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Compliance Updates

GiG suspends sports betting on Rizk and Guts, challenging the Swedish regulator for clarification on the gambling law

George Miller

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GiG suspends sports betting on Rizk and Guts, challenging the Swedish regulator for clarification on the gambling law
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Gaming Innovation Group Inc. (GiG) has proactively chosen to temporarily suspend its sportsbook on inhouse brands Rizk and Guts in Sweden pending clarification from the Swedish Gambling Authority (SGA) with respect to the interpretation of some elements of the Swedish gambling regulation. The sportsbook is only suspended in the Swedish market with its own brands, remaining live in other countries and will be open again in Sweden as soon as the necessary regulatory clarification is given. Any bets received but not yet settled will be honoured and therefore unaffected by this. The financial impact on GiG will be immaterial.

Robin Reed, CEO of GiG states: “We find ourselves in an impossible position due to the lack of clarity in the Swedish gambling regulation. We have to protect the Company and its shareholders from potential penalties from such vagueries. This action was taken because, ultimately, it is critically important for us to be compliant. So, we decided to temporarily suspend further bets until this can be clarified. We believe that the current rules for online sports betting are too open to interpretation, leaving uncertainty around whether an operator is in fact compliant or not. The recent fines issued by the Swedish regulator to GiG and multiple other peers demonstrate this overall uncertainty in the market. We encourage the SGA to amend the relevant rules so that they do not leave any room for misinterpretation and we would welcome the opportunity to collaborate on this. We have taken the lead on this and we also encourage the SGA to suspend all sportsbooks operating in Sweden until such clarification is provided.”

GiG intends to appeal its recent sanction by the Swedish regulator. The Company does not agree with the SGA’s assessment and conclusion and is seeking clarification.

 

 

About Gaming Innovation Group:

Gaming Innovation Group Inc. is a technology company providing products and services throughout the entire value chain in the iGaming industry. Founded in 2012, Gaming Innovation Group’s vision is ‘To open up iGaming and make it fair and fun for all’. Through its ecosystem of products and services, it 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 in the Oslo Stock Exchange under the ticker symbol GiG. www.gig.com 

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Australia

AUSTRAC Launches Formal Investigation into Crown Melbourne Over AML Concerns

Niji Narayan

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AUSTRAC Launches Formal Investigation into Crown Melbourne Over AML Concerns
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AUSTRAC, Australia’s financial crime watchdog, has launched a formal investigation into potential infringements of the country’s anti-money laundering laws by Crown Resorts.

In a Monday morning filing with the Australian Securities Exchange, Crown revealed that it had been informed of the investigation by AUSTRAC after the authority’s Regulatory Operations branch identified potential non-compliance by Crown Melbourne of the Anti-Money Laundering and Counter Terrorism Financing Act 2006 and the Anti-Money Laundering and Counter Terrorism Financing Rules 2007.

The potential non-compliance relates to “ongoing customer due diligence, and adopting, maintain and complying with an anti-money laundering/counter terrorism financing program,” Crown said.

It added that the concerns were identified “in the course of a compliance assessment that commenced in September 2019 and focused on Crown Melbourne’s management of customers identified as high risk and politically exposed persons.”

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Baltics

SoftGamings Sportsbook Solution Gets Certified in Latvia

Niji Narayan

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SoftGamings Sportsbook solution certified in Latvia
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SoftGamings’ Sportsbook solution has been certified for use in the Latvian regulated market.

SoftGamings Sportsbook product incorporates BetRadar odds and risk services and allows for a deep front-end design customisation. SoftGamings Sportsbook offers over 500,000 events every year on 80+ sports. On top of that, SoftGamings offers a fully customisable bonus and freebets engine.

The first client to use SoftGamings Sportsbook in Latvia is Casino777.lv. The Sportsbook can be easily integrated into the client’s site, with extensive support for sport tracking, widgets, promo offers and banner ads supported out of the box.

“We’re always happy to see our clients making big steps in the industry. Casino777 is a comprehensive platform with an outstanding casino and sportsbook. We’re proud to provide our sports betting software to the client and hope to continue our cooperation for a long time,” Irina Sazonova, Director of Partnerships at SoftGamings, said.

“Being able to provide our services in Latvia, Casino777 has reached a significant milestone. It means we’re about to enter a dynamic European market, which could help us grow further as a company. Europe offers a very competitive market, especially when it comes to sports, and we’re ready to enter the competition since we have outstanding sports betting software,” Vyacheslav Klyuevsky, Head of Sportsbook of Casino777.lv, said.

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Compliance Updates

Mr Green Secures iGaming License in Spain

Niji Narayan

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Mr Green Secures iGaming License in Spain
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William Hill’s pan-European igaming subsidiary Mr Green has secured a license from Spain’s gambling regulator la Dirección General del Ordenación del Juego (DGOJ). The William Hill brand is already active in Spain’s online sports betting market, with Mr Green to be used to strengthen its casino offering in the country.

“This is an important milestone within our strategy,” William Hill International managing director and chief executive of Mr Green Patrick Jonker said.

“With the launch of Mr Green in Spain, we look forward to expanding our offer by expanding our already strong presence within sports betting, with one of the strongest casino brands in the industry,” he explained.

“With the combination of two industry leading brands, we look forward to deliver the best player experience within sports and gaming.”

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