In a landmark enforcement action, the Dutch gambling regulator, Kansspelautoriteit (KSA), has levied a massive €3 million fine against the well-known operator BetCity.
This fine, one of the largest in the sector’s history, arises from significant breaches in anti-money laundering (AML) and terrorist financing regulations, highlighting the KSA’s unwavering commitment to maintaining integrity within the gambling industry.
Picture a gambling environment where transparency and legal compliance are non-negotiable standards, ensuring a safe and responsible gaming experience for all. This decisive action by the KSA moves the industry closer to this ideal, setting a precedent for rigorous regulatory adherence.
Stay informed about this critical development that not only impacts BetCity but also signals a broader shift in regulatory expectations for the gambling sector in the Netherlands and beyond.
KSA’s Stern Message: €3M Fine for BetCity Marks a New Era in Gambling Regulation
In a significant move underscoring the seriousness of regulatory compliance, the Dutch gambling authority Kansspelautoriteit (KSA) has imposed a hefty €3 million fine on BetCity, an online gaming and sports betting operator in Holland, now part of the London-listed Entain group. This decision marks a pivotal moment in the Dutch gambling landscape.
Background of the Violations
The KSA first flagged issues with BetCity in September 2022, identifying lapses in their protocols against anti-money laundering and terrorist financing. A startling example was a player who lost a staggering €110,000 in just one month, with BetCity failing to investigate the source of these funds adequately.
Despite being directed to rectify these issues, KSA’s subsequent investigations from December 2022 to May 2023 revealed persistent shortcomings. BetCity was found to have delayed investigations following significant monetary losses by customers, exhibited laxity in requesting income sources, and at times, failed to report unusual transactions.
KSA Chairman’s Stance on Compliance
KSA chairman René Jansen emphasized that the era of leniency is over, stating that the market is now beyond its start-up phase and that “there are no more excuses for some things.” This statement underscores the regulator’s heightened expectations for compliance in the industry.
Entain’s Response and Future Plans
Entain acknowledged the issues, which originated before its acquisition of BetCity in January of the current year. Aware of the KSA’s September 2022 order, Entain has initiated improvements to BetCity’s procedures and control frameworks, demonstrating a proactive approach to compliance.
Leadership Changes at KSA
In a related announcement, the KSA disclosed that René Jansen will not seek another term as the regulator’s chairman after his current term concludes on October 1, 2024. Jansen, who has played a pivotal role in the Netherlands’ regulated online gambling market since its inception in October 2021, will step down on July 1, 2024. His leadership has been marked by significant regulatory strides, including his contributions as chair and vice-chair of the Gambling Regulators European Forum.
Implications and Future of Gambling Regulation
This enforcement action by the KSA serves as a stark reminder to all operators in the gambling sector of the critical importance of adhering to AML and anti-terrorist financing regulations. It sets a new benchmark for compliance in the industry, reinforcing the need for robust internal controls and vigilant monitoring practices. As the industry continues to evolve, this case will likely be a reference point for future regulatory actions, both in the Netherlands and internationally.
SOFTSWISS Jackpot Aggregator Sees 2.6x Surge in Bets: 2023 Report
In a dynamic year for the iGaming industry, the SOFTSWISS Jackpot Aggregator has released its 2023 report, offering insights into significant trends and achievements.
Notably, the report reveals a staggering 2.6 times increase in bets participating in jackpots, shedding light on the growing appeal of these mechanics among operators and players alike.
A Year of Remarkable Growth
Throughout 2023, bets participating in jackpots experienced consistent quarterly growth, witnessing a remarkable 165% increase from January to December. By the end of the year, the total value of these bets had surged to an impressive 6.396 billion euros. Moreover, the number of jackpot campaigns witnessed a substantial growth of 3.8 times compared to the previous year, totaling 230 campaigns.
Expanding Reach and Impact
One of the standout achievements of 2023 was the expansion of the Jackpot Aggregator’s footprint. The number of brands utilizing its jackpot solution tripled within the year, culminating in over 70 active brands by year-end. This surge in adoption reflects a heightened level of market trust and interest in the product.
Introducing the Prime Jackpot Campaign
A significant milestone of 2023 was the introduction of the Prime Jackpot campaign, which debuted in Q4. This innovative feature garnered considerable attention and interest from players across various casinos. The Prime Jackpot campaign allows operators to participate in shared prize pools, ensuring that rewards are drawn from the collective pool rather than from a specific brand operator. This approach not only offers larger rewards to attract more players but also enhances player engagement and loyalty while optimizing operational costs for operators.
