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Compliance Updates

Bragg Gaming Secures Gibraltar B2B Remote Gambling License

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Bragg Gaming Group has obtained a business-to-business (“B2B”) remote gambling license in Gibraltar, a European iGaming hub and operations center for several multinational Tier 1 online casino, sportsbook, bingo and lottery businesses.

The permit will enable Bragg to service numerous locally licensed operators in the British overseas territory, which is home to  industry giants such as Entain, 888, William Hill, bet365 and Lottoland.

Receiving the Gibraltar license is the latest step in Bragg’s strategy to grow in regulated global markets and to further the reach of its burgeoning product portfolio.

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Bragg already holds B2B licenses 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.

Bragg’s focus to become a leading content-driven iGaming B2B provider saw it recently announce its revenue increased by 18.9% to EUR 24.7m for the second quarter of 2023, compared with the same period the year before.

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

“We have seen significant growth over the last few months, entering new markets and boosting our reach in established ones, and this license 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.”

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Campaign for Fairer Gambling

$4.3 Billion Wagered Illegally During March Madness, Fueled by Social Media Influence

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Latest analysis by online marketplace intelligence specialists, YieldSec, commissioned by the Campaign for Fairer Gambling (CFG), has revealed a stark contrast between legal and illegal online gambling activities during the 2024 NCAA Men’s & Women’s March Madness Basketball Tournaments in the US. YieldSec’s monitoring unveiled an overwhelming majority of betting-related social media posts and video content, reaching up to 73% and 78% respectively, directing audiences toward illegal betting and gambling operators.

YieldSec’s findings shed light on the strength of the illegal gambling grip on the American marketplace, with 378 illegal sports betting operators and 651 illicit affiliates aggressively targeting US March Madness audiences and claiming 64% of the total market share, generating $4.3 billion in illegal and untaxed wagering. The remaining $2.4 billion wagered legally amounts to just 36% of the total market share.

These statistics underscore the challenges in controlling the proliferation of unlicensed gambling operators that have historically capitalized on the fragmented legal landscape of online betting in the US.

Key findings for March Madness 2024:

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  1. Illegal gambling on March Madness comprised 64% of US online marketplace wagering ($4.3 billion Handle).
  2. Total value of March Madness betting (legal and illegal) amounts to a handle of $6.7bn.
  3. 378 illegal sports betting operators actively targeted the US.
  4. 651 affiliates promoted illegal sports betting operators that actively targeted the US.
  5. Illegals dominated social media content with up to 73% of all social posts in favor of illegal operators.
  6. 78% of all video content that linked to March Madness betting was linked to illegal operators.

Derek Webb, Founder of CFG, said: “This Yield Sec special report illustrates the dire need for a comprehensive strategy to tackle illegal gambling in the US. The lack of a united government approach and lax oversight by states have only compounded the problem, enabling entities with dubious backgrounds to operate freely. It’s high time for U.S. leadership to spearhead a unified solution to this pervasive issue.”

Ismail Vali, Founder and CEO of YieldSec, said: “The overwhelming presence of illegal gambling during one of the biggest sports betting events of the year is a clear signal that enforcement and monitoring need to be prioritized. Our findings are a call to action for stakeholders across the board to intensify efforts in combating the spread of unlicensed gambling operations that exploit the online marketplace. With the dominance of illegals across our social media channels, it’s clear that the threats to American commerce, community and consumers are a lot closer to home than ever imagined.”

The Campaign for Fairer Gambling is now advocating for a cohesive governmental response to illegal gambling, urging the Department of Justice, Treasury, Federal Trade Commission, and the Trade Representative’s Office to consider the findings of the YieldSec report as a basis for developing effective countermeasures.

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Compliance Updates

Gaming1 renews contract with ComplianceOne Group for fifth consecutive year

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Gaming1, the renowned casino and sports betting partner, has once again renewed its contract with ComplianceOne Group, marking the fifth consecutive year of collaboration between the two industry leaders.

This renewal underscores the trust and confidence Gaming1 has in ComplianceOne Group’s consulting services, highlighting their commitment to excellence and reliability in the iGaming sector.

Antonio Zanghi, CEO of ComplianceOne Group, said: “Entering our fifth year of working Gaming1 confirms our vision of how best to support clients in their journey.

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“It is always a pleasure to discuss projects with their team, and we are humbled by the continued trust invested in our services and people.”

