Hot iGaming Topics: In our recent regulatory news W10 2023, learn about fines, licensing, and more, involving LeoVegas, Ladbrokes, and others! (Image courtesy of EKATERINA BOLOVTSOVA at pexels.com )
As we have so many stories coming out regarding regulations and fines, it is about time we cleared many of them up.
This time we have news on LeoVegas breaking into the German market, Play’n Go gaining a Connecticut license, and a bunch of stories about fines given to casino brands, including Ladbrokes, Casino Malta, and Flutter Entertainment.
LeoVegas Enters German iGaming Market Following Regulatory Approval
The LeoVegas Group, one of the iGaming industry’s most successful corporations, can now expand further after being granted a license to operate across Germany. It was the newly installed German Federal States’ Joint Gambling Authority that issued the license that now gives the LeoVegas group and its brands, including LeoVegas, GoGo Casino, and Royal Panda, the ability to launch their services throughout the 16 states in the country.
That means the group can deliver its industry-leading online casinos, featuring top-notch video slots, live casino games, and sports betting. Germany is one of Europe’s biggest iGaming markets, so this is a big milestone for a group that already operates in 9 key iGaming markets around the world.
LeoVegas is an online gambling brand known across the globe and is also a winner of multiple awards including most recently, the 2023 Online Casino of the Year at the Global Gaming Awards. We know the platform well too, as you will see in our LeoVegas Live Casino review.
Australia: Ladbrokes Issued AU$78,540 Fine for Due Diligence Failure
The Entain-owned Ladbrokes bookmaker has found its way into the news this past week and not for the best of reasons. The Northern Territory Racing Commission, which regulates all forms of land-based gambling in the territory, fined Ladbrokes Australia AU$78,540 after it was revealed the bookmaker had failed to carry out adequate due diligence on a customer.
The NTRC discovered that a man was able to deposit AU$2.2 million across 21 months and lose AU$758, 510 after ‘informing’ the bookmaker that his annual salary was AU$145000. It turns out the man is currently awaiting trial for numerous fraud-related offences. He did not have a salary that large, which suggests Ladbrokes Australia did little in terms of due diligence.
Flutter Entertainment to Pay $4 Million Settlement to SEC amid Bribery Allegations
Flutter Entertainment, the United Kingdom-based operator that owns the PokerStars brand, has agreed to pay $4 million to the US Securities and Exchange Commission. The company has agreed to pay that money as a settlement to put to bed allegations of bribery that allegedly occurred under the previous ownership of PokerStars.
Apparently, the firm broke foreign bribery laws between 2015 and 2020 by making payments to consultants in Russia to support the legalization of poker in the country. After the settlement, Flutter Entertainment neither confirmed nor denied this had happened, but stated they were happy that the issue was now put to bed.
Casino Malta Fined €233,834 After AML and CTF Failures
One of Malta’s most famous land-based casinos has also fallen foul of regulations after the Financial Intelligence Action Unit (FIAU) fined the establishment €233,834 for failing to perform adequate due diligence on a series of customers. One man was able to spend over €1 million without having to provide proof of the source of funds. In another incident, a young student also managed to spend over €200k without staff questioning how someone so young could have access to that kind of money.
Other recent regulatory news
- Lady Luck Earns Malta License: A big milestone for Lady Luck Games as it now has the licensing to offer its portfolio of games to MGA-licensed operators.
- Gammix Issued Fine in Holland: Gammix hit by KSA crackdown on unlicensed operators that still accept players in the Netherlands.
- Play’n Go Licensed to Operate in Connecticut, US: Play’n Go earns another stateside iGaming license, this time in Connecticut.
- 7777 Gaming earns Romanian licensing: 7777 Gaming will enter the Romanian iGaming market for the first time following regulatory approval.
This all goes to show that even the larger online gambling brands can fall foul of the regulations on occasion. That is why it always pays to do your research before choosing your next venue whether that is online or offline. If the latter, you can at least use our top live casinos portal to improve your chances of finding reputable platforms to play at!
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