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Compliance Updates

Betfred signs agreement with SMP Compliance Academy

Niji Narayan

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Betfred debuts American Sports Betting platform at Betting on Sports America 2019 at Meadowlands, New Jersey
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The UK-based bookmaker Betfred has strengthened its regulatory compliance framework by signing a partnership with SMP Compliance Academy.

SMP Compliance Academy is CPD-accredited company. It was established in 2017 by SMP eGaming, an Isle of man-based specialist eGaming consultancy.

Ted Pepper, Director of SMP eGaming, said: “The partnership with Betfred is based on a subscription model and our Academy will deliver tailored compliance and regulatory training. Betfred can also utilise our platform as a knowledge hub and document repository for its company policies and procedures.”

“We are delighted to team up with one of the biggest names in the Gaming industry and it’s a further strong endorsement of the work being undertaken by the Academy and the services it provides.’

Adele Farrell, Director of Digital Compliance at Betfred, said: “The platform provided by SMP Compliance Academy provides a powerful tool and voice, not only to deliver the obligatory training and company policy and procedures that Betfred requires, but also to instil a positive and responsible compliance culture. The platform allows us to apply a risk-based approach to our training via the powerful analytical tools, which can be used to identify any training deficiencies within the business.”

“We are committed to the ongoing training of our staff, ensuring they have the latest relevant knowledge and skills, and the SMP Compliance Academy meets all our requirements perfectly.’’

 

Source: 5StarMedia

Niji Narayan 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. He reports gaming industry headlines from all around the globe.

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Compliance Updates

Gambling Research Centre Recommends to Update German Gambling Laws

Niji Narayan

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Gambling Research Centre Recommends to Update German Gambling Laws
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Forschungsstelle Glücksspiel, the Gambling Research Centre at the University of Hohenheim in Germany, has recommended to impose taxes on unlicensed operators in the country and to legalise online casino games.

“There is agreement that the enforcement against illegal providers on the Internet needs to be strengthened,” the Centre said.

“Currently, the offer of online casino games on the Internet is largely illegal, but still takes place. It can be assumed that some states will continue to allow online casino games or will do so in the future. Also, for player protection reasons, a regulated market is preferable to a non-regulated market,” the Centre added.

In Germany, the land-based casinos generated gross gaming revenue of €60 m in 2017 and paid €319m in casino and sales taxes. It is estimated that the illegal gambling market generated about €1.76bn for the same period.

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Compliance Updates

MGA Cancels Gaming Service Licence of Betixx

Niji Narayan

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MGA Cancels Gaming Service Licence of Betixx
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The Malta Gaming Authority (MGA) has cancelled the gaming service licence of Betixx Limited, after ruling that the operator breached a number of regulations.

According to the MGA, Betixx breached paragraphs B and E of the Third Schedule to the Gaming Act. Paragraph B refers to the failure to submit specific documents to the regulator. Paragraph E is in reference to the failure to pay, in a timely manner, licence fees, gaming tax and compliance contributions to the MGA.

The MGA has now ordered Betixx to cease gaming operations, while it will not be permitted to register new players or accept new customer deposits. Betixx must also provide all registered players with access to their accounts and refund any remaining balances to customers.

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Latvian Parliament Approves Amendments to Gambling Laws

Niji Narayan

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Latvian Parliament Approves Amendments to Gambling Laws
Photo Source: saeima.lv
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Saeima, the parliament from Latvia, has approved the amendments in the final reading of the Law on Lotteries and Gambling Fee and Tax. The tax revenue from gambling that the state perceives has increased from 75% to 95%.

The amendments were designed to increase tax revenue for the state and help cover budget gaps. Before the amendments, the state budget received 75% from gambling tax revenue, while 25% went to municipalities’ budget. During the first reading, parliament members suggested to increase the state’s percentage to 90%, but the coalition agreed on 95%.

Other amendments, which will come into force with the gambling law in 2020, establish that gambling tax rate for roulette, cards and dice games will rise from €23.4k to €28k a year. Tax for gambling machines will increase from €4.1k to €5.1k.

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