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UK Gambling Commission launches three-year Corporate Strategy and annual Business Plan

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The Gambling Commission has unveiled its new three-year Corporate Strategy which sets out the Commission’s focus as it continues to protect the public and players from harm.

Launched alongside the Commission’s 2021 to 2022 Business Plan, the new Strategy will be delivered through five priority areas:

  • protecting children and vulnerable people from being harmed by gambling
  • a fairer market and more informed consumers
  • keeping crime out of gambling
  • optimising returns to good causes from the National Lottery
  • improving gambling regulation.

Protecting children and vulnerable people from being harmed by gambling

The Commission will continue to ensure licence holders minimise the risk of gambling harm to vulnerable groups as part of a coordinated effort to understand factors that influence behaviour. This will be achieved through improving conduct and competence, continuing to evolve the Licence Conditions and Codes of Practice, building a stronger evidence base, and focusing on preventative and regulatory action.

A fairer market and more informed consumers

Ensuring that products are fair and compliant is vital for the Commission – whilst also improving information for players and making it simpler for them to find information on operators they are gambling with. This also includes making licence holders’ complaints procedures easier to access and understand.

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Keeping crime out of gambling

The Commission will persist in tackling those who offer illegal and unlicensed gambling to consumers in Great Britain, whilst also continuing, alongside partner agencies, to prevent activities which lead to money laundering. The Commission’s work to manage risks around sports betting integrity and event manipulation will also continue to be an important feature in future enforcement work.

Optimising returns to good causes from the National Lottery

The National Lottery continues to be one of the world’s largest and most popular with millions given to good causes each year. The Commission will ensure the effective management of the third licence continues, whilst also concluding the fair and open competition for the fourth licence – ensuring a smooth and effective transition.

Improving gambling regulation

Over the past year the organisation has been restructured to ensure effective regulation in the future. The Commission continues to support the Government in their Gambling Act Review whilst also building on work it is already undertaking following recommendations from three key reports in 2020 into gambling regulation. The Commission will work with DCMS to ensure it has the resources to regulate effectively, to ensure employees are continually developed and technology is harnessed to improve systems and processes.

Meanwhile, the Commission’s 2021-22 Business Plan sets out the priorities to accelerate progress in making gambling and safer for the public and players, including those at risk of harm and leisure gamblers. This includes a focus on improving the way the Commission regulates in parallel with other high-profile decisions to be announced later this year – such as the Government’s Gambling Review and a review of the Commission’s fees by DCMS.

Gambling Commission chair Bill Moyes said: “Our new three-year strategy maintains the ambition of our previous strategy and goes further in considering how best we can use our current resources.

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“We launch the new Strategy and our Business Plan, which details our milestones during what is going to be a hugely important year for compliance and consumer protection as the country starts to move out of lockdown after a challenging 12 months.

“Covid-19 has meant a shift in gambling habits and is exactly why the new strategy focusses on protecting consumers from harm, holding operators to account, creating a fairer market for all, and protecting the National Lottery.

“Additionally, the launch of the Gambling Act Review was a pivotal moment earlier this year and whilst our work continues, we are aware that we must continue to adjust and challenge ourselves depending on the outcomes of the Review.

“Over the next three years we will see the gambling industry change further, especially as the pace of innovation accelerates. As the regulator we must keep pace with that change, be ready to adapt, and ensure that the millions of people who gamble in Great Britain can do so safely.”

You can read the Gambling Commission’s Corporate Strategy: 2021 to 2024 and to explain the Strategy further, a short animation video (opens in a new tab) has also been added to our YouTube channel.

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Blockchain

Kore Digital Mining Ltd Announces Additional 14 PH/s Bitcoin Mining Capacity

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Kore Digital Mining Ltd, a UK based Bitcoin mining company, announces that effective 1st May 2024, an additional 14 PH/s mining capacity will be added to its existing infrastructure.

This additional capacity will be provided by a major Bitcoin mining corporation and will be operational until 30th June 2024.

Derek Nisbet, Kore’s Founder & CEO, said – “We are pleased to work with a leading Bitcoin Miner in securing a large amount of mining capacity, for a 2 month trial period. We look forward to hopefully extending this period and engaging more with major mining corporations offering Bitcoin hashing opportunities, in the future.”

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This additional 14PH/s Bitcoin mining capacity adds to the existing 2 PH/s currently operational with Kore’s own infrastructure and an additional 4 PH/s is due to be added over the next quarter, totalling 20 PH/s.

The post Kore Digital Mining Ltd Announces Additional 14 PH/s Bitcoin Mining Capacity appeared first on European Gaming Industry News.

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Sportradar Names New CFO, Craig Felenstein

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Sportradar Group AG today announced that Craig Felenstein has been named Chief Financial Officer of the Company, effective June 1, 2024. Felenstein joins the Company from Lindblad Expeditions where he most recently served as Chief Financial Officer. He will report directly to Sportradar Chief Executive Officer Carsten Koerl.

