Compliance Updates
OTC: DRCR, Swifty Global (Dear Cashmere Holding Company), Updates on the Status of its Gambling Licenses
Dear Cashmere Holding Company, known as Swifty Global (Swifty), is a technology company focused on creating groundbreaking solutions in the Financial and Sports Betting Sectors. The company has developed two disruptive mobile applications (apps) for sports predictions and a digital wallet which encompasses Artificial Intelligence (AI) and Cryptocurrency/Blockchain Transactions. Patent applications have already been submitted and the mobile apps will be launched during the fourth quarter of 2021, following the imminent approval of Swifty Global’s gambling license.
The Swifty Predictions app offers betting opportunities on every major global sport league, including NFL, NHL, NBA, Football (soccer), Cricket, Rugby, Golf, Boxing, UFC, Tennis, Horse Racing, Motor Racing, Snooker and more.
To allow legal participation, Swifty has several gambling licenses pending in various regions around the world and intends to complete global licensing within 12 months. The Curaçao license is the first license which is expected very soon. The application and compliance process has successfully been completed and Swifty now only awaits the physical certification to be delivered which is expected very soon. The Curaçao license covers most of the world markets and less mainstream, but nonetheless, very important and sizeable markets such as Africa, India, and most of Europe, which equates to a population of approximately 3.34 billion. The license covers India, which has a population of well over 1 billion and is obsessed with cricket and European football (Soccer). With the Curaçao license in place, Swifty will have an opportunity to provide the Swifty Sports Predictions app and the Swifty wallet to this valuable market. The same license also covers Canada, France, Spain, Portugal, Ireland, Germany, and Italy, all who have huge betting populations that will be able to use Swifty. The Curaçao license will give Swifty access to passionate and lucrative sports betting populations, the ideal springboard for further global growth as further licenses are approved.
The second license which Swifty has applied for, is for the significantly more mainstream market of the United Kingdom (UK), which the company hopes to have approved in the 1st quarter of 2022. The UK license naturally allows Swifty to participate in the UK and Northern Ireland market which currently has 31.6 million gamblers with each person spending an average of $ 182 per year.
The UK license is well known to be one of the most difficult to obtain. So far, Swifty is close to completing the compliance phase of the approval process and then will only have the security testing to undergo in the first quarter of 2022 which the company believes will be successful based on the security testing it has already been conducting.
Leading into the main market of the United States, Swifty has appointed a US attorney who specializes in Gambling Licenses with a very successful track record, to apply for licensing in every state. This will be a gradual rollout due to the vast scope of the project, however we would anticipate US licenses to be approved, state by state, throughout 2022.
Whilst the appropriate licensing is a laborious, tedious, and frustrating task, it is also a huge advantage to Swifty once all the licenses are approved. The IP value of the licenses is substantial and creates a high entry barrier for new players in the market. Swifty is excited about the value that each approved license could add to the company’s valuation. The company is fully compliant with all the important global compliance aspects and includes some of the most sophisticated software such as, KYC (Know Your Customer), AML (Anti Money laundering) and Risk Management software. The broad spectrum of the compliance requirements is very similar globally, with only a few localized rules that differ in each region.
The Swifty product will enter its beta testing phasing this quarter. The sign up for beta testing is closed and 150 people will test the product in various real-life scenarios using mock currency instead of real currency. The beta testing allows users to provide feedback on the real scenarios outside of the controlled testing environment. Beta testing will also allow users to familiarize themselves with the app and spread the word in preparation of the main launch.
Although the company will engage in a multi-million-dollar marketing campaign as the licenses are approved the company does anticipate a large amount of viral marketing to take place in the early stages.
The Swifty app will be available on the Apple App store for iOS and the Play store for Android and there will also be a web-based version available.
Exciting additional features that will be rolled out over coming quarters will be reality TV and lifestyle predictions for shows like Love Island and The Bachelor. Swifty is very proud to be implementing its innovative peer-to-peer betting module which will be released in due course. Through this, users will be able to create their own bets and side bets amongst friends and the app will lock the bet amount in their Swifty Wallet. This will allow the group to participate in the bet and the app will pay out to the winner on the closing of the bet. Swifty believes this feature will be revolutionary to the global social betting and prediction globally.
Swifty is engaging a leading sports agent to negotiate licensing arrangements that will allow Swifty to produce NFT player cards which will be bought and sold via the Swifty Wallet and may be awarded to users as a form of a loyalty reward. Swifty will be announcing much more information on this development soon.
With an extremely tight share structure, Swifty aims to deliver significant value to its loyal shareholder base. The company has a steady pipeline of products and enhancements and very exciting features to roll out to customers and shareholders.
Swifty Global CEO, James Gibbons, commented: “The skilled Swifty team has worked extremely hard at developing what is the most innovative app in the sports betting market and we are looking forward to starting the Beta testing. We are extremely excited for the first license to be issued which will bring the project, which has been many years in the making, to reality. Launching this product is the first phase of several products which we cannot wait to share with the market. Management has already started in the background with preparing Swifty for an eventual move to the big boards once the licensing is realized and the audit is complete.”
Compliance Updates
GLI Becomes First Laboratory to be Accredited in Maranhão, Brazil
Gaming Laboratories International (GLI) has become the first laboratory to achieve accreditation in Maranhão, Brazil. The accreditation allows GLI to perform tests and certification for the gambling and lottery industry interested in working with lottery and fixed-odds betting operators in the state of Maranhão.
