Connect with us
SOFTSWISS

Asia

Fintechs in Kazakhstan Raises Concerns Over Proposed Gambling Regulation

Published

on

Reading Time: 2 minutes

 

Fintech companies in Kazakhstan are urging greater scrutiny of a proposed law intended to regulate betting transactions in the country.

The submitted legislation, currently in its final reading, would form a monopoly entity, the Unified Accounting System (UAS), the firms said in a joint press release. The UAS would be used to determine market participants, process payments, maintain a single “electronic wallet” and make settlements with clients. A critical concern is that it could charge up to 1.5% in commissions on all market transactions, within a market where regulated transactions exceed KZT1.2tn ($2.6bn) annually.

Irina Davidenko, a spokesperson for Kazakhstan’s payments industry, commented: “The proposed legislation would be a step backwards for Kazakhstan, harming competition in the country’s vital payments sector and signaling to the outside world that necessary business reform is being driven by shadowy interests, rather than what’s right for industries and consumers.”

The proposal, partly billed as a public health move against problem gambling, resembles a previous initiative, the Betting Accounting Centre (BAC). It was shelved in 2021 after a scandal involving a deputy minister who was dismissed for accepting bribes from BAC lobbyists, according to the press release.

The lack of transparency on the UAS structure and ownership as outlined in the legislation is another aspect of the change that is seen by critics as troubling.

The reintroduction of a UAS model occurred as late as the second reading of the legislation. If passed by parliament, it will become law without the comprehensive impact analysis and scrutiny typical for such significant regulatory change.

Observers argue the new regulation duplicates existing regulatory functions already managed by Kazakh state bodies and was proposed without the cooperation of the National Bank of Kazakhstan. The central bank has previously developed its own reform proposal that avoids introducing a monopolistic entity.

Opponents further contend that the regulation could cause “significant economic damage”. National Bank of Kazakhstan representatives and the payments industry have sounded alarm bells, but the issues have not been adequately addressed, the press release added.

The concerned fintech and payment companies want the legislation to be reconsidered. They are advocating for it to be sent back to the lower house of the legislature for a full regulatory impact analysis and thorough examination to ensure that it does not adversely affect industry or the economy.

Ilya Efimenko, commercial director of the payment organisation PayDala, said: “I appeal to the Senators, who need to know the true purpose of why the UAS has made a comeback in the bill.

“This is a re-emergence of the ‘Betting Accounting Center’ (BAC), a strikingly similar entity that was withdrawn before, and behind which, as the deputy from the Amanat party Elnur Beisenbayev said, are the powerful forces of ‘Old Kazakhstan.’

“Before our eyes, a monopolist, a private operator, is being created. The emergence of monopolies such as the UAS threatens the principles of a Fair Kazakhstan. Now everything is being done to break the financial system of Kazakhstan, recognized by experts as one of the best in Central Asia.”

Continue Reading
Advertisement
Stake.com



Click to comment

Asia

Ampverse DMI Partners with Orangutan in Multi-Year Deal; College Rivals BGMI Champions to Join Exclusive Roster

Published

on

Reading Time: 2 minutes

 

College Rivals find, Sahil Nagpal gets dream pro debut with Rivals Ape X team

India’s largest Collegiate Esports and Gaming IP, College Rivals, owned by Ampverse DMI, has forged a strategic alliance with Orangutan, a leading esports organization in India. College Rivals, remains committed to offering professional gaming prospects to college students and has awarded its inaugural professional gaming contract to Sahil Nagpal, a student from Jalandhar, Punjab.

He demonstrated his prowess during the Season 1 representing the potential and caliber that this College IP aims to tap, cultivate and unearth as part its commitment to foster grassroot esports talents and provide them with a life changing platform and experience.

Joining Orangutan’s Academy BGMI team, Sahil Nagpal’s achievement not only fulfills his dream of becoming a professional player but also serves as inspiration for millions of others. While College Rivals will continue to empower college gamers, paving their path towards professional success in Season 2, the chosen players will also get a shot at playing for Orangutan as part of this strategic multi year partnership.

