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Updates On KING Online Gambling Bill

Friday June 7,2013 : MORE DETAIL ON THE KING LEGALISATION BILL (Update)
 
Bad actor clauses, but international players welcome at US licensed sites
 
More details on the internet gambling legalisation bill launched Thursday by Rep. Peter King are now available, including licensing requirements, which can be executed on a 5 year basis through existing state or tribal regulatory frameworks, or through a body specifically created for that activity...but with federal government input, using the criteria applied to bricks and mortar licensing.
 
Licensing will include "vendors" associated with operations, such as software and services providers, and marketing affiliates will be required to register with the licensing authority - it is not yet known whether such registration will carry a financial fee.
 
Taxation and licensing fees have yet to be specified in the legislation
 
The high profile "bad actor" clause that has caused so much comment at both state and federal level lately on grounds that it could be construed as commercial protectionism, is covered in the King bill, but appears to apply only to operators or affiliates who have provided [illegal] online sports betting services to American punters, leaving some leeway for competitors but not binding on states that may wish to impose such a clause with tighter constraints.
 
There is also sensible provision to allow "illegal" operators to exit the US market in a professional and fair manner, imposing time limits under which players must be informed and allowed to withdraw balances from their accounts, and detailing hefty fines for non-compliance.
 
Where illegal operators continue to offer services, there are enforcement options in the King bill, and seriously punitive measures against operators who continue to risk operating without US licensing that include million dollar fines and ten year prison penalties.
 
US players who give such illegal sites their business can also have their funds seized and confiscated.
 
Interestingly, the bill also contains clauses dealing with players who cheat and collude or use bots...and setting steep punishments for those that do.
 
Internet cafe "sweepstakes" gambling - a topic that has seen several states including Florida, South Carolina and California taking enforcement actions recently  is also addressed by the King bill and are declared illegal.
 
There is an age limit for players of 21 years, forming part of the section of the bill that deals with a raft of the customary problem gambling and underage preventative and exclusion requirements.
 
It is also gratifying to note that specific clauses call for player funds to be held in segregated accounts to protect them against operational failures - long a bone of contention with players. Heavy penalties are prescribed for operators who do not respect this requirement.
 
International punters who wish to play on US-licensed websites will be permitted to do so...but only where the countries in which they are resident have legalised online gambling.
 
The federal legalisation drive will be reassessed after a year of operations, with the Treasury required to submit a data-backed study of financial numbers and playing characteristics.

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Gambling News :

Amaya FY2016 Trading Update - The Montreal-based Amaya online gambling group has issued a trading update covering FY 2016 and improving its forecast revenue and earnings numbers.

Another Mega Fortune Dreams jackpot for Euro 3.5 million - In a statement Friday NetEnt advised that the lucky player is a 62-year-old woman from central Finland who won the seven-figure sum from a Euro 1 stake.

Stanleybet has filed a legal action against the government of Cyprus - Bookmaking firm Stanleybet has filed a legal action against the government of Cyprus, claiming Euro 12.5 million as compensation for what it claims is loss of profits and opportunities, prejudice to image and business reputation and legal costs.

LeoVegas To Sponsor Leicester Tigers - The agreement includes official partner accreditation, media space at Welford Road stadium and matchday tickets and VIP hospitality as well as two pitchside perimeter boards from the 2017/18 season and one for duration of the 2016/17 season.

Optima Information Services iShop - Industry visitors to the recent TVC Bookmakers Trade Fair in Solihull, UK were much taken by Spanish betting technology firm Optima Information Services' iShop product, and the company went on to win the SBC Best Retail Betting Product award with it last month.

Golden Nugget Las Vegas Launches New Betting App - Golden Nugget Las Vegas has unveiled a sports wagering app offering Nevada punters the comfort and convenience of being able to wager from anywhere in the state.

CAGAYAN CHIEF MOVES TO REASSURE LICENSEES - Apparently $4 million is going into improvements of the Authority’s data centre in the Freeport at Cagayan, whilst another $3 million has been earmarked for an upgrade to data infrastructure located outside the Freeport.

New Massachusetts Online Gambling Bill - It seems that every two years (give or take a few months) Massachusetts state Senator Bruce Tarr flights an online gambling legalization bill in the state Senate.

Las Vegas Sands Fined for foreign bribery allegations - #lasvegassands Las Vegas Sands, the land casino company owned by multi-billionaire US mogul Sheldon Adelson, has again had to cough up a stiff penalty for non-compliance with the law.

Libratus AI Program Destroying Human Poker Opponents - #Libratus With 40,340 hands played (about a third of the 120,000 planned) Dong Kim is down $29,506, whilst Jimmy Chou ($113,7728), Daniel McAuley ($141,877) and Jason Les ($186,489) are all carrying losses.

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