ABOUT US SPORTS BETTING MARKET AGAIN

I wrote blog about US Sports Betting 7 months ago. I’m probably too short-tempered when I’m going to write about the same issue so short again, but I’ll do it. If you remember the previous US blog well, I would say that not so much has changed yet, but I have got some new information and ideas after that.

I start with the regulatory situation of US Sports Betting market. Now, or actually few weeks ago, there are 13 states which have already started Sports Betting. That’s some more than it was in spring 2019. There are also 6 states which have passed the legal process and where Sports Betting would be legal but where no one has started it yet. If I have understood it correctly, there are also something like 5 states where the legalization process is actively going on and where Sports Betting will probably be legal at the latest next year. So, it seems that Sports Betting will be legal in half of states quite soon. There are still some big states like California missing from that list.

How big is the unregulated US Sports Betting market now? I’m afraid that no one really knows, but I trust on H2GC research company. H2GC estimates that the handle of unregulated Sports Betting market is 196 billion $ and gross gaming revenue (GGR) of that is about 10 B$. So, we are talking about huge market and market potential for newly regulated companies. I don’t know how big share of that the regulated companies are supposed to get from that unregulated market, but I believe that it will be big share anyhow.

H2GC has also given estimates for the growth of regulated US Sports Betting. They are expecting it to reach the size of 9 B$ in next 10 years. That would mean almost 1 billion dollars growth every year because it’s now a little bit less than 1 B$. It seems that there will be 24 states which have legalized Sports Betting in 2020 and there will be more states which will do that later. According to estimates there will be 38 states where Sports Betting will be legal until 2024.

It’s obvious that US market is not working in the same way than European or Asian Sports Betting market. We have noticed that at least now when some big Europe based companies have entered to US market. US Sports Betting is based really much on US Sports and different bet types than we used to have here in Europe. The three main sports in US Sports Betting markets are basketball (about 29 %), baseball (26 %) and American football (18 %). The most popular bet types are “Las Vegas style” bets. As I already wrote in my previous US Sports Betting blog, I think that it will be hard and almost impossible to beat Las Vegas bookmakers in those sports and bet types. The new companies should introduce something else.

The share of digital channel(s) has been quite small, but I’m sure that it will increase a lot in the future. H2GC has estimated that after ten years from now the size (GGR) of online Sports Betting will be about 6 B$ and landbased about 3 B$. As you know it’s easier to utilize skills in data and customer areas in digital channels than in landbased business. At least until now the Las Vegas based Sports Betting operators have concentrated on business which they have used to run. That might be “weakness” where the new legal operators should try to hit?

I don’t have much new information about the Sports Betting plans of big media and technology companies. They actions might change the whole Sports Betting market, not only in US but also globally. It’s not sure at all that they are going to act as Sports Betting operators, but I believe that at least those media (TV) companies who have Sports TV-rights will utilize those rights somehow in Sports Betting business too. There is already one interesting example. Score is offering maybe the most popular live results service of sports events to tens millions of customers. They introduced own Sports Betting offering in New Jersey some months ago and business results of that seem to be good ones. I’m keen on seeing what will happen if even bigger media companies will do the same…

It’s not sure what the State Lotteries will do. There are just four lotteries (Delaware, Oregon, Rhode Island and West Virginia) which have started their own Sports Betting operations. Last week I heard from Patricia McQueen from NASPL that there are few more states where lotteries have already license to start Sports Betting, but which haven’t yet done that. As far as I understood right, Montana will be the fifth one quite soon and probably New Hampshire and District of Columbia will follow later. Tennessee will also start Sports Betting quite soon, but there lottery will act as a regulator which sounds to me really strange…

The business model of existing Sports Betting lotteries seems to be mainly based on casino model where they are offering Sports betting in casinos and/or at the racinos (race track casinos). Just Oregon lottery has introduced mobile based model and probably New Hampshire lottery will do the same. I’m not sure how well that casino-based business model could serve the potential customers? I’m afraid that lotteries won’t succeed in Sports Betting competition if they won’t develop more modern business models. They should concentrate on utilizing their wide customer base. It’s of course easy to say but I would be keen on doing that also in practice if there would be need for help…

WHY WE NEED INNOVATIONS?

That question was asked from me two days ago. I’m not 100% sure what I answered to that, but I’ll tell you what I would answer now.

