Germany’s Banks Betting Billions on Tech to Boost Revenue

German banks — jostling for position in one of Europe’s most competitive markets — will plow billions of euros into digitization over coming years to boost revenue. The question is how many will get their money back.

The 50 top lenders will spend as much as 6 billion euros $7 billion by 2020 developing their digital initiatives, according to a study by consulting firm Oliver Wyman provided exclusively to . That represents about 12 percent of their total revenue last year and excludes regular IT spending.

Banks such as the Netherlands’ ING Groep NV have garnered customers in Europe’s biggest economy through a strategy focused on internet and mobile banking. While other lenders are following suite, creating Chief Digital Officers and considering cooperations with so-called fintech companies, it remains to be seen how many of these investments will pay off, Oliver Wyman said.

“If someone creates a mobile app, then everyone creates a mobile app, whether it makes sense or not, but an app ultimately costs money,” Goekhan Oeztuerk, a financial services partner at the firm, said in an interview. “What’s been invested has often not been properly thought through. For example, whether a product makes itself felt on the revenue side.”

From a cost perspective the rationale for creating low-cost platforms for banks to build out their offering may well make sense: according to the Oliver Wyman study, costs at many German banks have been increasing with revenues in recent years, with an increase in the cost-income ratio to around 70 percent on average.

‘Brutal Pace’

“Digitization is here, and it’s moving at a brutal pace,” Joachim Olearius, spokesman for the three partners of Hamburg-based private bank M.M.Warburg & CO, said in an interview. His company recently launched a robo-adviser. Last week, Germany’s cooperative banks announced that they will invest 500 million euros in digitization.

According to Deloitte LLP’s recent “Digital Banking Maturity Study EMEA”, Germany’s banks have only a moderate degree of digital maturity. In international comparison they are only 24th out of 38 countries, the study found.

Marcus Dahmen, poker online head of banking transformation at consultant Horváth & Partners, has also criticized one-dimensional digitatalization strategies. “We found that many banks limit themselves to individual measures to become more efficient,” he said. Instead they should “dare to develop a comprehensive digitization strategy that encompasses all business areas.”

Fintechs coming

According to the Oliver Wyman study, many banks rely on fintechs to take their digitization initiatives forward. They are supposed to compensate for missing own abilities. The way the banks integrate fintechs, however, has changed over time. “Initially, fintechs were often bought, but then got lost in the company,” Oeztuerk said. “Today, the model of cooperation is coming to the fore.”

One such example of cooperation between a traditional financial service provider and a fintech firm is the digital asset management offering of Fuerstlich Castell’sche Bank. Bavaria’s oldest bank joined forces with Berlin-based Elinvar GmbH while implementing the project. “This has significantly accelerated the development,” CEO Sebastian Klein said.

Column: Sports betting is here, leagues should stay away

They’ve been taking action for two weeks now in New Jersey, where basketball great Julius Erving helped kick things off with a $5 bet on the Philadelphia Eagles to repeat as Super Bowl champions.

Sports betting is here, and it’s not going anywhere soon. States are embracing their newly won right to offer wagers, and fans are responding by lining up at the betting windows to throw a few bucks on their favorite teams.

And, surprisingly enough to some, the major sports leagues have — so far at least — somehow managed to survive.

No one has tried to fix anything, as the NFL for years claimed would happen if sports betting was legalized. No one has cried foul over some shenanigans going on in a game.

And, best of all, no greedy sports league has managed to dip its fingers into the pie.

That may change if New York eventually passes a sports betting bill that didn’t make the cut with legislators this year. Proposed legislation there calls for a 0.2 percent cut of betting revenue for the sports leagues, which claim they need it to pay for extra expenses associated with legal sports betting.

It’s a bad idea, nothing more than a money grab by leagues that for years decried sports betting as immoral and a threat to their games — until they figured out there might be some money to be made on it.

But if the anecdotal evidence of two weeks of legal betting in a few states is any indication, there’s a ton of money to be made.