Thibaut Collard, Chief Compliance Officer of Gaming1, added: “We are excited to confirm our trust in ComplianceOne Group again. Our two teams have reached an excellent level of cooperation, and we consider ComplianceOne Group a part of our extended team.

“Over the years, we have collaborated in many different areas and found ComplianceOne Group to consistently provide top-notch support while also being a pleasure to work with!”

The ongoing partnership between Gaming1 and ComplianceOne Group exemplifies the strength of collaboration and dedication to mutual success.

As both companies continue to innovate and evolve, they remain committed to delivering exceptional services and solutions to the iGaming industry.

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The post Gaming1 renews contract with ComplianceOne Group for fifth consecutive year appeared first on European Gaming Industry News.

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Compliance Updates

DGA: Three Orders and One Reprimand Issued to Mr. Green Limited for Breach of the Anti-Money Laundering Act

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On April 10th, 2024, the Danish Gambling Authority has issued three orders to Mr. Green Limited for breaching the Anti-Money Laundering Act, on risk assessment, on procedures for internal controls and for failing to ensure that controls are carried out.

On April 10th, 2024, the Danish Gambling Authority has also given Mr. Green Limited a reprimand for breaching the rules on notification in the Anti-Money Laundering Act.

The reactions have been given in connection with the Danish Gambling Authority’s inspection of Mr. Green Limited’s materials that Mr. Green Limited has provided for compliance with the Anti-Money Laundering Act.

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Order for insufficient risk assessment

Order (a) is issued because Mr. Green’s risk assessment is insufficient, as no separate risk assessment has been made of the individual identified risks associated with Mr. Green’s business model, including payment solutions, and the risk factors associated with it. It follows from section 7(1) of the Anti-Money Laundering Act that undertakings subject to the Act must identify and assess the risk that the undertaking may be misused for money laundering or terrorist financing. The Danish Gambling Authority’s assesses that the risk assessment must include a separate assessment of the risk of the individual payment solutions and delivery channels, as well as a separate risk assessment of the risk factors associated with these. Thus, Mr. Green did not comply with the risk assessment obligation.

Order for insufficient and lack of business procedures

Order (b) is issued because Mr. Green Limited does not have adequate procedures for internal controls, as these do not describe the interval at which controls should be performed. The order has also been given because Mr. Green Limited does not have written procedures on how to monitor that controls are carried out. It follows from section 8(1) of the Anti-Money Laundering Act that undertakings subject to the Act must have adequate written business procedures, which must include internal control. The business procedures should describe how the listed areas are handled in practice. The requirement for internal control also means that there must be controls of whether the controls are being carried out – in other words, that the controls are being checked. Mr. Green Limited has not sufficiently complied with the commitments on business procedures for controls.

Order for lack of documentation of controls

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Order (c) is issued because Mr. Green Limited has not documented that controls have been carried out to verify that the internal controls have been performed. It follows from section 8(1) of the Anti-Money Laundering Act that undertakings subject to the Act must document the controls that have been carried out. Thus, Mr. Green Limited has not complied with the obligations to perform controls to ensure that the internal controls are performed.

Reprimand for not making an immediate notification

Reprimand (a) is given because Mr. Green Limited has in two cases not complied with the requirement for immediate notification to the Money Laundering Secretariat. According to section 26(1) of the Anti-Money Laundering Act, an undertaking must immediately notify the Money Laundering Secretariat if the undertaking knows, suspects or has reasonable grounds to suspect that a transaction, funds or activity is or has been related to money laundering or terrorist financing. Mr. Green has not complied with the notification obligations, as there has been no immediate notification.

Duty to act

The orders entail an obligation to act on the part of Mr. Green Limited. Mr. Green Limited must submit a revised risk assessment within June 10th, 2024.

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Mr. Green must also within June 10th, 2024, submit a revised business procedure for internal controls and submit prepared business procedures for how the implementation of controls is monitored.

Mr. Green Limited must also submit documentation within October 10th, 2024, that it has been controlled that the controls have been carried out.

The reprimand does not entail any obligation to act on the part of Mr. Green Limited as the breach no longer exists.

The post DGA: Three Orders and One Reprimand Issued to Mr. Green Limited for Breach of the Anti-Money Laundering Act appeared first on European Gaming Industry News.

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