regulation Archives - Page 3 of 11

February 20, 2024

PFL strikes regulatory compliance partnership with ProhiBet

The Professional Fighters League (PFL) has partnered with ProhiBet to strengthen betting compliance.

The PFL will use ProhiBet’s technology to help improve sports integrity and ensure compliance with state-specific betting regulations.

The partnership aims to prevent PFL individuals, such as athletes and coaches who are banned from placing bets, from wagering on the league’s events. ProhiBet will use its cross-monitoring and notification platform to achieve this.

Matt Heap, managing director of ProhiBet, said the deal would see the PFL and ProhiBet strengthen compliance within sports betting.

“We are thrilled to partner with the PFL,” said Heap. “The combination of ProhiBet’s state-of-the-art encrypted data transfer system and the PFL’s dedication to upholding the integrity of sports will undoubtedly enhance the transparency and trustworthiness of sports betting activities.”

ProhiBet’s role with the PFL

ProhiBet is a joint venture between US Integrity and Odds On Compliance. US I..

February 19, 2024

Brazil ban on celebrity sports betting ads to be considered

A potential ban in Brazil on celebrities being used in betting advertising is ready to be included on the senate’s agenda in 2024.

Brazil is expected to finally have a regulated sports betting market in 2024. This is after Brazil’s chamber of deputies voted to approve Bill 3,626/2023 in December. There have been plenty of ups and downs and the topic of advertising is still proving contentious in the country.

Bill 3,405/2023 seeks to prohibit the use of celebrities in sports betting advertising, with Senator Eduardo Girao, who has long been against gambling in Brazil, presenting amendments that would ban anyone considered to have influence being involved in marketing of gambling.

In Girao’s view, Bill 3,405/2023 would protect Brazilian citizens from the risks of gambling harms, both emotional and financial.

Similar advertising bans worldwide

sports betting advertising is coming increasingly under fire

In August 2023, Alcohol and Gaming Commission of Ontario announced a ban on athl..

February 15, 2024

Minnesota governor vows to pass betting bill at start of 2024 session

Minnesota governor Tim Walz has confirmed he would approve the legalisation of sports betting if lawmakers can progress legislation during the 2024 session.

The legislative year began at the start of this week, and a first reading of Senate Bill 3803 has already taken place. The Minnesota Sports Betting Act 2.0, proposed by Representative Jeremy Miller, would allow Native American tribes, racetracks and teams to offer in-person wagering at their facilities.

According to the bill, which has been referred to the State and Local Government and Veterans Committee, a state commissioner would oversee betting in Minnesota. The commissioner would issue up to 11 sports betting operator licences, up to 11 platform provider licences and sports betting supplier licences.

Licence holders would also have the option to operate retail betting on the premises of horse racing tracks or professional sports stadiums in Minnesota, pursuant to a partnership agreement with the track operator or sports te..

February 7, 2024

Episode 27: Representative Dina Titus on the Gaming Caucus and GRIT

The World Series of Politics welcomes its very first congresswoman, with Representative Dina Titus joining Brandt Iden and Brendan Bussmann.

As representative for Nevada’s 1st congressional district and co-chair of the Congressional Gaming Caucus, she is a crucial industry advocate at federal level.

Tackling the excise tax

Representative Titus is also leading the charge to repeal the 0.25% federal excise tax on sports betting handle.

Dina Titus serves as US Representative for Nevada’s 1st congressional district

The money is deposited into the General Fund, rather than being used to tackle illegal gambling. Why not cut the tax and allow legal businesses to better compete against offshore operators by offering a more attractive product, she asks.

Listen to the World Series of Politics on Apple Podcasts

GRIT is not the solution

However the representative is an opponent of the Gambling Addiction Recovery, Investment and Treatment Act (GRIT Act), which aims to reallocate that ta..

January 31, 2024

IBIA reports 35% decrease in suspicious activity for 2023

The International Betting Integrity Association (IBIA) has reported a 35% year-on-year decrease in suspicious alerts related to sporting corruption in 2023.

The IBIA, which identifies potential sports corruption through detecting suspicious betting activity, received 184 alerts in 2023. This was a significant decrease on 2022’s revised number of 285.

The IBIA accounts for over $137bn (£108bn/€126bn) of global betting turnover per annum, making it the largest operator-run integrity monitoring body.

Football and tennis were the sports most affected, with 63 and 54 alerts respectively. While tennis alerts have decreased over the last five years, football alerts have now risen for the last three years.

Europe was the area with the most alerts in 2023, accounting for 61% of reports. The UK had the most alerts with 31, while the Czech Republic was second with 18. Brazil and Spain tied for third with 11.

The IBIA’s work saw 74 matches proven to be corrupt, with 21 sanctions handed out. O..

January 26, 2024

Online sports betting bills filed in Mississippi

A fresh bid to legalise online sports betting in Mississippi has been launched, with two new bills introduced this week.

Sports betting was legalised in Mississippi in 2018, following the repeal of the 1992 Professional and Amateur Sports Protection Act (PASPA). However, the only online sports betting currently available is through geofenced sportsbooks on land-based casino properties.

Bill HB271, filed by Rep Cedric Burnett, and Bill HB635, introduced by Rep Jay McKnight, are both bidding to change that, allowing bettors to wager on sports through their mobile devices in the state regardless of whether they are in a casino.

This latest attempt to introduce online sports betting in the state is the sixth, with House Bill 606 signed into law last year. The bill authorised a Mississippi sports betting task force to “undertake a comprehensive analysis” of sports betting in the state.

