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Compliance Updates

UKGC Imposes £2.9M Fine on Betfred’s Parent Company

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The UK Gambling Commission (UKGC) has imposed a fine of £2.87m on Petfre (Gibraltar) Limited for social responsibility and anti-money laundering failures. The operator has also received an official warning for failures at the business.

Leanne Oxley, Gambling Commission Director of Enforcement and Intelligence, said: “This is a further example of us taking action to investigate and sanction alarming failures.

We expect this gambling business and all other licensees to review this case and look closely to see if they need to make further improvements to demonstrate active compliance.

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“Where standards do not improve, tougher enforcement will follow.”

Social responsibility failures included:

  • There were no controls in place to prevent large levels of high velocity spend by new customers. One customer was allowed to lose £70,000 over a 10-hour period just a day after opening the account.
  • Setting safer gambling interaction triggers too high and when customers’ spend increased considerably, which can be an indicator of harm, no further safer gambling account review was conducted in a timely manner– one customer was first interacted with when they had deposited £20,700 and lost £10,200 but then the next interaction did not occur until four months later when the customer had deposited £323,715 and lost £69,371.

Anti-money laundering failures included:

  • Not fully taking into account the money laundering and terrorist financing (MLTF) risks connected to its business, in particular risks connected to country or geographic area, customers, transactions, and product and services.
  • Not having appropriate policies, procedures and controls in place to manage and mitigate the MLTF risks, including thresholds that were inadequate, having insufficient information on customers and no evidence of ongoing monitoring prior to initial financial triggers being reached.
  • Not ensuring that its policies, procedures and controls were implemented effectively, including not following guidance issued by the Commission and not taking into account any applicable learning or guidelines published by the Commission.
  • Failing to thoroughly implement the measures described in the Money Laundering Regulations, including failing to identify the MLTF risks to which the business was subject and failing to establish and maintain policies, procedures and controls to manage and mitigate the risks effectively. The operator also provided inadequate employee training, failed to scrutinise transactions to ensure that they were consistent with their knowledge of the customer and their risk profile, and failed to conduct sufficient anti-money laundering, customer due diligence and source of funds checks.
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ComeOn Group adds sportsbook to its offering in Ontario

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ComeOn Group announced a significant milestone in its sportsbook expansion journey with the addition of sportsbook to their offering in Ontario following the successful acquisition of the required permits. This addition represents a strategic advancement in the Groups sportsbook growth trajectory where they are set to double its sportsbook business in the coming years.

ComeOn Group is one of 51 active operators in Ontario. The Ontario market has experienced robust growth since its launch, reaching C$6.7 billion in revenue in 2023.* By 2029, the market is forecasted to grow by a total of 29%, with 2024 expected to close with a 20% increase.

ComeOn keeps investing in its sportsbook business acceleration that is powered by its proprietary sportsbook platform and in-house risk management and trading team. As a multi product vertical operator, ComeOn is striving to give its customer base a safe and exciting entertainment destination and this approach is now expanded to their Ontario audience.

Juergen Reutter, Chief Executive Officer at ComeOn Group, said: “We are very excited about the opportunities this new milestone opens up for us. As a casino-led operator it represents a key part of our sportsbook strategy to double our business in the coming years. Like in any of our other markets, we are striving for a differentiated sportsbook entertainment experience that is powered by our in-house technology. Our goal is to deliver top-tier entertainment to our players while fostering safe and innovative gaming experiences.”

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*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)

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Bruce Smith Enterprise

Petersburg, Virginia Residents Vote Yes! for Live! Casino Resort

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The citizens of Petersburg have spoken, and the historic casino referendum has passed with overwhelming support of over 80% of Petersburg residents voting in favor of the $1.4 billion Live! Casino Resort project, marking the highest support for a casino referendum in Virginia history. This marks a monumental step forward for the Petersburg community, as the approval paves the way for the development of a world-class casino and entertainment destination that promises to revitalize the local economy, create jobs, and invest in much-needed community services.

Live! Casino Resort, which will be codeveloped by The Cordish Companies and Bruce Smith Enterprise, is projected to bring significant economic benefits to the region. This development will include not only gaming and entertainment options but also restaurants, hotels, and event spaces, making Petersburg a destination for tourism and entertainment in Virginia. Construction will commence after the vote is certified and all required approvals are received, with an anticipated opening date of the initial first phase casino in 2026.

“We are deeply gratified by the community’s affirmation of this project and very hopeful about the meaningful impact it will have on the city’s future. The casino will not only create good-paying jobs for our residents but will also attract visitors statewide and beyond, stimulating local businesses and in turn producing an overall ripple effect of economic growth. Now that the voters have spoken, we look forward to working with the City of Petersburg and the Virginia Lottery to secure all of the necessary permitting, licensing and regulatory approvals for this project to move forward,” said Bruce Smith, Owner of Bruce Smith Enterprise, Pro Football Hall of Fame Member, Developer and Community Leader, and codeveloper of the planned Live! Casino Resort in Petersburg.

The casino project is part of a larger revitalization plan for Petersburg, which has faced economic challenges in recent years. This initiative, alongside other investments in infrastructure and local businesses, will position the city for long-term growth and success.

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“The approval of the destination resort and casino in Petersburg marks a significant milestone for our City. Voter approval follows a three-year journey on this transformative project that will bring positive change to Petersburg for generations. This destination resort, casino, retail, and residential development will be the largest economic and tourism project in Petersburg’s history. City Council and administration look forward to working with The Cordish Companies and Bruce Smith Enterprise to positively impact our community and its prosperity,” said Mayor Sam Parham, City of Petersburg, VA.

Live! Casino Resort will be a catalyst for change and significant urban development, transforming the City through the creation of a thriving entertainment and hospitality destination. The project will set a new standard for gaming, hotels, and entertainment in the Commonwealth, and serve as a new world-class attraction for Petersburg and the greater Central Virginia region. The project site, ideally situated at the intersection of Wagner Road and Interstate I-95, has easy access on and off the East Coast’s major north-south interstate.

“Today is a new day for residents of Petersburg. This community has waited a long time for an economic development project of this size and scale, which will provide a huge boost for the City and the entire region. We cannot wait to start hiring local residents and partnering with local businesses and entrepreneurs. Thank you, Petersburg, for placing your trust and confidence in our team. We look forward to delivering results for you and being a part of this great community for decades to come,” said Zed Smith, Chief Operating Officer of The Cordish Companies.

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Compliance Updates

Comtrade Gaming Receives UKGC Approval to Distribute Gaming Content

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Comtrade Gaming has obtained a supplier license from the UK Gambling Commission (UKGC). Players in the UK can now enjoy a variety of games from Comtrade Gaming’s portfolio, including the latest Witch Crash’d, Pilot Piggy, Sweet Treasures, Wild Minner, Diamond King, Diamonds in the Sky, White Elephant and many more.

“This is a significant achievement for Comtrade Gaming. The UK market is a core part of our growth strategy, and this license allows us to bring our games to more operators and players. We’re excited to work with all operators in the UK market and provide a unique gaming experience for their audiences,” said Steven Valentine, Chief Commercial Officer.

This milestone marks a pivotal step for Comtrade Gaming as it continues to grow within regulated markets and reach new players globally.

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The post Comtrade Gaming Receives UKGC Approval to Distribute Gaming Content appeared first on European Gaming Industry News.

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