is selling its 50 percent stake in the Queen’s Wharf project in Brisbane to its Hong Kong partners, Far East Consortium International and Chow Tai Fook Enterprises. In Thailand, political tensions could hinder the proposed entertainment and casino complex bill, with a no-confidence debate expected against Prime Minister Paetongtarn Shinawatra in the final week of March.
What you need to know
The Digital India Foundation has exposed the alarming scale of illegal online gambling and betting in India, calling for tighter regulations on digital advertising.
A recent report by the Digital India Foundation (DIF) has warned about the levels of illegal online gambling registered in India, despite regulatory efforts. The report notes that these illegal sites garnered 1.6 billion visits within three months, particularly during the Indian Premier League season. It emphasizes the role of digital advertising in driving traffic to these platforms and the use of mule accounts to facilitate illicit transactions, amounting to approximately ₹2,500 crore ($300 million) monthly.
The Philippines’ DigiPlus Interactive Corp has posted a net income of PHP12.6 billion ($220 million) in 2024, marking a 207 percent year-over-year growth.
This surge in profitability was driven by several key factors, including the continued success of its retail gaming segment, the launch of innovative livestreamed games, and the expansion of its game portfolio across platforms such as BingoPlus, ArenaPlus, SpinPlus, and GameZone.
DigiPlus’ total revenues soared by 176 percent, reaching PHP75.2 billion ($1.31 billion) in 2024. Its EBITDA also experienced a substantial increase, climbing by 192 percent to PHP 13.9 billion ($243 million). These results underscore the company’s ability to efficiently scale its operations and optimize its growing user base.
By the end of 2024, DigiPlus had over 40 million registered users across its digital platforms, solidifying its leadership in the Philippine digital gaming space.
The company closed the year on a high note, with its fourth-quarter results reflecting continued momentum. DigiPlus posted a net income of PHP3.8 billion ($66 million) in 4Q24, up 93 percent from the same period the previous year. Revenues jumped by 110 percent to PHP23.7 billion ($414 million), while EBITDA expanded by 103 percent to PHP4.6 billion ($80 million).
A key driver of this success was the introduction of uniquely Filipino, culturally resonant games, such as Pinoy Drop Ball. Launched in September 2024, Pinoy Drop Ball became the first-ever livestreamed drop ball game in the Philippines, combining the excitement of traditional perya games with modern mobile gaming technology.
DigiPlus also launched other proprietary games like Pa Pula, Pa Puti, Color Game Plus, and Super Ace Jackpot, which contributed significantly to the company’s revenue growth and user engagement.
Reflecting its strong financial performance, DigiPlus has declared a cash dividend of PHP0.86 ($0.015) per outstanding common share. The dividend will be payable on April 4th, 2025, to stockholders of record as of March 24th, 2025.
DigiPlus Chairman Eusebio H. Tanco
$589M in taxes paid in 2024
DigiPlus paid PHP33.7 billion ($589 million) in taxes and regulatory fees in 2024 alone. These payments contribute directly to public services and national development initiatives, including critical infrastructure and social programs. The company also demonstrated its commitment to social responsibility by investing PHP100 million ($1.75 million) through the BingoPlus Foundation, which has supported nearly 120,000 individuals across healthcare, education, disaster resilience, and digital responsibility.
DigiPlus Chairman Eusebio Tanco highlighted the company’s role as a responsible corporate citizen: “Beyond our business, we take our role in nation-building seriously. Our success directly translates into meaningful contributions to national development – funding essential public services and infrastructure that benefit millions of Filipinos,” he said.
Rising political tensions in Thailand are anticipated to hinder major government projects, particularly the proposed entertainment and casino complex.
This situation has led China Galaxy Securities (CGS) to lower its Stock Exchange of Thailand (SET) index target for 2025 from 1,530 to 1,380 points, The Bangkok Post reported.
According to Kasem Prunratanamala, head of research at CGS International Securities, a no-confidence debate is expected against Prime Minister Paetongtarn Shinawatra in the final week of March, following opposition parties filing a motion against her.
While CGS believes the prime minister is likely to survive this political challenge, uncertainties stemming from tensions between the ruling Pheu Thai Party and the Bhumjaithai Party—Thailand’s second-largest coalition partner—could weigh heavily on market sentiment.
Kasem highlighted that ongoing conflicts might impede significant government initiatives, including plans for the entertainment complex, which is seen as a key project for economic growth.
