GPWA Times Magazine - Issue 60 - October 2024

Booming, But Under Fire Join GPWA Page 51 New Era for Tribal iGaming ICE Barcelona 2025 Preview iGB L!VE Photo Gallery OCTOBER 2024 GPWAtimes.org Sweepstakes Casinos

The Big 6-0 Steve Jobs once said, “The only way to do great work is to love what you do.” Reaching our 60th issue of the GPWA Times Magazine feels like a validation of this simple yet profound quote. Since our first edition went to the printer in May 2007, we’ve seen the iGaming industry experience its fair share of ups and downs, but also some incredible growth and change. It’s been amazing to watch our GPWA community evolve alongside it. The connections and friendships we’ve built over the years have been have been incredibly meaningful and rewarding for us all. So, while we take a moment to celebrate this modest achievement, we want to acknowledge that it wouldn’t have been possible without you, our dedicated GPWA membership. Here’s to 60 issues and many more, fueled by the same shared passion and commitment that got us here. This issue will be distributed at the Global Gaming Expo (G2E) in Las Vegas (7-10 October) and SiGMA Europe 2024 in Malta (11-14 November) and, as always, aims to provide insights on current trends and storylines that can benefit you and your affiliate business. A true hot-button topic this year has been the proliferation of the sweepstakes casino model and in our cover story regular contributor Erica Anderson from Income Access discusses what affiliates need to know, while we also cover the mounting scrutiny that these operators have faced in recent months. Elsewhere, gaming attorneys Behnam Dayanim and Derril Jordan examine the profound impact of a key Supreme Court ruling on the future of tribal iGaming in the U.S. In addition, we have an in-depth preview of ICE and iGB Affiliate’s move to Barcelona and what to expect in 2025 and beyond. Speaking of major industry events relocating, we present a photo gallery from iGB L!VE’s grand finale in Amsterdam, as well as two new affiliate interviews and a pair of affiliate manager Q&As. Don’t forget, a subscription to the GPWA Times Magazine is absolutely FREE! Sign up now at GPWAtimes.org/subscribe/. Sincerely, Michael Corfman SUBSCRIPTIONS For a FREE subscription to the GPWA Times Magazine, visit GPWAtimes.org ADVERTISING To advertise in the GPWA Times Magazine, please e-mail: sales@gpwa.org Copyright © 2024 by the GPWA. All rights reserved. ISSN 1941-9872 (print) ISSN 2834-2348 (online) Executive Director: Michael Corfman Program Director: Anthony Telesca Program Manager: Nicole Sims Member Services: Richard Bard Nancy Troy Editor-in-Chief: Gary Trask Associate Editor: Dan Ippolito Designers: George Choi Zoran Maksimovic´ LETTER FROM THE DIRECTOR 4

Departments 4 Letter from the Director • 8 By the Numbers • 10 Quotables • 12 GPWA Poll 14 From the Forums • 44 iGaming Directory Rankings • 46 Affiliate Interview Series • 56 Sponsors 58 Affiliate Manager Interview Series • 68 APCW Wall of Shame • 70 Event Calendar Supreme Court Reshapes Tribal iGaming Gaming lawyers Behnam Dayanim and Derril Jordan analyze the far-reaching implications of a landmark Supreme Court decision on the future of tribal iGaming in the U.S. 18 Photo Gallery: iGB L!VE As iGB L!VE bids adieu to Amsterdam, relive the highlights of the 2024 event with a captivating photo gallery before its move to London. 26 TABLE OF CONTENTS ICE & iGB: Barcelona 2025 ICE and iGB Affiliate are relocating to the Catalan capital. Here’s everything you need to know about the move and what to expect in 2025 and beyond. 40 Sweepstakes Soar The sweepstakes casino model is experiencing explosive growth, but is it sustainable? We examine its rapid rise and increasing regulatory challenges. 22 GPWAtimes.org 6

BY THE NUMBERS GPWAtimes.org 8 €260.9 million The revenue amount generated by iGaming and online sports betting in Portugal in Q1 2024, a 14.8% increase when compared to Q1 2023. €1.7 billion The 2023 gross gaming revenue in Belgium, an increase from the €1.5 billion set in 2022, according to the country’s gambling regulator. 229,553 The total number of entries for this year’s World Series of Poker in Las Vegas, setting the all-time record. $47.86 billion The annual revenue amount if the 44 states in the U.S. without iGaming legalized it, according to a Vixio Report. 24.25 billion The amount of bets and spins British players placed in Q2 2024, a new quarterly record and an increase of 11% compared to Q2 2023.

9 GPWAtimes.org 32.32% The percentage that Philippine gaming revenue increased in Q2 2024, compared to Q2 2023. €300 The deposit limit the Netherlands Gaming Regulator set for players aged 18-24. €350.7 million The amount Spain’s revenue from online gambling reached in Q1 2024, a 15.1% increase compared to Q1 2023. DKK 703 million The amount Danish players spent on gambling in the areas of betting, online casinos, slot machines and landbased casinos in June 2024, a 37% increase compared to June 2023. 60% The percentage of the Australian adult population that participates in gambling activities, including lotteries, an increase from the 50% participation rate observed during the COVID-19 shutdowns. Between €400 million & €600 million The amount the black market was responsible for of Germany’s gross gaming revenue in 2023, according to the country’s gambling regulator.

