A leading gaming technology and equipment provider, International Game Technology (IGT), has now been accredited by the reputable gaming certification and accreditation body Global Gambling Guidance Group (G4) for responsible gaming operations of the provider’s Global Gaming and PlayDigital verticals.

Renewed Certification

The latest IGT accreditation for responsible gaming practices follows the previous G4 responsible gaming accreditation for the company. IGT was accredited for its sports betting operations in 2022, its digital solutions proved in line with the G4 respective standard already in 2019 while the company’s gaming operations secured the responsible gaming accreditation for IGT as early as in 2017 to showcase the corporate commitment to providing a safe gambling environment.

Wendy Montgomery, IGT SVP, Marketing, Communications and Sustainability reportedly said: “Responsible gaming is embedded into the core of IGT’s business and receiving this G4 accreditation for our Global Gaming and PlayDigital product offerings demonstrates our ongoing commitment to our Sustainable Play initiatives.

Mongtomery added: ‘’IGT was the first industry supplier to earn G4 accreditation for gaming and digital responsible gaming excellence, and the first in the U.S. to be accredited for sports betting. IGT will continue upholding itself and our partners to the highest responsible gaming standards as we promote positive play for all.”

Pieter Remmers, Chairman of the G4 Board of Directors said: “IGT has showcased its responsible gaming commitment and industry leadership year after year, and G4 is pleased to recognize the company’s Global Gaming and PlayDigital operations with accreditation again.’’

Rammers also said: “We applaud IGT’s critical responsible gaming efforts and appreciate all that the Company does to maintain the integrity of gaming globally.”

High Standards

As a reputable accreditation and certification entity, G4 aims to ensure the maintenance of the highest gaming industry standards through a worldwide accreditation and certification of gambling suppliers and service providers. With an aim to minimize the impact of problem gambling, the body conducts audits of industry stakeholders to ensure their adherence to the responsible gaming standards.

The assessment has been conducted with IGT with the goal for the company to maintain the G4 certification. The independent G4 assessment has reportedly proven that the technology supplier has established an elevated level of industry standards in the responsible gambling practices.IGT showcased a high standard in providing players with protection tools and sufficient responsible gaming information.

Accreditation Now Effective

Global Gambling Guidance Group’s audit of the IGT verticals Global Gaming and PlayDigital included responsible gambling guidance for players, as well as the company’s adherence to responsible gaming internal standards and the operational code of practice. Also, the training of staff for responsible gaming practices, protection tools and problem gambling were audited. As G4 found these operations highly compliant, the IGT certification for responsible gaming has now become effective.

Source: “IGT Reaffirms Responsible Gaming Leadership with G4 Certification for Global Gaming and PlayDigital Segments”, European Gaming.November 20, 2023.

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Videoslots, the famous international online casino brand, has received a fine worth 9 million Swedish Crowns over breaches of anti-money laundering (AML) laws and regulations regarding the financing of terrorism.

The sum of 9 million Swedish Crowns would roughly convert into around 800,000 U.S. dollars or 760,000 euros. Spelinspektionen, the Swedish gaming authority, conducted an investigation into the operations of Videoslots and found that the operator has not met customer knowledge requirements.

Along with the fine Videoslots also received a warning from Spelinspektionen but for now the online casino operator was allowed to keep its license and continue to operate on the Swedish market. The operator also holds licenses in Malta, Great Britain, Denmark, Italy, and Spain.

The investigation conducted by Spelinspektionen found that Videoslots had faulty anti-money laundering protocols in place when dealing with ten of its largest customers between 2019 and 2021. The ten customers were selected at random from those who made the largest number of deposits and also deposited the biggest total amounts.

Obvious Discrepancies Between Income and Deposits

Spelinspektionen went on to study the operator’s actions concerning the ten large customers and eventually found a failure to account for obvious discrepancies between their income and their gambling transactions.

For example, one of the respective customers deposited more than 5 million Swedish Crowns between 2019 and 2021 despite having registered an income of just 57,000 Swedish Crowns in 2018. The discrepancies did not prevent the respective player from depositing and withdrawing large sums of money at Videoslots even though the initial risk was observed.

The online casino operator defended itself by saying that the audited customers do not necessarily represent the level of compliance of the entire operation and also that the final purpose of the anti-money laundering protocols is to report suspicious activity to the authorities. To that defense Spelinspektionen responded that the operator has a duty to detect and deter suspicious activity itself before reporting it to the authorities.

Moreover, the Swedish gaming authority also noted that while Videoslots was formally cooperative it was not willing to actively facilitate the investigation. The decision published by Spelinspektionen concluded: “The Authority’s assessment is that Videoslots’ customer knowledge regarding all of the audited customers has been insufficient. Videoslots would therefore not have maintained the business relationship or performed individual transactions regarding these customers.”

Source: “Videoslots punished in Sweden over “serious” AML failures“. iGaming Business. November 2, 2023.

