With the licence, Bragg can now serve operators in the British overseas territory, continue to grow globally and improve the reach of its product.

“Gibraltar is an important jurisdiction that is home to both UK and international facing companies and this licence will enable us to further expand our presence in key regulated markets,” commented Lara Falzon, President and Chief Operating Officer at Bragg Gaming Group.

Alongside the Gibraltar licence, Bragg also holds B2B licences in the UK, Malta, Romania, Sweden, Belgium and Greece, as well as four states in the US and the province of Ontario in Canada, among other jurisdictions.

Falzon added: “We have seen significant growth over the last few months, entering new markets and boosting our reach in established ones, and this licence is an important milestone as we continue our journey.

“We’re looking forward to collaborating with new partners and to introduce our content on their online casino platforms.”

CasinoBeats also recently spoke to Matej Nemec, Bragg’s Commercial Director, to discuss the progress of its in-house slot studios Atomic Slot Lab and Indigo Magic, along with the Powered by Bragg partner programme.

The post Bragg Gaming Group obtains Gibraltar B2B licence appeared first on CasinoBeats.

2.9

A subsidiary of 888, Virtual Global Digital Services, is to pay £2.9m after the Gibraltar Gambling Commissioner carried out an internal review into historical anti money laundering and terrorist financing.

The settlement consists of the aforementioned sanction being payable to the Consolidated Fund in lieu of any financial sanction that may have been imposed under the Supervisory Bodies (Powers Etc.) Regulations 2017.

In January, a review was sanctioned after 888 announced a suspension of VIP activities pending the outcome of an internal compliance investigation.

The gambling group said that it had come to light that certain best practices have not been followed in regard to KYC and AML processes for VIP customers in certain .com markets, with the Middle East region specifically named.

In April 2023, 888 concluded its own investigation, with no further impacts expected. The company’s board noted an expectation to recover 40 per cent to 50 per cent of revenue, resulting in a £25-30m revenue headwind for FY23.

90

SkyCity Entertainment Group has factored in an approximately A$90m financial hit that could stem from ongoing AUSTRAC civil penalty proceedings.

The Auckland-based operator, in addition to its Crown Resorts and Star Entertainment Group counterparts, became the subject of enforcement action from the financial watchdog in September 2019.

This is due to alleged serious and systemic non-compliance with Australia’s anti-money laundering and counter-terrorism financing laws.

Subsequently, SkyCity has set aside a A$45m provision for a potential AUSTRAC civil penalty and associated legal costs, as well as writing down the value of its Adelaide casino licence by A$45.6m.

30

Rank Group voiced optimism at witnessing a heightened performance through the coming 12 month period, despite swinging to a pre-tax loss during the year ending June 30, 2023.

The Grosvenor and Mecca owner has also echoed previous calls Director of Public Affairs David Williams, who noted that “timing is key and, for casinos, progress cannot come a moment too soon” when addressing the implementation of white paper reforms earlier in the month.

In a CEO address during its latest breakdown, John O’Reilly noted that the company is prepared to press ahead with modernisation plans to better meet the needs of its customer base. 

“The UK government’s white paper on gambling reform sets out a number of important public policies which will enable the land-based bingo and casino sectors to modernise the customer proposition to better meet the needs of today’s consumers,” he commented.

604

BetMGM is looking to replicate “great success in the US and Canada” after beginning its international expansion strategy by first going live in the United Kingdom.

Following MGM Resorts International CEO Bill Hornbuckle recently acknowledging that the entity is “not where we want it to be”, BetMGM has debuted online casino and sports betting within the region, in direct competition with JV partner Entain.

This is leveraging the technology and platform of LeoVegas, as opposed to Entain in the US and Canada, which was purchased by the casino and entertainment operator in a $604m transaction during 2022.

16.07

A series of increases means that the United States stands on the cusp of an “unprecedented” end to the year, as the American Gaming Association also vowed to stand firm in the ongoing fight against illegal operators.

Maintaining a spree of quarterly revenue growth, the industry association’s Commercial Gaming Revenue Tracker highlighted Q2 revenue growth of 8.1 per cent to $16.07bn, driven by online increases that was set against a relatively flat land-based performance.

A tenth consecutive quarter of growth saw the April to June time frame become the second-highest in industry history, topped only by the current year’s first three month period.