The milestone is the latest in a series of regulatory achievements for GLI in Brazil. Lottery of the State of Maranhão is the third jurisdiction in Brazil to accredit laboratories, and GLI is accredited in all and the first to be authorized in all.
Cassiano Pereira Junior, president of Maranhão Parcerias (Mapa), highlighted the importance of the partnership between the Maranhão State Lottery (Lotema) and GLI. “Every day we strive to make Lotema even better, providing greater security for its users. The partnership with GLI is a concrete way of achieving this goal, as its certification laboratories play an important role for the gaming and lottery industry, guaranteeing the conformity, security, and integrity of the products and systems used by Lotema,†Cassiano explained.
“We are grateful to the Lottery of the State of Maranhão for granting GLI the laboratory accreditation, becoming the first to be authorized in Maranhão. It is extremely gratifying to see how Lotema empower themselves by trusting the technical compliance process to provide transparency, integrity, and accountability to all the industry stakeholders through the certification process. The laboratory accreditation is the first step for a successful implementation of the certification based on jurisdictional standards, and the reason why we at GLI take this step very seriously and with great priority every time a new jurisdiction opens. We feel responsible for being part of the solution towards a fast and efficient implementation of regulations, thus supporting further local industry development and sustainable growth. We are grateful to Lotema and excited to be part of its thriving industry,†said Karen Sierra-Hughes, Vice President of Latin America, Caribbean, and Spain.
GLI has been working with regulators, lotteries, and industry stakeholders across the Latin American and Caribbean region for more than 26 years in their efforts toward regulation, sustainable growth, and eradicating illegal gaming. In Brazil, GLI has been side by side with government entities and all industry stakeholders for nearly 20 years, participating in public hearings in the Senate, Chamber of Deputies, and State government level, and in recent years, adding strategic local representation to strengthen their local support.
Compliance Updates
Betano Receives Licence to Operate in Colombia
Kaizen Gaming Colombia, owner of the Betano.co brand, was authorized by Coljuegos to operate online betting in the country. With this new operator, there are now 16 web platforms that have the approval of the entity to market games of chance online.
“We continue to strengthen the online gaming industry. We hope that, with the entry of this new operator, we can continue to increase transfers for the health of Colombians. At this time, the platform is already operating for the betting public,†said Marco Emilio Hincapié, president of Coljuegos.
The entity is also in the process of authorizing an additional operator called Bingo Casino, which is expected to begin offering bets in the coming weeks.
It is worth mentioning that, by 2024, it is estimated that online betting portals will pay around $419,527 million to Coljuegos for exploitation rights, which represents an increase of 31% compared to the same period in 2023. All of these resources are transferred to the health system.
“We are seeing that online betting is a sector of the economy that has driven the growth of the country’s Gross Domestic Product. That is why we are working to make the market even more attractive and to provide more options to bettors,†said the president.
According to financial projections, this new operator is expected to pay Coljuegos around $21.513 billion over the next five years for operating rights and administration costs, resources that can be transferred to subsidize health and scientific research.
Compliance Updates
Chris Christie bets on Texas to approve OSB in 2025
Former New Jersey Governor Chris Christie has backed Texas to legalise online sports betting in the state’s next legislative session.Â
Christie helped pave the way for sports betting liberalisation across the US by bringing the Supreme Court case that led to the repeal of PASPA.
The case was fought and won by prominent conservative lawyer Ted Olson, who Christie hired to argue the case for states to make their own decisions on sports betting. Olson died last week at the age of 84.
After Missouri became the 39th US state to legalise sports betting in some capacity, attention has quickly turned again to the big three states of Texas, California, and Florida.
“I think it’ll happen in Texas in the next legislative session,†said Christie, speaking to Covers.com. The next session is due to commence in Texas on January 14, 2025.
Christie is less confident about California, however, where competing sports betting ballots failed in 2022 amid a bitter dispute and lobbying war between online operators and local tribes.
California is seen as essential to the future prospects of US sports betting operators, given its size and wealth and dramatic impact on the country’s total addressable market (TAM).
“I don’t know about California,†said Christie. “This really takes gubernatorial leadership, and Gavin Newsom has got to decide if this is one of the issues he wants to lead on.
“Without gubernatorial leadership, the legislature won’t do it because they’re pulled like taffy in too many directions by too many different interests. Without the governor pushing for it, I just don’t think it’ll happen.â€
Despite another potential setback in California, Christie has backed sports betting to penetrate pretty much every state eventually.
“I really believe sports betting is inevitable to go just about nationwide, because people in America love their sports, they just do,†he said. “I think it is in the leagues’ best interests to grow their audience. The government gets some piece of the pie out of that which they enjoy, and the public seems to be pretty happy for the most part.â€
Depending on expansion, US sports betting could, in theory, reach every state. It would then become a national issue, but Christie has warned the federal government not to interfere.
“Let the states handle it,†he said. “The states are doing fine. You haven’t heard of anything awful or irreversible happening since each state has been involved and they should have the ability to decide whether they want gambling or not.
“I don’t think the federal government should have anything to do with it and I don’t think they ever should have. I don’t think they have to be babysitters for the governors of the country.â€
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