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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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Gambling News :
Phil Ivey Loses Borgata Casino -
Phil Ivey has lost in his four-year legal tussle with the Borgata over baccarat winnings; on Friday a US federal judge ruled that he and a companion violated New Jersey state gambling regulations in the manner in which they won nearly $10 million playing at the Atlantic City casino.
NYX Gaming in deal with Endemol -
"Endemol Shine’s IP will be a strong addition to the NYX portfolio of content and we look forward to working together to bring additional instantly recognizable brands to market.”
NEW CAMBODIAN GAMBLING LAWS -
After more than two years of debate and drafting, Cambodia may be closing in on final agreement regarding its proposed gambling law changes.
Playtech Acquires ECM Systems -
Online gambling soiftware provider Playtech plc has announced the acquisition of a ninety percent stake in UK bingo software developer ECM Systems for a consideration of GBP 14.9 million.
Marks and Spencer store Manager steals to Gamblie Online -
The Cambridge News reports that a 28-year-old manager of a Marks and Spencer store, Martin Trenor, has been jailed for three years for stealing GBP 254,538.11 in shop takings over the course of a year and spending it almost immediately at online gambling websites.
Chinese Gambling crackdown could damage high roller revenue -
Fast-moving events this week have seen Australian media reports quoting hundreds of millions of dollars wagered by Chinese high rollers in Aussie land casinos, offset to some extent by Crown claims that this whale gambler" demographic generates only 12 percent of turnover.
EvenBet Open Face Chinese Poker -
Open Face Chinese Poker online games provider EvenBet has reported that its Open Face Chinese Poker product is gaining traction with games recently integrated for desktop action at the Malta-licensed operational site Poker Grant.
2016 EPT Malta -
The European Poker Tour is off to a good start in Malta, with German pro Dietrich Fast claiming a well-earned Euro 174,000 main prize in the Euro 10,000 buy-in Single-Entry Rebuy event.
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