Ashwin Haryani, Country Head of Ampverse DMI, India revealed the importance of the partnership, “Ampverse DMI and Orangutan are embarking on a holistic partnership. They understood the concept of us building a talent hunt and making sure the top winners are given a platform to perform at a national and international stage. Beyond competition, our alliance also aims to enrich the esports ecosystem with an exclusive BGMI Team, a merchandise line and brand presence on the jersey of the team, every time they step out to play.”

As part of this partnership, Ampverse DMI and Orangutan will jointly co-own Rivals Ape X, a youth team beginning with a BGMI lineup that will include at least one player from every College Rivals season moving forward. Rivals Ape X, featuring some of the nation’s exciting up and coming players will aim to dazzle nationally and internationally in BGMI tournaments.

As part of the selection process, Orangutan had tried out all the 8 BGMI College Rivals Finalists, from Season 1 through a trial and Sahil was chosen on the basis of his in-game skills, game sense and overall team work.

Jai Shah, Co-Founder of Orangutan, expressed his enthusiasm about the initiative, “I am incredibly excited to introduce Rivals Ape X, our Academy Esports Team, in collaboration with Ampverse DMI and College Rivals. This collaboration marks a significant step in our mission to nurture and develop young, hungry talent, providing them with a bigger platform to showcase their skills. Together with Ampverse DMI, we aim to create a pathway for the next generation of esports champions and build a community where passion, skill, and ambition can thrive. Together, we’re setting the stage for the future of competitive gaming.”

College Rivals Season 2 will see 50+ colleges participating across 22 cities in both offline and online competition format. Any college student from Pan India can register and compete as the preliminary competitions have already been rolled out from July 15 along with diverse entertainment experiences tailored for college students including opportunities to become college ambassadors, purchase exclusive College Rivals merchandise and other interesting initiatives in a groundbreaking gaming format never seen before in India.

The competitions will take place for three gaming titles—BGMI, Valorant, and EA FC 24—with the grand finale being played in February, 2025. The winners from monthly qualifiers will compete in a grand finale for the ultimate battle and a prize pool of up to ₹50,00,000 along with the contract.

 

Continue Reading

Asia

Nazara acquires 100% Ownership of Paper Boat Apps via additional INR 300 Crores investment; to Drive Global Expansion of Kiddopia

Published

on

Reading Time: 2 minutes

 

Nazara to bring core gaming IP in-house, to consider merging Paper Boat Apps into the company

Nazara Technologies Limited (BSE: Nazara), today announced the acquisition of additional 48.42% stake in Paper Boat Apps Pvt. Ltd (PBA) from its promoters Anupam and Anshu Dhanuka for a sum of INR 300 crores to be paid in cash in tranches to take its ownership in PBA to 100%.

Paper Boat Apps is the developer and publisher of popular children’s digital gamified learning app ‘Kiddopia’ which is the #3 grossing app for children between 2-8 years of age in the United States of America.

Nazara will also consider merging Paper Boat Apps into the company at the appropriate time to bring home one of the world’s most popular kids gamified learning IP ‘Kiddopia’. This step will allow Nazara to benefit from healthy cash flows that can be reinvested for organic as well as inorganic growth.

Since Nazara’s acquisition in 2019 of a 50.91% stake in Paper Boat Apps, Kiddopia has scaled up significantly and become a much-loved franchise among children globally.

Paper Boat Apps posted a consolidated revenue of INR 219.4 Crores and an EBITDA of INR 56.1 Crores in FY24, with a net cash balance of INR 155.74 Crores as of March 2024.

Nazara aims to execute a multi-pronged strategy to drive growth and expansion of the Kiddopia franchise through IP licensing and integration, global market expansion, deeper synergies within its network, and additional revenue streams including merchandising, video, and advertising revenues, in addition to the current model of subscription revenues.