QUOTABLES QUOTABLES “I don’t want Mark Zuckerberg or Facebook in charge of my news feeds. He’s not even paying the Australian media for what they report.” —Australian Minister Bill Shorten while arguing against a ban on gambling advertisements, suggesting it would harm the country’s free-to-air media, which he believes is already “under attack” from digital platforms like Facebook. “Illegal online casino sites offered, with complete impunity, a sports betting offer on Euro 2024 with very attractive odds and without any player protection measures. Despite the actions taken by the regulator, the blocking of illegal sites is still not working.” —French Online Gaming Association President Nicolas Béraud after the Euro 2024 tournament saw lower legal online sports betting activity than expected, while the illegal market thrived. “This is not intended to increase the amount of gambling New Zealanders do but to ensure operators meet requirements for consumer protection and harm minimization, as well as paying tax.” —New Zealand’s Minister of Internal Affairs Brooke van Velden after the government announced it will regulate online casinos while prohibiting sports betting, lotteries, and sponsorships. “This decision recognizes that Google offers the best search engine, but concludes that we shouldn’t be allowed to make it easily available.” —Google in a statement after a U.S. judge ruled in August that the company has an illegal monopoly on search, opening the possibility of a breakup of its parent company Alphabet. GPWAtimes.org 10

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Are you a licensed affiliate in the US or Canada? GPWA MEMBER POLL Affiliate licensing varies greatly across North America. In the U.S., you need individual state registrations. In Canada, a single registration with the Alcohol and Gaming Commission of Ontario is sufficient. However, the process can be complex and costly, depending on the location and type of affiliate agreement. For instance, in New Jersey, revenue share affiliates face extensive background checks and a hefty licensing fee. In a recent GPWA poll, we asked our members if they are a licensed affiliate in any state in the U.S. and/or Ontario, or if they plan to become one in the future. Nearly half of those who responded indicated that they are not currently licensed in either market and have no plans to do so. After that, the results were quite varied. Below you’ll find the complete results of the poll and a sampling of feedback from our members. For more details regarding this poll and to view all of the feedback, visit gpwa.org/477. Comments from GPWA members MJM PRIVATE MEMBER At this point, I would advise people to not get licensed and skip the U.S. market unless you have massive traffic to offer and can leverage that into deals with operators. Getting licensed means nothing, operators are increasingly unwilling to work with small affiliates. TheFisherman BRAND NEW MEMBER Agree (with MJM). This statement counts for other markets too. Some operators (mainly the big ones) always seem to overlook the small guys. But they forget that a seedling can grow into a massive tree. bpmee PRIVATE MEMBER As a small affiliate, it’s been a disappointment. I actually thought operators would be eager to work with someone willing to get licensed. I also thought operators would offer more generous marketing agreements, competent account managers, and robust backends. 48%No, and I have no plans to become a licensed affiliate in any U.S. state or Ontario 16%No, I am not currently a licensed affiliate but plan to become one in one or more US states, but not in Ontario 12%Yes, I am a licensed affiliate in one or more US states, but not in Ontario 12%Yes, I am a licensed affiliate in one or more US states and Ontario 8%No, I am not currently a licensed affiliate but plan to become one in one or more US states and Ontario 4%Other 12 GPWAtimes.org

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A monumental shift could be coming to the world of search engines, with the ripples reaching the shores of the iGaming industry. After months of speculation, OpenAI confirmed in July that it would add a search engine to ChatGPT. As a new player, SearchGPT promises to deliver a more conversational and ad-free search experience with concise answers and context retention. Shortly after the announcement, GPWA private member, “wonderpunter,” asked on the GPWA forums if this new AI creation could truly disrupt the search engine game. The spirited discussion that ensued saw fellow members expecting a bright future for natural language search, envisioning a world where AI-powered engines become the go-to for quick answers and tailored information. Others remained skeptical, pointing to Google’s dominance and questioning if SearchGPT can truly capture a significant share of the market Excerpts of the thread are below, but to view the thread in its entirety, visit gpwa.org/478. To read thousands of other forum posts like this one, plus industry news and complete archives of our weekly GPWA newsletters and GPWA Times Magazine, please visit GPWA.org. *This thread was edited for clarity and length. Is a Google killer? SearchGPT FROM THE FORUMS GPWAtimes.org 14

#5 NoDepositCasinos 29 July 2024, 10:49 p.m. Public Member As others have mentioned, there will be an adoption curve, and it might be limited to a niche of users. I don’t think it will be a “Google killer” but rather a new player entering the game, one that will change the rules. IMHO, from what I have seen, it offers quick answers similar to what Google already does, so I don’t see it as a threat (at least yet). “ Reply With Quote #1 wonderpunter 26 July 2024, 6:07 a.m. Private Member SearchGPT look pretty impressive. The results are filled with correct answers, not sponsored junk, covering a wide array of topics without overloaded spam. Will publishers finally get their worth? “ Reply With Quote #2 hatario 27 July 2024, 8:25 a.m. Public Member All of the current search products are awful. Hopefully, something like SearchGPT can actually bring in some needed changes. But will we really see massive adoption beyond the tech-savvy crowd? Can you see your friend whose main computer is a phone or an Xbox using this? I can’t. But at the same time it is from a company backed by Microsoft, so it can’t really be bullied until they go away. “ Reply With Quote Once it goes live it will definitely have its own niche user base, but that’s about it for now. At least until you get things like GPT browser, GPT-integrated phone operating systems, etc. “ Reply With Quote I don’t think it will be a “Google killer” but rather a new player entering the game, one that will change the rules. From what I have seen, it offers quick answers similar to what Google already does, so I don’t see it as a threat. #3 iso2009 27 July 2024, 12:32 p.m. Public Member That’s the main problem. A good product without market penetration will remain a niche. “ Reply With Quote #4 PaulEchere 29 July 2024, 5:39 a.m. Private Member I don’t really see this making a large difference in the short to mid-term. The average user will be searching with whatever makes sense and whatever is most easily accessible. And, to be honest, in most cases whatever you’re searching for is a rather easy find. 15 GPWAtimes.org

