Compliance Updates
Swifty Global (Dear Cashmere Holding Company), Confirms the Award of its UK Gambling License
Dear Cashmere Holding Company, known as Swifty Global (Swifty), is a technology company focused on creating ground-breaking solutions in the Financial and Sports Betting Sectors. The company has developed two disruptive mobile applications (apps) for sports predictions and a digital wallet which encompasses Artificial Intelligence (AI) and Cryptocurrency/Blockchain Transactions.
Following its award of the Curacao license in November 2021, Swifty is now pleased to announce that it has successfully obtained its UK gambling license. The coveted UK license is the “Gold Standard” and one of the most difficult gambling licenses in the world to obtain. Its award now allows Swifty to upload its eagerly anticipated Swifty Predictions application to the UK Apple and Android stores, allowing users in the UK to download the app and register their account. In addition, Swifty has completed their 3rdparty security audit and is now adding the relevant payment providers. This couldn’t take place until the UK license was approved. Once the payment gateway is live, the software will be submitted for certification which, once obtained, will be made available in the licensed regions. Swifty’s in-house development team are working overtime to ensure that the product goes live as quickly as possible. The commercial team is simultaneously working on obtaining several further gambling licences, including for certain states in the USA.
To grow its user base in the licensed regions, Swifty is preparing to roll out its aggressive marketing plan, with the initial focus being to capture as many users as quickly as possible. From this point, the highly interactive Swifty predictions app brings a new form of engaged betting to users which Swifty is confident will stimulate a substantial amount of viral marketing.
After the successful “soft launch” of its Digital Wallet during the month of March, where several thousand users downloaded and used Swifty’s pre-configured digital currency wallet, the official launch of both the Swifty Wallet and Swifty Predictions app will take place in May. The official launch functions are expected to encompass several celebrity endorsements.
The Swifty Wallet will offer a referral scheme within the wallet itself. This will allow users to refer the app to other users, thereby earning credits which will be cashed in against the Swifty Token. The Swifty Token is scheduled to be launched once Swifty’s user base has reached a critical mass. The company anticipates this being in Autumn 2022. Referral vouchers will also double up to enter referrers into weekly prize draws.
Swifty will aggressively target the UK market to rapidly gain a lucrative share of the existing market whilst also creating a new category of gambling with its proprietary “swipe” technology for micro betting. This will create a new market of users who enjoy a more social, fun, and engaging form of gambling. According to the UK Gambling Commissioner, the UK’s online sports betting and casino gambling market was worth 6.9 billion pounds between March 2020 and April 2021. This was up 18.4% from the previous year. Despite the size of the UK market, there are only 287 companies that have a remote betting operating license and 469 companies that have a gambling software development license in the UK.
Swifty Global CEO, James Gibbons, commented, “We are ecstatic to have finally obtained this license following months of processes to demonstrate our compliance. We were always confident of obtaining the license since, in addition to our compliance, our technology, AML, and KYC capability is both next generation and world leading. However, it is a process that we had to go through, and we are very pleased to now finally be in the game within one of the world’s most active and lucrative gambling markets. We are excited to launch the Swifty Predictions app, especially since it’s within a few weeks of the successful launch of our Swifty Wallet. I am extremely proud of what we have accomplished and incredibly optimistic about our next quarter of business and beyond.”
Compliance Updates
MGA Marks Safer Gambling Week by Hosting Focus Group on Addressing Problem Gambling
As part of Safer Gambling Week, the Malta Gaming Authority (MGA) has launched the first in a series of focus groups aimed at addressing problem gambling and its effects on Maltese communities.
Bringing together key stakeholders such as Caritas Malta, Aġenzija Sedqa, the OASI Foundation and the Responsible Gaming Foundation, the session explored a self-assessment tool that the Authority is currently developing, grounded in recent research and industry trends.
The self-assessment tool, which will be available both in English and in Maltese, will guide individuals through a set of questions to help them identify whether gambling is causing harm in their lives. Based on the user’s responses, the tool will provide personalised recommendations and direct them to appropriate support services.
With invaluable input from organisations experienced in supporting individuals affected by problem gambling, the tool will undergo further refinement to maximise its effectiveness and relevance.
Clinical Chair at Aġenzija Sedqa, Anna Maria Vella, hailed the focus group as a “welcome initiative” which brought together a multidisciplinary team of experts.
“Working together and not in silos is always beneficial. We learn from each other to be more effective.”
Louis Bellizzi, Secretary of Caritas’ Foundation for Victims of Usury, said: “The MGA is in a unique position to coordinate the national effort to help alleviate the scourge of gambling addictions.”
In recent years, the Authority has taken significant steps to promote safer gambling practices, ranging from regular supervisory reviews on responsible gambling to enforcing stricter regulations.
The MGA closely monitors operators’ implementation of behavioural monitoring systems, self-exclusion systems and responsible marketing practices.
