News From Online Gambling Regulatory Bodies

0 Comments   Email   Print

Regulatory authorities issue licenses to online gambling operators after ascertaining their suitability. But their responsibility does not end there. The regulatory bodies have to ensure that the licensed operators meet the required conditions. They also have to update the conditions based on the changing online gambling environment.

The Alderney Gambling Control Commission (AGCC) is one of the most reputed online gambling regulatory authorities. However, last year one of its leading licensees Full Tilt Poker was able divert the deposits of its customers leaving them stranded. The online gambling fraternity felt that AGCC had been remiss in its responsibility. Therefore AGCC has announced amendments to licensee regulations in an attempt to prevent repetition of the incident. The AGCC has instructed its licensees to hold their customers’ funds in an exclusively bank account assigned solely for that purpose. The licensees will have to provide evidence that this is being adhered to on a monthly basis and whenever demanded by AGCC. This requirement appears to have been diluted because the AGCC can make exceptions where a person has provided a written guarantee on behalf of the licensee. The licensees will also be required to establish an approved internal control system for each bank account holding funds standing to the credit of its registered customers. Several other changes have been simultaneously announced.

Another responsibility of regulatory authorities is to prevent unlicensed operators functioning in the market. This is truer for national regulators because geographical limits are clearly defined. Spain has recently entered into a regulated online gambling regime. Its regulatory authority, the Spanish General Directorate of the Game (DGOJ) had compiled a list of 80 online gambling operators identified as illegal. The DGOJ has now announced that as result of the actions and investigations undertaken by it, 55 of those have closed or are no longer accepting Spanish players. Disciplinary proceedings have been initiated against the remaining according to Alejo, the head of the DGOJ. The DGOJ has reminded its licensed operators that they have to set up an Internal Control System as part of the certification process and failure to do so could affect final license approvals scheduled for late 2012.

Tonio Fenech, the Malta Minister of Finance, Economy and Investment spoke about the growth in online gambling at a Malta Remote Gaming Council meeting. The Lotteries and Gaming Authority of Malta (LGA) is one of the oldest regulatory authorities in the field of online gambling. Fenech said that since March 2008, LGA granted licenses have doubled to 425, while people employed directly in the sector have almost doubled to 4,000. Employment in ancillary businesses has increased to 7,000. The online gambling industry is generating over €22 million in taxes and license fees.

News Item Tools

 Email     Print     Digg     Del.icio.us    StumbleUpon

Comments

 Add Comment

Add Comment

More News