Compliance Updates
Planned Summer Introduction for Barbados Online Gaming Legislation
In Barbados and the government of Prime Minister Mia Mottley soon intends to introduce legislation for the more effective management of the small island nation’s financial and online gambling sectors.
This news was revealed on Friday by the Caribbean country’s Minister of Finance and Economic Affairs, Ryan Straughn, during the two-day Barbados Risk and Insurance Management Conference. The experienced politician declared that the move will allow the nation to better supervise activities that may well pose ‘significant risks’ to the wider economy following the recent bankruptcy of prominent Bahamas-based cryptocurrency exchange firm FTX Trading Limited.
Straughn said that the Mottley-led government has had a ‘long withstanding process’ with respect to upgrading its banking and insolvency regimes and hopes to have introduced the new legislation before the end of June in order to put the entire framework ‘on an international standing’.
“In a risk context, we are in the final stages of addressing a couple of key matters,” Straughn told attendees at the Barbados Hilton Resort event. “Equally important and more directly related to risk is a new betting and gaming framework, which we are bringing into play also similarly within that time frame.”
A former economist, Straughn told those at the gathering that the more effective regulation of iGaming is critical due to a recent rise in the proliferation of online gaming activities that have potentially exposed Barbadians to ‘the similar types of risk that is taking place within the high-frequency trading space’.
“We are going to be bringing a new regime with respect to being able to address the risk associated with those things,” Straughn said. “Why are these things important? Because our citizens are currently engaging in e-commerce-type activities that we are not currently capable of regulating.”
Straughn additionally asserted that his department was already liaising with the local telecommunications industry so as to establish a more effectual monitoring system and will be working closely with an undisclosed entity ‘to build capacity and identify skill sets to provide sophisticated support for regulation’. He detailed that such move would allow Barbados to better secure its economic fortune and learn from the experiences of others around the world.
Barbados became a unitary parliamentary republic in November of 2021 and Straughn stressed that local regulators are to be tasked with remaining vigilant as new and more sophisticated businesses enter the market. He nevertheless finished by acknowledging the ever-present potential for significant loss and major economic damage from activities such as cryptocurrency.
“There will always be a risk…you can never totally eliminate risk,” Straughn said. “As a government, we want to facilitate the improvement of technology and the investment in technology in order for us to do things faster but achieving that efficiency cannot be at the expense of the financial system or the persons who actively participate in that space.”
The Massachusetts Gaming Commission (MGC) has recently developed and adopted an official seal of approval, which all licensed sports betting operators in the state are now required to display on their digital platforms. The introduction of this seal represents a significant step in the MGC’s ongoing efforts to promote responsible and regulated gaming within the Commonwealth.
The seal is intended to serve as a clear signal to consumers that they are accessing a sports betting platform licensed and regulated by the MGC. By prominently featuring this seal, customers can easily distinguish between legal, licensed operators and unsafe, illegal alternatives.
“The MGC has spent considerable efforts ensuring that the operators licensed in the Commonwealth share our values and are committed to consumer protections and responsible gaming. Massachusetts residents who choose to gamble on sports deserve to know their data, personal and financial information are protected, and only the legal marketplace offers those protections. By locating this seal, users will be able to easily identify a legal sportsbook from an illegal operator,” said Commissioner Eileen O’Brien.
Offshore and unlicensed sports betting sites have been accessible to patrons across the US for years. However, with the legalization of sports wagering in Massachusetts, these offshore operators may attempt to present themselves as legitimate. Yet, they are not licensed by any state jurisdiction and do not comply with the same regulations and consumer protection standards as the legal market.
The risks of using these illegal platforms extend beyond potential data breaches or financial losses. Unlicensed operators may refuse to honor winning bets, leaving consumers with little to no recourse. Illegal gambling activities are also often tied to other serious crimes. The Massachusetts Attorney General’s Office has issued cease-and-desist orders to several major illicit operators. It will continue to monitor and take action against such unlawful activities in coordination with the MGC. The Commission would urge anyone looking for more information on illegal platforms to visit the website of the American Gaming Association.
This newly adopted seal serves as a visual reminder of the regulations in Massachusetts’s legal sports betting market. It enhances consumer protection and builds trust with members of the public who choose to engage in sports betting. By identifying the official MGC seal, customers can have peace of mind knowing they are accessing a fully licensed platform compliant with the Commonwealth’s laws and regulations.
Internet Vikings, a licensed in-state hosting provider for iGaming and online sports betting, announces their partnership with Alpha Innovations, a provider of data center services. Under the agreement Internet Vikings will supply Alpha Innovations with VMware licensing through its VMware White Label solution.
Alpha Innovations, known for being a leading Managed Services Provider including cloud computing, data storage, and backup, has chosen to partner with Internet Vikings, a member of the Broadcom Premier Partnership program. This membership highlights Internet Vikings’ capabilities in supporting large-scale and highly regulated environments.
Internet Vikings will provide Alpha Innovations with the essential VMware license, an asset for their cloud offerings. This addition enhances Alpha Innovations’ capability to set up and maintain regulated and compliant cloud environments while upholding their high standards.
“The added value of our licensing solutions and support services aligns perfectly with Alpha Innovations’ needs,” said Rickard Vikström, CEO and Founder at Internet Vikings.
Douglas Tate, CEO at Alpha Innovations added, “As a leading Managed Service Provider (MSP), Alpha Innovations is always looking for ways to improve our service offerings. Our partnership with Internet Vikings is a win-win for our clients. By leveraging Internet Vikings’ VMware licensing solutions, we can offer our clients more flexible, scalable, and secure cloud solutions. This will ultimately help our clients achieve their business goals more efficiently and effectively.”
Both companies are committed to maintaining a transparent and mutually beneficial relationship, demonstrating how data centers and hosting providers can collaborate to meet the licensing needs of the industry.
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.”
*Source – H2GC H2 Ontario Data 25.10.2024 (excl. Lottery)
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