A report released Wednesday by GamblingCompliance, a Washington-based research firm, predicted sports betting will be legal in 25 to 37 states within five years. Billions of dollars will be wagered, with gross gaming win expected to top $5 billion by 2023 alone.

That translates into total wagering of some $100 billion a year alone, a staggering figure 20 times what was bet legally in Nevada last year.

Bookies will get their cut, and so will the states taxing the winnings. poker domino The report predicts New Jersey and Pennsylvania will surpass Nevada in sports betting revenue within five years, with just over $300 million in win each, and New York will likely end up being the biggest sports betting market in the nation once legislation is passed there to legalize it — especially if it includes online betting.

“Online sports betting in New York is single biggest opportunity we see emerging in next few years,” said James Kilsby, managing director of GamblingCompliance.

So far, at least, it appears the sports betting market will be robust. Bettors in New Jersey have already embraced the limited rollout there, and five other states are on track to offer betting by the upcoming NFL season.

Whether the sports leagues end up getting a piece of the action remains to be seen. New Jersey specifically cut the leagues out, not surprising because they fought the state in court for years over efforts to legalize sports betting, and there is no fee in any of the states on the verge of offering bets.

But with the so-called integrity fee floundering, the leagues are moving in another direction. The latest plan involves charging for the use of stats generated in their games because, as NBA Commissioner Adam Silver said earlier this month, “it’s ultimately our intellectual property, and we think we should be compensated for it.”

NHL Commissioner Gary Bettman said much the same thing at the Stanley Cup Final in Las Vegas.

“If you’re going to allocate for yourself to run a business on our intellectual property and the performance of our athletes and the platform that we put on for our games, we’re entitled to be involved in that,” Bettman said.

Unfortunately for the leagues, that ship has mostly sailed. Nevada built up a respectable — and profitable — sports betting business over the years with no help from the leagues, who fought sports betting at every turn and often warned about dire moral consequences should it be legalized outside the state.

Penn State wants to be left out of sports betting… at least for now

Penn State football – one of the state’s most beloved sporting franchises – says it’s not ready to be a “gambling product.”

And it has a lot to do with the fact that the players, as skilled as they are, are unpaid amateurs.

That’s why Penn State President Eric Barron, in a letter to the Pennsylvania Gaming Control Board this month, asked that no betting be permitted in Pennsylvania on any games involving in-state colleges for up to two years.

Barron said the schools, daftar poker their conferences and the NCAA will all need that time to orient athletes, coaches and others in their athletic departments to the potential risks and problems associated with sports betting.

A moratorium now – at least for the period that betting in Pennsylvania takes place under expedited, temporary regulations – will give the schools a better chance to enter this new world with eyes wide open, Barron wrote.

Sports betting is rolling out this summer in Pennsylvania and across the country in the wake of a May U.S. Supreme Court decision that ended a longstanding federal prohibition on this form of gambling.

Before the ruling, full-bore sports betting was primarily limited to Nevada.

Pennsylvania lawmakers essentially pre-authorized sports bets here on professional or collegiate games last year contingent on court or congressional approval, subject to further regulation by the gaming control board.

The building of that regulatory framework is where we are now.

PGCB spokesman Doug Harbach said Penn State’s concerns have been taken under advisement.

“We’ll make some determinations exactly in the next set of regulations what will be wagered upon by the public,” referring to a set of rules and regs that is likely to be put up for consideration by the board in July.

Barron’s proposal is not for a total exclusion of betting on collegiate sports, or even, necessarily, a permanent ban on betting on the local favorites.

“We are asking for the time needed,” he wrote, “… to initiate and strengthen our policies and procedures related to sports wagering in order to educate, train and protect our students, student athletes, coaches and staff members, as well as preserving the integrity of our colleges and universities and their associated athletic programs.”

Barron suggested Pennsylvania regulators adopt New Jersey’s model, which has prohibited betting on any collegiate games in New Jersey or elsewhere that involve a New Jersey school.

That, he said he believes, is “the right balance of allowing for sports wagering on collegiate sporting events and… protecting the integrity of collegiate sport events and the welfare of students-athletes domiciled in that state.”