The $32.71bn in commercial gaming revenue generated in the first six months of 2023 tracks 11.9 per cent ahead of the same period one year earlier.

40

Craig Billings, Chief Executive Officer of Wynn Resorts, hailed “the most exciting new market opening in decades”, with the group expectant of being in receipt of a significant shot in the arm “imminently”.

This will see the operator gain receipt of a casino licence in the near future as Wynn’s multibillion dollar integrated resort on the man-made Al Marjan Island in Ras Al Khaimah, United Arab Emirates, progresses.

In addition to heavily praising the future prospects for the group, Billings, in a Q2 earnings call, confidently predicted that a 40 per cent equity ownership and management licence fees “will drive a very healthy ROI for Wynn Resorts shareholders”.

In addition to noting that the firm will bring its “’A’ game to this development”, ongoing construction currently sees over 40 per cent of the required hotel piles in the ground.

380.8

First quarter difficulties encountered across North America continued through April-June for Super Group, with the Asia-Pacific region also tracking significant declines through Q2 and H1.

Headline figures saw the Betway and Spin operator’s revenue nudge ahead 19 per cent to €380.8m (2022: €320.8m), with Europe, Africa and the Middle East cited as key growth points.

This partially offset declines felt across North America, predominantly in Canada due to regulatory changes in Ontario, and Asia-Pacific markets.

Operational EBITDA stood at €70m, up 30.59 per cent from €53.6m declared last year. This consisted of €82.6m in non-US income coupled with a stateside loss of €12.6m.

506.2

Online gambling across New Jersey continued to go from strength to strength as the Garden State tracked further increases through July, despite land-based entities suffering a further slight setback.

Total gaming revenue reported by casinos, racetracks and their partners through the 31 day period came in at $506.2m, up 5.3 per cent year-on-year from $480.7m. For the YTD, the region closed at $3.23bn, which is 11 percentage points ahead of $2.91bn.

Figures released by the region’s Division of Gaming Enforcement highlighted that online casinos and poker rooms are up 13.5 per cent YoY after closing at $155.16m (2022: $136.7m). For the YTD, igaming closed at $1.08bn, which is up 14.2 per cent from the past year’s $951.12m.

19

Galaxy Entertainment Group is to make an increased push into non-gaming amenities that it believes are “the future of Macau” after becoming the first of six concessionaire’s to resume dividends.

As the group continues an ambition of returning to the operational levels enjoyed prior to the COVID-19 pandemic, GEG Chair Lui Che Woo once again reiterated optimism for the autonomous region after tracking further increases through the year’s second quarter.

“During the period Macau continued its business recovery and the group’s primary focus was on operational execution, recruitment and project development,” he commented.

“We believe that non-gaming is the future of Macau to drive a longer staying and more diverse visitor base which aligns with Macau government’s vision of building Macau into a world centre of tourism and leisure.”

The post 888 & SkyCity troubles, financial updates & BetMGM: the week in numbers appeared first on CasinoBeats.

The settlement consists of the aforementioned sanction being payable to the Consolidated Fund in lieu of any financial sanction that may have been imposed under the Supervisory Bodies (Powers Etc.) Regulations 2017.

In January, a review was sanctioned after 888 announced a suspension of VIP activities pending the outcome of an internal compliance investigation.

The gambling group said that it had come to light that certain best practices have not been followed in regard to KYC and AML processes for VIP customers in certain .com markets, with the Middle East region specifically named.

In April 2023, 888 concluded its own investigation, with no further impacts expected. The company’s board noted an expectation to recover 40 per cent to 50 per cent of revenue, resulting in a £25-30m revenue headwind for FY23.

Following a Gibraltar GC investigation, a number of weaknesses were said to have been uncovered, which include an inconsistent approach with regards to keeping accounts open with restrictions as opposed to closing accounts.

Controls in relation to KYC obligations were found to be ineffective, with it said that “there was an historical overreliance on high thresholds for enhanced due diligence intervention and a lack of clarity in the threshold approach”.

A lack of consistency in the effectiveness of EDD checks found that these were not conducted quickly enough and identified as weak in certain circumstances, with failures in identifying “the suspicious nature of a very limited number of accounts at the earliest opportunity” also uncovered.