FROM THE FORUMS #8 AussiePunter 1 August 2024, 5:40 a.m. Public Member It doesn’t take too much of a push for market penetration. Once you have eyeballs, most companies can find a way to make a profit. Example one is Google itself. It was made for geeks. Programmers loved it. Plus, it was just plain search results that were better than all the competition by miles, thanks to Sergey and Larry. Initially there were no ads at all, not a single banner ad like AltaVista, or flashy graphics like Yahoo, no info or eyesore like HotBot etc. Just basic search results that were much better than all of the competition. Facebook was initially for colleges only, a way for Zuckerberg to find women with attractive faces. In my opinion, natural language search will definitely be a part of the future. Google will probably have “classic” or “AI enhanced” version. Purely my own speculation, of course. “ Reply With Quote #6 MalikBhai 30 July 2024, 8:41 a.m. Private Member Google’s got Android, and pays billions to Apple to keep the default on “iMorons.” No ChatGPT can challenge it. If you’ve got smartphones cornered, everything else is primary-school math. “ Reply With Quote #7 MMM 30 July 2024, 1:46 p.m. Private Member I don’t think we are talking niche users here or even something remotely close to very gradual adoption. The adoption curves become much faster as time goes by as everything is spread much faster than in the past. I was surprised to learn that most of my cousins, ranging from ages 10 to 30, were using ChatGPT and Bard on daily basis to search for things, and that’s before SearchGPT. “ Reply With Quote While the AI-search is great for some things, it’s not really working in regard to finding unique and new content, which some people are searching. It’s too general and mostly promotes the same search results, which will be bad for the smaller man. #9 LinuxGam 23 August 2024, 12:58 p.m. Public Member It depends what you are searching for. If you are searching for news or social or something to read, you want the website. If you are looking for the answer to a problem or an example of something and particularly, and if you also want it in a certain format, ChatGPT is way faster. Don’t be surprised if Google follows suit very quickly. “ Reply With Quote GPWAtimes.org 16

#13 kryptocasinos 30 August 2024, 7:07 p.m. Brand New Member Feeding AIs with your own content might be an option. Your results will get shown together with the source. The source will be your site. “ Reply With Quote #14 Rodrigueztoman 2 September 2024, 3:42 a.m. Brand New Member No, Google is already making fast changes in its search results. It has already introduced AI results. End of Thread #10 wonderpunter 26 August 2024, 11:54 a.m. Private Member Originally Posted by LinuxGam “It depends what you are searching for. If you are searching for news or social or something to read you want the website. If you are looking for the answer to a problem or an example of something and particularly, if you also want it in a certain format, ChatGPT is way faster. Don’t be surprised if Google follow suit very quickly.” Wouldn’t the SearchGPT be more like a search engine? I have not seen anything in action yet, but I would guess perhaps something similar to Perplexity.ai. “ Reply With Quote #11 universal4 26 August 2024, 4:40 p.m. Forum Administrator Originally Posted by wonderpunter “Wouldn’t the SearchGPT be more like a search engine? I have not seen anything in action yet but I would guess perhaps something similar to Perplexity.ai.” This raises the question, where is the data housed? Is SearchGPT running spiders scraping data, storing that data so they can later respond to queries, or are they also running queries to Google to get some of the answers and then manipulating those results? Google, Microsoft and very few others have a decade or more head start on warehousing the data, with multiple billions of pages of a head start of such data. Example: You ask SearchGPT where the best restaurant to get a steak meal while vacationing at Disney. Is SearchGPT querying itself? Or are they using manipulated queries to Google to get the answer? If they do not currently have this data themselves, I would think at some point Google will restrict them from using them to supply that answer as it would want to handle the question directly so that they get to keep the ad views in house. If the AI tools are just built to take advantage of decades of Google’s work, research and warehousing of such data, will they just allow others to “take” from them without finding a way to monetize it, or stop it so they can force the use of their own tools? “ Reply With Quote #12 Fonviggroup 27 August 2024, 2:11 p.m. New Member While the AI-search is great for some things, it’s not really working in regard to finding unique and new content, which some people are searching. It’s too general and mostly promotes the same search results, which will be bad for the smaller man. I think Google has many good years ahead, to be honest. “ Reply With Quote 17 GPWAtimes.org

The Rise Casinos Sweepstakes of ike daily fantasy sports and social casinos before it, the sweepstakes vertical has become the darling of the iGaming world, with a variety of brands looking to get involved with the latest trend that audiences are flocking to. Though they can’t provide paying users, sweepstakes casinos are exceptionally valuable because they help educate users on casino games by providing a similar experience to regular casino products with virtual funds. Firstly, it’s important to understand how sweepstakes differ from regular casino games. While the games may be very similar, the biggest difference is that sweepstakes casinos do not require users to spend their real money. Because of that, sweepstakes casinos are legal in most states throughout the U.S., while real money casinos are available in just seven states. While that may make sweepstakes sound like social casinos, there are important distinctions to be made between the two. While both are free-to-play platforms where the coins being played hold no monetary value, sweepstakes allow players to redeem their coins for unique rewards, like cash, vouchers, or even cryptocurrency. This distinctive feature sets sweepstakes apart, providing an engaging alternative to traditional real-money gambling and social casinos focused solely on entertainment. As users learn more about this new iGaming model and its offerings, brands are seeing incredible growth in this space. Catena Media stated in its January-June 2024 Interim Report that one third of its casino revenue can be attributed to social sweepstakes. Will Armitage, Co-founder at BestOdds, which provides content and tools for analyzing odds, provided us valuable insights from his affiliate perspective, looking at where it’s headed and providing some suggestions for brands in the space. A growing vertical What makes the sweepstakes model so unique is that it is relatively new, meaning there’s plenty of room for growth and innovation. This means brands could distinguish themselves by introducing innovative games and offering unique selling propositions (USPs) that haven’t been seen before. There’s even growth in terms of the offerings provided through a sweepstakes model, as operators are now offering different free-to-play options to entice users to play with their platform. For example, there are brands that will offer free-to-play sports betting through a virtual currency, that they can purchase more of to enter contents for real prizes. Though the market is still developing, and Europe has also seen some strong growth with sweepstakes, the largest market at the moment is considered the U.S. Armitage agreed, saying that within the country, it is the wealthier and most populous states that are seeing the most impressive metrics with regards to this burgeoning industry. There are no real surprise pockets of popularity amongst any of the mid-size or smaller states, while California appears at the top of the charts. GPWAtimes.org 18 What affiliates should know about this rapidly growing, yet controversial vertical By Erica Anderson

