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SiGMA star moves of the week
SiGMA congratulates the industry's star moves of the week. Miroslav Ivanov - Head of Global Sales, Atlas IAC Atlas-IAC, a global gambling software provider, has appointed Miloslav Ivanov as its new Group Head of Sales, reflecting the company's ambitious plans for expansion. With nearly a decade of experience in the industry, Ivanov previous  including roles at SBTech and DraftKings where he was Commerical Director responsible for business development and expansion over sever jurisdictions. At Atlac-IAC, Ivanov will be responsible for global sales and business development. His deep understanding of regulatory landscapes and ability to identify emerging market trends are expected to establish strong partnerships with the company's global client base. The company said that Ivanov's appointment will help to strengthen its presence in existing territories and pursue opportunities in new regions, leveraging its scalable and adaptive iGaming platform. Bulgarian-born Ivanov graduated from the University of National and World Economy in Sofia with a bachelor degree in Public Administration and a Masters in Euro Integration. Atlas IAC was recently nominated for best Platform Provider of the Year at  's Americas Awards. 
[caption id="attachment_35772" align="aligncenter" width="600"] Miraslov Ivanov, recently appointed to head global sales at Atlas IAC[/caption]
Lindsey Drake - CFO, GeoComply GeoComply Solutions Inc., a provider of advanced anti-fraud and geolocation solutions, has announced the addition of Lindsey Drake to its leadership team. Lindsey Drake has been appointed as Chief Financial Officer, where she will play a pivotal role in driving GeoComply's growth strategies and expansion efforts. In recent times, GeoComply has made significant strides, including securing minority investments from Norwest Venture Partners and Arctos Sports Partners, as well as acquiring the innovative technology platform, OneComply. With a strong finance background and a sold track record, Lindsey Drake's appointment is expected to contribute to GeoComply's strategy for rapid expansion. GeoComply's commitment to diversity is evident, with women representing over 60 percent of the leadership team, leading to the company being named for its focus on diversity & inclusion. Previously Lindsey was CFO for Amazon Web Services in Seatle, Washington.  She graduated with a BA in International Relations from Connecticut College and MBA from the Tuck School of Business at Darthmouth. [caption id="attachment_35770" align="aligncenter" width="600"] Lindsey Drake, Chief Financial Officer at GeoComply[/caption] Vincent Zahn - EVP and Chief Financial Officer, Hard Rock International Vincent Zahn has been appointed Executive Vice President and Chief Financial Officer for Hard Rock International and its parent company, Seminole Gaming. In his role, Zahn will oversee the financial aspects of Hard Rock International and other gambling brands under Seminole Gaming's control, including accounting, financial planning, risk management, treasury, corporate finance, and capital markets execution. Reporting to Jim Allen, Chairman of Hard Rock International and CEO of Seminole Gaming, Zahn's expertise in casino gaming and financial markets positions him as a valuable asset for the global growth of the organization. Prior to his appointment, Zahn held finance roles at public gambling and entertainment companies, including Pinnacle Entertainment and Wynn Resorts. The recent US Court of Appeals ruling in favor of the Seminole Tribe of Florida also has potential implications for the company, opening the door for sports betting in the state. Additionally, Hard Rock Digital, the online arm of Hard Rock International, received an $85 million investment from London-listed supplier Playtech in March. Zahn started his career in Wall Street at the Bank of America and Merill Lynch where he worked as an equity analyst covering casino gaming and hospitality companies.   [caption id="attachment_35771" align="aligncenter" width="600"] Vincent Zahn, Executive Vice President, Hard Rock International [/caption] Rory Kimber - Commercial Director, LuckyStreak Live casino software provider and content aggregator, LuckyStreak, has appointed Rory Kimber, former executive at NetEnt and RedTiger, as its first Commercial Director. Kimber expressed excitement about joining a business with great potential, highlighting the quality of LuckyStreak's product and its clear vision and strategy. He aims to bring new operators on board and leverage Lucky Connect's tier 1 partners, such as Yggdrasil and Pragmatic, to enhance the aggregation network's sales capabilities. His role will be key in driving sales and acquiring new customers to develop further LuckyConnect. At 1x2 Network, Rory was responsible for driving content to operators globally. His focus was to develop new markets and form commercial agreements.  He graduated with a degree in History from the University of Edinburgh. Last month LuckyStreak extended its content supply deal with Pronet Gaming. [caption id="attachment_35769" align="aligncenter" width="600"] Rory Kimber, Commercial Director at LuckyStreak[/caption]     Related topics:    
Lea Hogg
SiGMA star moves of the week
SiGMA congratulates the industry's star moves of the week. [caption id="attachment_34657" align="aligncenter" width="848"] SiGMA star moves of the week[/caption] Britt Boeskov - Non Executive Director, Better Collective Digital sports media group, Better Collective, has nominated Britt Boeskov as a Board Director. Shareholders will have the opportunity to vote her appointment during an Extraordinary General Meeting next month.  Boeskov, a Danish national, had a successful career at Kindred Group, holding various C-level positions and leading transformative efforts in response to regulatory changes, evolving consumer expectations, and technological advancements. Currently serving on multiple boards, Boeskov also contributed as SVP of group strategy and execution for Better Collective in 2022 and continues to provide consultancy services to the company. She already personnally holds 13,000 shares in Better Collective. Chair of the board, Jens Bager, expressed satisfaction in attracting a high-profile and experienced candidate like Boeskov to the Better Collective board.   Oliver Chow - Interim Chief Financial Officer, Light and Wonder Light & Wonder has announced the appointment of Oliver Chow as interim Chief Financial Officer (CFO) following the departure of Connie James. Prior to joining Light & Wonder in October 2022, Chow held senior finance positions at Aristocrat, including the role of CFO for Americas, EMEA, and customer experience. With over 15 years of leadership experience in entertainment and gaming, as well as a strong financial background, Chow is well-equipped to support the company's financial priorities during this transition. Light & Wonder remains focused on achieving its target of $1.4 billion consolidated AEBITDA by 2025, reflecting its robust financial performance in 2023. The company engaged Chow after a search process conducted by a prominent search firm that considered both both internal and external candidates.   Mark Strawn - CFO, MGM Resorts (Michagan and Ohio) MGM Resorts International has announced the appointment of Mark Strawn as Chief Financial Officer (CFO) for its Midwest properties, which include MGM Grand Detroit in Michigan and MGM Northfield Park in the Cleveland area of Ohio. With a strong background in financial planning and analysis, Strawn will be responsible for overseeing financial management and ensuring compliance with gaming regulations. A University of Michigan graduate and seasoned MGM veteran, Strawn previously served as Senior Vice President of Financial Planning & Analysis at MGM's Las Vegas headquarters. His appointment reflects MGM's commitment to robust financial management and ongoing success in the Midwest market.   Steve Capp - Non Executive Director, Neo Games NeoGames, provider of iLottery and iGaming solutions, has announced the appointment of Steve Capp as an independent, non-executive director on its board. Capp's inclusion was approved by the company's shareholders during the recent annual general meeting. In addition to his directorship, Capp will serve as chairperson of the audit committee and as a member of the compensation and nominating and corporate governance committees. NeoGames received notification from Nasdaq confirming its compliance with a listing rule requiring at least three independent directors on the audit committee. Capp, with over 35 years of experience in gaming and financial services, brings valuable expertise and leadership to the board.   Simon Fothergill - CITO, San Manuel Band of Mission Indians The San Manuel Band of Mission Indians has appointed Simon Fothergill as its new Chief Information and Technology Officer (CITO). Fothergill will be responsible for overseeing the technology roadmap for gaming, hospitality, and entertainment. As a federally recognized Indian tribe located in California, the San Manuel Band of Mission Indians expressed pride in Fothergill's accomplishments and highlighted his successful drive of IT initiatives during a crucial growth period. Fothergill, who previously served as VP of Information Technology Business Services, played a key role in preparing for the opening of Yaamava' Resort & Casino and establishing IT support for Palms Casino Resort in Las Vegas. The Tribe recently acquired an ownership interest in the Waldorf Astoria Monarch Beach Resort & Club in Dana Point, further solidifying their presence in Southern California's luxury resort scene.     Related topics:
Lea Hogg
3 months ago
Overcoming identity verification in Brazilian gaming sector: Roger Redfearn-Tyrzyk speaks to SiGMA News
Taking a closer look at the challenges in Brazil's gaming sector, SiGMA News speaks with Roger Redfearn-Tyrzyk, a specialist in digital identify verification. One of the most common problems faced by gamers in Brazil, and indeed in most new emerging markets, is the lack of access to official identification documents. The very prospect for any player to have to worry about how to overcome this challenge reduces the overall gaming experience. They want to participate in recreational activities in total comfort without having to face any hassle or hurdles before they start the game. Leisure time is valuable and the average gamer today is more sophisticated with high expectations. In such a competitive market, where players want to optimize their gaming experience, operators need to invest in cutting-edge technology that eases the identity verification process. Operators need to ensure that new players are who they say they are before allowing them to open and finance an account. Identity verification also entails ensuring that current gamers are authentic and, more importantly, of the appropriate legal age. Keeping the needs of the end-user experience in mind, it is critical that online gaming ID verification makes smart use of data to minimize a negative customer experience. Barrier to gaming inclusion Many people in Brazil do not have access to official identification documents such as ID cards, passports or a driver's licence, explains Redfearn-Tyrzyk. This creates a barrier to gaming inclusion because banks and financial institutions require official identification to open an account for a player.
Without a state-issued identification document, people will have a hard time verifying their identify be it offline or online. The same challenge applies to gaming operators - to verify a player's age and make sure that they are not in any way politically exposed persons, documentation is nearly always needed," Roger Redfearn-Tyrzyk - Vice President, Global Gaming - IDnow
