Compliance Updates
Breaking News: New £2 maximum stake for under 25s playing online slots in the UK
- Stake limits for online slot games introduced for the first time in September in landmark moment for regulation of online gambling
- Maximum £2 stake for 18 to 24-year-olds for online slot games to be introduced
- £5 limit for adults aged 25 and over brings stakes in-line with casinos
Easily accessible online slot games are one of the most addictive forms of gambling, and can be associated with large losses, long sessions, and binge play. Unlike land-based gaming machines, such as in casinos, they have no statutory stake limits.
To counter the increased risk of significant harm and life-changing losses from online slot games, the Government will introduce a £5 stake limit for adults aged 25 and over.
Responding to evidence, a lower level stake limit for young adults aged 18-24 years old will be set at £2 per spin. This age group has the highest average problem gambling score of any group, as well as lower disposable income, ongoing neurological development impacting risk perception and common life stage factors like managing money for the first time. The evidence also points to a stronger link between gambling related harm and suicide among young adults.
The decision follows a 10-week consultation period in which the majority of respondents agreed with the gambling white paper proposal to introduce statutory limits for online slot games to help reduce the risk of gambling harm. Consultation responses included views from industry, academics, treatment providers and individuals.
Gambling Minister Stuart Andrew said: “Although millions of people gamble safely every single day, the evidence shows that there is a significantly higher problem gambling rate for online slot games.
We also know that young adults can be more vulnerable when it comes to gambling related harms, which is why we committed to addressing both of these issues in our white paper.
The growing popularity of online gambling is clear to see, so this announcement will level the playing field with the land-based sector and is the next step in a host of measures being introduced this year that will protect people from gambling harms.”
Evidence from the Office for Health Improvement and Disparities shows that young adults can be particularly vulnerable to gambling related harm, with under 25s having the highest average problem gambling score of any age group.
NHS survey figures also show that there is a problem gambling rate of 8.7 per cent for online gambling on slots, casino or bingo games, one of the highest rates across gambling activities.
CEO of GambleAware Zoë Osmond said: “We welcome the Government’s announcement to introduce lower online stake limits for under 25s as an important mechanism to protect young people. Our research shows a concerning trend with this age group experiencing an increase in harm arising from gambling and online slots are very high-risk products.
As we continue our work to tackle this growing public health issue, we will collaborate with the Government and others across the gambling harms sector to ensure there are no missed opportunities when it comes to the introduction of robust preventative measures, including new regulations such as these.”
The limits will come into force in September this year, following secondary legislation. There will be a six week transition period for operators to become compliant with the general £5 stake limit rules, followed by a further six weeks for the development of any necessary technical solutions to ensure operators are fully compliant with the lower stake limit of £2 for young adults aged 18-24.
Although most people gamble without issue, the restrictions introduced today are just some of the proposals set out in the Government’s white paper to modernise the gambling sector and make it fit for the digital age.
This includes the introduction of a statutory levy for research, prevention and treatment, as well as financial risk checks designed to prevent catastrophic, life-changing losses. The Gambling Commission and the Government continue to listen to concerns from campaigners, the wider public, and both the gambling and horse racing industries as part of the consultation process on these checks. The Gambling Commission continues to refine its approach on the design to achieve the right balance between protections and freedoms.
As well as introducing measures to protect people from gambling related harm, the white paper package contains proposals that will support the land-based gambling industry to thrive. The industry supports thousands of jobs across the country and the Government has been clear it does not want to harm its success.
Responses to the wider white paper measures will be published soon.
The Michigan Gaming Control Board (MGCB) has appointed Mark Evenson as its new board member. Evenson, a seasoned financial executive from South Lyon, is the Chief Financial Officer at Diversified Members Credit Union. His appointment took effect on Sept. 10, 2024, and will continue through Dec. 31, 2026.
Evenson succeeds Northville resident Robert (Bob) Anthony, a senior risk and quality partner of Pricewaterhouse Coopers LLP, who had resigned.
“We are excited to welcome Mark Evenson to the Michigan Gaming Control Board. His extensive background in corporate finance and community service will be invaluable as we continue our mission of ensuring fair and honest gaming operations across Michigan. His leadership will further strengthen our efforts to protect the interests of Michigan’s citizens and uphold the integrity of gaming within the state,” MGCB Executive Director Henry Williams said.
Evenson brings with him a wealth of experience in management and corporate finance. He holds a bachelor’s degree in management from Eastern Michigan University and a master’s degree in corporate finance from Walsh College. His leadership experience extends beyond the finance industry, having served for four years on the board of directors of the Plymouth Chamber of Commerce, including a year as the Chairman of the Board. He has also held other volunteer positions, including as a trustee with the Plymouth Canton Schools Educational Excellence Foundation and as a volunteer with the Plymouth Community United Way.
“I am humbled by the opportunity to be appointed to serve in this capacity. I’m looking forward to making an impact with the Board and our community as a whole,” Evenson said.
The MGCB is responsible for implementing, administering, and enforcing the provisions of the law related to the licensure, regulation, and operations of the three authorized Detroit casinos — MGM Grand Detroit, MotorCity Casino, and Hollywood Casino at Greektown. The agency also licenses and regulates fantasy contests, regulates pari-mutuel horse racing and casino-style charitable gaming (millionaire parties), and audits tribal gaming compact agreements for the state’s 12 federally recognized tribes.
