Legal & compliance – Page 10

July 8, 2024

Weekend Report: Labour win’s impact on gambling, FanDuel thriving in NY

Welcome to the Weekend Report, where iGB updates you with the stories you may have missed over the last few days.

New Labour government brings gambling uncertainty

Thursday’s (4 July) UK general election brought with it a significant shift in power as Labour claimed a huge majority. This ended a 14-year reign by the Conservatives and led to a major overhaul of key parliamentary personnel.

Lisa Nandy MP, who has taken over as the new secretary of state for culture, media and sport, will be charged with overseeing Britain’s gambling industry. On the World Series of Politics podcast prior to the election this week, Regulus Partners’ Dan Waugh outlined how a Labour government could impact the gambling industry.

“In terms of whether it has a major bearing on the gambling market, it’s unclear,” Waugh said. “From an industry perspective, it looks reasonably comforting. Labour is making some fairly positive noises about this.

“I’m not sure it’s that straightforward and the reason I say th..

July 8, 2024

What’s behind the slow uptake in Brazil online betting licences?

Brazil is expected to announce its final online wagering regulations in July, but so far only one licence application has been submitted to the regulator. The market has been buzzing with excitement since the window opened on 21 May, so when will the rest of the applications flood in?

The opening of the licensing window marked a crucial milestone in the hotly anticipated legalisation of betting in Brazil, which is expected to become a $9bn (£7bn/€8.3bn) market by 2028, H2 Gambling Capital has estimated.

Fellipe Fraga, chief business officer at local operator EstrelaBet, predicts operators may be waiting for the final regulations to drop in July before formally applying for a licence.

“There are still important topics that need to be discussed in the process of obtaining the licence,” he says.

“The remaining ordinances will contribute to the definition of the strategies that companies will adopt in the regulatory process.”

Fraga says EstrelaBet is seeking further explanation from ..

July 1, 2024

Weekend Report: PH senator pushes POGO ban, FanDuel’s strong week in NY and more

Welcome to the Weekend Report, where iGB updates you with the stories you may have missed over the last few days. This week we cover POGOs in the Philippines, as well as stopping off in New York, New Hampshire, Thailand and Brazil.

Philippine senator renews call for online gambling ban

Philippines Senator Joel Villanueva is pushing for his 2022 legislation banning Philippine Offshore Gaming Operators (POGOs) and all forms of online gambling to progress through the country’s legislature.

First filed in September 2022, Villanueva’s Senate Bill 1281 aims to repeal all legislation granting the power to regulate online gambling and criminalise the vertical. Those found to have placed, received or otherwise unknowingly transmitted a bet or wager online would face either a prison sentence of up to six months or a fine of PHP500,000 (£6,736.74/€7,943.75/8,524.33).

Villanueva urges PAGCOR to intensify investigation on POGOs and other forms of online gamblinghttps://t.co/dDChQ5jZSZ
— DZRH..

June 26, 2024

Betsson secures betting and igaming licences in Peru

Online gambling operator Betsson today said it has secured a licence to operate the Betsafe and Bettson brands in the newly regulated Peru market.

The licences cover online casino and sports betting for both brands and Betsson expects to also soon obtain approval for its Peru-facing Inkabet business.

Betsson has had a presence in Peru since 2008. In 2019, it expanded its reach in the country by launching its Betsafe brand. Two years later, it also acquired locally-licensed online betting and sports brand Inkabet for $25m.

Regulation of the Peru market earlier this year meant Betsson had to secure full licence approval to continue operating in the country. Law no 31557, which regulates online gaming and sports betting, went into effect on 9 February.

Operators had until 10 March to apply for a licence. Peru’s ministry of foreign trade and tourism received 145 requests for operator licences from both national and international operators.

“We have really looked forward to Peru introd..

April 11, 2024

New Jersey senator formally introduces bill to hike online tax to 30%

A New Jersey senator, John McKeon, has formally introduced his new bill to increase tax for online gambling and sports betting to 30%.

Currently, online gambling and sports betting are taxed at 15% and 13% of gross gaming revenue respectively.

Senate Bill 3064 was formally introduced on 8 April, after being filed last week. The bill was referred to the Senate State Government, Wagering, Tourism & Historic Preservation Committee.

If enacted the bill would amend Section 17 of P.L.2013, c.27 (C.5:12-95.19), which specifies the online gambling tax amount. Section 7 of P.L.2018, c.33 (C.5:12A-16), which addresses sports wagering tax, would also be changed.

Should lawmakers approve the proposal, it would take effect on next 1 January that occurs after the date of enactment, per the bill text.

New Jersey gambling tax hike: How does it compare?

A 30% rate would put a significant burden on New Jersey’s 18 mobile sportsbooks, raising taxes to among the highest in the US. New York’s 51% spo..

April 4, 2024

Betano set for UK launch through BVGroup

Betano is to launch in the UK market through a partnership between the brand’s owner, Kaizen Gaming and technology provider BVGroup.

Kaizen said the collaboration combines Betano’s global brand recognition with BetVictor owner BVGroup’s proprietary technology and experience as a UK operator. Betano’s entry into the UK market follows its establishment in Europe, Africa and the Americas.

Betano’s move into the UK comes during a year in which it has become an official sponsor of both Uefa Euro 2024 and the CONMEBOL Copa America 2024. The UK site features the Euro 2024 logo, indicating the brand will launch in time for this summer’s European Championships in Germany.

“It is a challenge to enter one of the largest regulated online gaming markets in the world,” said Julio Iglesias Hernando, Kaizen’s chief commercial officer.

“To ensure a successful entry, you need excellent partners. A bit like competing in the Premier League. Finding the right partner has been a top priority for us. Thi..

