Subsidiary of Stride Gaming Fined £7.1 Million by UKGC for AML and CSR FailingsLuke Haward, CDC Gaming Reports · November 14, 2018 at 11:27 amThe UK Gambling Commission have once again pulled no punches in its fight against anti-money laundering and social responsibility failings, levying a mammoth £7.1 million fine at Daub Alderney, a subsidiary of Stride Gaming. The operator will also have restrictions placed on its gambling license. Gambling Commission Executive Director Richard Watson said in the wake of the decision that “The operator’s standards did not match the protections required, and this fine reflects the seriousness of these lapses.” Following a thorough corporate evaluation of Daub Alderney’s operations, the Commission found multiple limitations in the firm’s ability to “proactively identify and mitigate risk.” It uncovered numerous breaches, including that Daub Alderney did not monitor business relationships appropriately, that they did not apply “sufficient enhanced customer due diligence”, that they did not keep full records of evidence and supporting documents related to due diligence checks, that it did not set up and maintain… [continue reading]
UK reverses delay to gambling machine reform after outcryAssociated Press · November 14, 2018 at 9:58 amLONDON (AP) – The British government says it will cut the maximum stake on electronic slot machines from 100 pounds ($130) to 2 pounds ($2.60) in April – reversing an unpopular decision to delay the move. The government agreed to reduce the maximum wager on fixed-odds betting terminals to help tackle problem gambling. Critics of the machines, found in betting shops across the country, say they are addictive and players can quickly lose large sums. Last month, the government announced the change would happen in October 2019, rather than April as many expected. Sports Minister Tracy Crouch quit, calling the delay unjustifiable. Culture Secretary Jeremy Wright said in a statement Wednesday that the lowered limit would take effect in April after all. Crouch says she is “really pleased that common sense has prevailed.” Copyright 2018 The Associated Press.
DICJ boss avoids questions on Macau re-tendering process as October 2019 deadline loomsBen Blaschke, Inside Asian Gaming · November 14, 2018 at 12:11 amMacau’s gaming regulator has refused to shed light on the re-tendering of gaming licenses or the timeline for revealing key details, despite the deadline for any extension to the first concession expiry now being less than 12 months away. Asked for insight into the re-tendering process with the gaming concession of SJM Holdings due to expire in March 2020, the Director of Macau’s Gaming Inspection and Coordination Bureau, Paulo Martins Chan, insisted on Tuesday that he could offer no new information on the government’s plans. “You all seem quite concerned about this question but I can’t give any related news,” Chan told reporters during a conference session at MGS Summit on Tuesday.
Twelve leading Tory MPs join calls to accelerate curbs on FOBTsRob Davies, The Guardian · November 14, 2018 at 12:02 amTwelve leading Conservative MPs have written to the chief whip urging the government to bow to pressure to bring forward curbs on fixed-odds betting terminals (FOBTs). The letter comes after more than 100 MPs, including Tory rebels such as Boris Johnson, Jo Johnson, Jacob Rees-Mogg and David Davis, put their name to an amendment designed to force the government to speed up the policy. The 12 are parliamentary private secretaries – MPs who work directly for senior ministers and therefore cannot oppose government policy by supporting the amendment.
Macau junkets call for bad debt provision in taxation overhaulBen Blaschke, Inside Asian Gaming · November 13, 2018 at 9:43 pmMacau’s junket industry has called on the government to change its taxation laws in order to help junket operators overcome bad debt concerns. Under current regulations, junkets are taxed on revenue rather than profit, meaning they are forced to pay tax on receivables whether those debts are collected or not. Responding to comments made early Tuesday by DICJ Director Paulo Martins Chan that amendments to Macau’s gaming law was long overdue, Tak Chun Group CEO Levo Chan said addressing the bad debt issues faced by junkets should be seen as a priority.
Casino, Expo wins would benefit Osaka economy: NomuraGGRAsia · November 13, 2018 at 9:10 pmJapanese brokerage Nomura says that if Osaka is successful in its respective bids to hold the World Expo 2025 and to host one of Japan’s first casino resorts, that would have a “positive impact” on the economy of the Japanese city. “A win for both the World Expo bid and the casino licence would be expected to… have a positive impact on Osaka’s economy,” analysts Daisuke Fukushima, Kentaro Maekawa and Atsushi Yoshioka wrote in a report. They added: “This would likely stimulate redevelopment around Yumeshima, and benefit companies with real estate in the area and Osaka-based construction companies.”
Imperial Pacific denies bankruptcy rumourG3 Newswire · November 13, 2018 at 8:45 pmImperial Pacific, operator of Imperial Pacific Resort in Saipan, has said it is not going into bankruptcy and will take legal action to end the rumours. Imperial stated: “The rumour of the bankruptcy proceeding is completely false. This rumour is circulating on social media about a senior executive of IPI, and the financial status of the company. The rumour is completely baseless and untrue. “If in fact IPI had or will be initiating bankruptcy proceedings, an announcement with the Hong Kong Stock Exchange would have been made. Legal action will be taken against the original online source spreading slanderous fake news.”
China Built the World’s Largest Gambling City. Can It Keep Growing?Daniela Wei, Bloomberg · November 13, 2018 at 1:59 pmSince Macau opened its doors to Las Vegas operators 16 years ago, annual revenue at the Chinese territory’s casinos has surged tenfold, to $33 billion, making it the world’s largest gaming locale. But the luck of casino operators in the former Portuguese colony—the only place where gambling is legal in China—may be running out. The profits are still climbing and are forecast to hit a record next year, but the rate of growth is expected to slow in 2019 as well-heeled gamblers pull back amid an economic slowdown in China. New Asian hot spots such as Japan are poised to become more formidable rivals.
AGS Names Glen Bullen Commercial Director for AGS InteractiveCDC Newswire · November 13, 2018 at 9:45 amLAS VEGAS, November 13, 2018 – AGS, a leading designer and supplier of electronic gaming machines, table products, and interactive solutions for the gaming industry, today announced that Glen Bullen has joined the Company as Commercial Director for its AGS Interactive division. Bullen will be based in AGS’ Gibraltar office, and will focus on supporting the Company’s existing Gibraltar-based licensed operators in the real-money gaming space, as well as expanding AGS Interactive’s growth into regulated markets across Europe. Bullen’s long tenure in the online gaming industry includes numerous senior business-to-business (“B2B”) commercial roles with leading providers such as EveryMatrix, Lottoland, Odobo, CyberArts, Chartwell Technology, and WagerWorks. AGS Executive Vice President Matt Reback said, “We are thrilled to have Glen join our AGS Interactive team and look forward to leveraging his broad-based knowledge of the online gaming industry and his proven track record of establishing and maintaining strategic partnerships and delivering… [continue reading]
Liverpool’s Sturridge charged with breaching betting rulesAssociated Press · November 13, 2018 at 12:11 amLONDON (AP) – Liverpool striker Daniel Sturridge could be facing a ban from football after being charged on Monday with breaching rules on betting. England’s Football Association said the alleged breaches took place in January 2018, when Sturridge was on loan from Liverpool at West Bromwich Albion. Liverpool reacted by saying the 29-year-old Sturridge has “stated categorically that he has never gambled on football.” “Daniel has given his full and unequivocal cooperation throughout this process,” Liverpool said in a statement, “and has assured the club he will continue to do so.” In April last year, Premier League player Joey Barton was banned for 18 months for placing more than a thousand bets on football over an 11-year period, including games he played in. The FA said Sturridge is alleged to have breached two rules. The first relates to bets on matches or any other football matter, and the second involves… [continue reading]