Redfearn-Tyrzyk believes that it is vital for both operators and players to feel safe. The popularity of online betting in the LatAm region is on the rise. "Responsible gaming is all about prevention and it is important," Redfearn-Tyrzyk points out. "Players want to enjoy themselves, but sometimes things can go too far, or individuals may take advantage of the system. Regulations are getting tighter and easing the process of identification is a step in the right direction." Responsible gaming a priority Protecting minors from underage gambling is a priority. The same applies to vulnerable and marginalised groups. It is known that historically there is a higher rate of problem gambling and addiction from historically marginalised groups when compared to white individuals. Among adolescents, gender-diverse students are more likely to engage in problematic gambling behaviour than their cisgender counterparts. Identification verification solutions are designed to make people's lives easier and safer, even serving as a deterrent of wrongdoing with harmful consequences. When it comes to the downsides of regulation says Redfearn-Tyrzyk,  the biggest problem is that there are different ways to interpret certain rules or requirements. "Unfortunately, there are many frustrating examples of regulations, which may have four or five different interpretations of the same paragraph. This does not do anyone any good because there will always be bad players and unscrupulous operators who want to grow quickly by exploiting these grey zones. Overall, I would say regulation is absolutely necessary, but it is hard to find well-executed regulation." Potential of Brazilian gambling market Redfearn-Tyrzyk has studied the potential of the Brazilian gambling market and he has identified a range of available opportunities that are still untapped. With a population of over 210 million, the people of Brazil are known for their passion of sports, leisure activities and gaming. It is estimated that the overall gaming market is worth over US $6 billion and sports betting is the largest segment. Presently, the market is not regulated. The Brazilian government announced that its 2018 gaming  reforms and regulations will be implemented by the second half of 2023. The new regime will regulate Brazilian sports betting with new licensing requirements. With the upcoming regulation for online gambling, the market is expected to grow even more significantly. With the growth of this sector in the region brings  a need for players to be protected so that their money is secure. Gaming operators who are seeking to offer compliant products in Brazil under the new regulation will be required to verify the identity of players before accessing the platform. This process is the Know your Customer (KYC) requirement. Redfearn-Tyrzyk says that KYC not only enables an age verification of players but when a financial relationship is established, authorities will also have access to collect personal data and are able to monitor fraud or other money laundering activities. With the verification from the Brazilian Cadatro de Pessoas Físicas (CPF), a unique identification number for each user is created and all bets that are associated with the player can easily be identified. Operators must ensure players are not politically exposed persons (PEPs) or part of any other restricted list that is associated with criminal money laundering activities. Sports betting is not only growing in Brazil but it is also increasing in popularity in  Mexico, Argentina, Colombia and Peru, in particular says Redfearn-Tyrzyk.  "I expect this trend to increase even further as more and more people gain access to online sportsbooks and betting apps on their phones. The regulatory landscape in the LatAm region is quite mixed. Bolivia and Nicaragua, for example, cover online gambling in their overall regulatory framework for the gambling industry. In Argentina, on the other hand, online gambling is regulated on a province-by-province basis. Chile’s Ministry of Finance introduced a bill to regulate online gambling in March of last year, while Ecuador currently prohibits all forms of gambling." Influx of new operators in a regulated market "We are certainly expecting an influx of new operators in Brazil acquiring a licence in the new jurisdiction, following the new regulation" says Redfearn-Tyrzyk. Operators who wish to be properly established in Brazil will have to comply to all licensing requirements, including the KYC mandate. "I think a regulated market in Brazil will have a very positive impact in the LatAm region. A country legalizing and regulating sports betting is good for all players because they get protected whilst that would not be the case on a black-market site. Protecting players from black-market sites is absolutely crucial. Plus, I am certain Brazil will profit from the tax income and will be able to invest this money in to contribute to a safe gambling environment for communities across the country." LatAm countries will follow Brazil's lead Other Latin American countries like Chile are already moving towards regulating online services. However, if Brazil’s regulatory scheme proves to be effective and beneficial for the country, I can see other LatAm countries follow Brazil’s lead.
Solutions are available on our KYC platform of agent-assisted to fully automated solutions including PEP screening for the iGaming sector that deliver the requirements obliged under AML laws. We have one of the broadest identity verification portfolios in Europe with fully automated and hybrid solutions. For example, the AI-based solution helps businesses prove the authenticity of their customers through their identity documents in just a few minutes, making the digital onboarding process scalable, secure and highly assured. Biometric verification techniques, including live video checks, offer a more reliable way of confirming someone's identity, reducing the risk of fraud and errors. Our solution can be integrated with government databases to verify identities, including those without official documents." Roger Redfearn-Tyrzyk - Vice President, Global Gaming - IDnow
Identification verification techniques will allow both operators and users to navigate responsibly thus ensuring that the industry thrives and has a sustainable future ahead. “As Brazil and other Latin American countries move towards regulating online services, it is crucial to ensure that solutions are inclusive and accessible to everyone, regardless of their access to technology and documentation,” Redfearn-Tyrzyk added. Roger Redfearn-Tyrzyk is Vice President of  Global Gaming at IDnow. He is a recognised industry expert in digital identity verification and European gambling regulations. In his role at IDnow, Redfearn-Tyrzyk enables businesses from various industries to offer their users an easy, intuitive and secure onboarding process via the IDnow identity platform. Prior to joining IDnow Redfearn-Tyrzyk worked in various roles in the software industry at purple WiFi, Duuzra Software, and Lord Sugar’s Amscreen. He is expertise expands to cyber security, digitization identity services in the gaming industry. Related topics:
Lea Hogg
5 months ago
Gaming industry giant – “Come on in, the water’s great!”
From founding Sportingbet plc, one of the world's largest bookmaking operations, to pioneering in iGaming, Mark Blandford is a gambling and investment giant. He shares the latest insights from his venture capital investing career with Matthew Calleja. In your view, how would you assess the current state of the gaming industry? Have you noticed any significant uptick in iGaming activity recently? The gaming industry is currently thriving, with robust attendance at events like and continued growth of public companies. While the pandemic initially impacted the industry, resulting in some tough comparators, operators experienced a 30% surge in activity during lockdowns. Many companies are eager to catch up on missed opportunities to interact with suppliers, customers, and partners, driven by a fear of missing out. I’m uncertain how Malta will handle the high number of visitors expected at next year's k. Nonetheless, I have no doubt the team will do a stellar job. What trends do you look for when investing in businesses or markets? Specifically, what do you look for in the companies you invest in or their target audience? We look for established businesses with clear market opportunities that don't appear to be well-served. We prefer data-driven businesses that utilise artificial intelligence and smart decision-making. Once we identify these businesses, we focus on getting to know management and evaluating whether they are the right people to capitalise on the opportunity. Management is a significant part of our decision-making process. Early trading data is also important for modelling the impact of deploying more cash and determining a fair valuation.     AI seems to be very beneficial for the gaming industry as a whole. However, do you foresee any potential drawbacks that could arise with the use of AI? I believe that AI has tremendous benefits, but there is a lot of hype around ChatGPT, which reminds me of the early days of the internet when companies received overinflated valuations. Although ChatGPT has potential, the accuracy of the answers is currently limited and dependent on only a few sources. However, as with any new technology, it will improve over time. While it may not completely revolutionise the industry, I see AI as more of an evolution. As an investor, I believe in taking a measured view of its applicability rather than relying on hype. I'm eager to explore the investment options you mentioned earlier. Where would you like to begin? Probably by highlighting the outstanding performance of one of our invested companies. The Gambling.com Group is a great success story, having recently been listed on NASDAQ. I discovered this company at an early stage, back in 2008, when I met one of its co-founders, Charles Gillespie. Since then, it's been fascinating to see how the team has developed the business, from acquiring the Gambling.com URL to realising our vision for it, which previous owners had failed to do. The company has built a portfolio of strong brands, achieved robust organic growth, expanded geographically, and moved into targeted markets. Originally based in Europe, the company now operates on a semi-global basis and is investing heavily in the US, where regulation of sports betting and iGaming is rolling out. And what of your invested company Gaming Realms? What do you think sets Gaming Realms apart from other UK-based developers and distributors in the industry? I find Gaming Realms to be an exciting company, and I have been on the board for about two and a half years. What sets them apart is their specific focus on branded games in a particular genre, such as the popular game Slingo, which we own the intellectual property for. With a strong brand and successful games that generate revenue, Gaming Realms has been growing organically under Michael Buckley's leadership. You have mentioned preferring data-driven businesses when investing, which is quite relevant to your investments in Synalogik and Future Anthem. How is data driving innovation in this industry? Synalogik focuses on enhanced due diligence, investigations, and anti-fraud solutions using open and internal data sources. Future Anthem utilises gameplay data provided by clients to predict player behaviour using AI, providing operators with valuable insights to optimise play and offer targeted promotions. Both companies offer data-driven solutions to enhance customer service and address social responsibility considerations in the gambling industry. Has there been any regulatory hurdles to overcome concerning data? With Synalogik, the data primarily comes from open sources such as electoral rolls and Companies House data. As this data is in the public domain, there isn't as much sensitivity surrounding its use. However, with Future Anthem, the gameplay data is collected from customers, but their personal identification data is not used in any way. Instead, they are given a customer number, and their gameplay is analysed to draw assumptions. This means that the privacy of the individual is protected, and the company does not face hurdles related to data sensitivity. Can you discuss FSB Technology's positioning and strategies in the sports betting market, particularly in relation to their product's attractiveness to the target audience? FSB is a modular B2B sports and casino platform that allows clients to customise their options. As a co-founder of SportingBet, I have experience in bookmaking and understand the necessary tools for a platform to grow successfully. When I got involved with FSB in 2007, I saw an opportunity to help the team build risk management tools, which have consistently beaten industry average margins. It's impressive to see the progress made since the early days, and I'm proud to have contributed to its growth. How does BeBettor allow for customer affordability testing, and can you provide more information on the process and tools used for this testing? BeBettor is a RegTech company that uses open data sources to calculate affordability for affordability testing, categorising customers based on property values, job level, and likely salaries. BeBettor's approach avoids asking customers to justify their gambling amounts or collecting intrusive proof, which helps maintain customer privacy and prevent customer churn. Affordability and source of funds are two distinct but related concepts, as illustrated by a recent case of a nurse who gambled £240,000 in a few months, raising questions about both affordability and the source of funds, including the possibility of money laundering. As a seasoned veteran in the gambling industry, what would your final remarks be to an inexperienced yet ambitious individual thinking of dipping their toes in? At a high level, the industry is entrepreneurial and there is still room for growth, so I’d say come on in, the water’s great! Look for clear market gaps and formulate a strategy to address them profitably. Learning from past mistakes is crucial to success, and it's important to avoid making the same mistake twice. I also can’t stress enough the importance of upfront decision-making and clear leadership for successful business synergies. For read about more sensational insights and pioneering innovations, check out the latest edition of SiGMA Magazine .
