The Dutch Authority for Financial Markets is committed to ban advertising of binary options trading and contracts for difference (CFDs) in the country. The Autoriteit Financiële Markten (AFM) has published a statement claiming that the said ban would help protect against activities that encourage “harmful investment” for some consumers. The change will affect both Dutch […]

The Dutch Authority for Financial Markets is committed to ban advertising of binary options trading and contracts for difference (CFDs) in the country.

The Autoriteit Financiële Markten (AFM) has published a statement claiming that the said ban would help protect against activities that encourage “harmful investment” for some consumers.

The change will affect both Dutch operators and those active in the country on a European passport.

AFM chairman of the board Merel van Vroonhoven commented: “We find it very important that an advertising ban is for binary options and other harmful investment.”

“The advertisements for these investments lure consumers with the prospect of earning quick money, but the reality is that you can easily lose your entire investment,” Vroonhoven said.

However, the only licensed provider of binary options in the country “Optieclub” believes the proposed ban is no more than “window-dressing”. The company’s attorney added: “All necessary regulation to address misleading advertising already exists.”

Spanish video bingo provider Zitro Interactive has passed the requirements of Malta Gaming Authority (MGA) and obtained a Class 4 gaming licence for its video bingo games. By doing that Zitro Interactive became the first company to acquire such licence for this category of games. The licence will enable Zitro Interactive to target a wide […]

Spanish video bingo provider Zitro Interactive has passed the requirements of Malta Gaming Authority (MGA) and obtained a Class 4 gaming licence for its video bingo games. By doing that Zitro Interactive became the first company to acquire such licence for this category of games.

The licence will enable Zitro Interactive to target a wide range of online casino firms around the world. The company is expected to announce new partnership agreements in the coming months.

“Obtaining the Malta licence is a real boost to our pride here at Zitro, especially for the online division,“ said Rais Busom, divisional director of Zitro Interactive. “It’s an acknowledgement of a job well done, and is definitely a major step forward towards the new successes to come.”

The new licence joins a list of certificates already acquired by Zitro Interactive, including some granted by the top level consultancies such as PWC, Deloitte and BMM.

Sebastian Salat, chief executive of Zitro, commented: “Zitro is committed to its objective of being amongst the top companies in the gaming industry, and this includes expanding our presence online. The licence granted by the Maltese authorities is a very significant advance towards this objective.”

Bitcoin Suisse founder Niklas Nikolajsen said it is only a matter of time before European banks will be offering bitcoin accounts. Although digital currencies are faster and cheaper than traditional banking methods, the possibility that the banks will offer bitcoin wallets soon was thought to be unrealistic. In an interview with finews.ch at the Fintech […]

Bitcoin Suisse founder Niklas Nikolajsen said it is only a matter of time before European banks will be offering bitcoin accounts.

Although digital currencies are faster and cheaper than traditional banking methods, the possibility that the banks will offer bitcoin wallets soon was thought to be unrealistic.

In an interview with finews.ch at the Fintech Conference Finance 2.0, Nikolajsen predicted the change to happen by the end of 2016. However, he did not specify which European banks would offer bitcoin wallets first. The only thing he mentioned is that it would “not be an exotic bank.”

One of the biggest issues regarding such change would be to handle private keys. Those who have access to their private key can spend bitcoins associated to that account. If banks were offering bitcoin wallets to their customers, they would be required to give up the control of those particular keys. If that is the case, such move would raise a number of security issues.

The central bank of UK, however, has a different idea on blockchain revolution. Andrew Hauser, executive director for banking, payments and financial resilience of the Bank of England, said “there is no likelihood of such an extreme revolution occurring any time soon.”

“Much more work is needed across a whole range of issues, including: speed and scaleability; confidentiality protections; developing common protocols; integrating cash and securities movements; and establishing regulatory and legal norms,” explained Hauser, according to Fortune.

The UK Gambling Commission (UKGC) has launched the first-of-its-kind legal action in the country. On Friday, the BBC reported that YouTube stars Craig Douglas and Dylan Rigby have been charged with offences under the UK Gambling Act. UKGC alleges that the pair of Essex residents promoted a lottery and advertised unlawful gambling. Craig Douglas, known […]

The UK Gambling Commission (UKGC) has launched the first-of-its-kind legal action in the country. On Friday, the BBC reported that YouTube stars Craig Douglas and Dylan Rigby have been charged with offences under the UK Gambling Act. UKGC alleges that the pair of Essex residents promoted a lottery and advertised unlawful gambling.

