Tuesday September 2,2014 : WHAT'S GOING DOWN AT TITANBET?
Playtech launches a site targeting UK players….with Antiguan regulation?
The UK player-targeted announcement this week by Playtech plc subsidiary PT Entertainment Services Limited that it has launched a new online gambling operation at Titanbet.co.uk under Antiguan regulation has players speculating on how this fits with the new UK point-of-consumption laws.
"We are pleased to announce the launch of Titanbet.co.uk, a site regulated by the Directorate of Offshore Gaming acting under the Financial Services Regulatory Commission of Antigua," the announcement advises.
"Titanbet.co.uk will be operated by PT Entertainment Services Limited (PTE), which is a subsidiary of Playtech, a publically traded company (PTEC:L) on the London Stock Exchange.
It continues: "As a resident of the United Kingdom, we will migrate your account(s) on September 8th, 2014 to Titanbet.co.uk and your funds will be matched on the new account so that you can continue to enjoy all the familiar games, features, promotions, and benefits."
"All open bets and upcoming tournaments to which you have registered will migrate to your new account. In addition, you will also have a single account to use for Bingo, Casino, Games, Live Dealers, Poker, and Sports Betting.
"In the event that you do not want to migrate your current account, we advise that you contact support before the migration date in order to close your account and withdraw your available funds."
The consensus appears to be that PTES is using Antigua's white listing status with the UK pro tem whilst it awaits approval for a UK secondary licence that will allow it to operate Titanbet through the British transition period.
Titanbet can use its Antigua arrangement if it applies for a continuation licence from the UK by September 16. This will it allow it to operate beyond October 1 whilst its UK licence application is considered, albeit at extra cost.
Playtech itself will undoubtedly by now have applied for a UK software provider licence, and will be bound by this in its business with operators accessing the UK market, but the full list of UK operator licence applicants will not be known until the applications deadline of September 16 has passed.
The growing number of operator communications to players advising them of website changes and transfers of players to UK specific sites indicates that a significant number of operators are seeking licensing under the new UK point-of-consumption laws.