The Central Bank of Uruguay (BCU) has recently expanded its regulatory framework to encompass all online gaming and betting platforms to curb unauthorized transactions. This new regulation specifically targets Payment and Collection Service Providers. This category includes popular providers such as Abitab and RedPagos, as well as the entire network of international transactions related to gaming and betting sites.

In its official statement, the BCU emphasized the importance of implementing adequate prevention mechanisms among these providers. “Payment and Collection Service Providers must have adequate prevention mechanisms in place to prevent money transactions associated with gambling and illegal betting of any kind from being channeled through them,” the statement read, referencing Article 171.1 (Prohibitions) from the fourth part of Book IX of the Compilation of Payment System Standards.

Protection and Compliance

The BCU’s regulation, which already applies to Electronic Money Issuing Institutions (IEDE), aims to protect users by ensuring a solid, efficient, innovative, and accessible payment system. Including Payment and Collection Service Providers in this framework obliges these entities to adopt measures that prevent non-compliance through their services.

Furthermore, the BCU highlighted the legal framework surrounding online gambling and betting, which deems the provision of such services through the Internet or technological platforms illegal unless authorized by the competent authority. This move is essential for Uruguay to prohibit such transactions and maintain regulatory compliance.

Modernizing Payment Systems

In related news, Mastercard announced the implementation of its global biometric payment program in Uruguay. This initiative involves testing a palm-based payment system in collaboration with partners such as Ingenico, Fujitsu Frontech, Fulcrum Biometrics, and Scanntech at Tienda Inglesa’s Red Expres. Shoppers can register their information, payment credentials, and biometric data on-site, allowing them to pay for goods by placing their hand over a sensor at the payment terminal.

Comprehensive Measures and Future Implications

The BCU’s decision, documented in Resolution D-197-2024, follows a thorough review of gambling and illegal betting transactions. The regulation mandates that Payment and Collection Service Providers must implement measures to prevent these transactions, extending the already established Electronic Money Issuing Institutions framework to a broader range of financial service providers.

This comprehensive approach is supported by various legislative acts, including Law No. 1,595 of December 12, 1882, and Law No. 19,210 of April 29, 2014, along with their respective amendments. The BCU aims to promote a secure and efficient payment system that adapts to market developments while ensuring compliance with legal standards.

By adopting these measures, Uruguay strengthens its regulatory environment, aiming to create a more secure and transparent financial system. This extension of the regulatory framework underscores the country’s commitment to protecting users and maintaining the integrity of its financial system amidst evolving technological and market landscapes.

Source: Banco Central del Uruguay DIRECTORIO – RESOLUCIÓN R.N°:D-197-2024 [pdf], Montevideo, 3 de julio de 2024.

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Mauricio Carrillo-Palacio, Head of Americas and Chief Strategy Officer of GlobiancePay, an ambitious financial technology company, used the recently held ASEAN Gaming Summit in Manila to discuss the impact of crypto-currencies on the iGaming industry, as well as the potential for integration of block chain technology and the industry.

Integrating Options for Crypto and iGaming

Carrillo-Palacio addressed the relations between the transformative technology and the iGaming companies to indicate that the latter could take advantage of the block chain ledger to improve transaction efficiency and user experience. He said that such efficiency could be achieved by enabling these companies to tailor wallets for their clients by integrating crypto payment facilities in their operations.

Carrillo-Palacio told Sigma that the simultaneous use of traditional and crypto currencies is seamlessly feasible. He added that GlobiancePay is committed to expanding crypto and aligning it with traditional banking. According to the executive, this is one of the underlying reasons why the fin-tech company, founded in Europe in 2018, is looking to expand in Asia.

Philippine Expansion Due to High Digital Adoption Rating

The executive also indicates that the Philippine market has an extensive digital assets adoption in its operations to present a lucrative potential for GlobiancePay’s expansion. According to the 2023 Global Crypto Adoption Index of Chainalysis, other Asian countries within the world’s top 20 digital asset adoption ratings are India, Vietnam, Indonesia, Thailand, China, Bangladesh, and Japan.

