Legal & compliance – Page 24

November 2, 2022

BetDex launches first regulated blockchain betting exchange

The BetDex Exchange – created by FanDuel founder Nigel Eccles – has announced that it has been licensed and regulated by the Isle of Man Gambling Supervision Commission, making it the first regulated blockchain betting exchange.

The operator has received licensed approval for all kinds of online gaming, including online sports betting, under the Isle of Man Online Gambling Regulation Act.

Former FanDuel executives Varun Sudhakar, Stuart Tonner and Nigel Eccles serve as CEO, CTO and chairman of the new business, which they founded just over a year ago. Soon after founding, BetDex announced an initial investment round, raising $21m.

Varun Sudhakar, CEO and co-founder of BetDex said: “Today’s news is an exciting step forward for the BetDex Exchange. With the licensing and regulatory approval, BetDex now boasts the first fully-regulated sports betting platform in the Web3 space, and we’re excited to welcome bettors from approved regions.”

Abby Kimber, head of egaming with the Isle of M..

October 31, 2022

Nigeria introduces new permit for offshore-licensed operators

Nigeria is set to introduce a new remote operator permit for offshore-licensed operators, allowing businesses to offer online gambling in Nigeria without a local presence.

Businesses will be eligible for a remote operator permit if they already hold a licence in another jurisdiction and wish to offer their services to Nigerian players.

It will allow operators to offer casino games, bingo, slots, sports betting and poker.

The permit will be valid for five years. Operators will pay an initial $100,000 to receive the permit, followed by fees of $50,000 in each of the next four years.

The Nigerian National Lottery Regulatory Commission will issue terms and conditions which permit-holders must adhere to.

Holders of the new permit will be allowed to offer their services in Nigeria and to advertise within the country in print media or via affiliate programmes.

Key to the new regime will be an updated tax collection system, powered by UK-based fintech company E-Technologies Global Limite..

October 26, 2022

World Series of Politics: Bill Miller of the American Gaming Association

The World Series of Politics welcomes Bill Miller of the American Gaming Association as first guest.

AGA CEO Miller joins Brendan Bussmann and Brandt Iden to look back on this year’s Global Gaming Expo.

American Gaming Association, G2E and illegal gambling

Miller discusses this year’s Global Gaming Expo after almost 25,000 visitors descended on the Sands Convention Centre earlier in October. He also talks about the US gaming industry’s post-Covid recovery and the threat of the illegal market.

Read his interview, published earlier this week, with iGB for more from the AGA.

Maryland sports betting

This episode also features Maryland, where lawmakers have taken a step towards launching mobile sports betting after a fraught process. There’s a wager on the line between our hosts on this one, just to up the stakes further.

Brendan also discusses the state of play for Macau casinos, where recovery has been hindered by China’s zero Covid policy.

And there’s even more intrigue aroun..

October 26, 2022

Ontario report

iGB’s new report on Ontario offers exclusive insight into Canada’s most populous province – the first to regulate betting and igaming.

When the Ontario market opened in April this year, it wasn’t quite brand new ground.

Anyone in the industry could tell you that the grey market in Canada’s largest province had been thriving for quite some time.

Still, bringing the province from grey to white offers certainty and new opportunities for many.

Six months on, we have a sense of the spoils available. Operators – excluding the lottery – brought in a combined CA$267m in the three months ended 30 September.

The biggest challenge in the province, however, may be marketing rules. Operators can offer bonuses, but may not promote them. As Marese O’Hagan writes in our progress report, that’s been difficult, but it hasn’t seriously dampened excitement about the jurisdiction.

And for now, those complying with the rules still need to compete with some unlicensed brands, which continue to do busin..

October 25, 2022

American Gaming Association CEO on the rebirth and renewal of US gambling

Bill Miller could argue that his tenure has seen the most transformative period for the gaming industry since the American Gaming Association was established in 1995. He talks to Robin Harrison about sports betting, gaming expansion, Covid-19, safer gambling and the illegal market in this exclusive interview.

When Bill Miller took charge of the American Gaming Association (AGA) in January 2019, the US commercial gaming industry was poised for a period of explosive growth.

Legal sports betting, thanks to the repeal of the Professional and Amateur Sports Protection Act (PASPA), was rapidly spreading across the US.

The industry as a whole posted its fifth consecutive year of revenue growth for that year, with 2019’s total breaking records at $43.6bn.

The industry generated $10.2bn in gaming taxes for state and local governments with 21 of 25 commercial gaming states posting year-on-year revenue growth. This sum covers annual education costs for 832,000 elementary and secondary scho..

October 21, 2022

Initial 29 applicants register interest in Massachusetts sports betting licences

The Massachusetts Gaming Commission (MGC) has revealed 29 potential applicants have registered an interest in securing new sports betting licences in the US state.

On 7 October the state’s regulator released a scoping survey, a required prerequisite of a sports wagering operator application in Massachusetts. Parties interested in applying were required to submit the survey by 17 October so that the MGC could begin reviewing those that plan to apply.

The MGC said that it received 29 operators scoping surveys from potential applicants for Category 1, 2 and 3 Sports Wagering Licences by the deadline. Three were in relation to Category 1 Licences, three from parties interested in Category 2 Licences, and 23 came from potential Category 3 Licence applicants.