Barron’s proposal was submitted as part of a larger batch of public comments PGCB has received as part of its preparations for the launch of sports betting, possibly as early as this fall’s football season.

The president’s letter made the point that the fact that collegiate athletes are not paid “creates an opportunity for inappropriate influence” that does not exist at the high major league levels.

A moratorium while schools can develop internal policies and the state can re-examine whether tighter rules need to be applied to collegiate games would be wise, Barron stated.

FPL rising stars: Kelechi Iheanacho

Leicester striker scored FPL points at quicker rate than Jamie Vardy and can have a huge season, says The Scout

The Scout looks at players expected to progress and make a big impact in 201819 Fantasy Premier League.

Kelechi Iheanacho LEI

Iheanacho left it late in 201718 to show his potential in Fantasy.

The Nigerian’s sequence of starts over the season run-in proved that he can translate pitch time into points.

Strong finish

After signing from Manchester City last summer, the striker went on to start only three of Leicester City’s first 33 Gameweeks.

But he shone in four starts from their last six matches.

During that spell, no FPL forward bettered his total of 19 shots on goal.

Rivalling Vardy

Iheanacho scored against both Arsenal and Tottenham Hotspur in the final two Gameweeks.

Limited to only 824 minutes over the season, poker online he produced three goals and four assists.

His team-mate Jamie Vardy supplied 20 goals and two assists in 3,255 minutes.

Vardy finished as the second-highest scoring forward in the game, with 183 points.

But Iheanacho was involved in a Leicester goal every 117.7 minutes, compared with Vardy’s 148.

And in his two seasons with Man City, Iheanacho scored or assisted every 75.2 and 75.1 minutes.

Iheanacho v Vardy in FPL 201718 Iheanacho Vardy Minsshot 28.4 45.8 Minschance created 74.9 101.7 MinsFPL point 15.3 17.8

Having trailed only Harry Kane in the forward standings, Vardy could rise in price for 201819 from the £8.5m he started last season.

Because Iheanacho gained only 54 points and so should remain as a mid-priced option at £7.0m.

If manager Claude Puel continues to put his late-season faith in the 22-year-old, the striker has proved he can rival Vardy as the best Leicester option in Fantasy.

Also in this series

Part 1: FPL rising stars: Jordan PickfordPart 2: FPL rising stars: Trent Alexander-ArnoldPart 3: FPL rising stars: Ben ChilwellPart 4: FPL rising stars: Benjamin MendyPart 5: FPL rising stars: Dusan TadicPart 6: FPL rising stars: Roberto PereyraPart 7: FPL rising stars: Jose IzquierdoPart 8: FPL rising stars: Ruben Loftus-CheekPart 9: FPL rising stars: Jesse LingardPart 10: FPL rising stars: Manuel LanziniPart 11: FPL rising stars: Chris WoodPart 12: FPL rising stars: Cenk TosunPart 13: FPL rising stars: Steve Mounie.

Mounie’s contribution suggests that he will be vital for Huddersfield Town next season.

When selected, he scored or assisted 64 per cent of their total team goals in 201718.

That is a higher share than any forward who played a minimum of 1,000 minutes.

Mounie is likely to remain at a price of around £6.0m after scoring 92 points in his debut FPL season.

If Wagner keeps him at the head of the Huddersfield Town attack, the annual search by FPL managers for a reliable budget forward could be resolved.

Penalty saves make Guaita an FPL target

Vicente Guaita can be a big value signing for Fantasy Premier League managers next season.

He arrives at Selhurst Park from Spanish side Getafe to compete with Wayne Hennessey for the No 1 jersey at Crystal Palace.

Guaita made 86 saves in the season just gone and claimed 12 clean sheets in LaLiga.

His new team-mate Hennessey produced 91 saves and returned seven clean sheets.

And Guaita saved 76.6 per cent of the shots he faced, compared with Hennessey’s 68.2.

