Industry News
Gambling legislation in Israel remains ambiguous still
From the outside, the gambling legislation is Israel looks simple and straight forward. Gambling is banned in the country, according to the Israeli Penal Law 5737 of 1977. But the same law does not address online gambling in any manner. It is leading to much confusion and speculation.
There have been several illegal operators offering online gambling and claiming that it is not illegal. The law regarding this lies in bit of a grey area. In 2005, there were some developments. The then Israeli Attorney General took a stern stance against online gambling when he issued orders that not only mandated the closure of online gambling operators with servers based in Israel, but also penalised credit card companies that processed transactions for such online casino and gambling site operators.
The present situation is ambiguous. Attorneys interpret the law books as severely cracking down on casino gambling with some serious consequences for offenders, while in contradiction allowing sports betting and lottery as being perfectly legal.
Land-based casinos are banned in the country. The ban has resulted in several undercover casinos and gambling tables that operate behind closed doors. Not only are these unregulated and potentially frivolous, but such platforms can be downright dangerous. The gambling ban in Israel has come under some serious criticism of late for precisely such reasons. Not only will the legalisation of casino gambling and gambling games like poker allow for safe, fair and regulated casinos, but it is also a great boost to the economy as it is heavily taxable. In fact, these are exactly the reasons why the ban was lifted in Britain.
British legislators were able to identify that a ban is not effective in stopping gambling, it is instead just forcing gambling underground and the country is also losing out on hundreds of millions (now billions) of pounds of revenue that a legal gambling market would generate every year. In the UK, with respect to sports betting, a 15 per cent tax on all gross profits made by punters has replaced an older betting duty of 6.75 per cent. In January of 2010, the revenue generated from the gambling industry in Britain was extrapolated to be nearly £6 billion which at the time was a staggering 0.5 per cent of the GDP of the United Kingdom. If the copious amounts of money generated is not incentive enough for Israeli law makers to legalise gambling and regulate it closely, then surely, one would think that the fact that the industry in the UK employs and empowers nearly 100,000 people and generates over £700 million in tax revenue would certainly put them over the fence, but remarkably, not so.
Despite the fact that Israel adopted the legal framework of Britain, including the ban on gambling, Israeli gambling laws do not seem to be as dynamic and evolving as its English counter-part. The Israeli laws revolving around gambling and the ban on casinos and games like poker are archaic in this day and age to say the least.
Will Israel follow in the footsteps of Britain, from whom they adopted the gambling ban, and lift the ban? Only time will tell, but at this point, they seem to be in no hurry to do so.
Source: Jerusalem Post / LEO GIOSUÈ
Industry News
ICE Barcelona to deliver razor-sharp focus on LatAm and evolving Brazilian Market
January’s first edition of ICE Barcelona will feature a programme of content, discussions and C-suite networking curated specifically to meet the needs of the new regulated market in Brazil and the broader opportunities which exist in Latin America.
Living up to its reputation for being the business-to-business event which is at the forefront of industry developments across both regulation and emerging technologies ICE 2025 will feature a three day program which is dedicated to all aspects of the market in Brazil including regulation, compliance and the adoption of new technologies including the use of biometric recognition in relation to age verification and consumer protection.
Announcing the program and confirming ICE Barcelona’s role as the meeting place for international decision-makers and stakeholders, Clarion Gaming Managing Director Stuart Hunter said: “ICE was recently described in trade media as being the most important gaming event on the ‘planet’ and I believe that the show will live-up to that accolade when we welcome the world industry to our new Barcelona home in January.
“Some industry events place a strong emphasis on the past but for ICE our focus is unashamedly on the future. To this end we have been working closely with colleagues and stakeholders in Latin America to ensure that ICE is on the front foot bringing together the lawmakers, regulatory bodies, thought leaders, operators, innovators and technology providers all of whom have an important role to play in developing the market infrastructure.”
He added: “The importance of LatAm will be evident from the very start of ICE Barcelona when Vicente Fox, the former President of Mexicoheadlines the World Regulatory Briefing taking place Monday 20 January when he will address the topic of ‘Regulation and Revitalisation’ and the requirements needed to balance economic growth with community protection.
