Connect with us
Prague Gaming & TECH Summit 2025

Compliance Updates

500.com Limited Malta-Based Subsidiary Temporarily Suspends Operations in Sweden

Published

on

 

500.com Limited, a leading online sports lottery service provider in China, today announced that the The Multi Group (“TMG”), a Malta-based subsidiary of the Company, has temporarily suspended its operations in Sweden as TMG did not complete the eGaming license renewal before its expiration.

TMG is in close communication with Sweden’s eGaming regulatory authority and expects to renew its license and resume operations in Sweden in mid-February 2020.

The Company expects that revenues from TMG during the first quarter of 2020 will be materially and adversely impacted by the temporary suspension of operations in Sweden. Revenue generated by TMG accounted for approximately 99.1% of the Company’s total net revenues during the third quarter of 2019, of which approximately 61.3% was generated from Sweden.

 

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

About 500.com Limited:

500.com Limited (NYSE: WBAI) is a leading online sports lottery service provider in China. The Company offers a comprehensive and integrated suite of online lottery services, information, user tools and virtual community venues to its users. 500.com was among the first companies to provide online lottery services in China, and is one of two entities that have been approved by the Ministry of Finance to provide online lottery sales services on behalf of the China Sports Lottery Administration Center, which is the government authority that is in charge of the issuance and sale of sports lottery products in China.

SOURCE 500.com Limited

Continue Reading
Advertisement

Compliance Updates

Czech Financial Administration Prevent Tax Evasion in Gambling Sector Amounting to CZK 540M

Published

on

czech-financial-administration-prevent-tax-evasion-in-gambling-sector-amounting-to-czk-540m
Reading Time: < 1 minute

 

The Czech Financial Administration has successfully prevented tax evasion in the gambling sector amounting to CZK 540m.

Through a specialized financial department, authorities identified discrepancies in financial flows within casinos and gambling operators for the years 2021 and 2022. The findings were made public in a press release.

The tax evasion was uncovered through a detailed analysis of gaming data, which revealed unusual player behaviour and suspicious financial transactions. During an inspection of a gambling operator, the authorities detected irregularities that led to an additional tax assessment of CZK 340m. The audit further uncovered errors in the reporting of fees and commissions, resulting in an extra tax obligation of CZK 200m.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“Gambling is a highly regulated sector with significant tax revenues, which is why it is crucial for us to systematically minimize opportunities for illegal practices. This achievement demonstrates that our efforts have a tangible impact on market fairness and tax collection,” Otakar Sladkovský, Director of the Specialized Tax Office, said.

Although gambling tax is a relatively smaller contributor to the state’s overall tax revenues, it remains an important source of income. Last year, gambling taxes generated CZK 20.6 billion, reflecting a 12.5% increase compared to the previous year. Of this amount, CZK 14.2 billion was allocated to the state budget, while the remaining funds were distributed among municipal budgets. In total, tax revenues for the previous year, excluding compulsory insurance premiums, amounted to CZK 1.42 trillion.

The post Czech Financial Administration Prevent Tax Evasion in Gambling Sector Amounting to CZK 540M appeared first on European Gaming Industry News.

Continue Reading

BetNow

MGCB Issues Cease-and-Desist Order to BetNow

Published

on

mgcb-issues-cease-and-desist-order-to-betnow

 

The Michigan Gaming Control Board (MGCB) has issued a cease-and-desist order to BetNow.eu Sportsbook, Casino, and Racebook (BetNow), an offshore online casino operating illegally within the state. The site offers a range of casino games, including slots, poker, and live dealer options such as blackjack, roulette, and craps, as well as betting services for sports events and horse races.

“This unlicensed operator not only violates Michigan law, but also exposes consumers to significant risks. Our job is to protect Michigan residents by ensuring that all online gambling is conducted legally and responsibly,” MGCB Executive Director Henry Williams said.

BetNow offers numerous payment options for player deposits, including Visa, Mastercard, American Express, Zelle, Apple Pay, Google Pay, PayPal, Bitcoin, Ethereum, Litecoin, Tether, Bitcoin Cash, CashMG, and bank transfers. However, players must wager their entire initial deposit before becoming eligible to withdraw any winnings.

The MGCB’s investigation found that BetNow is in violation of several key state laws, including:

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

• Lawful Internet Gaming Act: Only licensed operators are permitted to offer internet gaming. Only Michigan-licensed casinos and federally authorized tribal casinos can apply for a gaming license under state law.

• Michigan Gaming Control and Revenue Act: Operating an unlicensed gambling business is a felony in Michigan, carrying penalties of up to 10 years in prison, a fine of up to $100,000, or both.

• Michigan Penal Code: Gambling, which involves payment based on the outcome of an uncertain event, is prohibited under state law. Accepting money with the understanding it will be paid based on a game of chance is illegal.

The post MGCB Issues Cease-and-Desist Order to BetNow appeared first on Gaming and Gambling Industry in the Americas.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)
Continue Reading

Compliance Updates

Colombian Lottery Operators Get Permission to Use Random Number Generators

Published

on

colombian-lottery-operators-get-permission-to-use-random-number-generators

 

The National Council of Games of Chance and Luck in Colombia has issued Agreement 802 of 2025, through which operators are authorized to use random number generators complementary to the use of raffles and to broadcast the draws over the internet.

“We are working to modernize the entire industry, and that means implementing new technologies. With this Agreement, our goal is that, based on number generators, lottery operators can carry out more draws per year. This means not only an increase in sales, but also in transfers for health,” Marco Emilio Hincapié, president of Coljuegos, said.

Random number generators are systems that allow numbers to be chosen at random. These programs work through computer algorithms that create statistically independent results without following specific patterns that lead to them being predictable.

“From now on, lottery operators will have the possibility of continuing to use the ballot boxes and, at the same time, create more draws in which random number generators are used,” said the president.

Advertisement
European Gaming Congress 2024 (Warsaw, Poland)

“In addition, they will be able to broadcast the draws through their websites, social media and traditional media such as television. This will provide greater transparency in the draws and more guarantees for bettors,” he added.

This new regulation is part of the strategy to transform and optimize the operation of games of chance and luck with computer security and transparency standards.

The post Colombian Lottery Operators Get Permission to Use Random Number Generators appeared first on Gaming and Gambling Industry in the Americas.

Continue Reading

Trending

Get it on Google Play

Fresh slot games releases by the top brands of the industry. We provide you with the latest news straight from the entertainment industries.

The platform also hosts industry-relevant webinars, and provides detailed reports, making it a one-stop resource for anyone seeking information about operators, suppliers, regulators, and professional services in the European gaming market. The portal's primary goal is to keep its extensive reader base updated on the latest happenings, trends, and developments within the gaming and gambling sector, with an emphasis on the European market while also covering pertinent global news. It's an indispensable resource for gaming professionals, operators, and enthusiasts alike.

Contact us: [email protected]

Editorial / PR Submissions: [email protected]

Copyright © 2015 - 2024 - Recent Slot Releases is part of HIPTHER Agency. Registered in Romania under Proshirt SRL, Company number: 2134306, EU VAT ID: RO21343605. Office address: Blvd. 1 Decembrie 1918 nr.5, Targu Mures, Romania