A further shortcoming concerned a perceived inconsistent approach with regards to keeping accounts open with restrictions as opposed to closing accounts, with 888 also found to have placed an overreliance on open-source checks

Furthermore, a failure to ask customers to provide the necessary source of funds and source of wealth documentation, at the appropriate time, was discovered in a number of cases.

Mitigating factors identified by the GGC include 888 management self-declaring the issues, suspension of accounts with immediate effect that resulted in “significant revenue loss”, a board commitment to rectify matters and immediate implementation of an internal compliance review.

Part of the settlement will be made available for use by the Centre of Excellence for Responsible Gaming at the University of Gibraltar to further work in the area of gambling disorder and effective prevention and treatment. 

“For the avoidance of doubt no specific cases were identified which involved 888 dealing with the proceeds of crime or terrorist financing,” a Gibraltar Gambling Commissioner statement read.

Adding: “Gibraltar licensees are expected to factor the learnings from this case into their own risk assessments, systems and controls. 888 continues to be considered a fit and proper entity to hold licences in Gibraltar. 

“888 has enhanced its policies and procedures in remediating the identified historical deficiencies. The Gambling Commissioner and Licensing Authority consider this matter closed and will be making no further comment on this matter.”

The post 888 to pay £2.9m after Gibraltar GC uncovers KYC and EDD shortcomings appeared first on CasinoBeats.

Following his appointment, Macias has spoken to CasinoBeats about his new role, why he has decided to return to the GBGA, Gibraltar’s Gambling Act and the challenges currently facing the organisation and the territory’s gambling future.

CasinoBeats: Congratulations on your new role with the Gibraltar Betting and Gaming Association. Why have you decided to return to the organisation?

Nicholas Macias: Thank you. Gibraltar has always been a premier remote gambling jurisdiction and the GBGA has always played a key role in ensuring this. I also recall the GBGA and its members taking a leading role in industry matters cross-jurisdiction, not just Gibraltar. 

For instance, their work with the European Gaming and Betting Association on CEN standards on responsible gambling and setting up the European Sports Security Association, which is now known as the International Betting Integrity Association. It is this proven track record, and helping to ensure the GBGA continues to play these key and leading roles that appeals to me greatly.

CB: You will be replacing Paul Foster at the GBGA, but as Secretary General instead of CEO. What does this new role entail?

NM: It does not differ greatly, if at all, from the role that Paul had. I have to run a programme of work that is of value and benefit to our members and keep the Chairman and the GBGA Directors on the Executive Committee regularly updated and involved. The only major difference is that whereas the CEO was also a GBGA Director on the Executive Committee, the Secretary General is not.

CB: Joining you as part of your team will be Angela Almeida and Bua Malamalatabua from ‘The Dream Team’. What will their roles involve?

NM: The GBGA has to ensure that its processes and arrangements are robust to be able to function efficiently and effectively (eg setting up and documenting all committee and sub-committee meetings, processing membership renewals and applications for membership, working with our fiduciary services provider, our accounts and auditing providers, etc), and Angela and Bua will share responsibility for this.

Angela and Bua are excellent at arranging and running in-person meetings and events, they’ll masterfully take responsibility for all venue and catering hires, etc and will ensure that all goes smoothly on the day.

They will also have responsibility for implementing and running a strong and effective communications programme with our members to be able to engage efficiently with them. I also like that they have a wide and varied network in Gibraltar that we may be able to tap into depending on the subjects and topics that we’d be working on.  

CB: In June, the Financial Action Task Force announced that Gibraltar would remain on its grey list. What challenges does this decision cause? What is the GBGA doing to help with the removal of Gibraltar from this list?

NM: To state something which I’m sure would be quite evident, a corporate entity from and in a jurisdiction that is on the grey list will find challenges in meeting the due diligence requirements of third parties (eg financial institutions) it either has long-standing arrangements with, or are looking to enter into new arrangements, that corporate entities from and in jurisdictions which are not on the grey list do not have. The risk of third parties terminating or refusing to enter into arrangements with corporate entities from jurisdictions on the grey list is also higher than the risk to corporate entities from jurisdictions not on the grey list.

The FATF concluded that Gibraltar would be included in the grey list for not fully addressing two out of seventy-eight recommended actions, namely the imposition of appropriate regulatory sanctions by supervisors, and obtaining appropriate final asset restraints arising from money laundering investigations by law enforcement agencies.

