Compliance Updates
Swifty Global’s New Innovative B2B Gaming Platform Undergoes GLI Certification
Dear Cashmere Holding Company also known as Swifty Global (Swifty), is a cutting-edge technology firm focused on creating ground-breaking solutions in the sports betting sector. Swifty aims to drive shareholder value through accelerated innovation and enhanced usability of the products it develops. With licenses spanning several global jurisdictions, Swifty has successfully brought to market a revolutionary suite of offerings. This includes the company’s proprietary swipe betting sports prediction application, as well as its traditional sportsbook and casino gaming platform.
Swifty Global is pleased to announce that it has started the certification process for its new innovative B2B gaming platform with Gaming Laboratories International (GLI), the gaming industry’s gold standard for testing and certification. Once fully certified, this endorsement will not only affirm Swifty’s ongoing commitment to the highest industry and regulatory standards, but will also underscore the continued exceptional quality of the company’s technology offering.
The newly developed B2B platform sits at the center of the Swifty Global scaling and growth strategy and will unlock a substantial new revenue stream for the business. The platform will operate on a Software-as-a-Service (SaaS) basis, combining a monthly subscription model with a revenue-sharing component and will enable Swifty clients to seamlessly integrate with the company’s state-of-the-art technology via a white-label solution.
‘‘Initiating the process for GLI certification marks a significant milestone for Swifty,’’ commented James Gibbons, CEO of Swifty Global. ‘‘While we’re at the beginning of this certification process for our B2B platform, reaching this stage not only marks the culmination of over a year’s rigorous development of the platform, but it also sets the stage for the next phase of our growth strategy. By securing the GLI endorsement, it will effectively certify our B2B platform readiness for deployment across the majority of European markets and with this in mind we have already taken proactive steps to comply with regulatory standards in key European markets in addition to Gibraltar, Isle of Man, and South Africa,” added Gibbons.
In line with this, Swifty is actively pursuing certification under South Africa’s SANS 1718 standard. Established by South Africa’s gambling regulator, this standard is a crucial step before the platform’s introduction and official launch in the South African market. ‘‘The Swifty team are working tirelessly behind the scenes in order to secure this license before the close of Q4 2023. I am confident this will be achieved and once accomplished, it will mark the expansion of Swifty Global into the lucrative $1.8 billion South African gambling sector,’’ said Gibbons.
Swifty Global anticipates a substantial increase in revenue generation over the next 6 months. This surge in revenue is expected to result from the ongoing international expansion of the company, as well as the introduction of its new B2B offering and the innovative business model through which this will be delivered to customers.
‘‘Swifty is now entering an exciting new phase where the groundwork and technological development of the new B2B platform, which has been underway behind the scenes for the last 12 months, is ready to take center stage,’’ commented Gibbons. ‘‘The introduction of this platform and the Software-as-a-Service (SaaS) subscription model heralds a new era for Swifty, introducing a recurring fee model that targets a fresh set of customers. This approach not only ensures a more predictable and sustainable revenue stream but also enhances our existing revenue model. I have no doubt that this will substantially boost our already impressive revenue and increase the company’s attractiveness even further from an investor perspective,” concluded Gibbons.
The Pennsylvania Gaming Control Board (PGCB) has approved a consent agreement presented by the Board’s Office of Enforcement Counsel (OEC) during its public meeting resulting in a fine of $125,000 against Wind Creek Bethlehem LLC for 10 incidents in which underage individuals gained access to the gaming floor at the casino it operates.
The incidents, which occurred over a 20-month period at Wind Creek Bethlehem in Northampton County, involved 11 individuals between the ages of 18 and 20.
A copy of the approved consent agreement offering more details is available upon request through the Board’s Office of Communications.
The Board also acted to ban, or leave intact an earlier ban, of three adults from all casinos in the Commonwealth for leaving minors unattended in order to engage in gaming activities:
- A male and a female patron were placed on the Involuntary Exclusion List after leaving a 5-month-old unattended in a running vehicle while the outside temperature was 47 degrees in the parking garage of Harrah’s Philadelphia Casino & Racetrack in Delaware County for 30 minutes while he gambled at a table game.
- A female patron’s request to be removed from the Board’s Involuntary Exclusion List for a 2017 incident in which she left a 4-year-old unattended while in Rivers Philadelphia Casino was denied. The child was unattended for 15 minutes in a non-running vehicle in the parking lot while the outside temperature was 95 degrees.