Nitish Mittersain, CEO and Joint Managing Director of Nazara Technologies, said, “At Nazara, we believe an IP such as Kiddopia has immense potential that can be unlocked through several new initiatives and acquiring full ownership underscores our commitment to intensifying our efforts in the gamified learning sector.”

He added, “Nazara is quickly becoming the go-to platform for entrepreneurs in the gaming, sports, and entertainment sectors globally to access opportunities to scale up and generate liquidity for themselves along the way, as exemplified by this transaction.”

Anupam Dhanuka, Promoter of Paper Boat Apps, remarked, “It has been an incredible journey developing Kiddopia into a beloved app for children and parents worldwide. Following the majority acquisition by Nazara, Kiddopia has scaled tremendously, and we are pleased to see it find a permanent home within Nazara. We believe that Kiddopia has significant potential for future growth, and Nazara is well-positioned to elevate it to the next level. We wish Nazara and the entire Kiddopia team the best of luck in their future endeavours.”

 

Continue Reading

Asia

BGMI MASTERS SERIES SEASON 3 SET TO LAUNCH WITH EXCITING NEW INITIATIVES

Published

on

Reading Time: 2 minutes

The BGMI Masters Series (BGMS), India’s premier esports tournament, is back with its highly anticipated third season. Season 3 will begin on Friday, July 19 at 7:00 PM and will run until August 11 on the Star Sports Network. This season promises to be the most thrilling yet, with several innovative features for an esports experience like never before.

Broadcast Schedule:

  • Monday to Saturday: 7:00 PM – 9:00 PM
  • League week Sundays; Playoff & Finals: 6:30 PM – 9:00 PM

Channel Mix:

Fans can catch all the action on Star Sports 2 (HD & SD) in English and Star Sports First in Hindi. Fans will also have the option to switch to Tamil & Hindi commentary on SS2 using the blue button.

Digital Streaming:

The entire BGMI Masters Series will also be streamed on Star Sports & Nodwin Gaming’s YouTube, making it accessible to a broader audience.

Exciting New Features for Season 3:

  1. Powerplay:
    • Returning from Season 2 to make the game action-packed from the get-go, this feature rewards double the points to squads for each finish they achieve in the first circle of each match.
  2. Impact Player:
    • For the first time, , the in-game leader will conduct a random draw to select the Impact Player. This player will earn double points for each finish.
  3. Bounty:
    • Also debuting this season, the top 4 teams based on the standings of the league week’s first match will carry a bounty. In subsequent matches, the top 4 teams overall will carry a bounty, with ten bounty points awarded for wiping out an entire squad.

Impact and Reach:

Over the first two seasons, BGMS has garnered an impressive reach of over 100 million across linear and digital platforms. As the biggest esports IP in the country, BGMS continues to play a pivotal role in bringing esports into the mainstream.

Fan Engagement Initiative: Play with the Masters:

BGMI fans now have the unique opportunity to play the game directly with top BGMI gamers featured in BGMS everyday through the ‘Play with the Masters’ initiative. This exciting feature, introduced by Star Sports and Nodwin Gaming, encourages viewers to follow Star Sports’ & Nodwin Gaming’s social handles and tune into the BGMS broadcast for updates on how to participate.

Continue Reading
Advertisement
Alpha Affiliates
Advertisement

EveryMatrix

Advertisement

Launch your iGaming business swiftly and effortlessly with our comprehensive turnkey solutions

Advertisement
Stake.com
Advertisement
xbit4.com

Trending (Top 7)

Get it on Google Play

EuropeanGaming.eu is a premier online platform that serves as a leading information hub for the gaming and gambling industry. This industry-centric media outlet reaches over 200,000 readers monthly, providing them with compelling content, the latest news, and deep-dive insights.

Offering comprehensive coverage on all aspects of the gaming sector, EuropeanGaming.eu includes online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant virtual meetups and conferences, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - European Gaming is part of HIPTHER. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.