iGaming Industry
Joining The Fight Against Predatory Terms
The UK online gambling industry is being dealt a series of powerful blows following findings by the Competition and Markets Authority (CMA) and the Gambling Commission.
The investigation concluded that players may be losing out due to “inadequate or unclear information about the restrictions and conditions that apply to the promotion before sign-up” and “restrictions on their right to withdraw winnings…unless they meet extensive wagering requirements”.
Wagering Requirements
Wagering requirements associated with casino bonuses have been in existence for years, at least since crafty players realised they could profit from the bonuses with little or no risk. Nevertheless, they have sat quietly hidden away in the terms and conditions of online casino websites, with few genuine players being aware of their existence.
The terms protect online casinos from bonus abuse by requiring that players wager a bonus several times over before they can become eligible to withdraw it or any winnings won from it. Whilst wagering requirements are necessary in their own right to prevent abuse, casinos have taken the terms to the extreme and in many cases impose excessive wagering requirements making it impossible for players to withdraw legitimate winnings.
Furthermore, the investigation raised concerns that wagering requirements force players to “play for longer than they had bargained for before they can withdraw money” and “players may not be able to withdraw what remains of their deposit, and any winnings, when they want to stop playing”.
Consequently, wagering requirements can not only be used to confiscate winnings unfairly, but could also be a contributing factor towards irresponsible gambling – the very issue the Gambling Commission exists to prevent.
Enforcement Action
Since 2015 UK license holders have been required to include in their promotions any significant terms and conditions to avoid misleading players. Largely unfazed by the guidelines it was business as normal for online casinos, until May 2017 when BGO Entertainment were fined £300,000 over misleading advertising on its own and its affiliates’ websites.
The fine was followed up by a warning from the Gambling Commission over unfair practices and promotions surrounding wagering requirements and restrictive terms. Together, they sent shockwaves through the industry and led to a flurry of operators promptly displaying the significant terms of their bonuses prominently across their websites. Additionally, affiliates were also ordered to comply else have their agreements and commissions terminated.
To top it off, August 2017 saw 888 being fined a record-breaking £7.8million as a result of “serious failings in its handling of vulnerable customers”, reiterating the Gambling Commission’s stance on non-compliance.
Transparency
Today, players don’t have to look hard to notice the effort made by operators and their affiliates to prominently display significant exclusions and limitations of promotions. It seems that casinos can be transparent about their terms and conditions after all.
However, as a result of this increase in transparency, it has become more apparent just how predatory and unfair the small-print terms have been for all this time, and in most cases, the terms remain unchanged.
The more savvy players will think twice about claiming bonuses or entering promotions with excessive wagering requirements or limitations. For others however, the term “wagering requirement” and the conditions associated with them remain meaningless.
Going “Wager Free”
The confusion surrounding wagering requirements was enough to lead BGO into adopting a “no wagering” model with its promotions. This October they announced that they were going “wager free” and would have no wagering requirements on any of their bonuses, free spins, or promotions.
Although few and far between, wager-free bonuses and free spins are nothing new to the industry, but this is the first time a leading brand has announced they are making the switch entirely.
The commotion has also seen the launch of NoWagering – a website dedicated to casinos with no wagering requirements. Their aim is to make players realise they do have a choice of where to play and to favour casinos with fair wagering terms.
NoWagering’s founder Pavlos Sideris stated “We hope the move taken by BGO to go wager-free will resonate throughout the industry” and that “we could be witnessing an industry-wide trend where casinos compete on favourable terms rather than the size of their bonus”.
With a growing number of casinos shouting about their “wager free bonuses” it would certainly appear that there is somewhat of a trend taking place; and with new “no wagering” casino PlayOJO winning “Rising Star of the Year” award at the EGR Operator Awards 2017, it would also appear that so too is their popularity.…
The post Joining The Fight Against Predatory Terms appeared first on Eastern European Gaming – News – Interviews – Legal Market Updates – Premium Reports – Events – Directory.
Source: EEGaming.
Alejandro Navarro
Betski Secures $345,000 in Pre-Seed Funding for First-ever Tokenized Casino Ownership Platform
Betski is set to launch its online casino ownership platform in Q1 of 2025, enabling users to earn casino profits through digital tokens. The system will allow anyone to receive a share of casino earnings without managing casino operations, marking a new chapter in the multi-billion-dollar iGaming industry. Supported by a $345,000 pre-seed funding round, the platform aims to democratize access to casino earnings and reshape the multi-billion-dollar gaming industry.
Opening Casino Ownership to Everyone
The platform’s tokenization system reshapes traditional casino business rules through an automatic profit-sharing program. Token holders receive a percentage of every bet placed on the platform.