April 3, 2024

Botafogo owner reported to Brazilian federal police over match-fixing claims

Senator Jorge Kajuru has requested Brazil's federal police to investigate John Textor, the owner of football club Botafogo de Futebol e Regatas, after Textor made match-fixing allegations against the São Paulo and Palmeiras football teams.

Kajuru – a senator for the Brazilian state of Goiás – confirmed the report during a senate plenary meeting yesterday (2 April). He said he had outlined his concerns to the federal police in the form of a letter, which he encouraged others in the session to sign.

During the meeting Kajuru outlined Textor’s allegations. Textor had alleged that five players from the São Paulo football club had received bribes from Palmeiras in regards to the Brazilian Championship Series A game, where Palmeiras beat São Paulo 5-0. He also claimed to have evidence to support this.

Kajuru added that one month prior, Textor said he had a recording of a referee that had been collecting bribes.

Kajuru said that he had sent the claims to Andrei Rodrigues, director of..

March 28, 2024

GST leaves India out of its depth

The decision to impose a 28% Goods and Services Tax (GST) on turnover in India delivered a blow to a burgeoning, exciting gaming market overnight. But with so much industry pushback, and attempts to stay GST-related court orders, can India turn back the tide on GST?

Dust off your time machine and travel back to 1867, when India’s Public Gaming Act was enacted.

This piece of legislation regulated some forms of gambling with extremely strict parameters. It legalised lotteries and horse racing but banned the operation of public gaming houses. At the time, anyone caught running a public gaming house faced a fine of ₹200.

Obviously, the original legislation couldn’t have taken online gaming into account. This left the practice in a state of uncertainty, despite a ready-and-waiting base of gambling and sports fans.

In more recent years, attempts have been made to legalise both online gambling and sports betting. In 2016, the Supreme Court backed calls for legalised betting, referring to..

March 20, 2024

Baseball star Ohtani’s lawyers: Interpreter stole for illegal sports betting

The Los Angeles Times claims lawyers for baseball superstar Shohei Ohtani are accusing the ballplayer's interpreter of stealing money and placing “bets with an allegedly illegal bookmaker who is the target of a federal investigation”.

The Los Angeles Times broke the story today (20 March) claiming baseball superstar Ohtani’s lawyers are accusing the ballplayer’s interpreter Ippei Mizuhara of “massive theft” for illegal sports betting.

According to the Times’ report, learning of the theft was incidental after Ohtani’s name turned up during an investigation into Michael Bowyer.

“Millions” of dollars involved in illegal sports betting investigation

Two sources told the newspaper that “millions of dollars” were involved. Federal agents “raided” Bowyer’s Orange County, California. home last year as part of an illegal sports betting investigation, and the Times discovered Ohtani’s name came up in that investigation.

According to an ESPN report, $4.5m was wired out of Ohtani’s acco..

March 19, 2024

Australia’s ACMA requests blocking of another eight gambling sites

The Australian Communications and Media Authority (ACMA) has issued blocking orders for a further eight websites after ruling they breached gambling laws in the country.

ACMA named Lucky7even, 50 Crowns, Rockwin, Bitdreams, Mr Pacho, Casino Infinity, Zota Bet and Spicyjackpots as sites to be blocked. It said each site was operating in breach of the Interactive Gambling Act 2001.

The organisation did not go into detail about specific breaches of the Act. However, it did set out how it can take action if a website has committed a certain offence.

These actions include providing banned interactive gambling services to Australian players, such as online casinos, slots and in-play sports betting. ACMA may also request blocking if a website offers gambling without a licence, or publishes adverts for other unlicenced services.

While ACMA cannot actually block sites, it can request Australian internet service providers (ISPs) to do so.

Since ACMA made its first request in November 2019, s..

March 7, 2024

Montenegro’s electronic payments ban raises industry concerns

Amendments to Montenegro’s gambling laws that would ban the use of electronic payment methods are leading to concerns among the country’s gambling sector, with Montenegro Bet representative Jovana Klisić saying the industry is “at a crossroads”.

The amendment to Article 68f of Montenegro’s gambling law will see a variety of electronic payment methods, such as ebanking and mobile payments, disabled when it comes to depositing into betting accounts.

The changes now mean bettors in Montenegro have two options should they wish to bet online. Players can enter a betting shop and place a monetary cash wager which then transfers online funds into their accounts. Alternatively, players can pay via card, but only on a terminal in a betting shop.

The provisions have caused agitation in the Montenegrin industry, with gambling companies concerned over the amendment’s impact on business. A petition calling to halt the change received 25,000 signatures, around 8% of the country’s electorate, in j..

March 7, 2024

Austrac launches investigation into Bet365 over potential AML failings

The Australian Transaction Reports and Analysis Centre (Austrac) has commenced an investigation into Bet365 over potential breaches of anti-money laundering (AML) and counter-terrorism financing (CTF) laws.

Austrac ordered an audit of Bet365 in 2022, when it assessed its compliance with the AML/CTF Act 2006. The consideration of that audit has led Austrac to deem further investigation into Bet365’s affairs as necessary.

Austrac reserves the right to take action where non-compliance is found. The government-run financial intelligence agency has fines and other regulatory powers at its disposal.

“Corporate bookmakers must have robust systems in place to ensure they can manage and mitigate risks associated with money laundering and terrorism financing,” said Brendan Thomas, Austrac chief executive.

“Businesses without adequate processes in place to manage those risks leave themselves vulnerable to exploitation by criminals.”

Bet365 in potential hot water with Austrac

austrac reached..

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Tag: Legal & compliance