Connect with us
SOFTSWISS

Compliance Updates

Understanding the World of Sports Betting Licences

Published

on

Reading Time: 4 minutes

 

In the exhilarating world of sports betting, where fortunes can change with the swing of a ball, trust and legitimacy are paramount. This is where the concept of a betting licence comes into play. A betting licence serves as the proverbial badge of honour for sports betting companies, assuring both customers and regulatory authorities of their authenticity and commitment to fair play.

Issued by a gambling committee, a betting licence is a tangible proof of a sportsbook’s legitimacy and adherence to stringent regulations. It is more than just a piece of paper; it’s a commitment to ethics, integrity and customer protection. In this article, KT Group (https:// kioskterminals .com) delves into the intricacies of betting licences, exploring their significance, history and how they vary on opposite sides of the Atlantic.

Getting to grips with United States sports betting licences

Most states that have opened their doors to sports betting have adopted a hierarchical licensing structure. This framework imposes licensing requirements on sportsbook operators as well as on the companies that offer goods and services to these operators. This dual-tiered approach often includes an ‘operator licence’ for sportsbook operators along with either a ‘supplier licence’ or a ‘vendor registration’ for the companies in the sports betting ecosystem.

The reach of these vendor and supplier licensing requirements is extensive, casting a wide net that in some states encompasses virtually any business entity that engages with a licensed sportsbook operator. The extent of this reach is exemplified by the fact that in certain states even law firms and advertising/media agencies providing services to sportsbook operators must obtain licences.

Adding another layer of complexity, some states have divided the vendor and supplier licences into distinct categories: a higher-level ‘supplier’ (or ‘vendor major’) licence for providers whose services directly impact sportsbook operations and a lower-level ‘vendor registration’ licence for those whose services have a less direct impact. Providers navigating these regulations often find themselves grappling with the task of categorising their services and determining the appropriate licence, which can be particularly challenging in the absence of clear-cut guidelines.

To further complicate matters, licensing rules in many states incorporate ‘catch-all’ provisions, granting regulators the discretion to determine on a case-by-case basis how a specific provider should be licensed. This discretion adds an element of unpredictability, making it essential for businesses to engage with regulatory authorities and legal counsel to navigate the complex terrain of sports betting licences in the United States.

The state of play

An increasing number of states recognise the potential revenue and entertainment value it offers. Some of the early adopters include Delaware and New Jersey, both of which legalised sports betting in 2018. These states paved the way for others to follow suit, showcasing the feasibility and benefits of a regulated sports betting industry.

Building on the foundation laid by the early adopters, several states further expanded their sports betting offerings in 2020 and 2021. Colorado and Montana joined the ranks of legalised sports betting in 2020 followed by Arizona, Connecticut, Louisiana, Nebraska, North Dakota and Virginia in 2021. These states embraced both retail and mobile betting, demonstrating a growing acceptance of sports wagering as a legitimate form of entertainment and a potential source of revenue.

The momentum has continued in 2022 and 2023 as Kansas welcomed online sports betting. Vermont, while having legalised sports betting, is expected to launch online platforms in late-2023 or early-2024. States such as Massachusetts and Ohio also entered the fray, showcasing the industry’s dynamic growth.

While some states have firmly established their presence in the sports betting and lottery arena, others are still in the midst of legislative deliberations or have proposed bills in the works. States like Florida, Georgia, Minnesota, Missouri, North Dakota, South Carolina and Texas are actively considering the legalisation of sports betting. These states are evaluating the potential benefits and regulatory frameworks that would best suit their unique circumstances.

On the opposite side, there are states where sports betting remains off the table. States like Alabama, Alaska, California, Hawaii, Idaho and Utah have either opted against legalisation or are yet to fully embrace the industry. While some may cite moral or regulatory concerns, others may be waiting to observe the experiences of their neighbours before making a decision.

With each passing year, the map of sports betting legalisation in the United States continues to evolve, offering a fascinating glimpse into the intersection of entertainment, revenue generation and regulatory complexity.

Europe and beyond

Europe stands as a prominent sports betting player with a tapestry of regulations and licensing authorities. At the forefront of European sports betting regulation is the United Kingdom, a jurisdiction renowned for its robust regulatory framework.

The United Kingdom’s gambling laws, including the Gambling Act 2005 and the Gambling Bill 2014, meticulously govern the industry. These laws, which have seen amendments over the years to keep pace with the evolving betting landscape, serve as the backbone of the United Kingdom’s gambling regulation.

Enforcing these laws with a vigilant eye is the United Kingdom’s Gambling Commission. This regulatory authority is celebrated for its unwavering commitment to strict oversight, making it a trusted name in the world of betting licences. The Gambling Commission ensures that operators adhere to stringent guidelines, promoting a fair and safe betting environment for all participants.

Moreover, the Gambling Commission provides a platform for customer recourse. Individuals with complaints about betting operators can register their grievances with the Gambling Commission that, in turn, can facilitate dispute resolution through alternative dispute resolution providers.