Guiata v Hennessey in 201718

Hennessey Guaita Minsgoal conceded 59.3 114.2 Minsclean sheet 347.1 247.5 Minssave 26.7 34.9 Spot-kick specialist

Significantly, Guaita boasts an impressive penalty-saving record.

He stopped two of the three spot-kicks he faced in the season just gone. Only Lukasz Fabianski, with three, bettered that among FPL goalkeepers.

Over the last four seasons, Guaita has saved five penalties in LaLiga.

This can provide a significant boost to his points potential in Fantasy.

Goalkeepers earn five points for every penalty save.

Penalty bonus

They also pick up 12 points in the Bonus Points System, which determines how the bonus points are awarded in each match.

Palace were revived upon the arrival of manager Roy Hodgson from Gameweek 5.

They produced nine clean sheets from that point; a total bettered only by teams finishing in the top seven places.

Patrick van Aanholt was the big draw in their defence by the end of the season, with three goals in the final three Gameweeks.

That form means that the left-back could retain this season’s initial price tag of £5.5m.

But Guaita is expected to be cheaper.

Should he be handed a price of £4.5m, poker domino the new signing has the potential to become one of the top value picks in Fantasy for 201819.

‘A Guardiola team’

Fulham remind me of a Pep Guardiola team. They play attractive football based on movement and domination of the ball.

Led by a quality midfield trio, they like to dictate matches and wear rivals down.

It will be tougher to repeat this in the Premier League but I do not expect a shift in policy from Jokanovic.

Fulham are set to be a delight to watch.

Also in this series

Part 1: The promoted: Fast Wolves can take their big chancePart 2: Wolves: Three players to watchPart 3: The promoted: Cardiff can shake things upPart 4: Cardiff: Three players to watchPart 6: Fulham: Three players to watch.

Can you satisfy all of the requests?From looking at the sequence we know how many of these dates we can meet. When we can’t, the Premier League will ask the club which of the requests are most important.

We cannot accommodate everything but, on average, we satisfy higher than 85 per cent every year.

See: Thompson – If there are problems, we may go back to square one

The promoted: Fulham set to return in style

Adrian Clarke looks at what style of play we can expect to see from the three promoted clubs in 201819.


In terms of style, Fulham look well suited to Premier League football.

Their head coach Slavisa Jokanovic has turned them into a possession-based team.

Playing in a fluid 4-3-3 formation, the Cottagers pass and move with confidence.

Four experienced players down the centre of the pitch are at the heart of Jokanovic’s philosophy.

Central defender Tim Ream, holding midfielder Kevin McDonald and box-to-box specialists Stefan Johansen and Tom Cairney helped Fulham control the majority of their 201718 matches.

All aged between 27 and 30, they were each ranked in the top 10 for most passes per match in the Championship last season.

Most passes per match 201718 Player Passesmatch Championship rank Cairney 81.1 1 McDonald 65.0 2 Ream 59.5 8 Johansen 57.3 10 Playing the pressure game

As soon as Fulham lose the ball they look to win it back as quickly as possible, by pressing ferociously in packs.

But when they do win it back they show patience on the ball.

They boasted the largest average share of possession of the 24 Championship teams last season, with 57.8 per cent.

That determination to dominate possession forces opponents to do a lot of chasing, which wears them down and forces mistakes.

This also helped them get the most goals from open play last term, scoring 68 times.

Fulham’s short game 201718 Fulham Championship rank Short passes90 492 1 Long passes90 58 24

While pundits questioned whether Jokanovic had a plan B, their main tactical approach was hugely productive.

This was especially the case from January onwards, daftar poker after they had signed centre-forward Aleksandar Mitrovic on loan from Newcastle United.

The Serb scored 12 times in his 20 appearances, averaging a shot every 20.16 minutes.

In that period Fulham won 14 times and lost only twice.

Pace on the flanks

To ensure their passing is productive, Fulham have pace out wide to stretch teams.

Ryan Sessegnon was integral to their promotion campaign. Just turned 18, he produced 16 goals and eight assists.

The influence of Fulham’s full-backs is also important.

Their wide defenders are encouraged to push on, especially when the man in front drifts inside to play as a second centre-forward.