On top of domestic political uncertainties, Thailand is also facing potential economic challenges from abroad. Concerns over reciprocal tariffs imposed by the U.S. government could further affect Thai exports, which comprised 18% of the country’s total exports last year, an increase from 13% in 2019.
The trade surplus with the U.S. surged from 2.5% of GDP in 2019 to a record high of 6.6% in 2024, highlighting Thailand’s growing economic ties with the U.S.
A recent report by the Digital India Foundation (DIF) has exposed the alarming scale of illegal online gambling and betting in India, revealing that the industry continues to thrive despite regulatory crackdowns.
The study, authored by Dr. Arvind Gupta and the DIF research team, highlights how these platforms exploit digital advertising, payment networks, and offshore jurisdictions to evade enforcement, raising concerns about financial fraud and money laundering.
According to the report, four major illegal platforms—Parimatch, Stake, 1xBet, and Batery Bet—recorded 1.6 billion visits in just three months. The Indian Premier League (IPL) season, which occurs between March and April, has been a catalyst for spikes in search activity related to online gambling, indicating the seasonal growth of the sector.
The study highlights that mirror websites—alternative domains that replicate original gambling platforms—allow these operators to evade website blocks. In one instance, just three mirrors of Parimatch generated an additional 266 million visits, further proving the resilience of these illegal platforms.
The Role of Digital Advertising
One of the primary enablers of illegal gambling in India is digital marketing. Over a span of three months, social media platforms were responsible for driving approximately 42.8 million visits to illegal gambling websites. Organic search traffic played a significant role as well, generating around 184 million visits, largely due to the high-ranking visibility of gambling sites in search engine results.
Referral traffic also contributed significantly, accounting for 247.5 million visits, with many of these referrals originating from adult websites, sports-related platforms, and video streaming services. Furthermore, direct website visits, where users either bookmarked links or entered URLs manually, accounted for 1.1 billion visits to these illegal platforms.
Despite existing policies that prohibit the promotion of gambling, major digital platforms like Facebook and Google continue to display advertisements for offshore gambling operators. This loophole enables these companies to expand their reach while evading strict enforcement.
The Financial Networks Behind Illegal Gambling
Illegal gambling platforms sustain themselves through a sophisticated payment network that facilitates seamless financial transactions. These platforms accept a variety of payment methods, including UPI transactions, cryptocurrency payments, and international wallets such as AstroPay, making it easier for users to place bets anonymously.
The report also highlights the growing use of mule accounts—bank accounts that are used to funnel illicit transactions on behalf of gambling operators. According to RBI data, an estimated ₹2,500 crore ($300 million) in illicit funds flows through these networks every month.
A 2024 investigation by The Ken uncovered an emerging trend of “mule-as-a-service” networks, which further complicates enforcement efforts by authorities.
Despite repeated enforcement measures, such as website blocking and financial restrictions, the report argues that India’s enforcement remains fragmented. A comparative analysis of international best practices from Norway, the UK, Denmark, Belgium, and the US reveals that a multi-layered approach—which combines website blocking with restrictions on marketing, payment bans, and regulatory whitelisting—has proven more effective in tackling illegal gambling markets.
Recommendations for India
The Digital India Foundation urges India to adopt a comprehensive enforcement strategy that disrupts the operational pillars of illegal gambling. The first step involves enforcing stricter regulations on digital advertising platforms, ensuring that social media and search engines do not promote illegal gambling sites.
Additionally, the report calls for tightening financial regulations to block illicit transactions and dismantle networks of mule accounts used to launder gambling proceeds.
Furthermore, the authors suggest implementing a government-backed whitelist/blocklist system that would regulate online access to gambling platforms, ensuring that only licensed and legally operating websites are accessible to Indian users.
The report concludes that unless India strengthens its regulatory framework with proactive policy enforcement, the illegal gambling market will continue to flourish, posing serious threats to financial integrity and consumer protection.
Kangwon Land, the operator of South Korea’s Kangwon Land casino resort, has recommended a final dividend of KRW1,170 ($0.81) per share for the year ending December 31st, 2024, the company announced on Friday.
This proposed dividend represents a payout ratio of 7.3 percent, based on the current market price of the company’s stock.
The total dividend for the full year 2024 is estimated at KRW234.47 billion ($162 million), according to a filing with the Korea Exchange.
The payout is contingent on approval at the company’s shareholder meeting scheduled for March 26th. If approved, the dividend is expected to be distributed on April 4th.