Jake Graves
5 months ago
Gaming giant Flutter lines up John Byrant for Chairman role
An announcement is expected from global gaming and entertainment group Flutter regarding the imminent appointment of John Byrant as the new Chairman. The position has been occupied by Gary McGann since 2015. Flutter Entertainment valued at around US $30 billion is listed on the FTSE 100. It is reported that the company will finalise an additional listing on the US Stock Exchange. Flutter may well leave a lasting impact on global gaming if its valuation exceeds US $45 billion after its listing in the US because it will outrank Las Vegas Sands as the "most valued gambling global enterprise". One of its brands FanDuel has achieved a significant share in the US market and has been named as the "outright market leader in US sports betting". In 2022, FanDuel became Flutter’s largest revenue-generating business, in which it amassed gross gaming revenue (GGR) of US $2.8 billion which is 34 percent of the group total. Despite the large revenues, EBITDA losses stood at US $358 million - an unprofitable result that Flutter will need to reverse very quickly. The US listing will boost the company's presence on a global level and make a positive impact with its investors and clients. The US listing would also give the company better access to capital markets and increase its exposure to US investments. Ultimately this would bring Flutter more flexibility with its assets and investments and facilitate much better liquidity within its investment portfolio. At this point it also seems likely that the US may well become a primary listing for Flutter. Proven expert in leading US corporates The strategic engagement of a new Chairman with the pedigree that John Byrant brings to the table will contribute to the success of the US listing. It is believed that talks with John Byrant about the new role are at an advanced stage report reliable sources. Byrant is globally recognised name in the corporate world as a proven expert at the helm of US based companies. Speculation is also rife that his appointment may eventually see Flutter abandoning its presence on the London stock market in favour of a primary listing in the US markets. Considering Bryant's previous experience, it leaves no doubt that he will drive the process of expanding Flutter's presence in the US. Kellogg, Macy's, Coca Cola and Flutter? Australian-born John Bryant is former President and Chief Executive Officer of Kellogg. He took up the position in 2011. A chartered accountant by profession, he retired from the company in 2017. Byrant received an MBA from Wharton and serves on the board of a number of top tier companies that include Macy's, Coca Cola and Compass Group. Later this month, Flutter will hold its annual investor meeting where shareholders will be invited to vote for the company's proposal for a US listing. Reports indicate that shareholders have expressed "positive feedback" to to listing on the US stock exchange before year-end 2023. Related topics:  
Lea Hogg
6 months ago
Betsson: Relentlessly prioritising technology and user experience
In the fast-paced world of online gaming, Betsson stands out as a company with a winning strategy. In this interview Maria Debrincat sits down with the CEO of Betsson, Pontus Lindwall, who has been at the forefront of the company's evolution over the past six decades, overseeing a wide range of innovations and strategic acquisitions. Get ready for a behind-the-scenes look at one of the world's largest gaming groups and the visionary leader driving its success. Can you give us an overview of Betsson's current business strategy and how it's evolved over time? Betsson is one of the world’s largest gaming groups, at the heart of entertainment for over six decades. We operate 20+ brands, offering sports betting, casino games, poker, and other gaming products. Our business strategy is centred around providing the best customer experience in the industry, investing in technology, and expanding into new markets. When needed, we are agile in tweaking our strategy, particularly in response to changes in the regulatory environment. In recent years, we’ve focused on strengthening our position in key markets, while expanding into new markets such as Latin America. We have also made several strategic acquisitions that have bolstered our technology capabilities and expanded our product offerings and markets. How does Betsson stay ahead of the competition and continue to innovate in the fast-paced world of online gaming? We do so by relentlessly prioritising technology and user experience. We invest heavily in research and development to stay on the cutting edge of the latest trends and innovations – not only within our industry but we also look at others. Leveraging data and analytics, we gain a better understanding of our customers and deliver personalised, and localised experiences. Additionally, we actively monitor the regulatory landscape and adapt our strategy to comply with changing regulations while continuing to offer a competitive product offering. We also place a strong emphasis on corporate social responsibility, which has helped us build a strong reputation and differentiate ourselves from our competitors. At Betsson, innovation and excellence are at the core of everything we do. What do you see as the biggest challenges in the near future, and how do you plan to address them? I see several challenges on the horizon that we need to address proactively. One of the biggest challenges is the ever-changing regulatory landscape, particularly as more markets move towards regulation. We are well equipped to address such challenges as we’re continuously monitoring the regulatory frameworks in the markets in which we operate and ensure that everything we do is fully compliant. Another challenge is that sometimes our industry could face unpredictable volatility, which could sometimes lead to revenue fluctuations. One way we mitigate this is through our geographic spread of markets. As we operate in multiple markets and have a diverse product offering, we are able to withstand market fluctuations much better than some of our competitors. This is a key advantage of our business model, which enables us to maintain targets even in the face of unforeseen events or changing market conditions. How does Betsson prioritise social responsibility and sustainability in its operations, and what impact do you believe these efforts have had on the company's reputation and success? At Betsson, we believe that a successful business must also be responsible. We are committed to being a responsible business and to always putting our customers first. Sustainability is an integral part of our business strategy, and it is crucial to us to generate value for shareholders while taking long-term responsibility for customers, employees and the communities in which we operate. We have adopted a Sustainability Framework which includes five focus areas and five long-term ambitions for Betsson’s work on sustainability. One of our focus areas is Responsible Gaming, as we have a responsibility to provide customers with the right conditions to enable them to control their gaming and have a healthy relationship with gaming. Additionally, we prioritise employee impact and our ambition is to be the Employer of Choice - the first choice for both current and potential employees. Attracting talent with the right skills, retaining, and developing employees is an important ingredient of Betsson’s winning concept. Betsson has offices in several countries in Europe, and we contribute to society by sponsoring and participating in various charity projects and initiatives. We also ensure that we are climate neutral by investing in climate positive projects, such as solar or wind plants. We have set science-based targets for how much the Group will reduce its emissions to be in line with the Paris agreement, and we have a roadmap for how to reach our goals. More recently, we have also joined the United Nations Global Compact Initiative, which is a voluntary initiative that encourages companies to adopt sustainable and socially responsible policies. Overall, we believe that our commitment to sustainability and responsible gaming has had a positive impact on our reputation and success, and we are committed to continue prioritising social responsibility and sustainability in our operations. Finally, what excites you most about the future of Betsson, and where do you see the company heading in the next 5-10 years? As we celebrate our 60th anniversary, the future of Betsson is more exciting than ever before. Our industry has immense potential for growth, and as more people turn to online entertainment, we see boundless opportunities for innovation and expansion. We are well-positioned to meet the evolving needs of our customers and expand our presence in new markets, and I am confident that we will continue to thrive in the years to come. For more insightful interviews like this check out the latest issue of .
Jake Graves
6 months ago
Africa: Young and hungry opportunities
From the rise of mobile gaming to the challenges faced by players and companies, Maria Debrincat speaks with Jeremiah Maangi, Founder and CEO of Bizin Africa Group which houses , a leading figure in the African gaming scene, to gain insights and predictions for the future of gaming on the continent. What are the stand-out features of Bizin? has become Africa’s number-one agency and is known for helping businesses across various industries to venture into the African continent. We are at the top of our game because of the standards we apply to every project. We walk the journey with our clients from the moment they essentially pitch a concept to us until the very last second when the idea actually becomes a reality. Additionally, we collaborate closely with our partners at every level of the implementation process. We strive to put ourselves in our client's shoes as much as we can since we understand what it's like to start a business and see it fail. By doing this, we are able to provide our clients with the greatest outcome. Why do you think the African market is seeing such a strong allure from investors at the moment? This is for various reasons. To start with, Africa’s youthful population is a win-win situation for investors. Labor and manpower are readily available here and in abundance. These young men and women are all so eager to work and learn. Secondly, there is now widespread mobile and internet penetration and usage across the continent. This is a significant benefit for tech companies, and the majority of them are already benefiting greatly from this new development. Last but not least, there are still several untapped opportunities across various sectors and industries in Africa that still need investment. This is why investors should also put some energy into research so that they can easily know the opportunities that exist in the continent. What kind of support does Bizin offer to businesses looking to tap into Africa? We offer our clients a wide range of services, starting with research, business plan formulation, licensing and regulation support, office setup and management, marketing, staff recruitment, and training among other services aimed at creating a strong foundation for the businesses being set up. We also ensure that there is business continuity even after they have been set up successfully. What impact has regulatory creep had on the betting sector in Africa? Regulation is a necessity not just for the betting sector but in all sectors in any mature democracy. This is so because, without proper regulation channels in place, the industry will be vulnerable to abuse, with illicit gambling among other problems that could arise as a result. Africa is now experiencing a number of , including an increase in problem gambling, and underage gambling, amongst others. This necessitates the adoption of appropriate regulation mechanisms by those responsible for overseeing the industry. I strongly think that most authorities in Africa that are tasked with the role of regulating the gambling sectors in their countries are not doing enough to protect all parties involved. It should be known that as much as betting is a ‘’hazardous’’ good that is both beneficial and destructive to society if not handled with care, the betting business is just a business like any other. Instead of killing the industry and scaring away investors, betting regulators across Africa should work closely together in coming up with regulations that are favorable to all key players, that is, the punters, operators, and the regulators themselves. Furthermore, the laws should not have a very big variance from one country to the other. There is a need for countries to share notes, those that have really good regulations should be open to sharing information and allowing other nations to benchmark with them. If the whole of Africa is united, all the parties involved will benefit. How has Bizin's partnership with SiGMA Africa held the attention of the industry in this ever-growing market? The appointment of Bizin Africa as a Brand Ambassador for the proved to the world and the players in the iGaming industry in Africa the need for more brands across the world to invest in this continent. Our role at Bizin Africa has been advocating for more investment in the continent. The partnership, therefore, was a compliment to what we do at Bizin Africa.