With a focus on high-risk areas, the Authority is refining its supervisory approach to be more dynamic and data-driven, ensuring responsible gambling practices are maintained and continuously improved to protect players effectively.
The MGA’s efforts align closely with the European Gaming and Betting Association (EGBA)’s initiative to establish a unified European standard for identifying markers of harm. The MGA is actively engaged in this initiative, working closely with fellow regulators and industry experts to create a comprehensive standard aimed at early identification of behaviours indicative of problem gambling.
The Authority’s proactive involvement in such initiatives underscores its dedication to fostering a responsible and transparent gaming sector, both locally and across Europe.
Balkans
Serbia’s ZLF Urges Total Ban on Gambling Ads
Serbia’s Zeleno-Levi Front (ZLF/Green-Left Front), a local green political party, is advocating for a total ban on gambling ads in the country. According to its representatives, banning all ads would be the most surefire way to protect the public from gambling harm.
The ZLF just organised the Games of Chance, Games with the Health of Citizens (Igre na sreću, igre sa zdravljem građana) forum, scrutinising the gaming industry and its negative consequences. During the forum, representatives slammed the government’s recent proposal to limit gambling ads, saying that this wouldn’t be enough.
For context, the government recently proposed a ban on gambling ads featuring prominent celebrities, mirroring similar measures in other regulated markets. For context, Serbian law currently allows professional athletes to advertise betting products, to safer gambling advocates’ dismay.
The ZLF, however, believes that its total ban would be the most effective way to minimise potential harm. During the forum, National Assembly member Biljana Đorđević noted that the ZLF had submitted a ban proposal in March but regretted that the government had not responded to the proposal or discussed the matter.
Đorđević suggested that Minister of Internal and External Trade Tomislav Momirović has been avoiding the discussion. Momirović, for context, has previously suggested reducing the visibility of gambling ads by prohibiting ads on billboards on busier roads and streets.
Echoing arguments and concerns raised in other regulated markets, Đorđević said that having celebrities promote gambling exposed children to potential danger. Since younger audiences are more easily affected by marketing, this could cause them to associate betting as a normal part of sports.
ZLF MP Marina Mijatović repeated these claims, saying that the government has so far done a bad job at protecting minors from negative exposure to gambling. While Mijatović acknowledged that Serbia cannot prohibit gambling, she noted that the ads do not need to be so eye-catching and appealing.
Compliance Updates
Lord Allen of Kensington Appointed as the new Chair of the British Horseracing Authority
Lord Allen of Kensington CBE is confirmed as the new Chair of the British Horseracing Authority.
As a highly experienced Chairman, and one of the most prominent business leaders of his generation, Lord Allen brings a wealth of experience to the role including in the financial and commercial sectors, Government, broadcast, international companies and global sports events.
He is due to assume his post on 1 June 2025 and will work closely with current Chair Joe Saumarez Smith in the months ahead of taking up the role to ensure a smooth transition.
Lord Allen is currently Chairman and Trustee of the Invictus Games Foundation and was Chairman of the Manchester Commonwealth Games in 2000-2003 for which he was awarded a CBE.
He oversaw London’s bid for the 2012 Olympics and was Board Director on the Organising Committee. His ability to deliver critical projects that made the Games such a success saw him knighted in 2012.
He was a Chief Adviser to the Home Office from 2006 to 2008. In 2012, he was appointed by Ed Miliband to the position of Chairman of the Management Board of the Labour Party. In 2013 he was made a Life Peer, taking the title Baron Allen of Kensington.
Lord Allen began a distinguished career in broadcasting and media with Granada TV in 1991 before going on to have senior roles in leading companies in the sector including EMI, Virgin Media and Endemol. He is currently Chairman of Global Media and Entertainment Limited.
He is currently Advisory Chairman to global independent investment bank Moelis & Company, Chairman of multinational infrastructure group Balfour Beatty PLC, and Chairman of e-commerce retailer THG (formerly The Hut Group).
Lord Allen said: “I am honoured to be appointed to the role of Chair of the British Horseracing Authority at this important time for the organisation.
“I look forward to building a strong relationship with the new CEO and the Board and all our stakeholders, delivering the vision of building the commercial and reputational aspects of the sector.
“My love of horses stems from learning to ride as a youngster and enjoying the sport of horseracing over many years.
“My knowledge, skills and experience from various sectors, including media and entertainment, and having led many regulated and sporting organisations will hopefully stand me in good stead to bring a fresh perspective to this incredible sport.”
Chair of the BHA Nominations Committee and the BHA’s Senior Independent Director, David Jones, said: “Lord Allen is a very experienced Chairman, and I am delighted that we have appointed a candidate of such outstanding calibre.
“His record speaks for itself and his impressive leadership skills, financial and commercial acumen, broadcast experience and an understanding of Government will bring a fresh and independent perspective to the BHA’s work.
“Combined with his wealth of experience in global sporting events, Lord Allen impressed the committee with his perceptive grasp of the challenges facing racing and will be a powerful advocate for the sport.”
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