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Emerging Markets Report: Games People Play
An Emerging Markets News Commentary
ORLANDO, Fla., Jan. 15, 2021 (GLOBE NEWSWIRE) — Last week, Elys Game Technology, Corp. (Nasdaq:ELYS) (NEO:ELYS) (BER:3UW), an interactive gaming and sports betting technology company, announced that it has commenced trading on Canada’s NEO Exchange under the symbol “ELYS.”
To date, it is the first dual-listing of a publicly traded technology company from the NASDAQ Capital Market to the NEO Exchange.
And while that news in and of itself is remarkable, the Company finding new markets in a very different year is not.
Elys Game Technology, Corp. is a B2B global gaming technology company operating in multiple countries worldwide, with B2C gaming operations in Italy servicing over 1,500 land-based locations that service an indeterminate number of walk-in players and over 100,000 active online clients. In Italy, Elys offers clients a full suite of leisure gaming products and services, such as sports betting, e-sports, virtual sports, online casino, poker, bingo, interactive games, and slots. The Company’s innovative wagering solution services online operators, casinos, retail betting establishments, and franchise distribution networks.
That’s the profile description. But the story is bigger, deeper.
It is important to note that Elys has interests in brick-and-mortar, online operators, and is pursuing market share in rapidly expanding categories like e-sports. Their specialist in-house engineering team developed and in 2017 launched one of the worlds newest, cutting-edge sports betting technology known as Elys Gameboard™ in the highly regulated Italian market. Elys now plans to expand this now proven system around the world beginning with the rapidly growing U.S. sports betting market. Elys monetizes their business through commissions earned on i-gaming products such as online casino, poker and lottery, in addition to profit margin on sports book spread sold to retail bettors through both online and land-based channels. Its announced strategy for the U.S. will be a hybrid B2B2C model leveraging the lightweight scalability of Elys Gameboard™ and their extensive retail expertise gained over the past two decades. In a very recent report, research house Zack’s points out the growth of Elys’ market:
“Turnover, or betting handle, has grown from about $122 million in 2016 to $454 million in 2019 and is expected to continue to rise as the company pursues expansion initiatives. Management believes the Elys platform is highly scalable and can continue to support its growth initiatives and expansion, reflecting the company’s entrance into new markets combined with potential M&A transactions and the anticipated growth of the e-sports sector.”
Listing on the NEO gives the Company a massive new outlet for investors and institutions to find its shares. That much is certain.
As the Company looks to rapidly scale its product offering internationally and domestically, it will now be celebrating its newest corporate achievements and successes to a whole new audience.
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Must Read OTC Markets/SEC policy on stock promotion and investor protection
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- https://www.sec.gov/news/press-release/2017-79
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EMC’S contract terms with ELYS Game Technology Corp. are as follows, the sum of $250,000 to be paid in payments as described below:
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b. The second payment of $175,000 to be paid if the company is satisfied with EMC’s services.
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Latest News
Payments Under Scrutiny: Polish Example
Reading Time: 4 minutes
Online gambling continues to thrive in Poland, despite the country’s strict regulatory framework. Virtual casinos and betting platforms still attract players with the promise of easy access and quick winnings. Yet, their operations would not be possible without the involvement of payment institutions that process transactions for entities operating outside the boundaries of the law. Behind the scenes lie not only questions about compliance with Poland’s Gambling Act, but also serious concerns about money laundering and the potential financing of criminal activity.
PSPs Legal Responsibility
The key question remains the legality of actions taken by payment institutions that handle transactions linked to illegal online gambling. Do they, even unintentionally, help such operations thrive? Under Polish law, payment service providers are required to monitor and limit high-risk transactions. In practice, this means that every deposit or withdrawal connected to unlicensed gambling activity should be treated as a red flag. Special attention is also given to transactions made through popular mobile payment systems such as BLIK. While BLIK itself is not a payment institution under Polish law, the banks and financial operators using it are and it is they who bear responsibility for preventing the flow of funds that may support illegal gambling activities.
Clear Legal Framework, Limited Excuses
Polish law leaves little room for speculation here. The register of domains used to offer illegal gambling, the ban on processing payments for unlicensed operators, and the penalties outlined in the Fiscal Penal Code and Criminal Code set clear boundaries of responsibility.
The Anti-Money Laundering Act (AML) and the EU Regulation 2023/1113 require payment institutions to actively monitor transactions, block suspicious transfers, and cut off risky relationships. Guidance issued by the Polish Financial Supervision Authority (KNF/UKNF) and the National Risk Assessment, along with its sectoral annex, describes typical abuse schemes and makes it clear that payments directed toward online gambling should be treated as a major warning signal. In practice, this means that financial channels supporting illegal gambling must be identified and shut down before the funds return to players as so-called “winnings.”
And this principle is now being actively enforced. Recently, the Financial Supervision Authority (UKNF) went a step further, issuing a sector-wide warning urging payment service providers to block financial flows to unlicensed operators. In response, Polish payment providers have begun withdrawing support for illegal gambling sites and removing payment options such as BLIK from unlicensed platforms.
The Hardest to Detect: The Intermediary Role
The flow of funds into illegal online gambling can take many forms, depending on the relationships between the parties involved in the transaction. The most difficult to detect, however, is the scenario in which a payment institution acts only as an intermediary within a larger payment chain transferring money between other financial service providers without directly serving the payer or the recipient. Even in such cases, the institution is not exempt from its obligation to continuously monitor and analyse all transactions.
