VGW has reached a settlement with New York Attorney General Letitia James, agreeing to pay $8 million. This settlement specifically addresses former customers of sweep coins who will be eligible for one-time redemptions.
The settlement's Assurance of Discontinuance applies to VGW Holdings Pty. Ltd. and its affiliates, which include Chumba Casino, Global Poker, and Lucky Land Casino. The company is required to make the payment within 14 days of the agreement’s effective date, which is set for August 30, 2026.
In this agreement, VGW neither admits nor denies the findings of the New York Attorney General’s Office. As part of the settlement, a redemption process is established that allows eligible former customers to submit redemption requests until August 31, 2027.
Additionally, VGW has agreed to refrain from permitting New York residents to stake any redeemable virtual item in chance-based contests or events in the future. This stipulation also extends to any successors or transferees of the company. If VGW decides to go back to practices previously prohibited under this settlement, it must notify the relevant authorities in writing.
Michael Bennet, a spokesperson for VGW, expressed the company’s intention to maintain operations in New York by using Gold Coins, which cannot be redeemed for cash.