According to Carrillo-Palacio, the company sees the Philippines as the key market for crypto and block chain integrations into the iGaming industry. Also, GlobiancePay is looking to benefit from the busy Asian market by tailoring diverse payment options.

Cost-Effective Crypto Remittance

One of these options refers to the introduction of a crypto remittance payment facility in the Philippine market. As the country has a large population of overseas workers, Carrillo-Palacio said that GlobiancePay’s revolutionary payment method would offer a cost-effective solution to reduce remittance fees.

Recent data from the Philippine central bank show that private individuals working abroad remitted a record of $37.2 billion (€34.3 billion) back home in 2023. The figure represents a 3% increase over a total of $36.1 billion (€33.3 billion) remitted in 2022. The record amount hit in 2023 representing around 8.5% of the Philippine GDB and 7.7% of gross national income testify about the vast potential for payment providers.

Dynamic Block Chain and Crypto Market Nature

That’s exactly where GlobiancePay sees the potential for expansion and implementation of its solutions. In this respect, Carrillo-Palacio stressed the importance of suitable education of the stakeholders to foster the industry-wide growth of crypto-currency and block chain market. Carrillo-Palacio explained the dynamic nature of these markets driven by block chain technological developments to point out the significance of ensuring knowledge, skills, and regulatory compliance to achieve safety and stability across the industry.

Looking to Become the World’s First Crypto Bank

As a testimony of the value of these operations, the executive said that the pioneering Bitcoin has currently got the potential to be worth more than $100,000 by the end of 2024. Therefore GlobiancePay is committed to becoming the first global crypto bank. According to Carrillo-Palacio, the company aims to install a fully regulated and democratized access to financial services.

While seeking financial inclusion of the worldwide population, GlobiancePay remain powered by block chain technology in writing – at least – its own history.

Source: “Blockchain, crypto can bring transformative impact to iGaming, says GlobiancePay exec”. SiGMA. April 13, 2024.

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The leading gaming, hospitality and entertainment giant, MGM Resorts International, became a victim of a cyberattack back in September. At the time, the operator confirmed issues with bookings, hotel electronic doors, some slot machines, as well as other amenities. After the initial attack, MGM was able to recover and resume its operations while at the same time rejecting the option to pay ransom.

The cyberattack impacted MGM’s performance, resulting in a dip in its shares. Currently, the company’s stock trades in the $36 range. However, one analyst predicted a rebound and remained optimistic about MGM’s future performance, despite the devastating attack. As announced by CDC Gaming Reports, Carlo Santarelli, an analyst for Deutsche Bank, remains optimistic about MGM, explaining that the cyberattack only briefly impacted the company’s performance.

Speaking about the current stock, the analyst said it is “very cheap.” Yet, Deutsche Bank’s assessment of MGM’s target price stock remains high, decreasing slightly from $57 to $56. This assessment comes ahead of the release of the operator’s third quarter results which are expected on November 8, 2023, and takes into consideration the recent cyberattack.

Earlier this month, MGM confirmed it expects the impact of the cybersecurity issue to be reflected in its Q3 2023 earnings. At the time, the company estimated a reduction of approximately $100 million in adjusted EBITDAR for September. With that in mind, Santarelli explained: “The impact from one-time expenses related to the breach is expected to be less than $10 million in the third quarter, and we do not believe these expenses will be reflected in adjusted EBITDAR, as they are expected to be covered by insurance.”

Impact of Cyberattack Evident in September’s Results

The analyst spoke about the impact of the cyberattack on the third quarter results. Still, Santarelli said that the results in September were primarily impacted by the cyberattack but figures from July and August remained “essentially flat.”

While MGM’s performance was impacted last month with occupancy decreasing to 88%, lower than the 93% recorded for the corresponding period in 2022, performance this month is expected to be nearly on par. MGM is expected to report occupancy for October of 93%, slightly below the October 2022 result of 94%.

