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Email Address Sports betting Genius signs integrity deal with Indonesian FA 5th June 2018 | By contenteditor Genius Sports and the Football Association of Indonesia (PSSI) have expanded a partnership in an effort to clamp down on match-fixing. The two parties signed an initial deal last month, with a focus on Genius driving digital transformation across PSSI competitions. However, the enhanced partnership will enable Genius to provide the PSSI with a number of integrity services such as monitoring technology and educational workshops. The Genius monitoring system compares real-time betting odds movement from markets worldwide, with proprietary predictive algorithms, helping identify any potentially suspicious activity. Meanwhile, the workshops will inform players, coaches and officials of the rules, regulations and potential consequences associated with match-fixing in football. “Protecting the integrity of competitions is vitally important to the success and national development of the PSSI,” PSSO deputy secretary general Marsal Irwan Masita said. “We recognised Genius Sports’ true expertise in this field and look forward to working alongside them to ensure our games remain transparent, honest and protected. Ben Paterson, integrity operations director at Genius, added: “Proactively combating the threats of match-fixing and competition manipulation, demands that all sports constantly look to update and improve their existing measures and systems. “The PSSI is demonstrating a commendable commitment to their integrity and we look forward to using our years of expertise to safeguard their competitions.”Related article: Genius Sports signs data deal with Serbian FA Genius Sports and the Football Association of Indonesia (PSSI) have expanded a partnership in an effort to clamp down on match-fixing AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Subscribe to the iGaming newsletter Regions: Asia Indonesia Topics: Sports betting Strategy Tech & innovation
Translating the 2019 DoJ reinterpretation of the Wire Act – Implications for gaming, betting and lottery
AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Translating the 2019 DoJ reinterpretation of the Wire Act – Implications for gaming, betting and lottery Email Address 29th January 2019 | By Sports betting On Monday, January 14 the US Department of Justice reversed its 2011 opinion of the Office of the Legal Counsel that back then gave industry the certainty needed to authorize and launch iGaming. iGaming regulation followed in Nevada, Delaware and New Jersey and ilotteries launched in several states.Does the 2019 reversal mean that we’re back to the pre-2011 status-quo? What implications it creates for the existing iGaming and iLottery operations, for the emerging sports betting sectors and for the established DFS industry? What is the likelihood of legal battles to follow and can they lead to the opening of the Wire Act at some point? How are investors reacting and what is the likely reaction of the wider global gambling sector on their investments in the USA?These and other burning questions were discussed by our expert presenters, including:Moderator: Brendan Bussmann, Partner, Director, Government Affairs, Global Gaming AdvisorsAnthony Cabot, Distinguished Fellow in Gaming law at University of Nevada-Las Vegas, William S. Boyd School of LawGordon Medenica, Director, Maryland Lottery and GamingBarry Jonas, Director, SunTrust Robinson Humphrey (STRH)Brandt Iden, State Representative, Michigan Subscribe to the iGaming newsletter Topics: Sports betting On Monday, January 14 the US Department of Justice reversed its 2011 opinion of the Office of the Legal Counsel that back then gave industry the certainty needed to authorize and launch iGaming.
AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Legal & compliance 18th February 2019 | By contenteditor Email Address The Norwegian Gaming Authority (Lottstift) has ordered the country’s banks to cease processing transactions to a trio of igaming operators in February, taking the total number of payment blocking orders issued by the regulator to seven. Subscribe to the iGaming newsletter Topics: Legal & compliance Tags: Mobile Online Gambling Payments The Norwegian Gaming Authority (Lottstift) has ordered the country’s banks to cease processing transactions to a trio of igaming operators in February, taking the total number of payment blocking orders issued by the regulator to seven.Earlier this month Lottstift issued orders to foreign and local banks banks ordering them to block transactions from Norwegian bank accounts to Firstclear Limited, a subsidiary of Kindred Group, Lucky Dino Gaming and Dreambox Games.Lucky Dino Gaming operates under a licence from the Malta Gaming Authority, while Dreambox Games is licensed by the Estonian Tax and Customs Board.This follows four orders being sent to operators in November 2018, targeting Betsson, Cherry’s Co-Gaming, Gaming Innovation Group and Malta- and UK-licensed operator L&L Europe Players Ltd.“Offering gambling in Norway without a [licence] is not allowed,” a spokesperson for Lottstift told iGamingBusiness.com. “Norsk Tipping and Norsk Rikstoto are the only two gambling operators with permission to operate online gambling in Norway.“It is stated clearly in the three Norwegian Gambling Acts that it is not allowed for any entity to process payment transactions to and from gambling operators that do not hold a permit in [the country].”Under secondary regulations passed last year following a public consultation, Lottstift can issue banning orders using specific account numbers for both Norwegian and foreign banks. The regulator noted that it currently works with around 200 banks to ensure these orders are effective.Efforts are also underway to close a loophole allowing gaming operators to advertise their services on satellite channels that broadcast into Norway from other countries.However these efforts are being challenged by operators, with Kindred Group filing a lawsuit against the Norwegian Ministry of Culture, the government department that oversees Lottstift.In its filing, Kindred claimed the regulator was going beyond its remit by imposing unfair restrictions, including payment blocking and banning its apps from the Apple App Store in Norway. The case is likely to be heard in the Olso City Court in Autumn 2019.In related news, a Lottstift order for multi-level marketing company Lyoness AG to cease all activity in Norway has been upheld.The company, which allows users to earn cashback on purchases with participating companies and to earn commission from referring friends to products and services, was described by the regulator as “an illegal pyramid-like turnover system”. Lotterinmenda, a board that oversees the regulator, upheld Lottstift’s decision, and found that it had not made any procedural errors – as alleged by Lyoness – when reaching its original decision.“We are pleased that the Lotterinmenda has confirmed Lottstift’s decision, and that it rejects the allegations from Lyoness about procedural errors,” Lottstift senior advisor Monica Alisøy Kjelsnes said. “Lottstift has made a thorough assessment of Lyoness’s activities and the conclusion is clear: [it] expects Lyoness to comply with the decision and to cease all activities in Norway.” Seven operators hit by Norwegian payment blocking orders Regions: Europe Nordics Norway
Topics: Tech & innovation In this webinar Chris Thomas, Managing Director of EMEA and Ermal Thaci, Enterprise Sales Director of iGaming at Emailage, cover the big question on everyones’s mind: How can online gambling operators leverage multiple dynamic data points to reduce fraud, increase conversation rates and help verify players with minimal friction? The new reality is operators will gain a competitive edge when decisions are better informed through dynamic, real-time fraud risk analytics and data.Chris and Ermal explored in detail:• How to provide a frictionless customer experience • Survey results from 100+ online operators • Trends, concerns and regulatory challengesRead the session write up here 3rd June 2019 | By Louella Hughes Subscribe to the iGaming newsletter Tech & innovation AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Email Address We discussed with Emailage how online gambling operators can reduce fraud, increase conversation rates and help verify players with minimal friction. Outsmarting fraud and leveraging digital identity intelligence
The head of Indian cricket’s anti-corruption unit has called for the legalisation of betting and a new match-fixing law in a bid to beat corruption in the country’s most popular sport.Ajit Singh Shekhawat, a leading figure at the Board of Control for Cricket in India (BCCI), backed legalisation in an interview with the PTI news agency in which he also revealed that a dozen cricketers — including international players — have reported being approached to throw matches in the last year.Shekhawat, formerly the director-general of police in Rajasthan until he switched to the BCCI’s Anti-Corruption Unit last April, accepts that the regulation of betting would have a positive impact on integrity issues.“Maybe there could be thinking about legalising gambling so that all this illegal business which goes on can be controlled,” he told PTI.