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In Montenegro, a Controversial Law Challenging the Fintech Future Prompts Legal Experts to React

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In Montenegro, a Controversial Law Challenging the Fintech Future Prompts Legal Experts to React
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Montenegro’s evolving digital landscape has been facing a significant hurdle with the introduction of Article 68f of the Gambling Law since the beginning of 2024. Legal experts, spearheaded by the prestigious law firm Schoenherr, have also raised concerns over the provision’s controversial nature and reminded on the constant scrutiny of the market participants regarding the risks to of the Article 68f to stifle not only the gaming industry but also jeopardize the expansion of Montenegro’s fintech sector.

Schoenherr’s Legal Scrutiny of Article 68f

The amendment, aimed at regulating online betting transactions, restricts funding the online accounts payments to cash in physical premises or through traditional payment cards, excluding a wide array of digital banking – e-banking and mobile banking solutions.

Delving into the entire problematic of Montenegro’s subject legal landscape, Schoenherr has conducted a thorough examination of the recent amendments to the Gambling Law, with a keen focus on the widely debated Article 68f. They reminded on a significant concern from market participants as well as on their massive response, in light of petition with over 25,000 signatures gathered and various legal initiatives initiated aimed at its repeal and constitutional review. Schoenherr underscored the depth of the controversy surrounding the new legislative measures and their impact on the online gaming sector in Montenegro.

Industry and Public Backlash

The introduction of Article 68f has not gone unnoticed by the market’s stakeholders, eliciting a strong response from gaming organizers who view the measure as unjustified and potentially illegal. A significant mobilization effort led to the initiation of a petition that garnered over 25,000 signatures, demonstrating widespread opposition to the law. This public outcry resulted in formal initiatives being submitted to both the Montenegrin Parliament and the Constitutional Court to challenge the provision’s legality and constitutionality.

Awaiting a Resolution

As the legal and public spheres await the competent authorities’ decision on these initiatives, the uncertainty surrounding Article 68f raises pressing questions about the future of digital innovation and consumer rights in Montenegro. The law firm’s analysis highlights a pivotal moment for the country, as it grapples with balancing regulatory objectives with the need to foster a competitive and inclusive digital economy.

The Broader Implications for Montenegro’s Fintech Industry

Beyond the immediate concerns for the gaming sector, the law’s restrictions on digital payment methods signal a potential setback for Montenegro’s fintech ambitions. In an era where digital financial services play a critical role in economic development, restrictive measures like Article 68f could deter innovation and investment in this crucial sector. The legal analysis by Schoenherr serves as another alarm-bell-call for a reevaluation of the law, urging policymakers to consider the long-term impacts on the country’s digital and financial landscape.

Balkans

Anakatech Incorporates GameArt’s High-Quality Slot Titles into Cutting-Edge Platform

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Anakatech, a developer of platforms and comprehensive solutions for the iGaming sector, has entered into a partnership with GameArt, a developer of high-quality HTML5 slot games for both online and land-based casino operators. As per the deal, GameArt’s games are now integrated on Anakatech’s gaming platform.

Anakatech offers complete casino solutions with a portfolio of innovative online and mobile games. Through this collaboration, Anakatech enhances its platform by integrating GameArt’s exceptional games, further enriching the gaming experience for its partners and players alike.

Yauheni Charniuk, Account Manager at GameArt, said: “We are delighted to partner with Anakatech as this collaboration enables us to bring our high-quality online slot games to Anakatech’s partners and clients. We look forward to many years of working together!”

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Balkans

Making a Bang in Bulgaria! Hacksaw Gaming goes live with Alphawin

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Making a Bang in Bulgaria! Hacksaw Gaming goes live with Alphawin
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Hacksaw Gaming and the swiftly up and coming Alphawin solidify their new partnership with the launch of 12 of Hacksaw’s top picks on their site.

As of the 10th of April, Alphawin’s players will be able to enjoy the likes of Chaos Crew, Wanted Dead or a Wild, RIP City and many others. Set to be a hit amongst Alphawin users in Bulgaria, we are anticipating the launch of even more of our fan favourite games in the near future. In a market that has been dominated by local well-known brands for a while, we look forward to seeing how Hacksaw games make waves with Alphawin’s players.

Founded in 2007, Alphabet Gaming now has a sizable network of over 10 land-based casinos and has easily been named one of the region’s industry leaders with its growth. Moving and adapting with the evolution of online gaming, they established Alphawin in 2021. They currently boast one of the largest online casino portfolios in the region, featuring 27 slots and 6 live casino providers. With hopes to add more before the close of 2024, the future is looking like a bright one for Alphawin.

“We are very excited to start our partnership with Hacksaw Gaming.” Alphawin’s spokesperson stated that “the company offers an innovative and unique take on the concept of casino gaming and is an excellent fit for us!”

Set for star positioning, Hacksaw Gaming’s games will see the spotlight in the initial launch with banners, targeted ads and top lobby positions. CEO Marcus Cordes shares Alphawin’s positive outlook on the partnership – “Another strong collaboration under our belts! We’re absolutely sure that the avid Alphawin players will enjoy our artistic visuals and enticing bonus features of our most loved games. With of course plans to expand the Hacksaw portfolio in the future”

As both parties broaden their horizons and look onwards, what do we foresee? Well, we see Hacksaw Gaming and Alphawin, a truly prime pairing.

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Balkans

ESA Gaming unveils Balkan Bet collaboration

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ESA Gaming unveils Balkan Bet collaboration
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ESA Gaming, the innovative games provider, has further boosted its footprint in Serbia after partnering with Balkan Bet.

The leading regional operator now has access to an expansive array of captivating casino games and slot titles from ESA Gaming, encompassing new video slot releases Candy Drops and Tiki Stacks, alongside the thrilling crash game Big Fish Bonanza.

Balkan Bet launched its online platform in 2016 and provides its customers with a broad selection of casino games and sports betting options.

This latest collaboration marks yet another significant stride for ESA Gaming, adding to several recent partnerships that highlight the company’s strategic plans to broaden its global reach.

Thomas Smallwood, Chief Commercial Officer at ESA Gaming, said: “This collaboration underscores our commitment to expanding our reach and providing unparalleled gaming experiences to players across the Balkan region.

“With a strong local presence in Serbia, we are delighted to see our titles go live with local partners, and we are confident that Balkan Bet customers will love our releases.”

Nikola Popović, Online Slot Product Manager at Balkan Bet, added: “We’re excited to take ESA Gaming’s captivating portfolio live on our platform, presenting a dynamic range of content.

“As we strive to continually enhance our offerings to meet player demands, ESA Gaming’s innovative approach promises to elevate our customer’s experience.”

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