“The deceleration in the third quarter, however, was largely a result of September performance and we believe primarily relates to the cyber-security incident, as well as the reporting of GGR related to the incident.“

Carlo Santarelli, analyst for Deutsche Bank

Recently, another analyst predicted that MGM will quickly recover from the cyberattack. David Katz, an equity analyst predicted that the company’s stock is likely to rebound in the near future, hitting $69. Moreover, he explained that the cybersecurity issue isn’t likely to impact the business in the long term.

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A few days after securing an online betting license in Illinois, global gambling leader Betway has expanded its global tennis portfolio with the addition of the National Bank Open presented by Rogers. The addition of the Toronto event comes a day before its start.

This year’s iteration of the National Bank Open will take place in Toronto between August 5 and 13. It is a part of the ATP Masters 1000. The tennis competition will be hosted at the Sobeys Stadium with the finals set to take place at the 10,800 capacity Centre Court.

In addition, Betway has secured a multi-year deal that will see its logo promoted across the Sobeys Stadium. The operator’s logo will be visible on the backwall throughout all days of the tournament.

The gambling brand added that the upcoming tournament will be the first game in Toronto for the newly crowned Wimbledon champion and World Number 1 Carlos Alcaraz. The tennis star will play his opening match during the night session on August 9, Betway added.

Betway praised Canada for having hosted hundreds of memorable tennis events since 1881, welcoming legendary champions such as Bjorn Borg, Ivan Lendl, John McEnroe, Roger Federer, Rafael Nadal and Novak Djokovic on its courts.

Betway Is Excited to Bolster Its Sports Portfolio

Betway Group’s chief executive officer, Anthony Werkman, said that his team is excited to grow its tennis portfolio with another sponsorship deal. He welcomed the National Bank Open to the Betway family and praised the tournament for its long history of delivering excitement to sports fans.

This competition is steeped in history and is a firm-favorite for tennis fans, so we’re obviously very excited to be a partner as we continue to be known as the number one betting brand within tennis.

Anthony Werkman, CEO, Betway Group

The deal was also welcomed by Rob Swann, Tennis Canada’s chief commercial officer, who expressed his excitement about the partnership with the gambling operator.

We are delighted to partner with Betway and welcome them to our incredible group of corporate partners.

Rob Swann, CCO, Tennis Canada

Swann said that his team is looking forward to working closely with Betway throughout this multi-year agreement. He promised that the two parties will work together on delivering exceptional fan experiences.

Several days ago, Betway teamed up with Greentube, strengthening the two companies’ presence in Belgium. Earlier, the operator adopted the European Gaming and Betting Association’s guidelines in order to fight money laundering.

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Self-exclusion from gambling is one way for people affected by problem gambling or at-risk gambling to limit their access to such activities. While self-exclusion options can help people who are struggling with gambling, bank gambling payment blocks can also have a positive impact on that process. This is because such payment blocks can reduce the possibility for people affected by at-risk or problem gambling to deposit funds with gambling operators.

Now, the UK charity that helps people affected by problem gambling, GamCare, reiterated the importance of improving bank gambling blocks and the benefits such options bring to consumers. On Monday, the charity revealed that a key part of the process is to help raise awareness of bank gambling blocks and provide support for people that needed it.

The announcement comes after earlier this year, GamCare organized its second workshop on bank gambling blocks. The workshop sought to uncover new ways to raise awareness of bank gambling blocks and other gambling management tools. During the event, GamCare heard different ideas and opinions from experts.

A key part in the process of improving bank gambling blocks is raising awareness, the workshop found. An idea was formed that banks need to be proactive and notify their customers about tools that can limit gambling activities such as blocks.

Still, that wouldn’t be a general requirement but rather affects consumers that have “vulnerability markers on their account.” Additional proactive efforts by the banks would be to refer such customers to organizations that provide gambling support such as TalkBanStop.

Inconsistency in Naming Bank Gambling Blocks

Deelan Maru, one of the members of GamCare’s Behavioral Insights Team, explained that one challenge bank gambling payment blocks face is the inconsistency such activities are referred to by different banks. As an example, he pointed out that some banks refer to gambling payment blocks as “card freeze,” while others present the block as “restriction” or “merchant control.”

