Political bettors seem to be losing their trust in President Joe Biden’s ability to win the upcoming election, as demonstrated by Betfair. According to the betting exchange, Biden’s odds plummeted following an official report about the president’s waning memory.

In a response to the Justice Department report into Biden’s mishandling of top secret documents, the president said that he knows what he is doing. While the 81-year-old denied having memory problems, the report still led to a decline in his odds of winning the elections.

Biden wasn’t helped by his recent gaffe either as he just referred to the Egyptian leader as the President of Mexico.

According to Betfair, Biden’s odds of reclaiming his post now stand at 3.9.

Biden’s loss is Trump’s gain as the former president’s chances to reclaim power have just increased, despite his ongoing legal issues. According to Betfair, the former POTUS’ chance to return to the Oval Office now stands at 2.2 or 47%.

Biden Now Faces a Harder Battle

While many expect the upcoming US elections to be another faceoff between Trump and Biden, political bettors haven’t ruled out the chance of another candidate winning the Democratic ticket. Betfair pointed out that punter’s backing for Vice President Kamala Harris to win the race has significantly increased following the latest Biden report. Michelle Obama’s odds have also increased dramatically, the betting exchange reported.

Trump, on the other hand, maintains a leading position among the Republicans and cemented his position as the front-runner of his party following DeSantis’ premature exit. DeSantis, whom many considered a major contender, failed to gain sufficient traction and decided to pull back from the race.

According to Betfair spokesman Sam Rosbottom, many bettors view Trump as a more reliable candidate following the recent report.

Biden has been a fairly significant drifter in the Election Winner market, but this report, compounded by another memory lapse, is seeing punters viewing Trump as the safer bet with their money.

Sam Rosbottom, spokesman, Betfair

Speaking of Biden, the president recently visited Las Vegas and revealed his plans to crack down on additional fees at Vegas resorts, also known as “junk fees.” He criticized Sin City companies for ripping people off, saying that their underhanded business tactics are “plain wrong.”

Biden also vowed to bring down the price of insulin, prescription drugs and energy.

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Gaming Corps, a global developer of gaming content, has formed a major new partnership with Betfair Casino. Under the agreement, the former company will inject content into the operator’s portfolio, allowing it to engage more customers.

According to the announcement, the partnership between the two companies will have an initial focus on the Latin American market. However, Gaming Corps’ games may also be rolled out on Betfair Casino’s platform in other markers, depending on their performance.

As agreed, Gaming Corps will inject a suite of crash games, table games, slots and Plinko into Betfair Casino. As a result, the casino operator’s players will get to enjoy some of Gaming Corps’ best new releases, including games like Raging Zeus Mines, 9 Jokers Stick and Spin, and Wild Woof. In addition, gamblers will be able to try out some of the provider’s all-time classics, such as the Coin Miner and Jet Lucky series.

As a highlight of the partnership, Gaming Corps also agreed to provide Betfair Casino with bespoke branded versions of its Penalty Champion and other Mine games.

Betfair Casino is the iGaming division of the famous betting exchange Betfair. Launched in 2006, Betfair is a part of the Flutter family and is one of the powerhouses in Latin America.

Betfair Is Glad to Secure Access to Gaming Corps’ Titles

Stefano Buse, Betfair International’s commercial director of gaming, commented on the partnership, praising Gaming Corps as a “flagship provider” in the LATAM region. He said that its games will be a “fantastic addition” to Betfair’s local offering.

Our operations in LatAm are very important to Betfair Casino, and we are very happy to offer our players Gaming Corps’ full games suite, including in some cases our own branded versions of games. We look forward to working with Gaming Corps and the development of this partnership.

Stefano Buse, commercial director of gaming, Betfair International

Mats Lundin, Gaming Corps’ director of sales, also commented on the matter, praising the deal as a “hugely significant moment” for his team. He praised Betfair as a well-established brand in Latin America and said that he is looking forward to supplying it with first-class games.

What makes this partnership so exciting for us is that it has the potential to grow and develop by moving into more markets, and I really look forward to the opportunities this presents to both parties.

