Juicy Fruits Multihold

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Miller served on the forum for several years and was a key UK figure during a period when the Gambling Commission implemented extensive reforms to online gambling regulation and affordability checks. GREF expressed its gratitude for Miller’s contributions during his tenure.

Jean-Michel Costes has also left the board after concluding his role at France’s Autorité Nationale des Jeux (ANJ). 

Costes was involved with GREF at a time when numerous European regulators, including the ANJ, focused on tightening advertising regulations and boosting player protection frameworks. The forum thanked Costes for his dedicated service.

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Other estimates are considerably higher, illustrating how difficult the market is to measure. As an example, separate research from Gaming Compliance International put the value of unregulated online gambling at $5.9 trillion in wagering value in 2025, while estimating that unregulated operators accounted for 78% of global online gaming GGR.

Another report, commisisoned by Euromat, estimates that Europe’s black market has sustained a compound annual growth rate of 18% between 2019 and 2026, and will be worth up to €13 billion by the end of the year.

For enforcement authorities, however, the challenge is not simply estimating its size. It is keeping track of an ecosystem that can continually change domains, infrastructure and acquisition channels. That is where Madsen sees Trace2Trace fitting in.

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In second-quarter results posted last month, Encore Boston Harbor saw $209 million in revenue for the period, which was a 3% drop year-over-year. A 12% YoY drop in table games win led to a 6% decline in overall casino revenue, although Wynn CEO Craig Billings said the property delivered second-quarter records for both hotel revenue and revenue per available room. Demand in Boston “has remained healthy, with slot handle running slightly ahead of last year”, Billings said.

 “When a company refuses to respect the workers who make its profits possible, we shut it down,” Thomas G Mari, president of Local 25, said in a statement. “The teamsters don’t cross picket lines and won’t be intimidated.”

Union deals have been a pressing topic for casino operators in recent years. Workers have pressed for increased benefits and job security provisions in the wake of macroeconomic uncertainty and the advent of potentially disruptive technologies like AI.