During the latter stages of the season Matt Targett, the left-back, and Ryan Fredericks, on the right, were extremely creative.

With Targett being on loan from Southampton and Fredericks since having signed for West Ham United, whoever starts in these positions for Fulham in 201819 are sure to be attack-minded.

Sports betting bill written to include site that won’t host horse racing

Sports betting is only now set to become a reality, after the U.S. Supreme Court last month sided with New Jersey and overturned the federal ban on sports betting. | Matt SlocumAP Photo

06112018 01:37 PM EDT

Updated 06112018 04:20 PM EDT


Legislation Gov. Phil Murphy signed into law Monday afternoon to allow sports betting in New Jersey includes a provision for a sports book at the site of a former racetrack in Cherry Hill where there are no plans to ever host horse racing again.

The site is owned by Jack Morris and Joseph Marino, two developers with ties to South Jersey power broker George Norcross.

Story Continued Below

Most traces of the former track at what’s now Towne Place at Garden State Park, a high-end commercial and residential development, have been obliterated, except for the entrance gate at the intersection of Route 70 and Garden State Boulevard.

In 2011, New Jersey voters approved sports betting at the sites of current and “former“ horse racing tracks and casinos, but the definition of a former racetrack was not taken up until the Legislature passed a bill to implement the voters’ will.

The first attempt to enact a law to legalize sports betting in New Jersey, which was signed by then-Gov. Chris Christie in January 2012, poker indonesia was overturned in federal court. That law defined eligible sites for sports betting as simply casinos and “any former racetrack.“

In 2014, Phil Norcross, the brother of George Norcross, helped draft language for a new law to repeal the sports betting ban, according to a source with knowledge of the negotiations. The language would allow the site of the former Garden State Park Racetrack in Cherry Hill, which closed in 2001, to host sports betting.

That law, which was signed by Christie, would allow sports betting at any place “where a horse race meeting with parimutuel wagering is conducted and includes any former racetrack where such a meeting was conducted within 15 years prior to the effective date of this act.”

The 15-year time frame swept in the Cherry Hill site as well as the former Atlantic City Race Course, which closed in 2015, but left out any other horse racetracks in the state that closed decades earlier.

Despite the 2014 law, New Jersey’s legal battle to overturn the federal sports betting ban would last years longer. Sports betting is only now set to become a reality, after the U.S. Supreme Court last month sided with New Jersey and overturned the federal ban on sports betting that was enacted in 1992 and sponsored by then-New Jersey Democratic Sen. Bill Bradley.

The state Legislature on Thursday passed and sent to Murphy a bill to regulate and tax sports betting at casinos and racetracks. The legislation includes the 15-year provision. Murphy signed the bill on Monday and the first bets could be taken by the end of the week

New Jersey sports betting to begin Thursday after governor signs legislation.

The wait is over — New Jersey sports betting begins Thursday.

New Jersey Gov. Phil Murphy signed legislation Monday allowing the state’s racetracks and casinos to begin offering sports betting later in the week.

“Today, we’re finally making the dream of legalized sports betting a reality for New Jersey,” Murphy said in a statement Monday afternoon. “I’m thrilled to sign Assembly Bill 4111 because it means that our casinos in Atlantic City and our racetracks throughout our state can attract new business and new fans, boosting their own long-term financial prospects. This is the right move for New Jersey and it will strengthen our economy.”

Betting will begin at 10:30 a.m. Thursday at New Jersey racetrack Monmouth Park.

New Jersey Governor Phil Murphy says he’s excited the “dream of legalized sports betting” is finally a reality. AP PhotoJulio Cortez

“I look forward to the governor joining us at Monmouth Park Racetrack on Thursday morning to usher in a new era for New Jersey by placing the first bet,” said Dennis Drazin, chairman and CEO of Darby Development LLC, operators of Monmouth Park.

Retired state Sen. Ray Lesniak, who spearheaded the state’s fight for legal sports betting, also hopes to be at the front of the line to place an early bet.