“A critic of the populist movements sweeping the region, he will outline his business-centric approach to the development of Mexico, and why he favours casinos as a tax benefit to reduce Mexico’s dependence on unpredictable oil income, and for heling to grow the local tourism industry. The keynote reflects the importance of Latin America as a leading voice in the global gambling industry and represents a major coup for ICE Barcelona.”
“The following day we will be staging a seminar which will cover the very latest business-critical information on the market in Brazil which will be supplemented by sessions focussed on Latin America. On the closing day the LatAm sessions will address the key issue of responsible gambling including the ground-breaking use of biometrics which will be of huge interest to regulators and operators from throughout the world.”
He concluded: “In all of the extensive research that we undertake in order to identify the most important issues impacting the business Brazil and Latin America consistently top the list. By attending ICE Barcelona gaming industry professionals will be able to connect with the main players, learn everything they need to know about doing business in Latin America and find the right organisations to collaborate with. For anyone with an interest in Latin America and in particular the Brazilian iGaming market ICE Barcelona is undoubtedly the place to be.”
For more information on the world’s greatest gathering of gaming professionals and to register: icegaming.com
Industry News
FDJ Announces its First Bond Issue
La Française des Jeux (FDJ), one of Europe’s leading betting and gaming operators, will meet investors over the next days with a view to launching its first bond issue, subject to market conditions.
FDJ recall that, on 7 November, Moody’s assigned the Group a long-term credit rating of Baa1 – stable outlook.
With a total value of €1.5 billion, in 3 tranches with maturity of 6, 9 and 12 years, the bond issue would be used to refinance most of the €2 billion bridging loan, drawn on 7 October to finance the acquisition of Kindred shares for nearly €2.5 billion. The bonds will be listed on the Euronext regulated market in Paris.
Furthermore, FDJ is finalising a €400 million syndicated loan with top-tier French and international banks, which will be repaid over 5 years. This financing is also intended to repay the bridging loan which will be settled with Group’s cash.
Balkans
CT Interactive Shortlisted in Two Categories at BEGE Awards 2024
CT Interactive has announced that it was shortlisted in two categories for the upcoming prestigious BEGE Awards 2024. The company has been recognised for its exceptional contributions to the online gaming industry by being among the finalists for Online Game of the Year for the innovative and engaging game Doctor Winstein Buy Bonus and Online Provider of the Year.
The BEGE Awards, which celebrate excellence and innovation in the gaming and entertainment industry, will be held on November 27, 2024, at the Club Black & White in the Grand Hotel Millennium, Sofia.
This year’s nominations reflect CT Interactive’s dedication to creating top-tier gaming experiences and its continuous efforts to push boundaries in the online gaming world.
“Being recognised in these two categories is a testament to the hard work and creativity of our entire team. We are thrilled to be among the industry’s finest at the BEGE Awards once again,” said Monika Zlateva, CCO at CT Interactive.
-
Asia6 days ago
Hong Kong Construction Titan Turned Macau Casino Boss Lui Che-Woo Dies Aged 95
-
Africa7 days ago
SunBet Extends Online Betting Platform Contract with Bede Gaming Amid Record-Breaking Performance
-
Africa6 days ago
Booming Games Partners with Hollywoodbets to Launch Immersive Slots Games in South Africa
-
Australia7 days ago
Vanguard Overwatch is Hardening Gaming Venues Against Financial Crime and Working Towards Minimising Gambling Harm
-
Industry News7 days ago
BC.GAME Launches Exclusive Airdrop for Polymarket Users, Rewarding Participation in U.S. Election Prediction Markets
-
eSports6 days ago
Intel commits to developing young talent in universities from the UK and Ireland through UNIVERSITY Esports
-
Asia5 days ago
Making Indian Presence Felt: Natural8 India gears up to take a contingent of nine winners of its latest India Exclusive to Asian Poker Tour (APT) Phu Quoc!
-
Asia6 days ago
Key milestone achieved as GiG enters Asia via agreement with Filipino land-based casino group