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“The timing is right. I will become chairman emeritus and remain a director. My son, Howard, will succeed me as chairman,” Buffett told investors. “The company is in excellent hands, and I look forward to remaining a shareholder alongside you.”
Since the landmark Supreme Court ruling in 2018 that allowed states to legalize sports betting, gambling has become increasingly intertwined with American culture.
Paired with the recent rise of prediction markets—which allow traders to stake money on everything from sporting events to pop culture outcomes—Americans are risking more money on casino-like activities than ever before.
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On Wednesday the UK’s Advertising Standards Authority (ASA) ruled against Midnite following an investigation into a paid TikTok advertisement featuring an AI-generated character who appeared to be under the age of 25 and engaging in gambling activity.
The ASA reviewed a clip posted to TikTok in July promoting Midnite, a Gibraltar-based online casino app. The clip displayed a young-looking man using the app, accompanied by the voiceover: “Another massive World Cup upset. Bet £10 on the big match and get £30 in free bets. Level up your World Cup with Midnite, get on it.”
According to the ASA’s Code for gambling advertising, anyone who “was, or seemed to be, under 25 years of age” must not be depicted gambling or playing a significant role in advertisements.
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Under Section 106 of New Zealand’s Gambling Act 2003, a class 4 licence holder, also known as a “corporate society” by the regulator, “must apply or distribute the net proceeds from class 4 gambling only to or for an authorised purpose specified in the corporate society’s licence”.
The DIA worked directly with class 4 gambling operators (commonly known as pokies trusts), and discovered ‘widespread issues’ such as cases where money that should have been available for community grants was instead spent on society expenses, such as the purchase of additional gaming machines.
Vicki Scott, the DIA’s director of gambling, said the investigation had delivered significant results, while stressing that work to improve compliance and ensure communities received their share of gambling proceeds would continue.