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A Bloomberg article detailed that there was a total of 5 offers exceeding $1 billion. The bids were international, with a variety of plans for the future of the waterfront land – from high-end condos or office spaces to situating an entertainment destination there. The Malaysian gambling giant hasn’t announced a final decision yet; however, it was reported that three candidates would be shortlisted before that comes to fruition.

Genting Ready for a Large Profit

Genting’s Miami property sale could be finalized within weeks. The Malaysian operator started marketing their decision to sell the 16 acres of prime real estate back in November 2022, so attracting five bids over $1 billion is an achievement in and of itself. The parcel was home to the Miami Morning Herald newspaper and sits across Miami Beach on Biscayne Bay.

The decision to sell, however, follows a failed push to legalize non-tribal casinos in Florida. As such, Genting is reportedly going to use the proceeds from the sale to fund its casino expansion into New York and further expand its extensive Las Vegas offerings. The operator at potentially very sizable profit from the sale. The land was originally purchased for $236 million in 2011.

Genting’s international status could also potentially enable the operator to distribute the sale profits across markets other than the US. However, such a decision would be motivated very differently. The Genting Casino Nottingham was closed recently, mainly due to “commercial considerations.” The operator didn’t win a Macau concession, so prospects for that market would also require further investment.

And so, although the company’s intentions to use the proceeds from the sale to further strengthen its positions in New York and Las Vegas date a few months back, this is still the more likely option. Other operators have been pouring money into their Macau businesses such as Wynn or MGM, but both won their concession bids, and Genting doesn’t have one.

Eyeing a New York Casino License

Another reason to look to New York specifically is that after Genting’s Macau push didn’t bear fruit during the concession renewal bids, the state has an ongoing bidding war over three new licenses. The competition is expected to be fierce, though, as two of the three licenses are expected to go to racing casinos, potentially leaving only one city casino license available.

The bidding process is run by the New York Gaming Facility Location Board, which said in January that it would not be imposing artificial deadlines due to the complexity of the process. While the state is looking to cash in more gaming tax revenue, the application fees themselves are at $500 million per applicant. So, that’s already a not-insignificant investment just for the attempt.

Genting operates Resorts World which sits close to the Aqueduct Racetrack in Queens. The operator’s plans for expanding the slot-machine facility with a hotel, resort, and casino, could potentially cost more than $1 billion, so the Miami property sale could fill in a big chunk of that investment, or cover all its license application costs and leave some change.

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Canadian sports activities betting firm NorthStar Gaming introduced it has acquired a strategic funding of C$12.25 million ($9.19 million) from Playtech by the use of a convertible debenture mortgage.

Speed up Development, Increase Consumer Base

The funds offered by Playtech accomplished the concurrent financing NorthStar Gaming wants in reference to its reverse takeover of Baden Assets. As soon as the RTO is full, the Canadian gaming operator plans to use to start buying and selling on the Toronto Inventory Trade (TSX) Enterprise Trade.

Michael Moskowitz, chief govt officer of NorthStar Gaming, famous that “Playtech’s unparalleled experience within the gaming business” would assist NorthStar “speed up development” and additional increase its consumer base.”

“With the extra funding, we stay up for increasing our market share throughout Ontario and additional enhancing our premium, content-driven expertise for shoppers,” Moskowitz concluded.

Convertible Debenture Phrases

In response to the phrases of the financing, the debenture mortgage will convert into models of the corporate comprising one widespread share, and two half warrants with totally different train costs – C$0.85 ($0.64) and C$0.90 ($0.67) – and every C$0.50 ($0.37) of the excellent principal of the debenture will convert into one unit.

The 2 half warrants may have a time period of 5 years from the date of the conversion of the debenture whereas in relation to the RTO, the widespread shares given to Playtech on conversion might be exchanged for Baden Assets widespread shares on the identical phrases. In reference to the RTO, Playtech might be issued alternative warrants of Baden Assets on considerably related phrases because the warrants issued to Playtech on NorthStar Gaming.

An modification to the Software program and Providers settlement with Playtech was launched that will increase the partnership throughout your complete Canadian market, features a 10-year extension and modifications to sure industrial phrases.

Deepen Their Partnership

Mor Weizer, chief govt officer of Playtech commented on the deepened partnership with NorthStar as the corporate is looking for to determine a foothold in Canada as a market chief in on-line gaming.

“As a key accomplice of NorthStar of their early levels, we perceive and had been impressed by NorthStar’s distinctive enterprise mannequin and product providing and are excited to additional increase our partnership,” Weizer added.

Playtech’s chief monetary officer Chris McGinnis will be part of the Board of Administrators of NorthStar as a non-executive director and can act as Playtech’s consultant following the strategic funding settlement.

The proceeds of the debenture, along with the beforehand issued subscription receipts and subscription by Torstar Company introduced the capital raised in reference to the RTO to C$22.325 million ($16.74 million).

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