“Our analysis of bank gambling tools shows that gambling blocks have inconsistent naming conventions across different banking apps. For example, one bank may call it ‘card freeze’, whilst another would place it under ‘merchant control’ or ‘restriction’ settings – ultimately causing ambiguity and confusion for the consumer.“

Deelan Maru, Behavioral Insights Team member at GamCare

Maru explained that the inconsistent naming of the bank gambling blocks creates confusion for the customers. According to him, consistent naming of the solution across bank institutions and a proactive approach can raise awareness of those tools and ultimately help more people.

GamCare also pointed out that while self-exclusion options are popular, some people learn about bank gambling blocks only when they encounter gambling harm first. The charity revealed that there are people, affected by problem gambling that reach out for support and discover the option for bank gambling blocks.

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OKTO, the digital payments solutions provider delivering services for the gaming and entertainment industry, announced a new collaboration with Europe’s leading open banking payments network, Truelayer. Details regarding the new collaboration emerged Thursday and see OKTO benefit from Truelayer’s leading instant bank payment capabilities.

Thanks to the new collaboration, OKTO will supercharge its leading Cashless Solutions by bringing instant bank payment capabilities from Truelayer. Lauded as a strategic partnership, the collaboration will significantly improve the company’s products and enable it to continue to grow its presence by digitalizing the land-based gambling vertical.

Under the terms of the new collaboration, OKTO’s solutions, including OKTO.WALLET, the company’s omnichannel wallet solution and OKTO.DIRECT, the first retail payments gateway, will be powered by Truelayer’s instant payment capabilities. By integrating into the company’s payments network, OKTO’s solutions now can offer customers instant bank payments for withdrawals, as well as depositing.

Joining forces with Truelayer and enhancing its products, OKTO delivers seamless experiences for its growing customer base. At the same time, Truelayer’s capabilities are supported by its anti-fraud systems, which further boosts the security and reliability of the processes.

“We are excited to team up with OKTO and empower their users to leverage instant bank payments, both online and in retail stores.“

Roberto Villani, VP of iGaming at Truelayer

Roberto Villani, Truelayer’s VP of iGaming, shared his excitement by saying that the company is delighted to join forces with OKTO and deliver its leading instant bank payments capabilities. He acknowledged that the solution will power retail, as well as online operations, delivering efficiencies for OKTO merchants and their players in Europe. Villani also spoke about Truelayer’s fast and secure payments. Finally, he pointed out: “We look forward to working with OKTO to continue to drive innovation.”

The Company Is Excited to Team Up with Truelayer

Earlier this year, OKTO expanded further its footprint in Europe by securing approval for its wallet solution in Germany. At the time, the company’s head of Germany, Mikhail Ovsepyan, revealed that the approval marks a milestone achievement for OKTO.

Maria Magoula, OKTO’s payments director, spoke about the deal with Truelayer and explained that the company is delighted to join forces with the leading open banking payments network. She explained that the instant bank payment capabilities from Truelayer complement OKTO’s goal to deliver seamless, fast and secure payment options.

“We are thrilled to partner with Truelayer and integrate their exceptional instant bank payments into our Cashless Solutions.“

Maria Magoula, payments director of OKTO

Additionally, Magoula pointed out that Truelayer’s solutions will enable OKTO to meet the continuously growing demand from its partners by offering a scalable solution. In turn, she predicted that this will help accelerate OKTO’s expansion on the Old Continent. Finally, Magoula said that the collaboration will boost the company’s efforts to digitalize the entertainment and retail gaming verticals.

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Payments technology provider Nuvei Corporation announced today it has partnered with Resorts Digital Gaming (RDG) to power online casino platforms across all of its brands with instant bank transfers.

Enhancing User Experience

The new agreement with RDG will see the fintech company offer the Nuvei Instant Bank Transfer solution to online casino players of all iGaming brands of the casino company. Operating out of New Jersey, RDG is the digital arm of Resorts Casino Hotel.

Commenting on the agreement, the chief executive officer of RDG, Ed Andrewes, outlined the operator’s dedication “to offering the best user experience in New Jersey,” hailing Nuvei Instant Bank Transfer as “one of the most popular and convenient deposit and payout payment methods in the US iGaming market.”