European Lotteries (EL) organized Innovation seminar here in Helsinki this week. My company Veikkaus acted as a hosting company and I believe that our team managed very well. The Innovation working group of EL did also excellent work when they planned the seminar program. We managed to get well-known keynote speakers like Dietmar Dahmen and Dave Caygill to our seminar. I’m not sure if I learnt anything specific from their presentations/shows, but at least I’m even more sure that we really need innovations! I had great opportunity to open that event and suddenly I was also asked to say the closing words and there my colleague Suvi asked the question in the heading of this blog.

The world is changing all the time. Consumers, and our customers, have more opportunities available. The competition has become tougher than it has ever before been and I’m sure that it won’t be easier anymore. I think that lottery companies have trusted that monopoly situation will secure them from the competition – I’m afraid that there still are many lotteries which are thinking that way… I’m sure that consumers don’t think that there is separate business area called lottery business or not even gambling business. Consumers just decide how they are going to use their money and lotteries and other gambling companies are in the middle of that “battle”.

If company would like to succeed in the competition, it should offer something special and different which customers would like to buy or pay for. If you are offering just an average product you could compete only with price which should be lower than the other companies have. It’s obvious that lotteries don’t have the lowest prices or the highest payout percent. If you can’t compete with the price, you should have something different compared to other companies. That’s why we need innovations!

I think that it’s already clear from my previous blogs that in my mind the customer is the King (or Queen)! We must always think about what the best solution for our customers is. It won’t help us, if we manage to develop excellent technical solution but consumers are not interested in that at all. Consumers are used to use service from great companies like Google, Facebook or Amazon and we should be at the same level than those giants are. How we can do that when we don’t have as much resources than they have? Cooperation might be the way to do that. Companies should utilize start-ups and their innovation capabilities. We should also find out good business partners, because we can’t do everything by ourselves. Companies should concentrate on areas where they are good and have strengths and let the partners take care of other issues.

The difficulty in innovation is that you don’t know what you are going to get there, or will you get anything. The scope of innovation work should be 2 – 5 years. If you are looking for something quicker innovation is probably not the solution. By improvement and development you could get something new quicker, but then the result won’t be so radical. Companies should allocate resources to all those three areas (improvement, development & innovation), because we can’t wait years to get something totally new.

Dietmar Dahmen spoke lots about customers and trust. That sounded very familiar to me. It’s extremely important that your customers would trust on you! It would be great to innovate products, services and above all business model which would responsible but at the same time profitable. I’m not sure how to make it, but I’m so keen on trying to do it. The result should customer oriented, personalized, easy, fun, modern and profitable solution for gambling business. Let’s innovate and try to make it happen!

The best Sports Betting company

I’m honored to be one the judges of SBC Awards. SBC Awards is big event where gambling world will select the best operators, affiliates and suppliers in many different categories. Big gala event will be in early December in London where we’ll know which companies have made the best work this year. I don’t know yet in which categories I’ll act as a judge, but I’m now going to describe what kind of operator would be the best one in Sports Betting business. I’m not going to mention any companies by name, because I’m not willing to cause them any good or bad reputation.

How to compare different companies? What are the most relevant features which we should think about? How to analyze and compare actions in different legal and business environments? How to compare business results and for example responsible gaming features? There are much more very relevant questions. So, to act as a judge it is not so easy job but at the same time very interesting duty. I’m sure that all those companies which are now there as candidates in different categories are good companies but how to find out the best ones?

I have three main principles which I’ll analyze. The first one is: is company acting by law? That will be “yes or no” question. If company is not following laws and rules, it doesn’t matter how well it’s managing in other ways. I won’t appreciate that kind of company at all. It should be the industry standard in all businesses that everybody is acting by law. The companies which are operating without licenses can’t be the best ones, because they try to get advantages compared to the honest ones and that’s not fair.

The second question is: how good business results operator has reached and what kind of other results they have achieved? I would like to know what kind of goals they have had and how well they have reached them. I’m sure that all candidates of SBC Awards have tried to get as good business results as possible. There is no monopoly company among those candidates and it’s obvious that all those operators have more or less business driven culture. It’s not relevant to just look at the final profit, because there are huge and smaller companies in same categories. I would like to understand how well they have managed to run their businesses in different markets and competitive environments.

