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UKGC: Gamesys to pay £1.2m for social responsibility and money laundering failures

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11-2 UKGC: Gamesys to pay £1.2m for social responsibility and money laundering failuresReading Time: 1 minute

 

Online gambling operator Gamesys (Gibraltar) Limited will pay £1.2m for failing to prevent gambling harm and breaching money laundering regulations.

The Gambling Commission launched an investigation into the operator’s processes after police investigations revealed three individuals had spent stolen money with the gambling business.

It was discovered that despite customers displaying behaviour that could indicate problem gambling the operator failed to deliver interaction that could have prevented harm.

The investigation also revealed the operator failed to comply with money laundering regulations, including not establishing customers’ source of funds.

As part of a settlement with the Commission Gamesys will return £460,472 of stolen money to victims and pay £690,000 as a payment in lieu of a financial penalty. This money will be spent accelerating delivery of the National Strategy to Reduce Gambling Harms.

Richard Watson, Gambling Commission Executive Director, said: “It is vital that operators understand their customers – track their online gambling and step in quickly when they suspect someone is suffering from gambling harm.

“These key steps and processes ensure they meet both their anti-money laundering and social responsibility obligations for all customers.

“Gamesys’ approach resulted in a variety of failings and saw stolen money flowing through the business – with customers being put at risk of gambling related harm.”

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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: UKGC: Gamesys to pay £1.2m for social responsibility and money laundering failures

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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New Jersey Governor Signs Bill which Allow Golden Nugget to Take NBA Bets

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9-10 New Jersey Governor Signs Bill which Allow Golden Nugget to Take NBA BetsReading Time: 1 minute

 

New Jersey Governor Phil Murphy has signed a bill which allows the Atlantic City’s Golden Nugget casino to accept bets on most National Basketball Association (NBA) games.

Tilman Fertitta, a billionaire from Texas, is the owner Golden Nugget casino. He also owns the NBA’s Houston Rockets team. When New Jersey lawmakers legalised sports betting last year, a provision in the law banned team owners from placing or accepting bets on any games involving their sport.

“We’re grateful, and appreciative that people eventually realized this was an overreaction. It allows us to compete,” Steve Scheinthal, general counsel for the Golden Nugget’s parent company, Houston-based Landry’s Inc., said.

The ban on all NBA bets cut badly into the Golden Nugget’s New Jersey sports betting business. A gambler wanting to place bets on football at the Golden Nugget had to go somewhere else to bet on basketball, making it much less likely he or she would visit the Golden Nugget at all for sports betting.

“It was like going into a boxing ring with one arm tied behind your back. You just can’t compete that way. It gave everyone a year’s head start on us,” Scheinthal said.

 


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: New Jersey Governor Signs Bill which Allow Golden Nugget to Take NBA Bets

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ESA Expresses Discontent with Recommendation of the UK’s DCMS to Regulate Loot Boxes Under Gambling Act

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8-12 ESA Expresses Discontent with Recommendation of the UK’s DCMS to Regulate Loot Boxes Under Gambling ActReading Time: 1 minute

 

Entertainment Software Association (ESA) has expressed discontent with the recommendation of the UK’s Department of Digital, Culture, Media and Sport to regulate loot boxes under the Gambling laws.

Following an investigation on loot boxes, the UK Department for Digital, Culture, Media and Sport’s (DCMS) parliamentary committee termed loot boxes as gambling and called for immediate measures to protect the children by regulating them under gambling laws.

In a statement, the ESA said that they take seriously the issues raised in the UK Parliament’s Digital, Culture, Media and Sport Committee report but strongly disagree with its findings.

“As demonstrated by the recent announcement of policies regarding the disclosure of the relative rarity or probability of obtaining virtual items in paid loot boxes, as well as the robust parental controls that empower parents to control in-game purchases, the video game industry is a leader in partnering with parents and players to create enjoyable video game experiences.”


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: ESA Expresses Discontent with Recommendation of the UK’s DCMS to Regulate Loot Boxes Under Gambling Act

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Kentucky AG Andy Beshear Reveals Plan for Casinos, Sports Betting Across State

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7-9 Kentucky AG Andy Beshear Reveals Plan for Casinos, Sports Betting Across StateReading Time: 1 minute

 

Andy Beshear, the Democratic candidate of Kentucky gubernatorial election, has unveiled his plan to expand gaming and bring casinos, sports betting, fantasy sports and potentially online poker into the Bluegrass State.

Beshear, the state’s current Attorney General, faces Republican incumbent Gov. Matt Bevin in the November general election. Bevin has spoken out against gaming, especially as an option to increase funding for public pensions.

Beshear’s plan resembles what Illinois officials pushed through in their state earlier this year. While Illinois already had casino gaming, the new law expands the number of casino licenses available and allows sports betting across the state. Illinois plans to use the revenue stream to shore up the state’s infrastructure and fund pensions.

Kentucky is one of the 10 states in the US without a commercial or tribal casino. The border states of Kentucky such as Illinois, Indiana, and Ohio have casinos or racinos located just across the Ohio River near major population centres in Kentucky. Beshear said that the state loses out on $500 million in tax revenue annually to its neighbouring states.


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: Kentucky AG Andy Beshear Reveals Plan for Casinos, Sports Betting Across State

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