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Compliance Updates

LeoVegas AB: Sweden’s parliament has decided on new gaming legislation in Sweden

George Miller

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LeoVegas AB: Sweden's parliament has decided on new gaming legislation in Sweden
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Yesterday, the Swedish parliament decided on the new gaming legislation in Sweden. The new legislation will enter into force on January 1, 2019 and is in line with the previous proposal.

In the new law, the game tax is set at 18% calculated on gross gaming revenue. It also introduces a central register for responsible gaming that allows customers to restrict themselves from all licensed gaming operators in the Swedish market.

“It is a long-awaited decision that will create a more sustainable gaming market in Sweden. In particular, I think that the central register is important as it will have a positive effect in responsible gaming, which is an area we continue to invest in. Our assessment is that the tax and the license requirements increase barriers to entry for new players, which benefits us with a world-class customer experience, efficient organization and strong brands. “comments Gustaf Hagman, CEO of LeoVegas Mobile Gaming Group. “

 

About the LeoVegas mobile gaming group:

LeoVegas’ passion is “Leading the way into the mobile future”. LeoVegas is Sweden’s premier GameTech company and is at the forefront of using state-of-the-art technology for mobile gaming. In 2017 the company passed the threshold for being classified as a unicorn, i.e., a start-up valued at more than USD 1 billion. A large part of this success can be credited to an extreme product and technology focus coupled with effective and data-driven marketing. Technology development is conducted in Sweden, while operations are based in Malta. LeoVegas offers casino, live casino and sports betting, and operates two global and scalable brands – LeoVegas and Royal Panda – as well as a local, multibrand operator collectively referred to as Rocket X. The company’s shares are listed on Nasdaq Stockholm.

Compliance Updates

UKGC Reveals Reasons for Triplebet Licence Suspension

Niji Narayan

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UKGC Reveals Reasons for Triplebet Licence Suspension
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The UK Gambling Commission (UKGC) has published the reasons for suspending Triplebet’s licence.

Triplebet’s operating licence was suspended on February 17 as part of a package of sanctions for social responsibility and money laundering failings.

An investigation found serious failings in Triplebet’s approach to anti-money laundering, the monitoring of business relationships and due diligence checks into members of gambling syndicates. Serious failings were also found in the operator’s approach to social responsibility.

In one case, a player was able to gamble a large sum of money over the course of two days without any interaction whatsoever. Another player who registered, played and then self-excluded on the same day was subsequently able to reopen his account six months later. He then played for 10 hours a day on consecutive days and lost a large sum before self-excluding again, without any monitoring or interaction taking place.

“We have repeatedly made it clear that operators must put player protection at the forefront of their activities and ensure that they have effective anti-money laundering processes in place. We will not hesitate to use our regulatory powers, including the suspension and revocation of licences, if we need to do that to protect consumers and the public from gambling-related harm,” Neil McArthur, chief executive of UKGC, said.

“Any operator that doubted that we were ready and willing to use the full range of our regulatory powers should think again. All operators need to learn the lessons from this case and our other enforcement cases,’’ Neil McArthur added.

In addition to the licence suspension, the operator also has to pay a £740,000 fine.

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Singapore to Establish New Gambling Regulatory Authority in 2021

Niji Narayan

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Photo source: ramboll.com
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Singapore is set to establish a new Gambling Regulatory Authority (GRA) by 2021 to consolidate and optimise all gambling regulatory resources within a single agency.

The GRA will see the current Casino Regulatory Authority (CRA), which oversees Singapore’s casinos, and the Gambling Regulatory Unit, which regulates remote gambling services and “fruit machines,” come under one umbrella.

The GRA will also govern terrestrial gambling services currently overseen by the Singapore Totalisator Board, illegal gambling activities enforced by the Singapore Police Force and even responsible gambling measures currently controlled by the Ministry of Social and Family Development.

The Ministry of Home Affairs (MHA) said that while Singapore’s current gambling regulatory framework has delivered positive outcomes, there are “emerging trends” that can have a significant impact on the gambling landscape.

“For example, technology has changed the way people gamble and made it more accessible. Business models have evolved to suit changing customer preferences by introducing gambling elements in products that are traditionally not seen as gambling,” the MHA said.

In response, the new GRA “will consolidate and optimize gambling regulatory resources within a single agency. This will allow GRA to stay even more effectively abreast of technological and global trends, respond faster to emerging products in particular those that cut across different domains, and take a more holistic approach to gambling policies and issues.”

“Even as we update our laws, MHA will retain a generally prohibitive stance towards gambling, and continue to maintain a risk-based regulatory approach towards existing gambling operators,” it said.

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Compliance Updates

German Court Orders Suspension of Sports Betting Licensing Process Until Further Notice

Niji Narayan

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German Court Orders Suspension of Sports Betting Licensing Process Until Further Notice
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The Darmstadt Administrative Court in Germany has ordered to suspend the nationwide sports betting licensing process until further notice. The move came after an Austrian betting operator, which is not a member of the German Sports Betting Association (DSWV), claimed that the licensing procedure was not transparent and non-discriminatory.

“The decision of the court is a big blow to our members. Even though we were promised concessions by the legislator back in 2012, an early approval, which should have been made possible by the State Treaty on Gaming, which has been in effect since the beginning of the year, is now once again in the stars,” Mathias Dahms, President of DSWV, said.

“It is particularly annoying that there could have been permits for a long time. The Gambling Council (Glücksspielkollegiums) has not been able to reach an agreement for weeks, even though decisions were all set to be made. This body of 16 competent officials from the state ministries is responsible for the final release of the permits,” he added.

“Sports betting providers in Germany are once again denied access to a regulated market and thus legal certainty. The applicants have once again invested a lot of effort and energy into the process and prepared for the regulated market. I also feel sorry for the employees in the Hessian Ministry of the Interior and the Darmstadt Regional Council, who have been very committed in the past few months to finally make the approval process a success. We hope the authorities can continue to issue permits quickly,” Dahms added.

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