What makes the sweepstakes vertical so unique is that it is relatively new, meaning there’s plenty of room for growth and innovation. This means brands could distinguish themselves by introducing innovative games and offering unique selling propositions that haven’t been seen before. 19 GPWAtimes.org Illustration by HobbitArt / Shutterstock

THE RISE OF SWEEPSTAKES CASINOS The booming popularity of sweepstakes casinos has triggered significant scrutiny across all corners of the industry. The sudden success of these platforms, accessible in nearly every state in the U.S., has drawn the attention of regulators, trade groups, and other industry factions, placing operators under a microscope. “It’s time to pull the alarm bell on this one folks: ‘Sweepstakes casinos,’” wrote Howard Glaser, Global Head of Government Affairs and Legislative Counsel at Light & Wonder, in a scathing LinkedIn post on 22 August. “Lurking behind this mushy-sounding term is a rapidly growing scheme of questionable legality which lets people play online casino games and wager real money - run by operators that skirt regulation and licensing, offer no player protections, and siphon revenue from state governments.” Glaser isn’t alone in his sweeping criticism of the controversial casino model. In August, the American Gaming Association (AGA) issued a policy statement raising concerns about the burgeoning industry, noting that companies are using “sweepstakes-based” models to “potentially skirt gaming laws and regulations” that U.S. sports betting and online casino operators must follow. “As a result, consumers are being deprived of protections and states are forgoing significant tax and revenue opportunities as this gambling replaces that conducted through regulated channels,” the AGA stated. Shortly after the AGA announcement, the Michigan Gaming Control Board (MGCB) piled on by taking action against OC Media Holdings LLC, doing business as One Country Give. According to a MGCB press release on 27 August, OC Media Holdings, based in Arkansas, had been generating revenue by selling monthly memberships that give participants entries into various “sweepstakes” advertised online and on social media. The MGCB determined that these sweepstakes violate Michigan law as they operate as unlicensed online lotteries and/or raffles. Nonetheless, sweepstakes casinos remain legal in many states where traditional online gambling is not, providing a legal alternative for players. The growth represents an economic opportunity for states if properly regulated and, despite the rising skepticism, a recent report from Eilers & Krejcik Gaming estimated the sweepstakes casino market at $5.6 billion in 2023, up 66% year-over-year 2022, with the market exploding to over $11 billion in 2025. Sweepstakes operators, like Virtual Gaming Worlds, defend their platforms by drawing parallels to promotional offers like the popular McDonald’s Monopoly game. The company that runs brands including Chumba Casino, Luckyland Slots, and Global Poker argues the use of virtual currencies and the option to play for free without purchasing coins differentiates them from traditional gambling. Tim Moore-Barton, COO of Virtual Gaming Worlds, acknowledged the growing competition in the sector and the need for regulatory compliance, telling Australian Financial Review, “We are fully committed to setting a very high bar in compliance and player protections … With a strong balance sheet and cashflows, our financial strength allows us to reinvest both for now and the future, and we have multiple exciting opportunities in development.” he said. Moore-Barton’s comments came in the aftermath of his company being ordered by the Delaware Lottery to cease operations in the state in August. VGW also faced challenges in Georgia and Michigan during the past year. Last October, VGW shut down operations in Michigan following Attorney General Dana Nessel’s order for a similar social casino to leave the state. In September, in an apparent response to the mounting criticism, 11 social gaming companies, not including Virtual Gaming Worlds, joined forces to launch the Social and Promotional Gaming Association, saying its mission is “to highlight the well-established legality and legitimacy of social sweepstakes games, providing regulators, policymakers, and consumers with a comprehensive understanding of these offerings.” Clearly, the future of sweepstakes casinos hinges on the establishment of regulatory frameworks that prioritize consumer protection and responsible gaming. But whether or not the industry can find a balance between entertainment and ethical practices, remains to be seen. —Gary Trask Growing Pains Sweepstakes casino model facing increasing regulatory scrutiny “Consumers are being deprived of protections and states are forgoing significant tax and revenue opportunities as this gambling replaces that conducted through regulated channels.” 20 GPWAtimes.org Illustration by DG-Studio / Shutterstock