“Legal betting will be done under some parameters and it can be controlled. It will also bring a huge amount of revenue for the government, close to what the excise department generates. The amount of money which is bet on sports is mindboggling.”Shekhawat said that in the last year 12 cricketers, including national and international players, have reported corrupt approaches, while the Tamil Nadu Premier League has been investigated for suspect activity.Last year, the Law Commission of India called for betting to be regulated and match-fixing to be made a criminal offence, as it is in England and Australia. The commission’s ‘Legal Framework: Gambling and Sports Betting including Cricket in India’ called for gambling to be regulated for those of 18 years and older, with bets linked directly to identity cards in order to reduce the risk of money laundering.“I am not saying [betting] should be legalised but it should be considered,” Shekhawat said. “When legalised, it can be regulated, as of now it is completely illegal.“Once legalised, you will also get statistics on who is betting and how much is betting.”Last year Bollywood star Preity Zinta, who co-owns Indian Premier League (IPL) cricket team Kings XI Punjab, said legalising betting could help the government curb corruption issues that currently surround the league.Image: Lensbug Chandru Subscribe to the iGaming newsletter Indian cricket’s anti-corruption chief backs legal betting Topics: Sports betting Regions: Asia India The head of Indian cricket’s anti-corruption unit has called for the legalisation of betting and a new match-fixing law in a bid to beat corruption in the country’s most popular sport. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter 18th September 2019 | By contenteditor Sports betting Email Address
Subscribe to the iGaming newsletter Victorious™ is set to be re-released as Victorious MAX™, part of NetEnt’s MAX series of games. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Victorious MAX™ by NetEnt Topics: Casino & games Slots Victorious™ is set to be re-released as Victorious MAX™, part of NetEnt’s MAX series of games. The slot allows you to choose between two volatility settings – classic and max. In the classic version of the game, you can win up to 1500 x bet. In the MAX version, you can win up to 7000 x bet.Whether it is marching into battle to the sound of war-cries and battle drums, or celebrating the latest conquest, everything about Victorious MAX™ creates an atmosphere of victory! This 5-reel slot with a massive 243 bet ways to win will appeal to fans of bet ways orthose looking for more ways to win than the traditional winning combinations of a slot. March to victory in NetEnt’s classic slot Victorious MAX™. Roman glory awaits you – choose your game and give it a spin. 15th October 2019 | By Aaron Noy Casino & games Email Address
Email Address Topics: Casino & games Legal & compliance Subscribe to the iGaming newsletter 22nd October 2019 | By Daniel O’Boyle Casino & games Tags: Online Gambling AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter The Malta Gaming Authority (MGA) has announced changes to the regulations surrounding gaming license fees to narrow the definition of a start-up, potentially ramping up costs for smaller gaming businesses. The Malta Gaming Authority (MGA) has announced changes to the regulations surrounding gaming license fees to narrow the definition of a start-up, potentially ramping up costs for smaller gaming businesses.Where previously a start-up owner had to generate less than €10m in revenue from gaming or related sectors during the previous financial year, now such an owner must generate less than this amount over the previous 36 months.The rule applies both to individuals who have generated more than €10m and to those who are, “part of, or controlled by, a corporate group” who have generated the same.Under the current license fee regulations, start-ups are exempt from paying the compliance contribution, which may be between €15,000 and €600,000, depending on revenue and the type of gaming services offered.For Type One games, which are games of chance played against the house and determined by a random generator, the contribution starts at 1.25% for the first €3m.In the case of Type Two games — games of chance played against the house but not determined by random number generation — the contribution starts at 4% for the first €3m.Operators of Type Three games, which are games of chance not played against the house such as poker, must pay a contribution starting at 4% for the first €2m.Finally, for Type Four games — “controlled skill games” such as fantasy sports — it starts at 0.5% for the first €2m.With each of the first three types, the rate is applied regressively, while for type four games, it is a progressive rate.The MGA said that it believes the changes should ensure that only genuine start-ups benefit from the start-up grace period.“This amendment is aimed at ensuring that undertakings classified as start-ups are truly such, whilst simultaneously not prejudicing corporate groups that were in the business many years back and wish to benefit from such an incentive by starting up again,” the MGA explained.The MGA also changed the name of one type of fee from, “Request for the addition of a new game type” to “Request for the addition of a new game vertical.” The fee remains at €1,000.The changes will come into effect from 1 January, 2020. Malta regulator tightens definition of start-ups
AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter Venture capital fund Vereeni Investments, together with investment and M&A brokerage RB Capital, have jointly acquired a significant stake in casino content supplier Green Jade Games. Vereeni expands gambling portfolio with Green Jade investment Tags: Online Gambling Finance Venture capital fund Vereeni Investments, together with investment and M&A brokerage RB Capital, have jointly acquired a significant stake in casino content supplier Green Jade Games.Exact terms of the agreement were not disclosed, but it was confirmed that the acquisition represented a six-figure investment for Vereeni and RB Capital.The funds will be used to support Green Jade’s ongoing growth plan, while the supplier will also benefit from Vereeni’s links with other businesses across the gambling sector. The studio was originally established as a subsidiary of MRG Group, before being spun off as an independent entity following the Mr Green operator’s acquisition by William Hill.“Vereeni loves nothing more than investing in high-growth, high-potential gaming companies, and Green Jade really ticks all the boxes,” Vereeni founder and chief executive Timothy John Heath said.“Green Jade is led by experienced management that has the confidence, ability and creativity to push boundaries in our industry. We can already see from Green Jade’s content that this is a special team, and we are certain that the extra support we can provide will help them take things to the next level.”Julian Buhagiar, co-founder of RB Capital, also said: “The Green Jade team is backed by some of the best investors in the business, and in just a few months they have built some of the best engaging IP in this industry.”Benedict McDonagh, managing director of Green Jade, added: “As a relatively young company in this space, the only way we can succeed is by creating the type of game-changing casino content that operators simply cannot do without.“We have accepted this investment from Vereeni and RB because it not only allows us to scale our growth, but also provides access to an unparalleled network of iGaming expertise. We are absolutely delighted to be opening the next chapter in the Green Jade story alongside our investors.”The investment makes Green Jade the latest beneficiary of Vereeni’s €100m (£85.6m/$110.2m) ‘Level Up’ tech fund, joining other early-stage ventures across fintech, online gaming, business intelligence, insuretech and blockchain.Gaming, OneTouch and Kalamba Games are among the other businesses to have benefitted from Vereeni, while the firm has also recently invested in the likes of India-facing fantasy sports operator Nostragamus and Brazilian gaming content development studio Caleta Gaming. Topics: Finance 25th November 2019 | By contenteditor Subscribe to the iGaming newsletter Email Address
SNP manifesto pledges public inquiry into gambling harms Tags: Online Gambling Subscribe to the iGaming newsletter Legal & compliance AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter The Scottish National Party (SNP) has used its General Election manifesto to call on the UK government to treat problem gambling as a public health matter, and also urged for the introduction of new laws to help protect children online.In its manifesto for the 12 December General Election, the SNP, led by Nicola Sturgeon (pictured), said that the UK government should tackle problem gambling with a joined-up strategy.The party said it would press for greater devolution of gambling regulation to the Scottish Parliament and back a full public health inquiry into gambling-related harm.The manifesto also sets out the SNP’s support for changes to charity lottery law in order to reduce bureaucracy and maximise returns to good causes, as well as a pledge to push the UK government to prevent minors accessing gambling-style mechanics, such as loot boxes, in video games.Meanwhile, the SNP called for new standards and measures be put in place so social media, gaming and technology organisations fully protect their users, saying the UK is “behind the times” in terms of protecting children online.New measures would include having a statutory duty of care and mandatory obligations to tackle unsuitable content that can lead to self-harm and suicide, sexual exploitation, grooming, abuse and extremism.The manifesto sets out plans to appoint a new independent online regulator, with the ability to take action against those that breach regulations, including imposing heavy fines and blocking access to sites. There was also a proposal for the introduction of age verification on sites that are not suitable for children or have lower age limits.The SNP also said that the government should provide free and up-to-date expert resources to help protect people and support learning about online harm and abusive behaviour, as well as how to report it. This would include providing information for parents to help keep their children safe.To help fund these new measures, the SNP said it would introduce a levy on technology companies. In addition, the SNP would run awareness campaigns to highlight resources available to consumers.The party also used the manifesto to set out how the SNP’s a role in cross-party efforts to reduce the maximum stake on fixed odds betting terminals to £2, as well as its efforts in halting a proposal to delay this from spring to autumn 2019.Last week, Labour also pledged in its manifesto to treat problem gambling as a public health issue should it win the General Election, adding that it would put in place a new gambling act “fit for the digital age”.The Conservative Party also said it would conduct a review of the 2005 Gambling Act should voters elect it into government, while the Liberal Democrats also made a similar pledge in its manifesto.Image: Kenneth Halley Regions: UK & Ireland Topics: Legal & compliance Email Address 27th November 2019 | By contenteditor The Scottish National Party (SNP) has used its General Election manifesto to call on the UK government to treat problem gambling as a public health matter, and also urged for the introduction of new laws to help protect children online.
