Regulatory Archives - Keno Wizard https://kenowizard.com/tag/regulatory/ The Ultimate Keno Destination for Odds, Tips & Tricks Mon, 24 Jun 2024 18:13:32 +0000 en-US hourly 1 https://wordpress.org/?v=6.5.5 https://i0.wp.com/kenowizard.com/wp-content/uploads/2023/02/cropped-keno-wizard-icon.png?fit=32%2C32&ssl=1 Regulatory Archives - Keno Wizard https://kenowizard.com/tag/regulatory/ 32 32 230792155 Bovada Exits Michigan and Colorado After Regulatory Warnings https://kenowizard.com/2024/06/24/bovada-exits-michigan-and-colorado-after-regulatory-warnings/ https://kenowizard.com/2024/06/24/bovada-exits-michigan-and-colorado-after-regulatory-warnings/#respond Mon, 24 Jun 2024 18:13:32 +0000 https://kenowizard.com/2024/06/24/bovada-exits-michigan-and-colorado-after-regulatory-warnings/ Bovada, an offshore and unregulated sportsbook and casino operator, has ceased operations in Michigan and Colorado. This decision comes after the respective gaming regulators in both states issued legal notices to the parent company, Harp Media B.V., demanding the cessation of its activities. Regulatory Actions in Michigan and Colorado The Michigan Gaming Control Board (MGCB) [...]

The post Bovada Exits Michigan and Colorado After Regulatory Warnings appeared first on Keno Wizard.

]]>

bovada_now_restricted_in_michigan_and_colorado_after_cease_and_desistsBovada, an offshore and unregulated sportsbook and casino operator, has ceased operations in Michigan and Colorado. This decision comes after the respective gaming regulators in both states issued legal notices to the parent company, Harp Media B.V., demanding the cessation of its activities.

Regulatory Actions in Michigan and Colorado

The Michigan Gaming Control Board (MGCB) sent a cease-and-desist letter to Bovada on May 29. The board gave Harp Media B.V., based in Willemstad, Curaçao, 14 days to stop Michigan residents from accessing their gambling services or face legal repercussions. The MGCB cited violations of several Michigan gaming laws, including the Lawful Internet Gaming Act, the Michigan Gaming Control and Revenue Act, and the Michigan Penal Code. The board warned that operating unlicensed gambling services in the state could result in imprisonment of up to 10 years or a fine of up to $100,000, or both.

Colorado followed suit shortly after Michigan. Although the exact date of Colorado’s notice is not specified, the state also issued a cease-and-desist letter to Bovada, prompting the operator to add Colorado to its list of restricted states.

Expanding List of Restricted States

As of June 20, Bovada updated its Terms & Conditions to exclude residents of Nevada, New Jersey, New York, Maryland, Delaware, Michigan, and Colorado. Bovada has complied with direct orders from state regulators to cease operations in these states, but it remains illegal across the entire United States under the 2006 Unlawful Internet Gaming Enforcement Act. The offshore operator only exits state markets when explicitly instructed by regulatory authorities.

Lisa Keith, the public information officer for the MGCB, emphasized the board’s vigilance: “The Michigan Gaming Control Board is encouraged to see that Bovada has now identified Michigan as a restricted state on their website. While this is a good indication that they are taking our cease-and-desist letter seriously, we will continue to closely monitor the status of their offerings in Michigan and take appropriate action as deemed necessary.”

Potential Connecticut Exit

Connecticut could be the next state to see Bovada’s exit. The state’s Department of Consumer Protection (DCP) issued a cease-and-desist letter to Harp Media B.V. on June 14, threatening criminal and civil penalties if the operator does not halt its illegal online gambling services. The DCP’s letter highlighted the violations of state law and required Bovada to allow Connecticut residents to withdraw their funds.

Kaitlyn Krasselt, DCP Communications Director, confirmed the issuance of the cease-and-desist letter: “There are only three companies licensed to operate in Connecticut: DraftKings, Fanatics, and FanDuel, including Mohegan Sun Casino powered by FanDuel Group.”

Massachusetts Considering Action

Massachusetts is also contemplating measures against Bovada. During a June 12 meeting, the Massachusetts Gaming Commission (MGC) discussed potential actions but did not reach a decision. The commission is aware of the enforcement actions taken by Michigan and Colorado, and Commissioner Nakisha Skinner proposed a formal assessment to determine the necessary steps. MGC Chair Jordan Maynard agreed, indicating that the matter could soon be on the agenda for a public meeting.

Chris Cylke, Senior Vice President of Government Relations for the American Gaming Association, stated: “Successful enforcement actions against Bovada by Michigan and Colorado are proof that states have tools to fight back against offshore operators and should serve as blueprints for other states to follow. But states should not have to take on this battle alone – the DOJ [Department of Justice]

must also use its powers to aid the fight against illegal gambling, which Congress has clearly identified as a department priority.”

