Compliance Updates
Gaming Innovation Group awarded two Swedish licences
Gaming Innovation Group Inc. (GiG) has been awarded two licences in the Swedish market. One licence will be used for its inhouse brands (Rizk, Guts, Highroller, Thrills, Kaboo and Betspin) and the other licence will be offered to its external customers.
The new Chairman of the Board, Petter Nylander, is one of the pioneers and driving forces behind the Swedish re-regulation of the gaming and gambling market. He also has significant experience from the iGaming industry as the former CEO of Unibet (now Kindred Group plc).
Petter Nylander, Chairman of the Board at GiG says:Ā āI am very excited in joining GiG in this dynamic market at this point in time, the Company is ready for its next phase of expansion with an accelerated need for compliance and end user safety. GiG will shortly be moving its listing to Sweden and it is a pleasure to see the Swedish market re-regulate, which is something I have personally been fighting for over a significant period.ā
āThere is an enormous potential for growth in regulated and soon-to-be regulated markets globally, such as in the US, which state by state we see swiftly opening up for online casino and sports betting. I am looking forward to driving the success of GiG to the next level. GiG is uniquely positioned with its B2B solutions and B2C offering covering the whole value chain in iGaming and is supported by a strong Board in its further growth and opportunities.ā
Robin Reed, CEO at GiG says:Ā āI am delighted GiG is now ready for further growth in the regulated Swedish market where we have offered our online gaming entertainment since 2013. Sweden is a very important market, both to us and to many of our customers. We are looking forward to delivering our fair and fun offering to Swedish end users in the new regulated environment. GiG embraces a safe and trusted iGaming environment and has been and will continue investing in technology and people to be at the forefront of responsible gaming. Examples of our innovative player safety services include a leading marketing compliance tool āGiG Complyā, machine learning and artificial intelligence to manage responsible gaming and a hands-on, inhouse Player Safety Team which directly supports the end users.ā
āWe are excited about the potential for accelerated growth as we expand in regulated markets globally. The new Board of Directors brings all the knowledge and experience we need to further accelerate the Company in an increasingly regulated environment and to drive towards rapidly becoming the leading iGaming partner supporting our customers in building strong brands.ā
The Swedish market will be regulated from 1 January 2019 with a betting duty of 18%, the licences are awarded by The Swedish Gambling Authority, Lotteriinspektionen. GiG currently holds licences in Malta, UK, New Jersey, Germany (Schleswig-Holstein), Sweden and has a pending licence in Spain.
On 11 December, a new Board of Directors was elected by GiGās shareholders at a Special Meeting in Oslo. Petter Nylander was elected new Chairman of the Board. Five Directors of the Board were elected: Helge Nielsen (former GiG Chairman of the Board), Henrik Persson Ekdahl (re-elected Director of the Board), Robert BurĆ©n (new Director of the Board), Frode Fagerli (new Director of the Board) and Paul Fischbein (new Director of the Board).
About Gaming Innovation Group (GiG):
Gaming Innovation Group Inc. is a technology company providing solutions, products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Groupās vision is āTo open up iGaming and make it fair and fun for allā. Through the ecosystem of products and services, GiG is connecting operators, suppliers and users, to create the best iGaming experiences in the world. Gaming Innovation Group operates out of Malta and is listed on the Oslo Stock Exchange under the ticker symbol GIG.
For more information about GiG also see:Ā www.gig.com
Compliance Updates
Department of Trust set to meet challenges of new affordability checks
Department of TrustĀ (dotrust.co.uk), the award-winning provider of financial risk assessments for safer gambling is poised to meet the challenges of the newly announced regulations on frictionless financial checks by the UK Gambling Commission and Betting and Gaming Council.
Under the new rules published by the Gambling Commission, operators have until August 30th to implement frictionless checks on all customers making Ā£500 net deposits in any rolling 30-day period. These frictionless checks form part of a new regime designed to protect players at risk of financial harm and replace the current ad hoc approach to affordability checks.
Department of Trust also welcomes the interim voluntary code published today by the Betting and Gaming Council (BGC), the standards body representing over 90% of UK-regulated market operators. This code focuses on how responsible operators should support customers spending above the lower threshold set out by the Gambling Commission.
The supplierās DoTrust Complete solution offers an integrated suite of frictionless and enhanced financial risk checks with a high level of automation capability -the only such tool built solely for safer gambling – and is perfectly positioned to help businesses navigate the newly regulated waters.