Beyond the shores of the United Kingdom, there is an array of betting jurisdictions, each with its own set of regulations and licensing bodies. Some of the prominent licensing authorities include the Malta Gaming Authority (MGA), the Kahnawake Gaming Commission and Curacao.

It’s important to note, however, that these regulatory bodies do not mediate disputes between players and operators, protect deposited funds or provide legal advice. Their primary focus is on establishing a framework that encourages responsible gambling and ensures that operators comply with the rules.

These regulatory bodies play a pivotal role in issuing licences, regulating sports betting companies and overseeing their operations. They share a common goal: ensuring the fairness of games, safeguarding vulnerable individuals and maintaining the industry’s integrity.

The Chief Executive Officer for KT Group, Kenneth Larsen, commented on the importance of understanding sports betting licences: “Understanding sports betting is crucial in today’s dynamic landscape, where it signifies an appreciation for the intricate web of regulations, economic impact and evolving fan engagement.

“As more regions embrace and regulate sports betting, it becomes essential for individuals, businesses and policymakers to grasp its intricacies. Sports betting transcends mere entertainment, influencing various industries and shaping how we engage with sports. Therefore, comprehending sports betting is not just an option; it’s a necessity for navigating this evolving landscape effectively.”

Compliance Updates

Breaking News: New £2 maximum stake for under 25s playing online slots in the UK

Published

on

Breaking News: New £2 maximum stake for under 25s playing online slots in the UK
Reading Time: 3 minutes

 

  • Stake limits for online slot games introduced for the first time in September in landmark moment for regulation of online gambling
  • Maximum £2 stake for 18 to 24-year-olds for online slot games to be introduced
  • £5 limit for adults aged 25 and over brings stakes in-line with casinos

Easily accessible online slot games are one of the most addictive forms of gambling, and can be associated with large losses, long sessions, and binge play. Unlike land-based gaming machines, such as in casinos, they have no statutory stake limits.

To counter the increased risk of significant harm and life-changing losses from online slot games, the Government will introduce a £5 stake limit for adults aged 25 and over.

Responding to evidence, a lower level stake limit for young adults aged 18-24 years old will be set at £2 per spin. This age group has the highest average problem gambling score of any group, as well as lower disposable income, ongoing neurological development impacting risk perception and common life stage factors like managing money for the first time. The evidence also points to a stronger link between gambling related harm and suicide among young adults.

The decision follows a 10-week consultation period in which the majority of respondents agreed with the gambling white paper proposal to introduce statutory limits for online slot games to help reduce the risk of gambling harm. Consultation responses included views from industry, academics, treatment providers and individuals.

Gambling Minister Stuart Andrew said: “Although millions of people gamble safely every single day, the evidence shows that there is a significantly higher problem gambling rate for online slot games.

We also know that young adults can be more vulnerable when it comes to gambling related harms, which is why we committed to addressing both of these issues in our white paper.

The growing popularity of online gambling is clear to see, so this announcement will level the playing field with the land-based sector and is the next step in a host of measures being introduced this year that will protect people from gambling harms.”

Evidence from the Office for Health Improvement and Disparities shows that young adults can be particularly vulnerable to gambling related harm, with under 25s having the highest average problem gambling score of any age group.

NHS survey figures also show that there is a problem gambling rate of 8.7 per cent for online gambling on slots, casino or bingo games, one of the highest rates across gambling activities.

CEO of GambleAware Zoë Osmond said: “We welcome the Government’s announcement to introduce lower online stake limits for under 25s as an important mechanism to protect young people. Our research shows a concerning trend with this age group experiencing an increase in harm arising from gambling and online slots are very high-risk products.

As we continue our work to tackle this growing public health issue, we will collaborate with the Government and others across the gambling harms sector to ensure there are no missed opportunities when it comes to the introduction of robust preventative measures, including new regulations such as these.”

The limits will come into force in September this year, following secondary legislation. There will be a six week transition period for operators to become compliant with the general £5 stake limit rules, followed by a further six weeks for the development of any necessary technical solutions to ensure operators are fully compliant with the lower stake limit of £2 for young adults aged 18-24.

Although most people gamble without issue, the restrictions introduced today are just some of the proposals set out in the Government’s white paper to modernise the gambling sector and make it fit for the digital age.

This includes the introduction of a statutory levy for research, prevention and treatment, as well as financial risk checks designed to prevent catastrophic, life-changing losses. The Gambling Commission and the Government continue to listen to concerns from campaigners, the wider public, and both the gambling and horse racing industries as part of the consultation process on these checks. The Gambling Commission continues to refine its approach on the design to achieve the right balance between protections and freedoms.

As well as introducing measures to protect people from gambling related harm, the white paper package contains proposals that will support the land-based gambling industry to thrive. The industry supports thousands of jobs across the country and the Government has been clear it does not want to harm its success.