Content Team
6 months ago
Africa: Young and hungry opportunities
From the rise of mobile gaming to the challenges faced by players and companies, Maria Debrincat speaks with Jeremiah Maangi, Founder and CEO of Bizin Africa Group which houses , a leading figure in the African gaming scene, to gain insights and predictions for the future of gaming on the continent. What are the stand-out features of Bizin? has become Africa’s number-one agency and is known for helping businesses across various industries to venture into the African continent. We are at the top of our game because of the standards we apply to every project. We walk the journey with our clients from the moment they essentially pitch a concept to us until the very last second when the idea actually becomes a reality. Additionally, we collaborate closely with our partners at every level of the implementation process. We strive to put ourselves in our client's shoes as much as we can since we understand what it's like to start a business and see it fail. By doing this, we are able to provide our clients with the greatest outcome. Why do you think the African market is seeing such a strong allure from investors at the moment? This is for various reasons. To start with, Africa’s youthful population is a win-win situation for investors. Labor and manpower are readily available here and in abundance. These young men and women are all so eager to work and learn. Secondly, there is now widespread mobile and internet penetration and usage across the continent. This is a significant benefit for tech companies, and the majority of them are already benefiting greatly from this new development. Last but not least, there are still several untapped opportunities across various sectors and industries in Africa that still need investment. This is why investors should also put some energy into research so that they can easily know the opportunities that exist in the continent. What kind of support does Bizin offer to businesses looking to tap into Africa? We offer our clients a wide range of services, starting with research, business plan formulation, licensing and regulation support, office setup and management, marketing, staff recruitment, and training among other services aimed at creating a strong foundation for the businesses being set up. We also ensure that there is business continuity even after they have been set up successfully. What impact has regulatory creep had on the betting sector in Africa? Regulation is a necessity not just for the betting sector but in all sectors in any mature democracy. This is so because, without proper regulation channels in place, the industry will be vulnerable to abuse, with illicit gambling among other problems that could arise as a result. Africa is now experiencing a number of , including an increase in problem gambling, and underage gambling, amongst others. This necessitates the adoption of appropriate regulation mechanisms by those responsible for overseeing the industry. I strongly think that most authorities in Africa that are tasked with the role of regulating the gambling sectors in their countries are not doing enough to protect all parties involved. It should be known that as much as betting is a ‘’hazardous’’ good that is both beneficial and destructive to society if not handled with care, the betting business is just a business like any other. Instead of killing the industry and scaring away investors, betting regulators across Africa should work closely together in coming up with regulations that are favorable to all key players, that is, the punters, operators, and the regulators themselves. Furthermore, the laws should not have a very big variance from one country to the other. There is a need for countries to share notes, those that have really good regulations should be open to sharing information and allowing other nations to benchmark with them. If the whole of Africa is united, all the parties involved will benefit. How has Bizin's partnership with SiGMA Africa held the attention of the industry in this ever-growing market? The appointment of Bizin Africa as a Brand Ambassador for the proved to the world and the players in the iGaming industry in Africa the need for more brands across the world to invest in this continent. Our role at Bizin Africa has been advocating for more investment in the continent. The partnership, therefore, was a compliment to what we do at Bizin Africa.
Jake Graves
6 months ago
CPA.Club presents the Wolf of Wall Street at SiGMA Eurasia
As an extension of SiGMA Group’s Eurasia Summit, happening in Dubai from the 13th to the 16th of March, visitors and delegates made it to the Grand Hyatt Hotel for, among other attractions, a speech by featuring the legendary Wolf of Wall Street himself, Jordan Belfort. The CPA.Club International forum's official meetup in collaboration with SiGMA Group took place on March 12th, to huge success. The CPA.Club presents Jordan Belfort, in collaboration with SiGMA Group and Pin-Up Partners The event brought together professionals from the sector who were looking to make new business connections and learn about the latest marketing trends. Attendees were able to network with like-minded individuals and gain valuable insights into the industry. [caption id="attachment_805746" align="aligncenter" width="750"] The Grand Hyatt Hotel, Dubai.[/caption] The highlight of the event was the appearance of Jordan Belfort, widely recognized as the legendary Wolf of Wall Street. Belfort is a renowned speaker and author, sharing his insights on the financial industry and providing valuable advice on how to succeed in the sector. The event took place in the lead-up to the , which made it an ideal opportunity for attendees to prepare themselves for the upcoming event. They were able to learn about the latest developments in the industry and gain valuable knowledge that would help them succeed at the conference. Words of wisdom from the Wolf of Wall Street Jordan Belfort's life has been a rollercoaster ride of extreme highs and lows, starting with his early display of entrepreneurial spirit, followed by bankruptcy at 25, ditching medical school after one day, and ultimately finding immense success as a stockbroker. [caption id="attachment_805758" align="aligncenter" width="750"] Jordan Belfort, also known as the infamous Wolf of Wall Street, at the Hyatt Hotel.[/caption] He kicked off his speech with a captivating story from his early days as a door-to-door meat and seafood salesman, which led him to embark on his entrepreneurial journey and establish his own business. He distilled the essence of salesmanship into this critical lesson:
At the highest level, what sales really is about is the transference of emotion. The emotion we’re transferring is certainty.
Knowing this did not save him from making all of the critical errors so many fresh entrepreneurs are prone to commit. He expanded his first business too aggressively, which came crashing down at the turn of Winter and the end of BBQ season. This turn of events forced him to file for bankruptcy. As he put it, what kept him from returning to dentistry school - which he had already quit after a day once told by the dean that dentistry is not the place to be to make a lot of money - was overcoming his limiting beliefs, always bound to spring up after a failed venture.
Your salespeople are held down by limiting beliefs, so it is not enough to teach your people about closing the deal,” he beckoned to the audience, “but also winning the personal, inner games happening in their head.
There are four primary inner challenges the salesman needs to overcome:
  • State - the day-to-day control of your emotions, in the continuous struggle of transferring certainty during those key moments;
  • Beliefs - your opinion of yourself, which left unchecked can become limiting beliefs poisoning your capability at greatness, and must be replaced by empowering thoughts;
  • Vision - that unshakeable trust in yourself knowing where you want to see yourself in 5 years, your target and why it matters to you, which you seek out with laser-guided precision without getting tunnel-vision and missing out on opportunities;
  • Standards - how do you determine yourself as ‘successful’? Is it a measure of obtained wealth? Freedom to live life as comfortably or as daringly as possible?
Belfort continued by extolling the universal law of attraction:
What you focus on, you move towards, a universal law. What you focus on you attract into your life. But you don’t do that from the couch. You must move towards what you’re focusing on, and attract it like the magnet attracts the iron when it moves close enough.
At the end of the day, it is also important to whet your vision with a good understanding of your personal standards for success. Obtaining what you must have versus what you feel you should have. “What often happens in life is you get what you must have, but not what you feel you should have. That’s when personal standards are at their highest, but planning for that vision is lacking.” Overcoming these internal mind games is just the first step. They don’t account for playing the business game out in the world with the other players. They also don’t end with success. Learning how to succeed is one leg of the journey, but succeeding wildly, is another one entirely. What do you do when everything is going right?
There’s being good at sales and being good at scaling. Scaling up is not accidental. There are a number of rules, and you’ll suffer if you don’t know them.
Highlights with Stase Blitz, CMO at Pin-Up Partners Pin-Up Partners’ own Chief Marketing Officer, Stase Blitz, joined SiGMA Group’s Mark Anthony Borg for a quick sharing of the highlights from co-sponsoring this exciting event. What audience are you hoping to reach as a Diamond sponsor at this event? How do you anticipate this sponsorship will impact your business? Pin-Up Partners sponsored this event due to the high-quality audience it was bound to attract, including managers and employees from across the industry. Many attendees were interested in hearing Jordan Belfort's speech, given his international renown and expertise in creating long-term partnerships and influencing the market. What events will Pinup Partners be attending this year? Pin Up Partners is looking forward to the annual SiGMA Europe and Malta Week in November, which is of particular interest to the company. Additionally, the present event in Dubai and the upcoming Brazil Summit in June are also highly anticipated. https://youtu.be/wn4QLTasLew SiGMA Eurasia Summit is about to begin... Don't miss out! Join us tomorrow for the first day of the in Dubai, from the 14th to the 16th of March, 2023, and discover the latest trends, leaders, technologies, and strategies shaping the future of the industry. Whether you're a gaming enthusiast, an affiliate marketer, a startup founder or an industry veteran, the SiGMA Eurasia Summit has something for everyone. Haven’t gotten your tickets yet? Get your pass from our website, and join us for pre-registration today at the Intercontinental Hotel, Festival City, Dubai. Be part of this exciting event in the iGaming industry. We look forward to seeing you there!
Matthew Calleja
6 months ago

