APAC interest on UEFA Euro 2024 football championship among highest globally: Report

Nelson Moura

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June 28, 2024

APAC interest on UEFA Euro 2024 football championship among highest globally: Report

Interest in the UEFA Euro 2024 is considerably high globally, with Africa and the Asia-Pacific region standing out in their interest for broadcasts of the competition, the latest TGM Global Euro Report 2024 shows.

The survey was conducted by TGM Research (TGM) a technology-driven market research company that specializes in global online data collection and innovative survey technology. Internet interviews were carried out across 26 countries from the 10th – 28th of May 2024, targeting a representative sample of adults aged 18 to 55+.

A total of $35 billion will be wagered on the 2024 cup, a 65 percent increase on the previous edition after a surge in online gambling during the pandemic, Barclays Plc analysts showed, with interest in the European national team competition also running high.

Overall, the survey results in APAC reveal that over the past 5 years, the FIFA World Cup, the UEFA Champions League, and the UEFA European Championship (Euro Cup) have led the chart as the top three most-followed football competitions.

Euro 2024 sees 125% surge in Asian bookings: Trip.com

A recent report by Chinese online travel agency giant Trip.com Group showed that sports tourism is soaring from the Asian market for the UEFA Euro 2024, with a corresponding surge in sports betting activity, with bookings from Asian travelers heading to Germany increased by 125 percent.

The authorities of several Asian countries have also issued several warnings regarding a surge in illegal football betting ahead of the upcoming UEFA European Football Championship.

Globally, 57 percent of the TGM survey respondents showed interest in UEFA Euro 2024, with Africa leading at 40 percent, followed by the Asia-Pacific region at 29 percent. Traditional TV remains the preferred viewing method worldwide, but digital streaming is rapidly gaining ground, particularly among younger viewers.

Surveying the Asia-Pacific region, a strong 68 percent of the population expresses interest in football. This passion is particularly high in India (81 percent), Indonesia (80 percent), and Thailand (68 percent), reinforcing their positions as the region’s top football enthusiasts.

The TGM research covered five APAC countries, with AGB analysing the findings included in the India, Indonesia, and Australia reports.

In India, 79 percent of football fans express interest in UEFA Euro 2024, with 100 percent planning to watch at least one game, the report shows.

Traditional TV broadcasts remain the dominant medium, preferred by older demographics, while younger fans increasingly turn to streaming platforms. This trend highlights a shift towards digital consumption among tech-savvy younger viewers, who appreciate the flexibility of streaming services.

Indonesia displays an even higher level of interest, with 81 percent of fans excited about the tournament. Similar to India, all surveyed Indonesian fans plan to watch at least one game. Public viewing in bars and communal spaces is particularly popular, fostering a vibrant, social atmosphere that enhances the excitement of the matches.

Across both countries, there is a notable generational divide in viewing preferences. Older fans (55+) prefer watching games on traditional TV, while younger audiences (18-34) lean towards streaming services. This shift underscores the growing influence of digital platforms in shaping modern sports consumption.

Australia shows robust engagement with UEFA Euro 2024, with 68 percent of fans planning to watch the tournament. Traditional TV broadcasts dominate with 61 percent, but streaming services and public viewings are also popular, indicating a balanced preference among Australian fans.

Dmitry Volkov, CRO at NuxGame, said: “This partnership marks our continuous efforts to improve the NuxGame platform. By integrating Changelly’s fiat-to-crypto solution, we are empowering our clients with greater flexibility and more options for operating their businesses. These steps reaffirm our commitment to provide our clients with the best solutions in the market.”

Hong Kong continues to face challenges in reclaiming its status as a premier shopping destination. Mainland visitors, historically the city’s largest tourism segment, are increasingly drawn to nearby competitors such as the tax-free island of Hainan and the casino hub of Macau. Meanwhile, Japan, benefiting from a weaker currency, has seen a rise in duty-free shopping from the region.

Additionally, neighboring Macau received a similar beneficial policy this year. Since the introduction of the new Hengqin Special Tariff Zone policy in March, visitors to Macau using the Hengqin border now enjoy an increased duty-free limit, rising from the original RMB5,000 ($688) to RMB8,000 ($1,100).

According to Chinese state-owned media CCTV, the Minister of Information, Culture, and Tourism of Laos signed Document No. 29, titled “Implementation Details of the Visa Policy for Specific Tourists for Laos Tourism Year 2024.” The document states that tourists from mainland China, Hong Kong, Macau, and Taiwan can obtain a 15-day visa exemption through organized tour groups.

The trips must be organized by Laotian travel companies and approved by the Ministry of Information, Culture, and Tourism. The policy will be in effect from July 1st, 2024, to December 31st, 2024.