Felenstein brings nearly 30 years of senior finance and operating experience for US publicly listed companies across the media, entertainment, experiential and digital content industries to his new position at Sportradar. Most recently, Felenstein served as Chief Financial Officer at Lindblad Expeditions, a global leader in expedition cruises and adventure travel, where he oversaw the company’s global finance organization, as well their corporate development, information technology and human resources functions. In his role as Sportradar’s Chief Financial Officer, Felenstein will lead the company’s global finance, accounting and investor relations functions. Felenstein has a unique blend of financial rigor and operational insight and will partner with the rest of the executive leadership team to advance the company’s key strategic initiatives and grow the business while maintaining strong relationships with the investment community. He will be based in New York.

Carsten Koerl, CEO, Sportradar said: “With Craig’s deep international experience and successful track record building finance organizations as a CFO at US listed public companies, I am confident that he will be a strong addition to our team. His track record of helping drive financial strategy and building shareholder value will be instrumental to our continued success. We want to express our deep gratitude to Ger Griffin for his meaningful contributions to Sportradar during a transformational growth period for our Company.”

Prior to his tenure at Lindblad, Felenstein served as Senior Vice President of Investor Relations and Strategic Finance at Shutterstock where he oversaw all interaction with the investment community while leading the financial planning and analysis and corporate development functions. Prior to Shutterstock, he served in various management roles at Discovery Communications, LLC, including Executive Vice President of Investor Relations. At the same time, he was a member of the executive team for several of Discovery’s businesses including serving as the Chief Financial Officer of Digital, Chief Financial Officer of US Network Revenue and Chief Financial Officer of Animal Planet.  Prior to Discovery Communications, he held senior positions at News Corporation, Viacom Inc., and Arthur Andersen & Co.

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Felenstein said: “Sportradar has built an impressive leadership position in the rapidly growing global sports technology market and the Company is ideally situated to deliver sustained growth given their strong content portfolio, unmatched product offerings and commitment to industry innovation.  I am excited to work with Carsten and the entire Sportradar team, as well as the Board of Directors, to capitalize on the significant growth opportunities ahead and deliver additional value to our clients, partners and shareholders.”

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Bitcoin

Should iGaming Be Worried About 2024 Bitcoin Halving?

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In its LinkedIn newsletter, ‘The SOFTSWISS Special’, SOFTSWISS, a global tech expert with over 15 years of experience in iGaming, delves into the impact of Bitcoin Halving on the iGaming realm. 

The recent historical moment of Bitcoin Halving took place on 19th April 2024. SOFTSWISS, a pioneer in crypto-friendly iGaming software, shares its insights and forecasts for how this event may shape the future of iGaming, shedding light on potential opportunities and challenges for industry stakeholders.

 

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What is Bitcoin Halving?

The Bitcoin halving is a scheduled event that occurs approximately every four years or every 210,000 blocks. During this event, the reward for mining and verifying new blocks is reduced by 50%, resulting in miners earning only half the number of BTC per mined block. 

Since its launch in 2009, Bitcoin’s mining reward has halved four times, occurring in 2012, 2016, 2020, and 2024. The recent April halving reduced the reward to 3.125 BTC per block. Such events are crucial for Bitcoin’s scarcity and inflation control, ensuring that the total supply never exceeds 21 million coins and aligning with its deflationary principles.

Historically, each halving event has resulted in a rise in Bitcoin’s price. This is attributed to the reduced supply and increased scarcity, although other market factors have also influenced these outcomes.

 

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Exploring the Impact of Bitcoin Halving on the iGaming Industry

To provide an in-depth analysis of the Bitcoin Halving impact on iGaming, SOFTSWISS invited Bradley Peak, blockchain expert and tokenomics adviser, to share its anticipations.

  • Bets rise: The halving is expected to lead to an increase in Bitcoin’s value. If the trend of impressive price surges persists, Bitcoin-friendly iGaming brands could see a positive impact.
  • Crypto adoption increase: Implementing crypto-friendly models has the potential to boost player trust and transparency in iGaming. Additionally, it could rejuvenate unique gaming experiences like provably fair games and decentralised casinos.
  • Regulatory frameworks improvement: The recent Bitcoin halving could prompt regulatory bodies to reassess their stance on cryptocurrency gambling. This could lead to new regulations ensuring fairness, responsible gambling, and anti-money laundering measures in the crypto-driven iGaming sector. 

Bradley Peak, blockchain expert, comments on the recent changes: “Any transformation will not be without its challenges. It is important to adapt – invest in employee learning and development, onboard crypto processing, and make sure your platform remains secure in the process.”

Explore the influence of the 2024 Bitcoin Halving on the iGaming industry in the fourth edition of The SOFTSWISS Special newsletter on LinkedIn.

 

About SOFTSWISS 

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SOFTSWISS is an international tech company supplying software solutions for managing iGaming projects. The expert team, which counts over 2,000 employees, is based in Malta, Poland, and Georgia. SOFTSWISS holds a number of gaming licences and provides one-stop-shop iGaming software solutions. The company has a vast product portfolio, including the Online Casino Platform, the Game Aggregator with thousands of casino games, the Affilka affiliate platform, the Sportsbook Platform and the Jackpot Aggregator. In 2013, SOFTSWISS was the first in the world to introduce a Bitcoin-optimised online casino solution.

 

The post Should iGaming Be Worried About 2024 Bitcoin Halving? appeared first on European Gaming Industry News.

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