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SOFTSWISS’ Values in Action

SOFTSWISS, a tech company offering a complete ecosystem of comprehensive software solutions, has shown its support to the global environmental initiative in Poland. Through meaningful contributions and active engagement in charitable activities, the international iGaming provider exemplifies its unwavering commitment to upholding core corporate values.

On 16 September, SOFTSWISS representatives joined the 30th ‘Cleaning up the World’ campaign in Poznań, Poland, as part of an international environmental movement. Notably, around 130 teams from various companies participated in this year's event, pooling their efforts to rejuvenate a significant area in Poznań, transforming it into a cleaner and more eco-friendly environment.

“We truly embrace the power of positive change, recognising the profound impact that each person's contribution holds. Together, we are making real and noticeable changes that we can see, touch, and feel,” comments Katsiaryna Shved, Event Manager of Employer Brand at SOFTSWISS.

Engaging in activities that promote ecological awareness strongly aligns with SOFTSWISS’ core values and reflects the company's proactive stance on social responsibility. Beyond environmental initiatives, the company actively participates in numerous endeavours across the world, including aiding victims of natural disasters and military conflicts, supporting individuals battling serious illnesses, championing social causes, and fostering multicultural cooperation.

Valentina Bagniya, Chief Marketing Officer at SOFTSWISS, summarises: “A clearly defined mission and a robust values system are vital for sustainable development of any company. ‘We care’ stands as a fundamental statement among SOFTSWISS' core values, articulated through explicit principles such as ‘We see people’, ‘We embrace changes’, ‘We push for customer success’ and ‘We excel’. While cultivating both personal responsibility of our team members and social responsibility within the entire company, we take measurable steps including charitable contributions, active engagement in philanthropic initiatives, and participating in eco-friendly activities. The alignment of our employees around these shared values significantly enhances the quality of our output.”

During the previous year, SOFTSWISS allocated more than 1,700,000 euro for charity purposes. In 2023, following the tragic events in Turkey, the company contributed 25,000 US dollars to facilitate the acquisition of container houses for individuals who found themselves without shelter due to the devastating disaster.

Taking a proactive approach towards global challenges and problems that demand collective support, SOFTSWISS is committed to making positive changes not only in the world of iGaming, but also beyond.

Head to SiGMA Curaçao

SiGMA Curacao is less than 3 days away. It will be held in from the 25 – 28 September. The event is hosted by the Ministry of Finance in association with SiGMA Curacao

Don’t miss this exclusive opportunity to be part of SiGMA Curacao, where you can gain valuable insights into the new gambling legislation, explore the thriving iGaming industry, and connect with key players in Curacao. Check out all the details here.

Register here to secure your place at this landmark event.  

SiGMA Curacao banner
Antoine Thomas 1 day ago
PointsBet penalised $25,000 for sports betting violations in New Jersey

PointsBet, the online sports betting platform, found itself in hot water as New Jersey gambling regulators identified three distinct violations of the state's sports betting laws. The company was subsequently slapped with a $25,000 fine.

The fine and violations

Although the penalty was officially imposed on August 23rd, it wasn't until nearly two weeks later, following a request from The Associated Press, that the New Jersey Attorney General's Office disclosed the details of the case.

As outlined on the website of the state's Division of Gaming Enforcement, an agreement was reached wherein PointsBet, headquartered in Denver, agreed to settle the matter by paying the $25,000 fine.

One of the infractions involved PointsBet accepting what are known as "pre-match" bets in August 2021 for games that were already in progress. Interestingly, all five of these bets originated from a single customer, who staked $13,500 and received $28,275 in winnings.

Upon discovering this error, the bets were promptly voided, and the initial bet amount was duly returned to the customer, a resolution facilitated by the gaming enforcement division.

The company told regulators “that it did not have an automated process in place to review the accuracy and timeliness of published markets,” according to the division.

“PointsBet stated that the ‘overwhelming’ number of matches offered through PointsBet made it ‘unrealistic’ to check and verify each event and the market offered for wagering,” the division wrote in a document outlining the charges against the company.

The division added that PointsBet attributed the problem to “an unresolved communication issue” between itself and a third party data feed provider.

As per the 2023 ICLG Gambling Laws and Regulations Report, New Jersey regulates sports betting through the New Jersey Division of Gaming Enforcement and the New Jersey Racing Commission.

Admitting the mistakes

PointsBet, the online sports betting platform, found itself in a bit of a pickle due to two distinct betting mishaps.

Firstly, on March 25, 2022, they allowed bets on the St. Peter's men's basketball team, despite this underdog team's legendary "Cinderella" run through the NCAA tournament making them ineligible for betting in New Jersey. Remarkably, the St. Peter's betting market was open for just 55 minutes, and only two bets, totalling $60, were placed before being promptly cancelled.

PointsBet attributed this oversight to human error, as conveyed by the gaming enforcement division.

In another incident on October 29, 2021, PointsBet offered bets on a "League Of Legends" Esports competition. However, one of the players involved was only 17 years old, falling below the legal minimum age of 18 for betting. Four bets, amounting to $1,225, were initially accepted but were later voided.

The company admitted to regulators that they had neglected to verify the ages of the competitors before including the video game event on their betting platform. Since then, they have implemented a robust process to ensure such oversight doesn't recur.

Get ready for the next summit!

SiGMA Curaçao is just around the corner, with only a week left until it kicks off. Make a note on your calendar for September 25th to 28th, as this thrilling event is proudly presented by the Ministry of Finance in partnership with SiGMA Curaçao.

Don't let this incredible opportunity slip through your fingers. SiGMA Curaçao offers a chance to be a part of something truly extraordinary. During this event, you'll have the opportunity to gain invaluable insights into the latest developments in gambling regulations, immerse yourself in the vibrant world of iGaming, and establish connections with key figures in Curacao's thriving industry.

SiGMA Curacao banner
Matthew Calleja 1 day ago
Efforts to expand gambling in North Carolina abandoned

Republican legislative leaders in North Carolina have abandoned their efforts to expand legal gambling within the state. 

They are instead, poised to pass a final budget forgoing the gambling expansion proposals which will instead trigger Medicaid coverage for hundreds of thousands of individuals.

GOP failings

GOP representatives in both the House and Senate have faced a plethora of challenges when attempting to acquire the necessary votes to authorise new casinos as well as regulate video game machines.

Attempts to include this gambling expansion in the forthcoming budget or the inauguration of a separate bill have faced heavy opposition.

Gaming in North Carolina

The Tar Heel State already has 3 operational casinos run solely by tribal entities, namely the Eastern Band of Cherokee Indians and the Catawba Indian Nation.

This gambling proposal would create what were planned to be named “rural tourist districts” where gambling venues could have been constructed along with numerous other developments.

Legislators initially included provisions for the three casinos in Anson, Nash and Rockingham but the language included suggested further options that could have been explored such as one operated by the Lumbee tribe. 

Senate leader Phil Berger believing this to be the most prudent way forward, has cited a nearby casino in Danville, Virginia’s success as a serious consideration when weighing up the cost and benefits of casino expansion.

The benefits of expansion

It was agreed among developers that each location would have generated at least 1,750 jobs and over half a billion dollars in private investment.

Efforts to expand gambling in North Carolina abandoned.
Charlotte City, North Carolina, USA.

Additionally, owners of the video gambling machines authorised in the proposal would have been licenced and legalised under the state lottery commission. 

What’s more, is that fiscal analysis from General Assembly staff displayed that state funds would have been several hundreds of millions of dollars better off on an annual basis.

Opposition to expansion

Democratic Governor, Roy Cooper, has been a notable opponent of this expansion while also pushing his own agenda for Medicaid growth. 

The coming budget is set to bring Cooper’s goals to fruition and any hindrance to this success such as the inclusion of this gambling expansion proposal is seen as this very type of threat.

The position Cooper and his allies hold is one which was built when he signed an agreement in March that stated legislation inaugurated with a budget is required for any gambling expansion to occur.

At the time the expansion efforts had not gained nearly enough traction to pose an opposition. 

John Rustin, a member of the North Carolina Family Policy Council praised these legislative movements stating:

“The legislators stood their ground, under extreme pressure, to protect our state from the ravages of gambling, gambling addiction, and the predatory gambling industry.”

Criticisms

This shows the strong opinion held by many legislators across the US against the expansion or even legalisation of the gambling industry.

In light of the massive benefits being forgone, however, Berger made a statement heavily criticising the decision by the legislators in charge saying: 

“It was just pretty clear that the facts were almost beside the point as to what those proposals would do for rural areas. I’ve learned that in an environment like that, you’re unlikely to make any progress."

Get ready for SiGMA Curaçao!

SiGMA Curaçao is right on the horizon, and in less than a week, it’s all set to kick off. Mark your calendars for September 25th to 28th, as this exciting event is brought to you by the Ministry of Finance in collaboration with SiGMA Curaçao.

Don’t miss out on this fantastic opportunity to become a part of something truly exceptional at SiGMA Curaçao. During this event, you’ll have the chance to gain priceless insights into the latest developments in gambling regulations, immerse yourself in the dynamic world of iGaming, and forge connections with influential figures within Curacao’s thriving industry.

Jake Graves 3 days ago
Betting operators admit to restricting bettors in Australia

Multiple gambling companies in Australia have enacted restrictions on a particular type of bettor.

These restrictions target individuals who bet in a way which is seen as commercially unviable, such as profiting at an unusually high success rate when using promotional offers. 

A great deal of evidence has already surfaced as a result of a parliamentary inquiry conducted earlier this year which found that bookmakers have been limiting successful gamblers while encouraging high-risk and high-loss customers. 

Exploitation

These restrictions come in lieu of gambling companies becoming aware of the phenomena of groups of bettors exploiting discounted promotions.

This predominantly comes in the form of bettors creating multiple accounts to manipulate certain markets. 

Unfair use of promotions

Although this is a concern for gambling companies, a slowing or discontinuance of these types of gambling inducive promotions is not likely as they are most certainly an important tool for the industry.

It has been heavily suggested that gambling companies have been increasingly using these promotions to keep gamblers with a poor success rate betting.

This practice has been admitted to by the gambling companies in question who have claimed this has been used as a tool to combat the higher tax rates. Offsetting lost revenue from the new tax measures by continuing to entice gamblers who lose money at a higher rate to continue using their services. 

Restriction specifics

In 2021, operator Sportsbetting blocked a bettor's access to promotions and limited their regular market betting amounts.

Another instance saw Betr a News Corp-backed operator, restrict a bettor’s account from accessing a select number of promotions with several other smaller companies also following suit by bringing several restrictions from bettors that are deemed by company standards to be exploiting promotions.

A much larger operator in the Entain owner Ladbrokes has also stated that promotional offers were intended for recreational gamblers only and stated that the company would be willing to disqualify any individuals taking advantage of these promotions. 

Further to this statement, Ladbrokes also confirmed that the company does restrict certain accounts bet clarified that it does not block winning bettors.

