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SEYCHELLES CONFIRMED FOR INTERNET GAMBLING
The ILBS.com legal information website confirmed this week that the Seychelles is a licensing jurisdiction for online gambling operators in terms of its Interactive Gambling Act.
The Seychelles is an idyllic tropical archipelago of 115 islands positioned about a thousand kilometres off the Kenyan coast in the Indian Ocean.
IBLS advises that the Interactive Gambling Act provides for the licensing and regulation of any Internet gambling business conducted in or from the Seychelles. It conforms to strict international regulatory norms and draws heavily from the relevant Australian legislation.
Under the Act, the regulatory authority will only grant licenses to conduct interactive games to fit and proper persons, and retains the right of approval of the gaming software and control system. In deciding to grant or refuse to grant an application for a license, the authority may consider various factors including the applicant's character or business reputation; the applicant's current financial position and financial background; the ownership or corporate structure of the applicant where the applicant is not an individual; the character or business reputation and the current financial position and financial background of any body incorporated or not with which the applicant has a business association.
In terms of regulation and enforcement measures, the Act requires the annual auditing of an operator's accounts and financial statements, and submission of a copy of the audit report to the regulatory authority.
The Act also provides for inspectors who have a range of powers of entry and search in the course of monitoring or enforcing compliance with the Act. These powers include an inspector’s authority to seize an article where she or he reasonably believes that such article is evidence of an offence under the Act.
Operators who are not Seychellois can apply for a license, but that individual or corporation must appoint a Seychelles individual resident to act as its agent. The nominated individual must declare that he or she accepts the appointment for the appointment to take effect. If a license is granted, the authorized agent shall, for all purposes, be treated as the licensee and the parts of the Act which refer to a licensee shall be read and construed as references to such authorized agent.
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2017 Aussie Millions Event 1 -
The Melbourne-based player bested a field of 1,565 entries - 245 up on last year's equivalent - to end up in the heads up with New Zealnad's Qiang Fu, but not before both he and Qiang had narrowly escaped at the four-handed stage when they were the low stacks.
Swiss Reject idea to Block Gambling Websites -
The Legal Affairs Committee of the Swiss National Council has nixed new regulations which would have blocked access to online gambling sites in Switzerland, according to local media reports Tuesday.
Growth Ahead For Online Gambling -
Transparency Market Research has issued a teaser on its latest international online gambling and betting survey, forecasting that the industry will grow at a Compound Annual Growth Rate (CAGR) of 10.8 percent by 2024.
New Qubit software For SkyBetting -
#qubit Sky Betting & Gaming aims to top its record 50 percent revenue growth last year with new player differentiation software and expertise provided by the Qubit company.
Slotfather II Slot Launching -
#betsoft The first is a sequel to the popular gangster-themed online slot Slotfather, unsurprisingly titled Slotfather II, whilst the other is a new 243 ways-to-win game titled Fa Fa Twins..
Massachusetts Online Lottery Bill -
Flanagan's confidence was clearly boosted by the bill's success in the Senate last year, although it was not developed by the House and ran out of time.
Italy Doing Well With Online Sports betting -
The latest numbers from the Italian regulator show that online sports betting remains king when it comes to internet gambling in the market, generating Euro 391.8 million in turnover in December 2016.
Michigan To Reintroduce Online Gambling Bill -
#Michigan state Sen. Mike Kowell's staff have confirmed that the senator plans to reintroduce his online gambling legalization bill, which failed to make it through the last legislative season.
MGM Buys DC office building For lobbying team -
#MGM Resorts International has bought a new Washington, D.C., office building for its in-house lobbying team, led by former chief counsel to the now retired Nevada Sen. Harry Reid, Ayesha Khanna.
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