Compliance Updates

UKGC: Licence Suspension and £3.8M Fine for Genesis Global Limited

Published

3 years ago

January 28, 2022

Reading Time: 2 minutes

Britain’s gambling industry is being warned that the Commission “will use all tools at its disposal to ensure consumer safety” following enforcement action involving suspending an online casino from operating and then fining it £3.8m.

Genesis Global Limited – which runs 14 websites including genesiscasino.com, casinoplanet.com and casinocruise.com – has also been given a warning by the Commission and told it must undergo further extensive auditing.

The operator was suspended from operating in Britain after enquiries revealed significant social responsibility and money laundering failures.

European Gaming Congress 2024 (Warsaw, Poland)

Three months later (14 October 2020) the suspension was lifted following significant compliance improvements but the Commission’s investigation continued and now concluded with a £3.8m fine, a warning and an additional licence condition demanding further auditing.

Helen Venn, Commission Executive Director, said: “All gambling businesses should pay very close attention to this case.

“The Commission will use all tools at its disposal to ensure consumer safety and that extends to stopping a business from actually operating.

“Failing to follow rules aimed at keeping gambling safe and crime-free will never be a viable business option for gambling businesses in Britain.”

Social responsibility failures included:

not carrying out any meaningful responsible gambling interactions with, or placing any effective restrictions on the account of, a customer who spent £245,000 in three months. Three days into their relationship Genesis knew the customer was an NHS nurse earning £30,000 a year
not carrying out any meaningful responsible gambling interactions or establishing affordability of a customer who lost £197,000 over six months. The same day the customer closed her account, stating she wanted to spend more time with her family, she was allowed to open another account with the business and deposit £200
not carrying out any meaningful responsible gambling interactions or establishing affordability of a customer who lost £234,000 in a six week period.

Money laundering failures included:

requested source of funds only after one customer had lost £209,000. Prior to this Genesis had estimated the customer was earning £111,000 a year because the consumer had told them they were a director and this was the average salary of directors in London. The operator failed to take into account the company was dormant and that there would be a wide range of director salaries. Genesis also failed to verify information supplied by the customer to substantiate the level of spend
a customer was allowed to deposit over £1,300,000 and lose £600,000 before carrying out sufficient source of funds checks. The customer provided Genesis with documentation including a bank statement which showed deposits into the account to the value of £23,000 and payments out to the value of £27,000 – clearly not enough to support the level of gambling
a customer was allowed to lose £107,000 over six months without carrying out sufficient source of funds checks. Genesis relied on assertion that the customer’s money came from an allowance from parents who owned factories overseas and failed to verify this information. The customer provided a number of bank statements, however, they did not evidence any source of income but did show transactions with other gambling operators.

Compliance Updates

Stakelogic Secures License to the newly regulated Danish market

Published

3 days ago

December 20, 2024

George Miller

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Reading Time: < 1 minute

Industry-leading provider secures license to provide slots and live content in Denmark

Award-winning casino content provider Stakelogic has obtained a license from the Danish Gambling Authority, Spillemyndigheden, to provide its gaming content in Denmark.

The license will allow Stakelogic to bring its premium portfolio of online casino slots and live dealer content to the Danish market, including recent releases like Fire and Gold Cluster Breaker, Super Wheel Game Show, Trident of Legends, and The Watcher.

Stakelogic is able to partner up with leading Danish operators, establishing itself as a must-have provider in the country. The move further highlights Stakelogic’s commitment to strengthening its position in the European market and exploring new and exciting regulated markets.

The license also further cements the company’s presence in the Scandinavian markets, having secured a license from the Swedish authority, Spelinspektionen, in 2023 and establishing itself as a popular provider among Swedish players.

Denmark is one of Europe’s fastest-growing markets, with a strong focus on customer care and responsible gambling. Stakelogic is proud to have met all the requirements needed to obtain the license, highlighting its commitment to providing players with the best and safest gaming experiences.

Stephan van den Oetelaar, CEO at Stakelogic, said: “Denmark is one of the fastest growing markets in Europe, and we are proud to have achieved a license to the newly regulated market.

We are grateful to Spillemyndigheden for their support in us and we are excited to take our next steps into the market.”

The post Stakelogic Secures License to the newly regulated Danish market appeared first on European Gaming Industry News.

Compliance Updates

UKGC Appoints Charles Counsell OBE as Interim Chair

Published

3 days ago

December 20, 2024

Niji Narayan

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Charles Counsell OBE has been appointed as Interim Chair of the UK Gambling Commission (UKGC) for a nine month term which will commence on 1 February 2025.

Charles was Chief Executive Officer of The Pensions Regulator from April 2019 to March 2023. Prior to this he was CEO of the Money Advice Service, and Executive Director of Automatic Enrolment at The Pensions Regulator.

As CEO of The Pensions Regulator, Charles developed the new corporate strategy to put the pension saver at the heart of the Regulator. He delivered their first Equality, Diversity and Inclusion Strategy and Climate Change strategies – both focused on driving change in the regulator and across the Pensions Sector.

Throughout his career, his roles have focused on setting up and delivering large change programmes requiring significant stakeholder relationship engagement: initially in the private sector and latterly in senior public sector appointments.

The post UKGC Appoints Charles Counsell OBE as Interim Chair appeared first on European Gaming Industry News.

Compliance Updates

SYNOT Games Secures Danish License

Published

3 days ago

December 20, 2024

Niji Narayan

Reading Time: < 1 minute

SYNOT Games has obtained a B2B online slot games supplier license in Denmark, authorising the company to supply its gaming content within Denmark’s regulated market. This B2B license, issued by the Danish Gambling Authority (Spillemyndigheden), becomes effective on January 1, 2025, aligning with new regulatory requirements mandating that all game suppliers hold such a license from that date forward.

This development enables SYNOT Games to offer its portfolio of slot games to Danish operators, reinforcing its commitment to compliance and responsible gaming practices.

“Obtaining the B2B license from the Danish Gambling Authority marks a significant milestone for us in the Danish market. This license not only aligns with new regulatory requirements but also reinforces our commitment to adhering to the highest industry standards. We are thrilled to continue offering Danish players the immersive gaming experience our portfolio provides,” said Martina Krajčí, CCO of SYNOT Games.

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