Excessive use of promotions was also cited as a reason for restrictions by Australia’s largest betting company, Sportsbet. 

Clear intentions

From the statements given by numerous industry leaders, the stance of these companies has been clearly defined. 

As with any other aspect of their business model promotions are used to entice bettors but inevitably these are useless without restrictions of the nature described in order to maintain profitability and retain engagement.

Get ready for SiGMA Curaçao!

SiGMA Curaçao is right on the horizon, and in less than a week, it’s all set to kick off. Mark your calendars for September 25th to 28th, as this exciting event is brought to you by the Ministry of Finance in collaboration with SiGMA Curaçao.

Don’t miss out on this fantastic opportunity to become a part of something truly exceptional at SiGMA Curaçao. During this event, you’ll have the chance to gain priceless insights into the latest developments in gambling regulations, immerse yourself in the dynamic world of iGaming, and forge connections with influential figures within Curacao’s thriving industry.

Jake Graves 3 days ago
Curacao Minister of Finance and World Poker Tour® Unveil Inaugural Event in Celebration of New Gambling Legislation

Curacao, 15th September 2023 – A ground breaking collaboration between Javier Silvania, Curacao’s Minister of Finance, and the prestigious World Poker Tour® (WPT®) is set to kick off Curacao’s first ever major gambling industry event.  The "Minister of Finance in association with SiGMA" conference marks a pivotal moment for Curacao, highlighting its emergence as a revitalised jurisdiction on the international gaming stage.

The World Poker Tour is set to host the WPT Curacao Invitational Poker tournament on September 25th at the Dreams Curacao Resort , providing a fitting prelude to the SiGMA event. Drawing over 100 players from various avenues, including invited players, qualifiers from online satellite tournaments, and individuals from Curacao's own poker room, the tournament promises an evening of skill and drama.

“As a global-facing brand, we are happy to be a part of the gaming industry development in Curacao,” said WPT CEO Adam Pliska. “This event is set to be a great steppingstone for the expansion of poker in Curacao.”

The focal point of the tournament, the "main table," will include professional poker players from the WPT team in a captivating battle for the winner’s trophy and the prize pool estimated at up to $85,000. Importantly, the tournament's reach extends to the local community, granting them the chance to participate directly and experience the thrill firsthand.

Visit sigma.world/curacao for information and registration.

The Minister of Finance extends a warm welcome to the World Poker Tour and this exclusive and exciting event. This landmark serves as a show of support from WPT in favour of Curacao's evolving gambling regulations which will improve the economic and reputational value of the island.

For media inquiries, registration, and further details, please use the following details:

General Contact: [email protected]
WPT Global: Catarina Jorge - [email protected]

About the World Poker Tour®

World Poker Tour® (WPT®) is the premier name in internationally televised gaming and entertainment with brand presence in land-based tournaments, television, online, and mobile. Leading innovation in the sport of poker since 2002, WPT ignited the global poker boom with the creation of a unique television show based on a series of high-stakes poker tournaments. WPT has broadcast globally in more than 150 countries and territories, and is currently producing its 21st season, which airs on Bally Sports in the United States. Season XXI of WPT is sponsored by ClubWPT.com. ClubWPT.com is a unique online membership site that offers inside access to the WPT, as well as a sweepstakes-based poker club available in 43 states and territories across the United States, Australia, Canada, France, and the United Kingdom. WPT also participates in strategic brand license, partnership, and sponsorship opportunities. For more information, go to WPT.com.

©2023 WPT Enterprises, Inc. All rights reserved.

WPT, World Poker Tour and Spade Card Design are registered trademarks of WPT Enterprises, Inc. All rights reserved.

WPT Global is not available to persons physically located in the United States nor is there any intention to induce you or any other person located in the U.S. into engaging in any gambling with WPT Global or violating any local, tribal, state, federal, or national law or regulation. Recognizing that the laws and regulations involving online gambling are different everywhere, you expressly acknowledge and agree that it is your sole responsibility and obligation to ensure that any online gambling activities that you undertake are legal in your relevant jurisdiction.

Katy Micallef 3 days ago
Gambling Scams Worse Than Drugs – Philippine crime body

The head of the Presidential Anti-Organised Crime Commission (PAOCC) in the Philippines has issued a warning that local scam syndicates connected to online gambling now pose a threat to law and order on par with illegal drug use.

PAOCC Executive Director Gilbert Cruz said that online scammers, due to their higher earnings and greater difficulty in tracking, present a more challenging problem than drug dealers. He stated that “the problem with online scams is now worse than drugs”.

Cruz referred to data from the police Anti-Cybercrime Group, which indicated that in the year leading up to August, authorities had rescued 4,092 Filipinos and foreigners who had been deceived into working under conditions of slavery by scam syndicates.

During the first eight months of the year, there were 397 arrests related to cybercrime out of 16,000 police investigations, with more than half involving online scams. Most of the rescued victims were involved in activities linked to licensed foreign-facing online gaming operators (POGOs), a trend that has grown alongside the prevalence of online scamming in mainland Southeast Asia.

Cruz said that the risk of online scammers being caught was lower than for drug traffickers, since the former hide behind fake identities. Additionally, online operations are harder to trace and chase.

Philippine gaming regulator PAGCOR recently warned against the proliferation of websites using the PAGCOR logo without permission to mislead the public that their activities are connected with licensed offshore gaming in the Philippines. PAGCOR Chairman and CEO Alejandro H. Tengco said he strongly advised the public to exercise caution when accessing such online gaming websites because of the risks posed by identity theft and financial scams.  

Join the upcoming SiGMA event in Curaçao

SiGMA Curaçao is less than a week away. It will be held in from the 25 – 28 September. The event is hosted by the Ministry of Finance in association with SiGMA Curaçao

Don’t miss this exclusive opportunity to be part of SiGMA Curaçao, where you can gain valuable insights into the new gambling legislation, explore the thriving iGaming industry, and connect with key players in Curaçao. Check out all the details here.

Register here to secure your place at this landmark event.  

Curacao
Shirley Pulis Xerxen 3 days ago
Bookmaking scandal casts doubt on MGM Resorts’ prospects in New York City casino licence race

The chances of MGM Resorts International (NYSE: MGM) winning two of the three highly sought-after full-scale casino licences in New York City have become complicated due to an unfolding bookmaking scandal in Las Vegas.

The bookmaking scandal

MGM Grand and Resorts World, operators of the Empire City Casino in Yonkers and the Resorts World Casino at the Aqueduct Race Track in Queens, were considered frontrunners in the state-run licensing process, which is expected to conclude next spring.

The uncertainty surrounding these licences emerged after Scott Sibella, the former head of the MGM Grand casino in Las Vegas, was compelled to resign as president and operating chief of Resorts World

The report noted Resorts World said Sibella's sudden exit from the company on Friday was "effective immediately" over "failing to disclose certain information required under company policies."

This news arrives at an inopportune and challenging moment for MGM, as they are presently recuperating from a recent cyberattack spree aimed at casino giants.

A deep-rooted story

According to a recent report, federal agents are investigating whether employees at MGM Grand, where Scott Sibella was president in 2017 and 2018, had been syphoning off company assets to pay gambling debts to bookie Wayne Nix. Nix had pleaded guilty in 2022 for operating a massive, illegal gambling operation and filing false tax returns.

The report also noted that this scandal could be a bigger problem for MGM Resorts International (NYSE: MGM) than Resorts World, as the former was allegedly involved in the conduct. However, Resorts World would still need to get rid of the stain.

This news could be beneficial for MGM’s rivals in the casino race. Some of the strong contenders include Bally’s Corp (NYSE: BALY), Caesars Entertainment Inc (NASDAQ: CZR), Las Vegas Sands Corp (NYSE: LVS), and Wynn Resorts Limited (NASDAQ: WYNN).

One week away from SiGMA Curaçao

SiGMA Curaçao, the highly anticipated event for the iGaming industry, is just around the corner. The event is scheduled to take place from 25th to 28th September in Curaçao and is hosted by the Ministry of Finance in association with SiGMA Curaçao.

This event is an exclusive opportunity for you to gain valuable insights into the new gambling legislation, explore the thriving iGaming industry, and connect with key players in Curaçao.

SiGMA Curacao banner
Matthew Calleja 3 days ago
SiGMA Podcast explores Curacao’s gaming transition

In conversation with industry expert Aideen Shortt, the Founder and CEO of Lilywhite Consulting, who teamed up with SiGMA reporter Maria Debrincat, SiGMA's latest podcast unravels the intricate details of Curacao's latest regulatory transformations. Part 1 of this two-part series focuses on understanding the driving forces behind these pivotal changes, crucial dates in the regulatory calendar, and the anticipated effects on operators and the broader gaming ecosystem.

Aideen Short delving into Curacao's gaming transformation during the enlightening podcast session.

As Shortt delved into the motivations behind the legislative changes, it became evident that one of the key topics discussed in the podcast, is the urgent need to stimulate the island's economy and address the stark contrast in revenue generation when compared to other global gaming jurisdictions.

Aideen Shortt began by outlining the threefold motivation behind the legislative changes. First and foremost, the aim is to stimulate Curaçao's economy, which has not been fully capitalising on the potential revenue from the gaming sector. Currently, the government collects a relatively small license fee of 10,000 guilders per month per license, equivalent to approximately 250,000 Euros per annum, a stark contrast to other global jurisdictions, which generate hundreds of millions, if not over a billion Euros annually.

Secondly, the legislation seeks to foster local skills and employment opportunities within the gaming workforce. While there won't be immediate drastic changes, the long-term goal is to build expertise and make Curaçao a center of excellence in the high-tech gaming industry.

The third objective revolves around Anti-Money Laundering (AML) standards. The existing legislation falls short of the necessary international financial regulations, despite the majority of operators voluntarily complying with these standards. The new laws will mandate adherence, ensuring better financial transparency and security.

Shortt emphasised that the legislation isn't intended to destroy the gaming industry but to restructure it, aligning it with global gambling regulations and benefiting both the government and the people of Curaçao.

