iGaming NewsBetting industry news & analysis

    Regulatory

    Regulatory

    The CFTC Chair should listen to CME CEO Terry Duffy on the dangers of unregulated gambling prediction markets

    CME Group CEO Terry Duffy has voiced strong concerns about unregulated prediction markets, likening them to 'carnival barkers.' Dennis Kelleher of Better Markets urges the CFTC's Innovation Advisory Committee to heed Duffy's warnings, emphasizing the dangers these unregulated platforms pose. This debate highlights a push for stricter oversight and regulation of prediction market activities, which often operate in a grey area between finance and gambling.

    G3 Newswire
    Read summarySource
    BreakingRegulatory

    UK's black market to take £800m in bets across the new Premier League season

    The UK's illegal gambling black market is projected to handle up to £800 million in bets during the new Premier League season, with approximately £20 million already wagered with criminal operators on the opening weekend. This figure is anticipated to increase by a further £200 million throughout the season. Such activity highlights the scale of unregulated betting and its impact on the licensed market.

    G3 Newswire
    Read summarySource
    Regulatory

    Culpability of Las Vegas Sands in spotlight as Nevada regulators approve $7.2 million Venetian AML fine

    Culpability of Las Vegas Sands in spotlight as Nevada regulators approve $7.2 million Venetian AML fine

    Nevada regulators approved a $7.2 million anti-money laundering (AML) fine against the Venetian, stemming from compliance failures that occurred under its previous owner, Las Vegas Sands. Apollo Global Management, the Venetian's current owner, accepted the penalty while distancing itself from the original violations. The fine relates to failings between 2008 and 2017.

    iGaming Business
    Read summarySource
    Regulatory

    New York Sports: Prediction Market Deals Test How Far the State’s Crackdown Can Go

    Prediction market companies like Polymarket, Novig, and Kalshi are securing partnerships with major New York sports teams and venues, including the Yankees, Rangers, Mets, and Madison Square Garden. These deals are occurring despite an ongoing aggressive crackdown by New York State on sports event contracts, highlighting a significant legal and regulatory conflict.

    Casino Beats
    Read summarySource
    Regulatory

    The Future of Responsible Gambling Revolves Around Well-Being Rather Than Restrictions

    The Future of Responsible Gambling Revolves Around Well-Being Rather Than Restrictions

    This article posits that the future of responsible gambling initiatives should shift from restrictive measures to a focus on player well-being, as traditional 'responsible gambling' campaigns often fail to engage players. It suggests that a more holistic approach, emphasizing overall player health, could lead to more effective harm reduction strategies. This perspective challenges current industry standards and aims for more impactful player protection.

    Casino Beats
    Read summarySource
    BreakingRegulatory

    Sydney Casinos Fined Millions for Allowing 16-Year-Old to Lose 'Significant Amount' in 22 Gambling Sessions

    Two Sydney casinos, Crown Sydney and The Star, have been fined a total of over AU$2 million by the NSW Independent Casino Commission (NICC) for allowing a 16-year-old to gamble on their premises. The minor engaged in 22 gambling sessions across both properties, losing a significant amount of money, highlighting severe compliance failures in age verification.

    Casino Beats
    Read summarySource
    BreakingRegulatory

    Albania puts tax at heart of sports betting re-regulation

    Albania puts tax at heart of sports betting re-regulation

    Albania is re-regulating its online sports betting market after a seven-year prohibition, with Prime Minister Edi Rama acknowledging that the ban failed to curb demand, pushing activity offshore. The new regime aims to bring sports betting back into the national economy, focusing on taxation and licensed operations. This marks a significant policy shift from outright prohibition to a regulated framework.

    SBC News
    Read summarySource
    Regulatory

    Gama warns illegal gambling is thriving in the shadows

    Former Uruguayan gambling regulator Luis Alberto Gama, now with Gaming Consultores, highlights that illegal gambling's primary challenge isn't its size but rather how it operates covertly. He argues that the industry and regulators must address this shadow economy, which undermines legal frameworks and operations. This perspective emphasizes the ongoing threat posed by illicit betting activities.

    G3 Newswire
    Read summarySource
    BreakingRegulatory

    Brazil betting sector pushes back on prohibition debate

    Brazil's betting industry, represented by ANJL and Grupo Globo, held a seminar discussing post-regulation challenges, including security, taxation, and sporting integrity. Key industry figures emphasized the sector's economic and social benefits, advocating against any moves towards prohibition. They highlighted the importance of a well-regulated market for job creation and tax revenue.

    G3 Newswire
    Read summarySource
    Regulatory

    Chile casino tender leaves investors cold

    Chile's Superintendencia de Casinos de Juego (SCJ) saw a disappointing outcome in its latest casino licensing round, with only two of five concessions attracting qualifying bids. Major cities like Pucon, Coquimbo, and Puerto Varas received no offers, highlighting a lack of investor interest in the current tender conditions. This suggests potential issues with Chile's regulatory framework or market attractiveness for casino operators.

    G3 Newswire
    Read summarySource
    Regulatory

    Midterm Democratic Victory Won’t Give States Upper Hand Over Prediction Markets, Says Lawyer

    A lawyer specializing in prediction markets believes that a potential Democratic victory in midterm elections would not grant states a significant advantage in regulating these platforms. The Commodity Futures Trading Commission and the Trump administration have previously supported permit-holding operators like Kalshi and Polymarket, indicating a federal-level acceptance that states have struggled to overturn.

    Casino Beats
    Read summarySource
    Regulatory

    CFTC Chair Selig Takes Aim at ‘Rogue’ AG Letitia James as Prediction-Market Row Escalates

    CFTC Chair Selig Takes Aim at ‘Rogue’ AG Letitia James as Prediction-Market Row Escalates

    The Chairman of the Commodity Futures Trading Commission (CFTC), Michael Selig, criticized New York Attorney General Letitia James as the dispute over prediction markets intensifies. This federal-state regulatory clash highlights ongoing tensions regarding the legality and oversight of prediction markets, which touch upon the broader iGaming and betting landscape.

    Casino Beats
    Read summarySource