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Fintechs in Kazakhstan Raises Concerns Over Proposed Gambling Regulation
Fintech companies in Kazakhstan are urging greater scrutiny of a proposed law intended to regulate betting transactions in the country.
The submitted legislation, currently in its final reading, would form a monopoly entity, the Unified Accounting System (UAS), the firms said in a joint press release. The UAS would be used to determine market participants, process payments, maintain a single “electronic wallet” and make settlements with clients. A critical concern is that it could charge up to 1.5% in commissions on all market transactions, within a market where regulated transactions exceed KZT1.2tn ($2.6bn) annually.
Irina Davidenko, a spokesperson for Kazakhstan’s payments industry, commented: “The proposed legislation would be a step backwards for Kazakhstan, harming competition in the country’s vital payments sector and signaling to the outside world that necessary business reform is being driven by shadowy interests, rather than what’s right for industries and consumers.”
The proposal, partly billed as a public health move against problem gambling, resembles a previous initiative, the Betting Accounting Centre (BAC). It was shelved in 2021 after a scandal involving a deputy minister who was dismissed for accepting bribes from BAC lobbyists, according to the press release.
The lack of transparency on the UAS structure and ownership as outlined in the legislation is another aspect of the change that is seen by critics as troubling.
The reintroduction of a UAS model occurred as late as the second reading of the legislation. If passed by parliament, it will become law without the comprehensive impact analysis and scrutiny typical for such significant regulatory change.
Observers argue the new regulation duplicates existing regulatory functions already managed by Kazakh state bodies and was proposed without the cooperation of the National Bank of Kazakhstan. The central bank has previously developed its own reform proposal that avoids introducing a monopolistic entity.
Opponents further contend that the regulation could cause “significant economic damage”. National Bank of Kazakhstan representatives and the payments industry have sounded alarm bells, but the issues have not been adequately addressed, the press release added.
The concerned fintech and payment companies want the legislation to be reconsidered. They are advocating for it to be sent back to the lower house of the legislature for a full regulatory impact analysis and thorough examination to ensure that it does not adversely affect industry or the economy.
Ilya Efimenko, commercial director of the payment organisation PayDala, said: “I appeal to the Senators, who need to know the true purpose of why the UAS has made a comeback in the bill.
“This is a re-emergence of the ‘Betting Accounting Center’ (BAC), a strikingly similar entity that was withdrawn before, and behind which, as the deputy from the Amanat party Elnur Beisenbayev said, are the powerful forces of ‘Old Kazakhstan.’
“Before our eyes, a monopolist, a private operator, is being created. The emergence of monopolies such as the UAS threatens the principles of a Fair Kazakhstan. Now everything is being done to break the financial system of Kazakhstan, recognized by experts as one of the best in Central Asia.”
The post Fintechs in Kazakhstan Raises Concerns Over Proposed Gambling Regulation appeared first on European Gaming Industry News.
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Stretch Network has Two New Poker Features
Stretch Network has announced the launch of two poker features aimed at enriching the player experience and enhancing operator offerings:
Show/Muck: A functionality that empowers players to control the information they reveal after a hand. Whether players choose to display a winning strategy, bluff their opponents, or keep their cards hidden, this feature introduces an exciting psychological aspect to the game. It adds a new layer of strategy, allowing players to influence the flow of the game and create a more engaging poker environment, keeping both participants and spectators on the edge of their seats.
Cash Money: This feature allows players to use bonus funds during cash games, seamlessly converting the used portion into real money. Any remaining bonus funds are automatically returned to the player’s balance, ensuring both value and convenience. This adds flexibility and provides an enriched experience for players, giving them the freedom to maximize their gaming session without limitations.
With these updates, Stretch Network reinforces its dedication to delivering poker solutions that empower operators and enhance player satisfaction, creating a more thrilling and rewarding environment for all involved.
The post Stretch Network has Two New Poker Features appeared first on European Gaming Industry News.
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Ascend into an enchanting world of big wins with Golden Goose Megways ™
Big Time Gaming’s a thrilling new slot sees players join Jack as he climbs the legendary beanstalk in search of giant wins
Join Jack as he climbs the magic beanstalk in search of giant prizes in Golden Goose Megaways, the latest slot from Big Time Gaming.
Golden Goose Megaways™ introduces BTG’s signature high-volatility mechanics with a twist. It brings the legendary tale to life and with up to 117,649 ways to win with every spin comes brimming with magical big win potential.