Affiliate success in sweepstakes Affiliate marketing has long been a big part of the iGaming world and it’s no different with this new vertical, with plenty of affiliates vying to connect with the growing audience. Armitage believes affiliates need to consider their audience when creating content, saying “it’s a familiar playbook to be honest in terms of messaging to potential customers. You need to put yourselves in the shoes of the audience. What would you want to read about and understand from a consumer’s perspective? Offers, games selection will always be front of mind to a player, so give them what they want.” Additionally, affiliates should look to promote operator offerings that are straight-up and simple. Factors like promo codes and exclusive offers aren’t just tools, they’re the secret sauce for winning new customers. It gives these new players a sneak peek into the value-packed world of the operator’s offerings, and it offers affiliates a golden ticket to stand out in a sea of content. Affiliate challenges in sweepstakes As this is entirely new for users, one of the challenges facing affiliates is the need to educate users about sweepstakes. On top of that, because the vertical is so new, each operator has adopted its own terminology for its in-game currencies and product, making it even more difficult for affiliates to educate users on their product offerings. One of the more exciting aspects of the sweepstakes model is also a challenge, as due to the sudden popularity of sweepstakes, there are a variety of operators and affiliates flocking to the space. Armitage stated that “headwinds can come from the very fact that there is now so much competition and the less well-funded operators will struggle for cut-through. The sweepstakes regulatory topic is also much debated.” Like other verticals, affiliates are helped by operators who provide relevant and timely data that they can use to proactively change their campaigns and reach more users. Affiliates should look to connect with operators who work on a platform that can provide them real-time statistics, like the one offered by Income Access, enabling them to optimize at lightning speed. Affiliates should look to promote operator offerings that are straight-up and simple. Factors like promo codes and exclusive offers aren’t just tools, they’re the secret sauce for winning new customers. GPWAtimes.org 21 Erica Anderson is VP Marketing & Product, Income Access at Paysafe. Her role includes a focus on developing the marketing and product strategy for the Income Access brand. With over a decade’s industry experience, Anderson also oversees Income Access’ in-house affiliate management team, product team and its suite of digital marketing services. Illustration by HobbitArt / Shutterstock

Tribal Triumph GPWAtimes.org 22 Gaming lawyers Behnam Dayanim and Derril Jordan discuss itshe Supreme Court decision that reshaping iGaming in the US

n June, the U.S. Supreme Court delivered a major victory for tribal online sports betting. The Supreme Court’s refusal to review a case challenging Florida’s Seminole Tribe compact for statewide online sports betting set a significant precedent. This decision has far-reaching implications for tribal gaming rights and the future of sports betting in the U.S. Essentially, the pivotal decision to decline to hear the West Flagler Associates v. Haaland case upholds the 2021 agreement between the Seminole Tribe and Florida, allowing the tribe to maintain its exclusive control over online sports betting in the Sunshine State. The case centered on the interpretation of the Indian Gaming Regulatory Act (IGRA), with West Flagler Associates, the owners and operators of Magic City Casino in Miami, challenging the compact’s legality, arguing that it allowed gaming activities off tribal lands. The lower courts, however, determined that bets placed on mobile devices within the state were considered to occur on tribal lands, where the servers are located. This “hub-and-spoke” model, now endorsed by the Supreme Court’s inaction, opens up new possibilities for tribal gaming expansion across the U.S. Yet, it also raises questions about how it will be adapted and challenged in states with different geographical and tribal land distributions, and potential legal hurdles that tribes may encounter in replicating the Florida compact. To explore the widespread impact of this landmark decision, we’ve gathered insights from two gaming lawyers, Behnam Dayanim and Derril Jordan, who discussed with us the complexities of this ruling and its potential to reshape the landscape of iGaming across the U.S. In your opinion, how significant is the Supreme Court’s decision not to hear West Flagler Associates v. Haaland for the future of tribal gaming in the U.S.? Behnam Dayanim: In states in which sports betting is already legal and operational, the ramifications are likely to be modest, at least in the near term. In most of those states, the existing hierarchy of operators is well-established, the ability for a new entrant to attract substantial market share (whether in sports betting or iGaming) would seem limited. However, in states where mobile sports betting has not yet been legalized, the decision could have a significant impact, both in lessening tribal opposition and in creating markets in which tribes dominate. Derril Jordan: I think it’s pretty significant. My gut feeling is that if they would have granted (a writ of certiorari) it wouldn’t have been to affirm it. So, I think in that regard, it’s very significant. What specific aspects of the Seminole Tribe’s gaming compact with Florida could serve as a model for other states seeking to expand tribal gaming operations? Behnam Dayanim: Florida is not a model that is likely to be widely replicated. In Florida, the Seminoles are the lone federally recognized tribe. In most other states contemplating legalization, that will not be the case. Differing tribal interests and influence likely will lead to different political dynamics and outcomes in other states. Derril Jordan: I think that the Interior Department’s explanation of why sports betting is not illegal and why it’s permissible provides a path to willing states that want to compact with tribes to provide sports betting. Of course, that same formulation is also incorporated into the department’s relatively new regulation (25 C.F.R. Part 293). So, if a state already has sports betting and is willing to compact with tribes and do their legal responsibility, this does provide a roadmap for how to do it. Whether states want to do that or not is another question. How might the “hub-and-spoke” model used in the Florida compact be adapted or challenged in states with different geographical or tribal land distributions? Behnam Dayanim: The Department of the Interior’s (DOI) acceptance of the “hub and spoke” concept points the way to other states similarly deeming wagers to be accepted on tribal lands even when placed by patrons located elsewhere. The legal sufficiency of that model under state law, of course, will turn on state-law principles, but it has been accepted elsewhere – notably, in New Jersey, which requires casino servers to be located in Atlantic City and deems all mobile wagers by New Jerseyans to take place within the city limits. Derril Jordan: As far as adaptation, I think again, the Interior Department’s explanation in the DC circuit and their explanation of the holding of the decision in their brief before the Supreme Court, is a road map. 23 GPWAtimes.org Behnam Dayanim is a partner with Orrick Herrington & Sutcliffe LLP in Washington, DC, where he serves as global head of the Digital Commerce & Gaming practice. Behn advises casinos, sportsbooks, media companies, financial institutions, payment providers, and other service providers in connection with gaming matters, including regulatory advice, transactions, and disputes. Derril B. Jordan is a senior Indian law attorney and partner at Patterson Earnhart Real Bird & Wilson LLP. An enrolled member of the Mattaponi Indian Tribe, Derril has over 36 years of experience representing tribes as in-house counsel and in private practice. Derril concentrates his practice on land and jurisdiction issues, strengthening tribal governance, developing tribal enterprises, and improving government-to-government relationships between Indian tribes and the federal government. Meet the Experts:

