Compliance Updates

BetDEX Announces New Licensing and Regulation in Ireland

Published

1 year ago

July 25, 2023

Reading Time: 2 minutes

BetDEX Labs Inc. (BetDEX) announced that the BetDEX Exchange has received a remote betting intermediary license in Ireland. The license, effective as of July 1, fully approves the BetDEX Exchange to offer all forms of online sports betting in Ireland and establishes a presence in the European Union as the Exchange continues to expand global operations. The BetDEX Exchange became the first fully licensed and regulated sports betting exchange built on blockchain technology when it received an online gambling license from the Isle of Man in October 2022.

Varun Sudhakar, CEO and Co-Founder of BetDEX, said: “As a UK-headquartered company with a local presence in Ireland, the BetDEX team is excited to enter a new but familiar territory of operation. Ireland has a rich history of being at the forefront of sports betting advancements, and while this license provides Irish citizens with the opportunity to bet using our platform, it also introduces the region to the power and benefits of blockchain and web3 technologies. We’re confident this will continue to advance the adoption of web3 betting platforms across the globe.”

With access to the BetDEX Exchange, bettors in Ireland can now experience the advantages in speed, cost and flexibility that BetDEX offers over legacy competitors. The BetDEX Exchange is 100% non-custodial, meaning BetDEX never controls or holds player funds. All wagers are held on transparent, audited and public smart contracts on the blockchain and upon settlement, the smart contract immediately remits funds to the winner’s wallet. Leveraging this technology, BetDEX can offer tighter spreads and fractional fees compared to existing bookmakers.

Licensing approval in Ireland also coincides with the introduction of in-play bets, fully available as of July 3 for cricket and tennis markets. A staple of the sports betting industry, estimates indicate that over 50% of global sports betting turnover takes place via in-play markets. As BetDEX continues to expand its product offering, bettors on the Exchange will also be able to bet on side markets, including game and set winners in tennis matches, as well as number of goals and goal scorers for the English and European football leagues.

“Ireland has long been a leader in innovation and adoption of new technologies. This licensing is a testament to the country’s commitment to staying on the cutting-edge and I am proud to be able to bring the BetDEX Exchange back to my native country. On behalf of the BetDEX team we are excited to provide a superior betting experience to the people of Ireland,” said BetDEX Labs Chairman and Co-Founder Nigel Eccles.

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Compliance Updates

IAGR confirms new Board members

Published

17 hours ago

November 14, 2024

George Miller

Reading Time: < 1 minute

The International Association of Gaming Regulators (IAGR) has announced the appointment of four new trustees to its Board, each bringing unique expertise and leadership to strengthen IAGR’s global regulatory efforts:

Anders Dorph, Danish Gambling Authority (Europe)
Peter Kesitilwe Emolemo, Gambling Authority of Botswana (Africa)
Kevin Mullally, General Commercial Gaming Regulatory Authority (Asia/Oceania)
Louis Rogacki, New Jersey Division of Gaming Enforcement (North America)

IAGR President Ben Haden said, ‘I’m delighted to welcome our four new trustees to the IAGR Board. Their diverse expertise and leadership across different jurisdictions will bring fresh perspectives to our work, further strengthening our global approach to gaming regulation.

‘I look forward to collaborating with Peter, Louis, Kevin and Anders as we continue to foster innovation and drive forward effective, responsible regulation for the benefit of the global gaming community.

‘We also extend a big thank you to Trude Høgseth Felde and Mabutho Zwane for their dedicated service as they complete their terms on the Board, and I’m pleased to announce that Jason Lane will continue for another term as a Trustee.’

As a leading forum for gaming regulators worldwide, IAGR enables members to meet, share information, discuss legislative developments, exchange views and learn best practices in gaming regulation.

In recent news, IAGR has also confirmed that its 2025 annual conference will be held in Toronto, Canada, from 20 to 23 October 2025, with registrations opening in early 2025.

Compliance Updates

MGA Issues First ESG Code Approval Seals to Licensees

Published

4 days ago

November 11, 2024

Niji Narayan

Reading Time: < 1 minute

The Malta Gaming Authority (MGA) has awarded its first-ever ESG (Environmental, Social and Governance) Code Approval Seals to licensees in the online gaming sector, marking a milestone in the Authority’s commitment to promoting responsible and sustainable industry practices.

This initiative follows the launch of the voluntary ESG Code of Good Practice last year, which invited licensees to submit their ESG disclosure returns. The Code, which covers 19 topics categorised under Environmental, Social and Governance pillars, offers a strategic roadmap for online gaming companies to streamline their reporting efforts.

Following the first annual reporting cycle, 14 gaming operators have been awarded the ESG Code Approval Seal. The Code supports two levels of reporting: Tier 1, which establishes foundational ESG standards, and Tier 2, which represents a more aspirational approach.

Seals are valid for one year, with flexibility for renewal in the subsequent reporting period, allowing operators to advance or adapt their reporting tier year by year.

“We believe this initiative will significantly enhance the industry’s reputation and sustainability credentials,” MGA CEO Charles Mizzi said.

“By integrating ESG considerations into their operations, gaming companies not only contribute to the wellbeing of society and the environment but also strengthen the trust and confidence that consumers, investors, and regulators have in the industry. This initiative sends a clear message: sustainability, in the broadest sense of the word, is integral to the future of the gaming sector.”

Compliance Updates

Turkish Football Federation to Penalise Clubs Promoting Illegal Betting

Published

4 days ago

November 11, 2024

Niji Narayan

Reading Time: < 1 minute

The Turkish Football Federation (TFF) has introduced new regulations to crack down on illegal betting advertisements in professional football.

According to the TFF, clubs found violating the new rules will face fines and, in case of repeated offenses, the deduction of points.

Under the updated guidelines, any club in the Turkish Super League involved in unauthorised betting promotions will face a tiered penalty system.

The first violation will result in a fine of 2 million Turkish Liras (around $58,000), and the second offense will incur a 5 million lira fine and a third violation will see the fine increased to 10 million liras. For subsequent breaches, clubs will be fined 10 million liras for each offense, along with a three-point deduction from their league standings.

“It is forbidden to promote or advertise betting organizations not licensed by competent authorities. This includes any media, billboards and other equipment used within stadium,” the TFF stated.

The TFF emphasised that the ban also applies to entities affiliated with these betting organisations, including those involved in promoting and advertising activities in a way that suggests endorsement of illegal betting.

The global scale of the illegal betting market is staggering, with the United Nations Office on Drugs and Crime estimating its worth at $1.8 trillion. In Türkiye alone, the sector is projected to exceed 100 billion liras, according to the Financial Crimes Investigation Board.