As you hopefully have noticed from my previous blogs, I believe that “customer is the king (or queen)” and companies should serve their customers as well as possible. So, the third question is the most important to me and it’s: which operators have attended to their customers in the best ways? I know that it is almost impossible to know that, but I’ll try to analyze that anyhow. To do that I should first understand what the most important features from customers point of view are. There are different kinds of customers in Sports Betting business, but I believe that most of important features are same for all customers.

I could think about that question from Sports Betting operator’s point of view, because my company is offering Sports Betting and due to that I should know answers to my question. But I think that the better way is to ask customers’ opinions about those important features. I have been active Sports punter already more than 35 years and I have my own strong views about that. In “old days” I used to be big punter but nowadays I’m not using so big stakes anymore so I could think myself as a normal Sports Betting customer. Although I might be good customer to analyze what is important in Sports Betting, I have now utilized my friends who are active punters.

What are the most important things for active big punters when they think about excellent customer experience? I was surprised how similar lists I got from different guys. I could almost use the list which I first got from my friend Vesa N. – maybe I have too similar friends…? It’s obvious that operator should be trustable – that’s “must have” feature but luckily not anymore very relevant because customers could trust on the most of operators. But it seems to be important that everything will work in smoothly way. Money transfers should work quickly in both directions. It’s normal that you could move money to your betting account very quickly, but it’s not so common that you will get your money back easily from gambling operators. It’s big difference if you have to ask many times to get your money and if it will take many days to get them. Easiness to use betting site seems to be also important. Customers would like to find out matches and specific betting objects easily. It really matters how many clicks you have to do – as less as possible would be optimal.

Customers are also willing to have clear rules which should be similar for everybody. They would like to know for example how much they can bet in different matches and betting objects. They seem to be a little bit frustrated in cases where they are trying to make 100 € bet and company is accepting 5 euros. I believe that they understand the risk limits of operators, but they wonder why those rules are not clear for the customers.

As a summary I would say that I’ll try to analyze how easy it’s to use the betting sites of different operators and will give most points based on that fact. I’ll also try to find out information about money transferring processes of different betting operators. I think that operator which is not willing to move money back to customers can’t be among the best operators. So finally, it won’t be anything like rocket science to find out the best Sports Betting operators. I’m ready to do that! After five weeks we’ll know who the winners are and probably I’ll write about that then.

RESPONSIBLE GAMING HAS IMPACT ON THE REPUTATION OF GAMBLING INDUSTRY

I have worked almost 30 years in gambling business and most of that time in lottery world where I was told to use word “gaming” instead of “gambling” when I was talking about our business. I’m not native English-speaking person so I don’t recognize all details in that language, but I believe that it wasn’t only about detail issue but rather about reputation of business. Lottery people have always thought that lottery is much softer and not so dangerous business than casino business is. Sports and Horse Betting are somewhere between those two areas. To me they all are gambling business and it doesn’t matter how soft or hard versions they are. I use gaming when I’m talking about casual and social games like for example Candy Crush Saga.

It is true that lottery games have caused much less, or almost at all, gambling problems than other gambling verticals. That’s one of the main reasons why lottery has had much better brand in the society than other games groups have had. The other reason has been “benefits for the society and good causes” ideology which has been the model all over the lottery world. It’s still very common that states have monopoly for lottery games and profit from those games is going to good causes. In other games groups that hasn’t been the case or if it has it’s not anymore. The gambling world has changed and is going to change.

Responsible gaming has always been important part of gambling business, but its role has increased rapidly during last few years. Especially in Europe responsible gaming has big role in political level discussion and I’m sure that other continents will follow soon or later. It’s important to understand what responsible gaming is about. To be honest I’m not expert on that area, but I have my own view about responsible gaming and I’ll try to explain how it should work.

Problem gambling and responsible gaming are not exactly the same issue but of course those two things are linked together. There are about 3 % of adults who have had gambling problems here in Finland. About 40 % of that group are serious problem gamblers which means that there are 50 – 60 000 people who really suffer. At least in Finland the most of gambling problems are caused by casino games and especially by slot machines. That’s why the former lottery company and horse betting company haven’t thought so much about gambling problems. Of course Horse and Sports Betting are reasons for some of those gambling problems but not at all at the same level than casino games. All game verticals have become quicker and harder and they are not anymore so different than they used to be before. Responsible gaming should be in the agenda of all gambling companies.

