BetDex has finally been formalized and is now the first fully licensed betting exchange on the blockchain. Congratulations to all crypto gambling fans, we have been waiting for this. There was also an interesting interview with former MGA CEO Mario Galea. Well, the news from Asia, for some reason, has only recently been scaring us. In Japan, you can sit down for three years for online gambling. Read more about this and other news about online gambling in our digest.
Former MGA CEO Mario Galea interviewed about Curaçao regulation
Mario Galea, the former CEO of the Malta Gaming Authority (MGA), gave an interview on the subject of sector regulation in Curaçao. According to his forecasts, the law will enter into force no earlier than early 2024. This is due to the development of a large number of amendments that will regulate the AML (anti-money laundering) rules, as well as the improvement of the “alternative economy” system.
“When developing legislation, it is necessary to focus on cryptocurrency. Now we are also talking about the Metaverse (playing in virtual online casinos). What needs to be done to control the situation here as well? These are definitely new challenges,” Galea said.
Despite the long process of renovating the regulatory system, Galea believes that this can be called a record time. “In the Netherlands, it took more than seven years, in Curaçao, all this needs to be done in two and a half years. Curaçao is the largest jurisdiction in this area, where the number of operators ranges from 300 to 900. We are talking about thousands of online casinos registered in Curaçao, they should all fall under the new system.”
In August, Curaçao Minister Javier Silvania announced a reform of the licensing system. Operators will pay more taxes and fees directly to the government agency responsible for licensing, bypassing the chain of intermediaries. This will bring more taxes to the budget, and will also make the entire system much more transparent.
Japanese authorities make online casino gambling a crime
Using offshore gaming sites is considered a crime, Japanese authorities have said. This includes online casino sites legally registered in other countries. The very fact of connecting from the territory of Japan to the service is a crime. By law, gambling offenses can result in a fine of up to $3,000 or imprisonment for up to 3 years.
Ontario Transition Period for Unregulated Operators Completed
The Ontario Alcohol and Gaming Commission (AGCO) has announced that the transition period for Ontario operators to the regulated market ends today (October 31). During this time, operators without a license were required to leave the market, but now AGCO can file a lawsuit against them. The innovations are due to the fact that earlier this month AGCO updated the registrar standards for online gambling. These standards, AGCO says, will support the province’s goal of creating a safer, more competitive, and well-regulated iGaming marketplace for Ontarians.
BetDex became the first fully licensed betting exchange on the blockchain
BetDex has received a license from the Isle of Man Gaming Supervision Commission (GSC), which authorizes all forms of betting and online gambling. BetDex is powered by BetDex Labs, a Web3 company founded by former FanDuel executives Varun Sudhakar, Stuart Tonner, and Nigel Eccles. The company recently entered the open beta testing phase. BetDex now supports peer-to-peer football betting and plans to introduce other sports in the near future.
Australia investigates Sportsbet and Bet365
According to preliminary data, Sportsbet and Bet365 are accused of non-compliance with the AML law (on combating money laundering and the financing of terrorism). The investigation was initiated by the Australian Financial Crimes Authority. Companies have to be audited.
LeoVegas revenue fell 1% in Q3 ahead of MGM takeover
LeoVegas has released its financial report for the third quarter of the year (through September 30) – the last quarter before the takeover by MGM Resorts International. Revenue decreased by 1% and amounted to 98.7 million euros.
Revenue in the Nordic countries rose by 20% thanks to the record performance of the Expekt brand in Sweden. However, the increase was offset by a 19% drop in European revenue following the decision to suspend operations in the Netherlands. The performance was also negatively affected by the new regulation in the Ontario market.
LeoVegas signed a number of major partnerships earlier in the period, including with Inter Milan and Manchester City Football Club.
Bitcoin – Dollar rate at 2022/10/03: