Good Morning. The Suncity/Alvin Chau saga continues, as Chinese state media indicate that some $42 billion was wagered by Chinese punters in an illegal cross-border gambling operation linked to the junket. Meanwhile, in Macau, the year has started strong, with Citigroup estimating GGR topped $548 million in the first week. Further abroad, Bet365 saw strong revenue in its financial year, but results were driven down by increased expenses.
What you need to know
- China state-owned TV reported Suncity’s illegal online gambling syndicate wagering exceeded $42.2 billion from 2015 to 2019.
- Macau had a solid start to 2024, as the city’s GGR is estimated to reach $548 million in the first seven days of January, according to Citigroup.
- Bet365 reports pre-tax losses despite increased revenue totalling some $4.34 billion, as administrative expenses increased.
On the radar
- Kambi CEO resigning, to be elected to board, no successor yet indicated.
- Michael Marchetti appointed to the board of Light & Wonder.
- Analyst: CNMI should increase minimum hotel room requirement for EGMs.
- Thai police forced to pursue charges against illegal online gambling hosts.
- Malaysia focusing on grassroots eSports players via new MAL MY league.
- Jefferies warns Star’s Queen’s Wharf Brisbane debt refinancing will be challenging.
- New study suggests in-game ads make APAC mobile users ditch games.
AGB Intelligence
JUNKETS
China TV: Suncity online syndicate saw $42 billion in wagers
China’s state-owned TV, CCTV, claims that the cross-border gambling syndicate allegedly operated by Suncity Group founder Alvin Chau brought in over $42.2 billion in wagers from Chinese gamblers between 2015 and 2019. The broadcaster notes that the online gambling operation was started in the Philippines, targeting Chinese nationals, with courts saying punters earned some $1.2 billion in winnings during its operation.
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