The financial year 2022/2023 was very good for the Société des Bains de Mer and its subsidiaries. The company from Monaco earned 667 million euros during the last financial year, as it’s stated in its revenue report.
A huge increase:
When compared to the previous financial year, the company’s revenue increased 26%. In 2021/2022, it gained 530.5 million euros in revenue, so the improvement is more than noticeable. It is recorded that the Société des Bains de Mer earned €136.5 million more than in the previous financial year.
When it comes to the profit for the last full year, it is reported that the company earned 72.2 million euros. It was a good year for the employees of Société des Bains de Mer since each salaried employee will get a bonus of 2.000 euros, as Stéphane Valéri, the company’s CEO, said.
As he claims, the company dedicated itself to improving the revenues across all possible business lines, and the results came. But one more important factor impacted the company’s revenue. When 2021/2022 was recorded, various measures against spreading COVID-19 were still active, including travel restrictions and various other rules related to maintaining the health of people in good shape during these hard times. Numerous events were impacted by these measures, including Monte-Carlo Rolex Masters and Formula 1. Rolex Masters was held behind closed doors, and Formula 1 kept the number of visitors at bay, limiting the number of spectators. On top of that, the curfew was active until June 25, 2021.
During the summer of 2021, the industry recovered a bit, but still not enough to record significant growth in revenue. When the restrictions were lifted and people started acting normally again, the increase in revenue was noticed for the first time.
Table games increased the revenue:
The increase is recorded in various departments and services the Société des Bains de Mer has to offer. Only the games sector recorded a revenue of 215.4 million euros. Compared to the previous financial year, when the revenue was 200.8 million, the growth is significant: the company got 7% more in 2022/2023. The main reason behind it lies in the table games business, where the biggest increase was noticed. Compared to the previous financial year, an increase of 8 million euros was recorded.
The expectations for the financial year 2023/2024 are high. The revenue the company got in the first two months aligns with the revenue from the last year, so it seems the good year is ahead of the Société des Bains de Mer.
The legal status of online casinos in India is complex and varies by state. While there is no federal law that explicitly addresses online gambling, the legality depends on state regulations and the type of gambling involved.
Key Points:
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No National Law: India does not have a specific national law regulating online casinos. However, the Public Gambling Act of 1867 prohibits operating physical casinos and gambling houses, but it doesn't cover online platforms, leaving a legal grey area for online gambling.
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State-Specific Laws: Some Indian states, like Goa, Sikkim, and Daman, have legalized land-based casinos, and others, such as Sikkim, have also licensed online gambling. Many states have banned gambling altogether, including online gambling.
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Online Sports Betting: Betting on sports, particularly cricket, is very popular in India. However, it's only explicitly legal in some states like Sikkim and Nagaland, which have laws permitting online gaming and betting.
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Legal Gray Area: Many international online casinos accept Indian players and operate legally under licenses from offshore jurisdictions (like Curacao or the UK Gambling Commission). As long as players are gambling on licensed platforms, the risk is minimal, but local authorities may still choose to regulate or restrict online gambling.
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Cryptocurrency: Some Indian players prefer using cryptocurrencies (like Bitcoin) for online gambling, as it provides a layer of anonymity and security.
While online casinos aren't explicitly legal across all of India, many international casinos accept Indian players, and online gambling continues to grow in popularity. Players should ensure they use licensed platforms and understand local laws before engaging in online gaming.
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