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Entain feels the heat Down Under
Entain has had a civil penalty proceeding filed against it by the Australian Transaction Reports and Analysis Centre (AUSTRAC), with AUSTRAC accusing the operator of anti-money laundering and counter- terrorism financing (AML/CTF) failings. These failings are said to include inadequate risk identification and mitigation systems, particularly from third party cash deposit processers, which can obscure the source of funds and thus increase AML/CTF risks. AUSTRAC CEO Brendan Thomas said this “left the company at serious risk of criminal exploitation.” The situation follows Entain’s £585m ($737.4m) fine for failings by its legacy Turkish business in November last year. The UK’s HMRC found the operator had been in violation of Section 7 of the Bribery Act 2010, having failed to place adequate anti-bribery procedures. In reaction to this latest news, Entain’s stock price dipped nearly 7%. As of writing (Wednesday 18 December, 11am GMT), Entain’s stock price sits at £7.34 ($9.34), down just shy of 10% from the £8.15 reported at the close of Friday 13 December.
Caesars Virginia, mountain mama
Caesars Virginia in Danville has finally opened its doors, following its $650m development. The resort offers 320 hotel rooms and a 90,000-square-foot gaming floor, with nearly 1,500 slot machines, 79 live-action table games and a WSOP poker room. It also hosts a 2,500-capacity entertainment venue, a spa and several dining options, among other amenities. The opening was celebrated with an event that included local leaders and the community, with activities on the day including a ribbon-cutting attended by Caesars executives, local officials and Eastern Band of Cherokee Indians Chief Michell Hicks, as well as a car parade. Caesars Virginia GM Chris Albrecht called it: “An impressive development project to see come together.”
A blocky road ahead
An investigation has discovered illegal online casinos operating via online children's game Roblox. The casinos, with names including BloxFlip, Bloxmoon and RBLXWild, allow users to sign-in with their Roblox credentials, with the casinos swapping player’s Robux (Roblox’s in-game currency) with virtual casino chips, which can then be withdraw as cryptocurrency and potentially exchanged to cash. Underage players, some as young as 12, were able to access the sites. Data from BloxFlip showed one 16-year-old had bet £175,000 ($222,570) on the site, while a 14-year-old had bet £52,000. The Gambling Commission has begun an emergency investigation into the matter in the UK.
Online gambling? Uz-bet!
Following approval from Uzbekistan’s Cabinet of Ministers earlier this month, the nation has unveiled its new regulatory framework for online gaming and lotteries, which are set to take effect at the beginning of the new year. Licences will be issued by the National Agency for Prospective Projects, with licences for online
gambling, betting and lottery operators being valid for five years. Operators must also meet specific financial thresholds, with online gambling and betting platforms being required to maintain a capital of 56.25bn soums ($4.4m), with 28.13bn soums in reserve. Lotteries must also adhere to financial thresholds, though they are lower than those for online gambling and betting operators. They all must also have comprehensive player verification and operate on Uzbekistan’s national internet domain,among other provisions.
You’ve got no fans
An amendment to the Football Governance Bill that would require men’s football clubs in England to consult fans on gambling advertising and sponsorships was withdrawn this week, after it was brought forward by Lord Foster of Bath, Chair of Peers for Gambling Reform. Lord Foster argued that fan concern regarding gambling advertising, in combination with investigation results concluding that half of Premier League clubs were not adhering to voluntary gambling code of conduct, made this advertising a risk to public health. However, opponents argued the necessity for this advertising to fund lower-tier clubs and the fact that gambling is a choice. Ultimately, Lord Foster withdrew the amendment.
