Compliance Updates

Mexico to regulate online gambling

Published

6 years ago

July 2, 2018

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

Image: shutterstock

Australia

Venues Warned to Play by the Rules on ANZAC Day

Published

13 hours ago

April 24, 2024

Alan Campbell

Reading Time: < 1 minute

Liquor & Gaming NSW is urging licensed venues across the state to plan ahead and have proper measures in place to ensure safe and responsible ANZAC Day commemorations.

Pubs and clubs can face additional challenges on April 25 that come with managing larger than normal crowds and the playing of two-up.

Two-up was a popular game among World War I veterans and, while illegal as an unregulated form of gambling most of the year, is legally played every ANZAC Day, Remembrance Day and Victory in the Pacific Day in their memory.

Liquor & Gaming NSW Executive Director Regulatory Operations, Jane Lin, said inspectors would carry out checks of licensed premises in Sydney and regional areas on ANZAC Day to ensure compliance with the state’s liquor and gaming laws.

“Two-up is a great Australian tradition and a way for people to come together at pubs and clubs to enjoy the ANZAC spirit,” Lin said. “While venues do not need a permit to host two-up, they are encouraged to fully understand and observe the traditional rules of the coin-tossing game.

“Licensed venues are reminded to properly manage potential risks linked to larger crowds, increased rates of intoxication, gambling disputes, extended high volume trading and special ANZAC Day liquor promotions.”

Venues’ advertising and promotions must align with liquor promotion guidelines.

More information about ANZAC Day in New South Wales is available at https:/ /www.NSM.gov. au/about-nsw/anzac-day-nsw. Two-up rules can be found at https:/ /www.LiquorAndGaming.nsw. gov. au/__data/assets/pdf_file/0007/858562/fs3098-two-up-factsheet. pdf.

Compliance Updates

Boldplay Awarded UKGC Licence

Published

16 hours ago

April 24, 2024

George Miller

Reading Time: < 1 minute

Boldplay, the renowned provider of premium casino games, has been awarded a remote operating licence from the UK Gambling Commission, to sit alongside their existing licenses in Gibraltar, Malta, Romania, Argentina, and Peru.

This latest development marks a significant step for the company and further solidifies Boldplay’s position as a trusted provider within the iGaming industry. The UKGC licence will allow the company to further expand in regulated territories, a key element of their growth plan, and establish new partnerships within the vibrant UK market.

Having fulfilled the criteria to provide services to UK players Boldplay is well-positioned for success. With a diverse catalogue of over 100 titles, ranging from slots and table games to bingo, keno, and virtual scratch cards, the company is well-known for its innovative features, including their trademark Boldplay Spins.

Speaking of the UK Gambling Commission’s decision to grant the operating licence, Boldplay CEO, Valli Fragoso, said: “We are proud to receive our remote software supplier licence from the UK Gambling Commission. This milestone reflects our commitment to providing high-quality, engaging casino games to licensed operators while upholding responsible gaming standards. We can’t wait for UK players to try our games.”

Asia

Indonesian Govt to Form Task Force to Tackle Online Gambling

Published

2 days ago

April 23, 2024

Niji Narayan

Reading Time: 2 minutes

Indonesian President Joko Widodo has chaired a limited meeting which discussed the efforts taken to eradicate online gambling in the country on Thursday 18 April, at Merdeka Palace in Jakarta. Minister for Communication and Information Technology Budi Arie Setiadi, in his press statement after the limited meeting, said that the Government will form a task force to counter online gambling.

“It has been decided that within a week, we will formulate measures to form an integrated task force in order to eradicate online gambling,” Budi said.

Minister for Communication and Information Technology mentioned that forming a cross-ministries/institutions task force is aimed to handle online gambling more thoroughly, collaboratively and efficiently.

“Gambling is an illegal act based on regulations. So, we need to impose measures effectively to settle it,” Budi stated, adding that his ministry will focus on handling online gambling websites and contents, while the law enforcement officers will enforce the law.

“Our authority is only to take down the websites, while the Financial Services Authority (OJK) blocks their financial accounts, and then followed by law enforcement officers, police officers, and the public prosecution service officers,” he remarked.

Similarly, OJK’s Chairperson of Commissioner Board Mahendra Siregar also highlighted the importance of holistic measures in eradicating online gambling in Indonesia.

“Some online gambling activities are not conducted in Indonesia, some are cross-borders, some do not use bank accounts, some needs to be tracked and traced through bank accounts, including transfers and so on. So, the next layers must also be addressed, and that way it leaves no empty rooms,” Mahendra explained.

Mahendra said that according to the institution’s authority, from the end of 2023 to March 2024, OJK has blocked around 5000 bank accounts that indicate its relation to online gambling.

“So far, we have cooperated closely with Communications and Information Technology Ministry. So, if we receive a list of bank accounts suspected to be used or are being used in online gambling activities, we immediately block them, and it has reached up to 5000 bank accounts,” Mahendra mentioned.