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32Red fined for sole problem gambler and money laundering charges

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The UK’s Gambling Commission has slapped a penalty of £2m on online gambling operator 32Red for its failure to protect a problem gambler. The customer was allowed to deposit £758,000 with the firm. There were no money laundering or social responsibility checks.

The Gambling Commission emphasised that penalty was also for failing to prevent money laundering.

Kindred, the owner of 32Red, accepted the penalty and initiated action to improve its processes.

The Gambling Commission’s enquiry looked into 32Red’s dealings with the customer between November 2014 and April 2017 during which time there were at least 22 incidents indicating the customer was a problem gambler.

“Instead of checking on the welfare of a customer displaying problem gambling behaviour, 32Red encouraged the customer to gamble more – this is the exact opposite of what they are supposed to be doing,” said Richard Watson, the commission’s executive director said.

“Operators must take action when they spot signs of problem gambling and should be carefully reviewing all the customers they are having a high level of contact with.”

Bonuses offered

There had also been previous incidents highlighting the gambler’s problems but instead of scrutinising these, the customer was offered bonuses to carry on placing bets.

The Gambling Commission said 32Red should have reviewed the customer’s accounts in August 2016 but one was only conducted in January 2017, when a win of more than £1m was instantly gambled again.

The customer took five weeks to respond to requests about their financial position and failed to offer support when the information was provided, the commission said.

The payslip and report of commission for work was “not credible and showed volatility in receipted income”, according to the Gambling Commission.

These showed a monthly net income of £13,000 but average monthly deposits were in excess of £45,000. The customer’s average monthly net salary was actually £2,150.

The £2m penalty includes £709,046 divestment of the financial gain, a £1.3m payment to be used on the National Responsible Gambling Strategy, intended to tackle problem gambling, and £15,000 towards the cost of the investigation.

Asked if the customer had stolen the money to gamble, the Gambling Commission spokesman said: “The source of the customer’s wealth was not known to 32Red because they failed to fulfil their anti-money laundering obligations. We cannot comment on any other proceedings that may be active.”

The largest penalty imposed by the Gambling Commission was the £7.8m penalty on betting firm 888 in August 2017.

Source: BBC

Source: Latest News on European Gaming Media Network

George Miller (Gyorgy Molnar) started his career in content marketing and has started working as an Editor/Content Manager for our company in 2016. George has acquired many experiences when it comes to interviews and newsworthy content becoming Head of Content in 2017. He is responsible for the news being shared on multiple websites that are part of the European Gaming Media Network.

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DAOGroup launches industry’s fastest blockchain platform

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daogroup DAOGroup launches industry’s fastest blockchain platform
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White label offering to provide no-deposit casino mechanics with real-time pay outs

 

DAOGroup, the iGaming cryptocurrency and blockchain solutions provider, has unveiled the industry’s fastest blockchain-based platform.

Boasting a transaction speed measuring as little as a second, DAO’s latest launch has been designed to revolutionise the industry’s mainstream acceptance of blockchain-based gaming.

Available as a white label solution, DAO’s use of blockchain enables operators to offer no-deposit gaming and real time pay outs in the industry’s first workable format.

Harnessing super-fast finality to determine a provably fair outcome almost instantaneously, DAO’s platform eliminates the need for players to deposit money ahead of playing – with winnings and losses extracted from the player’s digital wallet directly via the use of smart contracts.

In comparison, alternative blockchains such as Ethereum take more than 15 minutes to reach any level of probabilistic finality making real iGaming practically impossible.

With a surge in demand for crypto gaming in recent months, DAOGroup CCO Glen Bullen sees the platform’s launch as a kick-start towards player deposits becoming an outdated concept.

He added: “We’re dedicated to transforming the iGaming industry’s understanding and use of cryptocurrency and blockchain technology, with the launch of our platform coming at a pivotal time when that conversation is returning to the mainstream. 

“Crypto-based gaming has proved bullish in the last few months and we’re here to start bringing its benefits into the mainstream for operators. 