Gambling professionals seem to be worried what will happen to the reputation of our industry. There is more and more public discussion about that and unfortunately that discussion sounded to be rather negative one. It looks like gambling will follow the way which has happened in tobacco industry already many years ago. Smoking was very common when I was young adult, but nowadays it’s not acceptable at all. I think that gambling and smoking are not the same. Smoking is unhealthy for everybody, but gambling is not so dangerous for 80 – 95 % of people. Gambling is more like alcohol than tobacco when I think about problems caused by those things. It’s sure that gambling companies should do more in responsible gaming area, but there is no reason to ban whole gambling, because it causes problems for some of customers. We should concentrate on finding effective solutions to prevent those problems!

The problems won’t be solved if just some companies would change their rules, business models or whatever is needed to change. I think that whole industry should take responsible gaming really seriously, because it will affect on the reputation of industry. If there are companies which don’t care about the welfare of their customer, we can’t solve these problems, because problem gamblers would have companies where to move from the responsible companies. How we could solve that?

States, regulators and social welfare bodies, should decide and describe guidelines and the most important features for gambling companies which should operate according to those rules. I would describe that like “box” where companies should stay inside, but there they could run their business quite freely. If there would be any company which is not following those rules, that company should be punished very heavily and finally prevent whole operations of that kind of company. That model would work if whole industry would agree on that and there would be good cooperation between the industry and regulators.

What would be the best way to prevent gambling problems? I believe in personalization where gambling companies could utilize also other data sources than their own customer data. Unfortunately, it’s not legal to combine for example company’s customer data and data of the customers who have got help for gambling problems. In principle GDPR is good thing, but in gambling problem area it prevents to solve even bigger problems than customer’s privacy. One solution could be state level data center which could have “black box” where regulator could combine information about gambling problems, income/tax level and gambling data. The result of that kind of information would be personal level gambling limits and/or bans for gambling which should be mandatory for all license companies.

I believe more in personal limits than general level limits. I’m not sure if customers could really make right decisions by themselves when it’s about gambling limits. Regulators and social authorities & experts together with gambling companies should help customers to set them the best possible limits. Those limits could be separate in different gambling verticals (lottery, casino etc.). Gambling companies have and will have tools like AI and machine learning which could help them to make better work in responsible gaming area. I hope that gambling industry could find out the way to prevent gambling problems in more effective way than it’s the case now and at the same time we could continue to run our business without causing any useless disruption for those customers who could play our games without any problems!

THERE IS NEED FOR CHANGE IN HORSE BETTING AND RACING INDUSTRY

I had possibility to participate in excellent Betting on Sports event in London two weeks ago. Among many other things I listened to panel discussion about the future of UK horse racing and betting. Although horse racing and betting in UK is not at all the same than it’s here in Scandinavia, the challenges sounded very familiar to me. I’m sure that horse racing and betting won’t succeed if they are not ready for big changes, but how big risk they are ready to take?

I have owned racing horses already 44 years (since young kid), been active horse punter almost as long time and worked many years in horse betting business. So, I believe that I have enough knowledge to make analysis about that industry. BUT there is big risk that I’m too insider and can’t see all problems we have. It would be interesting to get deep analysis from someone who is familiar with gambling and/or entertainment business but not horse betting/racing.

It seems to be global trend that people are not anymore keen on going to normal average horse racing events. The number of spectators on “Monday evening” races has reduced all over the world. Nowadays it’s so easy to watch races from TV or mainly internet and there is no reason to go to racetracks anymore. That will cause big problems in long term, because racetracks have been the best channel/place to attract new customers. Where we could reach them if they are not going to visit tracks in the future?

The situation is not so bad yet. Big horse racing events are still popular ones. There were over 70000 spectators in one day in Cheltenham Gold Day Cup (in average over 60000 per day) and we had 55000 people in Kuninkuusravit, the biggest Finnish horse racing event, in two days. So, it’s still possible to get audience to the racetracks but you should offer them something special which big events are doing. But I’m worried about would that continue and what would be enough for audience. I have examples from Sweden. I have visited in their most popular horse racing event Elitloppet already since 1978 and I think that there less audience this year than ever before. I also visited in the classical Trav Kriterium last weekend in Stockholm and there were less than 3000 spectators and Kriterium is one the main events. If that kind of high-level racing event doesn’t attract people, what we should offer? It seems to be obvious that racing is not anymore enough and you should offer more entertainment.