FATF last month updated that Gibraltar had made progress towards fully addressing these two recommended actions to the extent that further progress is required on final asset restraints but not appropriate regulatory sanctions by supervisors, as far as I understand. 

Of these two points, the one that had direct implications for our members is the imposition of regulatory sanctions by supervisors, and the onus has been on the supervisory body, in our case the Gambling Commissioner, rather than us the industry.

The Gambling Commissioner, I would think, would have been able to point to the GBGA as the association that provides them with a forum and a facility to be able to address and engage its licensees collectively, eg ‘lessons learnt’ exercise from AML-related enforcement action carried out, and for the GBGA to act as a single voice for the industry. 

Indeed, we held a very well-attended and all-round successful ‘lessons learnt’ session with the Gambling Commissioner last year, and we have incorporated into our internal policies the fact that we will routinely invite the Gambling Commissioner to address all our members in the event of enforcement action from them from here on.

CB: How will the GBGA be assisting the Gibraltar gambling industry in understanding and adapting to the new Gambling Act?

NM: We carried out extensive work on this last year. Our meetings and events/workshops on the Command Paper and proposed new licensing regime last year were very well attended and welcomed by our members, and we were able to provide collective feedback and raise collective issues that both our members and the HM Government of Gibraltar (which is drafting the revised Act and licensing regime) found very useful and helpful. This meant that we had an ongoing and effective engagement with the Gambling Commissioner and other policymakers involved in drafting the Act and licensing regime in person and in writing, and we still do.

We are currently waiting for the next version of the Command Paper and proposed licensing regime, which will factor in the feedback we provided and the issues we raised, and once published we will engage with our members, invite them to our meetings and events/workshops on the subject, and continue to engage with the authorities.

Even then, once the consultations have run their course and we have a new Act and licensing regime, we will have a period of consultations on new or revised rules and regulations/codes of practice, which means we will have plenty to keep us busy.

CB: Are there any other challenges facing the GBGA right now? How do you plan on tackling them?

NM: We are keeping close to developments as regards Gibraltar’s Brexit deal with the EU and Spain. This is something huge and important to Gibraltar at large and will have an impact on Gibraltar and industries in Gibraltar in one way or another. We have very strong ongoing lines of communication with the HM Government of Gibraltar, the Minister for Gambling, and the Gambling Commissioner that helps us monitor developments and provide any updates to our members.

CB: Finally, what are the GBGA’s goals for the remainder of 2023 and beyond?

NM: In addition to working on the new Act, licensing regime, and consequent new codes of practice, and monitoring developments on the Gibraltar Brexit deal, the GBGA’s constitution allows us to set sub-committees and progress work via this vehicle. I believe that this is quite a powerful tool at our disposal.

We trialled the ‘Data Protection’ sub-committee last year and it worked quite well and has provided us with a blueprint to work further on. This year, and beyond, we’ll be looking at setting up sub-committees to work on topics and subjects such as safer gambling (including protecting underage persons), anti-money laundering, sports betting integrity, etc. These, when set up, should provide our members with substantial value and benefits.

Moreover, we are committed to supporting the University of Gibraltar’s Centre of Excellence in Responsible Gambling for the benefit and value it would provide Gibraltar and our members, and we are looking forward to engaging more with our fellow gambling trade associations across Europe via the European Trades Association platform facilitated and run by EGBA. Indeed, we’re also looking forward again to our role as a participating association in European Safer Gambling Week which will take place in November, and which will see us co-ordinate our ESGW work and activities with both CERG and EGBA.

I should also mention that we are a strategic partner in the Commonwealth Enterprise and Investment Council to identify opportunities for our members via this vehicle, and we are looking forward to working on a Diversity, Equality, and Inclusion programme.

I should not forget that one of the GBGA’s objectives is to facilitate networking and engagement amongst persons in our industry through social events and not just work events, and we look forward to setting up more of these. 

You see, there’s plenty that we want to do and will do, and I am excited about what the GBGA can do for its members and Gibraltar at large.

The post Nicholas Macias: Plenty to keep GBGA busy as Gibraltar awaits new future appeared first on CasinoBeats.

Following five years in the role, Chair Nigel Birrell said in a statement that Foster is leaving the GBGA to spend more time on other business ventures, with Merel Swarts also departing the association to support Foster. 