Players will encounter mystical Cloud Prizes floating above the reels, starting at 2x the stake and reaching up to a staggering 500x. The appearance of the golden Egg symbol boosts the Cloud Prize above that reel, creating an opportunity for monumental rewards.
Players will also meet Bonus Boy, who emerges from the beanstalk to collect these Cloud Prizes, multiplying them by up to 10x in the base game and unlocking even greater riches during Free Spins.
Let’s take a closer look at the bonus action players will encounter as they ascend into the enchanting world of Golden Goose Megways.
Cloud Prizes and Bonus Boy
Enchanted Cloud Prizes float above reels two, three, four and five and have a starting value of 2x the player’s bet. Each time a Golden Egg symbol lands, it enhances the Cloud Prize above that respective reel, boosting it by up to 500x.
Then there’s the Bonus Boy who can magically appear above the reels with each spin or reaction. When he does, he can collect a Cloud Prize, instantly rewarding the player with the displayed amount and resetting the prize to zero.
In the base game, the Bonus Boy can amplify the Cloud Prize by 10 letting players climb the beanstalk to colossal wins.
Free Spins
Landing three or more Scatters in the base game whisks players away to ten Free Games, with an additional five Free Spins for each additional triggering Scatter.
During Free Spins, the Bonus Boy starts with a Cloud Prize Multiplier of 1x with each subsequent Bonus Boy increasing the Multiplier, climbing higher with each appearance—x2, x3, and beyond, just like Jack’s beanstalk reaching into the sky! Bonus Boy can also collect up to four Cloud Prizes at once for payouts that fairytales are made of.
Win Exchange™
Golden Goose Megaways allows players to turn big wins into Free Spins with Big Time Gaming’s innovative Win Exchange™. If the player lands a win between 25x and 80x the bet, they have a shot at 10 Free Spins. Alternatively, they can instantly buy their way into Free Spins using Bonus Buy™, ensuring immediate access to the adventure and thrill.
With a 96.44% RTP, high volatility, and broad market appeal, Golden Goose Megaways™ promises a prime choice for players.
Nik Robinson, CEO at Big Time Gaming, said: “Players will be captivated by the sheer power and flexibility of Golden Goose Megaways™. This game embodies the innovation BTG is known for, combining skill, chance, and immersive storytelling to deliver an unforgettable gaming experience. Can they find the goose that lays that all important Golden Egg? There’s only one way to find out.”
The post Ascend into an enchanting world of big wins with Golden Goose Megways ™ appeared first on European Gaming Industry News.
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Thunderkick spreads festive cheer with Hot Turkey
Exploding Wilds and increasing multipliers unlock 10,000x win potential
Independent slots studio Thunderkick has launched Hot Turkey, its latest holiday-themed release that channels Christmas spirit and unwraps maximum wins up to 10,000x.
Candy canes, mistletoe, and Christmas gifts adorn the reels of this 7×7 Cluster Pays slot, where the Avalanche mechanic returns to boost payouts by replacing all symbols from winning combinations.
Every Avalanche win drops an Exploding Wild onto the grid, which either contributes to a new cluster or clears the surrounding 3×3 area, leaving behind 2x multipliers. Should another Exploding Wild detonate over an existing multiplier, the value is doubled up to 128x, greatly enhancing wins.
Landing three Hot Scatters triggers the bonus round, with an initial 10 free spins awarded. During free spins, multipliers left behind by Exploding Wilds remain sticky for the duration of the feature, paving the way for 10,000x maximum wins.
Hot Turkey is the most recent addition to Thunderkick’s expanding holiday-themed slot collection, joining Midas Golden Touch Christmas Edition and the Esqueleto Explosivo trilogy. The provider continues to diversify its product portfolio, emphasising its desire to create compelling games that resonate with a global player base.
Mike Collins, Game Product Owner at Thunderkick, said: “Christmas is the most widely celebrated global holiday, and we’ve attempted to leverage some of that famous festive cheer in Hot Turkey.
“This game sees the return of several fan-favourite features, including Avalanche wins, Exploding Wilds, and Sticky Multipliers. We have combined these with huge 10,000x win potential, themed icons and a merry backing track to create a title we are sure will bring players joy.”
The post Thunderkick spreads festive cheer with Hot Turkey appeared first on European Gaming Industry News.
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