Leading developer of land-based and digital games, Light & Wonder, Inc. (formerly Scientific Games Corporation) recently announced that in addition to its existing primary listing on the American stock exchange, Nasdaq, is considering a potential secondary listing of its equity on the Australian Securities Exchange (ASX).
Outside of the U.S., Australia is one of the global gaming supplier’s leading markets and listing on the country’s primary securities exchange could enhance Light & Wonder’s (L&W) exposure to long-term institutional investors there and subsequently complement its “strong existing base of shareholders” in both markets. The proliferation of online gaming including live casino in Australia has grown significantly over the past few years and there is nothing to indicate a slowdown anytime soon.
Second Look
This isn’t the first time a move such as this has been considered. In May 2021, reports were circulating that the then Scientific Games was mulling an ASX-listing of either its global lottery interests or the newly created L&W arm to help raise funds and pay down its sizeable debt at the time. The operator had solicited Sydney-based investment bank Jarden Australia to crunch the numbers on a potential listing in what is the world’s sixth-largest country. This was prior to the demerger that saw the Las Vegas-based gaming giant split its lotteries and gaming businesses.
“The ASX is a premium market with a long track record as a platform for global gaming companies and a deep and liquid pool of sophisticated investors and market participants who have a strong understanding of the gaming business,” said Light & Wonder’s Executive Chair, Jamie Odell in a March 15th statement.
“We believe they will appreciate the value and long-term potential of Light & Wonder’s broad international business and strategy. We look forward to engaging with the market and our current shareholders on a potential secondary listing.”
The company reportedly plans to update investors when the evaluation process is finalized and a decision whether to move on an ASX secondary listing has been made. According to the press release, there are no assurances that L&W will pursue such a listing.
Growing Business
As mentioned, online gambling among Aussies has grow in popularity since emerging in the mid-1990s. Thanks to the proliferation of devices that are able to access the internet, most notably smartphones, Australians are able to place wagers wherever and whenever they like.
Based on findings from the Australian Communications and Media Authority’s (ACMA) “Online gambling in Australia” report – undertaken in June 2021 and published in February 2022 – after “many years of relatively stable levels of participation,” with the exception of lotteries, the frequency of online gambling by Australians “increased significantly” in 2021.
Per the report (pdf), more than one in 10, or 11 percent of Australians have reported taking part in iGaming at some point in the previous 6 months, up from 8 percent in 2020. Participation in online sports betting also increased, with the snapshot showing that in the first half of 2021, 8 percent of Australians bet on sports of racing, compared to 5 percent the year prior.
Moreover, according to the latest report from leading market research company, IMARC Group’s, “Australia Online Gambling Market: Industry Trends, Share, Size, Growth, Opportunity and Forecast 2023-2028,” Australia’s iGaming market size reached $6,750,598,500.00 (AUD) (US$4.5 billion) in 2022. In addition, IMARC expects a growth rate (CAGR) of 7.09 percent during 2023-2028, with the market reaching US$7.2 billion.
iGaming, or electronic gambling, which includes activities like casino, live casino, poker and sports betting, is conducted via the internet and offers a wide array of advantages over land-based gambling, such as global access, no traveling, convenience, flexibility, bonuses, payment options, including crypto, and more.
Ignition Casino
Sites like ignitioncasino.eu are available to American and Australian players, and in addition to an online casino with hundreds of different pokies/slots from software developers Rival and RealTime Gaming, there is Live Casino where players can interact with real dealers and other players in real-time playing Live Dealer Blackjack, Live Dealer Blackjack Early Payout, American Roulette, European Roulette, Baccarat or Super 6, all of which are available 24/7. There is also video poker and specialty games like Keno, while the Ignition Poker room offers plenty of bonuses and tournaments and has a sizeable online poker following.
In addition to credit card and other conventional methods, Ignition is also one of the leading online casinos with a mobile-friendly version and one that accepts deposits made with crypto, such as Bitcoin, Bitcoin SV, Ethereum, Bitcoin Cash and Tether. This means you can expect fees to be lower, transactions to be faster, and more. Online poker is where Ignition really shines though, with Multi-million dollar tournaments, great Jackpot Sit & Go’s, and secure, anonymous tables.
Owned by Canadian company Lynton Limited, Ignition as an online casino launched in the spring of 2016, and by August that year had purchased Bovada’s online poker services. At that time, both Ignition and Bovada were licensed by the Kahnawake Gaming Commission and both of the sites shared poker player pools. Now, Ignition’s operations are run from Costa Rica.
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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