Depending on the type of payment, it should apply different verification methods, all aimed at determining whether executing a transfer on behalf of another provider could, in practice, end up funding entities that organize illegal online gambling. The institution must obtain information from the ordering provider about the recipient, determine whether it is engaged in gambling related activity, and verify its legal status. If red flags arise during the analysis such as missing data in the payment chain, a domain listed in the official register, or the absence of the website from the list of legal operators the transaction should be paused or rejected and properly escalated. This includes raising the risk level, notifying the relevant authorities, or even terminating cooperation. When dealing with correspondent relationships involving other institutions, including those based within the European Union, heightened caution is essential.
Grey Market Fuelled by Inaction
Illegal online gambling would not exist without the support of the payment system. Although the law clearly defines the obligations of financial institutions, in practice it is often these very institutions that knowingly or not enable the flow of money into illegal online gambling. This is why effective identification and blocking of such transactions is crucial, especially within complex payment chains where tracing the connections can be most difficult. Every transfer made in support of illegal online gambling represents not only a legal risk but also real support for the shadow economy that thrives on the lack of vigilance within the financial sector.
This article was supplied by:
Marek is a founder and a head of the legal team at RM Legal Law Firm and Gaming In Poland, jointly providing multidisciplinary and multijurisdictional support for leading international gambling operators in the Polish, European Union, and African markets. His gambling practice includes regulatory support at the pre and post-licensing stage, IT, and taxation services, as well as the unique service of performing a function of a gambling representative. RM Legal is the only law firm in Poland representing offshore companies operating legally in the Polish gambling market. Apart from gambling Marek specializes in corporate commercial law and international investment projects.
The post Payments Under Scrutiny: Polish Example appeared first on European Gaming Industry News.
Latest News
Galaxsys Expands Leadership Team with New Head of Partner Management
Reading Time: < 1 minute
Levan brings over 10 years of leadership experience, including a decade in the iGaming industry, covering both B2C and B2B markets. Throughout his career, he has held key executive roles in Commercial, Product, and Management, successfully building and scaling iGaming products, driving significant revenue growth, and establishing strong partnerships worldwide. His experience spans multiple regions and includes collaboration with leading operators and platforms.
At Galaxsys, Levan will lead the partner management strategy and development, strengthening collaborations with operators worldwide and supporting the company’s mission to deliver innovative, high-impact experiences.
Levan Kavtaradze, the newly appointed Head of Partner Management Department, commented: “I’m truly excited to join Galaxsys at such an important time in its growth journey. My focus will be on building strong, long-lasting relationships with our partners and helping them succeed through collaboration and innovation. I look forward to working closely with our broad network of partners worldwide, understanding their needs, and ensuring that our products and services deliver real value to them. Together with the talented team at Galaxsys, I’m confident we can create new opportunities and achieve new heights.”
Teni Grigoryan, Chief Sales and Partner Management Officer, added: “Welcoming Levan to Galaxsys has been one of the most confident decisions we’ve made. His expertise and human-centered approach, combined with a sharp business mindset and innovative ideas across both product and commercial areas, will be a powerful addition to our team. I’m confident he will foster seamless collaboration internally within our commercial department and externally with our valued partners. We’re excited to see the impact he will make as our new Head of Partner Management.”
With Levan’s appointment, Galaxsys aims to further strengthen its commercial and partner strategies, ensuring operators receive innovative products, seamless integration, and exceptional support.
The post Galaxsys Expands Leadership Team with New Head of Partner Management appeared first on European Gaming Industry News.
Latest News
Martina Muscat joins Swintt as new Marketing Manager
Reading Time: 2 minutes
In-demand software provider appoints experienced iGaming marketing specialist to strengthen brand consistency and ensure all communications really resonate
Swintt, the sought-after software provider celebrated in the industry for its innovative approach to game design and player engagement, has announced it has appointed Martina Muscat as Marketing Manager.
Having previously spent six-and-a-half years at Play ‘n GO as Online Marketing Coordinator before enjoying a more recent spell as Marketing Specialist at IGT, Martina arrives in the role with bags of industry experience that will help Swintt improve its communications across all channels.
Among the primary responsibilities of the new position, Martina will be tasked with ensuring that every upcoming game launch from Swintt tells a story that truly resonates with global audiences and that a consistent approach is taken in regards to all future messaging surrounding the brand.
Of course, given Swintt already boasts a packed product portfolio that includes Premium, Select and Elysium Studios – Driven by Swintt titles, Martina will have plenty of inspiration to work with and can use the studio’s previous successes as the blueprint to drive improvement going forward.
Martina Muscat, Marketing Manager at Swintt, said: “I’m really excited to be joining Swintt as the new Marketing Manager at what is an incredibly important time for the brand. With players these days wanting experiences, trust and something that feels tailored to them, I believe Swintt’s mix of in-house creativity and partnerships has put us in a great position to meet their demands.
“With a clear focus on regulated markets and a commitment to doing things the right way, Swintt’s huge portfolio of content means there’s so much variety and creativity to work with – and for someone like me, that’s marketing gold. Couple that with a great company culture that’s both ambitious and collaborative and it’s the exact type of environment where I can do my best work.”
David Mann, Chief Executive Officer at Swintt, said: “We’re delighted to welcome Martina to the Swintt team and believe her considerable experience in marketing will help us create an even more engaging and consistent brand persona as we continue to launch new games going forward.
“One of the things that really struck me about Martina was her passion and enthusiasm for the role. She recognises that with new markets opening, rising player expectations and ever-evolving regulations, the pace of change in our industry is relentless – but rather than being put off by the challenges, she’s sees the opportunities and is already thinking about how Swintt can capitalise.”
The post Martina Muscat joins Swintt as new Marketing Manager appeared first on European Gaming Industry News.
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