Email Address Subscribe to the iGaming newsletter Topics: Finance Strategy 19th March 2020 | By contenteditor Finance IG recovers from binary options and CFD restrictions in Q3 Derivatives trading specialist IG Group has reported a 29.4% year-on-year increase in third quarter revenue, marking the business’ strongest results since the implementation of product intervention measures by the European Securities and Markets Authority (ESMA) in August 2018.Revenue for the three months to 29 February, 2020 amounted to £139.8m (€149.3m/$161.0m), of which £135.2m came from over-the-counter (OTC) derivatives, as in products traded directly between two parties rather than over an exchange, up 31.0%.During the quarter IG served 101,700 OTC leveraged active clients, with average revenue per client rising to £1,330.This offset a 2.5% decline in exchange-traded derivatives, to £3.9m, while revenue from stock trading and investments fell to £0.7m.This was the first time IG Group reported growth since ESMA called for the sale of binary options to retail investors to be prohibited in July 2018, and placed restrictions on the sale of Contracts for Difference (CFDs) in August 2018.As a result of ESMA’s intervention, 24 regulators in European Union countries banned binary options sales permanently, while 17 introduced restrictions on CFDs.During the quarter, IG Group opened a new client facing subsidiary in Bermuda, IG International, regulated by the Bermuda Monetary Authority.“This investment means that the group is better positioned to capture client demand and simplifies its arrangements with existing international clients,” it explained. “IG International will not offer products or services to residents of any EU country or residents of countries where IG has a regulated presence.”For the year to date, IG Group’s revenue is up 8.9% at £389.7m, with £374.7m coming from OTC leveraged derivative sales, up 9.1%. Revenue from exchange traded derivatives was down 5.6% at £11.7m, with stock trading and investment revenue flat at £3.3m.Core markets accounted for £324.7m of the year to date total, up 2.8%, with a 10.5% increase in revenue from non-ESMA markets (to £123.1m) offsetting a 1.5% decline from territories covered by the authority.The big growth came from IG Group’s portfolio of significant opportunities, comprising Japan and other emerging markets. OTC revenue for this segment has grown 74.2% to £53.3m, and though revenue from exchange traded derivatives has fallen 6.0% behind the first three quarters of 2018 to £12.4m, revenue from significant opportunities is up 51.2% to £65.0m.IG Group did not provide a full breakdown of financial performance for the quarter.Looking ahead, the operator said it had implemented a comprehensive business continuity plan in response to the novel coronavirus (Covid-19) pandemic. All employees can work remotely, it said, allowing the business to continue to provide the best possible service to clients.After seeing particularly high levels of volatility in trading in the last week of February, it continued, this had continued into March. Revenue for the first 12 trading days of its fourth quarter – to 31 May – was around £52m. However, the pandemic made it difficult to provide any projections for revenue in the period.“These are extraordinary times,” IG Group said. “This sustained level of volatility and revenue is unprecedented, and it is not possible to determine how long it will persist or how clients will continue to respond.“In addition, the actions of governments and regulators are not predictable, and the group may face circumstances and events it has not previously anticipated. It therefore remains difficult to predict accurately the level of revenue in the final quarter of this financial year.” Tags: Binary Options and Forex Mobile Online Gambling Derivatives trading specialist IG Group has reported a 29.4% year-on-year increase in third quarter revenue, marking the business’ strongest results since the implementation of product intervention measures by the European Securities and Markets Authority (ESMA) in August 2018. AddThis Sharing ButtonsShare to LinkedInLinkedInShare to FacebookFacebookShare to TwitterTwitter