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Maltas Move to strengthen the LGA's reputation

Tuesday August 21,2013 :  MALTA REGULATOR UNDER THE MICROSCOPE
 
Move to "strengthen the LGA's reputation" comes rather late
 
Malta's online gambling regulator, the Lotteries and Gaming Authority, has come under fire from the player community repeatedly over the past few years with allegations of bad licensee supervision, poor communications and an alleged lack of care for the consumer.
 
In several high profile online poker operator failures the regulator has been criticised for not ensuring that operators ring-fence player deposits, and its apparently weak application of a set of regulations that look good on paper, but do not seem to be effective from a player perspective when operators go out of business or there is a dispute involving regulations.
 
In recent weeks the Times of Malta newspaper has focused attention on the situation, with one group of players impacted by the failure of the recent Everleaf poker network proving particularly tenacious and damning in their public posts in the newspaper's columns.
 
Whether this has shamed the island's government into conducting a review and audit of the LGA is uncertain, but just such an investigation has been implemented, with a report scheduled for presentation to the government within the next few weeks.
 
The objective of the investigation is to study the LGA structure and operating systems and make recommendations on how these can be improved to if necessary "restore Malta's reputation" as an international online gambling regulator.  That phrase in itself suggests that government has taken cognizance of the poor regard in which the regulator is held.
 
Such a review is long overdue, and may be particularly important to establish real credibility in a changing industry where the use of "jurisdictions of convenience" is increasingly under threat by serious national regulators in European countries, and major changes in the UK market.

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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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