Compliance Updates
FDJ Brings Forward the Expiry of the Acceptance Period of its Offer on Kindred to 2 October After Having Obtained All Necessary Regulatory Approvals
La Française des Jeux (FDJ) has brought forward the expiry of the acceptance period of its offer on Kindred to 2 October, after having obtained all necessary regulatory approvals.
On 22 January 2024, FDJ, announced a recommended public offer to the holders of Swedish Depository Receipts (the SDRs) in Kindred Group plc to tender all their SDRs in Kindred at a price of SEK 130 in cash per SDR (the Offer). An offer document relating to the Offer was published on 19 February 2024 and supplements to the offer document were made public 25 April 2024 and 25 July 2024.
FDJ announced that it has obtained final approval from the French Competition Authority to complete the Offer.
The definitive clearance of the acquisition of Kindred by the French Competition Authority was the last regulatory condition required for the completion of the Offer. Thus, having obtained all necessary regulatory clearances, approvals and decisions, FDJ has decided to bring forward the expiry of the acceptance period of the Offer to 17.00 CEST on 2 October 2024 (from the initial date of 19 November 2024).
Completion of the Offer remains subject to other conditions, notably it being accepted to such an extent that FDJ becomes the owner of more than 90% of the total number of shares in Kindred (on a fully diluted basis):
• To date, five shareholders (Corvex Management LP, Premier Investissement SAS, Eminence Capital, Nordea and Veralda), representing 26.72% of Kindred’s outstanding Swedish depository receipts, have made an irrevocable commitment to tender their SDRs to the offer.
• In addition, FDJ acquired 1.11% of Kindred’s outstanding SDRs directly from Veralda in March.
FDJ will announce the result of the Offer on or around 3 October 2024 at the close of the market. If the Offer is completed, settlement and delivery for Kindred shareholders who tender their SDRs will take place on or around 11 October 2024.
The post FDJ Brings Forward the Expiry of the Acceptance Period of its Offer on Kindred to 2 October After Having Obtained All Necessary Regulatory Approvals appeared first on European Gaming Industry News.
Compliance Updates
ECA Announces its Security and Safety Workshop to be held during the Global Table Games & Game Protection Conference
The European Casino Association (ECA) is going to conduct its 2024 Security and Safety Working Group meeting in conjunction with the Global Table Games & Game Protection Conference (GTGC/GGPC) at the Hippodrome Casino in London from November 18-20, 2024.
This collaboration marks a significant expansion of the ECA’s annual Security and Safety Working Group meeting, now encompassing a broader range of crucial industry topics.
The Global Table Games & Game Protection Conference (GTGC/GGPC) will address a wide array of subjects vital to the European casino industry, including:
• Security and Safety
• Safer Gambling Practices
• Customer Experience Enhancement
• Game Protection Strategies
• Technological Advancements in Casino Operations
Guido Berghmans, ECA Board Member, Working Group Leader, and Director of Casino 2000 Luxembourg, stated: “We are pleased to integrate our ECA Security and Safety Workshop with this conference. The GTGC/GGPC Euro provides our members with a valuable opportunity to engage with security experts and gain insights into the latest developments in game protection and secure casino operations.”
The GTGC/GGPC, organised by game protection expert Richard Marcus, is making its European debut following three successful years in Las Vegas. The event will feature a distinguished lineup of speakers, including:
• Simon Thomas, ECA Board Member and Executive Chairman of the Hippodrome Casino
• Ted Whiting, Corporate VP of Surveillance and Asset Protection for MGM Resorts International
• Mike Matranga, former Secret Service agent and founder of M6 Global Defense Group
• Richard Noble, COO at Crown UK
• Michael Boettcher, industry veteran and President of Storm International
• Last but not least, conference organiser Richard Marcus.
Marcus is considered to have been the most significant professional casino cheat of all time. He turned the tables to become a casino game protection consultant and trainer with clients worldwide. Marcus began his career as a blackjack dealer in Las Vegas and later became infamous for his ingenious cheating methods. He has dedicated his expertise to helping casinos worldwide improve their security measures and game protection strategies. Richard Marcus speaks French and German, enhancing his ability to communicate with a diverse European audience.
The conference will address current security risks in casinos and the methods to detect and prevent fraud and manipulation at gaming tables and slot machines. Key topics include AI in surveillance, facial recognition technology, and cybersecurity. Additionally, the conference will cover other relevant subjects, making it appealing not only to security managers but also to all executives in European casino companies. This event offers an excellent opportunity to exchange knowledge and network with industry peers.
Guido Berghmans added: “This collaboration between the ECA and GTGC/GGPC underscores our commitment to advancing security and safety standards in the European casino industry. We encourage all our members to attend and recommend that European land-based casino operations consider sending their key employees to participate in this conference. It presents a unique learning and networking opportunity that merits serious consideration.”
As part of this collaborative effort, on November 20, the managers of ECA member casinos responsible for security and safety will convene with experts and relevant consultants at their annual Security and Safety Working Group meeting to exchange experiences from the past year and discuss improved casino security practices.
The post ECA Announces its Security and Safety Workshop to be held during the Global Table Games & Game Protection Conference appeared first on European Gaming Industry News.
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