Craig Douglas, known as Nepenthez on YouTube, frequently publishes video game-related content to his 1.3 million subscribers and is being charged with advertising the practice of unlawful gambling as well as inviting children to take part in gambling activities. Dylan Rigby is being charged with providing facilities for gambling.

Both men have promoted their sites in the past without fully identifying the act being an advertisement. Even though their followers have been reminding them of the possible consequences, the pair chose to ignore the warnings.

The case, which was brought forward by UKGC which is responsible for regulating commercial gambling in Great Britain will have a follow up hearing on October 14.

Singapore gamblers may be able to place their bets online legally as early as the second half of next month. The change against illicit gambling on unauthorised websites will take place if the application by Singapore-based lottery operators Singapore Pools and Singapore Turf Club (STC) get the green light from the Ministry of Home Affairs. […]

Singapore gamblers may be able to place their bets online legally as early as the second half of next month. The change against illicit gambling on unauthorised websites will take place if the application by Singapore-based lottery operators Singapore Pools and Singapore Turf Club (STC) get the green light from the Ministry of Home Affairs.

According to The Straits Times, both lottery operators “are running final tests on their online betting platforms and have prepared advisories for staff and customers” as they are hoping to be exempted from the Remote Gambling Act (RGA) by the end of September.

Remote Gambling Act, passed in February 2015, prohibits all online gambling sites in Singapore, outlawing telephone betting and all online gambling activities. However, many overseas operators offer online gambling and it is believed that by legalising the Singapore Pools and Singapore Turf Club (STC) illegal online operators will be stopped.

An operator could be exempted from the RGA if it was a not-profit organisation contributing to public, social and charitable causes in Singapore. Both STC and Singapore Pools meet these criteria. They are non-profit organisations operated by the Singapore Totalisator Board (Tote Board), a statutory board under the Ministry of Finance, and their gaming wins are channelled to the board for charitable and social causes

However, no decision has been made yet. The only comment from the Ministry of Home Affairs regarding the matter was that it is evaluating applications from Singapore Pools and STC.

A three-way international competition for the first Casino Resort licence looks likely to become a solo race as two of the competitors may not be able to make a final bit. According to the local press, Bloomberry-Solaire of the Philippines and Naga of Cambodia are both finding it difficult to purchase the land for the […]

A three-way international competition for the first Casino Resort licence looks likely to become a solo race as two of the competitors may not be able to make a final bit.

According to the local press, Bloomberry-Solaire of the Philippines and Naga of Cambodia are both finding it difficult to purchase the land for the casino resort within their budgets.

Bloomberry-Solaire was said to be losing interest in the bid based on the unreasonable prices sought by property owners, while NagaCorp is still negotiating with the owners on its preferred land.

Both casino operators asked for and received an extension until October 5th to submit their detailed plans for the project.

So far only the tandem of Melco International Development Limited of Macau, Hard Rock of Las Vegas and Phassouri of Cyprus has already secured a land deal the most likely to win the contest.

Commerce minister Yiorgos Lakkotrypis would not comment on press reports that the government was hesitant to grant another extension, however he told that the aim was still to award the licence to the successful bidder before the end of 2016.

The financial services corporation Mastercard is being sued for $19 billion following allegations it charged illegally high fees on store transactions for 16 years. Law firm Quinn Emanuel filled the class action lawsuit at London’s Competition Appeal Tribunal last week. It is stated that Mastercard charged unlawfully high fees to stores when shoppers swiped their […]

The financial services corporation Mastercard is being sued for $19 billion following allegations it charged illegally high fees on store transactions for 16 years.

Law firm Quinn Emanuel filled the class action lawsuit at London’s Competition Appeal Tribunal last week. It is stated that Mastercard charged unlawfully high fees to stores when shoppers swiped their cards between 1992 and 2008. The law firm estimates that around 46 million people in the UK were overcharged.

“Consumers were unaware of the level of these fees or that they were illegal,” law firm Quinn Emanuel said in a written statement. “The fees were a significant cost for retailers that was then passed on through increased prices of goods and services. All UK consumers, including cash purchasers—and not just MasterCard holders—have lost money as a result.”

