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Compliance Updates

Government of UK extends guidance to the Gibraltar-based business stakeholders

Niji Ng

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UK govt provides guidance for Gibraltar stakeholders
UK guarantees Gibraltar's post-Brexit access for financial services and gaming.
Reading Time: 2 minutes

Following UK’s withdrawal from the EU, the government of UK extended their guidance to the  Gibraltar-based business stakeholders, for almost a year.  And the government of  United Kingdom released a statement with regard to Gibraltar’s financial services firms’ access to local markets until 2020. The British government is very much keen on assuring that the Gibraltar entities will be able to work in the UK for two more years.

The UK government declared that it will work in association with the Government of Gibraltar to fashion a replacement framework to endure beyond 2020 similarly based on shared, high standards of regulation, and enforcement of this regulation, and underpinned by modern arrangements for information-sharing, transparency and regulatory co-operation.

The results generated during 2017 reveal that Gibraltar is operating one of the strongest gaming markets at international level. As part of the United Kingdom, Gibraltar receives bets from British players. Recently, the Chief Minister of Gibraltar, Fabian Picardo, revealed that according to online casino operators’ reports, “60 percent of online bets made in the UK come though Gibraltarian companies.” The gaming law is so advanced in the territory that even cryptocurrencies have been legalised for betting platforms.

Both the governments have acceded to recognise the significance of enhancing the liaison on all the implication of the Brexit that are relevant to Gibraltar. “The UK has provided assurance that gambling operators based in Gibraltar will keep on accessing the UK market after we leave the EU in the same way they do now – and we are working towards an agreement of MOU which will enable closer working and collaboration between gambling regulators in Gibraltar and the UK. The UK is committed to working closely with the Government of Gibraltar towards transport arrangements post-EU Exit that support Gibraltar’s prosperity,” read the statement released by the government.

Niji has been in the writing industry for well over a decade or so. He prides himself as one of the few survivors left in the world who have actually mastered the impossible art of copy editing. Niji graduated in Physics and obtained his Master’s degree in Communication and Journalism. He has always interested in sports writing and travel writing. He has written for numerous websites and his in-depth analytical articles top sports magazines like Cricket Today and Sports Today. Besides reporting industry headlines from all around the globe, Niji is also head of the content management team at Impressions Content Management, based in Kerala, India, which offers writing and editing services to clients around the world.

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Compliance Updates

DC Council member introduces sports betting bill

Niji Ng

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DC Council member introduces sports betting bill
Photo Credit: John Locher/AP
Reading Time: 1 minute

 

In a significant development in the US state of District of Columbia (DC), a council member Jack Evans has introduced the Sports Wagering Lottery Amendment Act of 2018 in the council. The bill is aimed at legalising sports betting in the state. Evans presented the bill during the Council of the District of Columbia’s regularly scheduled Committee of the Whole meeting.

The US Supreme Court lifted the federal ban on sports betting on May, when it struck down the PASPA Act that prohibited states from regulation the gambling modality. Since then a number of states have decided to take a step forward and act on the growing industry, and as close states such as Delaware, West Virginia and New Jersey have already legalised sports betting, the country’s capital does not want to be left behind.

The Council member’s office said that it has worked closely with the District’s Lottery in order to craft the legislation that would regulate and maximise the revenue made in the state. The bill establishes that residents and visitors would be able to bet both online and in person, and the Lottery would have more authority to ensure the integrity of the system.

“Today, we take the first steps towards capturing this exciting new stream of revenue, instead of watching District resident dollars fill the coffers of other jurisdictions,” said Councilmember Evans. “The District of Columbia will be the leader in a fast-growing industry. The city should take advantage of our ability to act before the Maryland or Virginia legislatures to create a thriving sports betting market, which will attract consumers to the District and generate revenue for District residents.”

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Compliance Updates

GiG offers PAY N PLAY option to operators to enhance UX and compliance

George Miller

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GiG offers PAY N PLAY option to operators to enhance UX and compliance
Reading Time: 2 minutes

 

Gaming Innovation Group Inc. (GiG) now offers an instant registration and payment option for its operators using Trustly’s Pay N Play system. The system allows players to optionally register and pay through their online banking accounts in Sweden and Finland, with Germany soon to be offered. The simple system will allow GiG’s customers to further boost acquisition, build loyalty and stay compliant.

The technology is offered to operators on the GiG Core platform, with GiG’s in-house brand Kaboo live from today, alongside external brands Omnia and the newly launched Dreamz. GiG plans to offer this to other external and internal operators in the near future. GiG’s in-house brand Thrills is to become a purely Pay N Play operator in Finland, Sweden and Germany.

The new system enables instant customer sign-ups without the significant registration churn that the iGaming sector has historically experienced as a symptom of the more drawn out registration processes currently in place. New customers can register and deposit funds quickly and safely with no cumbersome account registration process necessary. Login is also made simpler, with players having the option to use Bank ID as a quick way to log in.

Both deposits and withdrawals will become instant transactions with Pay N Play, giving players more control and simplifying their experience, while retaining the strongest registration and security protocols through KYC requirements which are fulfilled with data direct from a player’s bank. The need to scan any documents for upload as part of the registration process will become a thing of the past.

CEO of GiG, Robin Reed comments:

“Pay N Play will revolutionise the registration experience for players and enable higher conversion and retention while reducing churn. With instant deposits and withdrawals, this new system makes our promise “to provide fair and fun gaming for all” stronger.

 

For further information please contact:

Natasha Gowans

Head of Communications

natasha.gowans@gig.com

+356 79699763

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Asia

Gambling legislation passed in Myanmar

Niji Ng

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Gambling legislation passed in Myanmar
Photo Credit: Shutterstock
Reading Time: 1 minute

 

Myanmar has gone one more inch closer to welcome casino industry to the country. The lower house of the Legislature has passed a bill that would allow foreigner-casinos in the country. The bill, titled the Gambling Bill 2018, was introduced a couple of months ago. It will add amendments to the existing Gambling Act of 1986.

Though the new piece of legislation could mean progress for the segment, legislator Nay Myo Tun asserted that “it is not a casino law” as “the casino law has many sections.” He further explained that the detailed rules and regulations for a casino industry to be installed would be determined after proper framework legislation was passed.

Even though it is still unclear when the segment might arrive in Myanmar, legislators agree that it won’t be developed for locals. “Only foreigners would be allowed into the casinos,” a member of the parliament said. Lawmaker Aung Hlaing Win also explained that the government would “target areas with the most foreigners, such as near the border” to develop gambling venues.

According to director-general of the Directorate of Investment and Company Administration Aung Naing Oo, there has already been interest from a number of casino operators (including some that operate in Macau) to invest in the country should the segment be cleared.

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