The United Kingdom Gambling Commission (UKGC) has announced it will allow licensed online-gambling companies to begin accepting virtual currencies as a payment medium as of October 31, 2106. Virtual currencies, by definition, include Bitcoin and other digital offerings. The change in conditions was added via an update to the UKGC’s Licence Conditions and Codes of […]

The United Kingdom Gambling Commission (UKGC) has announced it will allow licensed online-gambling companies to begin accepting virtual currencies as a payment medium as of October 31, 2106. Virtual currencies, by definition, include Bitcoin and other digital offerings.

The change in conditions was added via an update to the UKGC’s Licence Conditions and Codes of Practice. It explains that operators must implement policies and procedures concerning the usage of cash and cash equivalents to avoid money laundering. The anonymity, which is one of the main features of virtual currencies, means that additional steps are likely to be taken to ensure strict KYC controls.

The actual wording from the report states:“Licensees, as part of their internal controls and financial accounting systems, must implement appropriate policies and procedures concerning the usage of cash and cash equivalents (eg bankers drafts, cheques and debit cards and digital currencies) by customers, designed to minimize the risk of crimes such as money laundering, to avoid the giving of illicit credit to customers and to provide assurance that gambling activities are being conducted in a manner which promotes the licensing objectives.”

The UK Gambling Commission is the first significant gambling commission to grant approval for virtual currency. Others around the world are expected to follow the same fashion in the near future.

Russia’s communications watchdog Roskomnadzor has ordered banking and payment processors to purge unauthorized online gambling operators from their client lists. According to Russian news agency, the Izvestia, Roskomnadzor sent letters to Russia’s largest bank, Sberbank, as well as payment processors including Skrill and Yandex instructing them to remove gambling operators from their customer-base in compliance […]

Russia’s communications watchdog Roskomnadzor has ordered banking and payment processors to purge unauthorized online gambling operators from their client lists.

According to Russian news agency, the Izvestia, Roskomnadzor sent letters to Russia’s largest bank, Sberbank, as well as payment processors including Skrill and Yandex instructing them to remove gambling operators from their customer-base in compliance with Russian gambling laws.

Russia is in the process of legalizing and regulating sports betting. A few weeks ago payment processors Skrill and Qiwi found their websites included in Roskomnadzor’s blacklist due to processing illegal payments and having links on their sites to illegal operators. The two companies were granted a 24-hour grace period to remove links to unauthorised Russian gambling sites and to cease processing payments for those sites, the demands with which they complied.

Russia’s gambling law says that the only legal payment provider to process payments for Russian online gambling operators is TSUPIS. Since its launch in February 2016, it has been the country’s first payment processor for interactive betting.

Last week, both Roskomnadzor and the state prosecutor were asked for a legal opinion of mobile telecom firms’ involvement in unauthorized gambling financial transactions by the deputy chairman of the state Duma’s committee on constitutional legislation. Further, the proposal has been made by Roskomnadzor to amend Russian gambling law in order to target online gambling affiliates and any other sites that informed Russian citizens how to deposit funds with unauthorized gambling sites.

Since September 2015, Roskomnadzor has been ordering domestic internet service providers to block online gambling sites, including everything from unregulated Russian sportsbooks to well-known Western brands.

Blockchain intelligence firm Elliptic has partnered with London-based startup LexisNexis Risk Solutions to bring bank-grade risk management to Bitcoin. Two companies teamed up not only to avoid nefarious uses of the digital currency but also to make virtual currency more attractive to those who might want to use it for legitimate transactions. LexisNexis Risk Solutions […]

Blockchain intelligence firm Elliptic has partnered with London-based startup LexisNexis Risk Solutions to bring bank-grade risk management to Bitcoin.

Two companies teamed up not only to avoid nefarious uses of the digital currency but also to make virtual currency more attractive to those who might want to use it for legitimate transactions.

LexisNexis Risk Solutions helps banks to comply with AML regulation, using a database of 2.7 million global entities that could be involved in illicit transactions, such as those on global sanctions watchlists. It has shared its database with Elliptic, which constantly monitors bitcoin transactions. As a result clients will be alerted in case of the money movement from bitcoin addresses that have been identified as risky.

Thomas Brown, of LexisNexis Risk Solutions told Reuters: “This is a step toward making it (bitcoin) more mainstream and more acceptable.”

Bitcoin, as we all now, relies on complex algorithms that allow to anonymously and quickly move money without a need for a central authority to process transactions.
That has made it attractive to users who want to avoid capital or government controls. However, virtual currency has also attracted criminals making it popular on the dark side of the Internet.

Brown said: “Today, if you see bitcoins transacting, you almost assume they’re from someone who wants to be off the grid, or they’re proceeds from illicit transactions.”

Kevin Beardsley, Elliptic’s head of business development, was hopeful that this partnership will unlock a whole wave of companies being able to enter financial services with bitcoin.
“The single biggest thing keeping mainstream financial services out of the (bitcoin) ecosystem is the inability to do bank-grade anti-money laundering controls.”

He is the man that effectively sets the agenda for the gaming industry in Malta. He heads the entity entrusted with proposing and enforcing legislation. And – on his word alone – Malta’s future as an online gaming centre of excellence could be set in stone … or not.