Mats Lundin, director of sales, Gaming Corps

In September, Gaming Corps further diversified its portfolio, launching Super Hot Stacks, an action-packed new slot.

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Betfair International Plc, a subsidiary of Flutter Entertainment, has been hit with three enforcement orders and a reprimand by the Danish Gambling Authority, Spillemyndigheden, for breaching Denmark’s Anti-Money Laundering (AML) Act.

Betfair Faces Regulatory Action for AML Act Violations in Three Key Areas

The regulatory authority found that Betfair had failed to meet the requirements set out in the AML Act in three key areas. The first order was issued because Betfair’s risk assessment did not adequately consider the inherent risk factors associated with its business model.

The second order was issued due to insufficient written procedures for customer due diligence. The procedures did not ensure that customer due diligence measures were conducted at appropriate times in accordance with the requirements outlined in the AML Act. 

Furthermore, the written procedures did not address how Betfair would become aware if an employee was convicted of a criminal offense during their employment, thereby increasing the risk of money laundering and terrorist financing.

The third order was given because Betfair failed to provide documented evidence of regular and appropriate controls in various areas such as risk management, customer due diligence, employee screening, investigation and reporting obligations, information storage, and internal controls.

The company must now submit an updated risk assessment that addresses the identified shortcomings, improve its written procedures, and provide documentation of future control procedures.

Betfair has been given a three-month deadline to rectify the issues highlighted in the first two orders, while a twelve-month deadline has been set for the submission of documentation demonstrating compliance with the third one.

Spillemyndigheden Issues Reprimand to Betfair over Customer Identity Control Deficiencies

Additionally, Betfair received a reprimand from Spillemyndigheden for its inadequate control of customer identity information up until May 16, 2023. However, this specific violation is no longer active and does not require further action.

The Danish Financial Supervisory Authority (DFSA) introduced updated rules for the AML Act earlier this year, imposing stricter requirements for customer due diligence and monitoring individual transactions and money transfers.

Betfair now faces the challenge of addressing the deficiencies highlighted by the Danish Gambling Authority within the specified timeframes, in order to ensure compliance with the AML Act and maintain its operations in Denmark.

Betfair has also faced difficulties in Sweden and the UK. In April, the company was fined for providing betting markets on 148 matches between 2021 and 2022 in the U21 Allsvenskan, a youth soccer league where operators are prohibited from offering gambling opportunities. In May, Betfair faced a fine of £490,000 ($606,300) from the UK regulator for the dissemination of promotional material to individuals who had self-excluded themselves.

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40-year-old Luke Ashton, a father of two, took his own life in April 2021 while fighting his severe gambling addiction which had caused him to lose £5,000 ($6,400) during just one month. One of the gaming operators that Asthon had frequently used since 2012, Betfair, has now admitted that its protection systems have failed to identify the player as an “at-risk gambler.”

In a historic decision, Betfair has been called an “interested person” in the inquest, which is a first in the industry. The company admitted it “should have done more” to protect the vulnerable player who died on April 22, 2021, after he was “consumed” by his addiction. 

Up to 100 Bets a Day

Before losing the large amount during a single month, Ashton had made a habit out of gambling up to 100 times a day. The player preferred the operator’s Exchange platform to bet on horse and greyhound racing events that took place in the UK as well as abroad. 

Betfair describes Exchange as an option that is “generally more low risk” and also one that is used by “sophisticated and highly-skilled” players. In January 2019, Ashton was averaging 55 daily bets. 

During the remainder of the same year, according to the hearing held at the coroner’s office for Leicester and South Leicestershire, Ashton took out £18,000 ($23,000) in total loans in an attempt to clear his debts. 

His addiction peaked in March 2021, when he reached 1,229 bets. March was also the month when he made a £2,500 ($3,200) deposit in a single day.

While the family had to sell their home, Ashton didn’t manage to set himself free of his addiction and continued to frequent a number of gambling websites in the month prior to his demise.