Birrell thanked them both for their work over the past few years, before announcing that the position of CEO will be replaced with a new role of Secretary General, with Macias returning to the GBGA to assume the role.

Macias held the position of Chief Operations Officer with the GBGA before leaving last year. He has also held senior compliance positions across the Gibraltar gaming industry since 2014.

The association added that Angela Almeida and Bua Malamalatabua will also be part of Macias’ new team.

Having previously helped the GBGA with website and social media management and engagement as well as meeting and event set-up, Birrell noted that Almeida and Malamalatabua will now have additional administrative and operational responsibilities to carry out as well.

Birrell signed off by stating the GBGA’s strategy over the next couple of months will be to provide support to the industry in understanding and adapting to Gibraltar’s new Gambling Act and the revised licensing regime and new codes of practice that have come from it.

The post Nicholas Macias replaces Paul Foster as GBGA lead appeared first on CasinoBeats.

2022

The Gibraltar Social Democrats criticised the British overseas territory’s government after the Financial Action Task Force revealed that it would remain on the grey list.

The FATF noted that despite “continued progress across its action plan”, all deadlines to implement each point contained therein had now passed. 

Gibraltar was placed on the grey list in June 2022, at the same time as Malta’s delisting was confirmed, when “strategic deficiencies” in AML compliance were said to have been identified. 

At a press conference, Marcus Pleyer, FATF Chair at the time, stated that “there are a number of steps that need to be taken by the country” to ensure its removal.

31

An Australian parliamentary inquiry into online gambling and its impacts on those experiencing harms issued 31 recommendations that are said to “apply a public health lens to online gambling”.

Titled ‘you win some, you lose more’, suggestions issued include a blanket advertising ban, comprehensive national harms reduction strategy, formation of a national regulator, a levy on online wagering service providers, a public education campaign, more independent research and improved data collection.

Furthermore, stronger consumer protections also include a requirement for WSPs to verify their customer’s identity before accepting bets, ban on inducements, legislated duty of care and increased crackdown on illegal entities.

Peta Murphy MP, Chair of the Committee, commented: “Australians are the biggest losers in the world when it comes to gambling. We have a culture where sport and gambling are intrinsically linked.

“These behaviours are causing increasingly widespread and serious harm to individuals, families, and communities.”

236,789

Glitnor Group faced a €236,789 fine from Malta’s Financial Intelligence Analysis Unit due to more than 10 legal provision breaches related to risk assessment failures. 

The online casino group breached several codes under the Prevention of Money Laundering and Funding of Terrorism Regulations, following a compliance review undertaken in 2019. 

One section of the breaches saw the FIAU state that Glintor hadn’t conducted “a thorough consideration of the risks” presented by specific casino and sports betting products that it offers, while also failing to consider risks when “placing reliance on other parties to obtain certain customer due diligence obligations”. 

These were accompanied by several failures in key areas, such as customer identification and verification, risk assessment policies and procedures, and understanding “the purpose and intended nature” of business partnerships. 

4.25

Blackstone is reportedly prepared to listen to offers for half of its interest in Las Vegas’ Bellagio, a little under four years after the US investment management firm purchased the property.

According to Bloomberg News, which could not name sources due to the private nature of the deliberations, Blackstone is considering its options but is, at the current time, not 100 per cent committed to the potential sale.

The New York headquartered firm announced $4.25bn acquisition of the real estate assets of the Bellagio from MGM Resorts International in November 2019, as the latter made further headway into an asset light strategy.

225

Fanatics saw an improved $225m bid accepted regarding the acquisition of the US business of PointsBet after DraftKings made a play to gazump a deal that was agreed in May.

In response to DraftKings $195m deal, labelled as “a significant premium” by the operator, Fanatics raised its previous offer by 50 per cent ($75m), which was subsequently accepted.

Issuing an update on the M&A race, PointsBet noted that it had facilitated a due diligence process to enable a non-binding proposal to be submitted by DraftKings by the end of the Australian business day on Tuesday 27 June. However, that was subsequently missed.

1

Franc Weerwind, Minister for Legal Protection for the Dutch Government, stated that having “norm-setting conversations” with gaming operators could be more effective than imposing fines regarding the upcoming advertising ban for Dutch online gambling.

Weerwind’s comments came in response to Dutch parliamentary questions about the enforcement of the upcoming ban on online gambling advertising, set to begin on July 1.