“Fifty dollars on France to win the World Cup,” Lesniak said. “That’s big-time for me.” The World Cup kicks off Thursday.

New Jersey is slated to open for business nearly a month after the United States Supreme Court struck down the Professional and Amateur Sports Protection Act of 1992, the federal ban on state-sponsored sports betting.

New Jersey will be the second state, joining Delaware, poker domino to offer legal sports betting since the landmark Supreme Court ruling. Nevada had been the only state allowed to offer a full menu of sports bets for the last 26 years.

“We led the fight for sports betting and it is now happening,” New Jersey Senate President Steve Sweeney said in a statement. “We will see sports betting get up and running and we intend to see that New Jersey continues to be a leader with a sports gaming industry that thrives. Our efforts will pay off.”

Atlantic City’s nine casinos, the state’s three racetracks and sites of former racetracks may offer sports betting under the legislation. MGM Resorts, which will operate the sportsbook at the Borgata in Atlantic City, said it is “moving ahead with all possible speed to begin accepting legal sports bets as soon as required regulatory approvals are in place.”

New Jersey governor signs bill allowing sports betting


ATLANTIC CITY, N.J. AP — Gamblers in New Jersey will be able to start betting on sports by Thursday under legislation the governor signed Monday legalizing a pastime that has long lived in the shadows of organized crime and shady offshore operators.

Gov. Phil Murphy, a Democrat, signed the bill just three weeks after the state won a U.S. Supreme Court victory paving the way for all 50 states to allow sports gambling. The new law allows licensed casinos and racetracks to offer sports betting in a taxed, regulated setting. The bill unanimously passed the state Legislature last week.

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Monmouth Park, a horse track near the Jersey shore that has been preparing for this day for more than a year, said it would start taking bets Thursday morning, with Murphy making the first one, though it wasn’t certain it would be first out of the gate.

The Borgata, Atlantic City’s top casino, said it is “moving ahead with all possible speed” to start sports wagering but could not immediately say when it might take its first bet. Most other Atlantic City casinos, along with Freehold Raceway, also plan to offer sports betting but have not laid out a timetable to begin.

The Golden Nugget, daftar poker which won’t be able to take bets on pro basketball because its owner also owns the NBA’s Houston Rockets, said it would begin taking bets on other sports by the time football season begins in September, as did the Meadowlands Racetrack in East Rutherford, near New York City.

Online wagering on sports won’t take effect for another month, but gamblers able to place a bet in person can line up to place bets on the opening matches of World Cup soccer, the U.S. Open golf tournament or a variety of Major League Baseball games.

“Our casinos in Atlantic City and our racetracks throughout our state can attract new business and new fans, boosting their own long-term financial prospects,” Murphy said. “This is the right move for New Jersey and it will strengthen our economy.”

Dennis Drazin, chairman and CEO of Darby Development, which operates Monmouth Park, called it “a great day for New Jersey.”

“After a thorough review of the legislation, Governor Murphy has taken decisive and swift action in the best interests of New Jersey’s economy and sports fans across our state,” he said. “I look forward to the governor joining us at Monmouth Park Racetrack on Thursday morning to usher in a new era for New Jersey by placing the first bet.”

Murphy’s office would not predict which team the governor would choose for his first wager.

He signed the new law four days after the Democrat-led Legislature sent it to him, making New Jersey the second state after Delaware to allow sports wagering since the Supreme Court decision that cleared the way for such gambling.

“We led the fight for sports betting, and it is now happening,” state Senate President Steve Sweeney said. “We can now capitalize on the opportunities we worked for with a new sector of sports gaming that will help create jobs, generate economic activity and be an important boost to the state’s casinos and racetracks.”

The law is seen as a modest help to Atlantic City’s seven casinos, which recently have regained their footing after five others closed down since 2014. But two of those are due to reopen later this month.

The tracks, in particular, are desperate for the new revenue stream that sports betting will generate; they have been prohibited from offering slot machines like so-called “racinos” in other states.

writer Michael Catalini in Trenton, New Jersey, contributed to this report.