Key dates:

Switching gears, Aideen Shortt provided valuable information on key dates and application processes under the new legislation. September 1st marked a significant milestone in the process of regulatory changes in Curaçao. On this date, the Gaming Control Board (GCB) opened itself up to new license applications, signaling the beginning of a major transformation in the jurisdiction. It's worth noting that these applications are still being processed under the existing law, ensuring continuity for master licenses and sub-licenses. This portal is providing access to application forms and essential information. Notably, the portal has already garnered significant attention, with over 3,000 unique visitors and an average of 15,000 daily page views.

The introduction of direct licenses for operators is a notable change. While these direct license holders won't be permitted to issue sub-licenses, it presents a new avenue for operators seeking a more direct relationship with the gaming authority.

The registration process for existing sublicense holders is set to begin on November 1st. This registration serves as a census to identify who will continue operating under the new Gaming Authority when the legislation is enacted.

Crucially, the portal will open for direct operator license applications on November 15th. It's essential to clarify that this process falls under the current legislation and doesn't require complex local substance requirements. The application involves having a Curaçao-based company with a registered address and at least one local director. Supporting documentation includes standard forms, corporate disclosures, and personal disclosures for Ultimate Beneficial Owners (UBOs) and key personnel.

Aideen stressed that these requirements are straightforward and should not be a cause for concern. Successful applicants will receive a provisional license within approximately two months, allowing them to operate. They will then have six months to submit audited policies and procedures, completing the application process.

Staying current with regulatory changes:

Shortt emphasised the importance of staying up to date with regulatory changes, given the evolving nature of the gaming industry. The discussion centered around the impact of these changes on operators and the overall gaming ecosystem.

Operators moving to other jurisdictions:

Aideen addressed the speculation surrounding some operators considering relocation to other jurisdictions such as Anjouan and Canadian tribes. While acknowledging that businesses must make decisions that align with their interests, she pointed out the increased value of a Curaçao license in light of ongoing reforms.

The government's commitment to improving the jurisdiction's reputation and aligning with global standards is evident. It's clear that the Ministry of Finance and the Gaming Control Board are working diligently to make Curaçao an attractive and responsible gaming destination.

Government's expertise and support:

In response to concerns about the government's ability to navigate these legislative changes, Aideen assured that Curaçao has the necessary expertise and support. The legislation has undergone extensive input from industry stakeholders and experts, a process that has spanned months and, in some cases, years.

The legislative journey, while challenging, is progressing steadily. The legislation is now at the stage of the Council of Advice, the final step before it goes to Parliament. Aideen emphasised that while the process may be standard, it is essential to ensure that the resulting legislation is workable and attractive for all stakeholders.

Operational effects:

Regarding the operational effects of the new legislation, Aideen provided assurance that there will be no surprises for operators. The government's objective is to restructure the industry, not reinvent it. The upcoming regulations aim to align Curaçao with international gaming standards and practices.

Stay tuned for Part 2 of this series on SiGMA News where we'll provide you with practical insights into the operational effects of these regulatory changes, address concerns about AML, KYC, and responsible gaming, and explore the transition from the Gaming Control Board (GCB) to the Curacao Gaming Authority (CGA). Keep an eye out for the next piece where we'll continue to decode the intricacies of this evolving landscape.

Watch full podcast here:

https://www.youtube.com/watch?v=Xvkfxscf_YA
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Maria Debrincat 3 days ago
PAGCOR signs MOA, moves closer to privatisation

PAGCOR (The Philippine Amusement and Gaming Corporation) yesterday announced another major move towards the privatisation of its casinos by partnering with the Development Academy of the Philippines (DAP) in facilitating its reorganisation process.

PAGCOR Chairman and CEO Alejandro Tengco said they tapped DAP’s technical assistance to comply with the requirements of the Governance Commission for GOCCs (GCG) in the implementation of its Compensation and Position Classification System or CPCS which is needed prior to privatisation.

“We thank the Development Academy of the Philippines for being a prime mover of competency building in government,” Mr. Tengco said. “We need their help to comply with the (documentary) requirements of the GCG and in our efforts to eventually implement the CPCS that our employees have been eagerly waiting for,” he said.

Mr. Tengco made the remarks after he and DAP President & CEO Atty. Engelbert Caronan, Jr. signed the Memorandum of Agreement for PAGCOR’s reorganisation. PAGCOR Vice President for Human Resource and Development Group Angelito Domingo and DAP Vice President for Mindanao Dr. Mark Lemuel Garcia also signed the agreement.

Mr. Tengco said he also wants to engage DAP in the facilitation and conduct of trainings for PAGCOR officers and employees to enhance their skills and competencies.

Mr. Caronan for his part expressed gratitude to PAGCOR for believing in DAP’s capability to help implement organisational changes that would be beneficial to the state gaming firm’s workforce.

“We would like to thank PAGCOR for their trust and confidence in this partnership; we are ready to provide the necessary technical services to make the agency GCG-compliant and help it carry out its reorganisation efforts,” he said.

The DAP is a government-owned and controlled corporation mandated to assist agencies and local government units in their development efforts by acting as a change catalyst and as capacity builder.

It helps facilitate the shaping of new government policies, crafting development programs and modernizing the management structure of government agencies and private enterprises alike.

Speaking to SiGMA Magazine in his first sit-down interview as PAGCOR Chairman and CEO, Alejandro H Tengco had said “the new management believes that as a government entity, it should have a clearly defined function. Having a dual role – as an operator and a regulator at the same time – is contrary to business ethics.”

Join the upcoming SiGMA event in Curaçao

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Don’t miss this exclusive opportunity to be part of SiGMA Curaçao, where you can gain valuable insights into the new gambling legislation, explore the thriving iGaming industry, and connect with key players in Curaçao. Check out all the details here.

Register here to secure your place at this landmark event.  

Curacao
Shirley Pulis Xerxen 3 days ago
Trust is key in the gaming industry – Matthew Agius Mamo

In a recent SiGMA podcast, host Trevor Di Giorgio discussed anti-money laundering (AML) compliance and licensing in the gaming industry with Matthew Agius Mamo, CEO at AML/CFT compliance Solutions by Diligex.

Irrespective of the industry, the view that compliance is burdensome is outdated. Agius Mamo says that “there has been a culture change – from something which is misunderstood, to something that is intrinsic and a core part of any business, including gaming.”

A trust builder
Matthew Agius Mamo, Diligex
Matthew Agius Mamo speaking during the SiGMA podcast.

The gaming industry “has evolved drastically fast, starting from non-regulation to having a number of regulated markets to increasing regulation.” Regulation, adds Agius Mamo, needs to be viewed as a “trust builder” and once regulation is implemented in a way that benefits both the operators and the whole gaming ecosystem, the industry will continue to respond favourably.

The podcast host posits the possibility that current stringent regulations are deterring start-ups from setting up shop within EU jurisdictions, with the result that the market misses out on potential innovation. Agius Mamo replies that if regulation is in place for the purpose of establishing a favourable ecosystem, this, in turn, allows trust. This might be at the expense of losing out on operators who might be put off by the exigencies of stringent rules and regulations.

Bad apples in every industry

Agius Mamo dispels the myth that the gaming industry attracts more illegal operators than other sectors. The host asks how regulators can control and protect the market and customers from rouge operators. A two-pronged approach is necessary where deterrence and enforcement are in place, says Agius Mamo. “The focus needs to be on building trust and an efficient system”, where operators can regulate their policies, and compliance becomes a “business tool”. Agius Mamo adds that it is important for regulation to include incentives that make it “attractive” for operators to be compliant. From a responsible gaming perspective, licences and AML setups become a way for operators to protect their players, and “trust becomes a currency.” He adds, “if we have a system that is managed well, that is sustainable and that makes sense for what it is set out to achieve, there will be enough deterrence.”

Agius Mamo welcomes regulation that is set in place where parameters and standards are clear and not overly ambitious. This allows operators to obtain licences where they trust that fraud is taken seriously, and the jurisdiction does not pose any risk to the business. At the end of the day, Agius Mamo says, this is an entertainment industry where customers should be able to enjoy themselves with the peace of mind of an ecosystem that protects its users. In comparison to other industries, the gaming industry poses other complexities when it comes to manage elements such as cross border or transnational payments, since customers may not be aware when signing up of the necessity to provide personal and banking details.  

Maturity of the sector

Di Giorgio asks how regulation has evolved to encourage operators to maintain a balance between profit and compliance. Unlike other industries, the gaming sector is one where initially, operators were navigating an unregulated market. Over the years, the industry evolved to one that has several regulated jurisdictions. Agius Mamo says that the role of companies offering AML compliance solutions such as Diligex is “to understand, listen what are the business processes, what are the challenges being faced and what businesses want to achieve.”

Jurisdictions raising the bar

“Essentially if you have a number of jurisdictions looking to raise the bar, then you are going to end up with a situation where you have B2Bs who are unwilling to collaborate with underground operators.” The risk to their reputation and exposure to commercial and legal risks will eventually lead to heavy client loss. Agius Mamo continues, “if that bar is then set, it must become difficult enough for those that are in the underground sector to access the benefits of being part of the regulated ecosystem. If you have industry players that are allowing this to happen, then that is defeating the scope and it sinks the whole effort.”

The future of the industry

Agius Mamo predicts that any sort of EU level harmonisation is years away. In the immediate and short term, jurisdictions will “each have their own regulations and requirements ... in line with what they think is best for the jurisdiction.” He believes that eventually EU level initiatives, such as an AML Authority will be set up that will complement national jurisdictional powers.

Watch the podcast here.

Join the upcoming SiGMA event in Curacao

SiGMA Curacao is less than a week away. It will be held in from the 25 – 28 September. The event is hosted by the Ministry of Finance in association with SiGMA Curacao

Don’t miss this exclusive opportunity to be part of SiGMA Curacao, where you can gain valuable insights into the new gambling legislation, explore the thriving iGaming industry, and connect with key players in Curacao. Check out all the details here.