He is the man that effectively sets the agenda for the gaming industry in Malta. He heads the entity entrusted with proposing and enforcing legislation. And – on his word alone – Malta’s future as an online gaming centre of excellence could be set in stone … or not.
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A world leading sports betting solutions provider SBTech announced Monday that it has secured a full Class 4 Remote Gaming Licence from the Malta Gaming Authority (MGA). The licence is a latest addition to SBTech’s growing portfolio of European permits.

A world leading sports betting solutions provider SBTech announced Monday that it has secured a full Class 4 Remote Gaming Licence from the Malta Gaming Authority (MGA).
The licence is a latest addition to SBTech’s growing portfolio of European permits.
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With just a few days left until the 2016 Rio Olympics, the International Olympic Committee (IOC) and London-based firm, Genius Sports, announced a partnership in order to monitor any possible manipulation of the competitions related to sports betting and to protect the integrity of Olympic events which will start on August 5.

With just a few days left until the 2016 Rio Olympics, the International Olympic Committee (IOC) and London-based firm, Genius Sports, announced a partnership in order to monitor any possible manipulation of the competitions related to sports betting and to protect the integrity of Olympic events which will start on August 5.

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The Republic of Cyprus is proceeding with plans to expand access to a regulated online sports betting market. The president of the Cyprus National Betting Authority (NBA), Ioanna Fiakkou, announced on Thursday that the NBA would begin accepting online betting applications on October 3.

The Republic of Cyprus is proceeding with plans to expand access to a regulated online sports betting market.
The president of the Cyprus National Betting Authority (NBA), Ioanna Fiakkou, announced on Thursday that the NBA would begin accepting online betting applications on October 3.
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Russian authorities are now targeting payment providers as part of their war with unregulated online gambling. Russian media regulator Roskomnadzor put two payment processors Qiwi and Skrill on the list of banned web sites.

Russian authorities are now targeting payment providers as part of their war with unregulated online gambling.
Russian media regulator Roskomnadzor put two payment processors Qiwi and Skrill on the list of banned web sites.
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In early July the Dutch Lower House has passed an iGaming bill to regulate online gaming in the country for the first time. Online gaming has remained unregulated in the Netherlands despite many years of attempts by Dutch legislators to bring a regulated online gaming to the country.

In early July the Dutch Lower House has passed an iGaming bill to regulate online gaming in the country for the first time.

Online gaming has remained unregulated in the Netherlands despite many years of attempts by Dutch legislators to bring a regulated online gaming to the country.
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According to the domestic media, the government is now planning to label Bitcoin as a foreign currency. Using Bitcoin in Russia would remain prohibited, however such changes would allow the purchase of Bitcoin through exchange platforms.

According to the domestic media, the government is now planning to label Bitcoin as a foreign currency.

Using Bitcoin in Russia would remain prohibited, however such changes would allow the purchase of Bitcoin through exchange platforms.
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Domestic media reported gambling websites used China’s largest search engine Baidu to promote themselves. Online gambling is officially outlawed in mainland China since 1949. However, online betting operators found the platform on China’s top search engine during the nighttime.

Domestic media reported gambling websites used China’s largest search engine Baidu to promote themselves.

Online gambling is officially outlawed in mainland China since 1949. However, online betting operators found the platform on China’s top search engine during the nighttime.
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At the moment, the worldwide market size for Internet gambling is at 55 Billion USD (approx. 50 Billion EUR). A report from Zion Market Research claims that the Global online gambling & betting market expected to reach USD 94.4 Billion (approx. 85 Billion EUR) globally by 2024. According to Zion Market Research, the report analyzes […]

At the moment, the worldwide market size for Internet gambling is at 55 Billion USD (approx. 50 Billion EUR). A report from Zion Market Research claims that the Global online gambling & betting market expected to reach USD 94.4 Billion (approx. 85 Billion EUR) globally by 2024.

According to Zion Market Research, the report analyzes and forecast online gambling & betting market on a global and regional level. The study offers past data from 2015 to 2017 along with forecast from 2018 to 2024 based on revenue. Assessment of online gambling & betting market dynamics gives a brief thought about the drivers and restraints for the online gambling & betting market along with the impact they have on the demand over the years to come. Additionally, the report also includes the study of opportunities available in the online gambling & betting market on a global level.

Zion explains: “The report gives a transparent view of the online gambling & betting market. We have included a detailed competitive scenario and portfolio of leading vendors operative in online gambling & betting market. To understand the competitive landscape in the online gambling & betting market, an analysis of Porter’s Five Forces model for the online gambling & betting market has also been included. The study encompasses a market attractiveness analysis, wherein game form, component, and regional segments are benchmarked based on their market size, growth rate, and general attractiveness.”

As major contributors Zion lists Bet365 Group Ltd., Betfred Ltd., 888 Holdings plc, Paddy Power Betfair Plc, GVC Holdings Plc, Fortuna Entertainment Group, The Stars Group, The Betway Group, William Hill plc, Kindred Group, Rank Group, Playtech, William Hill Plc., among others.