Source:

Bovada now restricted in Michigan and Colorado after cease-and-desists, sbcamericas.com June 21, 2024.

The post Bovada Exits Michigan and Colorado After Regulatory Warnings appeared first on Keno Wizard.

]]>
https://kenowizard.com/2024/06/24/bovada-exits-michigan-and-colorado-after-regulatory-warnings/feed/ 0 7417
KRAIL Blocks 371 Illegal Gambling Websites in Ukraine Amid Regulatory Uncertainty https://kenowizard.com/2024/06/07/krail-blocks-371-illegal-gambling-websites-in-ukraine-amid-regulatory-uncertainty/ https://kenowizard.com/2024/06/07/krail-blocks-371-illegal-gambling-websites-in-ukraine-amid-regulatory-uncertainty/#respond Fri, 07 Jun 2024 10:30:29 +0000 https://kenowizard.com/2024/06/07/krail-blocks-371-illegal-gambling-websites-in-ukraine-amid-regulatory-uncertainty/ The Commission for the Regulation of Gambling and Lotteries (KRAIL), Ukraine’s gambling regulator, has taken decisive action against illegal gambling activities in the country. Recently, KRAIL blocked 371 websites offering illegal gambling services as part of a joint effort with the Security Service of Ukraine. This move was formalized through Order No. 451/2256, which targeted [...]

The post KRAIL Blocks 371 Illegal Gambling Websites in Ukraine Amid Regulatory Uncertainty appeared first on Keno Wizard.

]]>

krail_blocks_illegal_gambling_websites_amid_uncertain_future The Commission for the Regulation of Gambling and Lotteries (KRAIL), Ukraine’s gambling regulator, has taken decisive action against illegal gambling activities in the country. Recently, KRAIL blocked 371 websites offering illegal gambling services as part of a joint effort with the Security Service of Ukraine. This move was formalized through Order No. 451/2256, which targeted the domain names of these unauthorized gambling sites.

The order mandates electronic communication service providers to block the specified websites using their Domain Name System (DNS) servers. Between April and May, KRAIL and the Security Service issued over 1,000 orders to restrict access to various domain names and subdomains on DNS servers, further intensifying the crackdown on illegal gambling operations.

Uncertainty Over KRAIL’s Future

KRAIL’s recent actions come at a time when the future of the regulator is in question. In April, the Verkhovna Rada, Ukraine’s parliament, voted to dissolve KRAIL after more than a year of contention over its effectiveness in regulating the gambling industry. The opposition to KRAIL’s operation stemmed from dissatisfaction with its regulatory performance, particularly its delays in processing license applications.

KRAIL is currently composed of a collegial body with a chairman and six members. Meetings are only valid if at least five members are present. However, some commission members were mobilized for military service following Russia’s invasion of Ukraine, causing significant delays in regulatory processes, including the issuance of licenses.

The legislative bill that includes KRAIL’s dissolution also proposes stricter measures on gambling advertising and other regulatory controls. This bill is set for a second reading, and if passed, it will become law upon the signature of President Volodymyr Zelenskyy.

Future of Gambling Regulation in Ukraine

Should KRAIL be dissolved, the responsibility for regulating gambling will be transferred to the Ministry of Digital Transformation. Alina Plyushch, a partner at Kyiv-based law firm Sayenko Kharenko, highlighted the uncertainty surrounding the future structure of gambling regulation. “This is pending a further government decision on the creation of a new regulator under the digital transformation ministry’s umbrella,” Plyushch said.

She also noted the possibility that the Ministry of Digital Transformation might retain regulatory functions indefinitely. The exact duration and structure of this transitional regulatory framework remain unclear, leaving the future of Ukraine’s gambling industry in a state of flux.

As KRAIL continues its efforts to combat illegal gambling, the impending legislative changes pose significant questions about the long-term regulatory landscape for gambling in Ukraine. The outcome of the legislative process and subsequent government decisions will determine the next steps for ensuring a well-regulated and compliant gambling market in the country.

Source:

“КРАІЛ про обмеження доступу до 371 вебсайту, через які надавався доступ до нелегальних азартних ігор”. The Commission for the Regulation of Gambling and Lotteries (KRAIL). June 5, 2024.

Ukraine regulator blocks 371 illegal gambling sites. iGaming Business. June 6, 2024.

The post KRAIL Blocks 371 Illegal Gambling Websites in Ukraine Amid Regulatory Uncertainty appeared first on Keno Wizard.