Read the full story on iGB North America

October 21, 2022

Belgium’s €200 loss limit comes into force

Belgium’s new €200 weekly loss limit has officially come into effect, three months after a royal decree on the subject was published.

The lower limit was announced in July by a royal decree, having been put forward by minister of justice Vincent Van Quickenborne.

Previously, net deposits were limited to €500 per week, after an April 2020 decree.

The limit will continue to apply on a per-site basis, after attempts to introduce a “global” limit – to apply across all operators – fell through.

Players may request to have their limit raised, but only if they are not registered as defaulters with the Central Individual Credit Register of the National Bank.

“It is always possible for players to request a lower personal limit from the operators,” the Belgian Gaming Commission said. “To keep gambling fun, it is recommended to spend no more than 5% of income on gambling.”

Belgium is also hoping to implement a complete ban on all non-lottery gambling ads, a measure that has been the source ..

October 20, 2022

Gibraltar to replace one-size-fits-all licence fees with tiered system

Gibraltar is set to implement a new, tiered system for gambling licence fees, meaning that larger operators will pay more and smaller ones less, as part of a package of reforms for the point-of-supply market.

The British Overseas Territory launched a consultation on new licence fees, following its earlier proposal for a new Gambling Act.

Previously, operators of remote betting, remote gaming, other remote products, land-based gaming and retail betting each had to pay a £100,000 licence fee every year. B2B suppliers, meanwhile, were required to pay an £85,000 annual fee.

However, in its consultation, the government said that “licensing fees for startup operators and small operators who are building for growth can be a disproportionate cost in the early stages of the life cycle of the business”.

As a result, it opted for a new, tiered system for remote betting and gaming licences, based on annual gross gambling yield (GGY).

As operators need to apply for a separate licence for each..

October 20, 2022

Sportradar gains sub-licence for ATP tennis data

Sportradar has agreed a deal with Tennis Data Innovations (TDI) and IMG, allowing it access to a sub-licence for ATP tennis data.

This new partnership focuses on the creation of a new secondary feed, which will grant access of betting-related services based on official ATP Tour and ATP Challenger Tour scores to a number of bookmakers worldwide.

The new feed will deliver scores directly from the umpire’s chair and offer complete and uninterrupted coverage of events across the whole season. Consequently, this will allow bookmakers to ensure more stable and reliable in-play betting markets and improve customer experience.

The data in the new feed is delivered in parallel with the existing official fast data feed which was from IMG Arena. By offering an alternative feed to bookmakers, the reach of official data is expanded and it increases the access to tennis betting experiences powered by official scores.

“By taking a constructive and innovative commercial approach, TDI has found a ..

October 10, 2022

Sportradar granted sublicence, will stop scouting in Genius-FDC settlement

Sportradar’s legal dispute against Genius Sports and the Football DataCo (FDC) has reached a resolution, with the parties agreeing out of court that Sportradar will receive a sublicence for English football data, but that it must stop unofficial scouting.

Under the terms of the settlement, Sportradar will be granted a sublicence that will grant access to a delayed secondary feed until 2024. At the same time, Sportradar will cease its unauthorised in-stadium data collection activities.

The case, which dates back to February 2020, challenged the English and Scottish football data licensing regime. The framework was established in May 2019 when Genius signed a landmark agreement with FDC that granted the data business exclusive rights to collect, license and distribute live data from the Premier League, the Football League and the Scottish Professional Football League. The case was heard by the Competition Appeal Tribunal.

Sportradar claimed that the system that had been built through..

October 10, 2022

World Series of Politics: Brazil, Indiana and Ontario

Just in time for G2E, iGB brings you episode five of the World Series of Politics, this week featuring Brazilian elections, Indiana online casino and Ontario's offshore issue.

We kick off by looking at Brazil, where the competing presidential candidates go into a run-off at the end of October.

This is likely to impact gambling across multiple channels. Not only sports betting may be on the line, but a reshuffling of the country’s lottery sector and even integrated resorts are being held back.

Indiana online casino is also up for discussion in this week’s episode, as US states look for new ways of finding revenue. Could this lead to a wave of igaming legislation in the remainder of 2022 and into early 2023, especially after commentators were disappointed by a lack of action in 2021?

It’s a question of tax, Brendan says. If they set the rate too high, states risk stifling the market before it can get going.

Remember, The World of Series of Politics is available on Apple Podcas..

October 7, 2022

Lotteritilsynet halts daily fines as Kindred stops targeting Norway

Norwegian regulator Lotteritilsynet has paused issuing daily fines to Kindred Group after the operator confirmed its Trannel subsidiary would no longer target consumers in the country.

However, the operator added that it had done so only as a show of goodwill and that it was confident that its legal position was still correct.

Earlier this month, Lotteritilsynet warned Kindred that it would impose a fine of NOK1.198m (£100,106/€114,549/$112,184) for every day that Trannel did not withdraw from Norway.

The daily fine was due to come into effect three weeks after the day that Lotteritilsynet decided to implement the fine. That decision came on 14 September, after it previously warned the operator it would issue fines if it did not exit the market.

The regulator said these fines would only stop when the amount owed reaches Trannel’s annual gross profit, which the regulator estimated to be approximately NOK437m, or when the operator withdraws from the country.

Trannel does not hold a ..

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Tag: Legal & compliance