“Integrating Nuvei into our cashier supports our mission to provide all the relevant payment methods our players demand,” Andrewes said, eager to start “working closely with Nuvei and its team and even expand the partnership beyond that into opportunities to accelerate growth.”

The instant bank transfer solution allows players to deposit instantly into their gaming accounts from their bank accounts, while the process is further simplified by the exclusive integration of Nuvei with Plaid, allowing funds to be uploaded to a gaming account with a single click.

Seamless Payment Options

Philip Fayer, chief executive officer and chair at Nuvei, also commented on the new partnership, stressing the importance of “seamless and relevant payment options” for iGaming operators in the US and the role payment options play for operators in terms of player acquisition and revenue growth.

“Nuvei Instant Bank Transfer was the first payment method to bring truly instant payouts to the US iGaming market,” Fayer said, pointing out that “this enhanced user experience has eliminated the need for players to wait hours or even days” to have money from their gaming account withdrawn.

An integration of Nuvei with The Clearing House’s Real Time Payments (RTP) Network allowed Nuvei to become the first payment provider to offer its partners instant withdrawal options for players with bank accounts in banks that are connected to the RTP network.

“RDG is a pillar of the iGaming industry in New Jersey, so we are looking forward to working together to maximize the benefits that our market-leading platform and deep knowledge of the industry will bring to their player experience, and ultimately revenues,” Fayer concluded.

RDG is the latest online casino provider to team up with the Canadian fintech in which Hollywood actor, producer and entrepreneur, Ryan Reynolds, recently invested. Other partners from the iGaming sector include Holland Casino which recently took advantage of Nuvei’s instant payout solutions.

As the digital arm of Resorts Casino Hotel, RDG embraces the values of its parent that has made a name for itself by offering world-class casino and sports betting in a relaxed environment in Atlantic City, boasting hundreds of online slots and table games, live dealer games and virtual sports on the platforms it operates, including ResortsCasino.com and MoheganSunCasino.com.

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Deutsche Bank analyst Carlo Santarelli has defied expectations for the casino resorts sector, posting an upbeat outlook for Wynn Resorts. According to Santarelli, Wynn’s shares will soar.

Wynn Resorts Is Gathering Financial Momentum

He bases this outlook on several main factors that are going to drive an upsurge in the company’s stock over the next months. One of those is the return of travelers in Macau, which will help Wynn’s overseas operations.

At the same time, footfall has been picking up on the Las Vegas Strip, and the company is already building its Al-Marjan Island in the United Arab Emirates (UAE), the very first casino resort in the country, which should yield fantastic dividends in the long run.

With Al-Marjan Island’s construction getting underway last week, investors are still hesitant about the share value of the company, which means that the stock is presently underappreciated and bound to pick up in the next months.

Santarelli argues that Al-Marjan Island will be driving strong returns for the company. About 90% of the UAE’s population of 10 million people are expatriates and can therefore gamble. Of course, the project is leaning in heavily on tourism as well and will be a global destination for not just gambling, but also meetings in the Middle East.

Another reason for optimism in the long term is that the tax structure of the UAE is very generous – only 13%. In the meantime, Wynn is also working with a real estate developer in New York City, Related Cos. This investment, though, may not pay off immediately.

The newly-planed venue at the Hudson Yards is probably going to take a long while before it sees a payoff, but this doesn’t mean it would fail to. Wynn is expected to get a 15% return on investment if the project is finally approved – and if the project is approved. The three downstate permits for new casinos have not yet been issued in the Empire State.

WynnBET Still Meaningful Driver of Value

Meanwhile, WynnBET, the most omnipresent asset of the company is not going to be one of the company’s strongest. The interactive division is indeed a bit slower, but it’s not out of the picture at all. Just the opposite, Santarelli has called the asset a “meaningful driver of value.”

WynnBET has been very fast to cut its losses, and even though it posted a loss of $99 million in 2022, it’s doing way better than competitors who posted triple-digit losses.

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