If I were representing a tribe that was entering into negotiations with a state to do this, I would try to replicate that model as closely as possible with little, if any, derivation because it’s not clear to me what would lead you off the proven path. What potential legal hurdles might tribes in other states face in replicating the Florida model, particularly concerning the Indian Gaming Regulatory Act (IGRA)? Behnam Dayanim: The DOI 2024 amendments to IGRA put to rest any argument that remote intrastate wagering in which the servers are located on tribal lands and regulated by the tribe violates the statute. Any challenge to such an arrangement would need to rest on state law – in particular, whether under state law the wager will be deemed to take place where the server or where the patron is located. The amendments also appear to signal greater scrutiny of revenue-sharing arrangements between tribes and the states. Derril Jordan: They really shouldn’t face any major hurdles. One of the things that the Supreme Court looks at in deciding whether to grant cert to review a case in a court of appeal is whether there’s a disagreement between the circuits. I suppose that would be the way to go if you were an opponent of a tribal-state compact. You just challenge it somewhere outside of the D.C. Circuit (where the West Flagler case reversed the lower court decision in August 2023 and reinstated the gaming compact) and see if you can get a different decision from the District Court and then ultimately from the Circuit. How might the Florida ruling influence negotiations between tribes and states regarding future gaming compacts, particularly in areas like revenue sharing and exclusivity? Behnam Dayanim: DOI has made clear its intention to scrutinize carefully revenue-sharing arrangements to ensure that tribes retain the principal economic benefit of the gaming activity and that any revenue to the state beyond actual costs associated with regulating the tribe’s gaming activity reflects the value of some meaningful concession to the tribe. Exclusivity might be one of those concessions in many states. There certainly will be a push and pull between the competing desires for a greater share of revenue and, at least in some states, for a competitive, multi-operator marketplace. Derril Jordan: Well, 25 C.F.R. Part 293 has some language in there about revenue sharing, which was essentially an attempt to sort of codify, if you will, the department’s practice regarding revenue sharing. According to the regulation and according to the various letters that the department has sent out over the years, the department gives very close scrutiny to any situation where there’s revenue sharing. If there’s a situation where the state has legalized mobile sports betting, then I don’t think there’s any meaningful concession to be made by the state to a tribe that would justify revenue sharing. In states where mobile sports betting has not yet been legalized, the decision could have a significant impact, both in lessening tribal opposition and in creating markets in which tribes dominate. TRIBAL TRIUMPH 24

What implications does the Florida case have for states where online sports betting is already legal through commercial operators? Behnam Dayanim: In states in which sports betting is already legal and operational, the ramifications are likely to be modest, at least in the near term. In most of those states, the existing hierarchy of operators is well-established, and the ability for a new entrant to attract substantial market share would seem limited. Derril Jordan: I don’t think it has any implications. There’s nothing in this decision that says where a state has legalized internet sports betting, it must enter into a compact with any tribes within its boundaries to do the same thing. That’s not what this case was about. So, in that respect, the decision doesn’t say anything about what a state must do with regard to tribes if it has otherwise legalized gaming. According to the language of IGRA, if a state allows any form of gaming, it must compact with all interested tribes. So, if they’re permitting it for anyone, they have to compact with every tribe that wants to. How might the Florida ruling impact the ongoing debate about the expansion of sports betting and iGaming in states like California and Texas? Behnam Dayanim: West Flagler isn’t an express lane for either one of the states. In California, with approximately 110 recognized tribes, creating the cohesion necessary to arrive at consensus conclusions on issues such as revenue share, exclusivity and consent for wagering on other tribal lands is going to be a tough nut to crack. In Texas, there is both strong anti-gambling sentiment among the state’s conservative base and a very determined, pro-regulation effort spearheaded by commercial gaming and sports-team interests. With that as a backdrop, a political outcome that results in legalization with true tribal exclusivity seems unlikely. Derril Jordan: If a state was taking the position that it was unsure how it could compact with tribes to conduct online sports betting because the gaming wouldn’t be on tribal lands, this case takes that excuse away, because it proves there’s a way that it can be done. Finally, in your expert opinion, what is the most likely long-term impact of the West Flagler Associates v. Haaland decision on the landscape of iGaming in the U.S.? Behnam Dayanim: The decision, coupled with the DOI amendments to IGRA, clears a path for states to negotiate tribally sponsored iGaming without fear of running afoul of federal law. The issue now sits squarely with the states and the tribes. Derril Jordan: Just looking at the history of IGRA and how tribal gaming expanded beyond anybody’s expectations since 1987, my guess is it will have a big impact. It might take a little while, but I think there’ll be an expansion. And I think it will be positive for the tribes in terms of revenues. What I’m waiting to see is the situation where a state has permitted commercial internet gaming but won’t compact with the tribes or tells the tribes that they have to compete with other tribes. And the tribe says that’s not what the law says, and then there’s a lawsuit over that issue. Perhaps that’s the next shoe to drop. Where you have a state that has iGaming but is not willing to negotiate compacts with the tribes and says they have to compete for state licenses, and then the tribes challenge that thinking. That’s likely going to be the next frontier for this issue. If there’s a situation where the state has legalized mobile sports betting, then I don’t think there’s any meaningful concession to be made by the state to a tribe that would justify revenue sharing. 25 GPWAtimes.org