China has become one of the top three sources of foreign tourists to Laos since the end of the COVID-19 pandemic. Additionally, the Laos-China railway has made it easier and more affordable for Chinese tourists to travel to Laos compared to road and air travel.

Since its launch in April last year, the Laos-China cross-border tourist train has transported over 172,000 passengers. In the first four months of this year, Laos welcomed more than 1.5 million foreign tourists, with Chinese visitors accounting for about 20%, equivalent to at least 351,000 visitors.

Furthermore, the Lao government plans to offer multiple-entry visas and extend the duration of stay for visitors from other target markets from 30 days to 60 days.

In a previous dispatch issued by Moody’s Ratings, the agency assigned a rating of B1 to the notes, adding that this refinancing will not increase the company’s overall debt levels, as the funds will replace existing debt that was recently repaid. A Moody’s B1 rating represents a ‘speculative and high credit risk investment’.

The rating agency cited the company’s large scale, strong Las Vegas presence, and favorable long-term outlook for its Macau operations as strengths. However, MGM’s high leverage, including significant lease obligations, remains a constraint on its rating.

Factors that could lead to an upgrade include consistent positive free cash flow and lower debt levels, while downgrades could occur if EBITDA declines or liquidity deteriorates.

MGM China reported a record high adjusted EBITDA of HK$2.5 billion ($320 million) in the first quarter of 2024, up 77.3 percent year-on-year and 155 percent from the first quarter of 2019.

The total revenue generated in 2023 by sports betting company, which manages bets on football and basketball, reached MOP587 million ($72.9 million), an increase of only MOP1 million ($124,331) from the previous year, but with net profits rising by 15 percent to MOP123.9 million ($15.4 million) according to the company.

“Despite facing fluctuations in the business environment and a slower economic recovery in neighboring regions, the local economy remained relatively stable due to the policies of the Macau SAR Government. This stability helped Macau Slot achieve impressive financial results,” President Ng Chi Sing says in the company’s financial report.

The concessionaire added it will harness this financial stability to diversify its sports betting products and enhancing its sports information services.

Founded in 1989, Macau Slot was the first Macau-based betting operator to run the instant lottery on the ferries to and from Macau and Hong Kong.

The operator’s most recent three-tear concession term is set to end to June 5th, 2024, with the company having lost its exclusive rights for sports betting in the SAR upon the most recent extension. However, no competing operators have so far emerged in the market.

Auditor’s yellow card

The company’s financial statements for 2023 received a qualified opinion from the external auditor, with the audit – conducted by Keng Ou Certified Public Accountants in accordance with Macau Auditing Standards – identifying two significant issues of non-disclosure of financial information and determination of the incremental borrowing rate.

The auditor commented that Macau Slot did not disclose the financial information of its associated companies as required by international accounting and financial standards for investments in associates and joint ventures or for disclosure of interests in other entities.

‘In measuring lease liabilities under International Financial Reporting Standard 16 the company referenced only the base bank rate without providing supporting methods and data,’ auditor Leong Ngan Peng noted.

‘Due to these shortcomings, the auditor issued a qualified opinion, stating that there was insufficient information to assess the full impact of these issues on the financial statements.’

Palasino sees 81% profit drop due to one-off expenses

Nelson Moura

-

June 27, 2024

0

Palasino sees 81% profit drop due to one-off expenses

Hong Kong Stock Exchange-listed Palasino Holdings Ltd has reported a sharp 81 percent decline in annual profits, despite an overall increase in revenue.

The company recently announced a profit attributable to shareholders of just above HK$8.5 million ($1.1 million) for the fiscal year ending March 31st, 2024, marking a significant 81 percent drop from the HK$44.2 million ($5.6 million) profit recorded in the previous financial year.

The substantial decrease in profit is primarily attributed to several one-off expenses and increased costs related to the development of its online gaming business.

The company, a subsidiary of developer Far East Consortium (FEC), spent approximately HK$24 million ($3 million) on listing expenses associated with its global offering in March 2024.

Still, Palasino reported a surge in net cash from HK$16 million ($2 million) in March 2023 to HK$244 million ($31.2 million) in March 2024, primarily due to proceeds from the same global offering.

Palasino Holdings Ltd, a European gaming and leisure firm incorporated in the Cayman Islands, focuses on ‘entertainment, gaming and leisure’.

Its parent company FEC is a joint venture partner with The Star and a 25 percent investor in the multi-billion dollar Queen’s Wharf Brisbane project.

Palasino currently manages one integrated casino and resort and two full-service casinos in the Czech Republic, offering a range of slot machines and table games. Its hospitality division owns and operates three hotels in Germany and one in Austria, providing accommodation, catering, conference facilities, and leisure services.

The Group’s operations are divided into two main business areas: land-based gaming and hospitality services, with land-based gaming contributing 74 percent and 71 percent to the group’s hotel revenue in the fiscal years ending March 31st, 2023, and 2024, respectively.

