Dogecoin, a joke cryptocurrency that has made headlines in recent months, may in fact have some utility in the betting world. Cloubet, one of the world’s longest-running crypto sportsbook and casino operators, says Dogecoin holders are now among its most active customers. Our insight article this morning takes a deep dive into the joke coin and why some in the igaming space think there is merit in its hype.
Turning to the land-based gaming sector, we look at Genting’s Singapore and Malaysia businesses. Bernstein says it sees Genting Singapore to be in a slightly more advantageous position to capture a Yokohama casino, given its Singapore background and tie up with a pachinko manufacturer and casino operator Sega Sammy.
Meanwhile, Resorts World Genting in Malaysia is expected to close for at least three months as the country battles through another wave of covid-19, though analysts expect the impact to be less than that of 2020.
First, the news
- Genting Singapore good chance of securing Japan casino: Bernstein
- Genting Malaysia closed again, but group impact less than 2020
- Joke crypto Dogecoin gaining traction as betting currency
- SkyCity non-exec. director candidates get regulatory nod
- Macau plans mass Covid testing as virus spreads in Guangdong
- Nagacorp sees strong demand for $200m note issue
- MGM Resorts hires former Disney and Amex exec
- Cashless casino gaming to give rise to airline-style loyalty: J.P. Morgan
- Wakayama IR as center of Japanese esports
What you need to know
Bernstein analyst Vitaly Umansky believes Genting Singapore to have a “very strong chance” of securing a Japan casino opportunity in Yokohama, given its Singapore background and its Japanese partner. “Genting’s advantage lay largely with their operating in a highly regulated Singapore market, which may be the benchmark for a Japan regulatory regime (especially as it pertains to locals and junket regulation),” said the brokerage in a note on Tuesday. Furthermore, Genting Singapore’s link up with Japan’s Sega Sammy, one of the country’s largest pachinko game manufacturers which is also active in operating a casino in neighboring South Korea is seen as a benefit.
Genting Malaysia’s flagship property is expected to be locked down for at least three months as the country battles another outbreak of Covid, however, this year is unlikely to be as bad as 2020 as other global properties reopen, Maybank Investment Bank said. The firm is maintaining its Buy rating on Genting, but reducing its target price by 2 percent to MYR3.38. It has also widened its estimate for the group’s core net loss by 76 percent.
While announcing key members of its consortium on Monday, Clairvest Neem Ventures also let it be known that it aims for its Wakayama IR to become Japan’s leading hub for esports. “We would like to make Wakayama Prefecture the center of Japan’s esports world by making effective use of the know-how of our team and using the IR facilities of Wakayama Prefecture as a base for various clubs,” stated Mario Ho in a Clairvest’s release. The youngest son of the late Macau gaming boss Stanley Ho, Mario Ho Yau Kwan, chief marketing officer of iDreamSky Technology, is one of the figures who will be involved in the Wakayama IR consortium.
Dogecoin, the joke cryptocurrency backed by Tesla chief Elon Musk, seems to have found real-world utility – in the betting world, where its popularity amongst gamers is rising along with its price. Anecdotes are emerging from crypto-betting operators and affiliates of an uptick in Dogecoin betting activity as the 8,500 percent surge in the coin’s price this year lures a bigger and more diverse audience to what was previously a niche corner of the crypto universe.
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