2024 iGB L! GPWAtimes.org 26 Amsterdam photo by DedMityay/Shutterstock

The final iGB L!VE in Amsterdam wasn’t just a fond farewell; it was a resounding success. The numbers speak for themselves: a staggering 9,788 visitors from 131 nations attended the event, which was held from 16-19 July, generating over 20,400 show floor visits – a 35% increase from the previous year. From packed exhibition halls showcasing over 300 exhibitors to insightful conference sessions to the vibrant networking parties, iGB L!VE 2024 was a testament to the industry’s unwavering growth and enthusiasm as the event prepares to move to its new home in London. “This was the best possible way to say a massive thanks to the team at the RAI Amsterdam for all of their fantastic support and their contributions in helping to ensure iGB L!VE’s status as the most popular and valuable showcase for the international iGaming industry,” iGB Portfolio Director Naomi Barton said. “There’s no doubt that we are moving to ExCeL London in the best possible shape having set new records across the board.” As we bid adieu to Amsterdam and set our sights on London in July 2025, the photos featured across the following pages offer a glimpse into the energy and excitement that filled this great city one last time. Doei doei, Amsterdam! !VE 27 GPWAtimes.org

iGB L!VE 2024 Welcome Drinks at Strandzuid GPWAtimes.org 28

iGB Executive Dinner 29 GPWAtimes.org

iGB L!VE 2024 30 GPWAtimes.org

From the Exhibition Floor 31 GPWAtimes.org

iGB L!VE 2024 iGB L!VE Pulse GPWAtimes.org 32

Networking Drinks at Strandzuid 33 GPWAtimes.org

iGB L!VE 2024 Run Club 5K at nhow Hotel GPWAtimes.org 34

Unwind Session at Strandzuid GPWAtimes.org 35

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iGB L!VE 2024 Sunset Session Closing Drinks 38 GPWAtimes.org

Fira Barcelona Gran Via 20-22 JANUARY 2025 REGISTER NOW www.icegaming.com #ICE25

Thhoes Cp iat taal li at yn acna dp iht ao ls, t ri ne ng owwonr el dd- cf ol ar si ts s e v ef onrt sI ,Ci Es raenadd iyGt Bo rAof lf li loi ua tt et hi ne Jraenducaarryp e t new chapter in iGaming begins in Barcelona in 2025. Following a successful 12-year run in London, ICE and iGB Affiliate, the flagship events on the annual iGaming industry calendar, are making the voyage to the sun-kissed shores of Barcelona from 20-22 January. With a new venue, a new city, and a new vision, Clarion Gaming is promising both events will be bigger, bolder, and more innovative than ever before. “We’re thrilled to be moving to Barcelona where we already have a deeper relationship with not only a ¡Hola, Barce Barcel 40 GPWAtimes.org By Gary Trask

new venue but also a destination city that is going to totally transform how we operate ICE and iGB Affiliate,” Stuart Hunter, Managing Director of Clarion Gaming, said at the official press launch in Barcelona in June. “Fira de Barcelona will be the epicenter for the international ICE and iGB Affiliate communities in a city which is rich in culture and exudes a spirit of innovation.” The decision to move ICE and iGB Affiliate to Barcelona came after an extensive economic study and a six-month competitive bidding process, with Madrid, Paris, and London vying for the honor. Ultimately, Barcelona’s world-class infrastructure, scalability, and vibrant culture won over the organizers by a resounding margin. “To be honest, we were not interested in moving,” Hunter added. “I think London is a fabulous city. We absolutely love it. But it is an expensive city to offer trade shows. We do pride ourselves on being partners to the industry, and when our customers started to express their pain points in terms of not having the scope to grow, we saw Barcelona as a city that could provide that path.” The Fira Barcelona Gran Via campus, the event’s new home, will span 1,291,670 square feet in its elona! GPWAtimes.org 41

attracts over 100,000 visitors. The scalability of the venue is one of its biggest draws. “We were very specific in the negotiations that we must have sole ownership of the campus during ICE,” Hunter explained. “I didn’t want us to be competing with another event.” Beyond its logistical advantages, Barcelona also offers a Mediterranean charm with more optimal weather than London. Visitors can enjoy the city without the overwhelming crowds of the summer months, while still experiencing Barcelona’s mild winter temperatures, averaging around 15°C. According to Clarion, Barcelona is 30% cheaper than London for accommodation, transport, and dining. With more than 40,000 hotel rooms reserved for the event, attendees will have a wide selection of accommodations with an average nightly rate of around €200, compared to over €320 in London, making the events more accessible to smaller businesses and start-ups. One aspect Hunter and his team are most excited about for ICE Barcelona 2025 is its overarching theme: “Explore the New Gaming Ecosystem.” The event will showcase every sector of the gaming industry, from land-based casinos to online platforms, payment providers, and sports betting. Hunter stressed that despite the event’s considerable growth — already 20% larger than last year’s edition in London — the ¡HOLA, BARCELONA! debut year, nearly twice the size of London’s ExCel, with room to expand further if needed. “ICE 2024 had 50,000 attendees and that’s probably the maximum crowd density that you want at ExCel for that type of show,” Hunter said. “We had about 24,000 people within the first four or five hours in London. That kind of volume poses a challenge. So, by coming to Barcelona, we have the opportunity to grow immediately.” For attendees, this translates into more space to explore, enhanced networking opportunities, and a seamless experience that begins the moment they land at Barcelona-El Prat airport. A short 15-minute taxi ride or a quick trip on the L9 Sud metro line will take visitors directly to the venue, saving time and simplifying logistics — a stark contrast to the lenghty travel times often experienced in London. The Gran Via is no stranger to major global events, hosting the Mobile World Congress annually, which GPWAtimes.org 42