The Board’s actions serve as a reminder that adults are prohibited from leaving minors unattended in the parking lot or garage, a hotel, or other venues at a casino since it creates a potentially unsafe and dangerous environment for the children. Leaving minors unattended at a Pennsylvania casino also subjects the offending adult to criminal prosecution in addition to exclusion from all Pennsylvania casinos. To complement the efforts by casinos to mitigate this issue, the Board created an awareness campaign, “Don’t Gamble with Kids”.
The Malta Gaming Authority (MGA) has provided information to its Approved Audit Service Providers and current and prospective licensees about the updates made to the Audits section on the Authority’s portal, and the related Audit/Review process.
“The Malta Gaming Authority (the Authority) would like to inform its Approved Audit Service Providers and current and prospective licensees of minor updates made to the Audits section on the Authority’s portal, and the related Audit/Review process. The following information outlines the considerations to be made for the auditing process, and the submission of reports for any of the System Audits, System Reviews and/or Compliance Audits engagements, hereinafter referred to as the ‘Audits’.
“After receiving approval from the Authority, the appointed Service Provider has sixty (60) days to complete System Audits and System Reviews, and ninety (90) days for Compliance Audits. The completed Audit report must be submitted electronically through the Authority’s portal. Should the appointed Service Provider identify any instances of non-compliance during this review period, the licensee should be notified, and the licensee is strongly encouraged to address and rectify any identified issues within their documentation and/or systems throughout the Audit period.
“In such circumstances, the Approved Service Provider must conduct fresh audit checks of the identified non-compliances and appropriately mark such checks within the Audit Report as ‘Resolved at Audit Stage’, if deemed to be compliant. Furthermore, the ‘Partially Compliant’ status can be used if an audit check is found to be partially compliant with the Regulations.
“In view of these changes, the Authority has added two new External Audit Conclusions statuses, these being ‘Resolved at Audit Stage’ and ‘Partially Compliant’, for the Service Providers to be able to report the Audit findings accordingly.
“Should there be any instances of non-compliance which cannot be resolved within the Audit deadline, the licensee may request a one-time extension of the Audit deadline to resolve and re-audit the identified systems and/or documentation issues. The request of such an extension would need to be accompanied by a summary of the issue/s, and a plan of rectification. The extension is at the Authority’s discretion, the time-frame of which shall be determined by the Authority.
“It is important to note that the Authority retains the right to reject an Audit Report if it is unable to arrive at a conclusive review outcome due to a significant number of instances of non-compliance.”
The post MGA Provides Information on Updates Made to Audit/Review Process appeared first on European Gaming Industry News.
The Danish Gambling Authority (DGA) has updated the requirements for reporting game data.
Interested parties can comment on the update before the final version is issued. Comments must be sent to the DGA no later than Monday the 10th of June 2024. Comments must be submitted by using the contact form.
The DGA expects the updated requirements for reporting game data to come into force in 2025. The final date has not been determined. A possible transition period will be described in connection with the issuing of the updated requirements for reporting game data.
Changes
Several linguistic adjustments have been made and some guidance texts have been added/adjusted. In addition to this, the following significant changes and additions should be mentioned:
- Addition of a requirement that bets on fixed odds must be reported as independent transactions
- Addition of requirements for reporting on odds for betting
- Added requirement for reporting event information incl. list with country codes and sports
- Added requirements for reporting odds on bets as well as specific requirements for reporting partially closed bets and Spreadbetting
- Clarifying the handling of reporting for the betting exchange/BetExchange
- Exception where SpillerInformationIdentifikation does not have to be reported for land-based betting has been removed after the introduction of the requirement for Player ID
- Adding requirements for reporting RNG used for Virtual Fixed Odds
- Adding a requirement that a casino session cannot be interrupted in the middle of a move, as well as a description of how “a move” is defined
- Clarification of different poker types and how they are reported
- Adding requirements to win lists in poker tournaments and manager games
- Clarification of downscaling of pool games
- Adding new requirements for providing test data for Jackpots
- Clarifying the handling of changes to reported data. Including specific clarification of the distinction between changes to the game result and correction of error reporting.
The post Danish Gambling Authority Updates Requirements for Reporting Game Data appeared first on European Gaming Industry News.
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