]]>
https://kenowizard.com/2024/06/07/krail-blocks-371-illegal-gambling-websites-in-ukraine-amid-regulatory-uncertainty/feed/ 0 7353
Pennsylvania Casino Feels Regulatory Pinch Over Young Guests’ Gambling https://kenowizard.com/2024/05/25/pennsylvania-casino-feels-regulatory-pinch-over-young-guests-gambling/ https://kenowizard.com/2024/05/25/pennsylvania-casino-feels-regulatory-pinch-over-young-guests-gambling/#respond Sat, 25 May 2024 20:25:52 +0000 https://kenowizard.com/2024/05/25/pennsylvania-casino-feels-regulatory-pinch-over-young-guests-gambling/ The Keystone State gambling regulator, the Pennsylvania Gaming Control Board (PGCB) has slapped Wind Creek Bethlehem with a $125,000 fine over the casino’s failure to prevent dozens of players from entering illegally on the casino floor. A Few Bad Apples Spoil the Casino Basket As a result, 11 underage guests aged 18-20 were able to [...]

The post Pennsylvania Casino Feels Regulatory Pinch Over Young Guests’ Gambling appeared first on Keno Wizard.

]]>

The Keystone State gambling regulator, the Pennsylvania Gaming Control Board (PGCB) has slapped Wind Creek Bethlehem with a $125,000 fine over the casino’s failure to prevent dozens of players from entering illegally on the casino floor.

A Few Bad Apples Spoil the Casino Basket

As a result, 11 underage guests aged 18-20 were able to participate in gambling on the casino floor in 10 instances. The PGCB had to go a long way back to discover the infringements, which attests to its capabilities as a watchdog, and also that no breaking of the state’s gambling laws is likely to go unnoticed.

The period of the reported incidents ranges from November 2021 through September 2023. Yet, the onus is not entirely on the casino, and underage individuals have also faced ramifications over their actions. Some of the visitors were permanently banned from the venue, and others were warned by the state police.

In the meantime, the PGCB has itself been trying to raise awareness for underage gambling, trying to drive the message home that gambling when too young exposes players to an unnecessary risk that could grow into addiction down the road.

Although underage gamblers do happen to hit the floor successfully, which mandates constant improvement of the standards used by casinos to police floors. For the most part, Wind Creek Bethlehem checks the IDs of patrons who may look too young.

In the two years the violations were registered, members of staff were able to check 737,257 individual IDs, demonstrating a strong commitment by the casino to ensure that it does not allow underage gamblers to play.

Regardless, the ultimate fault is said to lie with the property, which will have to continue tightening measures to prevent further infringements in the future.

No Way Out for Casinos Who Allow Underage Gambling

At the same meeting discussing the Wind Creek Bethlehem cases, the board also discussed the case of a woman who had been put on the involuntary exclusion list in the state after she left her four-year-old child in the parking lot while she went inside to gamble. The case dates back to 2017.

“Adults are prohibited from leaving minors unattended in the parking lot or garage, a hotel, or other venues at a casino since it creates a potentially unsafe and dangerous environment for the children,” the regulator said, motivating its decision to not lift the suspension. The woman has not been formally identified either back when the accident occurred or in the latest PGCB transcript.

The PGCB has been busy this year, issuing six-figure penalties earlier in 2024 to two offending casino properties.

The post Pennsylvania Casino Feels Regulatory Pinch Over Young Guests’ Gambling appeared first on Keno Wizard.

]]>
https://kenowizard.com/2024/05/25/pennsylvania-casino-feels-regulatory-pinch-over-young-guests-gambling/feed/ 0 7290
Evolution Faces Legal Action over Disclosures and Regulatory Compliance https://kenowizard.com/2024/01/26/evolution-faces-legal-action-over-disclosures-and-regulatory-compliance/ https://kenowizard.com/2024/01/26/evolution-faces-legal-action-over-disclosures-and-regulatory-compliance/#respond Fri, 26 Jan 2024 01:05:32 +0000 https://kenowizard.com/2024/01/26/evolution-faces-legal-action-over-disclosures-and-regulatory-compliance/ A class action lawsuit has been filed against Evolution by consumer and class action specialists Federman & Sherwood. The suit alleges Evolution deceived investors regarding its growth trajectory and compliance with US law, undermining its revenue and growth. The lawsuit covers the period between 14 February 2019 and 26 October 2023, seeking to recover damages [...]

The post Evolution Faces Legal Action over Disclosures and Regulatory Compliance appeared first on Keno Wizard.

]]>

A class action lawsuit has been filed against Evolution by consumer and class action specialists Federman & Sherwood. The suit alleges Evolution deceived investors regarding its growth trajectory and compliance with US law, undermining its revenue and growth. The lawsuit covers the period between 14 February 2019 and 26 October 2023, seeking to recover damages on behalf of investors who purchased Evolution securities.

The Company Faced Rising Pressures

Evolution has faced regulatory challenges, including allegations of breaching US sanctions and operating in countries black-listed by the US. In November 2021, the company was accused of conducting business illegally in several markets, resulting in a substantial decline in its share price. A January 2022 analyst report suggested that a significant portion of Evolution’s revenue could be at risk due to potential regulatory clampdowns.

In April 2022, Australia’s gambling regulator requested ISPs to block unlicensed online gambling sites, five of which were Evolution customers, leading to a decline in the company’s share price. The Swedish Administrative Court upheld a record fine on an Evolution customer, ComeOne Group, resulting in an 11% drop in shares. Reports of industry entities lobbying against the UK’s planned gambling laws overhaul also impacted Evolution’s shares.

Evolution’s financial reports revealed several underlying challenges, showcasing stagnant North American performance and flatlined overall growth, leading to share price declines. October 2023 marked the latest negative development for Evolution as it experienced delays in opening new studios, raising concerns regarding the company’s long-term prospects.

The Plaintiff Alleges Evolution Obscured Information

The Federman & Sherwood complaint alleges violations of Section 10(b) of the Securities Exchange Act and Rules and breaches of Section 20(a) of the Securities Exchange Act. The lawsuit claims that between 24 January 2022 and 26 October 2023, various disclosures revealed the truth about Evolution’s compliance, revenue, and growth, leading to a significant share price drop.

The Complaint alleges that Defendants… made materially false and/or misleading statements regarding Evolution’s compliance with governing laws…and growth strategies.

Federman & Sherwood statement

The suit names Martin Carlesund, Evolution CEO, and Jacob Kaplan, chief financial officer defendants. If the company did obfuscate its growing regulatory and compliance issues, it could have significant long-term repercussions. Evolution has not yet responded to the allegations, likely preferring to save its efforts for the impending hearing.

Federman & Sherwood set a deadline of 26 March 2024 for investors wishing to participate in the legal action against Evolution. The class action lawsuit sheds light on Evolution’s challenges in maintaining regulatory compliance. The subsequent impact on its financial performance and shareholder value could draw increased scrutiny on the sector as a whole.

The post Evolution Faces Legal Action over Disclosures and Regulatory Compliance appeared first on Keno Wizard.

]]>
https://kenowizard.com/2024/01/26/evolution-faces-legal-action-over-disclosures-and-regulatory-compliance/feed/ 0 6576
Golden Entertainment Gets Regulatory Go-Ahead to Sell Slot Division to J&J https://kenowizard.com/2023/12/23/golden-entertainment-gets-regulatory-go-ahead-to-sell-slot-division-to-jj/ https://kenowizard.com/2023/12/23/golden-entertainment-gets-regulatory-go-ahead-to-sell-slot-division-to-jj/#respond Sat, 23 Dec 2023 05:07:10 +0000 https://kenowizard.com/2023/12/23/golden-entertainment-gets-regulatory-go-ahead-to-sell-slot-division-to-jj/ The deal negotiated by Golden Entertainment and J&J Ventures Gaming focused on both Montana and Nevada, with the Silver State’s Nevada Gaming Commission seconding the opinion of the Nevada Gaming Control Board and confirming that the transaction may proceed. Nevada Oks Long-Anticipated J&J-Golden Entertainment Dela The operations in Montana had already been acquired for $109 [...]

The post Golden Entertainment Gets Regulatory Go-Ahead to Sell Slot Division to J&J appeared first on Keno Wizard.

]]>

The deal negotiated by Golden Entertainment and J&J Ventures Gaming focused on both Montana and Nevada, with the Silver State’s Nevada Gaming Commission seconding the opinion of the Nevada Gaming Control Board and confirming that the transaction may proceed.

Nevada Oks Long-Anticipated J&J-Golden Entertainment Dela

The operations in Montana had already been acquired for $109 million and $5 million in purchased cash in September, in line with the initially stated transaction window.

J&J Ventures Gaming is spending $213.5 million to pay for the acquisition along with $34 million in purchased cash. The deal is yet to be finalized, though, and will probably be completed by the end of January 2024.

There are customary regulatory filings to now be provided as part of the deal before the transaction can be finalized. The Nevadan sale will create a five-year agreement between the two parties, with J&J Ventures Gaming supporting Golden Entertainment branded establishments in the Silver State.

J&J is, however, hoping to synergize its broader operations with its newly-acquired business in Nevada in due time and derive an even greater value from the acquisition.

The deal was partially orchestrated by Oaktree Capital Management, the majority owner at J&J Gaming and not least owing to familiarity between Golden Entertainment president and CFO Charles Protell and Oaktree’s managing director Matthew Wilson, who attended the same college.

Confidence in Golden Entertainment’s Tavern Business

Protell himself sold 35,946 shares in Golden Entertainment earlier this week, gaining $1.46 million on the sale. Golden Entertainment owns and operates casinos and taverns as well as distributed gaming solutions in Southern Nevada.

The change of leadership is nothing that Golden Entertainment fears with the company confident that the product it built over years of hard work serves well to both companies and especially shareholders.

J&J’s decision to support the Golden Entertainment tavern portfolio attests to the high degree of professionalism and result-driven businesses that the latter company has been running. The companies have also felt confident in working together and seeing this deal through.

The post Golden Entertainment Gets Regulatory Go-Ahead to Sell Slot Division to J&J appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/12/23/golden-entertainment-gets-regulatory-go-ahead-to-sell-slot-division-to-jj/feed/ 0 6257
Bally’s Reports Strong Q3 Performance amid Regulatory Challenges https://kenowizard.com/2023/11/07/ballys-reports-strong-q3-performance-amid-regulatory-challenges/ https://kenowizard.com/2023/11/07/ballys-reports-strong-q3-performance-amid-regulatory-challenges/#respond Tue, 07 Nov 2023 04:53:08 +0000 https://kenowizard.com/2023/11/07/ballys-reports-strong-q3-performance-amid-regulatory-challenges/ Bally’s Corporation’s third-quarter trading report revealed consistent growth across most metrics, reflecting its successful efforts to adapt to rising industry challenges. The United Kingdom is emerging as an increasingly significant market for the renowned US gambling group despite the country’s ongoing regulatory changes. Such successful financial results should set the stage for further growth in [...]

The post Bally’s Reports Strong Q3 Performance amid Regulatory Challenges appeared first on Keno Wizard.

]]>

Bally’s Corporation’s third-quarter trading report revealed consistent growth across most metrics, reflecting its successful efforts to adapt to rising industry challenges. The United Kingdom is emerging as an increasingly significant market for the renowned US gambling group despite the country’s ongoing regulatory changes. Such successful financial results should set the stage for further growth in the European market.

Recent Results Indicate Impressive Momentum

In an update to investors, the NYSE-listed company unveiled group-wide revenues of $632.5 million, marking a 9.4% year-on-year increase compared to Q3 2022’s $578.3 million. Bally’s International Interactive was one of the most significant contributors, reporting revenues of $243.9 million, a 7.2% rise from the previous year’s $227.6 million. The group’s UK operations were pivotal to this success, achieving a remarkable 13.1% increase.

Bally’s UK market share centers around the Gamesys Group, which the company acquired for over $2 billion in October 2021. This strategic move allowed the gambling giant to operate brands like Jackpotjoy, Virgin Casino, and Monopoly Casino. In September, Bally’s launched its branded online casino app, further bolstering its UK presence.

We believe that Bally’s brand will drive revenue and profit growth and build brand equity in the UK market.

Robson Reeves, Bally’s CEO

In a recent earnings call with investors, CEO Robson Reeves was confident that the company would sustain to exceed its current levels, hoping for even better Q4 performance. This quarter’s solid financials should allow the company to pursue growth opportunities in select international markets while reinvesting in its core UK and Asia businesses.

Flexibility Remains Paramount for Sustained Growth

Bally’s has maintained its impressive UK market share expansion despite the country’s ongoing regulatory changes. The UK Gambling Commission and the DCMS are currently engaged in consultations with stakeholders regarding the ongoing White Paper review. While more stringent affordability checks and KYC compliance requirements could impact revenues, Bally’s timely preparations allowed it to thrive.

Despite the company’s increasing focus on overseas projects, Bally’s maintains its leadership position in the USA. The gambling giant’s newest Chicago casino recently had a stellar debut, attracting over 80,000 visitors and generating approximately $6.7 million in revenue. Continued investments in promising projects across several states suggest that Bally’s will attempt to balance its core regions to achieve optimal results.

CEO Reeves was optimistic regarding the company’s long-term success, noting investments in its C&R segment should pay off in 2024 and bolster long-term profitability. Working within the UK’s tight restrictions has caused substantial innovation in customer onboarding and retention, reducing cost per acquisition and boosting deposit rates. These insights should benefit Bally’s other segments and help it stand despite rising competition.

The post Bally’s Reports Strong Q3 Performance amid Regulatory Challenges appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/11/07/ballys-reports-strong-q3-performance-amid-regulatory-challenges/feed/ 0 5613
Regulatory Pressure Forces VGW to Withdraw Social Casinos from Michigan https://kenowizard.com/2023/11/01/regulatory-pressure-forces-vgw-to-withdraw-social-casinos-from-michigan/ https://kenowizard.com/2023/11/01/regulatory-pressure-forces-vgw-to-withdraw-social-casinos-from-michigan/#respond Wed, 01 Nov 2023 06:03:00 +0000 https://kenowizard.com/2023/11/01/regulatory-pressure-forces-vgw-to-withdraw-social-casinos-from-michigan/ Prominent social casino operator Virtual Gaming Worlds (VGW) has announced its decision to pull out of the Michigan market. The move follows a series of regulatory crackdowns on unlicensed gambling operations, ultimately forcing VGW to discontinue its popular social gaming brands, including Chumba Casino, Global Poker, and Luckyland Slots, in Michigan. Social Casinos Thrive Despite [...]

The post Regulatory Pressure Forces VGW to Withdraw Social Casinos from Michigan appeared first on Keno Wizard.

]]>

Prominent social casino operator Virtual Gaming Worlds (VGW) has announced its decision to pull out of the Michigan market. The move follows a series of regulatory crackdowns on unlicensed gambling operations, ultimately forcing VGW to discontinue its popular social gaming brands, including Chumba Casino, Global Poker, and Luckyland Slots, in Michigan.

Social Casinos Thrive Despite Regulatory Challenges

Social casinos, a growing trend in states where real-money online casinos are not yet legalized, offer players a similar gaming experience without dealing in actual US dollars. Instead, these platforms use their own digital currencies, providing players with the opportunity to win genuine prizes. Despite the absence of real money transactions, the allure of tangible rewards has attracted a substantial user base to these platforms.

VGW’s official statement regarding its withdrawal from Michigan read: “VGW continually evaluates their business operations in the interests of all their stakeholders, and after careful consideration, they have decided to take this course of action.”

VGW’s decision comes in the wake of an order by Michigan Attorney General Dana Nessel, who directed Golden Hearts Games to halt its operations in the state after a thorough two-year investigation. The move reflects the state’s commitment to cracking down on unlicensed gambling establishments, emphasizing the importance of consumer protection and adherence to gaming laws.

Michigan Players Race Against Clock as VGW Ends Social Casino Funding Options

Players in Michigan have until November 1 to purchase digital currencies on VGW’s platforms. After this date, funding options will cease, leaving players with existing balances the opportunity to utilize them until December 1. Furthermore, players have until February 1, 2024, to redeem any available prizes on the sites. VGW has assured players that their personal data will be handled in accordance with the company’s privacy policy, emphasizing their commitment to data protection and privacy.

This unexpected exit from the Michigan market highlights the rapidly changing landscape of online gambling in the United States. While social casinos have provided a viable alternative in states without legalized online gambling, the growing trend toward regulation and legalization of real-money online casinos raises concerns about the future of these platforms.

As more states consider legalizing online gambling, social casinos, once considered a secure option, face increasing uncertainty. Meanwhile, in June, Michigan’s licensed iGaming and online sports betting operators generated a total revenue of $169.3 million, experiencing an 8.9% decrease due to a significant drop in sports betting caused by the absence of major sporting events, leading to a 21% decrease in handle.

Despite the decline, online casinos earned $151 million, and online sports betting brought in $18.3 million. Michigan has 15 legal online gambling and sports betting operators, and the Michigan Gaming Control Board anticipates receiving nearly $51 million in funding for 2024 to support its regulatory efforts.

The post Regulatory Pressure Forces VGW to Withdraw Social Casinos from Michigan appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/11/01/regulatory-pressure-forces-vgw-to-withdraw-social-casinos-from-michigan/feed/ 0 5543
GAN Obtains Regulatory Approval from Nevada Gaming Commission https://kenowizard.com/2023/10/24/gan-obtains-regulatory-approval-from-nevada-gaming-commission/ https://kenowizard.com/2023/10/24/gan-obtains-regulatory-approval-from-nevada-gaming-commission/#respond Tue, 24 Oct 2023 04:26:12 +0000 https://kenowizard.com/2023/10/24/gan-obtains-regulatory-approval-from-nevada-gaming-commission/ The leading international business-to-customer sports betting operator and North American business-to-business provider of real money internet gaming solutions, GAN, announced it achieved a major milestone in Nevada. The company revealed Friday that it secured regulatory approval from the Nevada Gaming Commission, the state governmental agency in charge of regulating gambling activities together with the Nevada [...]

The post GAN Obtains Regulatory Approval from Nevada Gaming Commission appeared first on Keno Wizard.

]]>

The leading international business-to-customer sports betting operator and North American business-to-business provider of real money internet gaming solutions, GAN, announced it achieved a major milestone in Nevada. The company revealed Friday that it secured regulatory approval from the Nevada Gaming Commission, the state governmental agency in charge of regulating gambling activities together with the Nevada Gaming Control Board.

The latest achievement represents a milestone moment for GAN as it enables the company to start a field trial for its GAN Sports betting platform. As a result, the company can conduct trials of its betting platform for customers in Nevada.

Still, to launch its innovative technology in the state, the company requires an additional certification. According to a statement released by GAN, its sports betting platform GAN Sports is prepared with the necessary infrastructure required for its deployment into the regulated gambling market in Nevada. This infrastructure encompasses retail sports betting, as well as mobile applications, the company revealed.

The latest announcement comes after GAN secured a conditional Nevada license earlier this month. The aforementioned license enabled the company to replace the sports betting platform for Red Rock Resorts’ sportsbooks located in Southern Nevada.

The Company Looks Forward to Launching GAN Sports

Seamus McGill, GAN’s chairman and interim CEO, shared his excitement about the latest regulatory approval from the Nevada Gaming Commission. He said that the company is thrilled about this achievement. Moreover, McGill pointed out that GAN anticipates introducing GAN Sports, its innovative sports product, to customers in Nevada soon.

The company’s chairman and interim CEO added: “The Las Vegas Locals market is one of the largest and most recognizable gaming markets in the world, and we are incredibly excited to be entering it.” Finally, McGill explained that Nevada marks the third US state where GAN Sports will launch and predicted that the solution would bring unrivaled experiences to the market.

We are very pleased and humbled to have received regulatory approval from the State of Nevada to hold a gaming license. We are excited that we will be launching our leading-edge GAN Sports product in Nevada in the next few months.

Seamus McGill, chairman and interim CEO of GAN

Late last month, McGill was appointed to the role of interim CEO. At the time, GAN confirmed that it accepted the resignation of its then-CEO, Dermot Smurfit. With Smurfit stepping down from his role, McGill filled in the interim CEO position. It is likely that GAN has already initiated a search for a permanent CEO to fill the role.

The post GAN Obtains Regulatory Approval from Nevada Gaming Commission appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/10/24/gan-obtains-regulatory-approval-from-nevada-gaming-commission/feed/ 0 5430
PlayUp Shuts Down New Jersey and Colorado Operations amid Regulatory Setbacks https://kenowizard.com/2023/07/21/playup-shuts-down-new-jersey-and-colorado-operations-amid-regulatory-setbacks/ https://kenowizard.com/2023/07/21/playup-shuts-down-new-jersey-and-colorado-operations-amid-regulatory-setbacks/#respond Fri, 21 Jul 2023 21:39:39 +0000 https://kenowizard.com/2023/07/21/playup-shuts-down-new-jersey-and-colorado-operations-amid-regulatory-setbacks/ PlayUp announced it would temporarily shut down its operations in New Jersey after the New Jersey Division of Gaming Enforcement (DGE) issued an order revoking the transactional waivers allowing the company to conduct sports wagering in the state. The following shutdown of PlayUp’s Colorado website and platform meant the operator no longer offered its services [...]

The post PlayUp Shuts Down New Jersey and Colorado Operations amid Regulatory Setbacks appeared first on Keno Wizard.

]]>

PlayUp announced it would temporarily shut down its operations in New Jersey after the New Jersey Division of Gaming Enforcement (DGE) issued an order revoking the transactional waivers allowing the company to conduct sports wagering in the state. The following shutdown of PlayUp’s Colorado website and platform meant the operator no longer offered its services in the USA, further degrading its prospects.

The Operator Failed to Meet Requirements

The DGE’s decision resulted from PlayUp’s inability to provide the regulator with financial details related to its New Jersey operations. While the company complied with some requirements, it failed to present certain requested bank statements and financial information. PlayUp ignored the DGE’s initial warnings, only partially complying after the regulator threatened to revoke its license.

Several other concerns further compounded PlayUp’s unfavorable position, causing the DGE to revoke the transactional waivers allowing the operator to offer its services in New Jersey. The regulator noted that the company’s outstanding invoices, lack of leadership, and inability to comply with standards were sufficient cause to revoke its license. 

PlayUp is not permitted to transact any new internet gaming or sports wagering-related business with any New Jersey casino or racetrack.

DGE official letter to PlayUp

PlayUp must still honor its existing wagers and allow New Jersey customers to withdraw funds. The DGE’s letter states that the operator can reapply for a license anytime, following New Jersey’s existing regulations. However, the company’s dwindling US staff makes such prospects highly unlikely in the short term, meaning clients must search for another sportsbook.

PlayUp May Entirely Exit the US Market

Shortly after PlayUp’s shutdown in New Jersey, the operator suspended its services in Colorado, its remaining active US jurisdiction. The company contacted the Colorado Division of Gaming, requesting to put its app and website into maintenance mode, suspending active betting and customer deposits. Customers may still withdraw funds, but PlayUp did not disclose when its services would return online.