Quinn Emanuel is acting on behalf of Walter Merricks, a lawyer and former chief of UK’s Financial Ombudsman Service, the authority that tries to resolve complaints against financial services firms.

Mastercard denied any wrongdoing in its statement: “We continue to firmly disagree with the basis of this claim and we intend to oppose it vigorously.”

Tech giant Apple announced the changes in its iMessage design, enabling developers to bring third-party applications to the platform. The beta version of iMessage application presents music and GIF sharing applications added to the texting service. Moreover, upcoming iOS 10 update is allowing integration of blockchain based payment applications. One of the third party apps […]

Tech giant Apple announced the changes in its iMessage design, enabling developers to bring third-party applications to the platform. The beta version of iMessage application presents music and GIF sharing applications added to the texting service. Moreover, upcoming iOS 10 update is allowing integration of blockchain based payment applications.

One of the third party apps in iPhone 7 is Circle, the peer-to-peer payments technology company utilizing Bitcoin and traditional fiat currencies. Adding payments to iMessage reduces “the friction” for consumers says Circle CEO Jeremy Allaire.

Allaire commented to South China Morning Post: “There’s a hurdle to have to install a smartphone app so that I can pay my buddy and all the inputting and set up. To do it all within the iMessages app is a lot easier.”

The iOS 10 update is still in beta version. It will be available for download from September 13, 2016. The devices eligible for update includes mobile phone models upwards of iPhone 5, iPod Touch 6th gen, iPad mini 2 and higher, iPad 4th generation, iPad Air(s), and iPad Pro(s).

Apple has a history of resisting the inclusion of digital currency-based applications on its App Store. Recently, the company asked Jaxx Blockchain Wallet to remove Dash support on its iOS application, as well as blocked several bitcoin applications from its App Store. However, they were reinstated on a later date.

The UK Gambling Commission released a paper this week on in-play betting. The paper clarifies that no current regulatory adjustments are necessary as the controls of the current framework are sufficient and do not require further measures. In-play betting is being banned in some countries, for example in Australia. However, UKGC disagrees that this form […]

The UK Gambling Commission released a paper this week on in-play betting. The paper clarifies that no current regulatory adjustments are necessary as the controls of the current framework are sufficient and do not require further measures.

In-play betting is being banned in some countries, for example in Australia. However, UKGC disagrees that this form of gambling is more risky than others, dismissing claims that in-play betting could be exploitable for cheating, criminal or inappropriate gains.

“We are aware that some countries have taken a more prohibitive approach towards in-play betting, for example, by restricting the markets that are available or the means by which in-play bets can be placed,” said the UKGC. “However, in exercising our functions under the Gambling Act 2005 we are obliged to permit gambling in so far as it is conducted in a manner that is consistent with the licensing objectives.”

The paper explained that additional controls over in-play betting are not needed, however warned that bettors should be aware of their own positions in comparison with other bettors and operators, as well as any information deficit or built-in time delay to the systems the operators are using.

“We do not consider it necessary to prevent some bettors using technology to gain an advantage, for example, from computer software programs or faster online connectivity speeds, provided it is made clear to all bettors that this is possible,” stated the commission.

Canada’s lawmakers will vote on a bill amending the national criminal code which would allow single-game betting. According to Legal Sports Report, the House of Commons is scheduled on September 21 to determine whether to send the legislation called C-221 (Safe and Regulated Sports Betting Act) to the Committee on Justice and Human Rights for […]

Canada’s lawmakers will vote on a bill amending the national criminal code which would allow single-game betting.

According to Legal Sports Report, the House of Commons is scheduled on September 21 to determine whether to send the legislation called C-221 (Safe and Regulated Sports Betting Act) to the Committee on Justice and Human Rights for further deliberation, or to reject the bill.

MP Brian Masse introduced C-221 earlier this year. The summary of the bill states: “Enactment repeals paragraph 207(4)‍(b) of the Criminal Code to make it lawful for the government of a province, or a person or entity licensed by the Lieutenant Governor in Council of that province, to conduct and manage a lottery scheme in the province that involves betting on a race or fight or on a single sport event or athletic contest.”

If the bill is successfully referred, it will eventually be submitted to the members of Senate. If the bill is not referred by Justice Committee it will die and will affect Canadian sports betting legislation for years to come. According to parliamentary rule, a bill cannot be re-introduced before a period of five years has expired, therefore in case of a negative reaction towards C-221 this September, it is not likely Canadian parliament would discuss another sports betting bill until 2021.

