CasinoBeats breaks down some of the most interesting stories in the gambling industry. The latest headlines reflect regulatory actions in the UK and Nasdaq’s non-compliance, as well as gambling tax increases on New Jersey.
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The UK Gambling Commission published their Corporate strategy 2024-2027 explaining key areas that they will be focusing on in the British gambling industry over the next 3 years.
This strategy, titled ‘Gambling Regulation in the Digital Age’ is part of UKGC’s commitment towards delivering proposals within the UK Government White Paper on ‘High Stakes: Gambling Reform for the Digital Age’.
The report outlined five areas of focus for the three-year time period. These include: using data analytics and other tools to improve gambling regulations; improving core operations; establishing clear requirements based on evidence for licensees, being proactive in addressing problems at the first opportunity; and managing a successful National Lottery.
The UKGC Chair, Marcus Boyle said: “Our three-year gambling strategy, ‘Gambling Regulation in a Digital Age’, outlines how we’ll implement the government’s white paper on gambling reforms and regulate the National Lottery successfully under a newly licensed licensee.”
We are also launching an ambitious program to improve the efficiency of our regulations. Data will be used more intelligently with the help of a new hub for data innovation. Our work will become more transparent to help raise the standards of the gambling industry. We’ll also be innovative in disrupting illegal operators.
I want to see a gambling market that is fair, secure, and free of crime, where the consumers’ interests and those of the public at large are protected. This strategy will help improve the gambling regulations and bring us closer to our vision.
840,000
Kansspelautoriteit has issued a fine to Casbit Group N.V. in relation to the provision of games without a license.
KSA said it had informed Casbit earlier that it planned to issue an order with a fine on Casbit for illegal gambling on its website lala.bet.
Casbit removed access to its website in The Netherlands. However, after a re-inspection by the authorities, they found that the site was still available in this country. A penalty, therefore, has been applied.
KSA issued an order that is subject to penalties. If Casbit does not comply, a fine of EUR280,000 per weekly period, up to a maximum EUR840,000, will be imposed.
Casbit Group filed an objection to the decision.
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Inspire provided an update for its investors following a letter it expected from Nasdaq regarding non-compliance resulting from not filing its Form 10-K in time last year.
Before the opening of the markets on April 15, 2024 the gaming company revealed it would report its financial results for 2023 and the fourth quarter.
Nasdaq’s current updates do not have an immediate impact on Nasdaq’s listing of common stocks.
If Nasdaq agrees, it can give Inspired an extension of 180 days calendar from the due date for filing, up until September 11th 2024. If the company fails to release its financial statements by the due date, they may face delisting from the exchange.
86.4
The Alcohol and Gaming Commission of Ontario and IGaming Ontario co-commissioned a study that found that 86,4% of Ontario online gambling prefers to bet in the regulated market.
The study was conducted by Ipsos in February of this year. It interviewed 2,016 Ontarians over the age of 19, with a sample size of 1,009 from the general population and 1,007 additional participants who have wagered or gambled real money online within the last three months.
Ipsos stated that they “used quotas to make sure that the sample composition of general population reflects the Ontario population in accordance with census parameters”. This resulted to a sample total of 1,299 Ontarians that gambled online or placed real-money bets in the last three months.
In the study, it was found that 86.4% of Ontarians placed wagers online with licensed operators within the last three months. This figure was 85,3% in a study done in 2023.
The study found that 19,9% of the people who gambled on the internet in the past three months did so both at regulated and non-regulated sites. In the meantime, 13,6 percent of respondents only wagered on unregulated websites during that same time period.
On April 4, Ontario’s igaming industry had 47 operators registered and 77 websites regulated.
Karin Schnarr Dr is the Chief Executive Officer of AGCO and its Registrar. She commented that “In Ontario, all regulated gaming sites must adhere to strict standards for game integrity, player protection, and data security. They also have significant safeguards in place regarding responsible gambling.
While it is encouraging that most players choose regulated gambling options, those who do not risk far more than just their bets.
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New Jersey Senate introduced a bill that increases the tax rate on online casinos and sports bettors in this US state.
The S3064 bill, sponsored by Senator John McKeon aims to raise the tax rate on gross gaming and sports betting revenues from 15 to 30%.
S3064, first reported in March, has now been presented in the New Jersey Senate, and referred to its State Government, Wagering, Tourism and Historic Preservation Committee.
Casino Reinvestment Development Authority, plus a further 2.5 percent tax on top of that. This is the current tax rate in Garden State for operators.
Only 1.25 percent of the additional revenue would be allocated to Casino Reinvestment Development Authority under S3064.
New Jersey would be able to compete with its neighboring states, such as Pennsylvania. Pennsylvania has an online slot tax of 54 percent and table games or poker taxed at 16 percent.
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Sweden has increased its scrutiny of Twitch for their promotion of non-licensed casinos.
According to Dexerto’s report, Kulturnyheterna is an investigative arm of the Swedish TV network Sveriges Television AB. It revealed that “eight of ten Swedish Twitch influencers had promoted casinos without regulation.”
Spelinspektionen (the Swedish gambling authority) has warned the Swedish authorities on the basis of this report. They may intensify their actions against global streaming platforms, such as Slots Streamers, who have been using them for years.
Twitch has been working to promote social responsibility in the gambling industry.
Last year the platform announced that it would extend its ban on the promotion of unlicensed gaming to include deposit limits, age verification, and waiting periods.
The firm released a statement that said, “After monitoring its impact over the past year and hearing from you directly, it became apparent that people were circumventing these rules. Further steps were needed.”
Twitch will most likely take further actions in light of the latest Swedish findings, as they aim to create a socially and sustainably responsible gambling model. The Swedish government takes an aggressive approach in combating promotion of non-licensed gambling operators.