“As well as offering an entire ecosystem for the development and migration of blockchain-based games, we’re able to offer the industry’s fastest and most reliable platform with no-deposit mechanics and real-time pay outs.”

The company also unveiled DAOWallet in early 2020, delivering an advanced cryptocurrency-fiat gateway that enables operators to offer third-party cryptocurrency transactions without the need for additional AML and compliance procedures.


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: DAOGroup launches industry’s fastest blockchain platform

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R. Franco Digital and GAMING1 partner for international expansion

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r-franco-digital-pgs-2019 R. Franco Digital and GAMING1 partner for international expansion
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Established market leaders to join forces for global operations

R. Franco Digital, R. Franco Group’s digital division, has signed an agreement with leading gaming and sports betting partner GAMING1, in a move that further enhances both companies’ growing worldwide appeal and development.

The deal gives GAMING1’s customers access to R. Franco Digital’s extensive catalogue of hit games such as Time Lab, Fortune Jungle and Magic Jewels, as well as R Franco Digital’s range of EGR-shortlisted award products and services, including its IRIS platform.

Likewise, GAMING1’s catalogue of 120+ in-house games are to be incorporated into R Franco Digital’s Spanish operator brand, Wanabet.

One of the gaming industry’s largest operators, GAMING1 operates more than 20 online gaming brands with land-based partner operators in Spain, Portugal, France, Serbia, Peru and Colombia.

With shared operations set to start in Belgium, their strategic partnership will extend to Spain (with circus.es), as well as Colombia (with zamba.com), with Malta to also follow.

The partnership is to further expand R. Franco Digital’s footprint as it enhances its presence across global regulated markets – following recent deals signed with the likes of Dafabet, 1XBet and BetConstruct.

Javier Sacristan, Director of R Franco Digital, said: “Working alongside a company as well-established as GAMING1 is the perfect way to deliver our immersive range of games to a growing global client base.

“Both companies share a strong land-based heritage with a proven track record for bringing operators into the online domain. We look forward to pooling our years of experience together to deliver one of the industry’s most efficient betting operations.”

Sabri Tekaya, General Manager at GAMING1, said: “Spain’s legendary gaming company needs no introduction, and we’re delighted to be signing a deal that will broaden both company’s international reach.

“Starting with our home market of Belgium, we plan to scale our shared operations together across Spain, Colombia and Malta – and I am fully confident that this will be the start of a long and productive business relationship.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: R. Franco Digital and GAMING1 partner for international expansion

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Playson to launch slots portfolio with Sesame’s new online casino

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playson-sesame Playson to launch slots portfolio with Sesame’s new online casino
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Casino software provider Playson has agreed a deal with Bulgarian gaming group Sesame to supply the company’s new online casino with its content.

With a 20-strong retail estate in locations across the country, the operator is strengthening its position in Bulgaria by launching a new online offering, with Playson’s range of games set to feature prominently.

An assortment of Playson’s hit games will go live with Sesame, including Pearl Beauty: Hold and Win, Solar Temple, Solar Queen, its Funky Fruits portfolio and Timeless Fruit Slots.

The operator’s offering will also be boosted by the addition of Playson’s integration-free engagement tools, which have been demonstrated to significantly increase player retention.

Blanka Homor, Sales Director at Playson, said: “Sesame is a well-respected operator in Bulgaria with highly promising commercial prospects, so we are delighted to have signed this agreement to launch our games with its new online casino.

“With an immersive range of in-game mechanics, inviting themes and engagement tools, our portfolio will undoubtedly be a hit with its players.”

Deyan Dimitrov, CEO of Sesame Online said: “Playson is earning a deserved reputation as one of the most dynamic slot providers on today’s market, so we are delighted to partner with the exciting games studio.

“The addition of engaging content such as Playson’s will help us attract new customers by offering fresh and exciting gaming experiences to an ever-expanding fanbase.”


Source: Latest News on European Gaming Media Network
This is a Syndicated News piece. Photo credits or photo sources can be found on the source article: Playson to launch slots portfolio with Sesame’s new online casino

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