Proponents of the bill believe that C-221 would give a boost to Canada’s economy, retract money from organised crime and create jobs for people. However, opponents express doubts on whether gambling related crimes will really be solved by the passage of the bill.

Liberal MP Bill Blair expressed his opinion against C-221 earlier this year: “While I appreciate the economic advantages that the proposed reform could bring about, the big concern I have to share is the impact that this proposed change could have on individuals and families, the social costs of gaming.”

Russia’s campaign against illegal online gambling has reached foreign and domestic social networks. Roskomnadzor, a Russian telecom watchdog, has been monitoring hundreds of online sites and adding unauthorised online gambling domains to its blacklist. In August Roskomnadzor also started blacklisting social media accounts belonging to online gambling websites and operators. The strategy that aims to […]

Russia’s campaign against illegal online gambling has reached foreign and domestic social networks.

Roskomnadzor, a Russian telecom watchdog, has been monitoring hundreds of online sites and adding unauthorised online gambling domains to its blacklist. In August Roskomnadzor also started blacklisting social media accounts belonging to online gambling websites and operators.

The strategy that aims to enforce restrictions on promoting or facilitating online gambling games came a few weeks earlier, when three betting websites found their Twitter accounts suspended for no reason.
Roskomnadzor has now formally warned the likes of Twitter, Facebook and Russian social media network VKontakte to suspend accounts that seemingly broke the rules. VKontake alone blocked around 250 accounts linked to over 40 companies.

According to the interview with Nikolai Oganezov, head of the Bookmakers Self-Regulatory Organization (SRO), in Betting Business Russia, the social media purge might look good in Roskomnadzor’s reports to the government, “but the real informal sector it does not kill.”

Oganezov says that Roskomnadzor is not addressing the real issues. Instead of choosing to block sites and social media accounts, he believes the best way is to “create favourable conditions for legal business”, such as more reasonable tax rates, improved marketing and payment systems.

Malta has intentions of becoming the first European country regulating Daily Fantasy Sports (DFS). Malta Gaming Authority (MGA) has announced that daily fantasy sports will no longer require gambling licence. This decision towards the skill-based licensing framework is expected to take Malta to the very centre stage of DFS action in Europe and to attract […]

Malta has intentions of becoming the first European country regulating Daily Fantasy Sports (DFS). Malta Gaming Authority (MGA) has announced that daily fantasy sports will no longer require gambling licence.

This decision towards the skill-based licensing framework is expected to take Malta to the very centre stage of DFS action in Europe and to attract an extensive arrival of new operators.

As stated by MGA in their press release, considering the element of skill and knowledge involved in fantasy sports, such an activity should be differentiated from games of chance in terms of licensing and regulation.

According to the recent notice Fantasy Sports (Exemption) Regulations, 2016, “Fantasy Sports and/or Fantasy Sports Game is a contest played for money or money’s worth whereby the winning outcome is determined predominantly through the skill or knowledge of the player, and where the results are determined by the accumulation of statistical results of the performance of a number of individuals in sporting events, but shall not include the forecast of the score, point spread or any other future occurrence of one or multiple events, and for the avoidance of doubt, the definition of a ‘bet’ as defined in the Act shall not be applicable.”

Valery Bollier, CEO of Malta-based operator Oulala.com stated that MGA’s team had foreseen the rise of a future Skill Game industry in Europe a few years ago: “Malta has proven to have a very competitive jurisdiction because of its pragmatism and its ability to adapt itself quickly to the sense of history.”

The Maltese gaming regulator, having the main goal to protect customers, has been working on the licensing framework to regulate skill-based games, including fantasy sports, for several months now. They will also set the rules to determine whether a game is a ‘Skill Game’ or a ‘Controlled Skill Game’. The MGA has handed the proposed Skill Game Regulations to the European Commission (EC) and the framework is expected to be passed by the end of this year.

“This legal notice is the first step in a process that will see Malta become the first major European country to offer a real skill game licence. It is therefore a very exciting moment for our industry and for Malta,” revealed Bollier. “Malta being the first major European country to offer a skill game licence means it will attract the attention of the entire European DFS market and place itself firmly at the forefront of the DFS revolution.”