Compliance Updates
LEC Introduces Sporting Financial Regulations
To support the long-term financial stability and competitive balance of the LEC, the league is going to introduce new financial regulations – known as Sporting Financial Regulations (SFR) – for the start of the 2024 LoL Esports Season.
The LEC SFR will encourage teams to maintain the total sum of its five highest-paid player salaries below a certain threshold, with teams exceeding the threshold having to pay an excess fee (SFR Fee).
In doing so, the LEC seeks to create a financially sustainable environment for its pro players, partnered teams, and the league itself, allowing all parties to grow at a healthy and scalable pace, and protect the ecosystem from unsustainable spending practices. In addition, the framework will support the league by creating a better competitive balance and more engaging competition, further enhancing the experience for players and fans.
“In the current economic climate, we are dedicated more than ever to creating a sustainable future for our players, teams, and the LoL Esports ecosystem in EMEA as a whole. The LEC SFR, which will come into effect from the beginning of the 2024 Season, is one way in which we’re continuing to work towards our goal of long-term financial sustainability. By doing this, we aim to encourage teams to operate more sustainable businesses to provide job security for players and ensure we serve our fans for decades to come,” said Maximilian Peter Schmidt, Director of League of Legends Esports EMEA.
SFR will encourage each team to maintain the total sum of salaries (known as SFR Spend) paid to the top five highest-paid players in a team within a certain range. The range includes both an upper spending threshold (SFR Threshold) and a lower spending threshold (SFR Floor), with the lower spending threshold amounting to 50% of the SFR Threshold. Meanwhile, the SFR Threshold is calculated based on a number of considerations, including LEC player salaries, League Revenue Pool of the current and forecasted years, team financial data – such as revenue and expenses – and other market indicators. Teams that exceed the SFR Threshold will be imposed with an SFR Fee.
An exception will be made to teams if a player enters into a contract with the team either during or before the end of the 2023 LEC Season Finals. In this instance, the SFR Spend will be reduced by one-fifth of the SFR Threshold or the actual salary amount; whichever is lower.
The policy will be introduced starting from the 2024 LEC Global Contract Start Date (21 November 2023), with the first cycle running until the 2024 LEC Global Contract End Date (18 November 2024).
Compliance Updates
REEVO Obtains Certification in Portugal
REEVO, the fast-growing online game provider, announced that its portfolio of in-house games has officially been certified for the Portuguese market, marking another important milestone in the company’s ongoing expansion across Europe’s regulated iGaming sector.
With certification secured, REEVO games are now approved for licensed operators in Portugal, enabling the company to introduce its innovative slot titles and immersive gameplay experiences to players across the country.
Portugal represents one of Europe’s most respected regulated markets, and the certification underscores REEVO’s commitment to delivering high-quality, compliant gaming content that meets the strict requirements of regulated jurisdictions while maintaining the creativity and performance that define the REEVO brand.
Portuguese operators will now gain access to:
• REEVO’s premium portfolio of in-house slot games
• High-performance, mobile-first gameplay
• Innovative features designed to enhance player engagement
• Fully certified and regulator-approved content
“Achieving certification in Portugal is an exciting milestone for REEVO and an important step in our European growth strategy. We are thrilled to bring our in-house games to Portuguese operators and players, continuing our mission to deliver engaging, high-quality content across regulated markets,” said Karl Grech, Head of Business Development at REEVO.
The post REEVO Obtains Certification in Portugal appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Compliance Updates
UKGC Appoints Sue Young as its Executive Director of Operations
The UK Gambling Commission (UKGC) has appointed Sue Young as its new Executive Director of Operations.
Sue joins the Commission from HMRC where she was Director of Debt Management. She brings extensive leadership experience from across the public sector, including senior roles at the Home Office, including Border Force and HM Inspectorate of Constabulary and Fire & Rescue Services and the Department of Health and Social Care.
As Executive Director for Operations, Sue will lead a number of the Commission’s operational functions as the regulator continues its work to keep gambling safer, fairer and crime free.
Sarah Gardner, Acting Chief Executive, said: “I’m delighted to welcome Sue to the Gambling Commission. There is a great deal of important work underway across our operational teams, not least our continued focus on tackling the illegal market and delivering strong regulatory outcomes. Sue brings a wealth of operational leadership experience and I’m very much looking forward to working with her.”
Sue Young said: “I’m excited to be joining the Gambling Commission and to be learning about a new sector. The Commission plays an important role in protecting consumers and ensuring gambling is conducted fairly and safely. I’m looking forward to building on the significant work already underway across the organisation.”
The post UKGC Appoints Sue Young as its Executive Director of Operations appeared first on Eastern European Gaming | Global iGaming & Tech Intelligence Hub.
Alex Smith
Fanatics Betting and Gaming Appoints Alex Smith as its Chief Legal Officer
Fanatics Betting and Gaming has announced the appointments of Alex Smith to the position of Chief Legal Officer and Sara Tait to Senior Vice President and Head of Legal and Regulated Industries.
Reporting to Fanatics Betting and Gaming CEO Matt King, Smith will be a member of the FBG executive team and lead legal, regulatory, compliance, and government affairs strategy for the company’s rapidly growing sports betting and iGaming division. Smith Joined FBG in 2021 as VP of Legal and Regulatory Compliance and spearheaded the fastest state by state roll out for Fanatics Sportsbook in the history of U.S. sports betting.
“Alex was one of our first hires and he helped build our legal and regulatory apparatus that has allowed us to launch products rapidly in legal sports betting, iCasino and prediction markets. As we continue to grow, Alex is the perfect person to lead our legal and regulatory functions into the future,” said Matt King, CEO of Fanatics Betting and Gaming.
Reporting to Alex Smith, Tait will have wide responsibilities spanning multiple strategic subject matters within FBG, specifically serving as legal counsel to the regulated gaming and markets products. She is responsible for developing and managing FBG’s relationships with federal and state regulators; contributing to government affairs efforts and strategic industry initiatives; furthering FBG’s consumer protection measures; and maintaining licenses and registrations with federal and state oversight bodies.
“Sara is a well-respected former gaming regulator who also has experience in the private sector, making her the ideal choice to lead critical legal and regulatory efforts. The legal and regulatory landscape for sports betting, iCasino and prediction markets are constantly changing and having someone that has been on both sides of the regulatory landscape will be invaluable to us as we continue our growth trajectory,” said Smith.
The post Fanatics Betting and Gaming Appoints Alex Smith as its Chief Legal Officer appeared first on Americas iGaming & Sports Betting News.
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