Implications of Malta’s gaming amendment bill

Greenlite Ventures has announced its acquisition of NoLimit Technology Holdings. The deal, whose financial details remain undisclosed, is set to conclude following a due diligence period of 30 to 45 days.

NoLimit, a company known for its gaming-related products including the NoLimit Betting Exchange and a crypto-powered Daily Fantasy Sports (DFS) platform, is now part of Greenlite’s expanding portfolio. Greenlite has also expressed its intention to launch a user-friendly cryptocurrency exchange that complies with relevant laws in the future. Greenlite chairman Russell Elbaum expressed his excitement about the acquisition, stating that the launch of their new Sports Podcast Network, led by Defo’s ‘Bury Your Bookie’ show, is set to drive significant daily traffic to NoLimit’s exchanges and platforms. He believes that this will allow them to leverage their celebrity partners and abundant media opportunities to establish a powerful niche in the rapidly growing $300 billion industry. Subtitle: “Continuity and Innovation: The Road Ahead” Post-acquisition, NoLimit founder Rafael Groswirt will continue to lead the business.

He sees Greenlite’s resources and platforms as a means to compete with industry leaders and predicts that Greenlite’s sports and media connections will enable partnerships and white-label collaborations with major players in the sector. Founded in 2014, NoLimit started as a crypto-focused online gaming business based in California. Its first product was a cryptocurrency called NoLimitCoin, designed to support fantasy sports platforms, including NoLimit’s own system. The company has also integrated AI with its cryptocurrency and other products, marking a new era of excellence and innovation in the online sports betting industry.

As Groswirt stated in 2023, “As NLTH integrates AI with our NoLimitCoin cryptocurrency, we are proud to pioneer a new era of excellence and innovation in the online sports betting industry.”

With this acquisition, both Greenlite and NoLimit have opened the doors to investors, partners, and enthusiasts to revolutionise the sports betting landscape.

SkyCity Entertainment Group, a gaming operator in and Australia, has announced a settlement with New Zealand authorities regarding breaches in anti-money laundering and countering financing of terrorism (AML/CFT) regulations. The company has consented to pay a civil penalty amounting to NZ$4.16 million (€2.3 million). However, the agreement is subject to approval by the High Court of New Zealand, with SkyCity expressing its intention to seek a prompt hearing for approval. 

This agreement follows closely on the heels of SkyCity's recent , the Australian financial crimes watchdog, where the company agreed to pay approximately $44.5 million (€41.2 million) for similar breaches at its SkyCity Adelaide property. The NZ penalty specifically addresses deficiencies in SkyCity's AML/CFT risk assessment and program, which remained unresolved until July 2021. These breaches, admitted by the company, span from 2018 to 2023 and primarily pertain to historical issues. 

SkyCity emphasises its efforts to rectify compliance shortcomings, including the overhaul of its Board, the appointment of directors with specialised risk expertise, and the establishment of a dedicated Board Risk and Compliance Committee.  

Additionally, the company has implemented higher due diligence standards, reduced cash thresholds triggering enhanced customer due diligence, and terminated relationships with junket operators since April 2021. Further, SkyCity pledges to implement a mandatory carded plan across its New Zealand properties by mid-2025. 

Julian Cook, SkyCity's Executive Chair, acknowledges the progress made in enhancing AML/CFT systems while expressing disappointment over the breaches. He affirms the company's commitment to resolving regulatory matters promptly, including the temporary suspension of its New Zealand casino operator's license.  

SkyCity remains engaged with Australian authorities for an independent review of SkyCity Adelaide, which was on hold pending AUSTRAC civil proceedings. Cook underscores ongoing enhancement efforts in both New Zealand and Australia, recognizing the ongoing importance of compliance and regulatory adherence. 

The Dutch Online Gambling Association (NOGA) has expressed serious concerns over the proposed increase in gambling tax from 30.5 percent to 37.8 percent by a potential new coalition government in the Netherlands. This coalition comprises the Party for Freedom (PVV), the Party for Freedom and Democracy (VVD), the New Social Contract party (NSC), and the Farmer-Citizen Movement (BBB).

The proposed tax increase, part of the “budgetary appendix of coalition agreements,” is expected to bring an additional €202 million annually to the state treasury. However, NOGA fears that this financial gain might be overshadowed by significant social damage.

Peter-Paul de Goeij, the general director of NOGA, warns that the tax hike could endanger the viability of the He notes that channelization to licensed operators is already levelling off, and the increased tax could push Dutch consumers towards illegal providers who do not pay taxes.

The Dutch Advisory Board on Regulatory Burden (ATR), an independent watchdog, has questioned the need for proposed new regulations for online gambling. They argue that these new requirements could represent an unnecessary technical burden for operators.

In April, a narrow majority of MPs in the Dutch House of Representatives voted in favour of motions to ban online slots and prohibit online gambling advertising. Other motions call for mandatory financial risk checks and. These votes do not guarantee the adoption of these measures, as Franc Weerwind, the minister for legal protection, will review the proposals and decide whether they should be approved

The proposed tax increase and regulatory changes mark a critical juncture for the Dutch gambling industry. While the tax hike could potentially fill state coffers, the social implications and impact on the legal gambling market cannot be ignored. As the Dutch gambling landscape continues to evolve, all eyes will be on the new coalition government’s next moves and their long-term effects on both operators and consumers.

A Malaysian court has imposed a gag order on Badrul Hisham Shaharin, a prominent Malaysian politician and activist, pertaining to his remarks concerning a Bloomberg report hinting at potential casino plans within Forest City, located in Johor Bahru. 

According to local media reports, this decision follows the overturning of a prior rejection by the Johor Bahru High Court, thereby intensifying legal constraints on Badrul’s ability to publicly discuss the sedition case initiated against him due to his statements concerning the Forest City project. 

Badrul, popularly known as Chugubard, was formally charged in April after his social media commentary on the Bloomberg report. Facing allegations of criminal defamation and sedition, he maintained his innocence during court appearances on April 29 and April 30, where he entered a plea of not guilty. His arrest on the preceding day underscored the gravity of the charges levied against him. 

At the crux of this legal saga lies the contentious issue of plans to introduce a casino within the Forest City development, with estimates valuing the project at $100 billion. Despite assertions by Malaysian Prime Minister and key figures from the Berjaya and Genting Group of discussions regarding a casino license for Forest City, speculations persist, fuelling the ongoing legal battle. 

currently maintains a monopoly on casino gaming within Malaysia. While the government has reaffirmed its commitment to preserving this monopoly, the Forest City casino rumours have ignited concerns about potential disruptions to the existing gaming landscape, prompting swift legal action against dissenting voices like Badrul Hisham Shaharin. 

As legal proceedings unfold, the Forest City casino saga continues to captivate public attention, underscoring the intersection of politics, activism, and economic interests in contemporary Malaysian society.