Insights from SOFTSWISS
Aliaksei Douhin, Head of SOFTSWISS Jackpot Aggregator, shared his insights into the year’s achievements. He emphasized the noticeable increase in clients and connected casino brands, as well as the growing volume and value of bets in jackpots. He expressed satisfaction in witnessing clients actively embracing the Jackpot Aggregator and recognizing the added value it brings to their brand operations. The solution empowers operators to provide players with enhanced gaming experiences and more enticing winnings. Client feedback is actively collected and analyzed to ensure clients have access to the most sought-after tools and mechanics.
Looking Ahead to 2024
In 2024, the SOFTSWISS Jackpot Aggregator is set to extend its reach to a wider spectrum of clients. This expansion will be guided by a customized approach, ensuring that each client can tailor the product’s capabilities to meet their specific requirements.
Meet SOFTSWISS at ICE London
The SOFTSWISS Jackpot Aggregator team will be present at ICE London from February 6th to 8th, 2024. They are ready to showcase their latest advancements and engage in discussions with existing and potential clients.
SOFTSWISS is a renowned international iGaming company that offers certified software solutions for managing gambling operations. With a dedicated team of over 2000 employees spread across Malta, Poland, and Georgia, SOFTSWISS holds multiple gaming licenses and provides comprehensive iGaming software solutions. Their diverse product portfolio includes the Online Casino Platform, the Game Aggregator featuring thousands of casino games, the Affilka affiliate platform, the Sportsbook software, and the Jackpot Aggregator. In 2013, SOFTSWISS made history by introducing the world’s first Bitcoin-optimized online casino solution.
Endorphina Ventures into Peru’s Thriving iGaming Market
Maryland Bill Seeks to Ban Online Gambling on College Campuses
Dutch Regulator Intensifies Supervision in 2024 to Ensure Safe Gambling
Massachusetts Gaming Commission Fines Encore Boston Harbor $40,000a
EGBA Welcomes European AML Authority’s Frankfurt Base Decision
NetBet Strengthens Danish Presence with Hacksaw Gaming Partnership
188Bet Embracing the Philippines’ Gaming Landscape
Frankfurt Chosen as Headquarters for European AMLA
Gambling Commission Trials Financial Risk Checks
Gibraltar Emerges Victorious from the FATF Grey List
Major Bust in DraftKings Hacking Case: Two More Charged in Sophisticated Cyber Scheme
WynnBet Strategically Withdraws from Massachusetts Amid US Market Rethink
iGB Affiliate 2024: The Launchpad for Next-Gen iGaming Innovations
William Hill Expands Irish Racing Presence with Four New Ambassadors
New York on the Brink of iGaming Revolution: Senator Addabbo Jr. Unveils the Future of Online Gaming
NSW Sets New Standards with Mandatory Responsible Gambling Officers in Pubs and Clubs
Fort Peck Tribes Ignite Montana’s First Tribal Sports Betting at Silver Wolf Casino
French Regulator’s Alert: Crackdown on Illegal Online Casinos Masquerading on Facebook
Revolutionizing Online Gambling in the Netherlands with a Universal Loss Limit
Newport Global Advisors Completes Sale of Mesquite Gaming in Nevada
Soft2Bet Unveils Revolutionary MEGA Technology at ICE London 2024
Global Gaming Awards EMEA: Celebrating Industry Excellence in London
Betfair’s 2024 Campaign Takes Ronaldo Fans on a Multiverse Adventure
Soft2Bet Gears Up for ICE London 2024: A Showcase of Innovation, Compliance, and Partnerships
Aideen Shortt Reveals Curacao’s Gambling Regulatory Overhaul – RTFM 139
Unveiling the Casino Wizardry: Predicting Human Behavior
Finance4 days ago
Illinois Governor Proposes Dramatic Increase in Sports Betting Tax
EMEA4 days ago
BOS Opposes Swedish Gov’s Credit Card Ban
EMEA4 hours ago
Dutch Regulator Intensifies Supervision in 2024 to Ensure Safe Gambling
EMEA2 days ago
GGL Urges Federal Ministry of Justice to Reevaluate Proposed Reforms