layout is designed to provide a comfortable and engaging experience. To that end, for the first time, ICE will adopt a zoned approach, organizing its 1,000+ exhibitors by sector across different halls. Hall 1 will focus on the affiliate sector, Hall 2 will be dedicated to online gaming, while land-based casinos will dominate Hall 3. Halls 4 and 5 will house sports betting and payment providers. The hope is that this division will allow delegates to easily navigate the event and facilitate targeted networking opportunities. Clarion Gaming’s long-term vision is to transform ICE into a true “Festival of Gaming,” creating not just a business event but a holistic experience. Attendees can expect city-wide celebrations, live entertainment, interactive experiences, networking opportunities beyond the exhibition halls, and unique cultural experiences that blend gaming with Barcelona’s rich heritage. The collaborative vision between Clarion Gaming, Fira Barcelona, and the local government should help make ICE Barcelona 2025 more than just a trade show — it will be a city-wide celebration. Barcelona, Spain’s second-most populous city, offers a perfect balance of business and pleasure, thanks to the architectural wonders of Antoni Gaudí’s Sagrada Familia and Park Güell, the bustling streets of Las Ramblas, a brilliant culinary scene, and breathtaking beaches. With an initial five-year contract with Barcelona, Clarion Gaming is already looking beyond 2025. Besides the possibility of moving to a four-day event at some point, they also anticipate attendance exceeding 100,000 by the end of the contract, doubling the 2024 London figures. “That’s a sign of the health of the industry,” Hunter said. “We’ve found that the three days seem to go very quickly. So, as we start to grow and scale and increase attendance, the argument to suggest that we need to expand to four full days is something that we will definitely debate, and again, that will be a decision we make along with our customers.” For now, Hunter and his team are laser-focused on the all-new product they’re preparing for January 2025, while acknowledging that there will inevitably be growing pains. “We have set high goals for what we want to accomplish here,” he said. “Will we deliver everything in the first year? Not likely, but this will be the start of a journey that over the next five years will evolve into the world-class experience that our industry has come to expect. “Barcelona provides endless possibilities and potential for everyone involved. As a team, we can’t wait to start realizing our vision for the next chapters in the growth of both shows.” “We’re thrilled to be moving to Barcelona where we already have a deeper relationship with not only a new venue but also a destination city that is going to totally transform how we operate ICE and iGB Affiliate.” Stuart Hunter, Managing Director of Clarion Gaming 43 GPWAtimes.org

iGamingDirectory.com The surge in sports betting’s popularity, fueled by the U.S. Supreme Court’s decision to overturn the Professional and Amateur Sports Protection Act (PASPA) in 2018, has significantly boosted the vertical’s market share in recent years. Across North America, mobile betting apps are more prevalent than ever due to their convenience and easy access, while major sports leagues have done a 180-degree turn regarding their stance on sports betting, partnering with sportsbooks and further increasing the industry’s acceptance and growth. Our iGamingDirectory.com database illustrates this rapid rise, with sports betting and daily fantasy sports sites dominating recent rankings. A striking 22 of the top 25 sites from January to August 2024 offered these options, including five new entrants. Our rankings are meticulously calculated using a weighted power mean that integrates a variety of independent, traffic-based statistics. These include metrics like the number of visitors, visits, page views, and the total estimated time spent on the site by all visitors. In addition to the Top 25 sites, on the opposite page we feature the top 20 sites from the first eight months of 2024 across the bingo, casino, poker, and sports verticals. iGamingDirectory.com is the world’s most comprehensive, accurate and up-to-date guide to the websites, contacts, owners, operators, software suppliers, payment processors, regulatory jurisdictions, affiliate programs and other industry businesses that comprise today’s online gaming industry. As this issue went to press, the iGamingDirectory.com database featured more than: • 1,800 businesses that own online gaming sites • 4,500 casino, poker, sports betting, bingo and game sites with traffic rankings • 1,200 affiliate programs and affiliate networks • 14,500 web portals and their owners • 1,100 game and platform suppliers • 24,000 games • 200 regulatory jurisdictions • 2,300 annual reports of online gaming businesses • 950 payment methods • 17,000 gaming executives with their associated LinkedIn profiles This enormous amount of continuously updated data can be filtered and configured into custom rankings based on a number of factors, and everything is provided for free to our private members and sponsors. To take advantage of your free access to this vast repository of information, please visit iGamingDirectory.com/GPWA. North American iGaming Site Rankings JanAug 2024 Change from 2023 Website Owner 1 bovada.lv Lynton 2 draftkings.com DraftKings 3 prizepicks.com Performance Predictions 4 espacejeux.com Loto-Québec 5 fantrax.com Fantrax 6 2 stake.com Medium Rare 7 twinspires.com Churchill Downs 8 3 tvg.com FanDuel Group 9 2 caesars.com William Hill US 10 1 olg.ca Ontario Lottery 11 1 fanduel.com FanDuel Group 12 6 underdogfantasy.com Underdog Sports 13 2 nyrabets.com NYRA 14 1 on.bet365.ca bet365 Group 15 2 betmgm.com MGM Resorts International 16 17 acrpoker.eu Winning Poker Network 17 3 hpibet.com Woodbine Ent. 18 2,746 espnbet.com Penn Entertainment 19 2 globalpoker.com VGW GP Malta 20 17 betrivers.com Rush Street Interactive 21 22 predictit.org Viclink 22 7 mybookie.ag 23 4 ignitioncasino.eu Lynton 24 8 on.betmgm.ca MGM Resorts International 25 15 worldwinner.com Game Show Network All Sites Free access to iGamingDirectory.com for GPWA members GPWAtimes.org 44

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