Members of the House of Representatives Mirjam Bikker, Michiel van Nispen and Anne Kuik asked Weerwind if it was true that comments made at the recent Gaming in Holland event by René Jansen, Chair of Kansspelautoriteit, indicated that the KSA would not enforce fines on operators that break the advertising rules straight away, and if that is the right approach.

12.25

Playtech and NorthStar Gaming enhanced a strategic partnership via a fresh investment that was charged with ramping up the latter’s marketing and player acquisition strategy.

The funding, which follows a C$12.25m outlay being made into the Ontario-based online casino and sportsbook operator earlier in the year, is designed to support “rapid growth and expansion”.

An initial contribution of C$1.5m will be made by Playtech, with this figure potentially being increased to C$4m, to support the company’s acquisition strategy through the remainder of the year and into the first quarter of 2024.

300

Betr raised an additional $35m in a recent investor funding round to give the online sports betting company a valuation of $300m.

The Series A2 round of financing, which had an initial closing in Q2 and is scheduled to conduct a finish closing in Q3, was led by IA Sports Ventures, Eberg Capital and Fuel Venture Capital. Fuel expanded its investment size to date from $10m to $20m.

Betting executive Joey Levy and social media personality Jake Paul – both co-founders of Betr – also took part in the investment round via a personal investment and the Anti Fund, respectively.

Existing investors who took part in the round as well included FinSight Ventures, Florida Funders and Aliya Capital Partners.

215.6

Groupe Partouche praised continued “momentum” from the final half of the previous financial year after publishing turnover of €215.6m in its H12023 financial report, a YoY increase of 15.2 per cent. 

After reviewing the management report of its executive board, the French casino operator, which holds both land-based and online operations in countries such as Switzerland, and Belgium, published the company’s half-year financial statistics from November 2022 to April 2023. 

Outlining that the results prove a “return to normal activity” since the pandemic restrictions were lifted earlier last year, the company published GGR of €341m, a 17.6 per cent uptick on H12022’s figures. 

Meanwhile, the operator witnessed a 24.6 per cent increase in EBITDA to €42.7m, representing 19.8 per cent of the firm’s turnover, compared to H12022’s €34.2m. 

The post Ad bans, Gibraltar, Betr & Fanatics’ PointsBet pursuit: the week in numbers appeared first on CasinoBeats.

The FATF noted that despite “continued progress across its action plan”, all deadlines to implement each point contained therein had now passed. 

Gibraltar was placed on the grey list in June 2022, at the same time as Malta’s delisting was confirmed, when “strategic deficiencies” in AML compliance were said to have been identified. 

At a press conference, Marcus Pleyer, FATF Chair at the time, stated that “there are a number of steps that need to be taken by the country” to ensure its removal.

In addition to underlining the importance of “Gibraltar focusing on gatekeepers to the financial system, including gambling operators and lawyers” he also cited a lack of sufficient financial punishments as being a key factor in failings in the region.

Gibraltar was subsequently made to implement an action plan to tighten its grip on money laundering and ensure an effective strategy would be in place in the region to combat the issue.

“…our financial services industry is suffering at the ignominy of being listed between Congo and Haiti as a high risk jurisdiction”

Roy Clinton, GSD Shadow Minister for Financial Services and Gaming

Despite acknowledging that progress has been made “to strengthen the effectiveness of its AML/CFT regime,” the FATF has urged the region to maintain progress in the wake of the passed deadlines.

“Gibraltar should continue to work on implementing its action plan to address its strategic deficiencies, including by showing that it is able to pursue more final confiscation judgments commensurate with the risk and context of Gibraltar,” a statement read.

The impact of being included on FATF grey lists includes increased regulatory scrutiny and oversight from regulatory bodies and difficulty in accessing banking services. This can be due to hesitancy by financial institutions in conducting transactions with countries on such lists.

Responding to the update, the government noted that it is “ totally committed” to the ongoing process, with “all supervisory and other authorities” continuing to work with FATF to demonstrate compliance with its action plan.

“Noting that only one substantive action point remains pending, the government continues to work tirelessly to meet its action plan at the very earliest opportunity,” an update noted.

However, speaking to local media, Roy Clinton, GSD Shadow Minister for Financial Services and Gaming, spoke of frustration and issued criticism at a lack of detail on how delisting will be achieved. 