Charles Cohen, CEO of Department of Trust, said: āThese important announcements flag the end of gamblingās āsus lawā where players faced seemingly arbitrary requests for personal information, operators were placed under a significant burden, and no one won
āWe now know that in 120 days, every operator will need to perform frictionless checks on all players with net deposits in a 30-day rolling period of Ā£500. A few months later this will fall to a much lower level.
āIf operators want to protect their business, keep their customers and reduce costs, smart automation is the only answer.
āDepartment of Trust has spent over two years building the leading plug-and-play solution specifically for the gambling industry. Complete already automates over 90% of the processes required in both the new LCCP and BGC code. Now we know what the requirement will be, we are today committing to the goal of 100%. We want every operator and player to have instant assessments and sensible decisions cost-effectively. No one needs to lose sleep over this.ā.
Asia
Uzbekistan Legalises Online Betting and Lotteries
President of Uzbekistan Shavkat Mirziyoyev has signed a decree on April 19 titled āOn Measures to Improve the Regulation of the Organization and Conduct of Lotteries and Risk-Based Games in the Republic of Uzbekistanā. The document abolishes the ban starting from January 1, 2025, and introduces a legal framework for the organisation of risk-based games online and betting activities.
The issue of legalising betting activities has been a long-standing topic in Uzbekistan. In December 2019, the president signed a decree to legalise bookmakers, but this decision was revised in April 2022. In April 2023, the head of state instructed the development of a regulatory framework for betting activities.
The National Agency for Advanced Projects (NAAP), the authorised state body for regulating and licensing activities in this sector, provided insights on the necessity of introducing state regulation in the gambling sector in Uzbekistan. The agency emphasised the need to prevent illegal gambling businesses, protect playersā rights and generate additional income for the state budget.
The presidentās decree aims to introduce advanced foreign experience and modern technologies in regulating the organisation of risk-based games and lotteries to increase investment attractiveness, tourist potential and attract additional funds to the country.
The measures outlined in the decree include the creation of legal foundations for the legalisation of activities related to risk-based games online, betting activities, and lotteries, implementation of mechanisms to protect citizensā rights and interests, prevention of gambling addiction and the generation of additional state budget revenue.
Starting from January 1, 2025, a taxation system will be introduced for license holders, where organisers of online games, betting activities and lotteries will pay a turnover tax. This system aims to prevent the concealment of taxable revenue and is expected to generate additional tax revenues for the state budget.
Overall, the implementation of the decree is intended to establish a reliable foundation for the legal regulation of activities related to organising risk-based games online, betting activities and lotteries in Uzbekistan, protect citizensā interests, combat gambling addiction and provide additional sources of income for the state budget.
Compliance Updates
IAGR & IMGL Open Ticket Sales for 2024 Conference in Rome
The International Association of Gaming Regulators (IAGR) has opened registrations for its annual conference, taking place in Rome, Italy, from October 21 to 24.
With the themeĀ Navigating the Future of Gaming Regulation in a Transforming World,Ā this year’s event is a partnership with the International Masters of Gaming Law (IMGL).
āIAGR and IMGLās Rome conference is a four-day event that brings together regulators, industry thought leaders and experts to share ideas and shape the future of gaming regulation across the world,ā the President for the IAGR, Ben Haden, said.
The conference follows last yearās event in Gaborone, Botswana, which brought together the largest number of attendees in IAGRās history.
āThis year, participants can look forward to diving into themes that are at the forefront of the gaming regulation landscape including advancements in technology, the evolving regulatory challenges and strategies for future-proofing the global gaming industry,ā Haden said. āIn an era where technology is rewriting the rules of our industry, the question isnāt whether to adapt, but how swiftly we can. IAGR 2024 is about coming together as a global community to not only keep pace with change but to drive it.ā
Confirmed speakers will be announced from May.
Conference highlights:
- Expert-led sessions and panel discussions on the latest in gaming regulation
- Joint conference sessions and events with IMGL, providing further networking and knowledge-sharing opportunities
- Networking events set in the heart of Rome including an opening reception and gala dinner featuring the International Regulatory Awards ceremony
Early-bird pricing is available until July 31 with super-early bird prices available until May 31. Head to the IAGR website for more details and ticket sales.
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