Connect with us
SIS

Compliance Updates

Altenar continues regulated market push with UK licence

George Miller

Published

on

Altenar continues regulated market push with UK licence
Reading Time: 2 minutes

 

Leading sportsbook provider Altenar plans to further expand its presence in regulated markets after becoming licensed by the UK’s Gambling Commission.

As well as obtaining a gambling software licence, the company has also been granted host licences for real and virtual sports. The combination of authorisations will allow it to offer both its software-only package and its fully managed sports betting platform to UK operators.

Stanislav Silin, CEO at Altenar, said that although the licensing process was extensive and took longer than anticipated, it was an essential step for the company.

“The UK market has set the standard for other regions. It has a very solid regulatory framework, which independently licenses suppliers and operators and therefore gives confidence to all participants in the ecosystem that services are of a certain quality, standard and robustness.

“We are proud to have been granted a licence in such an important market. Some of the world’s largest bookmakers came out of this environment and it continues to be one of the most significant in the global gaming landscape.”

The company is now in discussions with a number of potential UK clients. “The UK market is undoubtedly very competitive and demanding, but we believe there is room for a sportsbook provider with state-of-the-art software, 24/7 risk management, trading and business support, and a strategy of acting not just as a provider but also as a business consultant to our clients,” commented Silin.

This is the third licence for Altenar. The company obtained a B2B licence from the Malta Gaming Authority (MGA) in April this year, as well as one from Romania’s Oficiul National pentru Jocuri de Noroc (ONJN) in September 2018.

Its latest move reaffirms the company’s commitment to regulated markets. Along with a strategy of applying for B2B licences in jurisdictions where these are available, it also works closely with regulated operators in markets where these are not required.

Altenar recently launched its first client in the newly regulated Swedish market, with LuckyCasino.com going live with its sportsbook in late May. It also provides the software platform for Wplay.co, which was the first operator to be granted a licence in the regulated Colombian market in 2017.

“We see the global gaming market as moving firmly in the direction of more regions becoming regulated,” said Silin.

“Between our MGA, ONJN and Gambling Commission supplier licences, as well as very recent successful test house approvals of our software and operational practices in Spain and Sweden, we are well on our way to expanding our customer portfolio with more operators that value sound business practices and regulated gaming.”

 

About Altenar:
Altenar provides sportsbook software and services to gaming operators. Its clients include Wplay.co, the dominant sportsbook operator in the Colombian market, Betrebels in Greece, Winbet in Bulgaria, Red Sevens in Romania, Playdoit in Mexico and Betbiga in Nigeria.
Altenar offers an extensive range of markets and sports thanks to its premium data package with Betradar, from which it holds gold certified status. It has also recently integrated the Betgenius live events portfolio.
Founded in 2009, the company has been expanding rapidly in recent years, doubling its revenues each year from 2016 to 2018. It has also increased its headcount, which has risen from 26 employees in 2016 to more than 100 today.

George Miller started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

Continue Reading
Advertisement
Comments

Asia

Nepal Government Introduces New Casino Rules

Niji Narayan

Published

on

Nepal Government Introduces New Casino Rules
Reading Time: 1 minute

 

The Government of Nepal has introduced a set of new rules relating to sharing of information about gamblers, management of assets and monitoring for suspicious activities.

As per the new rules, operators of brick-and-mortar casinos are required to maintain a record of visitors and players at the properties. Gambling venues should also deny access to those who are believed to be involved in suspicious activities.

The new rules mandate that the casinos must inform the government and the Nepal Rastra Bank about wins or losses of more than NPR1 million within a 15-day period. If the gambling venues suspect that a patron uses suspicious money, it has to compile a report and notify the NRB’s Financial Information Unit within a three-day period.

Under the recently adopted rules, operators of gambling venues must submit reports to the Department of Tourism in every four months. The reports must contain information proving that the casinos are not used for money laundering. Properties failing to submit the required reports could face fines of up to NPR50 million.

The newly imposed rules also contain provisions relating to sharing information about customers, casino operators and staff members. If casinos change staff, they must inform the authorities about the changes within a 15-day period.

Continue Reading

Compliance Updates

ASA Bans the Adverts of BetIndex and Coral

Niji Narayan

Published

on

ASA Bans Two ‘Irresponsible’ Gambling Adverts
Reading Time: 1 minute

 

Advertising Standards Authority (ASA) has banned the adverts from BetIndex and Coral for being socially irresponsible and encouraging potentially harmful behaviour.

A BetIndex video on YouTube featured a representative of The Football Index product describing it as “basically the football stock market, where you buy and sell shares in footballers with real money and you can win daily pay-outs which we call dividends.” A viewer of the video complained that it was irresponsible because it was presented as an investment opportunity.

Advertising Standards Authority (ASA) said the ad created the impression that the product was an investment opportunity when, in fact, it was a betting product. It concluded that the ad did not make the associated financial risks clear and was irresponsible.

Separately, a television ad for Coral has been banned for encouraging repetitive participation in gambling. The ad featured a female voiceover stating: “Free £5 bet every Sunday. When you bet £25+ Monday to Saturday.” A viewer complained that the offer was irresponsible and potentially harmful for encouraging consumers to gamble each week.

“We considered that the suggestion that viewers should ‘join’ a ‘club’ in order to receive a free £5 bet ‘every’ Sunday was likely to encourage some consumers to take up the offer repetitively. For that reason, we concluded that the ad was likely to encourage gambling behaviour that was harmful and therefore breached the Code,” upholding the complaint, the ASA said.

Continue Reading

Compliance Updates

MONEYVAL Criticises Malta for Failing to Act Against Financial Crimes

Niji Narayan

Published

on

MONEYVAL Criticises Malta for Failing to Act Against Financial Crimes
Photo Source: newstatesman.com
Reading Time: 1 minute

 

Anti-money laundering body, MONEYVAL has sharply criticised Malta for inadequately tackling financial crimes, in a report highlighting the risks of banking and online gambling sectors. The report is a setback for the island that has sought to repair its reputation following the murder of a journalist investigating corruption.

Moneyval said that the Maltese police seldom used information gathered to trace criminal money and not enough was being done to tackle money laundering risks in online gambling.

A group of Maltese ministers issued a statement to say they were happy with the progress that the country had made so far and they would prepare a one-year plan to implement Moneyval’s 58 recommendations.

Moneyval said that although the country had tried to better understand money laundering risks, investigations were hampered by “limited resources, both human and financial.”

Moneyval added they were “not convinced” Maltese police could effectively investigate and prosecute “cases related to financial, bribery and corruption offences.”

Continue Reading
Advertisement
NSoft

Global Gaming Industry Newsletter – Weekly Digest (sent every Wednesday)

Please select all the ways you would like to hear from European Gaming Media and Events:

You can unsubscribe at any time by clicking the link in the footer of our emails. For information about our privacy practices, please visit our website.

We use Mailchimp as our marketing platform. By clicking below to subscribe, you acknowledge that your information will be transferred to Mailchimp for processing. Learn more about Mailchimp's privacy practices here. Read more about European Gaming Media and Event's Privacy Policy and Terms of Service.

Subscribe to our News via Email

Enter your email address to subscribe to our news and receive notifications of new posts by email.

Latest by author

Trending

Notice for AdBlock users

We are constantly showing banners about important news regarding events and product launches. Please turn AdBlock off in order to see these areas.