Failing Machine-Learning Algorithm

During the second day of the hearing held earlier in the week, the Flutter-owned operator used the voice of managing director Richard Clarke to admit that their algorithm which is based on machine learning did not identify Ashton as a high-risk gambler. 

The algorithm that is used to closely track customer data is supposed to identify the behavior of players who had used the self-exclusion option from the operator’s platform for six months. 

Ashton used the same exclusion option in 2013, 2014, and 2016. Nonetheless, the algorithm was not able to deem him at high-risk and issue a permanent ban on him.

While Clarke expressed confidence in the company’s compliance with the current regulations, he added that by looking at the player’s activity in March 2021, “it does look like we should’ve done more.”

“Things Have Changed a Lot”

Betfair’s managing director also told the hearing that approximately 10,000 of their customers had placed more bets than Ashton in March 2021, which coincided with the grand opening of the horse racing season.

Since then, added Clarke, a series of changes had been put into practice. Among them, the implementation of a strict £500 ($640) monthly deposit limit for players under the age of 25, a £10 ($12.80) maximum stake limit on all slots, and a monthly net deposit limit for all returning customers at the end of a self-exclusion period, after a detailed assessment via phone.

Clarke also mentioned financial vulnerability checks via third-party reference agencies as an additional prevention measure. 

Mr Nicholls, who represented Ashton’s family during the hearing, said Betfair should have excluded the victim from their website. The inquest will be resumed on June 16.

In April, Betfair was fined for offering markets for 148 matches between 2021 and 2022 for the U21 Allsvenskan, a youth soccer league on which operators are forbidden to offer wagering. 
In May, the National Health Service in the UK revealed that, based on its Problem Gambling Severity Index scores, around 0.3% of gambling adults were labeled as problem gamblers and 2.8% of adults were found at risk to engage in problem gambling.

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UK’s gambling regulator, the Gambling Commission, constantly monitors the market in the country to ensure that licensees adhere to the established framework and that consumers are protected. In case any breaches are uncovered, the gambling regulator imposes sanctions which can be monetary or in severe cases, suspends or revokes licenses.

On Thursday, the Commission unveiled that it uncovered a social responsibility breach by an operator, which resulted in a fine. The gambling watchdog said that an investigation into PPB Counterparty Services Limited, trading as Paddy Power and Betfair, uncovered breaches of social responsibility. Describing the breaches, the Commission claimed that the company sent promotional notifications to customers that have previously self-excluded from gambling activities.

Under the current gambling regulations, licensed operators must adhere to self-exclusion, which means that they need to take all necessary steps to ensure that such individuals do not receive marketing offers. Once a person self-excludes from gambling, gambling businesses need to take action within two days and ensure that this person doesn’t receive any further marketing communication.

The Commission said that the social responsibility breaches date back to November 21, 2021, when the “operator’s app distributed an offer of enhanced odds for bets on an English Premier League football match to devices either linked to accounts that were GAMSTOP registered or devices linked to accounts that were self-excluded with the Licensee.” Due to the aforementioned breaches, the regulator imposed a £490,000 ($606,300) fine against PPB Counterparty Services Limited.

The Commission Continues to Monitor Gambling Activities

Details about the fine come after recently, the gambling watchdog imposed a $380,000 financial penalty against SkillOnNet. At the time, the Commission said that it uncovered breaches related to safer gambling and anti-money laundering regulations.

“Although there is no evidence the marketing was intentional, nor that all the people with apps saw the notification or that self-excluded customers were allowed to gamble, we take such breaches seriously.“

Kay Roberts, executive director of operations at the Gambling Commission

Addressing the latest fine, the Commission’s executive director of operations, Kay Roberts, acknowledged that no evidence supports that the breach was intentional. Additionally, she said that it is unclear whether or not the self-excluded people have seen the push notifications.

Yet, Roberts stressed that the Commission takes breaches of the regulations seriously. Finally, the executive director urged operators to ensure that their systems comply with the established framework regarding self-exclusion in an effort to protect such consumers.

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