Despite economic challenges such as COVID-19 restrictions, the Ukraine-Russia conflict, and rising interest rates, Palasino defended it maintained a robust financial position, with cash reserves surpassing debt levels.

In February 2024, the Group acquired a property in Mikulov, Czech Republic, with plans to convert it into its fourth casino. Additionally, in April 2024, the Group’s subsidiary, Palasino Poland Sp. z.o.o., submitted its first casino license application in the Lubuskie region of Poland, marking its entry into the Polish market.

Palasino also aims to expand its online gaming business, leveraging a license approved by the Malta Gaming Authority in November 2022, with plans underway to apply for an online gaming license in the Czech Republic by the end of the fiscal year 2025.

The Group is exploring B2B opportunities through its subsidiary, Palasino Technology (HK) Limited, which recently signed a memorandum of understanding with Taiwanese company GameSparcs Co., Ltd. to license online game content targeting Asian markets.

Good Morning. Growth can never be permanent. And Macau’s gaming market is starting to see the effects of its transition away from the VIP model to a mass market and non-gaming approach. A top scholar notes that its proximity to mainland China will guarantee its success over the next decade, despite what could be seen as a downturn, at least from the golden days. Meanwhile, smart tables are all the rage, with analysts expecting them to level the playing field. In the Philippines, PAGCOR plans to launch a new gaming academy to train for both local and regional operations. And in supplier news, IDX Games highlights its latest products.

What you need to know

Macau’s gaming industry struggles to return to pre-COVID heights amidst fading growth factors, according to a recent study.
Smart tables to even playing field, lead to operational and marketing improvements by Macau gaming operators: Seaport dispatch.
PAGCOR plans to launch a new Gaming Academy, cultivating talent for both the nation and the region, with intentions for signings this year.
IDX Games debuts its new products, including an AI chatbot and a signage solution featuring a flying dragon: watch the video.

On the radar

Century Entertainment VIP room in Dara Sakor set to open in September.
Genting Singapore to record sharp 2Q EBITDA drop due to seasonal factors.
Macau hotel occupancy rate at 84.3% from January to May.
Macau lawmakers urge further clarification on illegal mahjong operation.

AGB Intelligence

MACAU

Macau gaming growth factors are fading as market transitions

Macau gaming market is undergoing a significant shift from the heyday of VIP junket rooms and rampant cash. Transitioning into the new normal, operators must focus on their non-gaming output, despite the challenges to the bottom line. A top scholar in Macau notes, however, that the gaming hub still has its unique advantage of being cozied up to mainland China, meaning that operators shouldn’t have any worries for the next decade.

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Know Your Enemy: An Interactive Guide to Online Gaming Fraud

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Online gaming fraud is on the rise in the iGaming industry. In Q1 2022, there was an 85% increase in fake account registrations compared to Q4 2021. While players are undoubtedly affected by gaming fraud, iGaming platforms also suffer due to damaged reputations, huge financial losses, and legal consequences.

How 1xBet dominates the Asian market: conditions and approach

1xBet operates in several dozen countries in Asia, and the number of partners in this region is growing steadily, which indicates the effectiveness of the 1xPartners affiliate program. The brand offers favorable conditions and a modern set of tools for making money on the Internet.

Industry Updates

TransAct Technologies announces first Epicentral deployment in Asia.
Games Global and Slingshot Studios release Gold Boom.

MEMBERSHIP | INTELLIGENCE | ASEAN | CAREERS

Interest in the UEFA Euro 2024 is considerably high globally, with Africa and the Asia-Pacific region standing out in their interest for broadcasts of the competition, the latest TGM Global Euro Report 2024 shows.

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Pragmatic Play, a leading content supplier to the iGaming industry, has extended a popular mythological game world in Hand of Midas 2.

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Chinese tourists are set to benefit from expanded duty-free shopping privileges in Hong Kong, as Beijing plans to increase the current purchasing limit up to sixfold, according to a report from Hong Kong media outlet Ming Pao.

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Laos is set to implement a visa-free policy for Chinese visitors to boost tourism, starting next Monday in July.

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Macau gaming operator MGM China listed $500 million of 7.125 percent senior notes due 2031 on Thursday, June 27th.

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Macau Slot, a sports betting concessionaire operating in Macau, reported a 15 percent year-on-year increase in net profits in 2023, with an independent auditor flagging some financial disclosure issues.

Auditor’s yellow card

Hong Kong Stock Exchange-listed Palasino Holdings Ltd has reported a sharp 81 percent decline in annual profits, despite an overall increase in revenue.

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What you need to know

On the radar

MACAU

Corporate Spotlight

Industry Updates

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IDX Games highlights its latest new-to-market offerings, including an AI chatbot and a new signage solution featuring a flying dragon.

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