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CASINO GRAN MADRID LICENCED TO GO ONLINE

Posted 5/25/11 :

Established Spanish land-based casino awarded online licence
 
Spanish casino group, Casino Gran Madrid (CGM) has been awarded a licence to operate the first legal online casino in the Autonomous region of Madrid by the Dirección General de Tributos y Ordenación del Juego.
 
A CGM spokesperson said the two-year project has involved over fifty professionals and has attained software accreditation from the Polytechnic University Madrid, who have claimed responsibility for the approval process, through the Foundation for the Promotion of Industrial Innovation, at a total project cost of Euros 3 million to the company.
 
The licence will allow CGM to operate in the autonomous region of Madrid until the National draft law on gambling has been published in Spain’s official Gazette, due this week.
 
Exhibiting impressive forward vision in March 2009, the casino group engaged with online gambling provider Playtech to develop internet operations ahead of the likelihood of a national liberalisation of the industry.  That vision has resulted in a Playtech-powered casino platform and poker offering with a customer management solution provided by Spanish firm MediaTech Solutions.
 
Casino Gran Madrid has had to undergo rigorous certification and regulatory procedures which include giving autonomous control to regulators for supervisory purposes and one million simulations of each game.
 
Director of the Casino Gran Madrid System, Jorge Casanova said: "Casino Gran Madrid will continue to be a single brand which will bring its values ​​to the internet and seek to maximize synergies, from compliance with the principles that have guided the actions of this Casino, security, quality, safety, standards of professionalism and proven experience. "
 
Industry observers are reporting that a gross gaming revenue (gross profit tax) of 10 percent will be applied to the operation as opposed to the proposed 25 percent gross gaming revenue under the National draft gambling law.
 

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Gambling News :

Interwetten 2016 Earnings Results - Privately-owned online sports betting operator Interwetten delivered robust full year results for the 2016 fiscal period, in which the company has almost achieved doubling its revenues over the past four years, success it attributes to its in-house developed platform

EU Online Gambling Tax Harmoney Dead - Tax expert says European Court of Justice Attorney General's opinion on UK-Gibraltar litigation signals that EU courts are happy for individual member states to impose their own laws on online gambling.

Jack Lam Facing Big Fines in the Philippines - It's going to be costly for Macau online gambling and junket tycoon Jack Lam to return to the Philippines following his rather hurried departure last year with allegations of economic sabotage, bribery and tax evasion swirling around him.

Walter Merricks Term As Gambing Commissioner Extended - The UK Government has extended Walter Merricks’ term as Commissioner of the Gambling Commission for a further year, ending December 31, 2017.

Loot’enKhamun Pays $3.8 Million Jackpot - A London-based construction worker’s year got off to a great start when he hit the Loot’enKhamun jackpot at bwin casino.

PlaySugarHouse To Carry Konami Content - Content provider Konami will provide its Gypsy Fire and Fortune Stacks slot games to Rush Street Interactive-operated PlaySugarHouse.com on an exclusive basis in the New Jersey real-money online and mobile wagering market.

ITF TERMINATES BETWAY SPONSORSHIP DEAL - The International Tennis Federation (ITF) has reportedly terminated Betway’s three-year sponsorship partnership as an extension to their anti-match fixing and sports integrity policy.

GSA To Launch European division - The expansion enables the GSA to better focus on the regional needs of its members outside of North America and underscores its recognition and commitment to growing European membership.

Paddy Power Trading Update - Company prevails despite adverse sports and US election results; Trump success cost the group GBP 5 million, whilst punter successes took another GBP 40 million in Q4-2016.

Tabcorp SunBets project - The details were revealed this week in an IT News article quoting Tabcorp's chief information officer, Kim Wenn, who described the SunBets project as Tabcorp's biggest global venture yet.

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