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Compliance Updates

Mexico to regulate online gambling

Niji Ng

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Mexico to regulate online gambling
Reading Time: 3 minutes

Mexico has been reviewing its gambling legislation for regulating the online gambling sector. The legislators want to bring the online gambling scene in line with the rest of the gambling industry in the country.

With the economy in the country steadily improving, more people have disposable income that they can spend on the likes of gambling. Currently, Mexico has the second biggest gambling sector in Latin America, with revenues from gambling surpassing the $10bn (£7.6bn) mark each year, with only Argentina ahead of them in the rankings.

While gambling has often been illegal in the country, and for many years there were no licensed casinos, it hasn’t stopped anyone from doing it. Scratch cards, cockfighting, and horse racing are all popular past times.

Advances were made in 2004 when a law from 1947 was altered – a move that allowed people to gamble in places outside of the facilities of the Secretariat of the Interior and led to an influx of investment from both domestics and international investors.

Soon, new casinos were all licensed and properly contributing to the tax system. Although the government still closely controls these new establishments, the casinos and slots halls are often operated by private companies, with some of them rivaling those in Las Vegas.

Changes abound in Mexico

One of the final pieces of the puzzle needed to bring the gambling sector in Mexico up to the speed with developed countries is their online gambling sector. Currently, online gambling in the country is not regulated.

People can use online casinos but, because there’s no regulation, it can be a risky business betting money with no guarantee that you’ll ever see your winnings.

There have been many calls to change the situation, and now it looks as if change may be on its way in the not too distant future. Currently, the county’s 1947 Federal Gaming Law Bill is under review with the aim of drafting regulations that would bring the online gambling sector in line with the nations other gambling organisations.

If this happens, it will be a big deal for investors and participants alike. Online gambling sites will be trusted and companies will be able to focus on long-term growth rather than worrying about what the future might hold.

Potential benefits of regulation

There are endless benefits to users of these online gambling sites if approval is given for the sector to be regulated. With so many participants in this space, the competition will be fierce to try and gain market share. This means that new players will be enticed with lucrative offers and bonuses. In the past, with the unregulated sector, a lot of these sites promising great rewards upon sign up could not really be trusted due to the lack of regulation.

Gamblers would tend to stick with a tried and tested party, rather than taking the chance elsewhere, even if the odds were a lot better on other sites. Regulation will inevitably lead to growth in the revenues of the leading regulated online gambling platforms, allowing them to pump more money into their offerings and the business as a whole.

This will enhance the experience for players, too. If changes are approved, these companies need to invest or else they risk being outshone by other market participants, especially those who will be entering the market from abroad. To date, the lack of regulation has meant a lot of established global online gambling companies have avoided Mexico, but this will not be the case once the regulation comes into effect.

It will also be in the interest of the Mexican government to introduce regulations, as they will be able to properly benefit from the taxes derived from online gambling. With the tradition of gambling in Mexico, this could be a massively lucrative market for all involved, and in the not too distant future, the online gambling sector could see its revenues bypass the $10bn (£7.6bn) annual revenues of the current gambling sector in the country. 

 

Source: vegasslotsonline.com

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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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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