Horse betting is extremely big business and has managed surprisingly well although there are more and more new gambling opportunities available. According to surveys the size of global legal horse betting is about 27 billion euros (illegal market is also extremely big one) and it’s estimated to grow by 1 – 2 % in next few years. The growth rate is lower than in other gambling areas but it’s not catastrophic and that might be reason for the future problems… It is always difficult to make big changes when your business is still going rather well. You are not willing to take big risks because you are afraid of losing what you have although those changes would help you to maintain or even increase your profit level. That seems to be case now in horse racing and betting industry. Almost everybody agrees that we need structural changes, but we are not ready to change things which have worked well.

Horse betting industry has managed to move towards digital channels. Nowadays horse betting from digital channels is almost as big as betting on tracks and betting shops. In next two years digital horse betting will be bigger than retail and track betting. Here in Finland about 75 % of horse betting is already coming from digital channels. In that area horse betting is acting in modern way. Someone might say that even too modern way, because punters get better service in digital channels than they get on racetracks and there is no reason to go there anymore. Anyhow I think that the problems in horse betting are unwillingness to change racing formats and bet types. We have had same bet types (win, place, exacta…) tens of years and we are not ready to test something totally new. I’m not sure if Live betting would work in horse betting, but we should at least test it and/or try to find out another solution to offer customers more interactive betting options. There is huge amount of data available from horse racing and betting, but are we really using that to develop our product better? Do we know what kind of races are the most interesting ones from customers point of view? Do we know when punters are willing to make horse bets – when the races should start, where races should be etc.?

The core question is to whom we are developing horse racing and betting. Are we doing that for horse trainers and owners or for active horse punters or for “big audience”? The needs of those groups are very different ones and we can’t fulfill the needs of all of them. I think that horse racing and betting industry should understand where the money is coming from and try to maximize or at least optimize that revenue. Everyone in horse business would gain from higher profit. I have told that already many times in previous blogs, but I say it again: customer is the king or queen! I know that now some of readers might say that I’m too much horse betting guy and I don’t understand and appreciate horse racing and horse people. I do, but in my world we need customers and horse punters who will bring money to our business. I’m keen on hearing and understand if there are examples where the level of horse racing price money is not linked to the level of horse betting. I know that the Arab Emirates and Al Maktoum family is an exception but is there any other examples?

WE SHOULD THINK ABOUT WHAT IS BEST FOR OUR CUSTOMERS

It is obvious that discussion about the future of gambling business is going on all over the world. It doesn’t matter so much what kind of legal structure you have in gambling business. Of course, there are many differences between monopoly based and license-based systems, but the main challenges & problems are same. The Danish gambling expert Morten Ronde, who I appreciate a lot, compared our situation to previous development of tobacco industry and attitudes against it. It’s possible that the public opinion might turn to be even more against gambling.

I agree with Morten that it sounds familiar when I think what has happened in public opinion about tobacco. Anyhow I don’t think that the same should happen. I admit that gambling will cause serious problems and that should effect on the ways how we run our business. But gambling or gaming is not dangerous for all of us. It’s more like alcohol than tobacco. I think that tobacco is dangerous for all smokers, but alcohol is not for all drinkers. I don’t have any facts about that but it’s just my personal feeling. Of course, alcohol like gambling will cause problems if you consume it too much.

What we should do then? It was again Morten Ronde who said that everything should start from operators. We should have serious will to make everything as good and safe as possible for our customers. If gambling companies just do things because regulator has forced them to do, the situation won’t change. Fake actions are not so effective than serious ones!

I’m not trying to tell what gambling companies should do in practice, but I try to describe the principles which could make things to be better. I have got idea about that from the strategy seminar of KPMG. I believe that if companies, in whatever business they are operating, would follow these advices their business would be better in long term!

You should be trustworthy. If your customers don’t trust on your operations, you are in big problems. You should take integrity issues seriously. It’s absolutely not enough if you just do something in that area and write nice text in your Annual Report but act in different way. Customers will notice that for sure and they will lose trust on you.

I believe in personalization! You should understand the needs of your customers and try to offer your products and services in personalized ways. I think that AI technology will help us here a lot. I hope that AI will help us also when it’s about potential gambling problems. I’m not deep expert on that area but I believe that AI could already quite soon recognize potential problem gamblers.