“It is regrettable that the opposition has abandoned their previous responsible approach for a misconceived political advantage”

Albert Isola, Minister for Financial Services

“The Minister for Financial Services Hon Albert Isola MP continues to express optimism that Gibraltar will achieve delisting but he must accept that there is a growing sense of frustration at the failure to deliver on that optimism,” he is quoted as saying.

“Indeed, in June 2022 the government had stated it would show compliance ‘within the timescale given’, [but] that time has now expired.

“The minister will be aware that our financial services industry is suffering at the ignominy of being listed between Congo and Haiti as a high risk jurisdiction.”

Responding, the government had hailed past “maturity and responsibility” by the GSD in “their approach to this delicate matter”, but lambasted the opposition in having “succumbed to the temptation of politicising the crucial ongoing efforts to remove Gibraltar from the FATF grey list”.

Isola commented: “Roy Clinton’s statement smacks of political opportunism. While the opposition seeks to undermine our efforts, the government remains resolute in achieving delisting and restoring our jurisdiction’s reputation.

“It is regrettable that the opposition has abandoned their previous responsible approach for a misconceived political advantage. They really should know better.

“Notwithstanding the GSD opposition’s change in approach, I continue to extend an invitation to the opposition to meet them and brief them privately.

“I will never tire of thanking our regulators and law enforcement agencies for their professionalism in addressing the FATF requirements and have every confidence we will achieve delisting very soon.”

The post Political back & forth begins as Gibraltar remains on FATF grey list appeared first on CasinoBeats.

Despite acknowledging that it is “too early” to say with any certainty what any potential regulatory outcome will be, the gambling commissioner made the comments based “on the known facts” as well as “level of commitment to resolution”.

This comes after 888, which also saw Itai Pazner exit the group as CEO and Director, announced a suspension of VIP activities pending the outcome of an internal compliance investigation.

The gambling group said that it had come to light that certain best practices have not been followed in regard to KYC and AML processes for VIP customers in the Middle East region”.

The Gibraltar headquartered firm said that the temporary cessation is estimated to impact less than three per cent of total revenue if remaining in place, which would come in at approximately £55.5m based on the £1.85bn projection for the year ending December 31, 2022, that was detailed by 888 earlier this month.

A full statement issued by the government of Gibraltar: “The Gibraltar Gambling Commissioner, who is the gambling sector supervisor for anti-money laundering in Gibraltar, has been notified by 888 of the matters that are now subject to the public disclosure and is monitoring development. 

“The gambling commissioner will be reviewing and discussing the outcome of the internal investigation in due course. Relevant customer accounts have been suspended whilst that internal investigation is carried out and 888 have given full commitment to regulatory transparency in respect of this matter. 

“It is too early to say what the regulatory outcome will be, but on the known facts, and because of the level of commitment to resolution, licence suspension or revocation, is highly unlikely.”

The post Gibraltar GC: 888 licence suspension or revocation ‘highly unlikely’ appeared first on CasinoBeats.

Following the approval of a Gibraltar gaming licence earlier this month, the firm’s 80 plus portfolio of slots, table games, bingo, keno and virtual scratch card titles will become accessible to new players in the region via operators in the country. 

Boldplay’s Founder and CEO, Valli Fragoso, stated: “Having signed a number of significant partnership deals over the past few months, we’re delighted to keep up Boldplay’s strong momentum this year with another good news story for the company and the acquisition of a Gibraltar gaming licence. 

“With Gibraltar effectively being Boldplay’s ‘home’ territory, we’re very excited to be able to showcase our brand on all GLA-regulated casino platforms in the market and are confident that the new licence will unlock further growth opportunities for the company as we continue to expand throughout 2023.”

Having already gained certification from the UK, Portugal, Malta and the Isle of Man to distribute its suite of products, the approval of its first fully-fledged licence will, according the Boldplay, enable the studio to pursue further partnerships in Gibraltar, whilst also introducing its feature and jackpots to a new audience. 

The approval of the licence works in parallel with how Gibraltar’s Gambling Act draft would work. 

Announced in May of last year, the draft stated that licensees could be required to have a “sufficient substantive presence” in Gibraltar. 

Publishing the draft for consultation at the time, the legislation for Gibraltar could see five objectives introduced for the regulation of gambling in the British overseas territory. The consultation period for the consultation paper ended November 30, this period allowed anyone impacted to provide their input. 

