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NEW RESTRAINTS ON UK ONLINE GAMBLING IMMINENT
Sunday July 10,2011 : Culture Secretary's review spurred by Black Friday
The events of Black Friday in the United States have probably added momentum to British Culture Secretary Jeremy Hunt's review of UK online gambling, The Guardian newspaper reported over the weekend.
Hunt is preparing to radically overhaul online gambling licensing rules, reportedly to ensure that the Exchequer gets his cut through new advertising restrictions on offshore operators, and British players are better protected.
A spokesman for the Ministry told The Guardian that the events surrounding Full Tilt Poker highlights "...why the government is looking at reforming how overseas-based operators are regulated," adding that the ministry hopes to make an announcement in the next few weeks.
The UK government recently completed a wide-ranging consultation on online gambling. Under current rules offshore companies can advertise and operate without being licensed by the UK Gambling Commission as ministers rely on the strength and integrity of approved overseas regulators, particularly those within the EEC.
Full Tilt and its bigger rival PokerStars have spent millions advertising in British media in recent years and are among the most popular sites with UK players.
Pokerstars, which is licensed in the Isle of Man, appears to have emerged from the US debacle rather better than its rivals, refunding US players and avoiding scandal.
This is in contrast to the other two companies involved in the American enforcement action, Full Tilt and the Cereus network, which have yet to pay players and have been found wanting in useful public communications, losing business and traction in other markets due to (in the case of FTP) suspended licensing.
The Guardian approached the Isle of Man to enquire if it applies a "fit and proper" test to licensees, and was told by Steven Brennan, chief executive of the Isle of Man Gambling Supervision Commission: "The GSC thoroughly checks and vets every director and key official of any online gaming company ... It has the authority, and has used it, to turn down any company where it feels the company or the owners could bring the island into disrepute."
The Isle of Man appears to have more stringent ring-fencing requirements on player deposits than other jurisidictions.
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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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