Maybe I say this too many times, but you should know what your customers are looking for. What are their most important expectations? You should have will to give your customers even better service than they expect to get. You could manage to do it, if you listen to them and utilize data what is available about them. Same for everybody is not the solution in that area.

Now gambling companies seem to have quite big problems with their reputation. There could be many reasons why that’s the cause – too much marketing, too less actions in problem gambling area etc… You should know what the main reasons are and try to make much better actions in the areas which have caused those problems. It would be great to see cases where company could turn week actions to strong ones.

As I have wrote in some of my previous blogs, I think that there lots of different customer groups and their have different kinds of expectations. There are some active customers (active sports and horse punters) who are willing to spend lots of time in gambling but in average customers are looking for simple and quick services. You should develop quick and simple processes where everything will work fine and in a way which customers understand.

I admit that I haven’t been very empathic guy but now, maybe thanks to becoming older, I really believe on that. We should really take care of our customers. We should do everything to secure them although some of them are not willing to be secured. That’s extremely important in businesses like gambling!

LOTTERY INNOVATIONS – CASE LOTTOLAND

I participate in World Gaming Executive Summit event in July in Barcelona. I had opportunity to be one of the members in panel where we discussed about lottery innovations. One of the fellow panelists was Nigel Birrell, CEO of Lottoland. I was surprised how much we agreed on current situation and also about the further development in lottery business. My company Veikkaus, the national monopoly operator, and Lottoland, the market “hooligan”, look lottery/gambling business from very different perspectives but finally we are trying to reach about same goals. I’ll now tell what I personally think about companies like Lottoland and also what are main changes needed in lottery business.

I was asked to give my “confession” about Lottoland in ICE Vox seminar in February 2018. Although as a protest I’m not used to give any confessions, I made presentation about that and here are 7 points I made 1½ years ago. I think that they are still valid.

  1. Lottery business has no competition
    1. Lotteries have believed that competition is in casino and sports betting business but in lottery business.
    1. Due to previous point lottery innovations haven’t been significant at all.
    1. Lotteries have been and unfortunately still are in protection mode – we have believed in lobbying & EU Law.
  2. The business idea of Lottoland is great
    1. Betting on lottery results and the Lottoland business model is something like “Uber” of the lottery business.
    1. What Lottoland has done would be possible for lotteries. Why lotteries haven’t done that by themselves?
    1. There are excellent business solutions from Lottoland.
  3. Scared & angry
    1. I felt scared & angry when I noticed what Lottoland was doing -> protection mode again
    1. I think that it was steal of our brands!
    1. There wouldn’t be Lottoland without lotteries because they business was based on our products.
  4. Wakeup call- thank you!
    1. We should develop our own business.
    1. The key issue is to understand motivations of our customers – huge jackpots is not the only reason to play lottery.
  5. New surprise(s)
    1. Lottoland moved to B-to-B business and that was new surprise.
    1. What will be next surprise – maybe “Super Lottoland”?
  6. Speed of development increases uncertainty
    1. How much and quick gaming and gambling businesses will merge?
    1. Blockchain or something else – there will be new technologies all the time.
  7. We are going to fight!
    1. Lotteries or at least some of us are ready for fair competition!

Lottoland is just one company and I use it only as an example to describe what would happen if companies don’t develop their businesses and don’t put effort on innovation. Then there will be someone else who is doing that and will win the battle. It’s extremely important that you understand and serve your customers as well as possible. In old days it was possible that company decided what they were selling but nowadays customer is decision maker and he/she has lots of alternatives where to select – also in lottery business despite of monopolies.

I realized at the latest in that panel in Barcelona that there are still lots of lotteries who are not trying to innovate anything. I knew that it was the case some years ago, but I was a little bit shocked that it still is. Due to that fact there is lots of empty space in lottery/gambling business where newcomers, companies like Lottoland, have excellent business opportunities. If lotteries believe that they will win the battle in courtrooms, they are totally wrong!

I know that it is not easy to keep monopoly and at the same time innovate new business solutions, but we should try to do that anyhow. I’m happy and proud that my company Veikkaus is going to host EL’s (European Lotteries) Innovation seminar here in Helsinki in November. We try to increase the level of knowhow, understanding and spirit of innovations among lotteries. I hope that after few years the reputation of lotteries is not anymore old-fashioned, and we could still run profitable and responsible business!