The bill has been introduced in Parliament with an update yet to come.

The post Boldplay gains Gibraltar ‘home territory’ gaming licence appeared first on CasinoBeats.

The statement was made to delegates attending the KPMG Gibraltar e-Gambling Summit this morning, as Lyman addressed the “lurid and skewed media headlines” on the Financial Action Task Force’s decision to brand the British Overseas Territory as a high-risk AML jurisdiction. 

Lyman stood up for Gibraltar asserting that “there are no fundamental, systemic, AML/TF weaknesses in this jurisdiction and Gibraltar now has a strong AML and TF system which makes the greylisting decision more difficult to cope with”.

Accepting the FATF’s decision, Lyman underscored that the Gambling Commission and Gibraltar authorities were committed to maintaining the Moneyval and FATF’s processes that have been fully embraced by the jurisdiction.

He said: “This is the shortest action plan for any grey-listed jurisdiction and a different outcome may have been to return Gibraltar to Moneyval enhanced monitoring; as happened with the Isle of Man. Unfortunately, this alternative was not adopted.”

From his own interpretation of FATF’s rulings, Lyman stated there are only two action points to address on “successful confiscation cases” (a subject of law and police) and supervisors imposing proportionate and effective sanctions where appropriate.

Highlighting the latter action point, that has led to Gibraltar being subject to enhanced FAFT monitoring, he outlined a spotlight has been placed on the ‘efficacy of gambling supervision in the jurisdiction’ and the imposition of appropriate sanctions.

Irrespective of FATF demands, Lyman stated that the Gambling Commission had already transitioned to a more structured programme supervising Gibraltar-licensed gambling companies.

However, in light of FATF observations on actions required, Lyman stated: “What we are struggling to rationalise is that in setting out to achieve the action point relating to sanctions,

“There has been no criticism of the quantum of the sanctions; so we must assume the issue is frequency, range, consistency and/or proportionality in the context of the FATF’s perception of the risk posed by this sector.

“The system allows for structured subjective evaluation of effectiveness and as the FATF is an international governmental body without legal form, there are no grounds for judicial or quasi-judicial appeal; if this was even contemplated.”

Previous settlements issued by the commission were attributed to ‘operator shortcomings’ that had ‘reached the enforcement threshold’, with the commission’s enforcements reflecting Gibraltar’s structured approach taken from the EC’s Financial Intelligence Unit. 

The commission presented evidence to the FAFT during the evaluation process and stated that it had dealt with any reservations on the proportionality of sanctions against gambling firms.

Lyman noted that as a jurisdiction that serves as a financial centre for a significant segment of the gambling sector, Gibraltar had been held to a standard that is exacting.

He continued: “Certainly we present zero risk to the UK, our biggest gambling market, as our UK facing firms are dual regulated, EU business is not conducted from Gibraltar and ROW jurisdictions are protected by our developed regulatory regime, where their domestic digital gambling supervisory regimes are underdeveloped or non-existent.”

Dealt its hand, Gibraltar’s Gambling Commission will ‘assault the summit again’ and prove that it is a robust regulatory regime. Yet, Lyman outlined that it would not “artificially adapt standards to accommodate enforcement cases.”

Standing firm, Lyman outlined that it would not “artificially adapt standards to accommodate enforcement cases.”

Moreover, the Commission will bring forward some onsite visits which may not have been anticipated until a later date and may require operators to provide further data to complete a conduct effectiveness survey.

“I do not see the objective as imposing more sanctions per se, but proving out the overall effectiveness of our regime and imposing sanctions where necessary and in a proportionate manner,” Lyman added.

“There will be those who question whether the Government or its agents in this process could have done better or presented the case better.

“All I can say is that because of the professionalism of the core team that has worked tirelessly on Moneyval/ FATF issues, Gibraltar is far from bearing the hallmarks of an archetypal ‘grey list’ jurisdiction and is in many respects a flagship jurisdiction for the way it has massively improved its AML and TF systems in a difficult period for all jurisdictions. 

“I am determined to see a successful outcome in this area over the line, but in a fair and balanced way. This is a mutual evaluation process and we would expect the FATF to be as equally supportive of Gibraltar as we are of it in difficult and challenging circumstances.”

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