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Singapore Gambling Regulatory Authority to Crack Down on Use of Crypto Assets
Singapore’s new gambling regulator, the Gambling Regulatory Authority (GRA), announced it has no plans to legalise the use of cryptocurrency within its land-based gaming industry as it continues to explore the use of crypto across video game and social gaming platforms.
In what appears to be a continuation of Singapore’s general opposition to the introduction of cryptocurrency across broader society, GRA General Counsel Albert Yeo told a regulatory gathering in Sydney last week that crypto was one of the key issues the regulator is currently examining – particularly as it applies to new technologies.
However, there are no plans to allow the use of cryptocurrencies within Singapore’s two integrated resorts – Marina Bay Sands and Resorts World Sentosa.
“I think for the casinos there is no real appetite,” Yeo said during the Regulating the Game conference. “It is a very volatile in terms of its revenue stream.
“Internally the idea is to just not allow it to begin with or to even allow it into the door. The moment you start even entertaining [the idea] you know it will be difficult to stop.
“I’m not sure if there is any legislative framework that would allow us to do it anyway but we are looking into it and seeing where it is creeping in and making sure it doesn’t invade the casinos in Singapore.”
Established last year to replace the former Casino Regulatory Authority (CRA), the new GRA – with a remit to oversee the entire gambling landscape in Singapore – is specifically designed with technology in mind. When it took charge on 1 August 2022, Singapore’s Ministry of Home Affairs said the GRA “allows the Government to more effectively stay ahead of technological and gambling trends, respond more adequately to emerging gambling products, and take a more holistic and coherent approach to gambling policies.”
According to Yeo, cryptocurrency “is one of the main things we are currently looking at” given the challenges regulators face in tracking blockchain transactions, although much of its attention is now focused on the online space – specifically the use of crypto in video or social gaming.
“We know it is a new space and we are engaging the developers themselves, trying to understand what the products mean,” Yeo said.
Pointing to one popular online product called “Axie Infinity” – a blockchain-based game in which players can trade NFTs and earn RAT (Rare Antiquities Token) currency – Yeo explained, “The thing we are grappling with is whether that is money, money equivalent or anything of value.
“Typically if it is in-game we won’t worry about it, but the trouble [with players earning cryptocurrency] is that it is very easy for them to just take it out and put it on exchanges.
“So we are engaging the developers – Singapore is trying to encourage game developers in Singapore but we are also looking at what is the future of cryptocurrency and where all these games are going. Do we have a good handle yet on where this is going?”
Singapore’s broader reluctance to regulate the trading in or use of cryptocurrencies currently extends to a ban on advertising by crypto exchanges, with the Monetary Authority of Singapore issuing a statement last November following the high-profile collapse of global exchange FTX in which it said, “The most important lesson from the FTX debacle is that dealing in any cryptocurrency, on any platform, is hazardous.
“Crypto exchanges can and do fail. Even if a crypto exchange is licensed in Singapore, it would be currently only regulated to address money-laundering risks, not to protect investors. This is similar to the approach currently taken in most jurisdictions.
“Further, even if a crypto exchange is well-managed, cryptocurrencies themselves are highly volatile and many of them have lost all value. The ongoing turmoil in the crypto industry serves as a reminder of the huge risks of dealing in cryptocurrencies.”
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Xprizo appoints Alex Cachia as Chief Information Officer
Xprizo, a cutting-edge iGaming fintech platform, has appointed Alex Cachia as Chief Information Officer (CIO) as it targets significant commercial growth by harnessing technology to empower underserved communities around the globe.
His focus will be building a high-performing tech organisation to support Xprizo’s expansive growth plans. A key element will be maximising investment value and business objectives that deliver social impact and business success.
Xprizo Chief Information Officer Alex Cachia commented: “I’m excited to join Xprizo at this time – I love the product and the goal of fostering financial inclusion. There are massive growth prospects on the horizon, and I cannot wait to bridge the gap for underserved communities around the world.”
Additional efforts will be targeted at regulatory compliance, and data-driven decision-making. As CIO, he’ll be tasked with aligning technology investments with business objectives, increasing automation, and creating a culture of continuous improvement.Cachia joins Xprizo with 24 years of experience in technology leadership, with expertise in FinTech, gaming, and affiliate marketing. During this time he completed several projects in technical debt reduction, marketing tech strategies, and security enhancements in affiliate marketing.
Xprizo CVO Richard Mifsud added: “Alex arrives at Xprizo with extensive experience in scaling technology, inspiring innovation and establishing operational excellence. The team is ready to take a step forward under his leadership and adeptness with cutting-edge solutions to achieve our mission of financial inclusion.”
