Compliance Updates
W2 Identifies Key Statistics from Financial Risk Checks to Support Gambling Operators
Regtech orchestration platform provider, W2, has identified key statistics within their financial risk check solution to help operators understand the affordability of their customers and support player protection initiatives.
W2, the provider of leading regulatory compliance services to the gambling industry, has identified keys statistics relating to High-Cost Short-Term loans within its financial risk affordability solution. With the release of the gambling industry white paper last week, gambling operators must now prepare to implement financial risk checks when customers hit certain net loss limits.
The solution combines data assets from multiple sources at the individual, demographic, and geographic levels on a ‘where available’ basis and has been built to provide as clear a picture as possible in a way that is not intrusive to the player. Operators can customise data consumption either through API integration at onboarding, or trigger based on various markers of harm (MOH).
One of the 50+ data indicators included in the solution analyses data on High-Cost Short-Term loans. This is key data for operators to have access to as consumers who are considering using loans to pay for critical costs such as bills and debt may not have the means to gamble.
When comparing a batch trial completed in 2023 vs. 2022, the results of High-Cost Short-Term or payday loans were staggering. W2 has identified the following statistics:
- High Interest Short Term loan enquiries to pay for bills increased by 1700%.
- High Interest Short Term loan enquiries to pay for debt increased by 1000%.
- High Interest Short Term loan enquiries for short term cash increased by 1050%
Warren Russell, CEO & Founder at W2 commented “The results of this batch trial when compared to data from 2022 is clear evidence that the cost-of-living crisis is hurting. The sheer number of consumers needing loans to pay for day-to-day costs is certainly the type of data which can be helpful to operators when implementing their player protection initiatives.
We are pleased that the long-awaited gambling white paper has now been released to give operators guidance on how best to comply with updated regulation. It is also promising that financial risk checks are going to play a key part in a safer gambling industry. W2’s financial risk solution has been specifically developed with the needs of gambling operators in mind, and we are looking forward to being able to provide this to the industry.”
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.”
The Danish Gambling Authority has officially opened applications for land-based bingo licences under the country’s new regulatory framework.
The licences will be valid from 1 January 2025 for applicants who meet the required conditions and submit complete applications by 10 December 2024.
This development provides opportunities for operators to offer land-based bingo within a regulated environment.
To assist prospective applicants, the Danish Gambling Authority has created a dedicated “Land-Based Bingo” webpage. Here, operators can access application materials, guidelines and instructions to ensure submissions are completed accurately.
Operators seeking a licence valid from 1 January 2025 must submit their applications by the 10 December deadline. Applications that meet all requirements will be processed in time for the start date.
In cases where additional information or conditions are needed, the authority may issue licences with specific stipulations, granting operators additional time to address outstanding issues.
To support industry stakeholders, the Danish Gambling Authority will host an information meeting about the new land-based bingo rules on 5 December 2024. The session will take place at Englandsgade 25, Odense, and interested parties are encouraged to register by 29 November 2024.
The post Danish Gambling Authority Opens Applications for Land-based Bingo Licences appeared first on European Gaming Industry News.
CT Interactive is thrilled to announce that new titles have officially received certification for the Italian market, ready to bring a fresh wave of entertainment to players across the country. This certification ensures that the games adhere to Italy’s stringent regulatory standards for fairness, security, and quality, reinforcing CT Interactive’s dedication to providing top-tier gaming experiences.
The newly certified games include: 5x Cherry Party, Christmas Storm, Jester Jack, Lucky Kiwi, Mega Gnome, Piggy Crash, Star Girl, The Big Chilli, The New Queen of Fruits, Treasure Chase.
These exciting games offer a diverse range of themes, from the festive charm of Christmas Storm to the whimsical adventures of Piggy Crash and Mega Gnome. Whether players are in the mood for the nostalgic appeal of a classic fruit slot like The New Queen of Fruits, or looking for thrilling treasure hunts in Treasure Chase, there’s something for every type of player.
Each game has been developed with a focus on delivering engaging features, rewarding bonuses, and immersive gameplay. With unique mechanics and visually striking graphics, these releases are designed to captivate Italian players and keep them returning for more.
CT Interactive remains committed to enhancing the Italian gaming landscape by consistently providing fresh, exciting content and introducing new ways to play.
The post CT Interactive announces certification of new games for the Italian market appeared first on European Gaming Industry News.
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