Responses to the wider white paper measures will be published soon.

Continue Reading

Compliance Updates

UK trade association Bacta meet with Labour Party candidates ahead of General Election

Published

on

Reading Time: 2 minutes

 

Bacta’s preparations for the next UK General Election continue at a pace with George McGregor Executive Director – Government Relations, Regulatory Affairs and Communications, recently attending a meeting with North West England Labour Party candidates including Patrick Hurley (Southport), Michelle Scrogham (Barrow & Furness), and Chris Webb (Blackpool South).

 The meeting which was part of a wider Tourism Alliance programme covered a broad range of tourism related issues including support for the seaside sector, the contribution made by the amusements industry to seaside economies and the need to increase stake and prize levels on gaming machines.

Reflecting on the initiative George McGregor said: “We know there will be a General Election this year and it is a really opportune time to engage with prospective parliamentary candidates who are in campaigning mode.

“The Labour candidates that I met with are all likely to be elected MPs according to current opinion polls. The meeting was a great opportunity to forge links ahead of the General Election, outline what our industry contributes to economies throughout the country and explain the unique set of challenges that it faces not least its inability to increase prices due to stake and prize regulations.

Bacta President John Bollom added: “The trade association has been preparing for a General Election for some time and the recent meeting with prospective Labour MPs follows the EAG attendance of Labour Peer Lord McNicol of West Kilbride who became the first politician to open an edition of EAG/ATEI since Tim Sainsbury MP in 1994.

“Prior to that November’s Bacta Convention featured the Minister for Gambling The Rt Hon Stuart Andrew MP who made a key note speech as well as Phillip Davies the Conservative MP for Shipley.”

He continued: “Political engagement is a key part of the comprehensive package of services we provide Bacta members and I believe that thanks to the endeavours of the trade association as well as those of member organisations who have opened their doors to their constituency MPs that the industry’s political stock has rarely been higher.”

 

Continue Reading

Compliance Updates

Cyprus National Betting Authority Launches National Self-Exclusion Platform

Published

on

Reading Time: 2 minutes

 

The Cyprus National Betting Authority during a press conference on February 20, 2024, announced the launch of the National Self-Exclusion Platform (NSEP). This strategic initiative is part of the Authority’s commitment of safeguarding players and the public, as outlined in its Safer Gambling Strategy 2022-25.

The NSEP facilitates players to control their betting activities and opt for self-exclusion, either temporarily or indefinitely, from all online bookmakers who are licensed in the Republic of Cyprus. The player acknowledges that their betting activity has brought gambling related harm on their life, hence, they may use the self-exclusion tool for a more effective control of their betting activity. During the self-exclusion period, the player has access to their current account only for the purpose of withdrawing their deposits and cannot create a new account in a licenced bookmaker’s website.

Registration on the platform is free, simple and straightforward, enabling the player to set their self-exclusion across all betting service providers by registering at https://www.exclusion.cy/. Specifically, players have the flexibility to choose between temporary self-exclusion, long period self-exclusion or for an indefinite time.

During the press conference, Ms. Ioanna Fiakkou, President of the NBA, expressed her satisfaction with the platform’s launch, underscoring its significance as “a robust tool for every player, designed to promote safer betting behaviour and safeguarding vulnerable groups of people.”

“The development of the National Self-Exclusion Platform underscores the NBA’s dedication to player protection and the establishment of a sustainable and fair betting sector. The platform at this point offers self-exclusion from online betting service providers, but its operation is dynamic and poised to integrate additional functionalities. Thus, we extend a public invitation to all stakeholders to join our efforts for safeguarding society and include specific groups such as athletes in the platform’s operations, in collaboration with relevant federations and governmental bodies, to join the platform. Through this collaborative effort, we aim to fortify the fight against match-fixing and enhance transparency in sports, aligning with key objectives outlined in the Authority’s strategic framework. We are particularly satisfied to witness the realization of another significant milestone, as we advance towards achieving the goals set forth in the Safer Gambling Strategy, reinforcing protective measures for the public and fostering the industry’s sustainability in the right direction,” Ms. Fiakkou said.

Continue Reading
Advertisement
Alpha Affiliates
Advertisement

EveryMatrix

Advertisement

Launch your iGaming business swiftly and effortlessly with our comprehensive turnkey solutions

Advertisement

GambleDex

Trending

Get it on Google Play

EuropeanGaming.eu is a premier online platform that serves as a leading information hub for the gaming and gambling industry. This industry-centric media outlet reaches over 200,000 readers monthly, providing them with compelling content, the latest news, and deep-dive insights.

Offering comprehensive coverage on all aspects of the gaming sector, EuropeanGaming.eu includes online and land-based gaming, betting, esports, regulatory and compliance updates, and technological advancements. Regular features encompass daily news articles, press releases, exclusive interviews, and insightful event reports.

The platform also hosts industry-relevant virtual meetups and conferences, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - European Gaming is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania

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