This system eliminates steep entry costs, such as operational expenses, licensing fees, and administrative management. Users can start earning returns without previous casino experience or large capital investments.
“A small group have exclusively enjoyed casino industry profits until now. Our platform opens these earnings to everyone through our tokenized profit-sharing system, turning users into online casino owners,” said Alejandro Navarro, founder and CEO of Betski.
Direct Profit-Sharing Through Tokens
Through a verified digital system, the ownership program distributes Gross Gaming Revenue (GGR) among token holders. Investors have recognized this potential, contributing $345,000 in pre-seed funding that combines gaming entertainment with digital asset ownership. The platform maintains strict security protocols and automated distribution systems for reliable profit sharing.
“The platform distributes real money to token holders from every bet placed by players. This creates a steady income stream for online casino owners – something the traditional casino structure has never offered,” said Navarro.
Global Growth of Online Casino Ownership
The platform has attracted 2400 active Discord members and over 20,000 followers on X (formerly Twitter). These early adopters are expected to participate in test runs of the profit-sharing system once it goes live. Over the next 24 months, the platform will roll out first in Latin America, followed by expansion into European and select Asian markets.
Betski offers casino games, live casino experiences, eSports betting, global lotteries, fantasy sports, and traditional sportsbooks. This variety creates multiple revenue streams for online casino owners. Players can access all gaming options through a single interface, which streamlines the betting experience and maximizes potential returns for token holders.
The team has partnered with major payment processors and marketing agencies to support the platform’s global expansion. These collaborations will facilitate smooth transactions and user acquisition across different regions. The platform meets all regulatory requirements in its target markets, certifying long-term stability for token holders.
New Opportunities for Investment
Following the successful pre-seed round, Betski is now opening its seed funding round to welcome additional participants into its casino ownership platform. This investment opportunity enables individuals and entities to join the platform’s growth journey ahead of its official launch in Q1 2025.
eCOGRA, a leading international authority in Testing, Inspection and Certification services for the iGaming industry, has secured new regulatory approvals across three key jurisdictions: Arizona, Indiana and Panama. With these developments, eCOGRA strengthens its position in the U.S. and Latin American markets, offering excellence in compliance through their Quality, Speed, and Service promise.
This strategic expansion allows eCOGRA to conduct independent compliance audits and certification services in each region, addressing the growing demand for rigorous regulatory oversight in the fast-evolving global iGaming industry.
Securing approval in Arizona, where eCOGRA has now been licensed as an Event Wagering Ancillary Supplier, enables the International Testing Laboratory (ITL) to audit event wagering licensees in line with Arizona’s expanding regulatory landscape. Indiana, which introduced online sports betting in September 2019, has authorised eCOGRA to perform regulatory compliance audits, providing licensed operators with crucial assurance in meeting the state’s high standards.
In Panama, the Board of Gaming Control officially recognised eCOGRA as an Authorised Entity for Compliance Certification, specifically for slot machines and gaming software. This endorsement reinforces eCOGRA’s role as a trusted partner for operators seeking to meet stringent regulatory requirements in Latin America’s emerging iGaming sector.
“Our recent approvals in Indiana, Arizona, and Panama underline our dedication to continually expand our offering, to support our growing portfolio of clients with their global growth plans. We are committed to ensuring that we bring the same quality, speed and service that marks us out to both our clients and regulators in these dynamic markets,” said Will Shuckburgh, Group CEO of eCOGRA.
Bradley Khoury, Chief Technology Officer at eCOGRA, said: “Securing licensure as an Event Wagering Ancillary Supplier in Arizona and an Authorised Entity in Panama underscores our dedication to supporting responsible and sustainable iGaming operations. We are committed to driving trust and accountability within the industry by providing compliance solutions that uphold the highest standards.”
BetConstruct, a global leader in the iGaming industry, is going to showcase its cutting-edge solutions at the highly anticipated Global Gaming Expo (G2E), taking place from October 7-10.
As the premier event for the global gaming industry, G2E serves as a hub for innovation, driving growth by bringing together industry professionals from around the world to foster business opportunities.
Taking place at The Venetian Expo in Las Vegas, this all-in-one event features both an education program from October 7-10 and an expansive expo hall running from October 8-10.
BetConstruct’s stand is 5230, where the team will showcase an exciting range of products, including the newly launched the Last Battle, a novel loyalty system that is the byproduct of BetConstruct’s commitment to innovation. The company will also demonstrate its comprehensive Sportsbook and Casino Suite, along with DECA, its next-level decentralised casino platform, and Umbrella, an AI-powered risk management solution. These offerings are designed to meet the needs of a diverse range of operators, ensuring seamless and engaging experiences for players across the regulated market.
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