Such developments do not bode well for PlayUp’s US expansion plans. The operator recently withdrew its application for an Ohio sports betting license after allegations of illegal wagering. Although the company’s website states that PlayUp Iowa is “coming soon,” such prospects have mostly diminished. PlayUp CEO Daniel Simic noted that the company would slash its US division employees from 40 to 10- another worrying sign.

PlayUp suspending its New Jersey and Colorado operations may be the final nail in the embattled company’s US expansion plans. Its failed NASDAQ listing, $35 million investment from failed crypto exchange FTX and middling presence in its home Australian market pose significant challenges. As its exit from the US market looms close, PlayUp must adapt, restructure its operations and recover from its streak of setbacks.

The post PlayUp Shuts Down New Jersey and Colorado Operations amid Regulatory Setbacks appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/07/21/playup-shuts-down-new-jersey-and-colorado-operations-amid-regulatory-setbacks/feed/ 0 4191
EveryMatrix to Use Complitech to Navigate the Regulatory Landscape https://kenowizard.com/2023/07/06/everymatrix-to-use-complitech-to-navigate-the-regulatory-landscape/ https://kenowizard.com/2023/07/06/everymatrix-to-use-complitech-to-navigate-the-regulatory-landscape/#respond Thu, 06 Jul 2023 11:58:24 +0000 https://kenowizard.com/2023/07/06/everymatrix-to-use-complitech-to-navigate-the-regulatory-landscape/ EveryMatrix, a leading provider of platform and B2B solutions to the betting and gaming industries has unveiled a new compliance-oriented arrangement. As announced, the supplier has signed terms to use Complitech, a technical compliance database for online gambling entities. Complitech will, under the agreement, leverage its powerful database to provide EveryMatrix with the full technical [...]

The post EveryMatrix to Use Complitech to Navigate the Regulatory Landscape appeared first on Keno Wizard.

]]>

EveryMatrix, a leading provider of platform and B2B solutions to the betting and gaming industries has unveiled a new compliance-oriented arrangement. As announced, the supplier has signed terms to use Complitech, a technical compliance database for online gambling entities.

Complitech will, under the agreement, leverage its powerful database to provide EveryMatrix with the full technical compliance requirements for over 50 regulated markets all over the world. In addition, Complitech offers a suite of gap analysis tools that allow its partners to accurately determine the workload of new market entries.

Complitech is a subscription-based service offered by Maxima Compliance, which is a part of ComplianeOne Group.

As a global supplier that operates in the EMEA region and the United States, EveryMatrix recognizes the importance of compliance. The company, which is famed as a provider of cutting-edge iGaming solutions, content and services, continues to steadily grow its global presence, which further highlights its need for compliance data.

Complitech Will Help EveryMatrix Sort Out Its Compliance Neeeds

Representatives from EveryMatrix and Maxima Compliance commented on the agreement, sharing their excitement to work together. Miriam McCoull, Maxima Compliance’s head of Complitech, said that her team is “really honored” that a provider as respected as EveryMatrix has opted to trust the Complitech database.

The Complitech database is trusted by those looking to achieve both excellence and efficiency across their compliance function. With new markets and functionality added on an ongoing basis, it is a must-have tool for suppliers in regulated markets.

Miriam McCoull, head of Complitech, Maxima Compliance

Meanwhile, Mina Bolînu, EveryMatrix’s lead technical compliance officer, praised Maxima Compliance’s services, saying that they are sure to help EveryMatrix sort out its compliance needs.

We are delighted to start using the services provided by Maxima Compliance that will improve our throughput and accuracy in navigating our industry’s constantly changing regulatory landscape.

Mina Bolînu, lead technical compliance officer, EveryMatrix

EveryMatrix Continues to Grow Globally

In other news, EveryMatrix just acquired Deep Competitive Intelligence, a global affiliate intelligence platform. Under the agreement, the latter platform will be fully integrated into EveryMatrix’s business, allowing it to benefit from a series of unique performance-tracking tools.

Prior to the M&A arrangement, EveryMatrix launched games in New Jersey thanks to its existing agreement with DraftKings. As a result, players in the Garden State can now enjoy games such as Armadillo Goes West, Mythological Mayhem Supreme Streaks and Fortune Dragon Queen Exotic Wilds.

Several weeks ago, EveryMatrix secured an international B2B license from the Isle of Man, further expanding its global presence.

The post EveryMatrix to Use Complitech to Navigate the Regulatory Landscape appeared first on Keno Wizard.

]]>
https://kenowizard.com/2023/07/06/everymatrix-to-use-complitech-to-navigate-the-regulatory-landscape/feed/ 0 3989