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Curacao
Shirley Pulis Xerxen 3 days ago
Okta executive reveals wider scope of hacking incidents beyond MGM and Caesars

A security executive with knowledge of the situation revealed that the hackers who recently infiltrated the systems of prominent casino giants, MGM Resorts International and Caesars Entertainment, have also targeted three other companies operating in the manufacturing, retail, and technology sectors.

The wider scope of the cyberattack strings

David Bradbury, the Chief Security Officer of Okta, an identity management company, disclosed that since August, five of Okta's clients, including MGM and Caesars, have fallen victim to hacking groups known as ALPHV and Scattered Spider.

While Bradbury did not disclose the names of the other affected companies, he emphasised that Okta is actively cooperating with official investigations related to these security breaches.

These cyberattacks have once again drawn attention to ransomware attacks, which impact numerous companies each year, spanning industries from healthcare to telecommunications. As a result of these breaches, both MGM and Caesars witnessed a decline in their market value, and MGM continues to grapple with operational disruptions at its hotels and gaming establishments across locations, including Las Vegas and Macau.

Okta, headquartered in San Francisco and boasting a global clientele of over 17,000 customers, specialises in providing identity services, such as multi-factor authentication, to enhance the secure access of users to online applications and websites. The detection of multiple breaches among its clients prompted Okta to issue a warning last month, according to Bradbury, who emphasised the need to share insights with the broader industry due to the rapid occurrence of these incidents.

Details of the cyberattack - Caesars joins the list besides MGM Resorts

Recently, Caesars Entertainment, a prominent player in the casino industry, made headlines alongside its Las Vegas counterpart, MGM Resorts International, as they both disclosed being targeted in a cyberattack. In their official report submitted to the federal Securities and Exchange Commission, Caesars assured the public that, fortunately, the attack had not disrupted their casino and online operations.

Cyberattack string shakes casino giants Caesars and MGM
Established in 1996, Caesars Entertainment, previously known as Eldorado Resorts, is a Reno, Nevada-based American company specialising in hotel and casino entertainment. MGM Resorts International, on the other hand, is a prominent American hospitality and entertainment conglomerate. They manage destination resorts in key locations.

However, there's a catch. Caesars, headquartered in Reno and publicly traded, expressed their inability to provide an ironclad guarantee regarding the safety of personal information belonging to tens of millions of their valued customers. This vulnerability emerged following a data breach on September 7th, raising concerns about the exposure of driver's licence and Social Security numbers belonging to members enrolled in their loyalty rewards program.

It's worth noting that, even as this cybersecurity incident unfolds, Caesars has been actively expanding its horizons. In May, they launched the temporary Danville Casino, a strategic move while they work on the construction of a grand $650 million resort in the Schoolfield area.

“We have taken steps to ensure that the stolen data is deleted by the unauthorised actor,” the company said, “although we cannot guarantee this result.”

“Unofficially, we saw a group called Scattered Spider claimed responsibility,” Callow said. “They appear to be native English speakers under the umbrella of a Russia-based operation called ALPHV or BlackCat.”

“Scattered Spider also is known as UNC3944,” said Charles Carmakal, Chief Technical Officer at cybersecurity firm Mandiant. He called the group “incredibly disruptive and aggressive” in recent targeting of hospitality and entertainment organisations.

“They leverage tradecraft that is challenging for many organisations with mature security programs to defend against,” Carmakal said in a statement.

Mandiant said in a blog analysis published Thursday the group uses SMS text phishing and phone calls to help desks to attempt to obtain password resets or multifactor bypass codes.

“This relatively new entrant in the ransomware industry has hit at least 100 organisations, most of them in the U.S. and Canada,” Mandiant said.

Caesars and MGM Resorts respond

Caesars, a global casino behemoth, proudly holds the title of the world's largest casino owner. Boasting over 65 million Caesars Rewards members and a vast presence spanning 18 states and Canada, they operate under well-known banners like Caesars, Harrah's, Horseshoe, and Eldorado. Their portfolio also extends to mobile and online gaming, along with sports betting. Notably, company representatives remained tight-lipped, declining to respond to inquiries sent by The Associated Press via email.

In response to the breach, Caesars took swift action. They informed the SEC that they were actively offering credit monitoring and identity theft protection to their loyal customers enrolled in their rewards program. Fortunately, there is no evidence to suggest that the intruder gained access to member passwords or sensitive financial information like bank accounts and payment card details. Caesars affirmed that both their casino and online operations remain unscathed by this incident, continuing without disruption.

Caesars' disclosure closely followed MGM Resorts International, the largest casino conglomerate in Las Vegas, publicly sharing its own encounter with a cyberattack. The company detected the breach on a Sunday, prompting them to swiftly shut down computer systems at their properties nationwide in a bid to safeguard sensitive data.

This proactive measure had repercussions felt by customers; Las Vegas casino floors and reservations were impacted, with social media abuzz about credit card transaction failures, inaccessible cash machines, and locked hotel room doors. Even video slot machines sat dormant.

MGM Resorts boasts approximately 40 million loyalty rewards members and oversees tens of thousands of hotel rooms across Las Vegas, including iconic establishments like the MGM Grand, Bellagio, Aria, and Mandalay Bay. Their reach extends beyond U.S. borders, with properties also operating in China and Macau.

Ongoing fallout

In a company report filed with the SEC on Tuesday, they referred to their Monday news release regarding the cyberattack. The FBI confirmed an ongoing investigation but provided no further details.

As of Thursday, several of MGM Resorts' computer systems remained offline, including those handling hotel reservations and payroll. Despite this setback, company spokesperson Brian Ahern assured that their workforce, comprising 75,000 employees in the U.S. and overseas, would receive their pay on schedule.

Speaking from British Columbia, Canada, Callow emphasised the speculative nature of most media reports regarding these incidents. He noted that the information seemed to originate from the same entities claiming responsibility for the attacks. Callow highlighted that recovering from cyberattacks could be a protracted process, spanning months.

Callow also drew attention to reports he deemed "plausible," suggesting that Caesars Entertainment might have been asked for a $30 million ransom to secure its data and possibly paid $15 million. Notably, he pointed out that the SEC report from Caesars did not detail the measures taken to ensure the safety of the stolen data.

The largest known ransom paid to cyber attackers to date stands at $40 million, involving insurance giant CNA Financial. This payment followed a data breach in March 2021.

“In these cases, organisations basically pay to get a ‘pinky-promise,’” he said. “There is no way to actually know that (hackers) do delete (stolen data) or that it won’t be used elsewhere.”

Get ready for SiGMA Curaçao!

SiGMA Curaçao is right on the horizon, and in less than a week, it's all set to kick off. Mark your calendars for September 25th to 28th, as this exciting event is brought to you by the Ministry of Finance in collaboration with SiGMA Curaçao.

Don't miss out on this fantastic opportunity to become a part of something truly exceptional at SiGMA Curaçao. During this event, you'll have the chance to gain priceless insights into the latest developments in gambling regulations, immerse yourself in the dynamic world of iGaming, and forge connections with influential figures within Curacao's thriving industry.

SiGMA Curacao banner
Matthew Calleja 3 days ago
UK Gambling Commission sets the record straight

The UK Gambling Commission yesterday penned an open letter to Racing Post readers, signed Andrew Rhodes, CEO. The Commission felt compelled to do so amid what it claims to be blatant publication of “imbalanced stories” by the digital newspaper on a daily basis. The letter was initially intended for the Racing Post readers page, to allow the Commission to clarify their position on the ongoing consultation and clear up any misunderstandings. The newspaper refused to publish the letter.

The letter, addressed to Racing Post readers, acknowledges that readers may have concerns about potential privacy issues regarding the Government and the Gambling Commission proposals in the ongoing consultation about proposed financial risk checks.

99.7% of customers not affected

The first misconception the letter clarifies is the assumption, fuelled by “the volume and nature of the coverage” by the racing post, that under the current proposals a good proportion of gambling consumers would have to be handing over payslips or bank statements when they want to place a bet. The reality is, continues the letter, the estimation is that just 3 percent of accounts would undergo financial risk assessments. Additionally, the Commission estimates that at most just 0.3 percent of account holders would ever be asked to directly provide the additional financial information that operators are already requiring of some customers. “This means 99.7 percent of customers would not be asked to directly provide any information.”

The letter continues with an invitation to the readers to have a say in the process. The financial risk checks consultation offers Racing Post readers the opportunity to engage in policy development, and the Commission invites the readers to submit their views on how the 0.3 percent of account holders could have their financial risk assessed without being asked for additional information.

Under the proposed changes, approximately 90 percent of financial risk assessments would be conducted through credit reference agencies and open-source banking via a regulated third-party provider. The Commission stressed that the checks would not grant gambling companies access to customers' complete bank account data. Any information received by operators can only be used for evaluating risks of harm, not for identifying or restricting winners.

Proposals exclusive to online gambling

The letter’s second clarification is that these proposals pertain exclusively to online gambling. They would not apply to betting in brick-and-mortar bookmakers or at the racetrack. While high street bookmakers may decide to conduct checks based on social responsibility or anti-money laundering concerns, the changes under consultation apply solely to online gambling.

Andrew Rhodes, CEO, UK Gambling Commission.
Final misconception

Lastly, the letter specifies the common misconception that credit checks impact credit ratings and could harm credit scores. However, the open letter stressed that these soft credit checks will not affect credit scores, and data on a customer's gambling behaviour will not be shared with the financial sector under these proposals.

The letter concludes with a reminder that with only four weeks remaining in the consultation, the Commission welcomes all responses to ensure a balanced approach between safeguarding individual gambling freedom and protecting the most vulnerable from gambling-related harm.

Join the upcoming SiGMA event in Curaçao

SiGMA Curaçao is less than a week away. It will be held in from the 25 – 28 September. The event is hosted by the Ministry of Finance in association with SiGMA Curaçao

Don’t miss this exclusive opportunity to be part of SiGMA Curaçao, where you can gain valuable insights into the new gambling legislation, explore the thriving iGaming industry, and connect with key players in Curaçao. Check out all the details here.

Register here to secure your place at this landmark event.

Shirley Pulis Xerxen 3 days ago