Kangwon Land, the only casino operator in South Korea allowed to serve local players, has recently expressed plans to shift focus towards marketing to foreign visitors as well.
For the full year 2024, Kangwon Land reported a net income of KRW455.38 billion ($316 million), marking a 33.6 percent year-on-year increase. Sales also saw a modest rise of 2.8 percent, reaching KRW1.43 trillion ($1.06 billion), up from KRW1.39 trillion ($1.03 billion) in the previous year.
Implemented responsible gaming program
Meanwhile, according to local media, The Korea Bizwire, Kangwon Land has recently launched the K-GREEN responsible gaming program, aimed at promoting healthier gambling habits.
Fully implemented on March 5, the system builds on a trial run since October 2024 and emphasizes prevention through education, rather than intervention.
First-time visitors must complete a guided journey through the casino, starting at the ticket desk, passing through the Mind Healing Center, and practicing in a special gaming zone before playing.
“As Korea’s only casino for domestic citizens, we are committed to balancing regulatory changes with strong responsible gaming practices,” said acting CEO Choi Cheol-kyu. The K-GREEN system is the first comprehensive visitor protection initiative in South Korea’s gambling industry.
Sega Sammy Holdings has reported a decline in revenue for the nine months ended December 31, 2024, citing a downturn in its Pachislot and Pachinko Machines segment.
However, strong performances in its Entertainment Contents and Gaming businesses provided a boost in profits to the Japanese group.
The company posted net sales of JPY322.3 billion ($2.3 billion) for the period, an 8.1 percent decrease compared to JPY350.6 billion ($2.5 billion) in the same period last year. Operating income fell by 20.8 percent to JPY43.7 billion ($314 million), while ordinary income declined 13.9 percent to JPY49.4 billion ($354 million).
Despite these declines, profit attributable to owners of the parent rose by 17.3 percent year-on-year to JPY41.8 billion ($300 million), up from JPY35.6 billion ($258 million) in 2023.
The decline in overall revenue was largely attributed to a steep drop in the Pachislot and Pachinko Machines segment. Sales plummeted 35.6 percent to JPY76.5 billion ($550 million), and ordinary income fell 57.2 percent to JPY19.8 billion ($142 million).
The drop was primarily due to an exceptionally strong prior-year performance driven by Smart Pachislot Hokuto No Ken. However, the latest release, e Hokuto No Ken 10, performed steadily, and new titles such as Pachislot Kaidoumokushiroku Kaiji Kyouen are expected to support future growth.
Gaming Business Expands Rapidly
The newly established Gaming Business segment recorded a 208.1 percent increase in sales to JPY3.1 billion ($22 million). Ordinary income turned positive at JPY954 million ($7 million), reflecting strong sales of new gaming equipment, particularly Railroad Riches™ on the Genesis Atmos® platform.
The Paradise City integrated resort in South Korea also contributed to profits, with record-high casino revenue from Japanese VIP customers.
Looking ahead, Sega Sammy revised its full-year forecast, now expecting net sales of JPY425 billion ($3.1 billion), down 9.4 percent from the previous year. Operating income is projected to drop 20.5 percent to JPY46 billion ($330 million), while ordinary income is set to decline 13.8 percent to JPY51.5 billion ($370 million). Profit attributable to owners of the parent is anticipated to rise 13.4 percent to JPY37.5 billion ($270 million).
The company is also focusing on expanding its Gaming Business through acquisitions. The planned purchases of GAN Limited and Stakelogic B.V. are expected to establish a stronger foothold in the iGaming market, particularly in the United States.
Despite challenges in its Pachislot and Pachinko Machines business, Sega Sammy stated it remains optimistic, citing its robust Entertainment Contents division and strategic investments in gaming as key drivers for future growth.
Entertainment Contents Soars
The Entertainment Contents segment saw net sales climb 8.2 percent to JPY239.1 billion ($1.7 billion), with ordinary income surging 88.7 percent to JPY37.6 billion ($270 million).
The growth was fueled by the success of major game releases such as Metaphor: ReFantazio, which won multiple awards at The Game Awards 2024, and Sonic X Shadow Generations, which surpassed two million units in global sales by January 2025. The company also highlighted strong contributions from Persona 5 Royal (Remaster) and Unicorn Overlord.
SEGA’s animation division also thrived, with Sonic the Hedgehog 3 grossing $460 million globally, prompting plans for a fourth installment in 2027. The company’s transmedia strategy—integrating video games, films, and merchandise—is expected to drive further growth in this segment.
