Implementing AI driven solutions in iGaming platforms

In a recent interview conducted by Maria Debrincat for SiGMA, Nicky Gouder, a partner at Seed and the Chief Business Development Officer at Binderr, opened up about his approach to philanthropy and his role in supporting meaningful projects through the .

Nicky Gouder's journey in philanthropy is marked by a deep-seated desire to challenge the status quo. "The status quo is something that annoys me," he remarked, emphasising his "drive to innovate" and make a tangible difference. Doing things differently is the principle that guides his decisions and actions, in all aspects of his life, he explained.

Finding the right project to invest time and resources into was initially a challenge for Gouder. During the interview, he discussed the importance of trust in the projects he supports and the need for transparent information about their outcomes.

His decision to collaborate with the SiGMA Foundation stemmed from a strong belief in the integrity of the projects and the people involved, particularly citing his long-standing relationship with Keith Marshall, Chief Philanthropy Officer and co-founder of the SiGMA Foundation.

Among the projects that resonated deeply with Nicky Gouder is the SiGMA Foundation's initiative focused on . Among other initiatives, the foundation financed tailored programs in IT, cookery, sewing, and hairdressing, benefiting hundreds of women annually, helping them achieve employment and financial independence. Gouder emphasised that the foundation's ultimate goal is to support communities in a sustainable manner, ensuring that initiatives are not short-term fixes but long-term investments in building a brighter future.

Central to Gouder's philanthropic philosophy is the idea of fostering independence rather than fostering dependence on donations. He believes in using resources to empower individuals, equipping them with the skills and capabilities needed to thrive independently.

Acknowledging that he may not always fully understand the needs on the ground, Gouder stressed the importance of listening to those who are directly involved and have a real understanding of the local context. This approach ensures that the foundation's efforts are aligned with the actual needs of the communities they serve.

Reflecting on his involvement with philanthropic projects, Gouder finds personal fulfilment in witnessing successful project outcomes. He views the positive transformation in communities as the ultimate reward for his contributions, reinforcing his commitment to making a meaningful difference, and challenging the status quo even further.

Upcoming SiGMA event: The  2024 will be held in Budapest this September.

In a move that could bring relief to India's online gaming industry, the Union Finance Ministry has proposed an amendment to the Central Goods and Services Tax (CGST) Act, 2017. The proposed amendment involves the introduction of a new Section 11A, which would allow the central government to "not recover the GST not levied or short-levied as a result of general practice." This proposal will be discussed at the upcoming federal GST Council meeting scheduled for June 22nd in New Delhi.  

If accepted, this amendment could lead to the non-recovery of the 28 percent GST on e-gaming, casinos, and horse racing. Industry stakeholders have expressed concerns about the previous tax decision, which they say was implemented without clear guidelines and has led to significant financial challenges.  

The proposed amendment aims to regularize past practices where GST was not fully applied, thereby preventing retrospective tax demands that could financially harm companies. This change could ensure that companies are not held liable for GST that was not levied due to common industry practices.  

The Law Committee's recommendations highlight the importance of legitimising these past practices to avoid financial instability within the sector. However, it is important to note that the proposed changes do not provide for refunds of any excess GST paid due to these practices. This means that while future compliance may become clearer and disputes may be reduced, companies will still bear the burden of any overpaid taxes.  

's GST Council will also address the significant demand notices issued to approximately 80 online gaming companies in India. These demand notices have been a major point of contention, with the industry arguing that the retrospective application of such taxes could lead to severe financial consequences.  

The 52nd GST Council meeting in October 2023 had already set a 28 percent GST on the initial bet amount, with a review pending. Despite industry pushback, sources indicate that the government is likely to maintain its current stance on taxation, citing substantial increases in tax revenue and regulatory benefits since the new regime's implementation. Since October 2023, GST collections from online gaming have surged by 400 percent, reaching an average of Rs. 1,200 crore (€133,889) per month. 

Find out more about the latest updates and trends in the industry, from latest regulatory news to most recent innovations at the upcoming  Summit happening in Budapest from 2 – 4 September.

A police officer, part of Prime Minister Rishi Sunak's close protection team, has this evening been suspended and subsequently arrested due to allegations of betting on the timing of the general election.

The Metropolitan Police were notified by the Gambling Commission last Friday, which reported that it was investigating bets allegedly placed by a police constable from the Met's royalty and specialist protection command. In response to the notification, the Met stated that the issue was "immediately referred to officers in the Met's Directorate of Professional Standards." Consequently, an investigation was initiated, and the officer in question was removed from operational duties.

The situation escalated as the officer was arrested on suspicion of misconduct in public office. He was detained and subsequently released on bail, pending further inquiries.

Additionally, this case has been referred to the Independent Office for Police Conduct for further examination.

The Met confirmed that the Gambling Commission is leading the investigation into the alleged betting activities. Meanwhile, their internal investigation is being conducted concurrently with that of the Gambling Commission. A representative from the Gambling Commission has recently stated: "The Commission oversees gambling activities to protect consumer interests and public welfare.

At present, the Commission is examining potential violations related to the election date.

“As the investigation is active, the Commission is not in a position to disclose additional information currently.”

This is not the first allegation related to election date betting during this campaign.

In a separate incident who previously served as a parliamentary aide to Sunak, issued an apology last week. He admitted to making a "huge error of judgement" following accusations that he placed a £100 bet on a July election just three days before the 4 July poll was announced.

Williams stated that he would fully cooperate with the Gambling Commission's inquiries into the matter.

Prime Minister Rishi Sunak's election campaign is facing significant challenges, and his unpopularity is on the rise.

Find out more about  to be held in Budapest.

In Taiwan, a man has been charged with violating local laws by betting on the outcome of the 2024 presidential election using the cryptocurrency platform Polymarket.

The Taiwanese news outlet  revealed that the man, identified only as Chen, placed bets totalling approximately $560 in USDC (USD Coin). He wagered 472.17 USDC on the victory of Ko Wen-je in the presidential race and an additional 60.16 USDC on the Democratic Progressive Party winning a majority in the legislative seats.

Upon admitting to the charges, Chen, who had no prior criminal record, received a fine of 30,000 yuan (approximately $4,000) and was granted deferred prosecution for a year.

Taiwanese law strictly regulates the use of online platforms for betting on political outcomes, with penalties potentially including imprisonment, detention, or fines exceeding $3,000. In recent months, Taiwan has seen heightened enforcement efforts, including blocking access to Polymarket ahead of the presidential elections. By January, authorities had arrested 28 individuals and seized around $13,500 in cryptocurrency linked to similar violations, with potential sentences extending to five years for those found guilty of profiting from election-related bets.

Recently, controversy surrounding political betting has extended beyond Taiwan. In the UK, where betting on election outcomes is authorised and commonplace, involving a close aide to the Prime Minister who placed bets on the date of the next general election.

Polymarket, a prominent cryptocurrency betting platform, has faced legal challenges not only in Taiwan but also in other jurisdictions such as the United States. In 2022, the platform was fined $1.4 million by the Commodity Futures Trading Commission (CFTC) for failing to comply with regulatory requirements under the Commodity Exchange Act. Despite these challenges, Polymarket has continued to expand, attracting substantial investments including $70 million from notable backers like Ethereum co-founder Vitalik Buterin and Peter Thiel's Founders Fund in May 2023.

Find out more about the latest updates and trends in the industry, from latest regulatory news to most recent innovations at the upcoming  Summit happening in Budapest from 2 – 4 September.