The post Xprizo appoints Alex Cachia as Chief Information Officer appeared first on European Gaming Industry News.
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Spinomenal launches latest Spinoleague with €12m Max prize pool
Leading iGaming content provider, Spinomenal has launched its latest Spinoleague that has a massive €12m max prize pool. The Spinoleague returns after last year’s huge success, promising even more thrilling challenges in its highly anticipated first tournament.
The Spinoleague follows an innovative format, divided into separate tournaments, each comprising several rounds and culminating with one final ‘Super Round.’ Spinomenal’s entire portfolio of slot games (including any new releases) will participate in the Spinoleague, except for 1 Reel games and a small selection of others.
There are eight tournaments in total and the first begins today before concluding on 26th March. The next seven tournaments begin the day after the last finishes and the final one will end on 4th March 2026. Promotional activities will be running throughout the tournaments to heighten the excitement and build anticipation.
An interactive Leaderboard is available for players who reach the qualifying total which will be displayed within the tournament tool. After each round ends, the Leaderboard will reset, giving players a chance to climb the ranks.
Spinomenal CO-CEO, Omer Henya commented: “Spinoleague is back by popular demand after the massive success it enjoyed last year as we marked our 10th anniversary. The next edition of the tournament features several rounds that each build to the ultimate Super Round.”
The post Spinomenal launches latest Spinoleague with €12m Max prize pool appeared first on European Gaming Industry News.
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Grand Slam Track™ announces Stats Perform as exclusive global data and betting rights provider
Grand Slam Track™, the new global home of professional track competition, launched by four-time Olympic Champion Michael Johnson, announced it has selected global sports AI, tech and data leader Stats Perform as its exclusive global data and betting rights distributor and integrity partner.
Grand Slam Track™ is the premier global professional track league, featuring head-to-head matchups between the fastest stars in the sport. Every detail has been designed to unlock the sport’s full potential of storytelling, personalities, and gamification for broadcast and commercial partners and most importantly, for track stars and fans.
Amongst increased prize money, contracted racers, and many other innovations designed to elevate the profile of track racing, only one event will take place at a time at each Slam. The Slams will be broadcast live on linear TV and streaming and across licensed sportsbooks. Together these initiatives are expected to create unprecedented fan affinity and attention for the racers and rivalries.
Stats Perform is a trusted partner to many of the world’s highest-profile professional men’s and women’s sports organizations, with a deep expertise in collecting, creating, and distributing trusted, premium sports data, AI technology, and news and video content to maximize fan and bettor engagement, as well as supplying integrity services across the world of professional sport.
“We’re delighted to partner with a world leader like Stats Perform to help us bring track to more fans across the globe,” said Michael Johnson, Commissioner of Grand Slam Track™.
“We look forward to setting a new standard for our sport with Stats Perform’s extensive network of trusted media and betting partners, eye-opening technology, and their true passion for the power of sport to unify and entertain. After helping leagues like the Premier League, WTA, La Liga and more build their audiences, we’re excited for them to do the same with Grand Slam Track™,” he added.
“This partnership with Stats Perform is important for Grand Slam Track and the entire sport for a few reasons,” said Steve Gera, President of Grand Slam Track. “In addition to co-investing into the development of data and betting infrastructure for the sport, Stats Perform is also ensuring that all of our athletes, partners, and stakeholders enter this space with the highest level of knowledge, education, and integrity. They will be an important asset to the large investment our league is making into this sport.”
“MJ and the Grand Slam Track™ team have created something with astonishing entertainment and commercial potential for men’s and women’s track athletics, built upon his decades of unique experience on all sides of the spectrum, as a racer, as a media professional, and as an entrepreneur,” explained Carl Mergele, Chief Executive Officer at Stats Perform.
“Everyone at Stats Perform is honored to have been selected as Grand Slam Track™’s exclusive data and betting streaming rights provider. We are excited to help them realize their vision of lifting the stories and personalities of track racing to their rightful positions in the hearts and minds of fans and bettors globally,” he said.
Grand Slam Track™ will host four Slams taking place this year between April and June in Kingston, Jamaica, Miami at Miramar, Philadelphia, and Los Angeles. 96 contracted men’s and women’s star athletes will race over three action-packed hours, across 12 event groups for three consecutive nights. All four Grand Slam Track events will be streamed live in the U.S. on Peacock, including exclusive coverage of Slam Fridays, with the CW Network providing broadcast coverage of Slam Saturdays and Sundays. International broadcast information will be announced soon.
The post Grand Slam Track™ announces Stats Perform as exclusive global data and betting rights provider appeared first on European Gaming Industry News.
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