The bill was initially far more expansive, aiming to allow all of the state’s land-based casinos to pa..

January 25, 2024

IBIA partnership with Norway signals end of monopoly

The International Betting Integrity Association (IBIA) and the Norwegian Industry Association for Online Gaming (NBO) have agreed a Memorandum of Understanding (MoU) to collaborate on regulation and betting integrity.

The organisations will work to establish a framework for cooperation to promote a safe and effective licensing and regulatory regime. Both the IBIA and Norway-facing NBO will work on specific betting integrity provisions.

The partnership comes with both the IBIA and NBO urging Norway to withdraw its gambling monopoly system. At present, Norsk Tipping has rights to online casino gaming and sports betting, while Norsk Rikstoto covers horse racing.

the european gaming and betting association has previously called on norway to end its monopoly system

However, Norway faces calls to drop this system and open up licensing to other approved operators. The European Gaming and Betting Association (EGBA) is among several other organisations backing such a move.

Norway remain..

January 24, 2024

CNIGA issues “warning” after California sports betting initiative scrapped

The California Nations Indian Gaming Association (CNIGA) has said the failure of another effort to legalise sports betting in California should “be a warning” against future attempts.

The two ballots aiming to legalise sports betting would have given tribes the exclusive rights to offer sports betting in California. However, they were scrapped on Monday after fierce opposition from tribes in the state given the proposals outlined.

Eagle1 Acquisitions Corp, the group of backers for a proposition to legalise sports betting in California, had made several amendments to its ballot initiative in December in an effort to gain further tribal support.

Tabled in October, the Sports Wagering Regulation and Tribal Gaming Protection Act, would allow for legal betting. If approved, the ballot would have amend Article IV, section 19 of the California constitution. This will grant tribes exclusive rights to offer retail and online betting.

However, these were rejected by the CNIGA. Following the ..

January 24, 2024

Road to ICE 2024: Affordability checks looming large amid criticism

On the road to ICE, iGB will prep you for the biggest show of 2024 with this new series covering the latest developments since 2023's show.

The Gambling Act review white paper was a huge landmark for the UK gambling industry. The white paper outlined how gambling should be regulated in the UK going forward. Key terms included consultations on stake limits, a mandatory statutory levy for operators and the introduction of an ombudsman.

However, affordability checks have continued to be one of the reviews’ most debated issues. While many in the industry agree with the white paper’s proposals, affordability checks were met with fierce opposition from operators and trade bodies.

The need for affordability checks

Many of the white paper’s proposals were made with the intention of protecting vulnerable groups. Gambling Commission research published in November revealed that one in 40 Britons is a problem gambler.

the long-awaited white paper was released in april 2023

Lucy Frazer, ..

January 19, 2024

Waterhouse VC: A year in review

In his first column of the year, Tom Waterhouse of Waterhouse VC looks back at the ups and downs of 2023 – and discusses what lies ahead in 2024.

While company valuations broadly increased in 2023, there was significant divergence across geographies and sectors. With the increase in interest rates globally, investors have grown more selective, preferring to invest in profitable businesses.

Waterhouse VC’s gross performance, as at 31 December 2023

Performance of various asset classes and sectors in 2023. Source: Topdown Charts, Refinitiv Datastream

In 2023, there were two stand out contributors to the fund’s +39.5% performance:

Project Tennis – a professional betting syndicate founded by Tom Dry focused on tennis. It was first discussed in December 2022 and invested in on 1 July 2023.Saintly – a crypto wagering operator and B2B platform. Position exited in August 2023.

Beating the house

We are very pleased with the operational performance of Tom Dry’s betting syndicate going into..

January 17, 2024

Arizona to accept new event wagering licence applications in February

The Arizona Department of Gaming (ADG) will begin accepting new event wagering licences in February, it announced on Tuesday.

Arizona tribes will have one licence reserved. Additionally, the state will reserve no less than one for sports franchises in the state.

Applicants must submit their applications between 16 February and 4 March. A qualification determination will be announced to selected applicants later in March.

Should there be more qualified applicants than available licences, the ADG will review each application and provide written notification to those selected for allocation.

Arizona’s sports betting surge in 2023

The ADG’s announcement comes after a rise in Arizona’s sports betting handle in the back end of 2023.

arizona’s sports betting handle reached nearly $650m in october 2023

Almost $650m (£513.1m/€598.4m) was wagered on sports in October 2023, a 4.8% increase on the same month in 2022. The figure also hiked 6.2% compared to September 2023.

Only March 2022, i..

January 17, 2024

Tiers and turbulence in US sports betting

The US sports betting sector has grown rapidly, but Paul Girvan sees trouble on the horizon for the early leaders.

The rapid development of US sports betting has been astounding. Currently some 32 states have legalised some form of sports betting and, of this number, 28 provide either mobile or online access.

Within the 32, there are five states where tribal operators provide the only betting option. To date the markets have been characterised by a hierarchy of operators that have gained access primarily via partnerships with land-based casino operators, both tribal and commercial.

A further eight states are considering the issue and could pass legislation in the coming year. Beyond these is a disparate group of states that have been resistant to passing sports betting legislation – although some have been actively considering the issue.

Among these are three powerhouses of tribal gaming; Minnesota, Oklahoma (with its proximity to Texas) and the behemoth of California. Trouble, ho..

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Tag: regulation